N-CSRS

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:	811-04997
Exact name of registrant as specified in charter:	Delaware Group® Equity Funds V
Address of principal executive offices:	610 Market Street
	Philadelphia, PA 19106
Name and address of agent for service:	David F. Connor, Esq.
	610 Market Street
	Philadelphia, PA 19106
Registrant’s telephone number, including area code:	(800) 523-1918
Date of fiscal year end:	November 30
Date of reporting period:	May 31, 2021

Item 1. Reports to Stockholders

	Semiannual report

Multi-asset mutual fund

Delaware Wealth Builder Fund

May 31, 2021

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 Investment Management (MIM) is a global asset manager with offices in the United States, Europe, Asia, and Australia. As active managers, we prioritize autonomy and accountability at the investment team level in pursuit of opportunities that matter for clients. Delaware Funds is one of the longest-standing mutual fund families, with more than 80 years in existence.

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) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.

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

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.

The Fund is governed by US laws and regulations.

Table of contents

Disclosure of Fund expenses	1
Security type / sector allocation and top 10 equity holdings	3
Schedule of investments	5
Statement of assets and liabilities	35
Statement of operations	37
Statements of changes in net assets	39
Financial highlights	42
Notes to financial statements	50
Other Fund information	71
About the organization	74

Unless otherwise noted, views expressed herein are current as of May 31, 2021, and subject to change for events occurring after such date.

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

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

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

© 2021 Macquarie Management Holdings, Inc.

Disclosure of Fund expenses
For the six-month period from December 1, 2020 to May 31, 2021 (Unaudited)

The Fund seeks to provide high current income and an investment that has the potential for capital appreciation.

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from December 1, 2020 to May 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Fund’s expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

1

Disclosure of Fund expenses
For the six-month period from December 1, 2020 to May 31, 2021 (Unaudited)

Delaware Wealth Builder Fund
Expense analysis of an investment of $1,000

	Beginning			Ending					Expenses
	Account Value			Account Value			Annualized		Paid During Period
	12/1/20			5/31/21			Expense Ratio		12/1/20 to 5/31/21*
Actual Fund return†
Class A		$	1,000.00		$	1,131.90		1.08%		$5.74
Class C			1,000.00			1,128.70		1.83%		9.71
Class R			1,000.00			1,130.40		1.33%		7.06
Institutional Class			1,000.00			1,133.40		0.83%		4.41
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,019.55		1.08%		$5.44
Class C			1,000.00			1,015.81		1.83%		9.20
Class R			1,000.00			1,018.30		1.33%		6.69
Institutional Class			1,000.00			1,020.79		0.83%		4.18

*	“Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the investment companies (Underlying Funds) in which it invests, including exchange-traded funds. The table above does not reflect the expenses of the Underlying Funds.

2

Security type / sector allocation and top 10
equity holdings
Delaware Wealth Builder Fund	As of May 31, 2021 (Unaudited)

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

Security type / sector	Percentage of net assets
Agency Mortgage-Backed Securities		0.94%
Collateralized Debt Obligations		0.19%
Convertible Bonds		8.57%
Corporate Bonds		14.19%
Banking		1.01%
Basic Industry		1.66%
Capital Goods		0.38%
Communications		1.05%
Consumer Cyclical		1.73%
Consumer Non-Cyclical		0.63%
Energy		1.98%
Financials		0.98%
Healthcare		1.17%
Insurance		0.22%
Media		1.39%
Real Estate Investment Trusts		0.21%
Services		0.44%
Technology & Electronics		0.31%
Transportation		0.32%
Utilities		0.71%
Non-Agency Asset-Backed Securities		0.02%
Non-Agency Commercial Mortgage-Backed Securities		0.46%
Sovereign Bonds		2.10%
Supranational Bank		0.24%
US Treasury Obligations		1.06%
Common Stock		58.04%
Communication Services		3.91%
Consumer Discretionary		6.99%
Consumer Staples		5.72%
Energy		1.41%
Financials		6.19%
Healthcare		8.90%
Industrials		4.46%
Information Technology		11.43%
Materials		1.53%
Real Estate		0.07%
REIT Diversified		0.47%
REIT Healthcare		0.67%

