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
Delaware Group® Equity Funds V
(Exact name of registrant as specified in charter)
610 Market Street
Philadelphia, PA 19106
Registrant's telephone number, including area code:
Date of reporting period:
Item 1. Report to Stockholders.
(a) The registrant’s semiannual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Delaware Small Cap Core Fund
Class A: DCCAX
Semiannual shareholder report | May 31, 2024
This semiannual shareholder report contains important information about Delaware Small Cap Core Fund (Fund) for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Fund expenses
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $57 | 1.07% |
Fund statistics (as of May 31, 2024)
The following table outlines Fund statistics that you should pay attention to:
| Fund net assets | $7,435,931,279% |
| Total number of portfolio holdings | $141% |
| Total advisory fees paid | $22,950,650% |
| Portfolio turnover rate | $14% |
Fund holdings (as of May 31, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
| Healthcare | 15.71% |
| Financials | 15.53% |
| Technology | 14.93% |
| Capital Goods | 11.07% |
| Basic Materials | 7.59% |
| Real Estate Investment Trusts | 6.82% |
| Energy | 5.45% |
| Business Services | 4.28% |
| Consumer Discretionary | 3.88% |
| Consumer Staples | 3.53% |
| |
| |
| |
| Federal Signal | 2.16% |
| Applied Industrial Technologies | 1.80% |
| Permian Resources | 1.60% |
| Steven Madden | 1.54% |
| Q2 Holdings | 1.53% |
| Minerals Technologies | 1.52% |
| Boise Cascade | 1.49% |
| Prestige Consumer Healthcare | 1.45% |
| Patterson-UTI Energy | 1.42% |
| Summit Materials Class A | 1.40% |
Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800 523‑1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
Delaware Small Cap Core Fund
Class C: DCCCX
Semiannual shareholder report | May 31, 2024
This semiannual shareholder report contains important information about Delaware Small Cap Core Fund (Fund) for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Fund expenses
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $96 | 1.82% |
Fund statistics (as of May 31, 2024)
The following table outlines Fund statistics that you should pay attention to:
| Fund net assets | $7,435,931,279% |
| Total number of portfolio holdings | $141% |
| Total advisory fees paid | $22,950,650% |
| Portfolio turnover rate | $14% |
Fund holdings (as of May 31, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
| Healthcare | 15.71% |
| Financials | 15.53% |
| Technology | 14.93% |
| Capital Goods | 11.07% |
| Basic Materials | 7.59% |
| Real Estate Investment Trusts | 6.82% |
| Energy | 5.45% |
| Business Services | 4.28% |
| Consumer Discretionary | 3.88% |
| Consumer Staples | 3.53% |
| |
| |
| |
| Federal Signal | 2.16% |
| Applied Industrial Technologies | 1.80% |
| Permian Resources | 1.60% |
| Steven Madden | 1.54% |
| Q2 Holdings | 1.53% |
| Minerals Technologies | 1.52% |
| Boise Cascade | 1.49% |
| Prestige Consumer Healthcare | 1.45% |
| Patterson-UTI Energy | 1.42% |
| Summit Materials Class A | 1.40% |
Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800 523‑1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
Delaware Small Cap Core Fund
Class R: DCCRX
Semiannual shareholder report | May 31, 2024
This semiannual shareholder report contains important information about Delaware Small Cap Core Fund (Fund) for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Fund expenses
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R | $70 | 1.32% |
Fund statistics (as of May 31, 2024)
The following table outlines Fund statistics that you should pay attention to:
| Fund net assets | $7,435,931,279% |
| Total number of portfolio holdings | $141% |
| Total advisory fees paid | $22,950,650% |
| Portfolio turnover rate | $14% |
Fund holdings (as of May 31, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
| Healthcare | 15.71% |
| Financials | 15.53% |
| Technology | 14.93% |
| Capital Goods | 11.07% |
| Basic Materials | 7.59% |
| Real Estate Investment Trusts | 6.82% |
| Energy | 5.45% |
| Business Services | 4.28% |
| Consumer Discretionary | 3.88% |
| Consumer Staples | 3.53% |
| |
| |
| |
| Federal Signal | 2.16% |
| Applied Industrial Technologies | 1.80% |
| Permian Resources | 1.60% |
| Steven Madden | 1.54% |
| Q2 Holdings | 1.53% |
| Minerals Technologies | 1.52% |
| Boise Cascade | 1.49% |
| Prestige Consumer Healthcare | 1.45% |
| Patterson-UTI Energy | 1.42% |
| Summit Materials Class A | 1.40% |
Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800 523‑1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
Delaware Small Cap Core Fund
Institutional Class: DCCIX
Semiannual shareholder report | May 31, 2024
This semiannual shareholder report contains important information about Delaware Small Cap Core Fund (Fund) for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Fund expenses
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $44 | 0.82% |
Fund statistics (as of May 31, 2024)
The following table outlines Fund statistics that you should pay attention to:
| Fund net assets | $7,435,931,279% |
| Total number of portfolio holdings | $141% |
| Total advisory fees paid | $22,950,650% |
| Portfolio turnover rate | $14% |
Fund holdings (as of May 31, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
| Healthcare | 15.71% |
| Financials | 15.53% |
| Technology | 14.93% |
| Capital Goods | 11.07% |
| Basic Materials | 7.59% |
| Real Estate Investment Trusts | 6.82% |
| Energy | 5.45% |
| Business Services | 4.28% |
| Consumer Discretionary | 3.88% |
| Consumer Staples | 3.53% |
| |
| |
| |
| Federal Signal | 2.16% |
| Applied Industrial Technologies | 1.80% |
| Permian Resources | 1.60% |
| Steven Madden | 1.54% |
| Q2 Holdings | 1.53% |
| Minerals Technologies | 1.52% |
| Boise Cascade | 1.49% |
| Prestige Consumer Healthcare | 1.45% |
| Patterson-UTI Energy | 1.42% |
| Summit Materials Class A | 1.40% |
Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800 523‑1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
Delaware Small Cap Core Fund
Class R6: DCZRX
Semiannual shareholder report | May 31, 2024
This semiannual shareholder report contains important information about Delaware Small Cap Core Fund (Fund) for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Fund expenses
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $36 | 0.68% |
Fund statistics (as of May 31, 2024)
The following table outlines Fund statistics that you should pay attention to:
| Fund net assets | $7,435,931,279% |
| Total number of portfolio holdings | $141% |
| Total advisory fees paid | $22,950,650% |
| Portfolio turnover rate | $14% |
Fund holdings (as of May 31, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
| Healthcare | 15.71% |
| Financials | 15.53% |
| Technology | 14.93% |
| Capital Goods | 11.07% |
| Basic Materials | 7.59% |
| Real Estate Investment Trusts | 6.82% |
| Energy | 5.45% |
| Business Services | 4.28% |
| Consumer Discretionary | 3.88% |
| Consumer Staples | 3.53% |
| |
| |
| |
| Federal Signal | 2.16% |
| Applied Industrial Technologies | 1.80% |
| Permian Resources | 1.60% |
| Steven Madden | 1.54% |
| Q2 Holdings | 1.53% |
| Minerals Technologies | 1.52% |
| Boise Cascade | 1.49% |
| Prestige Consumer Healthcare | 1.45% |
| Patterson-UTI Energy | 1.42% |
| Summit Materials Class A | 1.40% |
Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800 523‑1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
Delaware Small Cap Value Fund
Class A: DEVLX
Semiannual shareholder report | May 31, 2024
This semiannual shareholder report contains important information about Delaware Small Cap Value Fund (Fund) for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Fund expenses
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $61 | 1.13% |
Fund statistics (as of May 31, 2024)
The following table outlines Fund statistics that you should pay attention to:
| Fund net assets | $4,692,228,235% |
| Total number of portfolio holdings | $106% |
| Total advisory fees paid | $15,253,868% |
| Portfolio turnover rate | $10% |
Fund holdings (as of May 31, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
| Financial Services | 24.21% |
| Industrials | 17.33% |
| Consumer Discretionary | 11.40% |
| Energy | 9.70% |
| Technology | 9.05% |
| Basic Industry | 8.20% |
| Real Estate Investment Trusts | 6.70% |
| Healthcare | 3.78% |
| Utilities | 3.37% |
| Consumer Staples | 2.66% |
| Transportation | 2.48% |
| |
| |
| |
| Atkore | 1.83% |
| MasTec | 1.73% |
| Stifel Financial | 1.66% |
| Hancock Whitney | 1.63% |
| Webster Financial | 1.59% |
| East West Bancorp | 1.59% |
| ITT | 1.57% |
| FNB | 1.57% |
| Axis Capital Holdings | 1.56% |
| Meritage Homes | 1.50% |
Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800 523‑1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
Delaware Small Cap Value Fund
Class C: DEVCX
Semiannual shareholder report | May 31, 2024
This semiannual shareholder report contains important information about Delaware Small Cap Value Fund (Fund) for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Fund expenses
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $101 | 1.88% |
Fund statistics (as of May 31, 2024)
The following table outlines Fund statistics that you should pay attention to:
| Fund net assets | $4,692,228,235% |
| Total number of portfolio holdings | $106% |
| Total advisory fees paid | $15,253,868% |
| Portfolio turnover rate | $10% |
Fund holdings (as of May 31, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
| Financial Services | 24.21% |
| Industrials | 17.33% |
| Consumer Discretionary | 11.40% |
| Energy | 9.70% |
| Technology | 9.05% |
| Basic Industry | 8.20% |
| Real Estate Investment Trusts | 6.70% |
| Healthcare | 3.78% |
| Utilities | 3.37% |
| Consumer Staples | 2.66% |
| Transportation | 2.48% |
| |
| |
| |
| Atkore | 1.83% |
| MasTec | 1.73% |
| Stifel Financial | 1.66% |
| Hancock Whitney | 1.63% |
| Webster Financial | 1.59% |
| East West Bancorp | 1.59% |
| ITT | 1.57% |
| FNB | 1.57% |
| Axis Capital Holdings | 1.56% |
| Meritage Homes | 1.50% |
Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800 523‑1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
Delaware Small Cap Value Fund
Class R: DVLRX
Semiannual shareholder report | May 31, 2024
This semiannual shareholder report contains important information about Delaware Small Cap Value Fund (Fund) for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Fund expenses
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R | $75 | 1.38% |
Fund statistics (as of May 31, 2024)
The following table outlines Fund statistics that you should pay attention to:
| Fund net assets | $4,692,228,235% |
| Total number of portfolio holdings | $106% |
| Total advisory fees paid | $15,253,868% |
| Portfolio turnover rate | $10% |
Fund holdings (as of May 31, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
| Financial Services | 24.21% |
| Industrials | 17.33% |
| Consumer Discretionary | 11.40% |
| Energy | 9.70% |
| Technology | 9.05% |
| Basic Industry | 8.20% |
| Real Estate Investment Trusts | 6.70% |
| Healthcare | 3.78% |
| Utilities | 3.37% |
| Consumer Staples | 2.66% |
| Transportation | 2.48% |
| |
| |
| |
| Atkore | 1.83% |
| MasTec | 1.73% |
| Stifel Financial | 1.66% |
| Hancock Whitney | 1.63% |
| Webster Financial | 1.59% |
| East West Bancorp | 1.59% |
| ITT | 1.57% |
| FNB | 1.57% |
| Axis Capital Holdings | 1.56% |
| Meritage Homes | 1.50% |
Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800 523‑1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
Delaware Small Cap Value Fund
Institutional Class: DEVIX
Semiannual shareholder report | May 31, 2024
This semiannual shareholder report contains important information about Delaware Small Cap Value Fund (Fund) for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Fund expenses
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $48 | 0.88% |
Fund statistics (as of May 31, 2024)
The following table outlines Fund statistics that you should pay attention to:
| Fund net assets | $4,692,228,235% |
| Total number of portfolio holdings | $106% |
| Total advisory fees paid | $15,253,868% |
| Portfolio turnover rate | $10% |
Fund holdings (as of May 31, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
| Financial Services | 24.21% |
| Industrials | 17.33% |
| Consumer Discretionary | 11.40% |
| Energy | 9.70% |
| Technology | 9.05% |
| Basic Industry | 8.20% |
| Real Estate Investment Trusts | 6.70% |
| Healthcare | 3.78% |
| Utilities | 3.37% |
| Consumer Staples | 2.66% |
| Transportation | 2.48% |
| |
| |
| |
| Atkore | 1.83% |
| MasTec | 1.73% |
| Stifel Financial | 1.66% |
| Hancock Whitney | 1.63% |
| Webster Financial | 1.59% |
| East West Bancorp | 1.59% |
| ITT | 1.57% |
| FNB | 1.57% |
| Axis Capital Holdings | 1.56% |
| Meritage Homes | 1.50% |
Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800 523‑1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
Delaware Small Cap Value Fund
Class R6: DVZRX
Semiannual shareholder report | May 31, 2024
This semiannual shareholder report contains important information about Delaware Small Cap Value Fund (Fund) for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Fund expenses
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $38 | 0.71% |
Fund statistics (as of May 31, 2024)
The following table outlines Fund statistics that you should pay attention to:
| Fund net assets | $4,692,228,235% |
| Total number of portfolio holdings | $106% |
| Total advisory fees paid | $15,253,868% |
| Portfolio turnover rate | $10% |
Fund holdings (as of May 31, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
| Financial Services | 24.21% |
| Industrials | 17.33% |
| Consumer Discretionary | 11.40% |
| Energy | 9.70% |
| Technology | 9.05% |
| Basic Industry | 8.20% |
| Real Estate Investment Trusts | 6.70% |
| Healthcare | 3.78% |
| Utilities | 3.37% |
| Consumer Staples | 2.66% |
| Transportation | 2.48% |
| |
| |
| |
| Atkore | 1.83% |
| MasTec | 1.73% |
| Stifel Financial | 1.66% |
| Hancock Whitney | 1.63% |
| Webster Financial | 1.59% |
| East West Bancorp | 1.59% |
| ITT | 1.57% |
| FNB | 1.57% |
| Axis Capital Holdings | 1.56% |
| Meritage Homes | 1.50% |
Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800 523‑1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
Delaware Wealth Builder Fund
Class A: DDIAX
Semiannual shareholder report | May 31, 2024
This semiannual shareholder report contains important information about Delaware Wealth Builder Fund (Fund) for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Fund expenses
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $55 | 1.04% |
Fund statistics (as of May 31, 2024)
The following table outlines Fund statistics that you should pay attention to:
| Fund net assets | $888,990,075% |
| Total number of portfolio holdings | $807% |
| Total advisory fees paid | $2,579,760% |
| Portfolio turnover rate | $32% |
Fund holdings (as of May 31, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
| Common Stocks | 58.45% |
| Corporate Bonds | 10.27% |
| Agency Mortgage-Backed Securities | 5.93% |
| US Treasury Obligations | 5.85% |
| Exchange-Traded Funds | 5.82% |
| Short-Term Investments | 3.62% |
| Convertible Bonds | 3.36% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.30% |
| Sovereign Bonds | 1.28% |
| Limited Liability Corporation | 1.14% |
| Microsoft | 2.78% |
| NVIDIA | 2.73% |
| Apple | 2.45% |
| Exxon Mobil | 1.21% |
| Merck & Co. | 1.11% |
| TJX | 1.03% |
| Verizon Communications | 1.00% |
| Broadcom | 0.91% |
| Cisco Systems | 0.86% |
| Chevron | 0.77% |
Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800 523‑1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
Delaware Wealth Builder Fund
Class C: DDICX
Semiannual shareholder report | May 31, 2024
This semiannual shareholder report contains important information about Delaware Wealth Builder Fund (Fund) for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Fund expenses
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $94 | 1.79% |
Fund statistics (as of May 31, 2024)
The following table outlines Fund statistics that you should pay attention to:
| Fund net assets | $888,990,075% |
| Total number of portfolio holdings | $807% |
| Total advisory fees paid | $2,579,760% |
| Portfolio turnover rate | $32% |
Fund holdings (as of May 31, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
| Common Stocks | 58.45% |
| Corporate Bonds | 10.27% |
| Agency Mortgage-Backed Securities | 5.93% |
| US Treasury Obligations | 5.85% |
| Exchange-Traded Funds | 5.82% |
| Short-Term Investments | 3.62% |
| Convertible Bonds | 3.36% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.30% |
| Sovereign Bonds | 1.28% |
| Limited Liability Corporation | 1.14% |
| Microsoft | 2.78% |
| NVIDIA | 2.73% |
| Apple | 2.45% |
| Exxon Mobil | 1.21% |
| Merck & Co. | 1.11% |
| TJX | 1.03% |
| Verizon Communications | 1.00% |
| Broadcom | 0.91% |
| Cisco Systems | 0.86% |
| Chevron | 0.77% |
Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800 523‑1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
Delaware Wealth Builder Fund
Class R: DDDRX
Semiannual shareholder report | May 31, 2024
This semiannual shareholder report contains important information about Delaware Wealth Builder Fund (Fund) for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Fund expenses
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R | $68 | 1.29% |
Fund statistics (as of May 31, 2024)
The following table outlines Fund statistics that you should pay attention to:
| Fund net assets | $888,990,075% |
| Total number of portfolio holdings | $807% |
| Total advisory fees paid | $2,579,760% |
| Portfolio turnover rate | $32% |
Fund holdings (as of May 31, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
| Common Stocks | 58.45% |
| Corporate Bonds | 10.27% |
| Agency Mortgage-Backed Securities | 5.93% |
| US Treasury Obligations | 5.85% |
| Exchange-Traded Funds | 5.82% |
| Short-Term Investments | 3.62% |
| Convertible Bonds | 3.36% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.30% |
| Sovereign Bonds | 1.28% |
| Limited Liability Corporation | 1.14% |
| Microsoft | 2.78% |
| NVIDIA | 2.73% |
| Apple | 2.45% |
| Exxon Mobil | 1.21% |
| Merck & Co. | 1.11% |
| TJX | 1.03% |
| Verizon Communications | 1.00% |
| Broadcom | 0.91% |
| Cisco Systems | 0.86% |
| Chevron | 0.77% |
Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800 523‑1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
Delaware Wealth Builder Fund
Institutional Class: DDIIX
Semiannual shareholder report | May 31, 2024
This semiannual shareholder report contains important information about Delaware Wealth Builder Fund (Fund) for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Fund expenses
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $42 | 0.79% |
Fund statistics (as of May 31, 2024)
The following table outlines Fund statistics that you should pay attention to:
| Fund net assets | $888,990,075% |
| Total number of portfolio holdings | $807% |
| Total advisory fees paid | $2,579,760% |
| Portfolio turnover rate | $32% |
Fund holdings (as of May 31, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
| Common Stocks | 58.45% |
| Corporate Bonds | 10.27% |
| Agency Mortgage-Backed Securities | 5.93% |
| US Treasury Obligations | 5.85% |
| Exchange-Traded Funds | 5.82% |
| Short-Term Investments | 3.62% |
| Convertible Bonds | 3.36% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.30% |
| Sovereign Bonds | 1.28% |
| Limited Liability Corporation | 1.14% |
| Microsoft | 2.78% |
| NVIDIA | 2.73% |
| Apple | 2.45% |
| Exxon Mobil | 1.21% |
| Merck & Co. | 1.11% |
| TJX | 1.03% |
| Verizon Communications | 1.00% |
| Broadcom | 0.91% |
| Cisco Systems | 0.86% |
| Chevron | 0.77% |
Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800 523‑1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
Delaware Wealth Builder Fund
Class R6: DDERX
Semiannual shareholder report | May 31, 2024
This semiannual shareholder report contains important information about Delaware Wealth Builder Fund (Fund) for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Fund expenses
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $38 | 0.72% |
Fund statistics (as of May 31, 2024)
The following table outlines Fund statistics that you should pay attention to:
| Fund net assets | $888,990,075% |
| Total number of portfolio holdings | $807% |
| Total advisory fees paid | $2,579,760% |
| Portfolio turnover rate | $32% |
Fund holdings (as of May 31, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
| Common Stocks | 58.45% |
| Corporate Bonds | 10.27% |
| Agency Mortgage-Backed Securities | 5.93% |
| US Treasury Obligations | 5.85% |
| Exchange-Traded Funds | 5.82% |
| Short-Term Investments | 3.62% |
| Convertible Bonds | 3.36% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.30% |
| Sovereign Bonds | 1.28% |
| Limited Liability Corporation | 1.14% |
| Microsoft | 2.78% |
| NVIDIA | 2.73% |
| Apple | 2.45% |
| Exxon Mobil | 1.21% |
| Merck & Co. | 1.11% |
| TJX | 1.03% |
| Verizon Communications | 1.00% |
| Broadcom | 0.91% |
| Cisco Systems | 0.86% |
| Chevron | 0.77% |
Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at 800 523‑1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800 523‑1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
| | (a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
| (a) | An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X. |
The semi-annual financial statements are attached herewith.
| (b) | An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A. |
The Financial Highlights are attached herewith.
US equity mutual fund
Delaware Small Cap Value Fund
May 31, 2024
Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and its summary prospectus, 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.
Experience Delaware Funds by Macquarie®
Macquarie Asset Management (MAM) is a global asset manager that aims to deliver positive impact for everyone. MAM’s public markets businesses trace their roots to 1929 and partner 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 Delaware Small Cap Value Fund 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 an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions.
The Fund is advised by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment adviser, and distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of
the investment.
The Fund is governed by US laws and regulations.
Table of contents
This semiannual report is for the information of Delaware Small Cap Value Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Fund’s current prospectus or summary prospectus. These documents are available at delawarefunds.com/literature.
Unless otherwise noted, views expressed herein are current as of May 31, 2024, and subject to change for events occurring after such date. These views are not intended to be investment advice, to forecast future events, or to guarantee future results.
The Fund is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.
All third-party marks cited are the property of their respective owners.
© 2024 Macquarie Management Holdings, Inc.
Schedule of investments
| Delaware Small Cap Value Fund | May 31, 2024 (Unaudited) |
| | | Number of
shares | Value (US $) |
| Common Stocks — 98.88% |
| Basic Industry — 8.20% |
| Ashland | | 320,200 | $ 32,074,434 |
| Avient | | 1,058,950 | 47,313,886 |
| Berry Global Group | | 680,146 | 40,727,142 |
| Constellium † | | 1,228,832 | 26,628,789 |
| HB Fuller | | 653,200 | 52,014,316 |
| Huntsman | | 1,422,100 | 35,268,080 |
| Knife River † | | 366,800 | 25,936,428 |
| Louisiana-Pacific | | 695,057 | 63,722,826 |
| Ryerson Holding | | 792,450 | 18,820,688 |
| Summit Materials Class A † | | 1,085,426 | 41,940,861 |
| | 384,447,450 |
| Consumer Discretionary — 11.40% |
| Acushnet Holdings | | 706,500 | 46,558,350 |
| Adient † | | 994,900 | 28,095,976 |
| Choice Hotels International | | 215,500 | 24,392,445 |
| Columbia Sportswear | | 339,300 | 29,050,866 |
| Crocs † | | 231,500 | 36,030,660 |
| Group 1 Automotive | | 173,510 | 53,958,140 |
| KB Home | | 713,200 | 50,351,920 |
| M/I Homes † | | 246,400 | 30,780,288 |
| Meritage Homes | | 399,700 | 70,487,095 |
| Oxford Industries | | 240,400 | 26,609,876 |
| Patrick Industries | | 206,950 | 23,716,470 |
| Steven Madden | | 910,425 | 40,468,391 |
| Texas Roadhouse | | 184,150 | 31,797,181 |
| UniFirst | | 267,070 | 42,357,302 |
| | 534,654,960 |
| Consumer Staples — 2.66% |
| Flowers Foods | | 1,215,500 | 28,223,910 |
| J & J Snack Foods | | 352,600 | 57,371,546 |
| Performance Food Group † | | 565,522 | 39,360,331 |
| | 124,955,787 |
| Energy — 9.70% |
| CNX Resources † | | 906,700 | 23,846,210 |
| EnLink Midstream † | | 3,243,300 | 41,157,477 |
| International Seaways | | 662,400 | 42,671,808 |
| Liberty Energy | | 2,641,400 | 65,216,166 |
| Magnolia Oil & Gas Class A | | 2,270,800 | 58,927,260 |
| Matador Resources | | 932,250 | 59,151,262 |
| Murphy Oil | | 1,098,700 | 47,013,373 |
Schedule of investments
Delaware Small Cap Value Fund
| | | Number of
shares | Value (US $) |
| Common Stocks (continued) |
| Energy (continued) |
| Noble | | 811,150 | $ 37,686,029 |
| Patterson-UTI Energy | | 3,750,700 | 41,332,714 |
| PBF Energy Class A | | 823,500 | 38,152,755 |
| | 455,155,054 |
| Financial Services — 24.21% |
| Assurant | | 266,300 | 46,195,061 |
| Axis Capital Holdings | | 991,400 | 73,244,632 |
| Bank of NT Butterfield & Son | | 1,009,900 | 34,407,293 |
| Bread Financial Holdings | | 609,900 | 25,469,424 |
| Cadence Bank | | 1,464,250 | 41,804,338 |
| Columbia Banking System | | 2,850,961 | 54,966,528 |
| Comerica | | 622,200 | 31,881,528 |
| East West Bancorp | | 1,002,473 | 74,373,472 |
| Essent Group | | 943,700 | 53,507,790 |
| First Financial Bancorp | | 1,545,848 | 34,472,410 |
| FNB | | 5,340,850 | 73,543,504 |
| Hancock Whitney | | 1,635,950 | 76,447,943 |
| Hanover Insurance Group | | 344,050 | 45,390,517 |
| Hope Bancorp | | 3,531,683 | 37,188,622 |
| Old National Bancorp | | 2,876,640 | 49,161,778 |
| Sandy Spring Bancorp | | 860,425 | 20,168,362 |
| Selective Insurance Group | | 365,506 | 35,677,041 |
| Stewart Information Services | | 449,800 | 28,476,838 |
| Stifel Financial | | 964,800 | 78,100,560 |
| Synovus Financial | | 1,667,450 | 66,181,090 |
| Valley National Bancorp | | 7,357,900 | 52,461,827 |
| WaFd | | 1,007,400 | 28,217,274 |
| Webster Financial | | 1,687,410 | 74,617,270 |
| | 1,135,955,102 |
| Healthcare — 3.78% |
| Globus Medical Class A † | | 577,800 | 38,776,158 |
| Integer Holdings † | | 502,300 | 60,898,852 |
| Merit Medical Systems † | | 236,200 | 19,167,630 |
| Patterson Cos | | 776,200 | 19,086,758 |
| Prestige Consumer Healthcare † | | 614,900 | 39,544,219 |
| | 177,473,617 |
| Industrials — 17.33% |
| Atkore | | 565,100 | 85,979,965 |
| Beacon Roofing Supply † | | 402,400 | 39,056,944 |
| CACI International Class A † | | 161,400 | 68,511,072 |
| | | Number of
shares | Value (US $) |
| Common Stocks (continued) |
| Industrials (continued) |
| Centuri Holdings † | | 340,050 | $ 9,334,373 |
| Griffon | | 500,200 | 33,783,508 |
| H&E Equipment Services | | 909,700 | 43,092,489 |
| ITT | | 554,980 | 73,745,742 |
| KBR | | 969,372 | 63,648,966 |
| Leonardo DRS † | | 1,949,700 | 45,915,435 |
| MasTec † | | 721,729 | 81,014,080 |
| NEXTracker Class A † | | 519,044 | 28,635,657 |
| Regal Rexnord | | 282,039 | 42,176,112 |
| Terex | | 846,950 | 50,537,506 |
| Timken | | 574,250 | 49,896,583 |
| WESCO International | | 272,900 | 48,982,821 |
| Zurn Elkay Water Solutions | | 1,562,000 | 48,906,220 |
| | 813,217,473 |
| Real Estate Investment Trusts — 6.70% |
| Agree Realty | | 782,450 | 47,541,662 |
| Apple Hospitality REIT | | 2,895,800 | 41,815,352 |
| Community Healthcare Trust | | 654,300 | 15,349,878 |
| Independence Realty Trust | | 2,868,990 | 47,912,133 |
| Kite Realty Group Trust | | 2,190,464 | 48,014,971 |
| LXP Industrial Trust | | 5,157,500 | 43,838,750 |
| National Health Investors | | 743,750 | 49,147,000 |
| Plymouth Industrial REIT | | 1,002,000 | 20,901,720 |
| | 314,521,466 |
| Technology — 9.05% |
| Belden | | 562,500 | 53,825,625 |
| Cirrus Logic † | | 548,900 | 62,958,830 |
| Diodes † | | 573,900 | 42,543,207 |
| Flex † | | 1,588,110 | 52,614,084 |
| NetScout Systems † | | 482,700 | 9,914,658 |
| Power Integrations | | 499,200 | 37,944,192 |
| TD SYNNEX | | 348,900 | 45,650,076 |
| TTM Technologies † | | 2,925,302 | 54,410,617 |
| Viavi Solutions † | | 2,855,600 | 21,474,112 |
| Vishay Intertechnology | | 1,831,000 | 43,266,530 |
| | 424,601,931 |
| Transportation — 2.48% |
| Kirby † | | 431,600 | 53,591,772 |
| Saia † | | 24,550 | 10,052,734 |
Schedule of investments
Delaware Small Cap Value Fund
| | | Number of
shares | Value (US $) |
| Common Stocks (continued) |
| Transportation (continued) |
| Werner Enterprises | | 1,406,900 | $ 52,857,233 |
| | 116,501,739 |
| Utilities — 3.37% |
| ALLETE | | 402,600 | 25,424,190 |
| Black Hills | | 589,190 | 33,259,776 |
| OGE Energy | | 1,388,000 | 50,384,400 |
| Southwest Gas Holdings | | 629,800 | 48,866,182 |
| | 157,934,548 |
| Total Common Stocks (cost $2,982,172,940) | 4,639,419,127 |
|
|
|
| Short-Term Investments — 1.31% |
| Money Market Mutual Funds — 1.31% |
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | | 15,404,979 | 15,404,979 |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | | 15,404,979 | 15,404,979 |
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.36%) | | 15,404,979 | 15,404,979 |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.23%) | | 15,404,978 | 15,404,978 |
| Total Short-Term Investments (cost $61,619,915) | 61,619,915 |
Total Value of Securities—100.19%
(cost $3,043,792,855) | | | $4,701,039,042 |
| † | Non-income producing security. |
| Summary of abbreviations: |
| REIT – Real Estate Investment Trust |
See accompanying notes, which are an integral part of the financial statements.
Statement of assets and liabilities
| Delaware Small Cap Value Fund | May 31, 2024 (Unaudited) |
| Assets: | |
| Investments, at value* | $4,701,039,042 |
| Receivable for securities sold | 11,657,360 |
| Receivable for fund shares sold | 5,642,299 |
| Dividends receivable | 5,104,108 |
| Prepaid expenses | 148,033 |
| Foreign tax reclaims receivable | 30,312 |
| Other assets | 47,973 |
| Total Assets | 4,723,669,127 |
| Liabilities: | |
| Payable for fund shares redeemed | 22,162,476 |
| Payable for securities purchased | 3,834,165 |
| Investment management fees payable to affiliates | 2,559,886 |
| Other accrued expenses | 2,249,612 |
| Administration expenses payable to affiliates | 442,372 |
| Distribution fees payable to affiliates | 192,381 |
| Total Liabilities | 31,440,892 |
| Total Net Assets | $4,692,228,235 |
|
| Net Assets Consist of: | |
| Paid-in capital | $2,732,187,158 |
| Total distributable earnings (loss) | 1,960,041,077 |
| Total Net Assets | $4,692,228,235 |
Statement of assets and liabilities
Delaware Small Cap Value Fund
| Net Asset Value | |
|
| Class A: | |
| Net assets | $717,786,012 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | 10,432,012 |
| Net asset value per share | $68.81 |
| Sales charge | 5.75% |
| Offering price per share, equal to net asset value per share / (1 - sales charge) | $73.01 |
|
| Class C: | |
| Net assets | $25,190,178 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | 477,015 |
| Net asset value per share | $52.81 |
|
| Class R: | |
| Net assets | $37,234,736 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | 563,740 |
| Net asset value per share | $66.05 |
|
| Institutional Class: | |
| Net assets | $2,607,150,043 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | 35,211,175 |
| Net asset value per share | $74.04 |
|
| Class R6: | |
| Net assets | $1,304,867,266 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | 17,598,135 |
| Net asset value per share | $74.15 |
*Investments, at cost | $3,043,792,855 |
See accompanying notes, which are an integral part of the financial statements.
Statement of operations
| Delaware Small Cap Value Fund | Six months ended May 31, 2024 (Unaudited) |
| Investment Income: | |
| Dividends | $46,171,773 |
| Foreign tax withheld | (39,970) |
| | 46,131,803 |
|
| Expenses: | |
| Management fees | 15,253,868 |
| Distribution expenses — Class A | 930,095 |
| Distribution expenses — Class C | 131,908 |
| Distribution expenses — Class R | 97,199 |
| Dividend disbursing and transfer agent fees and expenses | 3,397,079 |
| Accounting and administration expenses | 488,282 |
| Reports and statements to shareholders expenses | 195,506 |
| Legal fees | 134,236 |
| Trustees’ fees | 108,371 |
| Registration fees | 67,706 |
| Custodian fees | 26,680 |
| Audit and tax fees | 17,339 |
| Other | 83,830 |
| | 20,932,099 |
| Less expenses paid indirectly | (1,690) |
| Total operating expenses | 20,930,409 |
| Net Investment Income (Loss) | 25,201,394 |
|
| Net Realized and Unrealized Gain (Loss): | |
| Net realized gain (loss) on investments | 307,684,061 |
| Net change in unrealized appreciation (depreciation) on investments | 387,327,736 |
| Net Realized and Unrealized Gain (Loss) | 695,011,797 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $720,213,191 |
See accompanying notes, which are an integral part of the financial statements.