3

Security type / sector allocation and top 10
equity holdings
Delaware Wealth Builder Fund

Security type / sector	Percentage of net assets
REIT Hotel		0.05%
REIT Industrial		0.63%
REIT Information Technology		0.51%
REIT Mall		0.39%
REIT Manufactured Housing		0.18%
REIT Mortgage		0.16%
REIT Multifamily		1.45%
REIT Office		0.18%
REIT Self-Storage		0.45%
REIT Shopping Center		0.47%
REIT Single Tenant		0.31%
REIT Specialty		0.47%
Utilities		1.04%
Convertible Preferred Stock		2.76%
Preferred Stock		0.00%
Exchange-Traded Funds		7.39%
Limited Partnerships		2.21%
Leveraged Non-Recourse Security		0.00%
Short-Term Investments		1.33%
Total Value of Securities		99.50%
Receivables and Other Assets Net of Liabilities		0.50%
Total Net Assets		100.00%

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

Top 10 equity holdings	Percentage of net assets
Johnson & Johnson		1.27%
Apple		1.14%
Lowe’s		1.14%
Broadcom		1.11%
MetLife		1.07%
Merck & Co.		1.06%
Microsoft		1.05%
Verizon Communications		1.05%
Cisco Systems		1.04%
Discover Financial Services		1.03%

4

Schedule of investments
Delaware Wealth Builder Fund	May 31, 2021 (Unaudited)

		Principal amount°	Value (US $)
Agency Mortgage-Backed Securities – 0.94%
	Fannie Mae S.F. 15 yr
	2.00% 3/1/36	104,356	$	108,060
	Fannie Mae S.F. 20 yr
	2.00% 3/1/41	48,334		49,508
	2.00% 4/1/41	21,829		22,296
	2.00% 5/1/41	40,865		41,675
	Fannie Mae S.F. 30 yr
	2.00% 12/1/50	27,459		27,795
	2.00% 1/1/51	75,814		76,652
	2.00% 2/1/51	69,762		70,560
	2.00% 3/1/51	50,298		50,850
	2.00% 5/1/51	17,969		18,182
	2.50% 1/1/43	24,271		25,376
	2.50% 1/1/51	62,744		65,036
	2.50% 5/1/51	18,000		18,675
	3.00% 11/1/46	78,292		82,964
	3.00% 11/1/48	14,630		15,427
	3.00% 12/1/49	7,506		7,952
	3.00% 6/1/50	43,095		45,027
	3.00% 8/1/50	75,441		79,370
	3.00% 9/1/50	29,560		30,905
	3.50% 2/1/48	77,759		83,300
	3.50% 11/1/48	25,026		26,541
	3.50% 12/1/49	245,364		263,507
	4.00% 4/1/47	12,128		13,245
	4.00% 6/1/48	146,437		160,010
	4.00% 9/1/48	7,373		7,992
	4.00% 6/1/49	11,796		12,759
	4.50% 2/1/41	12,073		13,362
	4.50% 10/1/45	12,276		13,672
	4.50% 4/1/48	519,286		573,312
	4.50% 1/1/49	176,864		193,842
	4.50% 1/1/50	20,314		22,117
	5.00% 7/1/49	175,998		194,257
	Fannie Mae S.F. 30 yr TBA
	2.00% 6/1/51	142,000		143,412
	2.50% 6/1/51	884,000		915,165
	Freddie Mac S.F. 15 yr
	1.50% 3/1/36	76,168		77,282
	2.00% 12/1/35	79,254		82,310
	Freddie Mac S.F. 20 yr
	2.00% 3/1/41	55,252		56,594
	2.00% 4/1/41	49,580		50,876

5

Schedule of investments
Delaware Wealth Builder Fund

			Principal amount°	Value (US $)
Agency Mortgage-Backed Securities (continued)
	Freddie Mac S.F. 30 yr
		2.50% 10/1/50	44,129	$	46,027
		2.50% 2/1/51	26,416		27,562
		3.00% 1/1/50	13,373		14,039
		4.00% 7/1/47	4,412		4,748
		4.00% 10/1/47	41,959		45,094
		4.50% 1/1/49	14,232		15,679
		4.50% 4/1/49	15,665		17,198
		4.50% 8/1/49	38,250		42,092
Total Agency Mortgage-Backed Securities (cost $3,931,372)					3,952,304
Collateralized Debt Obligations – 0.19%
	Cedar Funding IX CLO
		Series 2018-9A A1 144A 1.168% (LIBOR03M +
		0.98%, Floor 0.98%) 4/20/31 #, •	250,000		250,175
	Octagon Investment Partners 48
		Series 2020-3A A 144A 1.688% (LIBOR03M +
		1.50%, Floor 1.50%) 10/20/31 #, •	300,000		300,505
	Sound Point Clo XXI
		Series 2018-3A A1A 144A 1.356% (LIBOR03M +
		1.18%, Floor 1.18%) 10/26/31 #, •	250,000		250,410
Total Collateralized Debt Obligations (cost $793,758)					801,090
Convertible Bonds – 8.57%
Basic Industry – 0.18%
	Ivanhoe Mines 144A 2.50% exercise price $7.43,
		maturity date 4/15/26 #	602,000		737,450
					737,450
Capital Goods – 0.33%
	Chart Industries 144A 1.00% exercise price $58.73,
		maturity date 11/15/24 #	550,000		1,398,719
					1,398,719
Communications – 1.61%
	Cable One 144A 1.125% exercise price $2,275.83,
		maturity date 3/15/28 #	1,124,000		1,118,993
	DISH Network 3.375% exercise price $65.18,
		maturity date 8/15/26	1,036,000		1,071,742
	InterDigital 2.00% exercise price $81.29, maturity
		date 6/1/24	1,065,000		1,248,839
	Liberty Broadband 144A 1.25% exercise price
		$900.01, maturity date 9/30/50 #	1,250,000		1,259,375

6

		Principal amount°		Value (US $)
Convertible Bonds (continued)
Communications (continued)
	Liberty Latin America 2.00% exercise price $20.65,
	maturity date 7/15/24	499,000	$	516,289
	Liberty Media 2.25% exercise price $32.97, maturity
	date 9/30/46	3,239,000		1,526,541
				6,741,779
Consumer Cyclical – 0.19%
	Ford Motor 144A 0.00% exercise price $17.49,
	maturity date 3/15/26 #, ^	701,000		774,270
				774,270
Consumer Non-Cyclical – 2.34%
	BioMarin Pharmaceutical 0.599% exercise price
	$124.67, maturity date 8/1/24	689,000		697,612
	Chefs’ Warehouse 1.875% exercise price $44.20,
	maturity date 12/1/24	1,330,000		1,368,304
	Collegium Pharmaceutical 2.625% exercise price
	$29.19, maturity date 2/15/26	722,000		788,581
	FTI Consulting 2.00% exercise price $101.38,
	maturity date 8/15/23	793,000		1,143,109
	Insulet 0.375% exercise price $226.73, maturity
	date 9/1/26	328,000		441,775
	Integra LifeSciences Holdings 0.50% exercise price
	$73.67, maturity date 8/15/25	1,246,000		1,393,153
	Ionis Pharmaceuticals 0.125% exercise price
	$83.28, maturity date 12/15/24	750,000		686,384
	Jazz Investments I 144A 2.00% exercise price
	$155.81, maturity date 6/15/26 #	565,000		759,219
	Neurocrine Biosciences 2.25% exercise price
	$75.92, maturity date 5/15/24	310,000		420,631
	Paratek Pharmaceuticals 4.75% exercise price
	$15.90, maturity date 5/1/24	1,350,000		1,274,906
	Repay Holdings 144A 0.484% exercise price
	$33.60, maturity date 2/1/26 #, ^	104,000		100,945
	Travere Therapeutics 2.50% exercise price $38.80,
	maturity date 9/15/25	825,000		705,113
				9,779,732
Energy – 0.95%
	Cheniere Energy 4.25% exercise price $138.38,
	maturity date 3/15/45	2,444,000		2,055,127
	Helix Energy Solutions Group 6.75% exercise price
	$6.97, maturity date 2/15/26	1,291,000		1,524,155
	NextEra Energy Partners 144A 0.357% exercise
	price $76.16, maturity date 11/15/25 #, ^	387,000		400,932