Statements of changes in net assets
Delaware Small Cap Value Fund
| | Six months
ended
5/31/24
(Unaudited) | | Year ended
11/30/23 |
| |
| Increase (Decrease) in Net Assets from Operations: | | | |
| Net investment income (loss) | $25,201,394 | | $63,453,559 |
| Net realized gain (loss) | 307,684,061 | | 354,282,632 |
| Net change in unrealized appreciation (depreciation) | 387,327,736 | | (842,788,765) |
| Net increase (decrease) in net assets resulting from operations | 720,213,191 | | (425,052,574) |
|
| Dividends and Distributions to Shareholders from: | | | |
| Distributable earnings: | | | |
| Class A | (55,610,749) | | (35,039,596) |
| Class C | (2,411,236) | | (1,634,204) |
| Class R | (2,920,972) | | (1,676,683) |
| Institutional Class | (185,607,900) | | (149,773,304) |
| Class R6 | (91,924,381) | | (62,711,912) |
| | (338,475,238) | | (250,835,699) |
|
| Capital Share Transactions (See Note 4): | | | |
| Proceeds from shares sold: | | | |
| Class A | 30,903,039 | | 84,042,354 |
| Class C | 1,016,656 | | 1,993,421 |
| Class R | 2,838,574 | | 6,773,118 |
| Institutional Class | 203,547,559 | | 489,116,148 |
| Class R6 | 150,062,442 | | 301,884,026 |
|
| Net asset value of shares issued upon reinvestment of dividends and distributions: | | | |
| Class A | 55,051,085 | | 34,729,377 |
| Class C | 2,404,261 | | 1,628,375 |
| Class R | 2,920,972 | | 1,676,683 |
| Institutional Class | 178,120,777 | | 141,879,441 |
| Class R6 | 87,656,861 | | 59,670,927 |
| | 714,522,226 | | 1,123,393,870 |
| | Six months
ended
5/31/24
(Unaudited) | | Year ended
11/30/23 |
| |
| Capital Share Transactions (continued): | | | |
| Cost of shares redeemed: | | | |
| Class A | $(152,090,809) | | $(194,047,016) |
| Class C | (6,710,589) | | (11,537,199) |
| Class R | (8,833,954) | | (10,212,321) |
| Institutional Class | (628,392,375) | | (1,418,502,968) |
| Class R6 | (281,393,222) | | (500,931,258) |
| | (1,077,420,949) | | (2,135,230,762) |
| Decrease in net assets derived from capital share transactions | (362,898,723) | | (1,011,836,892) |
| Net Increase (Decrease) in Net Assets | 18,839,230 | | (1,687,725,165) |
|
| Net Assets: | | | |
| Beginning of period | 4,673,389,005 | | 6,361,114,170 |
| End of period | $4,692,228,235 | | $4,673,389,005 |
See accompanying notes, which are an integral part of the financial statements.
Financial highlights
Delaware Small Cap Value Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
| |
| |
Net asset value, beginning of period
|
| |
| Income (loss) from investment operations: |
Net investment income2
|
Net realized and unrealized gain (loss)
|
Total from investment operations
|
| |
| Less dividends and distributions from: |
Net investment income
|
Net realized gain
|
Total dividends and distributions
|
| |
Net asset value, end of period
|
| |
Total return3
|
| |
| Ratios and supplemental data: |
Net assets, end of period (000 omitted)
|
Ratio of expenses to average net assets4
|
Ratio of expenses to average net assets prior to fees waived4
|
Ratio of net investment income to average net assets
|
Ratio of net investment income to average net assets prior to fees waived
|
Portfolio turnover
|
| 1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| 2 | Calculated using average shares outstanding. |
| 3 | 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. |
| 4 | 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.
Six months ended
5/31/241
(Unaudited) | | Year ended |
| 11/30/23 | | 11/30/22 | | 11/30/21 | | 11/30/20 | | 11/30/19 |
| $63.73 | | $71.35 | | $75.49 | | $55.68 | | $61.58 | | $61.81 |
| |
| | | | | | | | | | | |
| 0.27 | | 0.60 | | 0.47 | | 0.28 | | 0.39 | | 0.52 |
| 9.71 | | (5.42) | | (1.23) | | 19.94 | | (3.67) | | 3.63 |
| 9.98 | | (4.82) | | (0.76) | | 20.22 | | (3.28) | | 4.15 |
| |
| | | | | | | | | | | |
| (0.91) | | (0.49) | | (0.28) | | (0.41) | | (0.58) | | (0.42) |
| (3.99) | | (2.31) | | (3.10) | | — | | (2.04) | | (3.96) |
| (4.90) | | (2.80) | | (3.38) | | (0.41) | | (2.62) | | (4.38) |
| |
| $68.81 | | $63.73 | | $71.35 | | $75.49 | | $55.68 | | $61.58 |
| |
| 16.21% | | (6.74%) | | (1.10%) | | 36.52% | | (5.70%) | | 8.69% |
| |
| | | | | | | | | | | |
| $717,786 | | $726,870 | | $896,355 | | $1,016,518 | | $551,442 | | $637,146 |
| 1.13% | | 1.11% | | 1.11% | | 1.11% | | 1.14% | | 1.15% |
| 1.13% | | 1.11% | | 1.11% | | 1.11% | | 1.14% | | 1.15% |
| 0.81% | | 0.93% | | 0.67% | | 0.38% | | 0.80% | | 0.90% |
| 0.81% | | 0.93% | | 0.67% | | 0.38% | | 0.80% | | 0.90% |
| 10% | | 27% | | 19% | | 14% | | 23% | | 18% |
Financial highlights
Delaware Small Cap Value Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
| |
| |
Net asset value, beginning of period
|
| |
| Income (loss) from investment operations: |
Net investment income (loss)2
|
Net realized and unrealized gain (loss)
|
Total from investment operations
|
| |
| Less dividends and distributions from: |
Net investment income
|
Net realized gain
|
Total dividends and distributions
|
| |
Net asset value, end of period
|
| |
Total return3
|
| |
| Ratios and supplemental data: |
Net assets, end of period (000 omitted)
|
Ratio of expenses to average net assets4
|
Ratio of expenses to average net assets prior to fees waived4
|
Ratio of net investment income (loss) to average net assets
|
Ratio of net investment income (loss) to average net assets prior to fees waived
|
Portfolio turnover
|
| 1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| 2 | Calculated using average shares outstanding. |
| 3 | 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. |
| 4 | 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.
Six months ended
5/31/241
(Unaudited) | | Year ended |
| 11/30/23 | | 11/30/22 | | 11/30/21 | | 11/30/20 | | 11/30/19 |
| $49.83 | | $56.36 | | $60.49 | | $44.71 | | $49.95 | | $50.96 |
| |
| | | | | | | | | | | |
| 0.02 | | 0.09 | | (0.05) | | (0.21) | | 0.02 | | 0.07 |
| 7.53 | | (4.27) | | (0.98) | | 16.06 | | (3.00) | | 2.88 |
| 7.55 | | (4.18) | | (1.03) | | 15.85 | | (2.98) | | 2.95 |
| |
| | | | | | | | | | | |
| (0.58) | | (0.04) | | — | | (0.07) | | (0.22) | | — |
| (3.99) | | (2.31) | | (3.10) | | — | | (2.04) | | (3.96) |
| (4.57) | | (2.35) | | (3.10) | | (0.07) | | (2.26) | | (3.96) |
| |
| $52.81 | | $49.83 | | $56.36 | | $60.49 | | $44.71 | | $49.95 |
| |
| 15.77% | | (7.43%) | | (1.84%) | | 35.48% | | (6.38%) | | 7.88% |
| |
| | | | | | | | | | | |
| $25,190 | | $26,959 | | $39,409 | | $51,078 | | $46,463 | | $69,109 |
| 1.88% | | 1.86% | | 1.86% | | 1.86% | | 1.89% | | 1.90% |
| 1.88% | | 1.86% | | 1.86% | | 1.86% | | 1.89% | | 1.90% |
| 0.06% | | 0.18% | | (0.08%) | | (0.37%) | | 0.05% | | 0.15% |
| 0.06% | | 0.18% | | (0.08%) | | (0.37%) | | 0.05% | | 0.15% |
| 10% | | 27% | | 19% | | 14% | | 23% | | 18% |
Financial highlights
Delaware Small Cap Value Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
| |
| |
Net asset value, beginning of period
|
| |
| Income (loss) from investment operations: |
Net investment income2
|
Net realized and unrealized gain (loss)
|
Total from investment operations
|
| |
| Less dividends and distributions from: |
Net investment income
|
Net realized gain
|
Total dividends and distributions
|
| |
Net asset value, end of period
|
| |
Total return3
|
| |
| Ratios and supplemental data: |
Net assets, end of period (000 omitted)
|
Ratio of expenses to average net assets4
|
Ratio of expenses to average net assets prior to fees waived4
|
Ratio of net investment income to average net assets
|
Ratio of net investment income to average net assets prior to fees waived
|
Portfolio turnover
|
| 1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| 2 | Calculated using average shares outstanding. |
| 3 | 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. |
| 4 | 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.
Six months ended
5/31/241
(Unaudited) | | Year ended |
| 11/30/23 | | 11/30/22 | | 11/30/21 | | 11/30/20 | | 11/30/19 |
| $61.33 | | $68.74 | | $72.83 | | $53.74 | | $59.52 | | $59.86 |
| |
| | | | | | | | | | | |
| 0.18 | | 0.42 | | 0.28 | | 0.09 | | 0.26 | | 0.36 |
| 9.34 | | (5.21) | | (1.20) | | 19.28 | | (3.56) | | 3.52 |
| 9.52 | | (4.79) | | (0.92) | | 19.37 | | (3.30) | | 3.88 |
| |
| | | | | | | | | | | |
| (0.81) | | (0.31) | | (0.07) | | (0.28) | | (0.44) | | (0.26) |
| (3.99) | | (2.31) | | (3.10) | | — | | (2.04) | | (3.96) |
| (4.80) | | (2.62) | | (3.17) | | (0.28) | | (2.48) | | (4.22) |
| |
| $66.05 | | $61.33 | | $68.74 | | $72.83 | | $53.74 | | $59.52 |
| |
| 16.06% | | (6.96%) | | (1.34%) | | 36.18% | | (5.92%) | | 8.42% |
| |
| | | | | | | | | | | |
| $37,235 | | $37,411 | | $43,983 | | $54,481 | | $43,823 | | $55,697 |
| 1.38% | | 1.36% | | 1.36% | | 1.36% | | 1.39% | | 1.40% |
| 1.38% | | 1.36% | | 1.36% | | 1.36% | | 1.39% | | 1.40% |
| 0.56% | | 0.68% | | 0.42% | | 0.13% | | 0.55% | | 0.65% |
| 0.56% | | 0.68% | | 0.42% | | 0.13% | | 0.55% | | 0.65% |
| 10% | | 27% | | 19% | | 14% | | 23% | | 18% |
Financial highlights
Delaware Small Cap Value Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
| |
| |
Net asset value, beginning of period
|
| |
| Income (loss) from investment operations: |
Net investment income2
|
Net realized and unrealized gain (loss)
|
Total from investment operations
|
| |
| Less dividends and distributions from: |
Net investment income
|
Net realized gain
|
Total dividends and distributions
|
| |
Net asset value, end of period
|
| |
Total return3
|
| |
| Ratios and supplemental data: |
Net assets, end of period (000 omitted)
|
Ratio of expenses to average net assets4
|
Ratio of expenses to average net assets prior to fees waived4
|
Ratio of net investment income to average net assets
|
Ratio of net investment income to average net assets prior to fees waived
|
Portfolio turnover
|
| 1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| 2 | Calculated using average shares outstanding. |
| 3 | 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. |
| 4 | 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.
Six months ended
5/31/241
(Unaudited) | | Year ended |
| 11/30/23 | | 11/30/22 | | 11/30/21 | | 11/30/20 | | 11/30/19 |
| $68.20 | | $76.15 | | $80.31 | | $59.19 | | $65.28 | | $65.29 |
| |
| | | | | | | | | | | |
| 0.38 | | 0.82 | | 0.68 | | 0.48 | | 0.55 | | 0.70 |
| 10.41 | | (5.78) | | (1.30) | | 21.18 | | (3.86) | | 3.86 |
| 10.79 | | (4.96) | | (0.62) | | 21.66 | | (3.31) | | 4.56 |
| |
| | | | | | | | | | | |
| (0.96) | | (0.68) | | (0.44) | | (0.54) | | (0.74) | | (0.61) |
| (3.99) | | (2.31) | | (3.10) | | — | | (2.04) | | (3.96) |
| (4.95) | | (2.99) | | (3.54) | | (0.54) | | (2.78) | | (4.57) |
| |
| $74.04 | | $68.20 | | $76.15 | | $80.31 | | $59.19 | | $65.28 |
| |
| 16.35% | | (6.50%) | | (0.85%) | | 36.84% | | (5.43%) | | 8.95% |
| |
| | | | | | | | | | | |
| $2,607,150 | | $2,639,183 | | $3,833,425 | | $3,958,855 | | $3,115,293 | | $2,955,897 |
| 0.88% | | 0.86% | | 0.86% | | 0.86% | | 0.89% | | 0.90% |
| 0.88% | | 0.86% | | 0.86% | | 0.86% | | 0.89% | | 0.90% |
| 1.06% | | 1.18% | | 0.92% | | 0.63% | | 1.05% | | 1.15% |
| 1.06% | | 1.18% | | 0.92% | | 0.63% | | 1.05% | | 1.15% |
| 10% | | 27% | | 19% | | 14% | | 23% | | 18% |
Financial highlights
Delaware Small Cap Value Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
| |
| |
Net asset value, beginning of period
|
| |
| Income (loss) from investment operations: |
Net investment income2
|
Net realized and unrealized gain (loss)
|
Total from investment operations
|
| |
| Less dividends and distributions from: |
Net investment income
|
Net realized gain
|
Total dividends and distributions
|
| |
Net asset value, end of period
|
| |
Total return3
|
| |
| Ratios and supplemental data: |
Net assets, end of period (000 omitted)
|
Ratio of expenses to average net assets4
|
Ratio of expenses to average net assets prior to fees waived4
|
Ratio of net investment income to average net assets
|
Ratio of net investment income to average net assets prior to fees waived
|
Portfolio turnover
|
| 1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| 2 | Calculated using average shares outstanding. |
| 3 | 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. |
| 4 | 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.
Six months ended
5/31/241
(Unaudited) | | Year ended |
| 11/30/23 | | 11/30/22 | | 11/30/21 | | 11/30/20 | | 11/30/19 |
| $68.41 | | $76.38 | | $80.53 | | $59.32 | | $65.41 | | $65.41 |
| |
| | | | | | | | | | | |
| 0.44 | | 0.92 | | 0.81 | | 0.61 | | 0.64 | | 0.81 |
| 10.43 | | (5.79) | | (1.31) | | 21.21 | | (3.85) | | 3.85 |
| 10.87 | | (4.87) | | (0.50) | | 21.82 | | (3.21) | | 4.66 |
| |
| | | | | | | | | | | |
| (1.14) | | (0.79) | | (0.55) | | (0.61) | | (0.84) | | (0.70) |
| (3.99) | | (2.31) | | (3.10) | | — | | (2.04) | | (3.96) |
| (5.13) | | (3.10) | | (3.65) | | (0.61) | | (2.88) | | (4.66) |
| |
| $74.15 | | $68.41 | | $76.38 | | $80.53 | | $59.32 | | $65.41 |
| |
| 16.45% | | (6.35%) | | (0.69%) | | 37.08% | | (5.28%) | | 9.14% |
| |
| | | | | | | | | | | |
| $1,304,867 | | $1,242,966 | | $1,547,942 | | $1,602,565 | | $928,618 | | $605,623 |
| 0.71% | | 0.71% | | 0.70% | | 0.69% | | 0.72% | | 0.72% |
| 0.71% | | 0.71% | | 0.70% | | 0.69% | | 0.72% | | 0.72% |
| 1.23% | | 1.33% | | 1.08% | | 0.80% | | 1.22% | | 1.33% |
| 1.23% | | 1.33% | | 1.08% | | 0.80% | | 1.22% | | 1.33% |
| 10% | | 27% | | 19% | | 14% | | 23% | | 18% |
Notes to financial statements
| Delaware Small Cap Value Fund | May 31, 2024 (Unaudited) |
Delaware Group® Equity Funds V (Trust) is organized as a Delaware statutory trust and offers three series: Delaware Small Cap Core Fund, Delaware Small Cap Value Fund, and Delaware Wealth Builder Fund. These financial statements and the related notes pertain to Delaware Small Cap Value Fund (Fund). The Trust is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offers Class A, Class C, Class R, Institutional Class, and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.75%. There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, 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
The Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Fund.
Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated Delaware Management Company (DMC) as the valuation designee (Valuation Designee) for each fund to perform the fair value determination relating to all applicable Fund investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and
committees, which operate under policies and procedures approved by the Board and subject to the Board's oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. The Fund may use fair value pricing relatively frequently for securities traded primarily in non-US markets. If a foreign (non-US) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the close of the NYSE, the security may be valued at fair value. With respect to foreign (non-US) equity securities, the Fund may determine the fair value of investments based on information provided by pricing vendors, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.
Federal Income Taxes — No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken or expected to be taken on the Fund’s federal income tax returns through the six months ended May 31, 2024, and for all open tax years (years ended November 30, 2020–November 30, 2023), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended
May 31, 2024, the Fund did not incur any interest or tax penalties.
Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. 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.
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.
Notes to financial statements
Delaware Small Cap Value Fund
1. Significant Accounting Policies (continued)
Other — Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Funds by Macquarie® (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that a Fund is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. The Fund will accrue such taxes as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The “Statement of operations” includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Fund invests are recorded on the ex-dividend date. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, which are estimated, subject to reclassification upon notice of the character of such distributions by the issuer. The Fund declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, at least annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the 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 investment management agreement, the 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 at the rates of 0.75% on the first
$500 million of average daily net assets of the Fund, 0.70% on the next $500 million, 0.65% on the next $1.5 billion, 0.60% on the next $5.5 billion, and 0.575% on average daily net assets in excess of $8 billion.
DMC entered into a Sub-Advisory Agreement on behalf of the Fund with Macquarie Investment Management Global Limited, which is an affiliate of DMC (Affiliated Sub-Advisor). Pursuant to the terms of the Sub-Advisory Agreement, the investment sub-advisory fee is paid by DMC to the Affiliated Sub-Advisor based on the extent to which the Affiliated Sub-Advisor provides services to the Fund.
Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended May 31, 2024, the Fund paid $107,700 for these services.
DIFSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended May 31, 2024, the Fund paid $154,303 for these services. 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 the Fund. Sub-transfer agency fees are paid by the Fund and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices on a monthly or quarterly basis.
Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual distribution and service (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.
As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Fund. For the six months
Notes to financial statements
Delaware Small Cap Value Fund
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
ended May 31, 2024, the Fund paid $57,958 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”
For the six months ended May 31, 2024, DDLP earned $16,324 for commissions on sales of the Fund’s Class A shares. For the six months ended May 31, 2024, DDLP received gross CDSC commissions of $1,220 and $545 on redemptions of the Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.
Trustees’ fees include expenses accrued by the Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Fund.
In addition to the management fees and other expenses of the Fund, the Fund indirectly bears the investment management fees and other expenses of any Underlying Funds in which it invests. The amount of these fees and expenses incurred indirectly by the Fund will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.
3. Investments
For the six months ended May 31, 2024, the Fund made purchases and sales of investment securities other than short-term investments and US government securities as follows:
| Purchases | $473,939,092 |
| Sales | 1,112,826,482 |
At May 31, 2024, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At May 31, 2024, the cost and unrealized appreciation (depreciation) of investments for the Fund were as follows:
| Cost of investments | $3,043,792,855 |
| Aggregate unrealized appreciation of investments | $1,719,507,385 |
| Aggregate unrealized depreciation of investments | (62,261,198) |
| Net unrealized appreciation of investments | $1,657,246,187 |
US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market
participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:
Level 1 − Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2 − Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3 − Significant unobservable inputs, including the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)
Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of May 31, 2024:
| | Level 1 |
| Securities | |
| Assets: | |
| Common Stocks | $4,639,419,127 |
| Short-Term Investments | 61,619,915 |
| Total Value of Securities | $4,701,039,042 |
During the six months ended May 31, 2024, there were no transfers into or out of Level 3 investments. The Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
Notes to financial statements
Delaware Small Cap Value Fund
3. Investments (continued)
A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets. As of May 31, 2024, there were no Level 3 investments.
4. Capital Shares
Transactions in capital shares were as follows:
| | Six months
ended | | Year ended |
| | 5/31/24 | | 11/30/23 |
| Shares sold: |
| Class A | 469,173 | | 1,302,787 |
| Class C | 20,158 | | 38,944 |
| Class R | 45,187 | | 110,039 |
| Institutional Class | 2,865,429 | | 7,064,325 |
| Class R6 | 2,130,806 | | 4,355,857 |
|
| Shares issued upon reinvestment of dividends and distributions: |
| Class A | 856,560 | | 546,317 |
| Class C | 48,581 | | 32,528 |
| Class R | 47,296 | | 27,343 |
| Institutional Class | 2,578,471 | | 2,090,767 |
| Class R6 | 1,268,000 | | 877,901 |
| | 10,329,661 | | 16,446,808 |
|
| Shares redeemed: |
| Class A | (2,298,483) | | (3,007,733) |
| Class C | (132,737) | | (229,692) |
| Class R | (138,687) | | (167,252) |
| Institutional Class | (8,929,927) | | (20,799,218) |
| Class R6 | (3,971,084) | | (7,328,707) |
| | (15,470,918) | | (31,532,602) |
| Net decrease | (5,141,257) | | (15,085,794) |
Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included in shares sold and shares redeemed in the table on the previous page and on the “Statements of changes in net assets.” For the six months ended May 31, 2024 and the year ended November 30, 2023, the Fund had the following exchange transactions:
| | | Exchange Redemptions | | Exchange Subscriptions | | |
| | | Class A
Shares | | Class C
Shares | | Institutional
Class
Shares | | Class A
Shares | | Institutional
Class
Shares | | Class R6
Shares | Value | |
| Six months ended | |
| 5/31/24 | | 35,067 | | 846 | | 2,938 | | 3,810 | | 31,312 | | 1,287 | $2,560,027 | |
| Year ended | |
| 11/30/23 | | 232,370 | | 6,222 | | 68,910 | | 5,751 | | 181,768 | | 103,698 | 20,710,519 | |
5. Line of Credit
The Fund, along with certain other funds in the Delaware Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 28, 2024.
The Fund had no amounts outstanding as of May 31, 2024, or at any time during the period then ended.
6. Securities Lending
The Fund, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY 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
Notes to financial statements
Delaware Small Cap Value Fund
6. Securities Lending (continued)
return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.
Cash collateral received by the Fund is generally invested in an individual separate account. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. The Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.
In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent, and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.
The Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Fund’s cash collateral account may be less than the amount the Fund would be required to return to the borrowers of the securities and the Fund would be required to make up for this shortfall.
At May 31, 2024, the Fund had no securities out on loan.
7. Credit and Market Risks
The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen.
Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests will cause the NAV of the Fund to fluctuate.
The Fund invests in growth stocks (such as those in the financial services sector), which reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies’ stock prices may be more volatile, particularly over the short term.
The Fund invests a significant portion of its assets in small companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small sized companies may be more volatile than investments in larger companies for a number of reasons, which include limited financial resources or a dependence on narrow product lines.
The Fund invests in REITs and is subject to the risks associated with that industry. If the 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 May 31, 2024. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.
The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 15% limit on investments in illiquid securities. As of May 31, 2024, there were no Rule 144A securities held by the Fund.
8. Contractual Obligations
The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.
Notes to financial statements
Delaware Small Cap Value Fund
9. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to May 31, 2024, that would require recognition or disclosure in the Fund’s financial statements.
Other Fund information (Unaudited)
Delaware Small Cap Value Fund
Form N-PORT and proxy voting information
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Fund’s most recent Form N-PORT are available without charge on the Fund’s website at delawarefunds.com/literature.
Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.
We are committed to protecting the privacy of our potential, current, and former customers. To provide the products and services you request, we must collect personal information about you. We do not sell your personal information to third parties. We collect your personal information and share it with third parties as necessary to provide you with the products or services you request and to administer your business with us. This notice describes our current privacy practices. While your relationship with us continues, we will update and send our privacy practices notice as required by law. We are committed to continuing to protect your personal information even after that relationship ends. You do not need to take any action because of this notice.
Information we may collect
and use
We collect personal information about you to help us identify you as our potential, current, or former customer; to process your requests and transactions; to offer investment services to you; or to tell you about our products or services we believe you may want to use. The type of personal information we collect depends on the products or services you request and may include the following:
• Information from you: When you submit your application or other forms or request information on our products (online or otherwise), you give us information such as your name, address, Social Security number, your financial account information, and your financial history.
• Information about your transactions: We keep information about your transactions with us, such as the products you buy from us; the amount you paid for those products; your investment activity; and your account balances.
• Information from your employer: In connection with administering your retirement plan, we may obtain information about you from your employer.
• Information received from third parties: In order to verify your identity or to prevent fraud, we may obtain information about you from third parties.
How we use your personal information
We do not disclose nonpublic personal information about our potential, current, and former customers unless allowed or required by law. We may share your personal information within our companies and with certain service providers. They use this information to process transactions you have requested; provide customer service; and inform you of products or services we offer that you may find useful. Our service providers may or may not be affiliated with us. They include financial service providers (for example, third-party administrators; broker/dealers; and other financial services companies with whom we have joint marketing agreements). Our service providers also include nonfinancial companies and individuals (for example, consultants; information services vendors; and companies that perform mailing or marketing services on our behalf). Information obtained from a report prepared by a service provider may be kept by the service provider and shared with other persons; however, we require our service providers to protect your personal information and to use or disclose it only for the work they are performing for us, or as permitted by law.
i
This page is not part of the semiannual report.
We also may provide information to regulatory authorities, law enforcement officials, and others to prevent fraud or when we believe in good faith that the law requires disclosure. In the event of a sale of all or part of our businesses, we may share customer information as part of the sale. We do not sell or share your information with outside marketers who may want to offer you their own products and services.
Security of information
Keeping your information safe is one of our most important responsibilities. We maintain physical, electronic, and procedural safeguards to protect your information. Our employees are authorized to access your information only when they need it to provide you with products and services or to maintain your accounts. Employees who have access to your personal information are required to keep it strictly confidential. We provide training to our employees about the importance of protecting the privacy of your information.
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and
multi-asset solutions.
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.
This privacy practices notice is being provided on behalf of the following:
Macquarie Management Holdings, Inc. and each of its affiliates, such as direct or indirect subsidiaries, and any fund or product sponsored by or otherwise affiliated with Macquarie
Central Park Group (CPG) Funds
Delaware Funds by Macquarie®
Macquarie ETF Trust
Macquarie Investment Management Austria Kapitalanlage AG
Macquarie Investment Management Europe Limited
Macquarie Investment Management Europe S.A.
Macquarie Investment Management Global Limited
Optimum Fund Trust
Revised May 2024
This page is not part of the semiannual report. ii
Delaware Funds by Macquarie®
Equity funds
US equity funds
• Delaware Growth and Income Fund
• Delaware Ivy Core Equity Fund
• Delaware Ivy Large Cap Growth Fund
• Delaware Ivy Mid Cap Growth Fund
• Delaware Ivy Mid Cap Income Opportunities Fund
• Delaware Ivy Small Cap Growth Fund
• Delaware Ivy Smid Cap Core Fund
• Delaware Ivy Value Fund
• Delaware Opportunity Fund
• Delaware Small Cap Core Fund*
• Delaware Small Cap Value Fund
• Delaware Value® Fund
Global / international equity funds
• Delaware Emerging Markets Fund
• Delaware Global Equity Fund II (formerly, Delaware Global Value Equity Fund)
• Delaware Ivy Global Growth Fund
• Delaware Ivy International Core Equity Fund
• Delaware Ivy Systematic Emerging Markets Equity Fund
Alternative / specialty funds
• Delaware Climate Solutions Fund
• Delaware Healthcare Fund
• Delaware Ivy Natural Resources Fund
• Delaware Ivy Science and Technology Fund
• Delaware Real Estate Securities Fund
Multi-asset funds
• Delaware Global Listed Real Assets Fund
• Delaware Ivy Asset Strategy Fund
• Delaware Ivy Balanced Fund
• Delaware Ivy Multi-Asset Income Fund
• Delaware Ivy Wilshire Global Allocation Fund
• Delaware Wealth Builder Fund
*Closed to certain new investors.
Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and, if available, its summary prospectus. A Delaware Funds by Macquarie prospectus may be obtained by visiting delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and, if available, the summary prospectus carefully before investing.
Investing involves risk, including the possible loss of principal.
iii
This page is not part of the semiannual report.
Fixed income funds
Taxable fixed income funds
• Delaware Corporate Bond Fund
• Delaware Diversified Income Fund
• Delaware Emerging Markets Debt Corporate Fund
• Delaware Extended Duration Bond Fund
• Delaware Floating Rate Fund
• Delaware Investments Ultrashort Fund
• Delaware Ivy Core Bond Fund
• Delaware Ivy Global Bond Fund
• Delaware Ivy High Income Fund
• Delaware Limited-Term Diversified Income Fund
• Delaware Strategic Income Fund
Municipal fixed income funds
• Delaware Minnesota High-Yield Municipal Bond Fund
• Delaware National High-Yield Municipal Bond Fund
• Delaware Tax-Free Arizona Fund
• Delaware Tax-Free California Fund
• Delaware Tax-Free Colorado Fund
• Delaware Tax-Free Idaho Fund
• Delaware Tax-Free Minnesota Fund
• Delaware Tax-Free New York Fund
• Delaware Tax-Free Oregon Fund
• Delaware Tax-Free Pennsylvania Fund
• Delaware Tax-Free USA Fund
• Delaware Tax-Free USA Intermediate Fund
The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
This page is not part of the semiannual report. iv
Caring for your portfolio
Over a lifetime, things change. When they do, it’s important to ensure that your investments stay in tune with your personal situation.
If you decide to make some changes, check
out the convenient options provided by Macquarie Asset Management. We try to make it easy for you to avoid some of the sales charges that you might otherwise have to pay when you withdraw and invest your money with another firm.
Most importantly, you may generally
exchange all or part of your shares in one Delaware Funds by Macquarie® mutual fund for shares of the same class of another fund without paying a front-end sales charge or a contingent deferred sales charge (CDSC).
Choose the investment method suitable for you
After you’ve evaluated your overall investments, you have choices about how to implement any changes:
1. Move assets all at once at any time.
2. Migrate funds to a different investment slowly through a systematic exchange. You can arrange automatic monthly exchanges of your shares in one Delaware Fund for those in another Delaware Fund. Systematic exchanges are subject to the same rules as regular exchanges, which are explained in the right column, including a $100 minimum monthly amount per fund.
3. Use our automatic investment plan for future investments in different vehicles. To allocate your future investments differently, the Delaware Funds by Macquarie automatic investment plan allows you to make regular monthly or quarterly investments directly from your checking account.
Important notes about exchanging or redeeming shares
For automated exchanges, a minimum exchange of $100 per fund is required monthly. If the value of your account is $5,000 or more, you can make systematic withdrawals of at least $25 monthly,
or $75 quarterly. If the annual amount you withdraw is less than 12% of your account balance at the time the systematic withdrawal plan is established, the CDSC ordinarily applicable to certain fund classes will be waived. More details are available in your prospectus or at delawarefunds.com/literature.
If you exchange shares from Class R shares of any fund, you will pay any applicable sales charge on your new shares.
When exchanging Class C shares of one fund for the same class of shares in other funds, your new shares will be subject to the same CDSC as the shares you originally purchased. The holding period for the CDSC will also remain the same, with the amount of time you held your original shares being credited toward the holding period of your new shares.
You do not pay sales charges on shares that you acquired through the reinvestment of dividends. You may have to pay taxes on your exchange. When you exchange shares, you are purchasing shares in another fund, so you should be sure to get a copy of the fund’s prospectus and read it carefully before buying shares through an exchange.
We may refuse the purchase side of any exchange request if, in the manager’s judgment, the fund would be unable to invest effectively in accordance with its investment objective and policies, or would otherwise potentially be adversely affected.
v
This page is not part of the semiannual report.
Contact information
Shareholder assistance by phone
800 523-1918, weekdays from 8:30am to
6:00pm ET
For securities dealers and financial
institutions representatives only
800 362-7500
Regular mail
Delaware Funds by Macquarie
P.O. Box 534437
Pittsburgh, PA 15253-4437
Overnight courier service
Delaware Funds by Macquarie
Attention: 534437
500 Ross Street, 154-0520
Pittsburgh, PA 15262
Macquarie Asset Management • 610 Market Street • Philadelphia, PA 19106-2354
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions.
The Fund is advised by Delaware Management Company, a series of MIMBT, a US registered investment adviser, and distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
The Fund is governed by US laws and regulations.
vi
This page is not part of the semiannual report.
Multi-asset mutual fund
Delaware Wealth Builder Fund
May 31, 2024
Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and its summary prospectus, 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.
Experience Delaware Funds by Macquarie®
Macquarie Asset Management (MAM) is a global asset manager that aims to deliver positive impact for everyone. MAM’s public markets businesses trace their roots to 1929 and partner 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 Delaware Wealth Builder Fund 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 an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions.
The Fund is advised by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment adviser, and distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of
the investment.
The Fund is governed by US laws and regulations.
Table of contents
This semiannual report is for the information of Delaware Wealth Builder Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Fund's current prospectus or summary prospectus. These documents are available at delawarefunds.com/literature.