7

Schedule of investments
Delaware Wealth Builder Fund

		Principal amount°	Value (US $)
Convertible Bonds (continued)
Energy (continued)
	PDC Energy 1.125% exercise price $85.39, maturity
	date 9/15/21	2,000	$	2,003
				3,982,217
Real Estate Investment Trusts – 0.53%
	Blackstone Mortgage Trust 4.75% exercise price
	$36.23, maturity date 3/15/23	1,278,000		1,325,158
	Summit Hotel Properties 1.50% exercise price
	$11.99, maturity date 2/15/26	868,000		911,400
				2,236,558
Technology – 1.79%
	Coherus Biosciences 1.50% exercise price $19.26,
	maturity date 4/15/26	708,000		710,979
	Knowles 3.25% exercise price $18.43, maturity date
	11/1/21	585,000		673,861
	Microchip Technology 1.625% exercise price
	$94.13, maturity date 2/15/27	634,000		1,476,015
	ON Semiconductor 1.625% exercise price $20.72,
	maturity date 10/15/23	622,000		1,230,005
	Palo Alto Networks 0.75% exercise price $266.35,
	maturity date 7/1/23	767,000		1,104,480
	Quotient Technology 1.75% exercise price $17.36,
	maturity date 12/1/22	1,308,000		1,365,838
	Synaptics 0.50% exercise price $72.85, maturity
	date 6/15/22	544,000		938,400
				7,499,578
Transportation – 0.38%
	Seaspan 144A 3.75% exercise price $13.01,
	maturity date 12/15/25 #	1,135,000		1,385,268
	Spirit Airlines 1.00% exercise price $49.07, maturity
	date 5/15/26	188,000		192,944
				1,578,212
Utilities – 0.27%
	NRG Energy 2.75% exercise price $45.54, maturity
	date 6/1/48	1,065,000		1,150,200
				1,150,200
Total Convertible Bonds (cost $31,634,933)				35,878,715
Corporate Bonds – 14.19%
Banking – 1.01%
	Banco Continental 144A 2.75% 12/10/25 #	200,000		196,916

8

			Principal amount°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	Banco del Estado de Chile 144A 2.704% 1/9/25 #		205,000	$	213,715
	Banco Nacional de Panama 144A 2.50% 8/11/30 #		200,000		194,997
	Bank of America
	1.922% 10/24/31 µ		70,000		66,943
	2.456% 10/22/25 µ		15,000		15,806
	2.884% 10/22/30 µ		20,000		20,815
	3.194% 7/23/30 µ		55,000		58,535
	Bank of Georgia 144A 6.00% 7/26/23 #		200,000		213,790
	BBVA Bancomer
	144A 1.875% 9/18/25 #		200,000		202,252
	144A 6.75% 9/30/22 #		274,000		292,152
	Deutsche Bank 2.222% 9/18/24 µ		150,000		154,320
	Development Bank of Kazakhstan 144A 10.95%
	5/6/26 #	KZT	100,000,000		235,229
	Goldman Sachs Group 3.50% 4/1/25		80,000		87,263
	JPMorgan Chase & Co.
	2.739% 10/15/30 µ		20,000		20,726
	4.023% 12/5/24 µ		80,000		86,743
	5.00% 8/1/24 µ, ψ		85,000		89,425
	Morgan Stanley
	1.794% 2/13/32 µ		25,000		23,586
	5.00% 11/24/25		95,000		110,285
	5.875% 9/15/26 µ, ψ		530,000		604,862
	Natwest Group 8.625% 8/15/21 µ, ψ		320,000		324,003
	PNC Financial Services Group 2.60% 7/23/26		180,000		192,360
	Popular 6.125% 9/14/23		342,000		367,906
	State Street
	3.10% 5/15/23		10,000		10,554
	3.30% 12/16/24		130,000		142,683
	Truist Bank 2.636% 9/17/29 µ		185,000		194,633
	US Bancorp
	3.00% 7/30/29		25,000		26,716
	3.10% 4/27/26		25,000		27,309
	3.375% 2/5/24		60,000		64,588
					4,239,112
Basic Industry – 1.66%
	Allegheny Technologies 5.875% 12/1/27		220,000		233,516
	AngloGold Ashanti Holdings 3.75% 10/1/30		200,000		207,672
	Avient 144A 5.75% 5/15/25 #		118,000		125,079
	Boise Cascade 144A 4.875% 7/1/30 #		87,000		92,111
	Chemours 144A 5.75% 11/15/28 #		250,000		267,528