Unless otherwise noted, views expressed herein are current as of May 31, 2024, and subject to change for events occurring after such date. These views are not intended to be investment advice, to forecast future events, or to guarantee future results.
The Fund is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.
All third-party marks cited are the property of their respective owners.
© 2024 Macquarie Management Holdings, Inc.
Schedule of investments
| Delaware Wealth Builder Fund | May 31, 2024 (Unaudited) |
| | | Principal
amount° | Value (US $) |
| Agency Collateralized Mortgage Obligations — 0.04% |
Fannie Mae REMIC
Series 2013-44 DI 3.00% 5/25/33 Σ, = | | 202,592 | $ 14,512 |
| GNMA | | | |
| Series 2013-113 LY 3.00% 5/20/43 | | 427,416 | 377,782 |
| Series 2017-10 KZ 3.00% 1/20/47 | | 1,246 | 1,057 |
Total Agency Collateralized Mortgage Obligations
(cost $463,757) | 393,351 |
|
|
|
| Agency Commercial Mortgage-Backed Security — 0.01% |
Freddie Mac Multifamily Structured Pass Through Certificates
Series K729 A2 3.136% 10/25/24 ♦ | | 81,336 | 80,476 |
Total Agency Commercial Mortgage-Backed Security
(cost $88,517) | 80,476 |
|
|
|
| Agency Mortgage-Backed Securities — 5.93% |
Fannie Mae
3.50% 10/1/42 | | 310,412 | 281,505 |
| Fannie Mae S.F. 15 yr | | | |
| 2.00% 2/1/36 | | 242,326 | 213,006 |
| 2.00% 4/1/36 | | 406,105 | 356,960 |
| 2.50% 8/1/36 | | 570,338 | 513,314 |
| 4.50% 9/1/37 | | 77,855 | 75,944 |
| Fannie Mae S.F. 20 yr | | | |
| 2.00% 3/1/41 | | 90,902 | 75,851 |
| 2.00% 5/1/41 | | 768,312 | 641,098 |
| 4.00% 8/1/42 | | 460,352 | 424,941 |
| 4.00% 9/1/42 | | 533,708 | 491,782 |
| Fannie Mae S.F. 30 yr | | | |
| 2.00% 6/1/50 | | 970,402 | 756,575 |
| 2.00% 2/1/51 | | 697,748 | 550,567 |
| 2.00% 3/1/51 | | 878,448 | 681,886 |
| 2.00% 9/1/51 | | 1,046,098 | 811,266 |
| 2.50% 8/1/50 | | 561,177 | 463,404 |
| 2.50% 11/1/50 | | 350,285 | 284,052 |
| 2.50% 1/1/51 | | 245,492 | 203,330 |
| 2.50% 8/1/51 | | 581,382 | 476,904 |
| 2.50% 11/1/51 | | 339,791 | 276,358 |
| 2.50% 12/1/51 | | 323,477 | 262,123 |
| 2.50% 2/1/52 | | 2,537,801 | 2,070,732 |
| 2.50% 4/1/52 | | 712,263 | 579,047 |
Schedule of investments
Delaware Wealth Builder Fund
| | | Principal
amount° | Value (US $) |
|
| Agency Mortgage-Backed Securities (continued) |
| Fannie Mae S.F. 30 yr | | | |
| 3.00% 11/1/49 | | 246,282 | $ 212,698 |
| 3.00% 3/1/50 | | 350,718 | 301,199 |
| 3.00% 5/1/52 | | 1,326,967 | 1,124,590 |
| 3.00% 6/1/52 | | 659,971 | 559,563 |
| 3.50% 1/1/46 | | 109,414 | 99,702 |
| 3.50% 7/1/47 | | 147,692 | 134,331 |
| 3.50% 12/1/49 | | 130,382 | 116,504 |
| 3.50% 7/1/50 | | 1,835,430 | 1,639,222 |
| 3.50% 9/1/50 | | 545,215 | 489,339 |
| 3.50% 6/1/51 | | 571,990 | 505,452 |
| 3.50% 1/1/52 | | 350,052 | 307,489 |
| 3.50% 5/1/52 | | 266,794 | 237,047 |
| 3.50% 9/1/52 | | 2,543,426 | 2,255,977 |
| 4.00% 6/1/48 | | 79,102 | 73,290 |
| 4.00% 10/1/48 | | 282,513 | 262,524 |
| 4.00% 5/1/51 | | 411,092 | 378,259 |
| 4.00% 6/1/52 | | 454,738 | 413,047 |
| 4.00% 9/1/52 | | 149,356 | 135,714 |
| 4.50% 9/1/48 | | 323,778 | 307,508 |
| 4.50% 1/1/50 | | 1,340,994 | 1,294,132 |
| 4.50% 10/1/52 | | 2,054,963 | 1,924,531 |
| 4.50% 2/1/53 | | 1,428,656 | 1,337,976 |
| 5.00% 7/1/47 | | 673,736 | 663,865 |
| 5.00% 7/1/49 | | 71,596 | 70,209 |
| 5.00% 8/1/49 | | 549,519 | 539,212 |
| 5.00% 8/1/53 | | 967,783 | 931,719 |
| 5.50% 5/1/44 | | 1,171,072 | 1,175,615 |
| 5.50% 8/1/52 | | 376,396 | 371,079 |
| 5.50% 10/1/52 | | 84,550 | 83,497 |
| 6.00% 1/1/42 | | 676,304 | 690,500 |
| 6.00% 6/1/53 | | 199,720 | 200,098 |
| 6.00% 9/1/53 | | 1,259,149 | 1,261,069 |
| Freddie Mac S.F. 15 yr | | | |
| 3.00% 3/1/35 | | 467,484 | 432,778 |
| 4.50% 9/1/37 | | 403,146 | 393,254 |
| Freddie Mac S.F. 20 yr | | | |
| 2.00% 3/1/41 | | 104,656 | 87,319 |
| 2.00% 8/1/42 | | 984,529 | 813,161 |
| 2.50% 2/1/42 | | 180,184 | 153,697 |
| 2.50% 3/1/42 | | 685,902 | 584,610 |
| 2.50% 9/1/42 | | 425,608 | 362,948 |
| | | Principal
amount° | Value (US $) |
|
| Agency Mortgage-Backed Securities (continued) |
| Freddie Mac S.F. 20 yr | | | |
| 3.00% 9/1/40 | | 165,295 | $ 145,930 |
| 3.00% 6/1/42 | | 268,885 | 235,127 |
| Freddie Mac S.F. 30 yr | | | |
| 2.00% 2/1/52 | | 642,888 | 496,542 |
| 2.00% 3/1/52 | | 965,224 | 745,802 |
| 2.50% 11/1/50 | | 338,675 | 278,556 |
| 2.50% 5/1/51 | | 98,771 | 81,218 |
| 2.50% 12/1/51 | | 528,239 | 433,598 |
| 2.50% 5/1/52 | | 478,417 | 386,520 |
| 3.00% 11/1/46 | | 1,031,953 | 892,936 |
| 3.00% 12/1/50 | | 354,623 | 304,472 |
| 3.00% 8/1/51 | | 633,614 | 538,374 |
| 3.50% 8/1/49 | | 428,529 | 382,167 |
| 4.00% 9/1/49 | | 976,226 | 902,251 |
| 4.00% 8/1/52 | | 416,527 | 380,570 |
| 4.00% 9/1/52 | | 712,794 | 648,578 |
| 4.50% 10/1/52 | | 2,555,361 | 2,393,168 |
| 5.00% 9/1/52 | | 1,502,266 | 1,459,323 |
| 5.00% 6/1/53 | | 1,103,520 | 1,063,974 |
| 5.50% 9/1/52 | | 633,658 | 633,974 |
| 5.50% 10/1/52 | | 525,756 | 518,324 |
| 5.50% 3/1/53 | | 298,698 | 296,268 |
| 5.50% 6/1/53 | | 2,973,035 | 2,924,953 |
| 6.00% 1/1/53 | | 341,541 | 346,177 |
|
|
GNMA I S.F. 30 yr
3.00% 8/15/45 | | 725,913 | 634,910 |
| GNMA II S.F. 30 yr | | | |
| 3.00% 12/20/51 | | 538,966 | 465,761 |
| 5.50% 5/20/53 | | 1,745,954 | 1,732,958 |
Total Agency Mortgage-Backed Securities
(cost $56,065,528) | 52,737,800 |
|
|
|
| Collateralized Debt Obligations — 0.22% |
Cedar Funding IX CLO
Series 2018-9A A1 144A 6.566% (TSFR03M + 1.24%, Floor 0.98%) 4/20/31 #, • | | 412,988 | 413,275 |
ICG US CLO 2014-1
Series 2014-1A A1A2 144A 6.786% (TSFR03M + 1.46%, Floor 1.20%) 10/20/34 #, • | | 250,000 | 249,964 |
Schedule of investments
Delaware Wealth Builder Fund
| | | Principal
amount° | Value (US $) |
|
| Collateralized Debt Obligations (continued) |
Park Avenue Institutional Advisers CLO
Series 2021-1A A1A 144A 6.976% (TSFR03M + 1.65%, Floor 1.39%) 1/20/34 #, • | | 250,000 | $ 250,255 |
Signal Peak CLO 5
Series 2018-5A A1R 144A 6.876% (TSFR03M + 1.55%, Floor 1.55%) 4/25/37 #, • | | 250,000 | 250,557 |
Venture 34 CLO
Series 2018-34A A 144A 6.82% (TSFR03M + 1.49%, Floor 1.23%) 10/15/31 #, • | | 538,929 | 539,251 |
Venture 42 CLO
Series 2021-42A A1A 144A 6.72% (TSFR03M + 1.39%, Floor 1.13%) 4/15/34 #, • | | 250,000 | 249,943 |
Total Collateralized Debt Obligations
(cost $1,943,854) | 1,953,245 |
|
|
|
| Convertible Bonds — 3.36% |
| Basic Industry — 0.08% |
| Ivanhoe Mines 2.50% exercise price $9.03, maturity date 4/15/26 | | 346,000 | 693,517 |
| | 693,517 |
| Brokerage — 0.09% |
| WisdomTree 5.75% exercise price $9.54, maturity date 8/15/28 | | 624,000 | 772,102 |
| | 772,102 |
| Communications — 0.27% |
| Cable One 1.125% exercise price $2,275.83, maturity date 3/15/28 | | 972,000 | 715,586 |
| Liberty Broadband 144A 3.125% exercise price $529.07, maturity date 3/31/53 # | | 881,000 | 836,245 |
| Liberty Latin America 2.00% exercise price $20.65, maturity date 7/15/24 | | 853,000 | 834,661 |
| | 2,386,492 |
| Consumer Cyclical — 0.40% |
| Airbnb 4.399% exercise price $288.64, maturity date 3/15/26 ^ | | 1,182,000 | 1,076,802 |
| Cheesecake Factory 0.375% exercise price $73.54, maturity date 6/15/26 | | 807,000 | 731,545 |
| Ford Motor 0.016% exercise price $14.67, maturity date 3/15/26 ^ | | 908,000 | 907,546 |
| | | Principal
amount° | Value (US $) |
|
| Convertible Bonds (continued) |
| Consumer Cyclical (continued) |
| Uber Technologies 4.86% exercise price $80.84, maturity date 12/15/25 ^ | | 850,000 | $ 871,416 |
| | 3,587,309 |
| Consumer Non-Cyclical — 1.11% |
| BioMarin Pharmaceutical 0.599% exercise price $124.67, maturity date 8/1/24 | | 732,000 | 725,778 |
| Chefs' Warehouse 1.875% exercise price $44.20, maturity date 12/1/24 | | 641,000 | 668,691 |
| Chegg 5.636% exercise price $107.55, maturity date 9/1/26 ^ | | 775,000 | 612,250 |
| Coherus Biosciences 1.50% exercise price $19.26, maturity date 4/15/26 | | 1,527,000 | 980,254 |
| CONMED 2.25% exercise price $145.33, maturity date 6/15/27 | | 807,000 | 727,591 |
| Dexcom 0.25% exercise price $150.11, maturity date 11/15/25 | | 679,000 | 694,108 |
| Integer Holdings 2.125% exercise price $87.20, maturity date 2/15/28 | | 376,000 | 559,676 |
| Integra LifeSciences Holdings 0.50% exercise price $73.67, maturity date 8/15/25 | | 955,000 | 897,939 |
| Ionis Pharmaceuticals 0.125% exercise price $83.28, maturity date 12/15/24 | | 697,000 | 680,447 |
| Jazz Investments I 2.00% exercise price $155.81, maturity date 6/15/26 | | 562,000 | 538,256 |
| Lantheus Holdings 2.625% exercise price $79.81, maturity date 12/15/27 | | 778,000 | 983,197 |
| Pacira BioSciences 0.75% exercise price $71.78, maturity date 8/1/25 | | 760,000 | 712,424 |
| Post Holdings 2.50% exercise price $106.10, maturity date 8/15/27 | | 977,000 | 1,094,240 |
| | 9,874,851 |
| Electric — 0.37% |
| Duke Energy 4.125% exercise price $118.78, maturity date 4/15/26 | | 911,000 | 920,110 |
| FirstEnergy 4.00% exercise price $46.81, maturity date 5/1/26 | | 720,000 | 722,880 |
| Ormat Technologies 2.50% exercise price $90.27, maturity date 7/15/27 | | 853,000 | 870,487 |
| PG&E 144A 4.25% exercise price $23.18, maturity date 12/1/27 # | | 717,000 | 739,639 |
| | 3,253,116 |
Schedule of investments
Delaware Wealth Builder Fund
| | | Principal
amount° | Value (US $) |
|
| Convertible Bonds (continued) |
| Energy — 0.12% |
| Nabors Industries 1.75% exercise price $212.51, maturity date 6/15/29 | | 1,435,000 | $ 1,069,218 |
| | 1,069,218 |
| Financials — 0.10% |
| Repay Holdings 144A 8.361% exercise price $33.60, maturity date 2/1/26 #, ^ | | 992,000 | 908,315 |
| | 908,315 |
| Industrials — 0.01% |
| Danimer Scientific 144A 3.25% exercise price $10.79, maturity date 12/15/26 # | | 428,000 | 67,582 |
| | 67,582 |
| Technology — 0.81% |
| Akamai Technologies 0.125% exercise price $95.10, maturity date 5/1/25 | | 822,000 | 879,129 |
| Block 0.125% exercise price $121.01, maturity date 3/1/25 | | 927,000 | 891,728 |
| CSG Systems International 144A 3.875% exercise price $71.05, maturity date 9/15/28 # | | 931,000 | 864,434 |
| Global Payments 144A 1.50% exercise price $156.96, maturity date 3/1/31 # | | 721,000 | 665,257 |
| InterDigital 3.50% exercise price $77.49, maturity date 6/1/27 | | 535,000 | 816,196 |
| Semtech 1.625% exercise price $37.27, maturity date 11/1/27 | | 835,000 | 1,027,885 |
| Verint Systems 0.25% exercise price $62.08, maturity date 4/15/26 | | 1,182,000 | 1,076,802 |
| Wolfspeed 0.25% exercise price $127.22, maturity date 2/15/28 | | 1,717,000 | 1,024,190 |
| | 7,245,621 |
Total Convertible Bonds
(cost $29,568,812) | 29,858,123 |
|
|
|
| Corporate Bonds — 10.27% |
| Automotive — 0.12% |
| Allison Transmission | | | |
| 144A 3.75% 1/30/31 # | | 255,000 | 221,190 |
| 144A 5.875% 6/1/29 # | | 205,000 | 201,885 |
|
|
| Garrett Motion Holdings 144A 7.75% 5/31/32 # | | 185,000 | 186,374 |
| Goodyear Tire & Rubber 5.25% 7/15/31 | | 275,000 | 248,850 |
| | | Principal
amount° | Value (US $) |
|
| Corporate Bonds (continued) |
| Automotive (continued) |
|
| Wand NewCo 3 144A 7.625% 1/30/32 # | | 177,000 | $ 181,521 |
| | 1,039,820 |
| Banking — 1.61% |
| Banco Continental 144A 2.75% 12/10/25 # | | 400,000 | 378,847 |
| Banco de Credito del Peru 144A 3.125% 7/1/30 #, μ | | 190,000 | 181,842 |
| Banco Industrial 144A 4.875% 1/29/31 #, μ | | 315,000 | 305,048 |
| Bank of America | | | |
| 1.922% 10/24/31 μ | | 560,000 | 454,325 |
| 2.482% 9/21/36 μ | | 340,000 | 272,112 |
| 2.884% 10/22/30 μ | | 20,000 | 17,678 |
| 2.972% 2/4/33 μ | | 240,000 | 202,336 |
| 3.194% 7/23/30 μ | | 55,000 | 49,622 |
| 6.204% 11/10/28 μ | | 280,000 | 288,043 |
|
|
| Bank of Montreal 7.70% 5/26/84 μ | | 815,000 | 826,295 |
| Bank of New York Mellon 4.70% 9/20/25 μ, ψ | | 475,000 | 466,834 |
| Barclays | | | |
| 6.224% 5/9/34 μ | | 480,000 | 491,533 |
| 9.625% 12/15/29 μ, ψ | | 260,000 | 277,792 |
|
|
| BBVA Bancomer 144A 1.875% 9/18/25 # | | 400,000 | 382,015 |
| Citibank 5.488% 12/4/26 | | 280,000 | 281,617 |
| Citigroup 5.61% 9/29/26 μ | | 265,000 | 264,975 |
| Citizens Bank 6.064% 10/24/25 μ | | 790,000 | 790,328 |
| Citizens Financial Group 2.85% 7/27/26 | | 345,000 | 325,055 |
| Deutsche Bank | | | |
| 6.72% 1/18/29 μ | | 645,000 | 666,200 |
| 6.819% 11/20/29 μ | | 180,000 | 186,923 |
|
|
| Fifth Third Bancorp 6.361% 10/27/28 μ | | 445,000 | 453,469 |
| Goldman Sachs Group 6.484% 10/24/29 μ | | 290,000 | 301,889 |
| Huntington Bancshares 6.208% 8/21/29 μ | | 455,000 | 463,956 |
| JPMorgan Chase & Co. | | | |
| 1.764% 11/19/31 μ | | 40,000 | 32,280 |
| 2.58% 4/22/32 μ | | 435,000 | 365,276 |
| 3.109% 4/22/51 μ | | 30,000 | 20,415 |
| 5.012% 1/23/30 μ | | 380,000 | 375,105 |
| 5.766% 4/22/35 μ | | 140,000 | 143,073 |
| KeyBank | | | |
| 3.40% 5/20/26 | | 500,000 | 473,533 |
| 4.15% 8/8/25 | | 470,000 | 459,980 |
| 5.85% 11/15/27 | | 30,000 | 29,794 |
|
|
Schedule of investments
Delaware Wealth Builder Fund
| | | Principal
amount° | Value (US $) |
|
| Corporate Bonds (continued) |
| Banking (continued) |
|
| KeyCorp 4.789% 6/1/33 μ | | 2,000 | $ 1,822 |
| Morgan Stanley | | | |
| 2.484% 9/16/36 μ | | 256,000 | 201,952 |
| 5.123% 2/1/29 μ | | 15,000 | 14,905 |
| 5.831% 4/19/35 μ | | 530,000 | 540,789 |
| 6.138% 10/16/26 μ | | 155,000 | 156,135 |
| 6.296% 10/18/28 μ | | 249,000 | 256,186 |
|
|
| NBK SPC 144A 1.625% 9/15/27 #, μ | | 405,000 | 369,483 |
| PNC Financial Services Group 2.60% 7/23/26 | | 355,000 | 335,960 |
| Popular 7.25% 3/13/28 | | 730,000 | 746,042 |
| State Street | | | |
| 5.751% 11/4/26 μ | | 15,000 | 15,059 |
| 5.82% 11/4/28 μ | | 10,000 | 10,205 |
| SVB Financial Group | | | |
| 1.80% 10/28/26 ‡ | | 51,000 | 34,116 |
| 1.80% 2/2/31 ‡ | | 60,000 | 40,147 |
| 4.00% 5/15/26 ‡ | | 680,000 | 8,925 |
| 4.57% 4/29/33 ‡ | | 22,000 | 14,576 |
|
|
| Truist Bank 2.636% 9/17/29 μ | | 533,000 | 517,901 |
| Truist Financial | | | |
| 1.887% 6/7/29 μ | | 75,000 | 65,271 |
| 4.95% 9/1/25 μ, ψ | | 85,000 | 83,388 |
| 6.123% 10/28/33 μ | | 10,000 | 10,214 |
|
|
| Turkiye Garanti Bankasi 144A 8.375% 2/28/34 #, μ | | 200,000 | 200,234 |
| US Bancorp | | | |
| 2.491% 11/3/36 μ | | 65,000 | 50,835 |
| 3.00% 7/30/29 | | 150,000 | 133,284 |
| 3.10% 4/27/26 | | 210,000 | 201,401 |
| 4.839% 2/1/34 μ | | 10,000 | 9,425 |
| 5.727% 10/21/26 μ | | 59,000 | 59,116 |
| | 14,305,561 |
| Basic Industry — 0.54% |
| Avient 144A 5.75% 5/15/25 # | | 232,000 | 230,913 |
| Cleveland-Cliffs 144A 7.00% 3/15/32 # | | 285,000 | 281,428 |
| CP Atlas Buyer 144A 7.00% 12/1/28 # | | 245,000 | 217,734 |
| FMG Resources August 2006 144A 5.875% 4/15/30 # | | 290,000 | 281,525 |
| Freeport-McMoRan 5.45% 3/15/43 | | 900,000 | 847,810 |
| LYB International Finance III 5.50% 3/1/34 | | 855,000 | 845,053 |
| | | Principal
amount° | Value (US $) |
|
| Corporate Bonds (continued) |
| Basic Industry (continued) |
| Metinvest 8.50% 4/23/26 ■ | | 200,000 | $ 158,928 |
| NOVA Chemicals 144A 8.50% 11/15/28 # | | 50,000 | 53,091 |
| Novelis 144A 4.75% 1/30/30 # | | 420,000 | 388,343 |
| Olin 5.00% 2/1/30 | | 100,000 | 94,036 |
| Olympus Water US Holding 144A 9.75% 11/15/28 # | | 200,000 | 212,911 |
| Roller Bearing Co. of America 144A 4.375% 10/15/29 # | | 190,000 | 173,788 |
| Sherwin-Williams | | | |
| 2.90% 3/15/52 | | 235,000 | 147,358 |
| 3.30% 5/15/50 | | 475,000 | 327,013 |
|
|
| Sociedad Quimica y Minera de Chile 144A 6.50% 11/7/33 # | | 200,000 | 206,127 |
| Standard Industries 144A 3.375% 1/15/31 # | | 395,000 | 329,884 |
| | 4,795,942 |
| Brokerage — 0.07% |
| Jefferies Financial Group | | | |
| 2.625% 10/15/31 | | 355,000 | 286,572 |
| 4.15% 1/23/30 | | 170,000 | 156,911 |
| 6.45% 6/8/27 | | 90,000 | 91,934 |
| 6.50% 1/20/43 | | 70,000 | 72,527 |
| | 607,944 |
| Capital Goods — 0.38% |
| Ardagh Metal Packaging Finance USA 144A 4.00% 9/1/29 # | | 405,000 | 334,776 |
| Boeing 2.196% 2/4/26 | | 645,000 | 605,603 |
| Bombardier | | | |
| 144A 6.00% 2/15/28 # | | 55,000 | 54,203 |
| 144A 7.25% 7/1/31 # | | 90,000 | 91,990 |
| 144A 7.50% 2/1/29 # | | 211,000 | 218,454 |
| 144A 8.75% 11/15/30 # | | 180,000 | 193,364 |
|
|
| Cemex 144A 9.125% 3/14/28 #, μ, ψ | | 275,000 | 295,744 |
| Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 # | | 140,000 | 135,154 |
| Esab 144A 6.25% 4/15/29 # | | 190,000 | 190,673 |
| Mauser Packaging Solutions Holding | | | |
| 144A 7.875% 4/15/27 # | | 305,000 | 311,134 |
| 144A 9.25% 4/15/27 # | | 110,000 | 109,646 |
|
|
| Pactiv Evergreen Group Issuer 144A 4.00% 10/15/27 # | | 100,000 | 93,421 |
Schedule of investments
Delaware Wealth Builder Fund
| | | Principal
amount° | Value (US $) |
|
| Corporate Bonds (continued) |
| Capital Goods (continued) |
|
| Sealed Air 144A 5.00% 4/15/29 # | | 260,000 | $ 246,686 |
| TransDigm 144A 6.625% 3/1/32 # | | 515,000 | 517,170 |
| | 3,398,018 |
| Communications — 0.59% |
| American Tower | | | |
| 2.30% 9/15/31 | | 770,000 | 624,366 |
| 5.45% 2/15/34 | | 325,000 | 321,118 |
| AT&T | | | |
| 1.70% 3/25/26 | | 215,000 | 201,337 |
| 3.50% 6/1/41 | | 31,000 | 23,674 |
| 3.50% 9/15/53 | | 735,000 | 496,796 |
| 4.35% 3/1/29 | | 280,000 | 270,204 |
| Charter Communications Operating | | | |
| 3.85% 4/1/61 | | 790,000 | 465,537 |
| 4.40% 12/1/61 | | 290,000 | 188,918 |
| 4.80% 3/1/50 | | 240,000 | 177,099 |
| 5.05% 3/30/29 | | 100,000 | 95,859 |
| Comcast | | | |
| 2.80% 1/15/51 | | 220,000 | 134,976 |
| 3.20% 7/15/36 | | 552,000 | 443,466 |
| 3.375% 8/15/25 | | 685,000 | 669,811 |
|
|
| Discovery Communications 4.00% 9/15/55 | | 95,000 | 60,861 |
| T-Mobile USA | | | |
| 3.00% 2/15/41 | | 440,000 | 315,938 |
| 3.75% 4/15/27 | | 130,000 | 124,696 |
| 5.75% 1/15/34 | | 180,000 | 184,357 |
| Verizon Communications | | | |
| 2.10% 3/22/28 | | 200,000 | 179,224 |
| 2.875% 11/20/50 | | 445,000 | 280,590 |
|
|
| Warnermedia Holdings 4.279% 3/15/32 | | 20,000 | 17,512 |
| | 5,276,339 |
| Consumer Cyclical — 0.23% |
| Aptiv 3.10% 12/1/51 | | 817,000 | 504,189 |
| Ford Motor Credit | | | |
| 5.80% 3/5/27 | | 470,000 | 469,628 |
| 6.95% 6/10/26 | | 290,000 | 295,300 |
|
|
| VICI Properties 4.95% 2/15/30 | | 775,000 | 742,959 |
| | 2,012,076 |
| | | Principal
amount° | Value (US $) |
|
| Corporate Bonds (continued) |
| Consumer Goods — 0.04% |
| Acushnet 144A 7.375% 10/15/28 # | | 128,000 | $ 131,755 |
| Fiesta Purchaser 144A 7.875% 3/1/31 # | | 227,000 | 233,446 |
| | 365,201 |
| Consumer Non-Cyclical — 0.53% |
| AbbVie 4.95% 3/15/31 | | 935,000 | 927,556 |
| Amgen | | | |
| 5.15% 3/2/28 | | 475,000 | 473,843 |
| 5.65% 3/2/53 | | 5,000 | 4,938 |
| Bunge Limited Finance | | | |
| 1.63% 8/17/25 | | 150,000 | 143,162 |
| 2.75% 5/14/31 | | 565,000 | 480,923 |
|
|
| Campbell Soup 5.20% 3/19/27 | | 740,000 | 740,632 |
| Central American Bottling 144A 5.25% 4/27/29 # | | 400,000 | 376,470 |
| HCA | | | |
| 3.50% 7/15/51 | | 55,000 | 36,733 |
| 6.00% 4/1/54 | | 405,000 | 397,986 |
|
|
| JBS USA Holding Lux 3.00% 2/2/29 | | 300,000 | 265,442 |
| MHP Lux 6.95% 4/3/26 ■ | | 200,000 | 163,540 |
| Royalty Pharma 3.35% 9/2/51 | | 1,010,000 | 644,792 |
| | 4,656,017 |
| Electric — 0.97% |
| AEP Transmission 5.40% 3/15/53 | | 5,000 | 4,785 |
| AES Andes 144A 6.30% 3/15/29 # | | 200,000 | 199,499 |
| American Electric Power 5.699% 8/15/25 | | 1,000,000 | 1,000,573 |
| Appalachian Power 4.50% 8/1/32 | | 285,000 | 262,314 |
| Berkshire Hathaway Energy 2.85% 5/15/51 | | 210,000 | 127,912 |
| Calpine | | | |
| 144A 5.00% 2/1/31 # | | 410,000 | 378,969 |
| 144A 5.25% 6/1/26 # | | 60,000 | 59,311 |
|
|
| Duke Energy 4.875% 9/16/24 μ, ψ | | 570,000 | 563,346 |
| Duke Energy Carolinas | | | |
| 3.95% 11/15/28 | | 420,000 | 401,498 |
| 4.95% 1/15/33 | | 25,000 | 24,462 |
|
|
| Entergy Arkansas 4.20% 4/1/49 | | 190,000 | 151,969 |
| Entergy Louisiana | | | |
| 4.00% 3/15/33 | | 90,000 | 81,195 |
| 4.95% 1/15/45 | | 20,000 | 17,718 |
|
|
| Entergy Mississippi 2.85% 6/1/28 | | 150,000 | 137,686 |
Schedule of investments
Delaware Wealth Builder Fund
| | | Principal
amount° | Value (US $) |
|
| Corporate Bonds (continued) |
| Electric (continued) |
|
| Entergy Texas 3.55% 9/30/49 | | 300,000 | $ 211,964 |
| Nevada Power 5.90% 5/1/53 | | 165,000 | 166,332 |
| NextEra Energy Capital Holdings | | | |
| 2.25% 6/1/30 | | 85,000 | 71,815 |
| 3.00% 1/15/52 | | 905,000 | 572,717 |
| 5.65% 5/1/79 μ | | 55,000 | 52,396 |
|
|
| Oglethorpe Power 3.75% 8/1/50 | | 520,000 | 371,109 |
| Pacific Gas & Electric | | | |
| 2.10% 8/1/27 | | 30,000 | 27,044 |
| 2.50% 2/1/31 | | 45,000 | 37,097 |
| 3.25% 6/1/31 | | 25,000 | 21,498 |
| 3.30% 8/1/40 | | 355,000 | 253,821 |
| 4.95% 7/1/50 | | 703,000 | 587,259 |
| PacifiCorp | | | |
| 2.70% 9/15/30 | | 20,000 | 17,153 |
| 2.90% 6/15/52 | | 425,000 | 247,417 |
| 3.30% 3/15/51 | | 30,000 | 19,259 |
| 3.50% 6/15/29 | | 255,000 | 235,343 |
| 5.35% 12/1/53 | | 5,000 | 4,484 |
| Southern California Edison | | | |
| 4.00% 4/1/47 | | 355,000 | 273,184 |
| 4.20% 3/1/29 | | 150,000 | 143,309 |
| 4.875% 3/1/49 | | 165,000 | 143,781 |
|
|
| Southwestern Electric Power 4.10% 9/15/28 | | 165,000 | 156,337 |
| Vistra | | | |
| 144A 7.00% 12/15/26 #, μ, ψ | | 465,000 | 462,006 |
| 144A 8.00% 10/15/26 #, μ, ψ | | 200,000 | 203,458 |
| Vistra Operations | | | |
| 144A 4.30% 7/15/29 # | | 215,000 | 201,509 |
| 144A 6.95% 10/15/33 # | | 705,000 | 751,563 |
| | 8,643,092 |
| Energy — 1.49% |
| Ascent Resources Utica Holdings | | | |
| 144A 5.875% 6/30/29 # | | 365,000 | 351,642 |
| 144A 7.00% 11/1/26 # | | 175,000 | 175,093 |
|
|
| BP Capital Markets 4.875% 3/22/30 μ, ψ | | 200,000 | 189,327 |
| BP Capital Markets America | | | |
| 2.721% 1/12/32 | | 80,000 | 67,865 |
| 2.939% 6/4/51 | | 275,000 | 175,306 |
| 4.812% 2/13/33 | | 10,000 | 9,676 |
|
|
| | | Principal
amount° | Value (US $) |
|
| Corporate Bonds (continued) |
| Energy (continued) |
|
| Cheniere Energy Partners 4.50% 10/1/29 | | 495,000 | $ 470,757 |
| Civitas Resources 144A 8.625% 11/1/30 # | | 200,000 | 214,064 |
| Diamondback Energy | | | |
| 3.125% 3/24/31 | | 435,000 | 381,218 |
| 5.75% 4/18/54 | | 464,000 | 447,650 |
|
|
| Enbridge 6.70% 11/15/53 | | 420,000 | 460,425 |
| Energy Transfer | | | |
| 5.25% 4/15/29 | | 170,000 | 169,100 |
| 5.75% 2/15/33 | | 408,000 | 408,194 |
| 5.95% 5/15/54 | | 415,000 | 399,538 |
| 6.25% 4/15/49 | | 190,000 | 189,359 |
| 6.50% 11/15/26 μ, ψ | | 445,000 | 437,009 |
| Enterprise Products Operating | | | |
| 3.20% 2/15/52 | | 695,000 | 462,063 |
| 3.30% 2/15/53 | | 40,000 | 27,028 |
| 5.35% 1/31/33 | | 5,000 | 5,021 |
| EQM Midstream Partners | | | |
| 144A 4.75% 1/15/31 # | | 465,000 | 427,304 |
| 6.50% 7/15/48 | | 65,000 | 65,077 |
|
|
| Galaxy Pipeline Assets Bidco 144A 2.16% 3/31/34 # | | 717,204 | 609,103 |
| Genesis Energy | | | |
| 7.75% 2/1/28 | | 155,000 | 155,795 |
| 7.875% 5/15/32 | | 45,000 | 45,121 |
|
|
| Geopark 144A 5.50% 1/17/27 # | | 325,000 | 293,937 |
| Hilcorp Energy I | | | |
| 144A 6.00% 4/15/30 # | | 300,000 | 289,730 |
| 144A 6.00% 2/1/31 # | | 40,000 | 38,260 |
| 144A 6.25% 4/15/32 # | | 158,000 | 151,567 |
|
|
| Kinder Morgan 5.20% 6/1/33 | | 15,000 | 14,487 |
| Kodiak Gas Services 144A 7.25% 2/15/29 # | | 110,000 | 111,749 |
| Murphy Oil 6.375% 7/15/28 | | 695,000 | 700,415 |
| Nabors Industries | | | |
| 144A 7.25% 1/15/26 # | | 52,000 | 52,167 |
| 144A 9.125% 1/31/30 # | | 155,000 | 160,172 |
|
|
| NGL Energy Operating 144A 8.375% 2/15/32 # | | 180,000 | 183,442 |
| NuStar Logistics | | | |
| 5.625% 4/28/27 | | 378,000 | 372,549 |
| 6.00% 6/1/26 | | 117,000 | 115,962 |
|
|
Schedule of investments
Delaware Wealth Builder Fund
| | | Principal
amount° | Value (US $) |
|
| Corporate Bonds (continued) |
| Energy (continued) |
|
| Occidental Petroleum 6.125% 1/1/31 | | 1,030,000 | $ 1,053,010 |
| Raizen Fuels Finance 144A 6.45% 3/5/34 # | | 200,000 | 203,201 |
| Southwestern Energy | | | |
| 5.375% 2/1/29 | | 40,000 | 38,500 |
| 5.375% 3/15/30 | | 190,000 | 182,890 |
|
|
| Sunoco 144A 7.25% 5/1/32 # | | 105,000 | 107,571 |
| Targa Resources Partners 5.00% 1/15/28 | | 740,000 | 722,107 |
| Tennessee Gas Pipeline 144A 2.90% 3/1/30 # | | 365,000 | 317,068 |
| Transocean | | | |
| 144A 8.00% 2/1/27 # | | 251,000 | 252,193 |
| 144A 8.50% 5/15/31 # | | 170,000 | 169,945 |
| USA Compression Partners | | | |
| 6.875% 9/1/27 | | 298,000 | 298,203 |
| 144A 7.125% 3/15/29 # | | 95,000 | 95,185 |
|
|
| Venture Global LNG 144A 8.375% 6/1/31 # | | 265,000 | 273,459 |
| Vital Energy | | | |
| 144A 7.75% 7/31/29 # | | 245,000 | 248,616 |
| 144A 7.875% 4/15/32 # | | 75,000 | 76,203 |
|
|
| Weatherford International 144A 8.625% 4/30/30 # | | 317,000 | 327,997 |
| | 13,193,320 |
| Financials — 0.51% |
| AerCap Holdings 5.875% 10/10/79 μ | | 185,000 | 183,872 |
| AerCap Ireland Capital DAC | | | |
| 3.00% 10/29/28 | | 150,000 | 135,596 |
| 3.65% 7/21/27 | | 505,000 | 477,871 |
| 4.45% 4/3/26 | | 645,000 | 632,789 |
| Air Lease | | | |
| 2.875% 1/15/26 | | 560,000 | 535,482 |
| 2.875% 1/15/32 | | 300,000 | 250,699 |
| 3.00% 2/1/30 | | 175,000 | 154,413 |
| 4.65% 6/15/26 μ, ψ | | 135,000 | 127,739 |
| Aviation Capital Group | | | |
| 144A 1.95% 1/30/26 # | | 830,000 | 778,858 |
| 144A 3.50% 11/1/27 # | | 445,000 | 415,647 |
| 144A 6.25% 4/15/28 # | | 15,000 | 15,280 |
|
|
| Block 144A 6.50% 5/15/32 # | | 135,000 | 136,423 |
| Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 # | | 264,000 | 253,887 |
| MAF Global Securities 7.875% 6/30/27 μ, ψ, ■ | | 400,000 | 410,015 |
| | 4,508,571 |
| | | Principal
amount° | Value (US $) |
|
| Corporate Bonds (continued) |
| Healthcare — 0.26% |
| AthenaHealth Group 144A 6.50% 2/15/30 # | | 55,000 | $ 49,955 |
| Cheplapharm Arzneimittel 144A 5.50% 1/15/28 # | | 405,000 | 378,108 |
| CHS 144A 4.75% 2/15/31 # | | 245,000 | 193,641 |
| DaVita | | | |
| 144A 3.75% 2/15/31 # | | 140,000 | 117,588 |
| 144A 4.625% 6/1/30 # | | 115,000 | 103,106 |
|
|
| Grifols 144A 4.75% 10/15/28 # | | 200,000 | 174,192 |
| Legacy LifePoint Health 144A 4.375% 2/15/27 # | | 155,000 | 146,501 |
| Medline Borrower 144A 5.25% 10/1/29 # | | 343,000 | 323,604 |
| Surgery Center Holdings 144A 7.25% 4/15/32 # | | 190,000 | 191,663 |
| Tenet Healthcare | | | |
| 4.25% 6/1/29 | | 175,000 | 162,029 |
| 6.125% 10/1/28 | | 505,000 | 500,674 |
| | 2,341,061 |
| Industrials — 0.02% |
| CK Hutchison International 23 144A 4.875% 4/21/33 # | | 200,000 | 192,713 |
| | 192,713 |
| Insurance — 0.58% |
| AIA Group 144A 5.375% 4/5/34 # | | 200,000 | 195,920 |
| Aon | | | |
| 2.90% 8/23/51 | | 370,000 | 226,967 |
| 5.00% 9/12/32 | | 755,000 | 733,523 |
|
|
| Ardonagh Finco 144A 7.75% 2/15/31 # | | 320,000 | 318,065 |
| Athene Global Funding 144A 1.985% 8/19/28 # | | 55,000 | 47,695 |
| Athene Holding 3.95% 5/25/51 | | 1,020,000 | 728,884 |
| Elevance Health 5.15% 6/15/29 | | 10,000 | 9,986 |
| Howden UK Refinance | | | |
| 144A 7.25% 2/15/31 # | | 200,000 | 198,687 |
| 144A 8.125% 2/15/32 # | | 200,000 | 198,396 |
| HUB International | | | |
| 144A 5.625% 12/1/29 # | | 220,000 | 204,348 |
| 144A 7.375% 1/31/32 # | | 200,000 | 200,835 |
| Jones Deslauriers Insurance Management | | | |
| 144A 8.50% 3/15/30 # | | 235,000 | 247,518 |
| 144A 10.50% 12/15/30 # | | 465,000 | 502,797 |
|
|
| New York Life Global Funding 144A 5.45% 9/18/26 # | | 575,000 | 577,349 |
| Panther Escrow Issuer 144A 7.125% 6/1/31 # | | 185,000 | 186,693 |
| UnitedHealth Group 5.375% 4/15/54 | | 440,000 | 427,063 |
Schedule of investments
Delaware Wealth Builder Fund
| | | Principal
amount° | Value (US $) |
|
| Corporate Bonds (continued) |
| Insurance (continued) |
|
| USI 144A 7.50% 1/15/32 # | | 155,000 | $ 155,773 |
| | 5,160,499 |
| Leisure — 0.36% |
| Boyd Gaming 144A 4.75% 6/15/31 # | | 500,000 | 448,927 |
| Caesars Entertainment | | | |
| 144A 6.50% 2/15/32 # | | 135,000 | 133,579 |
| 144A 7.00% 2/15/30 # | | 485,000 | 490,542 |
| Carnival | | | |
| 144A 5.75% 3/1/27 # | | 200,000 | 196,441 |
| 144A 6.00% 5/1/29 # | | 445,000 | 435,199 |
|
|
| Light & Wonder International 144A 7.25% 11/15/29 # | | 320,000 | 325,211 |
| Royal Caribbean Cruises | | | |
| 144A 5.50% 4/1/28 # | | 544,000 | 531,781 |
| 144A 7.25% 1/15/30 # | | 100,000 | 103,364 |
|
|
| Scientific Games Holdings 144A 6.625% 3/1/30 # | | 380,000 | 360,236 |
| Six Flags Entertainment 144A 6.625% 5/1/32 # | | 185,000 | 185,251 |
| | 3,210,531 |
| Media — 0.40% |
| AMC Networks 4.25% 2/15/29 | | 290,000 | 204,896 |
| CCO Holdings | | | |
| 144A 4.50% 8/15/30 # | | 335,000 | 278,620 |
| 4.50% 5/1/32 | | 110,000 | 87,350 |
| 144A 5.375% 6/1/29 # | | 485,000 | 434,823 |
|
|
| CMG Media 144A 8.875% 12/15/27 # | | 410,000 | 206,200 |
| CSC Holdings | | | |
| 144A 3.375% 2/15/31 # | | 710,000 | 416,532 |
| 144A 5.00% 11/15/31 # | | 500,000 | 209,194 |
|
|
| Cumulus Media New Holdings 144A 8.00% 7/1/29 # | | 383,820 | 191,910 |
| Directv Financing 144A 5.875% 8/15/27 # | | 255,000 | 239,650 |
| DISH DBS 144A 5.75% 12/1/28 # | | 490,000 | 342,300 |
| Gray Television | | | |
| 144A 4.75% 10/15/30 # | | 238,000 | 135,644 |
| 144A 5.375% 11/15/31 # | | 285,000 | 158,560 |
|
|
| Sirius XM Radio 144A 4.00% 7/15/28 # | | 680,000 | 609,373 |
| | 3,515,052 |
| | | Principal
amount° | Value (US $) |
|
| Corporate Bonds (continued) |
| Natural Gas — 0.07% |
| ENN Energy Holdings 144A 4.625% 5/17/27 # | | 200,000 | $ 196,467 |
| Infraestructura Energetica Nova 144A 3.75% 1/14/28 # | | 480,000 | 449,055 |
| | 645,522 |
| Real Estate — 0.07% |
| Iron Mountain | | | |
| 144A 4.50% 2/15/31 # | | 320,000 | 285,072 |
| 144A 5.25% 3/15/28 # | | 380,000 | 366,104 |
| | 651,176 |
| Retail — 0.20% |
| Asbury Automotive Group | | | |
| 144A 4.625% 11/15/29 # | | 65,000 | 59,862 |
| 4.75% 3/1/30 | | 170,000 | 156,072 |
| Bath & Body Works | | | |
| 6.875% 11/1/35 | | 435,000 | 439,097 |
| 6.95% 3/1/33 | | 111,000 | 108,375 |
|
|
| Murphy Oil USA 144A 3.75% 2/15/31 # | | 395,000 | 343,076 |
| PetSmart 144A 7.75% 2/15/29 # | | 505,000 | 483,903 |
| Victra Holdings 144A 7.75% 2/15/26 # | | 219,000 | 217,128 |
| | 1,807,513 |
| Services — 0.24% |
| GFL Environmental 144A 6.75% 1/15/31 # | | 150,000 | 153,190 |
| Prime Security Services Borrower 144A 5.75% 4/15/26 # | | 533,000 | 529,582 |
| SRS Distribution | | | |
| 144A 6.00% 12/1/29 # | | 110,000 | 111,714 |
| 144A 6.125% 7/1/29 # | | 110,000 | 111,787 |
| Staples | | | |
| 144A 7.50% 4/15/26 # | | 241,000 | 241,108 |
| 144A 10.75% 9/1/29 # | | 180,000 | 174,394 |
|
|
| United Rentals North America 3.875% 2/15/31 | | 306,000 | 269,503 |
| White Cap Buyer 144A 6.875% 10/15/28 # | | 340,000 | 324,705 |
| White Cap Parent 144A PIK 8.25% 3/15/26 #, > | | 174,000 | 172,004 |
| | 2,087,987 |
| Technology — 0.31% |
| Broadcom | | | |
| 144A 3.137% 11/15/35 # | | 4,000 | 3,181 |
| 144A 3.419% 4/15/33 # | | 11,000 | 9,405 |
| 144A 3.469% 4/15/34 # | | 1,082,000 | 912,392 |
Schedule of investments
Delaware Wealth Builder Fund
| | | Principal
amount° | Value (US $) |
|
| Corporate Bonds (continued) |
| Technology (continued) |
| CDW | | | |
| 2.67% 12/1/26 | | 615,000 | $ 572,201 |
| 3.276% 12/1/28 | | 390,000 | 351,804 |
|
|
| Marvell Technology 2.45% 4/15/28 | | 520,000 | 467,384 |
| Oracle 3.60% 4/1/50 | | 678,000 | 472,005 |
| | 2,788,372 |
| Technology & Electronics — 0.27% |
| Clarios Global 144A 8.50% 5/15/27 # | | 215,000 | 216,781 |
| Cloud Software Group 144A 6.50% 3/31/29 # | | 290,000 | 275,269 |
| CommScope Technologies 144A 6.00% 6/15/25 # | | 165,000 | 135,836 |
| Entegris 144A 5.95% 6/15/30 # | | 335,000 | 330,033 |
| NCR Voyix 144A 5.25% 10/1/30 # | | 125,000 | 113,523 |
| Seagate HDD Cayman | | | |
| 5.75% 12/1/34 | | 125,000 | 118,321 |
| 144A 8.25% 12/15/29 # | | 110,000 | 117,764 |
|
|
| Sensata Technologies 144A 4.00% 4/15/29 # | | 255,000 | 231,860 |
| SS&C Technologies 144A 5.50% 9/30/27 # | | 200,000 | 196,019 |
| UKG 144A 6.875% 2/1/31 # | | 610,000 | 614,285 |
| Zebra Technologies 144A 6.50% 6/1/32 # | | 50,000 | 50,364 |
| | 2,400,055 |
| Telecommunications — 0.30% |
| Altice France 144A 5.50% 10/15/29 # | | 400,000 | 269,112 |
| Connect Finco 144A 6.75% 10/1/26 # | | 250,000 | 236,253 |
| Consolidated Communications | | | |
| 144A 5.00% 10/1/28 # | | 215,000 | 177,129 |
| 144A 6.50% 10/1/28 # | | 270,000 | 228,788 |
| Frontier Communications Holdings | | | |
| 144A 5.00% 5/1/28 # | | 25,000 | 23,370 |
| 144A 5.875% 10/15/27 # | | 638,000 | 621,769 |
| 5.875% 11/1/29 | | 80,000 | 69,168 |
| 144A 6.75% 5/1/29 # | | 185,000 | 169,038 |
|
|
| Iliad Holding SASU 144A 8.50% 4/15/31 # | | 200,000 | 202,596 |
| Sable International Finance 144A 5.75% 9/7/27 # | | 200,000 | 191,199 |
| Vmed O2 UK Financing I 144A 4.75% 7/15/31 # | | 405,000 | 336,510 |
| VZ Secured Financing 144A 5.00% 1/15/32 # | | 200,000 | 169,899 |
| | 2,694,831 |
| Transportation — 0.11% |
| Babcock International Group 1.375% 9/13/27 ■ | EUR | 200,000 | 199,582 |
| Genesee & Wyoming 144A 6.25% 4/15/32 # | | 185,000 | 183,088 |
| | | Principal
amount° | Value (US $) |
|
| Corporate Bonds (continued) |
| Transportation (continued) |
| Rumo Luxembourg 144A 5.25% 1/10/28 # | | 400,000 | $ 383,664 |
| TAV Havalimanlari Holding 144A 8.50% 12/7/28 # | | 200,000 | 205,050 |
| | 971,384 |
Total Corporate Bonds
(cost $96,489,681) | 91,268,597 |
|
|
|
| Government Agency Obligations — 0.31% |
Consorcio Transmantaro
144A 5.20% 4/11/38 # | | 310,000 | 287,931 |
Development Bank of Kazakhstan
144A 5.50% 4/15/27 # | | 200,000 | 199,491 |
Georgian Railway JSC
4.00% 6/17/28 ■ | | 400,000 | 355,805 |
Hutama Karya Persero
144A 3.75% 5/11/30 # | | 600,000 | 547,578 |
Perusahaan Listrik Negara
144A 4.125% 5/15/27 # | | 200,000 | 192,349 |
QazaqGaz JSC
144A 4.375% 9/26/27 # | | 1,271,000 | 1,197,629 |
Total Government Agency Obligations
(cost $2,970,010) | 2,780,783 |
|
|
|
| Municipal Bonds — 0.04% |
Bay Area, California Toll Authority Revenue
(Build America Bonds) Series S-3 6.907% 10/1/50 | | 185,000 | 214,295 |
New Jersey Turnpike Authority Revenue
(Build America Bonds) Series A 7.102% 1/1/41 | | 105,000 | 119,009 |
South Carolina Public Service Authority Revenue
Series D 4.77% 12/1/45 | | 60,000 | 53,651 |
Total Municipal Bonds
(cost $486,868) | 386,955 |
|
|
|
| Non-Agency Asset-Backed Securities — 0.96% |
Chase Issuance Trust
Series 2024-A1I A 4.62% 1/16/29 | | 1,300,000 | 1,283,428 |
Diamond Infrastructure Funding
Series 2021-1A A 144A 1.76% 4/15/49 # | | 250,000 | 223,916 |
Domino's Pizza Master Issuer
Series 2021-1A A2I 144A 2.662% 4/25/51 # | | 243,125 | 214,267 |
Schedule of investments
Delaware Wealth Builder Fund
| | | Principal
amount° | Value (US $) |
|
| Non-Agency Asset-Backed Securities (continued) |
Enterprise Fleet Financing
Series 2022-2 A2 144A 4.65% 5/21/29 # | | 128,976 | $ 127,895 |
Ford Credit Auto Owner Trust
Series 2021-A B 0.70% 10/15/26 | | 140,000 | 134,385 |
GMF Floorplan Owner Revolving Trust
Series 2023-1 A1 144A 5.34% 6/15/28 # | | 150,000 | 149,744 |
GreatAmerica Leasing Receivables
Series 2024-1 A3 144A 4.98% 1/18/28 # | | 1,600,000 | 1,584,945 |
Nissan Master Owner Trust Receivables
Series 2024-B A 144A 5.05% 2/15/29 # | | 1,000,000 | 993,146 |
PFS Financing
Series 2024-B A 144A 4.95% 2/15/29 # | | 1,600,000 | 1,582,051 |
Taco Bell Funding
Series 2021-1A A2I 144A 1.946% 8/25/51 # | | 461,775 | 415,689 |
Towd Point Mortgage Trust
Series 2018-1 A1 144A 3.00% 1/25/58 #, • | | 12,522 | 12,178 |
Toyota Auto Loan Extended Note Trust
Series 2022-1A A 144A 3.82% 4/25/35 # | | 100,000 | 96,221 |
Toyota Auto Receivables Owner Trust
Series 2024-A A3 4.83% 10/16/28 | | 1,000,000 | 991,239 |
Trafigura Securitisation Finance
Series 2021-1A A2 144A 1.08% 1/15/25 # | | 550,000 | 546,938 |
Volkswagen Auto Lease Trust
Series 2022-A A3 3.44% 7/21/25 | | 202,393 | 201,752 |
Total Non-Agency Asset-Backed Securities
(cost $8,737,292) | 8,557,794 |
|
|
|
| Non-Agency Collateralized Mortgage Obligations — 0.26% |
Connecticut Avenue Securities Trust
Series 2023-R08 1M1 144A 6.824% (SOFR + 1.50%) 10/25/43 #, • | | 1,032,618 | 1,037,200 |
Freddie Mac Structured Agency Credit Risk REMIC Trust
Series 2023-HQA3 A1 144A 7.174% (SOFR + 1.85%) 11/25/43 #, • | | 293,274 | 296,968 |
| JPMorgan Mortgage Trust | | | |
| Series 2014-2 B1 144A 3.41% 6/25/29 #, • | | 42,372 | 38,976 |
| Series 2014-2 B2 144A 3.41% 6/25/29 #, • | | 42,373 | 38,758 |
| Series 2015-4 B1 144A 3.532% 6/25/45 #, • | | 94,042 | 84,730 |
| Series 2015-4 B2 144A 3.532% 6/25/45 #, • | | 94,042 | 84,413 |
| Series 2021-10 A3 144A 2.50% 12/25/51 #, • | | 40,954 | 32,200 |
| JPMorgan Trust | | | |
| Series 2015-5 B2 144A 6.777% 5/25/45 #, • | | 55,506 | 55,756 |
| | | Principal
amount° | Value (US $) |
|
| Non-Agency Collateralized Mortgage Obligations (continued) |
| JPMorgan Trust | | | |
| Series 2015-6 B1 144A 3.507% 10/25/45 #, • | | 80,920 | $ 74,936 |
| Series 2015-6 B2 144A 3.507% 10/25/45 #, • | | 80,920 | 74,835 |
|
|
Morgan Stanley Residential Mortgage Loan Trust
Series 2021-4 A3 144A 2.50% 7/25/51 #, • | | 79,926 | 62,942 |
Sequoia Mortgage Trust
Series 2015-1 B2 144A 3.93% 1/25/45 #, • | | 17,399 | 16,327 |
WST Trust
Series 2019-1 A 5.372% (BBSW1M + 1.08%) 8/18/50 • | AUD | 608,229 | 406,261 |
Total Non-Agency Collateralized Mortgage Obligations
(cost $2,352,343) | 2,304,302 |
|
|
|
| Non-Agency Commercial Mortgage-Backed Securities — 1.30% |
| BANK | | | |
| Series 2017-BNK5 B 3.896% 6/15/60 • | | 95,000 | 87,187 |
| Series 2019-BN20 A3 3.011% 9/15/62 | | 250,000 | 217,693 |
| Series 2019-BN21 A5 2.851% 10/17/52 | | 725,000 | 631,129 |
| Series 2020-BN25 A5 2.649% 1/15/63 | | 850,000 | 729,553 |
| Series 2022-BNK40 A4 3.393% 3/15/64 • | | 1,000,000 | 873,176 |
|
|
Bank of America Merrill Lynch Commercial Mortgage Trust
Series 2017-BNK3 B 3.879% 2/15/50 • | | 340,000 | 313,984 |
| Benchmark Mortgage Trust | | | |
| Series 2020-B17 A5 2.289% 3/15/53 | | 850,000 | 704,911 |
| Series 2020-B21 A5 1.978% 12/17/53 | | 500,000 | 403,310 |
| Series 2021-B24 A5 2.584% 3/15/54 | | 260,000 | 213,209 |
| Series 2021-B25 A5 2.577% 4/15/54 | | 450,000 | 362,899 |
| Series 2022-B33 A5 3.458% 3/15/55 | | 1,000,000 | 877,387 |
|
|
Cantor Commercial Real Estate Lending
Series 2019-CF2 A5 2.874% 11/15/52 | | 350,000 | 300,426 |
CD Mortgage Trust
Series 2019-CD8 A4 2.912% 8/15/57 | | 250,000 | 216,400 |
CFCRE Commercial Mortgage Trust
Series 2016-C7 A3 3.838% 12/10/54 | | 100,000 | 94,942 |
| COMM Mortgage Trust | | | |
| Series 2014-CR20 AM 3.938% 11/10/47 | | 345,000 | 336,214 |
| Series 2015-3BP A 144A 3.178% 2/10/35 # | | 500,000 | 453,364 |
|
|
Grace Trust
Series 2020-GRCE A 144A 2.347% 12/10/40 # | | 100,000 | 80,945 |
| GS Mortgage Securities Trust | | | |
| Series 2017-GS5 A4 3.674% 3/10/50 | | 350,000 | 327,720 |
Schedule of investments
Delaware Wealth Builder Fund
| | | Principal
amount° | Value (US $) |
|
| Non-Agency Commercial Mortgage-Backed Securities (continued) |
| GS Mortgage Securities Trust | | | |
| Series 2017-GS6 A3 3.433% 5/10/50 | | 515,000 | $ 479,352 |
| Series 2019-GC39 A4 3.567% 5/10/52 | | 580,000 | 522,977 |
| Series 2019-GC42 A4 3.00% 9/10/52 | | 1,280,000 | 1,135,357 |
| Series 2020-GC47 A5 2.377% 5/12/53 | | 250,000 | 210,792 |
|
|
JPM-BB Commercial Mortgage Securities Trust
Series 2015-C33 A4 3.77% 12/15/48 | | 150,000 | 145,540 |
JPM-DB Commercial Mortgage Securities Trust
Series 2017-C7 A5 3.409% 10/15/50 | | 350,000 | 324,465 |
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2013-LC11 B 3.499% 4/15/46 | | 125,000 | 108,138 |
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2016-C29 A4 3.325% 5/15/49 | | 350,000 | 333,655 |
| Wells Fargo Commercial Mortgage Trust | | | |
| Series 2016-BNK1 A3 2.652% 8/15/49 | | 835,000 | 778,757 |
| Series 2019-C54 A4 3.146% 12/15/52 | | 375,000 | 332,752 |
Total Non-Agency Commercial Mortgage-Backed Securities
(cost $13,581,888) | 11,596,234 |
|
|
|
| Sovereign Bonds — 1.28%Δ |
| Albania — 0.04% |
| Albania Government International Bond | | | |
| 3.50% 11/23/31 ■ | EUR | 320,000 | 315,758 |
| | 315,758 |
| Angola — 0.02% |
| Angolan Government International Bond | | | |
| 9.375% 5/8/48 ■ | | 200,000 | 171,341 |
| | 171,341 |
| Argentina — 0.01% |
Argentine Republic Government International
Bond | | | |
| 0.75% 7/9/30 ~ | | 87,300 | 49,893 |
| | 49,893 |
| Benin — 0.02% |
| Benin Government International Bond | | | |
| 144A 7.96% 2/13/38 # | | 200,000 | 187,708 |
| | 187,708 |
| | | Principal
amount° | Value (US $) |
|
| Sovereign BondsΔ (continued) |
| Bermuda — 0.08% |
| Bermuda Government International Bonds | | | |
| 144A 5.00% 7/15/32 # | | 401,000 | $ 384,479 |
| 5.00% 7/15/32 ■ | | 356,000 | 341,333 |
| | 725,812 |
| Brazil — 0.04% |
| Brazil Notas do Tesouro Nacional Serie F | | | |
| 10.00% 1/1/33 | BRL | 2,248,000 | 389,102 |
| | 389,102 |
| Chile — 0.10% |
| Chile Government International Bonds | | | |
| 2.55% 1/27/32 | | 645,000 | 537,407 |
| 4.34% 3/7/42 | | 438,000 | 375,507 |
| | 912,914 |
| Colombia — 0.02% |
| Colombia Government International Bond | | | |
| 5.20% 5/15/49 | | 200,000 | 140,912 |
| | 140,912 |
| Dominican Republic — 0.09% |
| Dominican Republic International Bonds | | | |
| 144A 4.50% 1/30/30 # | | 661,000 | 603,076 |
| 144A 4.875% 9/23/32 # | | 242,000 | 217,289 |
| | 820,365 |
| Gabon — 0.02% |
| Gabon Government International Bond | | | |
| 6.625% 2/6/31 ■ | | 200,000 | 159,649 |
| | 159,649 |
| Indonesia — 0.16% |
| Indonesia Treasury Bond 6.625% 2/15/34 | IDR | 5,053,000,000 | 304,830 |
| Perusahaan Penerbit SBSN Indonesia III 4.70% 6/6/32 ■ | | 1,163,000 | 1,122,763 |
| | 1,427,593 |
| Ivory Coast — 0.12% |
| Ivory Coast Government International Bonds | | | |
| 144A 4.875% 1/30/32 # | EUR | 400,000 | 369,176 |
| 144A 6.125% 6/15/33 # | | 777,000 | 691,899 |
| | 1,061,075 |
Schedule of investments
Delaware Wealth Builder Fund
| | | Principal
amount° | Value (US $) |
|
| Sovereign BondsΔ (continued) |
| Mexico — 0.07% |
| Mexican Udibonos 4.50% 11/22/35 | MXN | 5,703,738 | $ 318,167 |
| Mexico Government International Bond 4.60% 1/23/46 | | 416,000 | 325,487 |
| | 643,654 |
| Nigeria — 0.04% |
| Nigeria Government International Bond | | | |
| 7.375% 9/28/33 ■ | | 411,000 | 343,511 |
| | 343,511 |
| Paraguay — 0.10% |
| Paraguay Government International Bonds | | | |
| 144A 4.95% 4/28/31 # | | 559,000 | 531,329 |
| 5.60% 3/13/48 ■ | | 363,000 | 322,070 |
| | 853,399 |
| Peru — 0.04% |
| Corp Financiera de Desarrollo | | | |
| 144A 2.40% 9/28/27 # | | 400,000 | 358,556 |
| | 358,556 |
| Poland — 0.07% |
| Bank Gospodarstwa Krajowego 144A 5.375% 5/22/33 # | | 300,000 | 294,845 |
| Republic of Poland Government International Bond 5.50% 4/4/53 | | 292,000 | 282,958 |
| | 577,803 |
| Republic of North Macedonia — 0.02% |
| North Macedonia Government International Bond | | | |
| 144A 3.675% 6/3/26 # | EUR | 200,000 | 211,083 |
| | 211,083 |
| Romania — 0.01% |
| Romanian Government International Bond | | | |
| 144A 2.625% 12/2/40 # | EUR | 173,000 | 124,953 |
| | 124,953 |
| Serbia — 0.09% |
| Serbia International Bond | | | |
| 1.00% 9/23/28 ■ | EUR | 897,000 | 826,931 |
| | 826,931 |
| | | Principal
amount° | Value (US $) |
|
| Sovereign BondsΔ (continued) |
| South Africa — 0.12% |
Republic of South Africa Government International
Bonds | | | |
| 5.65% 9/27/47 | | 1,000,000 | $ 723,065 |
| 5.75% 9/30/49 | | 444,000 | 320,585 |
| | 1,043,650 |
Total Sovereign Bonds
(cost $12,024,306) | 11,345,662 |
|
|
|
| Supranational Banks — 0.07% |
Banco Latinoamericano de Comercio Exterior
144A 2.375% 9/14/25 # | | 250,000 | 239,275 |
Banque Ouest Africaine de Developpement
144A 4.70% 10/22/31 # | | 393,000 | 341,005 |
Total Supranational Banks
(cost $651,735) | 580,280 |
|
|
|
| US Treasury Obligations — 5.85% |
| US Treasury Bonds | | | |
| 2.25% 8/15/46 | | 2,590,000 | 1,706,567 |
| 3.875% 2/15/43 | | 2,405,000 | 2,150,549 |
| 4.25% 2/15/54 | | 2,060,000 | 1,932,698 |
| 4.50% 2/15/44 | | 760,000 | 737,734 |
| 4.75% 11/15/43 | | 520,000 | 521,422 |
|
|
US Treasury Floating Rate Note
5.465% (USBMMY3M + 0.15%) 4/30/26 • | | 2,370,000 | 2,371,313 |
| US Treasury Notes | | | |
| 4.00% 1/31/31 | | 1,660,000 | 1,612,340 |
| 4.00% 2/15/34 | | 26,010,000 | 25,012,272 |
| 4.50% 5/31/29 | | 1,560,000 | 1,560,366 |
| 4.625% 4/30/29 | | 7,530,000 | 7,567,650 |
| 4.625% 4/30/31 | | 2,360,000 | 2,377,700 |
| 4.625% 5/15/34 | | 1,965,000 | 1,947,653 |
| 5.125% 9/30/25 | | 2,510,000 | 2,507,500 |
Total US Treasury Obligations
(cost $52,548,117) | 52,005,764 |
Schedule of investments
Delaware Wealth Builder Fund
| | | Number of
shares | Value (US $) |
| Common Stocks — 58.45% |
| Communication Services — 2.81% |
| Alphabet Class C † | 13,769 | $ 2,395,255 |
| AT&T | 109,716 | 1,999,025 |
| Interpublic Group | 25,688 | 805,833 |
| KDDI | 18,300 | 504,252 |
| Meta Platforms Class A | 12,384 | 5,781,223 |
| Publicis Groupe | 8,773 | 985,426 |
| Verizon Communications | 215,486 | 8,867,249 |
| Walt Disney | 34,813 | 3,617,419 |
| | 24,955,682 |
| Consumer Discretionary — 5.96% |
| adidas | 5,688 | 1,440,603 |
| Amadeus IT Group | 28,625 | 2,043,324 |
| Bath & Body Works | 77,977 | 4,050,125 |
| Best Buy | 47,927 | 4,065,168 |
| eBay | 33,537 | 1,818,376 |
| Genuine Parts | 24,901 | 3,589,230 |
| H & M Hennes & Mauritz Class B | 47,053 | 832,001 |
| Home Depot | 18,696 | 6,260,730 |
| Kering | 2,004 | 692,814 |
| Lowe's | 16,400 | 3,629,156 |
| LVMH Moet Hennessy Louis Vuitton | 1,073 | 858,125 |
| NIKE Class B | 27,199 | 2,585,265 |
| PulteGroup | 35,687 | 4,186,799 |
| Ross Stores | 28,149 | 3,934,104 |
| Sodexo | 16,861 | 1,570,403 |
| Starbucks | 21,056 | 1,689,112 |
| Swatch Group | 2,785 | 596,571 |
| TJX | 89,148 | 9,191,159 |
| | 53,033,065 |
| Consumer Staples — 4.73% |
| Altria Group | 107,467 | 4,970,349 |
| Anheuser-Busch InBev | 26,153 | 1,650,035 |
| Asahi Group Holdings | 11,400 | 418,225 |
| Cal-Maine Foods | 57,923 | 3,572,111 |
| Conagra Brands | 122,498 | 3,660,240 |
| Danone | 28,905 | 1,864,081 |
| Diageo | 68,113 | 2,293,187 |
| Dollar Tree † | 27,000 | 3,184,650 |
| Essity Class B | 58,010 | 1,490,415 |
| Hershey | 18,749 | 3,709,115 |
| | | Number of
shares | Value (US $) |
| Common Stocks (continued) |
| Consumer Staples (continued) |
| Kao | 33,300 | $ 1,458,562 |
| Koninklijke Ahold Delhaize | 86,890 | 2,694,724 |
| Nestle | 18,351 | 1,947,888 |
| Philip Morris International | 50,879 | 5,158,113 |
| Seven & i Holdings | 35,400 | 456,899 |
| Unilever | 45,573 | 2,495,718 |
| Vector Group | 97,835 | 1,073,250 |
| | 42,097,562 |
| Energy — 3.59% |
| APA | 69,440 | 2,120,003 |
| Chevron | 41,942 | 6,807,186 |
| Civitas Resources | 42,984 | 3,161,903 |
| Coterra Energy | 101,430 | 2,892,784 |
| EOG Resources | 17,923 | 2,232,310 |
| Exxon Mobil | 91,450 | 10,723,427 |
| Marathon Petroleum | 22,426 | 3,960,656 |
| | 31,898,269 |
| Financials — 10.00% |
| Allstate | 23,201 | 3,886,632 |
| Ally Financial | 54,034 | 2,105,705 |
| American Financial Group | 30,532 | 3,966,412 |
| American International Group | 51,200 | 4,035,584 |
| Ameriprise Financial | 9,715 | 4,241,666 |
| Bank of New York Mellon | 64,426 | 3,840,434 |
| BlackRock | 5,967 | 4,606,703 |
| Blackstone | 24,187 | 2,914,533 |
| Citizens Financial Group | 114,964 | 4,057,080 |
| Corebridge Financial | 143,806 | 4,194,821 |
| Fidelity National Financial | 49,461 | 2,490,856 |
| Fidelity National Information Services | 51,675 | 3,921,099 |
| Fifth Third Bancorp | 61,612 | 2,305,521 |
| KeyCorp | 282,499 | 4,059,511 |
| MetLife | 61,001 | 4,414,642 |
| PNC Financial Services Group | 13,250 | 2,085,418 |
| Principal Financial Group | 49,970 | 4,099,539 |
| Prudential Financial | 40,143 | 4,831,210 |
| Sberbank of Russia PJSC = | 52,870 | 0 |
| SEI Investments | 24,382 | 1,650,905 |
| State Street | 29,819 | 2,254,018 |
| Synchrony Financial | 90,524 | 3,964,951 |
Schedule of investments
Delaware Wealth Builder Fund
| | | Number of
shares | Value (US $) |
| Common Stocks (continued) |
| Financials (continued) |
| Travelers | 18,412 | $ 3,971,468 |
| Truist Financial | 103,200 | 3,895,800 |
| US Bancorp | 92,500 | 3,750,875 |
| Western Union | 260,392 | 3,333,018 |
| | 88,878,401 |
| Healthcare — 6.73% |
| AbbVie | 36,509 | 5,886,711 |
| Baxter International | 92,600 | 3,156,734 |
| Bristol-Myers Squibb | 62,237 | 2,557,318 |
| Cardinal Health | 32,986 | 3,274,520 |
| Cencora | 17,216 | 3,900,629 |
| Cigna Group | 10,982 | 3,784,617 |
| Community Healthcare Trust | 225 | 5,278 |
| CVS Health | 52,400 | 3,123,040 |
| Gilead Sciences | 49,449 | 3,178,087 |
| Healthpeak Properties | 3,761 | 74,844 |
| Hologic † | 52,031 | 3,838,847 |
| Johnson & Johnson | 23,800 | 3,490,746 |
| McKesson | 4,811 | 2,740,297 |
| Medical Properties Trust | 235 | 1,260 |
| Merck & Co. | 78,367 | 9,838,193 |
| Novo Nordisk Class B | 8,350 | 1,131,326 |
| OmniAb 12.5 =, † | 363 | 0 |
| OmniAb 15 =, † | 363 | 0 |
| Pfizer | 85,092 | 2,438,737 |
| Roche Holding | 6,566 | 1,676,411 |
| SIGA Technologies | 149,771 | 1,120,287 |
| Smith & Nephew | 151,946 | 1,922,653 |
| UnitedHealth Group | 2,518 | 1,247,342 |
| Ventas | 4,461 | 224,210 |
| Welltower | 11,365 | 1,178,210 |
| | 59,790,297 |
| Industrials — 4.81% |
| 3M | 17,315 | 1,733,924 |
| Dover | 22,127 | 4,067,385 |
| DSV | 2,716 | 418,181 |
| Expeditors International of Washington | 28,422 | 3,436,220 |
| Honeywell International | 20,235 | 4,091,315 |
| Intertek Group | 22,535 | 1,383,070 |
| Knorr-Bremse | 13,501 | 1,039,753 |
| | | Number of
shares | Value (US $) |
| Common Stocks (continued) |
| Industrials (continued) |
| Kone Class B | 21,006 | $ 1,071,707 |
| Lockheed Martin | 2,926 | 1,376,215 |
| Makita | 47,200 | 1,391,765 |
| Masco | 52,684 | 3,683,665 |
| Northrop Grumman | 8,250 | 3,718,853 |
| Otis Worldwide | 38,035 | 3,773,072 |
| Paychex | 33,696 | 4,048,911 |
| Pluxee † | 16,099 | 502,211 |
| Plymouth Industrial REIT | 1,587 | 33,105 |
| Prologis | 17,643 | 1,949,375 |
| Rexford Industrial Realty | 4,618 | 209,472 |
| Robert Half | 41,956 | 2,694,834 |
| Securitas Class B | 199,255 | 2,050,589 |
| Terreno Realty | 1,211 | 68,518 |
| | 42,742,140 |
| Information Technology — 16.38% |
| Accenture Class A | 7,767 | 2,192,546 |
| Apple | 113,281 | 21,778,272 |
| Applied Materials | 18,597 | 3,999,843 |
| Broadcom | 6,103 | 8,108,141 |
| Cisco Systems | 163,485 | 7,602,052 |
| Cognizant Technology Solutions Class A | 52,250 | 3,456,338 |
| Dell Technologies Class C | 32,020 | 4,468,711 |
| Digital Realty Trust | 4,065 | 590,807 |
| Equinix | 1,915 | 1,461,107 |
| HP | 132,341 | 4,830,446 |
| KLA | 6,547 | 4,972,643 |
| Lam Research | 5,356 | 4,994,149 |
| Microsoft | 59,501 | 24,700,650 |
| Monolithic Power Systems | 5,610 | 4,126,884 |
| Motorola Solutions | 10,933 | 3,989,561 |
| NetApp | 39,107 | 4,709,656 |
| NVIDIA | 22,145 | 24,278,228 |
| Oracle | 32,000 | 3,750,080 |