9

Schedule of investments
Delaware Wealth Builder Fund

		Principal amount°	Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
	Corp Nacional del Cobre de Chile 144A 3.15%
	1/14/30 #	200,000	$	206,791
	CSN Inova Ventures 144A 6.75% 1/28/28 #	200,000		220,513
	First Quantum Minerals
	144A 7.25% 4/1/23 #	250,000		255,211
	144A 7.50% 4/1/25 #	250,000		259,890
	Freeport-McMoRan
	4.55% 11/14/24	200,000		217,264
	4.625% 8/1/30	235,000		258,321
	5.45% 3/15/43	320,000		386,800
	Hutama Karya Persero 144A 3.75% 5/11/30 #	200,000		212,500
	International Flavors & Fragrances 144A 1.832%
	10/15/27 #	135,000		134,329
	Koppers 144A 6.00% 2/15/25 #	434,000		446,076
	Minera Mexico 144A 4.50% 1/26/50 #	200,000		216,875
	New Gold 144A 7.50% 7/15/27 #	230,000		250,994
	Newmont 2.80% 10/1/29	190,000		197,276
	NOVA Chemicals 144A 4.25% 5/15/29 #	240,000		240,954
	OCP 144A 4.50% 10/22/25 #	200,000		214,425
	Olin
	5.00% 2/1/30	135,000		143,465
	5.125% 9/15/27	437,000		456,827
	PowerTeam Services 144A 9.033% 12/4/25 #	485,000		536,243
	Standard Industries 144A 4.75% 1/15/28 #	230,000		239,355
	Steel Dynamics 5.00% 12/15/26	505,000		528,782
	Univar Solutions USA 144A 5.125% 12/1/27 #	180,000		189,002
	US Concrete 6.375% 6/1/24	2,000		2,044
	Vale Overseas 3.75% 7/8/30	193,000		205,201
				6,945,044
Capital Goods – 0.38%
	Ardagh Packaging Finance 144A 5.25% 8/15/27 #	235,000		237,350
	Intertape Polymer Group 144A 4.375% 6/15/29 #	260,000		262,925
	Terex 144A 5.00% 5/15/29 #	270,000		281,159
	TransDigm 144A 6.25% 3/15/26 #	262,000		276,503
	Vertical US Newco 144A 5.25% 7/15/27 #	510,000		531,038
				1,588,975
Communications – 1.05%
	Altice France Holding 144A 6.00% 2/15/28 #	515,000		505,393
	AT&T 4.35% 3/1/29	170,000		194,573
	Connect Finco 144A 6.75% 10/1/26 #	250,000		258,757