| QUALCOMM | 29,554 | 6,030,494 |
| SAP | 9,468 | 1,726,571 |
| Teledyne Technologies † | 9,622 | 3,819,453 |
| | 145,586,632 |
Schedule of investments
Delaware Wealth Builder Fund
| | | Number of
shares | Value (US $) |
| Common Stocks (continued) |
| Materials — 1.08% |
| Air Liquide | 9,334 | $ 1,837,622 |
| Dow | 63,561 | 3,663,021 |
| DuPont de Nemours | 49,777 | 4,089,678 |
| | 9,590,321 |
| Real Estate — 0.49% |
| Equity Residential | 67,209 | 4,370,601 |
| Spirit MTA REIT =, †, π | 677 | 0 |
| | 4,370,601 |
| REIT Diversified — 0.14% |
| Gaming and Leisure Properties | 10,253 | 460,360 |
| VICI Properties | 26,105 | 749,474 |
| Vornado Realty Trust | 586 | 14,369 |
| | 1,224,203 |
| REIT Healthcare — 0.06% |
| Alexandria Real Estate Equities | 3,665 | 436,135 |
| CareTrust REIT | 5,272 | 134,805 |
| | 570,940 |
| REIT Hotel — 0.14% |
| Apple Hospitality REIT | 13,691 | 197,698 |
| Chatham Lodging Trust | 17,379 | 147,026 |
| Host Hotels & Resorts | 21,747 | 390,141 |
| Park Hotels & Resorts | 7,860 | 124,660 |
| RLJ Lodging Trust | 3,543 | 35,359 |
| Ryman Hospitality Properties | 3,273 | 343,894 |
| Sunstone Hotel Investors | 3,210 | 32,999 |
| Xenia Hotels & Resorts | 789 | 11,433 |
| | 1,283,210 |
| REIT Mall — 0.10% |
| Simon Property Group | 5,640 | 853,388 |
| | 853,388 |
| REIT Manufactured Housing — 0.05% |
| Equity LifeStyle Properties | 3,139 | 197,035 |
| Sun Communities | 1,829 | 215,804 |
| | 412,839 |
| REIT Multifamily — 0.20% |
| American Homes 4 Rent Class A | 7,099 | 255,848 |
| AvalonBay Communities | 2,712 | 522,548 |
| Camden Property Trust | 3,111 | 319,344 |
| | | Number of
shares | Value (US $) |
| Common Stocks (continued) |
| REIT Multifamily (continued) |
| Essex Property Trust | 1,540 | $ 400,077 |
| Mid-America Apartment Communities | 2,147 | 287,075 |
| | 1,784,892 |
| REIT Office — 0.05% |
| Boston Properties | 1,632 | 99,013 |
| Cousins Properties | 8,791 | 203,336 |
| Piedmont Office Realty Trust Class A | 15,527 | 113,192 |
| | 415,541 |
| REIT Self-Storage — 0.18% |
| CubeSmart | 8,129 | 343,938 |
| Extra Space Storage | 3,150 | 456,026 |
| Public Storage | 3,063 | 838,741 |
| | 1,638,705 |
| REIT Shopping Center — 0.19% |
| Agree Realty | 2,619 | 159,130 |
| Brixmor Property Group | 19,700 | 443,447 |
| Kimco Realty | 17,736 | 343,369 |
| Kite Realty Group Trust | 5,226 | 114,554 |
| Phillips Edison & Co. | 1,288 | 41,139 |
| Regency Centers | 4,172 | 256,161 |
| Retail Opportunity Investments | 5,040 | 63,101 |
| SITE Centers | 9,283 | 133,861 |
| Tanger | 5,694 | 158,008 |
| | 1,712,770 |
| REIT Single Tenant — 0.09% |
| Broadstone Net Lease | 3,379 | 51,868 |
| Orion Office REIT | 3,156 | 11,835 |
| Realty Income | 14,586 | 773,933 |
| | 837,636 |
| REIT Specialty — 0.20% |
| EPR Properties | 2,607 | 106,991 |
| Essential Properties Realty Trust | 6,404 | 171,499 |
| Innovative Industrial Properties | 463 | 49,902 |
| Invitation Homes | 16,677 | 580,193 |
| Iron Mountain | 7,456 | 601,625 |
| Lamar Advertising Class A | 1,335 | 157,677 |
| Outfront Media | 5,643 | 81,541 |
| | 1,749,428 |
Schedule of investments
Delaware Wealth Builder Fund
| | | Number of
shares | Value (US $) |
| Common Stocks (continued) |
| Utilities — 0.47% |
| Duke Energy | 40,100 | $ 4,153,157 |
| | 4,153,157 |
Total Common Stocks
(cost $427,729,886) | 519,579,679 |
|
|
|
| Convertible Preferred Stock — 0.74% |
| Algonquin Power & Utilities 7.75% exercise price $18.00, maturity date 6/15/24 | | 17,549 | 373,443 |
| AMG Capital Trust II 5.15% exercise price $195.47, maturity date 10/15/37 | | 15,856 | 813,730 |
| Apollo Global Management 6.75% exercise price $98.97, maturity date 7/31/26 | | 17,749 | 1,152,265 |
| Bank of America 7.25% exercise price $50.00 ω | | 627 | 745,503 |
| El Paso Energy Capital Trust I 4.75% exercise price $34.49, maturity date 3/31/28 | | 21,253 | 1,009,518 |
| RBC Bearings 5.00% exercise price $226.60, maturity date 10/15/24 | | 8,019 | 1,064,362 |
| UGI 7.25% exercise price $52.57, maturity date 6/1/24 | | 11,880 | 686,426 |
| Wells Fargo & Co. 7.50% exercise price $156.71 ω | | 615 | 716,598 |
Total Convertible Preferred Stock
(cost $7,203,635) | 6,561,845 |
|
|
|
| Preferred Stock — 0.19% |
| Henkel AG & Co. 2.21% ω | | 18,855 | 1,706,952 |
Total Preferred Stock
(cost $1,534,520) | 1,706,952 |
|
|
|
| Exchange-Traded Funds — 5.82% |
| iShares Core MSCI Europe ETF | 149,420 | 8,965,200 |
| iShares Latin America 40 ETF | 166,102 | 4,494,720 |
| iShares MSCI China ETF | 156,065 | 6,838,768 |
| iShares MSCI Emerging Markets Asia ETF | 109,450 | 7,707,469 |
| Vanguard Russell 2000 ETF | 285,615 | 23,751,744 |
Total Exchange-Traded Funds
(cost $49,366,715) | 51,757,901 |
| | | Principal
amount° | Value (US $) |
| Leveraged Non-Recourse Security — 0.00% |
JPMorgan Fixed Income Pass Through Trust Auction
Series 2007-B 144A 0.255% 1/15/87 #, =, ♦ | | 1,300,000 | $ 130 |
Total Leveraged Non-Recourse Security
(cost $1,105,000) | 130 |
| | | Number of
shares | |
| Limited Liability Corporation — 1.14% |
| Sc Hixson <<, =, π | 7,200,000 | 10,092,240 |
Total Limited Liability Corporation
(cost $5,121,000) | 10,092,240 |
|
|
|
| Short-Term Investments — 3.62% |
| Money Market Mutual Funds — 3.62% |
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | | 8,052,048 | 8,052,048 |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | | 8,052,048 | 8,052,048 |
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.36%) | | 8,052,048 | 8,052,048 |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.23%) | | 8,052,048 | 8,052,048 |
Total Short-Term Investments
(cost $32,208,192) | 32,208,192 |
Total Value of Securities—99.86%
(cost $802,241,656) | | | $887,756,305 |
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| 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 May 31, 2024, the aggregate value of restricted securities was $10,092,240, which represented 1.14% of the Fund’s net assets. See table on the next page for additional details on restricted securities. |
| † | Non-income producing security. |
| ~ | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at May 31, 2024. |
Schedule of investments
Delaware Wealth Builder Fund
| Δ | Securities have been classified by country of risk. |
| > | PIK. 100% of the income received was in the form of cash. |
| ■ | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
| ‡ | Non-income producing security. Security is currently in default. |
| ψ | Perpetual security. Maturity date represents next call date. |
| μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at May 31, 2024. Rate will reset at a future date. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at May 31, 2024. 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. SOFR01M, SOFR03M, 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. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At May 31, 2024, the aggregate value of Rule 144A securities was $61,059,997, which represents 6.87% of the Fund’s net assets. See Note 10 in “Notes to financial statements.” |
| ♦ | Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
| = | 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.” |
| Σ | Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security. |
| ω | Perpetual security with no stated maturity date. |
| << | Affiliated company. See Note 2 in “Notes to financial statements.” |
| Restricted Securities | | | | | | |
| Investments | | Date of Acquisition | | Cost | | Value |
| Sc Hixson | | 1/7/20 | | $5,121,000 | | $10,092,240 |
| Spirit MTA REIT | | 1/2/20 | | — | | — |
| Total | | | | $5,121,000 | | $10,092,240 |
The following forward foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at May 31, 2024:1
| Forward Foreign Currency Exchange Contracts | | | | | | |
| Counterparty | | Currency to
Receive (Deliver) | | In Exchange For | | Settlement
Date | | Unrealized
Appreciation | | Unrealized
Depreciation |
| JPMCB | | EUR | (1,650,526) | | USD | 1,764,761 | | 7/12/24 | | $— | | $(29,620) |
| JPMCB | | INR | 51,869,680 | | USD | (619,843) | | 7/12/24 | | 987 | | — |
| Total Forward Foreign Currency Exchange Contracts | | $987 | | $(29,620) |
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 |
| 152 | US Treasury 5 yr Notes | | $16,081,126 | | $16,087,423 | | 9/30/24 | | $— | | $(6,297) | | $26,126 |
| 62 | US Treasury 10 yr Notes | | 6,745,406 | | 6,759,285 | | 9/19/24 | | — | | (13,879) | | 15,500 |
| (6) | US Treasury Long Bonds | | (696,375) | | (701,578) | | 9/19/24 | | 5,203 | | — | | (3,188) |
| Total Futures Contracts | | $22,145,130 | | | | $5,203 | | $(20,176) | | $38,438 |
Schedule of investments
Delaware Wealth Builder Fund
Swap Contracts
| CDS Contracts2 |
Counterparty/
Reference Obligation/
Termination Date/
Payment Frequency | | Notional
Amount3 | | Annual Protection
Payments | | Value | | Amortized
Upfront
Payments
Paid
(Received) | | Unrealized
Depreciation4 |
| Over-The-Counter: | | | | | | | | | | |
| Protection Purchased/Moody’s Ratings: | | | | | | | | | | |
| JPMCB Republic of Brazil 1.00% 12/20/28 Ba2 6/20/28- Quarterly | | 705,000 | | 1.000% | | $3,622 | | $24,296 | | $(20,674) |
| JPMCB Republic of Indonesia 1.00% 12/20/28 Baa2 6/20/28- Quarterly | | 1,006,000 | | 1.000% | | (15,170) | | (4,688) | | (10,482) |
| JPMCB Republic of Indonesia 1.00% 12/20/28 Baa2 6/20/28- Quarterly | | 941,000 | | 1.000% | | (12,824) | | (5,044) | | (7,780) |
| JPMCB Republic of South Africa 1.00% 12/20/28 Ba2 6/20/28- Quarterly | | 1,438,000 | | 1.000% | | 51,336 | | 67,518 | | (16,182) |
| JPMCB Republic of South Africa 1.00% 9/20/28 Ba2 6/20/28- Quarterly | | 700,000 | | 1.000% | | 24,989 | | 34,737 | | (9,748) |
| Total CDS Contracts | | $51,953 | | $116,819 | | $(64,866) |
The use of forward foreign currency exchange contracts, futures contracts, and swap contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The forward 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.” |
| 2 | A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement. |
| 3 | Notional amount shown is stated in USD unless noted that the swap is denominated in another currency. |
| 4 | Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of $(9,713). |
| Summary of abbreviations: |
| AG – Aktiengesellschaft |
| BBSW1M – Bank Bill Swap Rate 1 Month |
| CLO – Collateralized Loan Obligation |
| DAC – Designated Activity Company |
| DB – Deutsche Bank |
| ETF – Exchange-Traded Fund |
| GNMA – Government National Mortgage Association |
| GS – Goldman Sachs |
| JPM – JPMorgan |
| JPMCB – JPMorgan Chase Bank |
| JSC – Joint Stock Company |
| MSCI – Morgan Stanley Capital International |
| PIK – Payment-in-kind |
| PJSC – Private Joint Stock Company |
| REIT – Real Estate Investment Trust |
| REMIC – Real Estate Mortgage Investment Conduit |
| S.F. – Single Family |
| SOFR – Secured Overnight Financing Rate |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
Schedule of investments
Delaware Wealth Builder Fund
| Summary of abbreviations: (continued) |
| TSFR03M – 3 Month Term Secured Overnight Financing Rate |
| USBMMY3M – US Treasury 3 Month Bill Money Market Yield |
| yr – Year |
| Summary of currencies: |
| AUD – Australian Dollar |
| BRL – Brazilian Real |
| EUR – European Monetary Unit |
| IDR – Indonesian Rupiah |
| INR – Indian Rupee |
| MXN – Mexican Peso |
| USD – US Dollar |
See accompanying notes, which are an integral part of the financial statements.
Statement of assets and liabilities
| Delaware Wealth Builder Fund | May 31, 2024 (Unaudited) |
| Assets: | |
| Investments, at value* | $877,664,065 |
| Investments of affiliated issuers, at value** | 10,092,240 |
| Foreign currencies, at valueΔ | 113,142 |
| Cash | 195,167 |
| Cash collateral due from brokers | 362,274 |
| Dividends and interest receivable | 3,515,816 |
| Receivable for securities sold | 2,280,385 |
| Foreign tax reclaims receivable | 509,766 |
| Receivable for fund shares sold | 401,346 |
| Upfront payments paid on over-the-counter credit default swap contracts | 116,819 |
| Prepaid expenses | 66,618 |
| Variation margin due from broker on futures contracts | 38,438 |
| Unrealized appreciation on forward foreign currency exchange contracts | 987 |
| Other assets | 7,919 |
| Total Assets | 895,364,982 |
| Liabilities: | |
| Payable for securities purchased | 4,121,296 |
| Payable for fund shares redeemed | 963,358 |
| Other accrued expenses | 496,194 |
| Investment management fees payable to affiliates | 440,533 |
| Distribution fees payable to affiliates | 170,673 |
| Administration expenses payable to affiliates | 78,654 |
| Unrealized depreciation on over-the-counter credit default swap contracts | 64,866 |
| Unrealized depreciation on forward foreign currency exchange contracts | 29,620 |
| Swap payments payable | 9,713 |
| Total Liabilities | 6,374,907 |
| Total Net Assets | $888,990,075 |
|
| Net Assets Consist of: | |
| Paid-in capital | $793,488,003 |
| Total distributable earnings (loss) | 95,502,072 |
| Total Net Assets | $888,990,075 |
Statement of assets and liabilities
Delaware Wealth Builder Fund
| Net Asset Value | |
|
| Class A: | |
| Net assets | $746,136,816 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | 50,656,900 |
| Net asset value per share | $14.73 |
| Sales charge | 5.75% |
| Offering price per share, equal to net asset value per share / (1 - sales charge) | $15.63 |
|
| Class C: | |
| Net assets | $14,352,294 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | 971,620 |
| Net asset value per share | $14.77 |
|
| Class R: | |
| Net assets | $1,482,286 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | 100,522 |
| Net asset value per share | $14.75 |
|
| Institutional Class: | |
| Net assets | $124,823,637 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | 8,473,993 |
| Net asset value per share | $14.73 |
|
| Class R6: | |
| Net assets | $2,195,042 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | 149,028 |
| Net asset value per share | $14.73 |
*Investments, at cost | $797,120,656 |
| **Investments of affiliated issuers, at cost | 5,121,000 |
| ΔForeign currencies, at cost | 111,624 |
See accompanying notes, which are an integral part of the financial statements.
Statement of operations
| Delaware Wealth Builder Fund | Six months ended May 31, 2024 (Unaudited) |
| Investment Income: | |
| Dividends | $7,428,022 |
| Interest | 6,890,963 |
| Dividends from affiliated investments | 360,000 |
| Foreign tax withheld | (112,902) |
| | 14,566,083 |
|
| Expenses: | |
| Management fees | 2,797,976 |
| Distribution expenses — Class A | 933,273 |
| Distribution expenses — Class C | 78,962 |
| Distribution expenses — Class R | 4,588 |
| Dividend disbursing and transfer agent fees and expenses | 442,633 |
| Accounting and administration expenses | 108,849 |
| Reports and statements to shareholders expenses | 80,346 |
| Legal fees | 69,875 |
| Registration fees | 50,462 |
| Audit and tax fees | 33,348 |
| Trustees’ fees | 20,188 |
| Custodian fees | 4,207 |
| Other | 131,778 |
| | 4,756,485 |
| Less expenses waived | (218,216) |
| Less expenses paid indirectly | (1,503) |
| Total operating expenses | 4,536,766 |
| Net Investment Income (Loss) | 10,029,317 |
Statement of operations
Delaware Wealth Builder Fund
| Net Realized and Unrealized Gain (Loss): | |
| Net realized gain (loss) on: | |
| Investments | $17,304,681 |
| Foreign currencies | (76,647) |
| Forward foreign currency exchange contracts | 63,188 |
| Futures contracts | (309,545) |
| Swap contracts | (37,396) |
| Net realized gain (loss) | 16,944,281 |
|
| Net change in unrealized appreciation (depreciation) on: | |
| Investments | 60,224,936 |
| Affiliated investments | 288,720 |
| Foreign currencies | (8,334) |
| Forward foreign currency exchange contracts | (39,064) |
| Futures contracts | (158,062) |
| Swap contracts | (21,309) |
| Net change in unrealized appreciation (depreciation) | 60,286,887 |
| Net Realized and Unrealized Gain (Loss) | 77,231,168 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $87,260,485 |
See accompanying notes, which are an integral part of the financial statements.
Statements of changes in net assets
Delaware Wealth Builder Fund
| | Six months
ended
5/31/24
(Unaudited) | | Year ended
11/30/23 |
| |
| Increase in Net Assets from Operations: | | | |
| Net investment income (loss) | $10,029,317 | | $15,314,738 |
| Net realized gain (loss) | 16,944,281 | | 17,229,468 |
| Net change in unrealized appreciation (depreciation) | 60,286,887 | | 5,943,945 |
| Net increase (decrease) in net assets resulting from operations | 87,260,485 | | 38,488,151 |
|
| Dividends and Distributions to Shareholders from: | | | |
| Distributable earnings: | | | |
| Class A | (25,973,039) | | (24,558,534) |
| Class C | (538,595) | | (1,362,727) |
| Class R | (63,931) | | (86,471) |
| Institutional Class | (4,508,612) | | (8,665,489) |
| Class R6 | (79,801) | | (22,903) |
| | (31,163,978) | | (34,696,124) |
|
| Capital Share Transactions (See Note 4): | | | |
| Proceeds from shares sold: | | | |
| Class A | 20,152,859 | | 20,254,353 |
| Class C | 1,553,127 | | 1,311,979 |
| Class R | 121,367 | | 250,460 |
| Institutional Class | 6,594,273 | | 15,222,119 |
| Class R6 | 1,892 | | 2,052,465 |
|
| Net assets from reorganization:1 | | | |
| Class A | — | | 524,606,211 |
| Class C | — | | 4,120,753 |
| Class R | — | | 694,137 |
| Institutional Class | — | | 24,272,794 |
| Class R6 | — | | 22,008 |
|
| Net asset value of shares issued upon reinvestment of dividends and distributions: | | | |
| Class A | 25,191,537 | | 23,425,241 |
| Class C | 537,808 | | 1,357,724 |
| Class R | 63,523 | | 85,581 |
| Institutional Class | 4,245,403 | | 8,114,698 |
| Class R6 | 79,801 | | 22,903 |
| | 58,541,590 | | 625,813,426 |
Statements of changes in net assets
Delaware Wealth Builder Fund
| | Six months
ended
5/31/24
(Unaudited) | | Year ended
11/30/23 |
| |
| Capital Share Transactions (continued): | | | |
| Cost of shares redeemed: | | | |
| Class A | $(66,954,922) | | $(90,609,262) |
| Class C | (5,024,798) | | (10,912,196) |
| Class R | (655,972) | | (234,742) |
| Institutional Class | (14,493,273) | | (32,825,120) |
| Class R6 | (132,352) | | (50,477) |
| | (87,261,317) | | (134,631,797) |
| Increase (decrease) in net assets derived from capital share transactions | (28,719,727) | | 491,181,629 |
| Net Increase in Net Assets | 27,376,780 | | 494,973,656 |
|
| Net Assets: | | | |
| Beginning of period | 861,613,295 | | 366,639,639 |
| End of period | $888,990,075 | | $861,613,295 |
| 1 | See Note 5 in “Notes to financial statements.” |
See accompanying notes, which are an integral part of the financial statements.
This page intentionally left blank.
Financial highlights
Delaware Wealth Builder Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
| |
| |
Net asset value, beginning of period
|
| |
| Income (loss) from investment operations: |
Net investment income2
|
Net realized and unrealized gain (loss)
|
Total from investment operations
|
| |
| Less dividends and distributions from: |
Net investment income
|
Net realized gain
|
Total dividends and distributions
|
| |
Net asset value, end of period
|
| |
Total return4
|
| |
| Ratios and supplemental data: |
Net assets, end of period (000 omitted)
|
Ratio of expenses to average net assets7
|
Ratio of expenses to average net assets prior to fees waived7
|
Ratio of net investment income to average net assets
|
Ratio of net investment income to average net assets prior to fees waived
|
Portfolio turnover
|
| 1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| 2 | Calculated using average shares outstanding. |
| 3 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.07%. |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| 6 | General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.11% lower. |
| 7 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| 8 | Includes tax expense ratio of 0.18% for the year ended November 30, 2022. |
See accompanying notes, which are an integral part of the financial statements.
Six months ended
5/31/241
(Unaudited) | | Year ended |
| 11/30/23 | | 11/30/22 | | 11/30/21 | | 11/30/20 | | 11/30/19 |
| $13.82 | | $14.38 | | $15.71 | | $13.71 | | $14.01 | | $14.15 |
| |
| | | | | | | | | | | |
| 0.16 | | 0.30 | | 0.22 | | 0.21 | | 0.25 | | 0.53 |
| 1.25 | | 0.213 | | (0.47) | | 2.06 | | (0.09) | | 0.50 |
| 1.41 | | 0.51 | | (0.25) | | 2.27 | | 0.16 | | 1.03 |
| |
| | | | | | | | | | | |
| (0.20) | | (0.31) | | (0.25) | | (0.27) | | (0.27) | | (0.35) |
| (0.30) | | (0.76) | | (0.83) | | — | | (0.19) | | (0.82) |
| (0.50) | | (1.07) | | (1.08) | | (0.27) | | (0.46) | | (1.17) |
| |
| $14.73 | | $13.82 | | $14.38 | | $15.71 | | $13.71 | | $14.01 |
| |
| 10.38%5 | | 3.97% | | (1.78%)5 | | 16.63%5 | | 1.30%5 | | 8.30%6 |
| |
| | | | | | | | | | | |
| $746,137 | | $720,746 | | $235,618 | | $259,143 | | $230,168 | | $259,283 |
| 1.04% | | 1.05% | | 1.26%8 | | 1.08% | | 1.09% | | 1.09% |
| 1.09% | | 1.05% | | 1.30%8 | | 1.11% | | 1.12% | | 1.09% |
| 2.23% | | 2.22% | | 1.51%8 | | 1.37% | | 1.91% | | 3.91% |
| 2.18% | | 2.22% | | 1.47%8 | | 1.34% | | 1.88% | | 3.91% |
| 32% | | 51% | | 65% | | 89% | | 68% | | 91% |
Financial highlights
Delaware Wealth Builder Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
| |
| |
Net asset value, beginning of period
|
| |
| Income (loss) from investment operations: |
Net investment income2
|
Net realized and unrealized gain (loss)
|
Total from investment operations
|
| |
| Less dividends and distributions from: |
Net investment income
|
Net realized gain
|
Total dividends and distributions
|
| |
Net asset value, end of period
|
| |
Total return4
|
| |
| Ratios and supplemental data: |
Net assets, end of period (000 omitted)
|
Ratio of expenses to average net assets7
|
Ratio of expenses to average net assets prior to fees waived7
|
Ratio of net investment income to average net assets
|
Ratio of net investment income to average net assets prior to fees waived
|
Portfolio turnover
|
| 1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| 2 | Calculated using average shares outstanding. |
| 3 | Amount includes a non-recurring payment for litigation proceeds, which represents a class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.07%. |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| 6 | General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.11% lower. |
| 7 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| 8 | Includes tax expense ratio of 0.18% for the year ended November 30, 2022. |
See accompanying notes, which are an integral part of the financial statements.
Six months ended
5/31/241
(Unaudited) | | Year ended |
| 11/30/23 | | 11/30/22 | | 11/30/21 | | 11/30/20 | | 11/30/19 |
| $13.87 | | $14.42 | | $15.75 | | $13.73 | | $14.04 | | $14.18 |
| |
| | | | | | | | | | | |
| 0.11 | | 0.20 | | 0.11 | | 0.09 | | 0.15 | | 0.43 |
| 1.25 | | 0.213 | | (0.47) | | 2.08 | | (0.10) | | 0.49 |
| 1.36 | | 0.41 | | (0.36) | | 2.17 | | 0.05 | | 0.92 |
| |
| | | | | | | | | | | |
| (0.16) | | (0.20) | | (0.14) | | (0.15) | | (0.17) | | (0.24) |
| (0.30) | | (0.76) | | (0.83) | | — | | (0.19) | | (0.82) |
| (0.46) | | (0.96) | | (0.97) | | (0.15) | | (0.36) | | (1.06) |
| |
| $14.77 | | $13.87 | | $14.42 | | $15.75 | | $13.73 | | $14.04 |
| |
| 9.91%5 | | 3.21% | | (2.53%)5 | | 15.84%5 | | 0.47%5 | | 7.46%6 |
| |
| | | | | | | | | | | |
| $14,352 | | $16,304 | | $21,168 | | $31,157 | | $52,258 | | $95,672 |
| 1.79% | | 1.80% | | 2.01%8 | | 1.83% | | 1.84% | | 1.84% |
| 1.84% | | 1.80% | | 2.05%8 | | 1.86% | | 1.87% | | 1.84% |
| 1.48% | | 1.47% | | 0.76%8 | | 0.62% | | 1.16% | | 3.17% |
| 1.43% | | 1.47% | | 0.72%8 | | 0.59% | | 1.13% | | 3.17% |
| 32% | | 51% | | 65% | | 89% | | 68% | | 91% |
Financial highlights
Delaware Wealth Builder Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
| |
| |
Net asset value, beginning of period
|
| |
| Income (loss) from investment operations: |
Net investment income2
|
Net realized and unrealized gain (loss)
|
Total from investment operations
|
| |
| Less dividends and distributions from: |
Net investment income
|
Net realized gain
|
Total dividends and distributions
|
| |
Net asset value, end of period
|
| |
Total return4
|
| |
| Ratios and supplemental data: |
Net assets, end of period (000 omitted)
|
Ratio of expenses to average net assets7
|
Ratio of expenses to average net assets prior to fees waived7
|
Ratio of net investment income to average net assets
|
Ratio of net investment income to average net assets prior to fees waived
|
Portfolio turnover
|
| 1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| 2 | Calculated using average shares outstanding. |
| 3 | Amount includes a non-recurring payment for litigation proceeds, which represents a class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.07%. |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| 6 | General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.11% lower. |
| 7 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| 8 | Includes tax expense ratio of 0.18% for the year ended November 30, 2022. |
See accompanying notes, which are an integral part of the financial statements.
Six months ended
5/31/241
(Unaudited) | | Year ended |
| 11/30/23 | | 11/30/22 | | 11/30/21 | | 11/30/20 | | 11/30/19 |
| $13.84 | | $14.39 | | $15.71 | | $13.71 | | $14.02 | | $14.16 |
| |
| | | | | | | | | | | |
| 0.14 | | 0.27 | | 0.18 | | 0.17 | | 0.21 | | 0.49 |
| 1.25 | | 0.213 | | (0.46) | | 2.06 | | (0.09) | | 0.50 |
| 1.39 | | 0.48 | | (0.28) | | 2.23 | | 0.12 | | 0.99 |
| |
| | | | | | | | | | | |
| (0.18) | | (0.27) | | (0.21) | | (0.23) | | (0.24) | | (0.31) |
| (0.30) | | (0.76) | | (0.83) | | — | | (0.19) | | (0.82) |
| (0.48) | | (1.03) | | (1.04) | | (0.23) | | (0.43) | | (1.13) |
| |
| $14.75 | | $13.84 | | $14.39 | | $15.71 | | $13.71 | | $14.02 |
| |
| 10.21%5 | | 3.78% | | (1.98%)5 | | 16.32%5 | | 0.99%5 | | 8.02%6 |
| |
| | | | | | | | | | | |
| $1,482 | | $1,826 | | $1,028 | | $1,203 | | $1,069 | | $1,288 |
| 1.29% | | 1.30% | | 1.51%8 | | 1.33% | | 1.34% | | 1.34% |
| 1.34% | | 1.30% | | 1.55%8 | | 1.36% | | 1.37% | | 1.34% |
| 1.98% | | 1.97% | | 1.26%8 | | 1.12% | | 1.66% | | 3.66% |
| 1.93% | | 1.97% | | 1.22%8 | | 1.09% | | 1.63% | | 3.66% |
| 32% | | 51% | | 65% | | 89% | | 68% | | 91% |
Financial highlights
Delaware Wealth Builder Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
| |
| |
Net asset value, beginning of period
|
| |
| Income (loss) from investment operations: |
Net investment income2
|
Net realized and unrealized gain (loss)
|
Total from investment operations
|
| |
| Less dividends and distributions from: |
Net investment income
|
Net realized gain
|
Total dividends and distributions
|
| |
Net asset value, end of period
|
| |
Total return4
|
| |
| Ratios and supplemental data: |
Net assets, end of period (000 omitted)
|
Ratio of expenses to average net assets7
|
Ratio of expenses to average net assets prior to fees waived7
|
Ratio of net investment income to average net assets
|
Ratio of net investment income to average net assets prior to fees waived
|
Portfolio turnover
|
| 1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| 2 | Calculated using average shares outstanding. |
| 3 | Amount includes a non-recurring payment for litigation proceeds, which represents a class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.07%. |
| 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 presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
| 6 | General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.11% lower. |
| 7 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| 8 | Includes tax expense ratio of 0.18% for the year ended November 30, 2022. |
See accompanying notes, which are an integral part of the financial statements.
Six months ended
5/31/241
(Unaudited) | | Year ended |
| 11/30/23 | | 11/30/22 | | 11/30/21 | | 11/30/20 | | 11/30/19 |
| $13.83 | | $14.38 | | $15.70 | | $13.70 | | $14.01 | | $14.15 |
| |
| | | | | | | | | | | |
| 0.18 | | 0.34 | | 0.25 | | 0.25 | | 0.28 | | 0.56 |
| 1.24 | | 0.213 | | (0.45) | | 2.05 | | (0.10) | | 0.50 |
| 1.42 | | 0.55 | | (0.20) | | 2.30 | | 0.18 | | 1.06 |
| |
| | | | | | | | | | | |
| (0.22) | | (0.34) | | (0.29) | | (0.30) | | (0.30) | | (0.38) |
| (0.30) | | (0.76) | | (0.83) | | — | | (0.19) | | (0.82) |
| (0.52) | | (1.10) | | (1.12) | | (0.30) | | (0.49) | | (1.20) |
| |
| $14.73 | | $13.83 | | $14.38 | | $15.70 | | $13.70 | | $14.01 |
| |
| 10.45%5 | | 4.28% | | (1.47%)5 | | 16.93%5 | | 1.50%5 | | 8.59%6 |
| |
| | | | | | | | | | | |
| $124,824 | | $120,628 | | $108,827 | | $116,626 | | $116,589 | | $155,525 |
| 0.79% | | 0.80% | | 1.01%8 | | 0.83% | | 0.84% | | 0.84% |
| 0.84% | | 0.80% | | 1.05%8 | | 0.86% | | 0.87% | | 0.84% |
| 2.48% | | 2.47% | | 1.76%8 | | 1.62% | | 2.16% | | 4.16% |
| 2.43% | | 2.47% | | 1.72%8 | | 1.59% | | 2.13% | | 4.16% |
| 32% | | 51% | | 65% | | 89% | | 68% | | 91% |
Financial highlights
Delaware Wealth Builder Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
| | Six months ended
5/31/242
(Unaudited) | | 2/28/231
to
11/30/23 |
| | | |
Net asset value, beginning of period
| $13.83 | | $13.35 |
| |
| Income from investment operations: | | | |
Net investment income3
| 0.18 | | 0.45 |
Net realized and unrealized gain
| 1.25 | | 0.274 |
Total from investment operations
| 1.43 | | 0.72 |
| |
| Less dividends and distributions from: | | | |
Net investment income
| (0.23) | | (0.24) |
Net realized gain
| (0.30) | | — |
Total dividends and distributions
| (0.53) | | (0.24) |
| |
Net asset value, end of period
| $14.73 | | $13.83 |
| |
Total return5
| 10.51% | | 5.49% |
| |
| Ratios and supplemental data: | | | |
Net assets, end of period (000 omitted)
| $2,195 | | $2,109 |
Ratio of expenses to average net assets6
| 0.72% | | 0.72% |
Ratio of expenses to average net assets prior to fees waived6
| 0.77% | | 0.75% |
Ratio of net investment income to average net assets
| 2.55% | | 3.36% |
Ratio of net investment income to average net assets prior to fees waived
| 2.50% | | 3.33% |
Portfolio turnover
| 32% | | 51%7 |
| 1 | Date of commencement of operations; ratios have been annualized and total return has not been annualized. |
| 2 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| 3 | Calculated using average shares outstanding. |
| 4 | Amount includes a non-recurring payment for litigation proceeds, which represents a class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.07%. |
| 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 presented 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 | Portfolio turnover is representative of the Fund for the period ended November 30, 2023. |
See accompanying notes, which are an integral part of the financial statements.
Notes to financial statements
| Delaware Wealth Builder Fund | May 31, 2024 (Unaudited) |
Delaware Group® Equity Funds V (Trust) is organized as a Delaware statutory trust and offers three series: Delaware Small Cap Core Fund, Delaware Small Cap Value Fund, and Delaware Wealth Builder Fund. These financial statements and the related notes pertain to Delaware Wealth Builder Fund (Fund). The Trust is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offers Class A, Class C, Class R, Institutional Class, and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.75%. There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, 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
The Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Fund.
Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Fixed income securities and credit default swap (CDS) contracts are generally priced based upon valuations provided by an independent pricing service or broker/counterparty in accordance with methodologies included within Delaware Management Company (DMC)'s Pricing Policy (the Policy). Fixed income security valuations and CDS contracts are then reviewed by DMC as part of its duties as the Fund’s valuation designee (Valuation Designee) and, to the extent required by the Policy and applicable regulation, fair valued consistent with the Policy. 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 the ask prices, which approximates fair value.
Notes to financial statements
Delaware Wealth Builder Fund
1. Significant Accounting Policies (continued)
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. An adjustment factor may be applied to the daily vendor provided price for certain security/instrument types to arrive at a fair value for the applicable positions. The adjustment factor is determined by comparing the prices of trades with vendor prices over a time period deemed reasonable by DMC, calculating the weighted average differences, and using that difference to adjust vendor prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Forward foreign currency exchange contracts are valued at the mean between the bid and the 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. Futures contracts are valued at the daily quoted settlement prices. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated DMC as the Valuation Designee for each fund to perform the fair value determination relating to all applicable Fund investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board’s oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. The Fund may use fair value pricing relatively frequently for securities traded primarily in non-US markets. If a foreign (non-US) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the close of the NYSE, the security may be valued at fair value. With respect to foreign (non-US) equity securities, the Fund may determine the fair value of investments based on information provided by pricing vendors, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.
Federal and Foreign Income Taxes — No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken or expected to be taken on the Fund’s federal income tax returns through the six months ended May 31, 2024, and for all open tax years (years ended November 30, 2020–
November 30, 2023), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. In regard to foreign taxes only, the Fund has open tax years in certain foreign countries in which it invests that may date back to the inception of the Fund. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended May 31, 2024, the Fund did not incur any interest or tax penalties.
Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. 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.
Underlying Funds — The Fund may invest in other investment companies (Underlying Funds) to the extent permitted by the 1940 Act. The Underlying Funds in which the Fund may invest include ETFs. The Fund will indirectly bear the investment management fees and other expenses of the Underlying Funds.
To Be Announced Trades (TBA) — The 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
Notes to financial statements
Delaware Wealth Builder Fund
1. Significant Accounting Policies (continued)
transaction are reported in operations for the current period. The Fund generally bifurcates 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 realized gains (losses), attributable to changes in foreign exchange rates, is included on the “Statement of operations” under “Net realized gain (loss) on foreign currencies.” For foreign equity securities, the realized gains and losses are included on the “Statement of operations” under “Net realized gain (loss) on investments.” The Fund reports certain foreign currency related transactions as components of 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 Fund 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 Fund intends to use either 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.
Segregation and Collateralization — In certain cases, based on requirements and agreements with certain exchanges and third-party broker-dealers, the Fund may deliver or receive collateral in connection with certain investments (e.g., futures contracts, forward 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. Cash collateral that has been pledged/received to cover obligations of the Fund under derivative contracts, if any, will be reported separately on the “Statement of assets and liabilities” as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the “Schedule 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 the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Funds by Macquarie® (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees
and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Income and capital gain distributions from any Underlying Funds in which the 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. 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 paid. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, which are estimated, subject to reclassification upon notice of the character of such distributions by the issuer. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. The Fund declares and pays dividends from net investment income monthly and distributions from net realized gain on investments, if any, at least annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the 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 investment management agreement, the 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 at the rates of 0.65% on the first
Notes to financial statements
Delaware Wealth Builder Fund
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
$500 million of average daily net assets of the Fund, 0.60% on the next $500 million, 0.55% on the next $1.5 billion, and 0.50% on average daily net assets in excess of $2.5 billion.
DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or
pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding 0.79% of the Fund's Class A, Class C, Class R, and Institutional Class shares' average daily net assets and 0.73% of the Fund's Class R6 shares' average daily net assets from December 1, 2023 (except as noted) through March 31, 2025. Prior to April 1, 2024, DMC contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses to 0.72% of the Fund's Class R6 shares' average daily net assets. These waivers and reimbursements may only be terminated by agreement of DMC and the Fund. The waivers and reimbursements are accrued daily and received monthly.
After consideration of class specific expenses, including 12b-1 fees, the class level operating expense limitation as a percentage of average daily net assets from December 1, 2023 (except as noted) through March 31, 2025, unless terminated by agreement of DMC and the Fund, is as follows:
| | Operating expense limitation as a percentage of average daily net assets |
| | Class A | | Class C | | Class R | | Institutional Class | | Class R6 |
| | 1.04% | | 1.79% | | 1.29% | | 0.79% | | 0.73%* |
| * | Effective April 1, 2024. Prior to April 1, 2024, the expense limitation for Class R6 shares was 0.72%. |
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 (MIMGL) (together, the Affiliated Sub-Advisors). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager 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. DMC may also seek quantitative support from MIMGL. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, may pay each Affiliated Sub-Advisor a portion of its investment management fee.
Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of
all funds within the Delaware Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended May 31, 2024, the Fund paid $21,822 for these services.
DIFSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended May 31, 2024, the Fund paid $28,932 for these services. 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 the Fund. Sub-transfer agency fees are paid by the Fund and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices on a monthly or quarterly basis.
Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25%, 1.00%, and 0.50% of the average daily net assets of the Class A, Class C, and Class R shares, respectively. The fees are calculated daily and paid monthly. Institutional Class and Class R6 shares do not pay 12b-1 fees.
As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Fund. For the six months ended May 31, 2024, the Fund paid $14,734 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”
For the six months ended May 31, 2024, DDLP earned $20,477 for commissions on sales of the Fund’s Class A shares. For the six months ended May 31, 2024, DDLP received gross CDSC commissions of $147 and $199 on redemptions of the Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.
Trustees’ fees include expenses accrued by the Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Fund.
Notes to financial statements
Delaware Wealth Builder Fund
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
In addition to the management fees and other expenses of the Fund, the Fund indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by the Fund will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.
A summary of the transactions in affiliated companies during the six months ended
May 31, 2024 was as follows:
| | Value,
beginning
of period | | Gross
additions | | Gross
reductions(1) | | Net
realized
gain (loss)
on
affiliated
investments | | Net change in
unrealized
appreciation
(depreciation)
on affiliated
investments |
| Limited Liability Corporation—1.14% | | | | | | | | | |
| Sc Hixson =, π | $10,163,520 | | $— | | $(360,000) | | $— | | $288,720 |
| | Value,
end of
period | | Shares | | Dividend
Income | | Capital gain
distributions |
| Limited Liability Corporation—1.14% | | | | | | | |
| Sc Hixson =, π | $10,092,240 | | 7,200,000 | | $360,000 | | $— |
| (1) | The amount shown included return of capital. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3. |
| 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. |
3. Investments
For the six months ended May 31, 2024, the Fund made purchases and sales of investment securities other than short-term investments as follows:
| Purchases other than US government securities | $152,146,591 |
| Purchases of US government securities | 129,144,882 |
| Sales other than US government securities | 233,400,145 |
| Sales of US government securities | 116,519,337 |
At May 31, 2024, 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 May 31, 2024, the cost and unrealized appreciation (depreciation) of investments and derivatives for the Fund were as follows:
| Cost of investments and derivatives | $801,579,306 |
| Aggregate unrealized appreciation of investments and derivatives | $126,619,611 |
| Aggregate unrealized depreciation of investments and derivatives | (40,551,084) |
| Net unrealized appreciation of investments and derivatives | $86,068,527 |
US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:
Level 1 − Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2 − Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3 − Significant unobservable inputs, including the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)
Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
Notes to financial statements
Delaware Wealth Builder Fund
3. Investments (continued)
The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of May 31, 2024:
| | | Level 1 | | Level 2 | | Level 3 | Total | |
| Securities | | | | | | | | |
| Assets: | | | | | | | | |
| Agency Collateralized Mortgage Obligations | | $— | | $378,839 | | $14,512 | $393,351 | |
| Agency Commercial Mortgage-Backed Security | | — | | 80,476 | | — | 80,476 | |
| Agency Mortgage-Backed Securities | | — | | 52,737,800 | | — | 52,737,800 | |
| Collateralized Debt Obligations | | — | | 1,953,245 | | — | 1,953,245 | |
| Common Stocks | | | | | | | | |
| Communication Services | | 23,466,004 | | 1,489,678 | | — | 24,955,682 | |
| Consumer Discretionary | | 44,999,224 | | 8,033,841 | | — | 53,033,065 | |
| Consumer Staples | | 25,327,828 | | 16,769,734 | | — | 42,097,562 | |
| Energy | | 31,898,269 | | — | | — | 31,898,269 | |
| Financials | | 88,878,401 | | — | | —1,2 | 88,878,401 | |
| Healthcare | | 55,059,907 | | 4,730,390 | | —2 | 59,790,297 | |
| Industrials | | 35,387,075 | | 7,355,065 | | — | 42,742,140 | |
| Information Technology | | 143,860,061 | | 1,726,571 | | — | 145,586,632 | |
| Materials | | 7,752,699 | | 1,837,622 | | — | 9,590,321 | |
| Real Estate | | 4,370,601 | | — | | —2 | 4,370,601 | |
| REIT Diversified | | 1,224,203 | | — | | — | 1,224,203 | |
| REIT Healthcare | | 570,940 | | — | | — | 570,940 | |
| REIT Hotel | | 1,283,210 | | — | | — | 1,283,210 | |
| REIT Mall | | 853,388 | | — | | — | 853,388 | |
| REIT Manufactured Housing | | 412,839 | | — | | — | 412,839 | |
| REIT Multifamily | | 1,784,892 | | — | | — | 1,784,892 | |
| REIT Office | | 415,541 | | — | | — | 415,541 | |
| REIT Self-Storage | | 1,638,705 | | — | | — | 1,638,705 | |
| REIT Shopping Center | | 1,712,770 | | — | | — | 1,712,770 | |
| REIT Single Tenant | | 837,636 | | — | | — | 837,636 | |
| REIT Specialty | | 1,749,428 | | — | | — | 1,749,428 | |
| | | Level 1 | | Level 2 | | Level 3 | | Total | |
| Utilities | | $4,153,157 | | $— | | $— | | $4,153,157 | |
| Convertible Bonds | | — | | 29,858,123 | | — | | 29,858,123 | |
| Convertible Preferred Stock | | 6,561,845 | | — | | — | | 6,561,845 | |
| Corporate Bonds | | — | | 91,268,597 | | — | | 91,268,597 | |
| Exchange-Traded Funds | | 51,757,901 | | — | | — | | 51,757,901 | |
| Government Agency Obligations | | — | | 2,780,783 | | — | | 2,780,783 | |
| Leveraged Non-Recourse Security | | — | | — | | 130 | | 130 | |
| Limited Liability Corporation | | — | | — | | 10,092,240 | | 10,092,240 | |
| Municipal Bonds | | — | | 386,955 | | — | | 386,955 | |
| Non-Agency Asset-Backed Securities | | — | | 8,557,794 | | — | | 8,557,794 | |
| Non-Agency Collateralized Mortgage Obligations | | — | | 2,304,302 | | — | | 2,304,302 | |
| Non-Agency Commercial Mortgage-Backed Securities | | — | | 11,596,234 | | — | | 11,596,234 | |
| Preferred Stock | | — | | 1,706,952 | | — | | 1,706,952 | |
| Sovereign Bonds | | — | | 11,345,662 | | — | | 11,345,662 | |
| Supranational Banks | | — | | 580,280 | | — | | 580,280 | |
| US Treasury Obligations | | — | | 52,005,764 | | — | | 52,005,764 | |
| Short-Term Investments | | 32,208,192 | | — | | — | | 32,208,192 | |
| Total Value of Securities | | $568,164,716 | | $309,484,707 | | $10,106,882 | | $887,756,305 | |
| |
| Derivatives3 | | | | | | | | | |
| Assets: | | | | | | | | | |
| Forward Foreign Currency Exchange Contracts | | $— | | $987 | | $— | | $987 | |
| Futures Contracts | | 5,203 | | — | | — | | 5,203 | |
| Liabilities: | | | | | | | | | |
| Forward Foreign Currency Exchange Contracts | | $— | | $(29,620) | | $— | | $(29,620) | |
| Futures Contracts | | (20,176) | | — | | — | | (20,176) | |
| Over-The-Counter Credit Default Swap Contracts | | — | | (64,866) | | — | | (64,866) | |
| |
| 1The value represents valuations of Russian securities for which management has determined include significant unobservable inputs as of May 31, 2024. |
| 2The security that has been valued at zero on the “Schedule of investments” is considered to be a Level 3 investment in this table. |
| 3Forward foreign currency exchange contracts, futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end. |
Notes to financial statements
Delaware Wealth Builder Fund
3. Investments (continued)
As a result of utilizing international fair value pricing at May 31, 2024, a portion of the common stock in the portfolio was categorized as Level 2.
During the six months ended May 31, 2024, there were no transfers into or out of Level 3 investments. The Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for the Fund:
| | Common
Stocks | | Limited
Liability
Corporation | | Leveraged
Non-Recourse
Security | | Agency
Collateralized
Mortgage
Obligations | | Total |
| Balance as of 11/30/23 | $—1 | | $10,163,520 | | $1,300 | | $— | | $10,164,820 |
| Transfer in | — | | — | | — | | 14,512 | | 14,512 |
| Sales | (4,068) | | — | | — | | — | | (4,068) |
| Net realized gain (loss) | (136,632) | | — | | — | | — | | (136,632) |
| Return of capital | — | | (360,000) | | — | | — | | (360,000) |
Net change
in unrealized
appreciation (depreciation) | 140,700 | | 288,720 | | (1,170) | | — | | 428,250 |
| Balance as of 5/31/24 | $—1 | | $10,092,240 | | $130 | | $14,512 | | $10,106,882 |
Net change
in unrealized appreciation (depreciation)
from Level 3 investments still held as of 5/31/24 | $140,700 | | $288,720 | | $(1,170) | | $— | | $428,250 |
1The security has been valued at zero on the “Schedule of investments.”
When market quotations are not readily available for one or more portfolio securities, the Fund’s NAV shall be calculated by using the “fair value” of the securities as determined by the Pricing Committee. Such “fair value” is the amount that the Fund might reasonably expect to receive for
the security (or asset) upon its current sale. Each such determination should be based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: (i) the type of security, (ii) the size of the holding, (iii) the initial cost of the security, (iv) the existence of any contractual restrictions of the security’s disposition, (v) the price and extent of public trading in similar securities of the issuer or of comparable companies, (vi) quotations or evaluated prices from broker/dealers and/or pricing services, (vii) information obtained from the issuer, analysts, and/or appropriate stock exchange (for exchange-traded securities), (viii) an analysis of the company’s financial statements, and (ix) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
The Pricing Committee, or its delegate, employs various methods for calibrating these valuation approaches, including due diligence of the Fund’s pricing vendors and periodic back-testing of the prices that are fair valued under these procedures and reviews of any market related activity. The pricing of all securities fair valued by the Pricing Committee is subsequently reported to and approved by the Board on a quarterly basis.
A significant change to the inputs may result in a significant change to the valuation. Quantitative information about Level 3 fair value measurements for the Fund is as follows:
| Assets | | Value | | Valuation
Techniques | | Unobservable
Inputs | | Input
Value |
Limited
Liability
Corporation | | $10,092,240 | | Market cap rate method
(using trailing 12 month NOI
adjusted for assets and liabilities) | | Liquidity discount
cap rate | | 5.00%
6.95% |
Agency Collateralized
Mortgage Obligations | | 14,512 | | Option adjusted spread (OAS) model | | Discount rate | | 8.58% |
Level 3 securities with a total value of $130 have been valued using third party pricing information without adjustment and are excluded from the table above.
Notes to financial statements
Delaware Wealth Builder Fund
4. Capital Shares
Transactions in capital shares were as follows:
| | Six months
ended | | Year ended |
| | 5/31/24 | | 11/30/23 |
| Shares sold: |
| Class A | 1,402,053 | | 1,514,024 |
| Class C | 109,698 | | 97,010 |
| Class R | 8,406 | | 18,425 |
| Institutional Class | 458,359 | | 1,125,229 |
| Class R6 | 131 | | 152,909 |
|
| Shares from reorganization:1 |
| Class A | — | | 39,183,567 |
| Class C | — | | 314,783 |
| Class R | — | | 53,145 |
| Institutional Class | — | | 1,853,886 |
| Class R6 | — | | 1,628 |
|
| Shares issued upon reinvestment of dividends and distributions: |
| Class A | 1,771,068 | | 1,756,099 |
| Class C | 37,774 | | 102,163 |
| Class R | 4,461 | | 6,434 |
| Institutional Class | 298,391 | | 611,273 |
| Class R6 | 5,606 | | 1,696 |
| | 4,095,947 | | 46,792,271 |
|
| Shares redeemed: |
| Class A | (4,654,790) | | (6,696,220) |
| Class C | (351,320) | | (805,903) |
| Class R | (44,349) | | (17,449) |
| Institutional Class | (1,007,397) | | (2,434,735) |
| Class R6 | (9,244) | | (3,698) |
| | (6,067,100) | | (9,958,005) |
| Net increase (decrease) | (1,971,153) | | 36,834,266 |
Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included in shares sold and shares redeemed in the table on the previous page and on the “Statements of changes in net assets.” For the six months ended May 31, 2024 and the year ended November 30, 2023, the Fund had the following exchange transactions:
| | | Exchange Redemptions | | Exchange Subscriptions | | |
| | | Class A
Shares | | Class C
Shares | | Institutional
Class
Shares | | Class A
Shares | | Institutional
Class
Shares | | Class R6
Shares | Value | |
| Six months ended | |
| 5/31/24 | | 23,309 | | 21,553 | | — | | 21,605 | | 23,308 | | — | $639,322 | |
| Year ended | |
| 11/30/23 | | 171,811 | | 54,837 | | 130,499 | | 67,820 | | 171,852 | | 125,738 | 4,868,904 | |
5. Reorganization
On November 10, 2022, the Board approved a proposal to reorganize Delaware Strategic Allocation Fund (the “Acquired Fund I”), a series of Delaware Group® Foundation Funds, and Delaware Total Return Fund (the “Acquired Fund II”), a series of Delaware Group Equity Funds IV (and together with Acquired Fund I, the “Acquired Funds”), with and into Delaware Wealth Builder Fund (the “Acquiring Fund”), a series of the Trust (the “Reorganizations”). Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property, assets, and goodwill of Acquired Funds were acquired by the Acquiring Fund, and (ii) the Trust, on behalf of Acquiring Fund, assumed the liabilities of Acquired Funds, in exchange for shares of Acquiring Fund. In accordance with the Plan, the Acquired Funds liquidated and dissolved following the Reorganizations. In approving the Reorganizations, the Board considered various factors, including that the Acquiring Fund and the Acquired Funds share similar investment objectives, principal investment strategies and principal risks, and materially identical fundamental investment restrictions and that the Acquiring Fund's overall total expense ratio is expected to be equal to or lower than the corresponding Acquired Funds' 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 Acquired Fund I reorganization and April 28, 2023 for Acquired Fund II reorganization. For financial reporting purposes, assets received and shares issued by the Acquiring Funds were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Notes to financial statements
Delaware Wealth Builder Fund
5. Reorganization (continued)
The share transactions associated with the March 10, 2023 Acquired Fund I Reorganizations are as follows:
| | Acquired
Fund I
Net Assets | | Acquired
Fund I Shares
Outstanding | | Shares
Converted
to Acquiring
Fund | | Acquiring
Fund
Net Assets | | Conversion
Ratio |
| | Delaware Strategic Allocation Fund | | Delaware Wealth Builder Fund | |
| Class A | $146,093,404 | | 16,492,544 | | 11,190,719 | | $217,450,659 | | 0.6785 |
| Class C | 4,120,753 | | 465,638 | | 314,783 | | 17,542,300 | | 0.6760 |
| Class R | 694,137 | | 78,828 | | 53,145 | | 1,005,249 | | 0.6742 |
| Institutional Class | 21,988,717 | | 2,479,809 | | 1,684,946 | | 104,009,271 | | 0.6795 |
The net assets of the Acquired Fund I before the Reorganizations were $172,897,011. The net assets of the Acquiring Fund immediately following the Reorganizations were $512,915,719.
The share transactions associated with the April 28, 2023 Acquired Fund II Reorganizations are as follows:
| | Acquired
Fund II
Net Assets | | Acquired
Fund II Shares
Outstanding | | Shares
Converted
to Acquiring
Fund | | Acquiring
Fund
Net Assets | | Conversion
Ratio |
| | Delaware Total Return Fund | | Delaware Wealth Builder Fund | |
| Class A | $378,512,807 | | 26,887,085 | | 27,992,848 | | $373,001,835 | | 1.0411 |
| Institutional Class | 2,284,077 | | 161,406 | | 168,940 | | 126,439,202 | | 1.0467 |
| Class R6 | 22,008 | | 1,550 | | 1,628 | | 1,307,393 | | 1.0503 |
The net assets of the Acquired Fund II before the Reorganizations were $380,818,892. The net assets of the Acquiring Fund immediately following the Reorganizations were $904,448,376.
Assuming the Reorganizations had been completed on December 1, 2022, the Acquiring Fund's pro forma results of operations for the year ended November 30, 2023, would have been as follows:
| Net investment income | $23,506,200 |
| Net realized gain on investments | 32,965,766 |
| Net change in unrealized appreciation (depreciation) | 3,881,681 |
| Net increase in net assets resulting from operations | $60,353,647 |
6. Line of Credit
The Fund, along with certain other funds in the Delaware Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 28, 2024.
The Fund had no amounts outstanding as of May 31, 2024, 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.
Forward Foreign Currency Exchange Contracts — The Fund may enter into forward foreign currency exchange contracts as a way of managing foreign exchange rate risk. The 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. The 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, the 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 forward foreign 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 forward foreign 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, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The 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 the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Open forward foreign currency exchange contracts, if any, are disclosed on the “Schedule of investments.”
Notes to financial statements
Delaware Wealth Builder Fund
7. Derivatives (continued)
During the six months ended May 31, 2024, the Fund entered into forward foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to decrease exposure to foreign currencies.
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 Fund may use futures contracts in the normal course of pursuing its investment objective. The Fund 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 Fund deposits cash or pledges 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 Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. 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 Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At May 31, 2024, the Fund posted $362,274 cash collateral as margin for open futures contracts, which is included in “Cash collateral due from brokers” on the “Statement of assets and liabilities.” Open futures contracts, if any, are disclosed on the “Schedule of investments.”
During the six months ended May 31, 2024, the Fund entered into futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.
Swap Contracts — The Fund may enter into CDS contracts in the normal course of pursuing its investment objective. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets. The Fund will not be permitted to enter into any swap transactions unless, at the time of entering into such transactions, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by Standard & Poor’s Financial Services LLC (S&P) or Baa3 by Moody’s Investors Service, Inc. (Moody's) or is determined to be of equivalent credit quality by DMC.
Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or
basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.
During the six months ended May 31, 2024, the Fund entered into CDS contracts as a purchaser of protection, as a hedge against credit events. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty. During the six months ended May 31, 2024, the Fund did not enter into any CDS contracts as a seller of protection.
CDS contracts may involve greater risks than if the Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.
During the six months ended May 31, 2024, the Fund entered into CDS contracts to hedge against credit events, and to gain exposure to certain securities or markets.
Fair values of derivative instruments as of May 31, 2024 were as follows:
| | | Asset Derivatives Fair Value |
Statement of Assets and
Liabilities Location | | Currency
Contracts | | Interest
Rate
Contracts | | Total |
| Unrealized appreciation on forward foreign currency exchange contracts | | $987 | | $— | | $987 |
| Variation margin due from broker on futures contracts* | | — | | 5,203 | | 5,203 |
| Total | | $987 | | $5,203 | | $6,190 |
Notes to financial statements
Delaware Wealth Builder Fund
7. Derivatives (continued)
| | | Liability Derivatives Fair Value |
Statement of Assets and
Liabilities Location | | Currency
Contracts | | Interest
Rate
Contracts | | Credit
Contracts | | Total |
| Unrealized depreciation on forward foreign currency exchange contracts | | $(29,620) | | $— | | $— | | $(29,620) |
| Variation margin due from broker on futures contracts* | | — | | (20,176) | | — | | (20,176) |
| Unrealized depreciation on over-the-counter credit default swap contracts | | — | | — | | (64,866) | | (64,866) |
| Total | | $(29,620) | | $(20,176) | | $(64,866) | | $(114,662) |
*Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through May 31, 2024. Only current day variation margin is reported on the Fund’s “Statement of assets and liabilities.”
The effect of derivative instruments on the “Statement of operations” for the six months ended May 31, 2024 was as follows:
| | Net Realized Gain (Loss) on: |
| | Forward
Foreign
Currency
Exchange
Contracts | | Futures
Contracts | | Swap
Contracts | | Total |
| Currency contracts | $63,188 | | $— | | $— | | $63,188 |
| Interest rate contracts | — | | (309,545) | | — | | (309,545) |
| Credit contracts | — | | — | | (37,396) | | (37,396) |
| Total | $63,188 | | $(309,545) | | $(37,396) | | $(283,753) |
| | Net Change in Unrealized Appreciation (Depreciation) on: |
| | Forward
Foreign
Currency
Exchange
Contracts | | Futures
Contracts | | Swap
Contracts | | Total |
| Currency contracts | $(39,064) | | $— | | $— | | $(39,064) |
| Interest rate contracts | — | | (158,062) | | — | | (158,062) |
| Credit contracts | — | | — | | (21,309) | | (21,309) |
| Total | $(39,064) | | $(158,062) | | $(21,309) | | $(218,435) |
The table below summarizes the average daily balance of derivative holdings by the Fund during the six months ended May 31, 2024:
| | Long Derivative
Volume | | Short Derivative
Volume |
| Forward foreign currency exchange contracts (average contract amount) | $ | 852,888 | | $ | 2,376,767 |
| Futures contracts (average notional amount) | | 25,390,078 | | | 830,315 |
| CDS contracts (average notional amount)* | | 5,380,544 | | | — |
| *Long represents buying protection and short represents selling protection. |
8. Offsetting
The Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define its contractual rights and to secure rights that will help the Fund mitigates its counterparty risk. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain over-the-counter 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, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statement of assets and liabilities.”