10

	Principal amount°	Value (US $)
Corporate Bonds (continued)
Communications (continued)
Consolidated Communications
144A 5.00% 10/1/28 #	110,000	$	112,064
144A 6.50% 10/1/28 #	110,000		119,198
Frontier Communications Holdings 144A 5.875%
10/15/27 #	230,000		244,841
Level 3 Financing 144A 4.25% 7/1/28 #	220,000		220,748
Millicom International Cellular 144A 4.50%
4/27/31 #	200,000		209,360
Ooredoo International Finance 144A 5.00%
10/19/25 #	200,000		230,682
Sprint 7.125% 6/15/24	527,000		608,242
T-Mobile USA
2.625% 4/15/26	130,000		132,476
3.375% 4/15/29	130,000		132,467
3.50% 4/15/31	75,000		76,372
3.875% 4/15/30	120,000		131,757
Verizon Communications
4.50% 8/10/33	95,000		111,721
4.522% 9/15/48	35,000		41,460
Vodafone Group
4.25% 9/17/50	110,000		122,065
4.875% 6/19/49	40,000		48,278
Zayo Group Holdings
144A 4.00% 3/1/27 #	415,000		406,181
144A 6.125% 3/1/28 #	500,000		509,635
			4,416,270
Consumer Cyclical – 1.73%
Allison Transmission 144A 5.875% 6/1/29 #	460,000		499,779
Boyd Gaming 6.375% 4/1/26	452,000		467,571
Caesars Entertainment 144A 6.25% 7/1/25 #	505,000		532,861
Carnival
144A 5.75% 3/1/27 #	450,000		478,688
144A 7.625% 3/1/26 #	325,000		356,281
Ford Motor 9.00% 4/22/25	235,000		287,417
Ford Motor Credit
3.375% 11/13/25	480,000		492,026
4.542% 8/1/26	515,000		555,278
General Motors Financial
4.35% 4/9/25	75,000		83,509
5.25% 3/1/26	95,000		110,232
H&E Equipment Services 144A 3.875% 12/15/28 #	145,000		140,446

11

Schedule of investments
Delaware Wealth Builder Fund

	Principal amount°	Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Hilton Domestic Operating 144A 4.00% 5/1/31 #	205,000	$	207,014
Hilton Worldwide Finance 4.875% 4/1/27	545,000		568,402
Jaguar Land Rover Automotive 144A 5.875%
1/15/28 #	200,000		204,463
L Brands
6.875% 11/1/35	250,000		301,584
6.95% 3/1/33	167,000		195,200
Levi Strauss & Co. 144A 3.50% 3/1/31 #	220,000		216,946
MGM Resorts International 4.75% 10/15/28	95,000		100,355
Royal Caribbean Cruises 144A 5.50% 4/1/28 #	455,000		479,456
Scientific Games International 144A 8.25%
3/15/26 #	164,000		176,628
Six Flags Entertainment 144A 4.875% 7/31/24 #	150,000		151,589
Wyndham Hotels & Resorts 144A 4.375% 8/15/28 #	627,000		641,954
			7,247,679
Consumer Non-Cyclical – 0.63%
Anheuser-Busch InBev Worldwide
3.65% 2/1/26	125,000		138,545
4.15% 1/23/25	50,000		55,873
Auna 144A 6.50% 11/20/25 #	200,000		207,340
BAT Capital 2.259% 3/25/28	55,000		54,152
Bunge Finance 1.63% 8/17/25	150,000		151,987
CVS Health 3.25% 8/15/29	185,000		199,066
Gilead Sciences 4.15% 3/1/47	165,000		185,619
JBS USA LUX 144A 6.50% 4/15/29 #	305,000		341,870
Kraft Heinz Foods
3.875% 5/15/27	240,000		262,890
5.20% 7/15/45	480,000		567,851
Post Holdings
144A 5.625% 1/15/28 #	160,000		169,419
144A 5.75% 3/1/27 #	295,000		308,850
			2,643,462
Energy – 1.98%
Apache
4.75% 4/15/43	155,000		153,495
4.875% 11/15/27	120,000		126,161
Ascent Resources Utica Holdings 144A 7.00%
11/1/26 #	240,000		247,285