At May 31, 2024, the Fund had the following assets and liabilities subject to offsetting provisions:
Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities
| Counterparty | | Gross Value of
Derivative Asset | | Gross Value of
Derivative Liability | | Net Position |
| JPMorgan Chase Bank | | $987 | | $(94,486) | | $(93,499) |
| 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 | | $(93,499) | | $— | | $— | | $— | | $— | | $(93,499) |
(a)Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.
Notes to financial statements
Delaware Wealth Builder Fund
9. Securities Lending
The Fund, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.
Cash collateral received by the Fund is generally invested in an individual separate account. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. The Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.
In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to
security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent, and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.
The Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Fund’s cash collateral account may be less than the amount the Fund would be required to return to the borrowers of the securities and the Fund would be required to make up for this shortfall.
At May 31, 2024, the Fund had no securities out on loan.
10. Credit and Market Risks
The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen.
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 Fund’s performance.
Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests will cause the NAV of the Fund to fluctuate.
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.
Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.
The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the US. Consequently, acquisition and
Notes to financial statements
Delaware Wealth Builder Fund
10. Credit and Market Risks (continued)
disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.
The Fund invests a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by S&P and 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.
The 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 the Fund’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.
The Fund invests in REITs and is subject to the risks associated with that industry. If the 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 May 31, 2024. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations. The Fund also invests 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 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 Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of the security.
The Fund may invest in mortgage-backed and asset-backed securities. Mortgage-backed and asset-backed securities, like other fixed income securities, are subject to credit risk and interest rate risk, and may also be subject to prepayment risk and extension risk. Mortgage-backed and asset-backed securities can be highly sensitive to interest rate changes. As a result, small movements in interest rates can substantially impact the value and liquidity of these securities. Prepayment risk is the risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value of the securities and may cause the Fund to reinvest the proceeds in lower yielding securities. Extension risk is the risk that principal on mortgage-backed or asset-backed securities will be repaid more slowly than expected, which may reduce the proceeds available for reinvestment in higher yielding securities and may cause the security to experience greater volatility due to the extended maturity of the security. When interest rates rise, the value of mortgage-backed and asset-backed securities can be expected to decline. When interest rates go down, however, the value of these securities may not increase as much as other fixed income securities due to borrowers refinancing their loans at lower interest rates or prepaying their loans. In addition, mortgage-backed and asset-backed securities may decline in value, become more volatile, face difficulties in valuation, or experience reduced liquidity due to changes in general economic conditions. During periods of economic downturn, for example, underlying borrowers may not make timely payments on their loans and the value of property that secures the loans may decline in value such that it is worth less than the amount of the associated loans. If the collateral securing a mortgage-backed or asset-backed security is insufficient to repay the loan, the Fund could sustain a loss. Such risks generally will be heightened where a mortgage-backed or asset-backed security includes “subprime” loans. Although mortgage-backed securities are often supported by government guarantees or private insurance, there can be no guarantee that those obligations will be met. Furthermore, in certain economic conditions, loan servicers, loan originators and other participants in the market for mortgage-backed and other asset-backed securities may be unable to receive sufficient funding, impairing their ability to perform their obligations on the loans. Certain mortgage-backed or asset-backed securities may be more susceptible to these risks than other mortgage-backed, asset-backed, or fixed-income securities. For example, the Fund’s investments in CMOs, real estate mortgage investment conduits (REMICs), and stripped mortgage-backed securities are generally highly susceptible to interest rate risk, prepayment risk, and extension risk. At times, these investments may be difficult to value and/or illiquid. Some classes of CMOs and REMICs may have preference in receiving principal or interest payments relative to more junior classes. The market prices and yields of these junior classes will generally be more volatile than more senior classes and will be more susceptible to interest rate risk, prepayment risk, and extension risk than more senior classes. Stripped mortgage-backed securities that receive only payments of interest (IOs) will generally decrease in value if interest rates decline or prepayment rates increase. Stripped mortgage-backed securities that receive only payments of principal (POs) will
Notes to financial statements
Delaware Wealth Builder Fund
10. Credit and Market Risks (continued)
generally decrease in value if interest rates increase or prepayment rates decrease. These changes in value can be substantial and could cause the Fund to lose the entire value of its investment in CMOs, REMICs, and stripped mortgage-backed securities.
The Fund invests in bank loans and other securities that may subject it to direct indebtedness risk, the risk that the Fund will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer the Fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Fund may involve revolving credit facilities or other standby financing commitments that obligate the Fund to pay additional cash on a certain date or on demand. These commitments may require the 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 the 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.
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. There were no unfunded loan commitments at the six months ended May 31, 2024.
Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss, which may exceed amounts disclosed on the “Statement of assets and liabilities”, if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a Fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).
The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities
which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 15% limit on investments in illiquid securities. Rule 144A and restricted securities have been identified on the “Schedule of investments.”
11. Contractual Obligations
The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of loss to be remote.
12. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to May 31, 2024, that would require recognition or disclosure in the Fund's financial statements.
Other Fund information (Unaudited)
Delaware Wealth Builder Fund
Form N-PORT and proxy voting information
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Fund’s most recent Form N-PORT are available without charge on the Fund’s website at delawarefunds.com/literature.
Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.
We are committed to protecting the privacy of our potential, current, and former customers. To provide the products and services you request, we must collect personal information about you. We do not sell your personal information to third parties. We collect your personal information and share it with third parties as necessary to provide you with the products or services you request and to administer your business with us. This notice describes our current privacy practices. While your relationship with us continues, we will update and send our privacy practices notice as required by law. We are committed to continuing to protect your personal information even after that relationship ends. You do not need to take any action because of this notice.
Information we may collect
and use
We collect personal information about you to help us identify you as our potential, current, or former customer; to process your requests and transactions; to offer investment services to you; or to tell you about our products or services we believe you may want to use. The type of personal information we collect depends on the products or services you request and may include the following:
• Information from you: When you submit your application or other forms or request information on our products (online or otherwise), you give us information such as your name, address, Social Security number, your financial account information, and your financial history.
• Information about your transactions: We keep information about your transactions with us, such as the products you buy from us; the amount you paid for those products; your investment activity; and your account balances.
• Information from your employer: In connection with administering your retirement plan, we may obtain information about you from your employer.
• Information received from third parties: In order to verify your identity or to prevent fraud, we may obtain information about you from third parties.
How we use your personal information
We do not disclose nonpublic personal information about our potential, current, and former customers unless allowed or required by law. We may share your personal information within our companies and with certain service providers. They use this information to process transactions you have requested; provide customer service; and inform you of products or services we offer that you may find useful. Our service providers may or may not be affiliated with us. They include financial service providers (for example, third-party administrators; broker/dealers; and other financial services companies with whom we have joint marketing agreements). Our service providers also include nonfinancial companies and individuals (for example, consultants; information services vendors; and companies that perform mailing or marketing services on our behalf). Information obtained from a report prepared by a service provider may be kept by the service provider and shared with other persons; however, we require our service providers to protect your personal information and to use or disclose it only for the work they are performing for us, or as permitted by law.
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We also may provide information to regulatory authorities, law enforcement officials, and others to prevent fraud or when we believe in good faith that the law requires disclosure. In the event of a sale of all or part of our businesses, we may share customer information as part of the sale. We do not sell or share your information with outside marketers who may want to offer you their own products and services.
Security of information
Keeping your information safe is one of our most important responsibilities. We maintain physical, electronic, and procedural safeguards to protect your information. Our employees are authorized to access your information only when they need it to provide you with products and services or to maintain your accounts. Employees who have access to your personal information are required to keep it strictly confidential. We provide training to our employees about the importance of protecting the privacy of your information.
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and
multi-asset solutions.
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.
This privacy practices notice is being provided on behalf of the following:
Macquarie Management Holdings, Inc. and each of its affiliates, such as direct or indirect subsidiaries, and any fund or product sponsored by or otherwise affiliated with Macquarie
Central Park Group (CPG) Funds
Delaware Funds by Macquarie®
Macquarie ETF Trust
Macquarie Investment Management Austria Kapitalanlage AG
Macquarie Investment Management Europe Limited
Macquarie Investment Management Europe S.A.
Macquarie Investment Management Global Limited
Optimum Fund Trust
Revised May 2024
ii
This page is not part of the semiannual report.
Delaware Funds by Macquarie®
Equity funds
US equity funds
• Delaware Growth and Income Fund
• Delaware Ivy Core Equity Fund
• Delaware Ivy Large Cap Growth Fund
• Delaware Ivy Mid Cap Growth Fund
• Delaware Ivy Mid Cap Income Opportunities Fund
• Delaware Ivy Small Cap Growth Fund
• Delaware Ivy Smid Cap Core Fund
• Delaware Ivy Value Fund
• Delaware Opportunity Fund
• Delaware Small Cap Core Fund*
• Delaware Small Cap Value Fund
• Delaware Value® Fund
Global / international equity funds
• Delaware Emerging Markets Fund
• Delaware Global Equity Fund II (formerly, Delaware Global Value Equity Fund)
• Delaware Ivy Global Growth Fund
• Delaware Ivy International Core Equity Fund
• Delaware Ivy Systematic Emerging Markets Equity Fund
Alternative / specialty funds
• Delaware Climate Solutions Fund
• Delaware Healthcare Fund
• Delaware Ivy Natural Resources Fund
• Delaware Ivy Science and Technology Fund
• Delaware Real Estate Securities Fund
Multi-asset funds
• Delaware Global Listed Real Assets Fund
• Delaware Ivy Asset Strategy Fund
• Delaware Ivy Balanced Fund
• Delaware Ivy Multi-Asset Income Fund
• Delaware Ivy Wilshire Global Allocation Fund
• Delaware Wealth Builder Fund
*Closed to certain new investors.
Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and, if available, its summary prospectus. A Delaware Funds by Macquarie prospectus may be obtained by visiting delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and, if available, the summary prospectus carefully before investing.
Investing involves risk, including the possible loss of principal.
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Fixed income funds
Taxable fixed income funds
• Delaware Corporate Bond Fund
• Delaware Diversified Income Fund
• Delaware Emerging Markets Debt Corporate Fund
• Delaware Extended Duration Bond Fund
• Delaware Floating Rate Fund
• Delaware Investments Ultrashort Fund
• Delaware Ivy Core Bond Fund
• Delaware Ivy Global Bond Fund
• Delaware Ivy High Income Fund
• Delaware Limited-Term Diversified Income Fund
• Delaware Strategic Income Fund
Municipal fixed income funds
• Delaware Minnesota High-Yield Municipal Bond Fund
• Delaware National High-Yield Municipal Bond Fund
• Delaware Tax-Free Arizona Fund
• Delaware Tax-Free California Fund
• Delaware Tax-Free Colorado Fund
• Delaware Tax-Free Idaho Fund
• Delaware Tax-Free Minnesota Fund
• Delaware Tax-Free New York Fund
• Delaware Tax-Free Oregon Fund
• Delaware Tax-Free Pennsylvania Fund
• Delaware Tax-Free USA Fund
• Delaware Tax-Free USA Intermediate Fund
The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
iv
This page is not part of the semiannual report.
Caring for your portfolio
Over a lifetime, things change. When they do, it’s important to ensure that your investments stay in tune with your personal situation.
If you decide to make some changes, check
out the convenient options provided by Macquarie Asset Management. We try to make it easy for you to avoid some of the sales charges that you might otherwise have to pay when you withdraw and invest your money with another firm.
Most importantly, you may generally
exchange all or part of your shares in one Delaware Funds by Macquarie® mutual fund for shares of the same class of another fund without paying a front-end sales charge or a contingent deferred sales charge (CDSC).
Choose the investment method suitable for you
After you’ve evaluated your overall investments, you have choices about how to implement any changes:
1. Move assets all at once at any time.
2. Migrate funds to a different investment slowly through a systematic exchange. You can arrange automatic monthly exchanges of your shares in one Delaware Fund for those in another Delaware Fund. Systematic exchanges are subject to the same rules as regular exchanges, which are explained in the right column, including a $100 minimum monthly amount per fund.
3. Use our automatic investment plan for future investments in different vehicles. To allocate your future investments differently, the Delaware Funds by Macquarie automatic investment plan allows you to make regular monthly or quarterly investments directly from your checking account.
Important notes about exchanging or redeeming shares
For automated exchanges, a minimum exchange of $100 per fund is required monthly. If the value of your account is $5,000 or more, you can make systematic withdrawals of at least $25 monthly,
or $75 quarterly. If the annual amount you withdraw is less than 12% of your account balance at the time the systematic withdrawal plan is established, the CDSC ordinarily applicable to certain fund classes will be waived. More details are available in your prospectus or at delawarefunds.com/literature.
If you exchange shares from Class R shares of any fund, you will pay any applicable sales charge on your new shares.
When exchanging Class C shares of one fund for the same class of shares in other funds, your new shares will be subject to the same CDSC as the shares you originally purchased. The holding period for the CDSC will also remain the same, with the amount of time you held your original shares being credited toward the holding period of your new shares.
You do not pay sales charges on shares that you acquired through the reinvestment of dividends. You may have to pay taxes on your exchange. When you exchange shares, you are purchasing shares in another fund, so you should be sure to get a copy of the fund’s prospectus and read it carefully before buying shares through an exchange.
We may refuse the purchase side of any exchange request if, in the manager’s judgment, the fund would be unable to invest effectively in accordance with its investment objective and policies, or would otherwise potentially be adversely affected.
v
This page is not part of the semiannual report.
Contact information
Shareholder assistance by phone
800 523-1918, weekdays from 8:30am to
6:00pm ET
For securities dealers and financial
institutions representatives only
800 362-7500
Regular mail
Delaware Funds by Macquarie
P.O. Box 534437
Pittsburgh, PA 15253-4437
Overnight courier service
Delaware Funds by Macquarie
Attention: 534437
500 Ross Street, 154-0520
Pittsburgh, PA 15262
Macquarie Asset Management • 610 Market Street • Philadelphia, PA 19106-2354
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions.
The Fund is advised by Delaware Management Company, a series of MIMBT, a US registered investment adviser, and distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
The Fund is governed by US laws and regulations.
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This page is not part of the semiannual report.
US equity mutual fund
Delaware Small Cap Core Fund
May 31, 2024
Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and its summary prospectus, 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.
Experience Delaware Funds by Macquarie®
Macquarie Asset Management (MAM) is a global asset manager that aims to deliver positive impact for everyone. MAM’s public markets businesses trace their roots to 1929 and partner 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 Delaware Small Cap Core Fund 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 an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions.
The Fund is advised by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment adviser, and distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of
the investment.
The Fund is governed by US laws and regulations.
Table of contents
This semiannual report is for the information of Delaware Small Cap Core Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Fund's current prospectus or summary prospectus. These documents are available at delawarefunds.com/literature.
Unless otherwise noted, views expressed herein are current as of May 31, 2024, and subject to change for events occurring after such date. These views are not intended to be investment advice, to forecast future events, or to guarantee future results.
The Fund is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.
All third-party marks cited are the property of their respective owners.
© 2024 Macquarie Management Holdings, Inc.
Schedule of investments
| Delaware Small Cap Core Fund | May 31, 2024 (Unaudited) |
| | | Number of
shares | Value (US $) |
| Common Stocks — 99.58% |
| Basic Materials — 7.59% |
| Boise Cascade | | 804,601 | $ 110,463,671 |
| Huntsman | | 1,053,873 | 26,136,050 |
| Kaiser Aluminum | | 628,881 | 61,504,562 |
| Minerals Technologies | | 1,303,645 | 113,091,204 |
| Quaker Chemical | | 267,176 | 48,452,368 |
| Summit Materials Class A † | | 2,691,071 | 103,982,983 |
| Tecnoglass | | 761,044 | 40,038,525 |
| Worthington Enterprises | | 725,098 | 41,352,339 |
| Worthington Steel | | 588,386 | 19,410,854 |
| | 564,432,556 |
| Business Services — 4.28% |
| ABM Industries | | 1,414,994 | 66,886,766 |
| ASGN † | | 961,607 | 90,304,513 |
| Casella Waste Systems Class A † | | 860,972 | 86,605,174 |
| First Advantage | | 1,576,356 | 25,316,277 |
| Montrose Environmental Group † | | 620,667 | 29,177,556 |
| Sterling Check † | | 895,166 | 13,767,653 |
| UL Solutions Class A † | | 170,103 | 6,560,873 |
| | 318,618,812 |
| Capital Goods — 11.07% |
| Alamo Group | | 127,218 | 24,170,148 |
| Ameresco Class A † | | 1,294,443 | 47,273,058 |
| Applied Industrial Technologies | | 694,775 | 134,091,575 |
| Chart Industries † | | 412,118 | 64,714,889 |
| Columbus McKinnon | | 1,308,877 | 51,177,091 |
| Construction Partners Class A † | | 804,741 | 46,843,974 |
| ESCO Technologies | | 417,641 | 45,577,162 |
| Federal Signal | | 1,743,761 | 160,460,887 |
| H&E Equipment Services | | 741,867 | 35,142,240 |
| Kadant | | 239,296 | 68,441,049 |
| MYR Group † | | 557,449 | 86,438,042 |
| Zurn Elkay Water Solutions | | 1,890,680 | 59,197,191 |
| | 823,527,306 |
| Communications Services — 0.20% |
| ATN International | | 596,950 | 14,529,763 |
| | 14,529,763 |
| Consumer Discretionary — 3.88% |
| Hibbett | | 43,354 | 3,753,589 |
| Kontoor Brands | | 952,825 | 69,880,186 |
Schedule of investments
Delaware Small Cap Core Fund
| | | Number of
shares | Value (US $) |
| Common Stocks (continued) |
| Consumer Discretionary (continued) |
| Malibu Boats Class A † | | 694,420 | $ 26,707,393 |
| Sonic Automotive Class A | | 462,064 | 26,185,167 |
| Steven Madden | | 2,574,561 | 114,439,236 |
| Urban Outfitters † | | 1,147,431 | 47,859,347 |
| | 288,824,918 |
| Consumer Services — 2.24% |
| Brinker International † | | 1,229,591 | 86,846,013 |
| Chuy's Holdings † | | 865,772 | 23,124,770 |
| Jack in the Box | | 452,358 | 25,042,539 |
| OneSpaWorld Holdings † | | 2,019,046 | 31,396,165 |
| | 166,409,487 |
| Consumer Staples — 3.53% |
| Helen of Troy † | | 391,668 | 41,861,476 |
| J & J Snack Foods | | 531,883 | 86,542,683 |
| Prestige Consumer Healthcare † | | 1,672,844 | 107,580,598 |
| YETI Holdings † | | 648,072 | 26,402,453 |
| | 262,387,210 |
| Credit Cyclicals — 2.85% |
| Dana | | 2,266,886 | 31,872,417 |
| KB Home | | 874,105 | 61,711,813 |
| La-Z-Boy | | 861,190 | 32,311,849 |
| Taylor Morrison Home † | | 1,484,608 | 85,854,881 |
| | 211,750,960 |
| Energy — 5.45% |
| Magnolia Oil & Gas Class A | | 2,952,264 | 76,611,251 |
| Patterson-UTI Energy | | 9,584,011 | 105,615,801 |
| Permian Resources | | 7,244,549 | 118,738,158 |
| SM Energy | | 1,775,373 | 89,532,061 |
| Southwestern Energy † | | 1,983,151 | 14,933,127 |
| | 405,430,398 |
| Financials — 15.53% |
| Associated Banc-Corp | | 1,018,702 | 21,820,597 |
| Baldwin Insurance Group † | | 2,736,622 | 92,169,429 |
| City Holding | | 438,492 | 44,822,652 |
| CNO Financial Group | | 2,013,911 | 57,779,107 |
| Enterprise Financial Services | | 871,187 | 33,706,225 |
| Essent Group | | 1,330,641 | 75,447,345 |
| First Bancorp | | 1,003,385 | 31,656,797 |
| First Financial Bancorp | | 1,791,760 | 39,956,248 |
| | | Number of
shares | Value (US $) |
| Common Stocks (continued) |
| Financials (continued) |
| First Interstate BancSystem Class A | | 1,793,981 | $ 47,612,256 |
| Hamilton Lane Class A | | 612,123 | 76,815,315 |
| Independent Bank | | 815,128 | 41,400,351 |
| Independent Bank Group | | 931,195 | 42,872,218 |
| NMI Holdings † | | 1,798,603 | 59,677,647 |
| Old National Bancorp | | 4,349,371 | 74,330,750 |
| Pacific Premier Bancorp | | 1,954,688 | 43,472,261 |
| PJT Partners Class A | | 522,194 | 55,702,434 |
| Selective Insurance Group | | 783,255 | 76,453,521 |
| SouthState | | 765,051 | 59,146,093 |
| United Community Banks | | 1,807,257 | 46,374,215 |
| Valley National Bancorp | | 5,260,295 | 37,505,903 |
| WesBanco | | 1,433,605 | 39,567,498 |
| WSFS Financial | | 1,287,690 | 56,735,621 |
| | 1,155,024,483 |
| Healthcare — 15.71% |
| Agios Pharmaceuticals † | | 1,425,382 | 51,798,382 |
| Amicus Therapeutics † | | 5,300,283 | 51,942,773 |
| Ardelyx † | | 4,629,321 | 31,757,142 |
| Artivion † | | 2,332,047 | 55,036,309 |
| AtriCure † | | 1,321,548 | 29,787,692 |
| Axsome Therapeutics † | | 505,784 | 37,139,719 |
| Azenta † | | 768,535 | 38,818,703 |
| Blueprint Medicines † | | 938,186 | 99,034,914 |
| CONMED | | 711,933 | 54,420,159 |
| Halozyme Therapeutics † | | 1,795,963 | 79,543,201 |
| Insmed † | | 1,639,402 | 90,249,080 |
| Intra-Cellular Therapies † | | 867,938 | 58,360,151 |
| Lantheus Holdings † | | 951,803 | 77,886,040 |
| Ligand Pharmaceuticals † | | 732,343 | 62,285,772 |
| Merit Medical Systems † | | 1,039,155 | 84,327,428 |
| NeoGenomics † | | 2,439,836 | 33,450,152 |
| OmniAb † | | 2,956,758 | 12,832,330 |
| OmniAb 12.5 =, † | | 221,566 | 0 |
| OmniAb 15 =, † | | 221,566 | 0 |
| Omnicell † | | 688,804 | 22,448,122 |
| Pacira BioSciences † | | 1,296,449 | 39,321,298 |
| Supernus Pharmaceuticals † | | 2,061,654 | 55,912,056 |
| TransMedics Group † | | 552,167 | 75,315,579 |
Schedule of investments
Delaware Small Cap Core Fund
| | | Number of
shares | Value (US $) |
| Common Stocks (continued) |
| Healthcare (continued) |
| Travere Therapeutics † | | 3,566,035 | $ 26,459,980 |
| | 1,168,126,982 |
| Media — 0.50% |
| IMAX † | | 2,244,109 | 36,893,152 |
| | 36,893,152 |
| Real Estate Investment Trusts — 6.82% |
| Armada Hoffler Properties | | 2,829,633 | 32,088,038 |
| Cushman & Wakefield † | | 4,877,372 | 54,187,603 |
| DiamondRock Hospitality | | 4,312,820 | 36,529,585 |
| Essential Properties Realty Trust | | 1,971,698 | 52,802,072 |
| Four Corners Property Trust | | 2,187,511 | 53,397,144 |
| Independence Realty Trust | | 4,065,526 | 67,894,284 |
| Kite Realty Group Trust | | 3,448,571 | 75,592,676 |
| LXP Industrial Trust | | 5,143,246 | 43,717,591 |
| Phillips Edison & Co. | | 1,257,253 | 40,156,661 |
| Terreno Realty | | 891,589 | 50,446,106 |
| | 506,811,760 |
| Technology — 14.93% |
| Atkore | | 248,596 | 37,823,881 |
| Box Class A † | | 1,411,224 | 38,455,854 |
| Clearwater Analytics Holdings Class A † | | 1,500,993 | 28,488,847 |
| ExlService Holdings † | | 2,472,387 | 73,825,476 |
| Ichor Holdings † | | 1,238,618 | 47,055,098 |
| Instructure Holdings † | | 1,528,934 | 33,865,888 |
| MACOM Technology Solutions Holdings † | | 650,466 | 65,788,131 |
| MaxLinear † | | 1,859,662 | 33,046,194 |
| Progress Software | | 800,149 | 40,527,547 |
| Q2 Holdings † | | 1,870,200 | 113,745,564 |
| Rapid7 † | | 1,133,409 | 40,961,401 |
| Rubrik Class A † | | 185,416 | 5,651,480 |
| Semtech † | | 1,755,955 | 68,289,090 |
| Silicon Laboratories † | | 680,260 | 85,828,404 |
| Sprout Social Class A † | | 1,179,877 | 38,522,984 |
| SPS Commerce † | | 435,782 | 81,966,236 |
| Varonis Systems † | | 1,774,487 | 76,231,962 |
| Verint Systems † | | 1,490,947 | 44,221,488 |
| WNS Holdings † | | 854,198 | 42,889,282 |
| Workiva † | | 532,295 | 40,970,746 |
| Yelp † | | 1,109,094 | 41,003,205 |
| | | Number of
shares | Value (US $) |
| Common Stocks (continued) |
| Technology (continued) |
| Ziff Davis † | | 541,936 | $ 31,220,933 |
| | 1,110,379,691 |
| Transportation — 2.79% |
| ArcBest | | 267,186 | 28,193,467 |
| Hub Group Class A | | 767,694 | 33,125,996 |
| International Seaways | | 340,589 | 21,940,743 |
| Scorpio Tankers | | 437,662 | 35,918,920 |
| Sun Country Airlines Holdings † | | 2,576,261 | 27,282,604 |
| Teekay Tankers Class A | | 266,561 | 19,413,638 |
| Werner Enterprises | | 1,108,983 | 41,664,491 |
| | 207,539,859 |
| Utilities — 2.21% |
| Black Hills | | 1,059,559 | 59,812,106 |
| Northwestern Energy Group | | 1,141,837 | 59,329,850 |
| Spire | | 733,414 | 44,950,944 |
| | 164,092,900 |
| Total Common Stocks (cost $6,014,344,322) | 7,404,780,237 |
|
|
|
| Short-Term Investments — 0.52% |
| Money Market Mutual Funds — 0.52% |
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | | 9,625,789 | 9,625,789 |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | | 9,625,788 | 9,625,788 |
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.36%) | | 9,625,788 | 9,625,788 |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.23%) | | 9,625,788 | 9,625,788 |
| Total Short-Term Investments (cost $38,503,153) | 38,503,153 |
Total Value of Securities—100.10%
(cost $6,052,847,475) | | | $7,443,283,390 |
| † | Non-income producing security. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.” |
See accompanying notes, which are an integral part of the financial statements.
Statement of assets and liabilities
| Delaware Small Cap Core Fund | May 31, 2024 (Unaudited) |
| Assets: | |
| Investments, at value* | $7,443,283,390 |
| Cash | 44,620 |
| Receivable for fund shares sold | 19,065,256 |
| Dividends receivable | 2,446,796 |
| Prepaid expenses | 238,397 |
| Other assets | 52,780 |
| Total Assets | 7,465,131,239 |
| Liabilities: | |
| Payable for fund shares redeemed | 18,924,212 |
| Investment management fees payable to affiliates | 3,905,782 |
| Payable for securities purchased | 3,443,002 |
| Other accrued expenses | 2,224,850 |
| Administration expenses payable to affiliates | 576,452 |
| Distribution fees payable to affiliates | 125,662 |
| Total Liabilities | 29,199,960 |
| Total Net Assets | $7,435,931,279 |
|
| Net Assets Consist of: | |
| Paid-in capital | $6,071,584,076 |
| Total distributable earnings (loss) | 1,364,347,203 |
| Total Net Assets | $7,435,931,279 |
| Net Asset Value | |
|
| Class A: | |
| Net assets | $277,134,949 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | 10,105,843 |
| Net asset value per share | $27.42 |
| Sales charge | 5.75% |
| Offering price per share, equal to net asset value per share / (1 - sales charge) | $29.09 |
|
| Class C: | |
| Net assets | $66,868,066 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | 2,928,852 |
| Net asset value per share | $22.83 |
|
| Class R: | |
| Net assets | $24,704,639 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | 947,304 |
| Net asset value per share | $26.08 |
|
| Institutional Class: | |
| Net assets | $5,470,748,277 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | 193,500,959 |
| Net asset value per share | $28.27 |
|
| Class R6: | |
| Net assets | $1,596,475,348 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | 56,390,401 |
| Net asset value per share | $28.31 |
*Investments, at cost | $6,052,847,475 |
See accompanying notes, which are an integral part of the financial statements.
Statement of operations
| Delaware Small Cap Core Fund | Six months ended May 31, 2024 (Unaudited) |
| Investment Income: | |
| Dividends | $45,299,163 |
|
| Expenses: | |
| Management fees | 22,950,650 |
| Distribution expenses — Class A | 339,941 |
| Distribution expenses — Class C | 358,842 |
| Distribution expenses — Class R | 65,548 |
| Dividend disbursing and transfer agent fees and expenses | 4,412,955 |
| Accounting and administration expenses | 643,911 |
| Reports and statements to shareholders expenses | 341,992 |
| Legal fees | 242,426 |
| Trustees’ fees | 164,492 |
| Registration fees | 106,285 |
| Audit and tax fees | 17,339 |
| Custodian fees | 7,851 |
| Other | 87,598 |
| | 29,739,830 |
| Less expenses paid indirectly | (491) |
| Total operating expenses | 29,739,339 |
| Net Investment Income (Loss) | 15,559,824 |
|
| Net Realized and Unrealized Gain (Loss): | |
| Net realized gain (loss) on: | |
| Investments | 47,724,516 |
| Net increase from payment by affiliates1 | 5,551 |
| Net realized gain (loss) | 47,730,067 |
| Net change in unrealized appreciation (depreciation) on investments | 802,476,137 |
| Net Realized and Unrealized Gain (Loss) | 850,206,204 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $865,766,028 |
| 1 | See Note 2 in “Notes to financial statements.” |
See accompanying notes, which are an integral part of the financial statements.
Statements of changes in net assets
Delaware Small Cap Core Fund
| | Six months
ended
5/31/24
(Unaudited) | | Year ended
11/30/23 |
| |
| Increase (Decrease) in Net Assets from Operations: | | | |
| Net investment income (loss) | $15,559,824 | | $38,917,873 |
| Net realized gain (loss) | 47,724,516 | | 245,318,575 |
| Net increase from payment by affiliates1 | 5,551 | | 24,946 |
| Net change in unrealized appreciation (depreciation) | 802,476,137 | | (572,820,302) |
| Net increase (decrease) in net assets resulting from operations | 865,766,028 | | (288,558,908) |
|
| Dividends and Distributions to Shareholders from: | | | |
| Distributable earnings: | | | |
| Class A | (9,431,868) | | (9,782,777) |
| Class C | (2,842,258) | | (3,637,759) |
| Class R | (901,880) | | (992,220) |
| Institutional Class | (189,750,332) | | (187,750,406) |
| Class R6 | (61,006,607) | | (49,448,818) |
| | (263,932,945) | | (251,611,980) |
|
| Capital Share Transactions (See Note 4): | | | |
| Proceeds from shares sold: | | | |
| Class A | 38,071,747 | | 62,963,286 |
| Class C | 3,657,421 | | 5,659,555 |
| Class R | 2,252,151 | | 3,744,025 |
| Institutional Class | 819,153,889 | | 1,413,408,919 |
| Class R6 | 120,566,390 | | 610,374,577 |
|
| Net asset value of shares issued upon reinvestment of dividends and distributions: | | | |
| Class A | 8,678,944 | | 9,074,862 |
| Class C | 2,797,805 | | 3,581,775 |
| Class R | 901,802 | | 992,190 |
| Institutional Class | 155,651,188 | | 156,894,836 |
| Class R6 | 55,892,453 | | 41,330,661 |
| | 1,207,623,790 | | 2,308,024,686 |
Statements of changes in net assets
Delaware Small Cap Core Fund
| | Six months
ended
5/31/24
(Unaudited) | | Year ended
11/30/23 |
| |
| Capital Share Transactions (continued): | | | |
| Cost of shares redeemed: | | | |
| Class A | $(46,669,017) | | $(91,093,074) |
| Class C | (17,951,263) | | (28,656,296) |
| Class R | (6,359,471) | | (11,007,074) |
| Institutional Class | (923,012,129) | | (1,637,326,416) |
| Class R6 | (247,958,448) | | (402,929,386) |
| | (1,241,950,328) | | (2,171,012,246) |
| Increase (decrease) in net assets derived from capital share transactions | (34,326,538) | | 137,012,440 |
| Net Increase (Decrease) in Net Assets | 567,506,545 | | (403,158,448) |
|
| Net Assets: | | | |
| Beginning of period | 6,868,424,734 | | 7,271,583,182 |
| End of period | $7,435,931,279 | | $6,868,424,734 |
| 1 | During the six months ended May 31, 2024 and the year ended November 30, 2023, Delaware Management Company reimbursed the Fund $5,551 for commissions and $24,946 for losses, respectively, related to a trade error. |
See accompanying notes, which are an integral part of the financial statements.
This page intentionally left blank.
Financial highlights
Delaware Small Cap Core Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
| |
| |
Net asset value, beginning of period
|
| |
| Income (loss) from investment operations: |
Net investment income (loss)2
|
Net realized and unrealized gain (loss)
|
Total from investment operations
|
| Less dividends and distributions from: |
Net investment income
|
Net realized gain
|
Total dividends and distributions
|
Payment by affiliates
|
Net asset value, end of period
|
| |
Total return5
|
| |
| Ratios and supplemental data: |
Net assets, end of period (000 omitted)
|
Ratio of expenses to average net assets6
|
Ratio of expenses to average net assets prior to fees waived6
|
Ratio of net investment income (loss) to average net assets
|
Ratio of net investment income (loss) to average net assets prior to fees waived
|
Portfolio turnover
|
| 1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| 2 | Calculated using average shares outstanding. |
| 3 | Amount is less than $0.005 per share. |
| 4 | During the six months ended May 31, 2024 and the year ended November 30, 2023, Delaware Management Company reimbursed the Fund $5,551 for commissions and $24,946 for losses, respectively, related to a trade error. Payment by affiliates had no impact on total return. |
| 5 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
| 6 | 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.