12

	Principal amount°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
Chevron USA
3.25% 10/15/29	85,000	$	93,400
3.90% 11/15/24	20,000		22,132
4.20% 10/15/49	15,000		17,900
5.05% 11/15/44	5,000		6,510
CNX Resources
144A 6.00% 1/15/29 #	255,000		272,573
144A 7.25% 3/14/27 #	120,000		129,198
Crestwood Midstream Partners 144A 6.00%
2/1/29 #	243,000		251,832
DCP Midstream Operating 5.125% 5/15/29	360,000		388,539
Energy Transfer
5.25% 4/15/29	95,000		110,755
6.25% 4/15/49	60,000		75,008
Enterprise Products Operating 3.20% 2/15/52	50,000		47,095
EQM Midstream Partners
144A 4.75% 1/15/31 #	150,000		151,146
144A 6.50% 7/1/27 #	270,000		297,412
Genesis Energy
7.75% 2/1/28	390,000		392,804
8.00% 1/15/27	245,000		252,044
KazTransGas 144A 4.375% 9/26/27 #	381,000		425,545
Lukoil Securities 144A 3.875% 5/6/30 #	205,000		216,787
Marathon Oil 4.40% 7/15/27	150,000		168,802
MPLX
4.00% 3/15/28	30,000		33,292
5.50% 2/15/49	55,000		68,083
Murphy Oil 6.375% 7/15/28	405,000		425,825
Murphy Oil USA 144A 3.75% 2/15/31 #	230,000		223,914
Noble Energy 4.95% 8/15/47	50,000		64,961
NuStar Logistics 5.625% 4/28/27	228,000		241,501
Occidental Petroleum
3.00% 2/15/27	130,000		123,156
3.40% 4/15/26	125,000		122,038
3.50% 8/15/29	130,000		122,052
6.125% 1/1/31	215,000		238,753
6.45% 9/15/36	105,000		118,425
6.625% 9/1/30	210,000		240,935
PDC Energy 5.75% 5/15/26	285,000		297,828
Pioneer Natural Resources 1.90% 8/15/30	95,000		89,509
PTTEP Treasury Center 144A 2.587% 6/10/27 #	185,000		191,351

13

Schedule of investments
Delaware Wealth Builder Fund

	Principal amount°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
Sabine Pass Liquefaction
5.625% 3/1/25	55,000	$	63,186
5.75% 5/15/24	110,000		124,263
Southwestern Energy 7.75% 10/1/27	240,000		260,892
Targa Resources Partners 5.375% 2/1/27	237,000		247,048
TechnipFMC 144A 6.50% 2/1/26 #	455,000		489,932
Tengizchevroil Finance Co. International 144A
2.625% 8/15/25 #	200,000		204,509
Tennessee Gas Pipeline 144A 2.90% 3/1/30 #	130,000		132,543
UEP Penonome II 144A 6.50% 10/1/38 #	197,194		200,032
Western Midstream Operating 4.75% 8/15/28	115,000		123,528
			8,293,979
Financials – 0.98%
AerCap Global Aviation Trust 144A 6.50%
6/15/45 #, µ	240,000		255,900
AerCap Ireland Capital 4.45% 4/3/26	150,000		164,771
Air Lease 2.875% 1/15/26	150,000		157,329
Ally Financial
4.70% 5/15/26 µ, ψ	230,000		236,900
5.75% 11/20/25	798,000		918,671
8.00% 11/1/31	385,000		544,634
Banco BTG Pactual 144A 2.75% 1/11/26 #	200,000		193,302
DAE Sukuk Difc 144A 3.75% 2/15/26 #	400,000		420,824
Hightower Holding 144A 6.75% 4/15/29 #	150,000		152,455
INEOS Quattro Finance 2 144A 3.375% 1/15/26 #	200,000		200,188
Jefferies Group
4.15% 1/23/30	170,000		188,569
6.45% 6/8/27	10,000		12,513
6.50% 1/20/43	5,000		6,778
Midcap Financial Issuer Trust 144A 6.50% 5/1/28 #	200,000		209,474
MSCI 144A 3.625% 11/1/31 #	215,000		217,027
Oryx Funding 144A 5.80% 2/3/31 #	200,000		211,772
			4,091,107
Healthcare – 1.17%
Bausch Health 144A 5.50% 11/1/25 #	490,000		503,622
Centene
3.375% 2/15/30	295,000		298,342
144A 5.375% 8/15/26 #	470,000		492,339
Community Health Systems
144A 4.75% 2/15/31 #	180,000		176,753
144A 6.625% 2/15/25 #	170,000		179,138

14

		Principal amount°	Value (US $)
Corporate Bonds (continued)
Healthcare (continued)
	DaVita 144A 4.625% 6/1/30 #	205,000	$	209,345
	Encompass Health 5.75% 9/15/25	244,000		251,630
	Hadrian Merger Sub 144A 8.50% 5/1/26 #	275,000		286,660
	HCA
	5.375% 2/1/25	339,000		379,680
	5.875% 2/15/26	219,000		250,481
	7.58% 9/15/25	219,000		262,800
	Ortho-Clinical Diagnostics
	144A 7.25% 2/1/28 #	120,000		130,662
	144A 7.375% 6/1/25 #	147,000		157,758
	Service Corp International 4.00% 5/15/31	425,000		433,266
	Tenet Healthcare
	144A 4.25% 6/1/29 #	240,000		240,211
	5.125% 5/1/25	345,000		350,180
	144A 6.125% 10/1/28 #	280,000		293,427
	Universal Health Services 144A 5.00% 6/1/26 #	5,000		5,145
				4,901,439
Insurance – 0.22%
	HUB International 144A 7.00% 5/1/26 #	415,000		431,550
	USI 144A 6.875% 5/1/25 #	468,000		476,345
				907,895
Media – 1.39%
	Altice Financing 144A 5.00% 1/15/28 #	200,000		198,737
	AMC Networks 4.25% 2/15/29	540,000		536,625
	CCO Holdings
	144A 4.50% 8/15/30 #	105,000		107,131
	4.50% 5/1/32	60,000		60,741
	144A 5.375% 6/1/29 #	520,000		565,768
	144A 5.875% 5/1/27 #	519,000		536,553
	Charter Communications Operating
	4.80% 3/1/50	70,000		76,967
	5.05% 3/30/29	100,000		116,605
	Clear Channel Outdoor Holdings 144A 7.50%
	6/1/29 #	140,000		139,811
	Comcast 3.20% 7/15/36	80,000		84,133
	CSC Holdings
	144A 3.375% 2/15/31 #	400,000		373,768
	144A 5.00% 11/15/31 #	215,000		213,910
	5.25% 6/1/24	5,000		5,430
	Cumulus Media New Holdings 144A 6.75% 7/1/26 #	253,000		264,635
	Discovery Communications 4.125% 5/15/29	135,000		149,134

15

Schedule of investments
Delaware Wealth Builder Fund

		Principal amount°	Value (US $)
Corporate Bonds (continued)
Media (continued)
	Gray Television 144A 4.75% 10/15/30 #	475,000	$	467,238
	Netflix 5.875% 11/15/28	400,000		484,538
	Sinclair Television Group 144A 5.125% 2/15/27 #	362,000		362,905
	Sirius XM Radio 144A 5.00% 8/1/27 #	470,000		491,737
	Terrier Media Buyer 144A 8.875% 12/15/27 #	250,000		267,813
	Time Warner Cable 7.30% 7/1/38	60,000		85,054
	Time Warner Entertainment 8.375% 3/15/23	25,000		28,430
	ViacomCBS 4.375% 3/15/43	180,000		196,093
				5,813,756
Real Estate Investment Trusts – 0.21%
	CubeSmart 3.00% 2/15/30	140,000		144,661
	Global Net Lease 144A 3.75% 12/15/27 #	53,000		51,369
	Iron Mountain 144A 4.50% 2/15/31 #	440,000		437,932
	MGM Growth Properties Operating Partnership
	144A 3.875% 2/15/29 #	50,000		50,649
	5.75% 2/1/27	160,000		177,401
				862,012
Services – 0.44%
	Aramark Services 144A 5.00% 2/1/28 #	485,000		501,217
	Covanta Holding 5.875% 7/1/25	233,000		241,179
	GFL Environmental 144A 3.75% 8/1/25 #	98,000		100,524
	Legends Hospitality Holding 144A 5.00% 2/1/26 #	150,000		155,438
	Nielsen Finance
	144A 4.50% 7/15/29 #	60,000		60,237
	144A 4.75% 7/15/31 #	205,000		205,267
	Prime Security Services Borrower 144A 5.75%
	4/15/26 #	310,000		339,543
	United Rentals North America 3.875% 2/15/31	241,000		242,506
				1,845,911
Technology & Electronics – 0.31%
	Apple 2.20% 9/11/29	140,000		143,622
	Global