Six months ended
5/31/241
(Unaudited) | | Year ended |
| 11/30/23 | | 11/30/22 | | 11/30/21 | | 11/30/20 | | 11/30/19 |
| $25.23 | | $27.21 | | $31.14 | | $24.79 | | $23.20 | | $23.91 |
| |
| | | | | | | | | | | |
| 0.02 | | 0.08 | | 0.05 | | (0.02) | | 0.02 | | 0.03 |
| 3.11 | | (1.16) | | (2.05) | | 6.56 | | 1.99 | | 1.25 |
| 3.13 | | (1.08) | | (2.00) | | 6.54 | | 2.01 | | 1.28 |
| | | | | | | | | | | |
| (0.10) | | (0.06) | | — | | — | | (0.04) | | (0.02) |
| (0.84) | | (0.84) | | (1.93) | | (0.19) | | (0.38) | | (1.97) |
| (0.94) | | (0.90) | | (1.93) | | (0.19) | | (0.42) | | (1.99) |
| —3,4 | | —3,4 | | — | | — | | — | | — |
| $27.42 | | $25.23 | | $27.21 | | $31.14 | | $24.79 | | $23.20 |
| |
| 12.51% | | (3.86%) | | (6.87%) | | 26.50% | | 8.81% | | 7.79% |
| |
| | | | | | | | | | | |
| $277,135 | | $254,990 | | $295,128 | | $312,223 | | $264,888 | | $279,872 |
| 1.07% | | 1.09% | | 1.05% | | 1.06% | | 1.10% | | 1.10% |
| 1.07% | | 1.09% | | 1.05% | | 1.06% | | 1.10% | | 1.10% |
| 0.17% | | 0.30% | | 0.20% | | (0.06%) | | 0.09% | | 0.15% |
| 0.17% | | 0.30% | | 0.20% | | (0.06%) | | 0.09% | | 0.15% |
| 14% | | 26% | | 23% | | 24% | | 37% | | 34% |
Financial highlights
Delaware Small Cap Core Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
| |
| |
Net asset value, beginning of period
|
| |
| Income (loss) from investment operations: |
Net investment loss2
|
Net realized and unrealized gain (loss)
|
Total from investment operations
|
| Less dividends and distributions from: |
Net realized gain
|
Total dividends and distributions
|
Payment by affiliates
|
Net asset value, end of period
|
| |
Total return6
|
| |
| Ratios and supplemental data: |
Net assets, end of period (000 omitted)
|
Ratio of expenses to average net assets7
|
Ratio of expenses to average net assets prior to fees waived7
|
Ratio of net investment loss to average net assets
|
Ratio of net investment loss to average net assets prior to fees waived
|
Portfolio turnover
|
| 1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| 2 | Calculated using average shares outstanding. |
| 3 | The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of operations due to class specific expenses. |
| 4 | Amount is less than $0.005 per share. |
| 5 | During the six months ended May 31, 2024 and the year ended November 30, 2023, Delaware Management Company reimbursed the Fund $5,551 for commissions and $24,946 for losses, respectively, related to a trade error. Payment by affiliates had no impact on total return. |
| 6 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
| 7 | 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.
Six months ended
5/31/241
(Unaudited) | | Year ended |
| 11/30/23 | | 11/30/22 | | 11/30/21 | | 11/30/20 | | 11/30/19 |
| $21.14 | | $23.05 | | $26.86 | | $21.57 | | $20.35 | | $21.38 |
| |
| | | | | | | | | | | |
| (0.06)3 | | (0.10) | | (0.13) | | (0.21) | | (0.12) | | (0.11) |
| 2.59 | | (0.97) | | (1.75) | | 5.69 | | 1.72 | | 1.05 |
| 2.53 | | (1.07) | | (1.88) | | 5.48 | | 1.60 | | 0.94 |
| | | | | | | | | | | |
| (0.84) | | (0.84) | | (1.93) | | (0.19) | | (0.38) | | (1.97) |
| (0.84) | | (0.84) | | (1.93) | | (0.19) | | (0.38) | | (1.97) |
| —4,5 | | —4,5 | | — | | — | | — | | — |
| $22.83 | | $21.14 | | $23.05 | | $26.86 | | $21.57 | | $20.35 |
| |
| 12.07% | | (4.57%) | | (7.57%) | | 25.54% | | 8.00% | | 6.99% |
| |
| | | | | | | | | | | |
| $66,868 | | $72,867 | | $100,445 | | $132,294 | | $117,251 | | $139,808 |
| 1.82% | | 1.84% | | 1.80% | | 1.81% | | 1.85% | | 1.85% |
| 1.82% | | 1.84% | | 1.80% | | 1.81% | | 1.85% | | 1.85% |
| (0.58%) | | (0.45%) | | (0.55%) | | (0.81%) | | (0.66%) | | (0.60%) |
| (0.58%) | | (0.45%) | | (0.55%) | | (0.81%) | | (0.66%) | | (0.60%) |
| 14% | | 26% | | 23% | | 24% | | 37% | | 34% |
Financial highlights
Delaware Small Cap Core Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
| |
| |
Net asset value, beginning of period
|
| |
| Income (loss) from investment operations: |
Net investment income (loss)2
|
Net realized and unrealized gain (loss)
|
Total from investment operations
|
| Less dividends and distributions from: |
Net investment income
|
Net realized gain
|
Total dividends and distributions
|
Payment by affiliates
|
Net asset value, end of period
|
| |
Total return6
|
| |
| Ratios and supplemental data: |
Net assets, end of period (000 omitted)
|
Ratio of expenses to average net assets7
|
Ratio of expenses to average net assets prior to fees waived7
|
Ratio of net investment income (loss) to average net assets
|
Ratio of net investment income (loss) to average net assets prior to fees waived
|
Portfolio turnover
|
| 1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| 2 | Calculated using average shares outstanding. |
| 3 | The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of operations due to class specific expenses. |
| 4 | Amount is less than $0.005 per share. |
| 5 | During the six months ended May 31, 2024 and the year ended November 30, 2023, Delaware Management Company reimbursed the Fund $5,551 for commissions and $24,946 for losses, respectively, related to a trade error. Payment by affiliates had no impact on total return. |
| 6 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| 7 | 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.
Six months ended
5/31/241
(Unaudited) | | Year ended |
| 11/30/23 | | 11/30/22 | | 11/30/21 | | 11/30/20 | | 11/30/19 |
| $24.01 | | $25.93 | | $29.84 | | $23.82 | | $22.33 | | $23.12 |
| |
| | | | | | | | | | | |
| (0.01)3 | | 0.01 | | (0.01) | | (0.09) | | (0.03) | | (0.02) |
| 2.96 | | (1.09) | | (1.97) | | 6.30 | | 1.90 | | 1.20 |
| 2.95 | | (1.08) | | (1.98) | | 6.21 | | 1.87 | | 1.18 |
| | | | | | | | | | | |
| (0.04) | | — | | — | | — | | — | | — |
| (0.84) | | (0.84) | | (1.93) | | (0.19) | | (0.38) | | (1.97) |
| (0.88) | | (0.84) | | (1.93) | | (0.19) | | (0.38) | | (1.97) |
| —4,5 | | —4,5 | | — | | — | | — | | — |
| $26.08 | | $24.01 | | $25.93 | | $29.84 | | $23.82 | | $22.33 |
| |
| 12.37% | | (4.09%) | | (7.12%) | | 26.19% | | 8.51% | | 7.55% |
| |
| | | | | | | | | | | |
| $24,705 | | $25,703 | | $34,289 | | $44,366 | | $36,065 | | $27,631 |
| 1.32% | | 1.34% | | 1.30% | | 1.31% | | 1.35% | | 1.35% |
| 1.32% | | 1.34% | | 1.30% | | 1.31% | | 1.35% | | 1.35% |
| (0.08%) | | 0.05% | | (0.05%) | | (0.31%) | | (0.16%) | | (0.10%) |
| (0.08%) | | 0.05% | | (0.05%) | | (0.31%) | | (0.16%) | | (0.10%) |
| 14% | | 26% | | 23% | | 24% | | 37% | | 34% |
Financial highlights
Delaware Small Cap Core Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
| |
| |
Net asset value, beginning of period
|
| |
| Income (loss) from investment operations: |
Net investment income2
|
Net realized and unrealized gain (loss)
|
Total from investment operations
|
| Less dividends and distributions from: |
Net investment income
|
Net realized gain
|
Total dividends and distributions
|
Payment by affiliates
|
Net asset value, end of period
|
| |
Total return5
|
| |
| Ratios and supplemental data: |
Net assets, end of period (000 omitted)
|
Ratio of expenses to average net assets6
|
Ratio of expenses to average net assets prior to fees waived6
|
Ratio of net investment income to average net assets
|
Ratio of net investment income to average net assets prior to fees waived
|
Portfolio turnover
|
| 1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| 2 | Calculated using average shares outstanding. |
| 3 | Amount is less than $0.005 per share. |
| 4 | During the six months ended May 31, 2024 and the year ended November 30, 2023, Delaware Management Company reimbursed the Fund $5,551 for commissions and $24,946 for losses, respectively, related to a trade error. Payment by affiliates had no impact on total return. |
| 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 | 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.
Six months ended
5/31/241
(Unaudited) | | Year ended |
| 11/30/23 | | 11/30/22 | | 11/30/21 | | 11/30/20 | | 11/30/19 |
| $26.02 | | $28.02 | | $32.00 | | $25.46 | | $23.81 | | $24.50 |
| |
| | | | | | | | | | | |
| 0.06 | | 0.14 | | 0.13 | | 0.06 | | 0.07 | | 0.09 |
| 3.19 | | (1.17) | | (2.12) | | 6.72 | | 2.06 | | 1.28 |
| 3.25 | | (1.03) | | (1.99) | | 6.78 | | 2.13 | | 1.37 |
| | | | | | | | | | | |
| (0.16) | | (0.13) | | (0.06) | | (0.05) | | (0.10) | | (0.09) |
| (0.84) | | (0.84) | | (1.93) | | (0.19) | | (0.38) | | (1.97) |
| (1.00) | | (0.97) | | (1.99) | | (0.24) | | (0.48) | | (2.06) |
| —3, 4 | | —3, 4 | | — | | — | | — | | — |
| $28.27 | | $26.02 | | $28.02 | | $32.00 | | $25.46 | | $23.81 |
| |
| 12.62% | | (3.59%) | | (6.65%) | | 26.80% | | 9.09% | | 8.06% |
| |
| | | | | | | | | | | |
| $5,470,748 | | $4,976,768 | | $5,455,486 | | $5,743,601 | | $4,632,204 | | $3,888,603 |
| 0.82% | | 0.84% | | 0.80% | | 0.81% | | 0.85% | | 0.85% |
| 0.82% | | 0.84% | | 0.80% | | 0.81% | | 0.85% | | 0.85% |
| 0.42% | | 0.55% | | 0.45% | | 0.19% | | 0.34% | | 0.40% |
| 0.42% | | 0.55% | | 0.45% | | 0.19% | | 0.34% | | 0.40% |
| 14% | | 26% | | 23% | | 24% | | 37% | | 34% |
Financial highlights
Delaware Small Cap Core Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
| |
| |
Net asset value, beginning of period
|
| |
| Income (loss) from investment operations: |
Net investment income2
|
Net realized and unrealized gain (loss)
|
Total from investment operations
|
| Less dividends and distributions from: |
Net investment income
|
Net realized gain
|
Total dividends and distributions
|
Payment by affiliates
|
Net asset value, end of period
|
| |
Total return5
|
| |
| Ratios and supplemental data: |
Net assets, end of period (000 omitted)
|
Ratio of expenses to average net assets6
|
Ratio of expenses to average net assets prior to fees waived6
|
Ratio of net investment income to average net assets
|
Ratio of net investment income to average net assets prior to fees waived
|
Portfolio turnover
|
| 1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| 2 | Calculated using average shares outstanding. |
| 3 | Amount is less than $0.005 per share. |
| 4 | During the six months ended May 31, 2024 and the year ended November 30, 2023, Delaware Management Company reimbursed the Fund $5,551 for commissions and $24,946 for losses, respectively, related to a trade error. Payment by affiliates had no impact on total return. |
| 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 | 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.
Six months ended
5/31/241
(Unaudited) | | Year ended |
| 11/30/23 | | 11/30/22 | | 11/30/21 | | 11/30/20 | | 11/30/19 |
| $26.07 | | $28.08 | | $32.06 | | $25.51 | | $23.85 | | $24.54 |
| |
| | | | | | | | | | | |
| 0.08 | | 0.17 | | 0.16 | | 0.10 | | 0.10 | | 0.12 |
| 3.20 | | (1.18) | | (2.11) | | 6.72 | | 2.06 | | 1.28 |
| 3.28 | | (1.01) | | (1.95) | | 6.82 | | 2.16 | | 1.40 |
| | | | | | | | | | | |
| (0.20) | | (0.16) | | (0.10) | | (0.08) | | (0.12) | | (0.12) |
| (0.84) | | (0.84) | | (1.93) | | (0.19) | | (0.38) | | (1.97) |
| (1.04) | | (1.00) | | (2.03) | | (0.27) | | (0.50) | | (2.09) |
| —3,4 | | —3,4 | | — | | — | | — | | — |
| $28.31 | | $26.07 | | $28.08 | | $32.06 | | $25.51 | | $23.85 |
| |
| 12.71% | | (3.49%) | | (6.52%) | | 26.92% | | 9.24% | | 8.20% |
| |
| | | | | | | | | | | |
| $1,596,475 | | $1,538,097 | | $1,386,235 | | $1,325,213 | | $894,120 | | $677,315 |
| 0.68% | | 0.72% | | 0.69% | | 0.69% | | 0.71% | | 0.72% |
| 0.68% | | 0.72% | | 0.69% | | 0.69% | | 0.71% | | 0.72% |
| 0.56% | | 0.67% | | 0.57% | | 0.31% | | 0.48% | | 0.53% |
| 0.56% | | 0.67% | | 0.57% | | 0.31% | | 0.48% | | 0.53% |
| 14% | | 26% | | 23% | | 24% | | 37% | | 34% |
Notes to financial statements
| Delaware Small Cap Core Fund | May 31, 2024 (Unaudited) |
Delaware Group® Equity Funds V (Trust) is organized as a Delaware statutory trust and offers three series: Delaware Small Cap Core Fund, Delaware Small Cap Value Fund, and Delaware Wealth Builder Fund. These financial statements and the related notes pertain to Delaware Small Cap Core Fund (Fund). The Trust is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offers Class A, Class C, Class R, Institutional Class, and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.75%. There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, 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
The Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Fund.
Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated Delaware Management Company (DMC) as the valuation designee (Valuation Designee) for each fund to perform the fair value determination relating to all applicable Fund investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and
committees, which operate under policies and procedures approved by the Board and subject to the Board's oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. The Fund may use fair value pricing relatively frequently for securities traded primarily in non-US markets. If a foreign (non-US) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the close of the NYSE, the security may be valued at fair value. With respect to foreign (non-US) equity securities, the Fund may determine the fair value of investments based on information provided by pricing vendors, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.
Federal Income Taxes — No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken or expected to be taken on the Fund’s federal income tax returns through the six months ended May 31, 2024, and for all open tax years (years ended November 30, 2020–November 30, 2023), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended May 31, 2024, the Fund did not incur any interest or tax penalties.
Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. 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.
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.
Notes to financial statements
Delaware Small Cap Core Fund
1. Significant Accounting Policies (continued)
Other — Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Funds by Macquarie® (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Fund invests are recorded on the ex-dividend date. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, which are estimated, subject to reclassification upon notice of the character of such distributions by the issuer. The Fund declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, at least annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the 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 investment management agreement, the 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 at the rates of 0.75% on the first $500 million of average daily net assets of the Fund, 0.70% on the next $500 million, 0.65% on the next $1.5 billion, 0.60% on the next $5.5 billion, and 0.575% on average daily net assets in excess of $8 billion.
DMC entered into a Sub-Advisory Agreement on behalf of the Fund with Macquarie Investment Management Global Limited, which is an affiliate of DMC (Affiliated Sub-Advisor). Pursuant to the terms of the Sub-Advisory Agreement, the investment sub-advisory fee is paid by DMC to the Affiliated Sub-Advisor based on the extent to which the Affiliated Sub-Advisor provides services to the Fund.
Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess
of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended May 31, 2024, the Fund paid $164,780 for these services.
DIFSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended May 31, 2024, the Fund paid $237,592 for these services. 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 the Fund. Sub-transfer agency fees are paid by the Fund and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices on a monthly or quarterly basis.
Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual distribution and service (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.
As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Fund. For the six months ended May 31, 2024, the Fund paid $88,322 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”
For the six months ended May 31, 2024, DDLP earned $7,338 for commissions on sales of the Fund’s Class A shares. For the six months ended May 31, 2024, DDLP received gross CDSC commissions of $56 and $1,310 on redemptions of the Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.
Trustees’ fees include expenses accrued by the Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Fund.
Notes to financial statements
Delaware Small Cap Core Fund
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
In addition to the management fees and other expenses of the Fund, the Fund indirectly bears the investment management fees and other expenses of any Underlying Funds in which it invests. The amount of these fees and expenses incurred indirectly by the Fund will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.
During the six months ended May 31, 2024, DMC reimbursed the Fund $5,551 for commissions related to a trade error. These amounts are included in “Net increase from payment by affiliates” in the "Statement of operations." Payment by affiliates had no impact on total return.
3. Investments
For the six months ended May 31, 2024, the Fund made purchases and sales of investment securities other than short-term investments and US government securities as follows:
| Purchases | $975,563,643 |
| Sales | 1,162,541,165 |
At May 31, 2024, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At May 31, 2024, the cost and unrealized appreciation (depreciation) of investments for the Fund were as follows:
| Cost of investments | $6,052,847,475 |
| Aggregate unrealized appreciation of investments | $1,841,139,679 |
| Aggregate unrealized depreciation of investments | (450,703,764) |
| Net unrealized appreciation of investments | $1,390,435,915 |
US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Fund’s
investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:
Level 1 − Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2 − Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3 − Significant unobservable inputs, including the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)
Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of May 31, 2024:
| | | Level 1 | | Level 3 | Total | |
| Securities | | | | | | |
| Assets: | | | | | | |
| Common Stocks | | | | | | |
| Basic Materials | | $564,432,556 | | $— | $564,432,556 | |
| Business Services | | 318,618,812 | | — | 318,618,812 | |
| Capital Goods | | 823,527,306 | | — | 823,527,306 | |
| Communications Services | | 14,529,763 | | — | 14,529,763 | |
| Consumer Discretionary | | 288,824,918 | | — | 288,824,918 | |
| Consumer Services | | 166,409,487 | | — | 166,409,487 | |
| Consumer Staples | | 262,387,210 | | — | 262,387,210 | |
| Credit Cyclicals | | 211,750,960 | | — | 211,750,960 | |
| Energy | | 405,430,398 | | — | 405,430,398 | |
| Financials | | 1,155,024,483 | | — | 1,155,024,483 | |
| Healthcare | | 1,168,126,982 | | —1 | 1,168,126,982 | |
Notes to financial statements
Delaware Small Cap Core Fund
3. Investments (continued)
| | Level 1 | | Level 3 | | Total |
| Media | $36,893,152 | | $— | | $36,893,152 |
| Real Estate Investment Trusts | 506,811,760 | | — | | 506,811,760 |
| Technology | 1,110,379,691 | | — | | 1,110,379,691 |
| Transportation | 207,539,859 | | — | | 207,539,859 |
| Utilities | 164,092,900 | | — | | 164,092,900 |
| Short-Term Investments | 38,503,153 | | — | | 38,503,153 |
| Total Value of Securities | $7,443,283,390 | | $— | | $7,443,283,390 |
| |
| 1The security that has been valued at zero on the “Schedule of investments” is considered to be Level 3 investment in this table. |
During the six months ended May 31, 2024, there were no transfers into or out of Level 3 investments. The Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to the Fund’s net assets at the beginning or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments are not considered significant to the Fund’s net assets at the end of the period.
4. Capital Shares
Transactions in capital shares were as follows:
| | Six months
ended | | Year ended |
| | 5/31/24 | | 11/30/23 |
| Shares sold: |
| Class A | 1,430,928 | | 2,478,277 |
| Class C | 164,670 | | 262,496 |
| Class R | 88,803 | | 154,425 |
| Institutional Class | 30,190,819 | | 53,501,717 |
| Class R6 | 4,389,730 | | 23,584,622 |
| | Six months
ended | | Year ended |
| | 5/31/24 | | 11/30/23 |
|
| Shares issued upon reinvestment of dividends and distributions: |
| Class A | 326,154 | | 368,897 |
| Class C | 125,857 | | 172,616 |
| Class R | 35,602 | | 42,293 |
| Institutional Class | 5,680,700 | | 6,201,377 |
| Class R6 | 2,038,383 | | 1,632,332 |
| | 44,471,646 | | 88,399,052 |
|
| Shares redeemed: |
| Class A | (1,756,027) | | (3,587,864) |
| Class C | (808,795) | | (1,345,728) |
| Class R | (247,566) | | (448,448) |
| Institutional Class | (33,667,361) | | (63,075,263) |
| Class R6 | (9,039,478) | | (15,581,652) |
| | (45,519,227) | | (84,038,955) |
| Net increase (decrease) | (1,047,581) | | 4,360,097 |
Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included in shares sold and shares redeemed in the table above and on the previous page and on the “Statements of changes in net assets.” For the six months ended May 31, 2024 and the year ended November 30, 2023, the Fund had the following exchange transactions:
| | Exchange Redemptions | | Exchange Subscriptions | | |
| | Class A
Shares | | Class C
Shares | | Class R
Shares | | Institutional
Class
Shares | | Class R6
Shares | | Class A
Shares | | Institutional
Class
Shares | | Class R6
Shares | | Value |
| Six months ended |
| 5/31/24 | 161,515 | | 6,550 | | — | | 1,958 | | 5,875 | | 8,256 | | 141,840 | | 20,026 | | $4,613,546 |
| Year ended |
| 11/30/23 | 134,482 | | 14,190 | | 1,764 | | 8,283,030 | | 4,070 | | 58,829 | | 124,915 | | 8,239,034 | | 212,118,530 |
5. Line of Credit
The Fund, along with certain other funds in the Delaware Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its
Notes to financial statements
Delaware Small Cap Core Fund
5. Line of Credit (continued)
particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 28, 2024.
The Fund had no amounts outstanding as of May 31, 2024, or at any time during the period then ended.
6. Securities Lending
The Fund, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.
Cash collateral received by the Fund is generally invested in an individual separate account. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. The Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.
In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and
provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent, and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.
The Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Fund’s cash collateral account may be less than the amount the Fund would be required to return to the borrowers of the securities and the Fund would be required to make up for this shortfall.
At May 31, 2024, the Fund had no securities out on loan.
7. Credit and Market Risks
The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen.
Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests will cause the NAV of the Fund to fluctuate.
The Fund invests a significant portion of its assets in small companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small sized companies may be more volatile than investments in larger companies for a number of reasons, which include limited financial resources or a dependence on narrow product lines.
The Fund invests in REITs and is subject to the risks associated with that industry. If the 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 May 31, 2024. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.
The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or
Notes to financial statements
Delaware Small Cap Core Fund
7. Credit and Market Risks (continued)
desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 15% limit on investments in illiquid securities. As of May 31, 2024, there were no Rule 144A securities held by the Fund.
8. Contractual Obligations
The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of loss to be remote.
9. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to May 31, 2024, that would require recognition or disclosure in the Fund’s financial statements.
Other Fund information (Unaudited)
Delaware Small Cap Core Fund
Form N-PORT and proxy voting information
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Fund’s most recent Form N-PORT are available without charge on the Fund’s website at delawarefunds.com/literature.
Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.
We are committed to protecting the privacy of our potential, current, and former customers. To provide the products and services you request, we must collect personal information about you. We do not sell your personal information to third parties. We collect your personal information and share it with third parties as necessary to provide you with the products or services you request and to administer your business with us. This notice describes our current privacy practices. While your relationship with us continues, we will update and send our privacy practices notice as required by law. We are committed to continuing to protect your personal information even after that relationship ends. You do not need to take any action because of this notice.
Information we may collect
and use
We collect personal information about you to help us identify you as our potential, current, or former customer; to process your requests and transactions; to offer investment services to you; or to tell you about our products or services we believe you may want to use. The type of personal information we collect depends on the products or services you request and may include the following:
• Information from you: When you submit your application or other forms or request information on our products (online or otherwise), you give us information such as your name, address, Social Security number, your financial account information, and your financial history.
• Information about your transactions: We keep information about your transactions with us, such as the products you buy from us; the amount you paid for those products; your investment activity; and your account balances.
• Information from your employer: In connection with administering your retirement plan, we may obtain information about you from your employer.
• Information received from third parties: In order to verify your identity or to prevent fraud, we may obtain information about you from third parties.
How we use your personal information
We do not disclose nonpublic personal information about our potential, current, and former customers unless allowed or required by law. We may share your personal information within our companies and with certain service providers. They use this information to process transactions you have requested; provide customer service; and inform you of products or services we offer that you may find useful. Our service providers may or may not be affiliated with us. They include financial service providers (for example, third-party administrators; broker/dealers; and other financial services companies with whom we have joint marketing agreements). Our service providers also include nonfinancial companies and individuals (for example, consultants; information services vendors; and companies that perform mailing or marketing services on our behalf). Information obtained from a report prepared by a service provider may be kept by the service provider and shared with other persons; however, we require our service providers to protect your personal information and to use or disclose it only for the work they are performing for us, or as permitted by law.
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We also may provide information to regulatory authorities, law enforcement officials, and others to prevent fraud or when we believe in good faith that the law requires disclosure. In the event of a sale of all or part of our businesses, we may share customer information as part of the sale. We do not sell or share your information with outside marketers who may want to offer you their own products and services.
Security of information
Keeping your information safe is one of our most important responsibilities. We maintain physical, electronic, and procedural safeguards to protect your information. Our employees are authorized to access your information only when they need it to provide you with products and services or to maintain your accounts. Employees who have access to your personal information are required to keep it strictly confidential. We provide training to our employees about the importance of protecting the privacy of your information.
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and
multi-asset solutions.
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.
This privacy practices notice is being provided on behalf of the following:
Macquarie Management Holdings, Inc. and each of its affiliates, such as direct or indirect subsidiaries, and any fund or product sponsored by or otherwise affiliated with Macquarie
Central Park Group (CPG) Funds
Delaware Funds by Macquarie®
Macquarie ETF Trust
Macquarie Investment Management Austria Kapitalanlage AG
Macquarie Investment Management Europe Limited
Macquarie Investment Management Europe S.A.
Macquarie Investment Management Global Limited
Optimum Fund Trust
Revised May 2024
This page is not part of the semiannual report. ii
Delaware Funds by Macquarie®
Equity funds
US equity funds
• Delaware Growth and Income Fund
• Delaware Ivy Core Equity Fund
• Delaware Ivy Large Cap Growth Fund
• Delaware Ivy Mid Cap Growth Fund
• Delaware Ivy Mid Cap Income Opportunities Fund
• Delaware Ivy Small Cap Growth Fund
• Delaware Ivy Smid Cap Core Fund
• Delaware Ivy Value Fund
• Delaware Opportunity Fund
• Delaware Small Cap Core Fund*
• Delaware Small Cap Value Fund
• Delaware Value® Fund
Global / international equity funds
• Delaware Emerging Markets Fund
• Delaware Global Equity Fund II (formerly, Delaware Global Value Equity Fund)
• Delaware Ivy Global Growth Fund
• Delaware Ivy International Core Equity Fund
• Delaware Ivy Systematic Emerging Markets Equity Fund
Alternative / specialty funds
• Delaware Climate Solutions Fund
• Delaware Healthcare Fund
• Delaware Ivy Natural Resources Fund
• Delaware Ivy Science and Technology Fund
• Delaware Real Estate Securities Fund
Multi-asset funds
• Delaware Global Listed Real Assets Fund
• Delaware Ivy Asset Strategy Fund
• Delaware Ivy Balanced Fund
• Delaware Ivy Multi-Asset Income Fund
• Delaware Ivy Wilshire Global Allocation Fund
• Delaware Wealth Builder Fund
*Closed to certain new investors.
Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and, if available, its summary prospectus. A Delaware Funds by Macquarie prospectus may be obtained by visiting delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and, if available, the summary prospectus carefully before investing.
Investing involves risk, including the possible loss of principal.
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Fixed income funds
Taxable fixed income funds
• Delaware Corporate Bond Fund
• Delaware Diversified Income Fund
• Delaware Emerging Markets Debt Corporate Fund
• Delaware Extended Duration Bond Fund
• Delaware Floating Rate Fund
• Delaware Investments Ultrashort Fund
• Delaware Ivy Core Bond Fund
• Delaware Ivy Global Bond Fund
• Delaware Ivy High Income Fund
• Delaware Limited-Term Diversified Income Fund
• Delaware Strategic Income Fund
Municipal fixed income funds
• Delaware Minnesota High-Yield Municipal Bond Fund
• Delaware National High-Yield Municipal Bond Fund
• Delaware Tax-Free Arizona Fund
• Delaware Tax-Free California Fund
• Delaware Tax-Free Colorado Fund
• Delaware Tax-Free Idaho Fund
• Delaware Tax-Free Minnesota Fund
• Delaware Tax-Free New York Fund
• Delaware Tax-Free Oregon Fund
• Delaware Tax-Free Pennsylvania Fund
• Delaware Tax-Free USA Fund
• Delaware Tax-Free USA Intermediate Fund
The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
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Caring for your portfolio
Over a lifetime, things change. When they do, it’s important to ensure that your investments stay in tune with your personal situation.
If you decide to make some changes, check
out the convenient options provided by Macquarie Asset Management. We try to make it easy for you to avoid some of the sales charges that you might otherwise have to pay when you withdraw and invest your money with another firm.
Most importantly, you may generally
exchange all or part of your shares in one Delaware Funds by Macquarie® mutual fund for shares of the same class of another fund without paying a front-end sales charge or a contingent deferred sales charge (CDSC).
Choose the investment method suitable for you
After you’ve evaluated your overall investments, you have choices about how to implement any changes:
1. Move assets all at once at any time.
2. Migrate funds to a different investment slowly through a systematic exchange. You can arrange automatic monthly exchanges of your shares in one Delaware Fund for those in another Delaware Fund. Systematic exchanges are subject to the same rules as regular exchanges, which are explained in the right column, including a $100 minimum monthly amount per fund.
3. Use our automatic investment plan for future investments in different vehicles. To allocate your future investments differently, the Delaware Funds by Macquarie automatic investment plan allows you to make regular monthly or quarterly investments directly from your checking account.
Important notes about exchanging or redeeming shares
For automated exchanges, a minimum exchange of $100 per fund is required monthly. If the value of your account is $5,000 or more, you can make systematic withdrawals of at least $25 monthly,
or $75 quarterly. If the annual amount you withdraw is less than 12% of your account balance at the time the systematic withdrawal plan is established, the CDSC ordinarily applicable to certain fund classes will be waived. More details are available in your prospectus or at delawarefunds.com/literature.
If you exchange shares from Class R shares of any fund, you will pay any applicable sales charge on your new shares.
When exchanging Class C shares of one fund for the same class of shares in other funds, your new shares will be subject to the same CDSC as the shares you originally purchased. The holding period for the CDSC will also remain the same, with the amount of time you held your original shares being credited toward the holding period of your new shares.
You do not pay sales charges on shares that you acquired through the reinvestment of dividends. You may have to pay taxes on your exchange. When you exchange shares, you are purchasing shares in another fund, so you should be sure to get a copy of the fund’s prospectus and read it carefully before buying shares through an exchange.
We may refuse the purchase side of any exchange request if, in the manager’s judgment, the fund would be unable to invest effectively in accordance with its investment objective and policies, or would otherwise potentially be adversely affected.
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This page is not part of the semiannual report.
Contact information
Shareholder assistance by phone
800 523-1918, weekdays from 8:30am to
6:00pm ET
For securities dealers and financial
institutions representatives only
800 362-7500
Regular mail
Delaware Funds by Macquarie
P.O. Box 534437
Pittsburgh, PA 15253-4437
Overnight courier service
Delaware Funds by Macquarie
Attention: 534437
500 Ross Street, 154-0520
Pittsburgh, PA 15262
Macquarie Asset Management • 610 Market Street • Philadelphia, PA 19106-2354
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions.
The Fund is advised by Delaware Management Company, a series of MIMBT, a US registered investment adviser, and distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
The Fund is governed by US laws and regulations.
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This page is not part of the semiannual report.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included under Item 7.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 16. Controls and Procedures.
| | (a) | The registrant’s principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. |
| | (b) | There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
| Item 18. | Recovery of Erroneously Awarded Compensation. |
Not Applicable.
Item 19. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.
| | |
| Name of Registrant: Delaware Group® Equity Funds V |
|
/s/ SHAWN K. LYTLE |
| By: Shawn K. Lytle |
| Title: | | President and Chief Executive Officer |
| Date: | | August 1, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
/s/ SHAWN K. LYTLE |
| By: Shawn K. Lytle |
| Title: | | President and Chief Executive Officer |
| Date: | | August 1, 2024 |
|
/s/ RICHARD SALUS |
| By: | | Richard Salus |
| Title: | | Chief Financial Officer |
| Date: | | August 1, 2024 |
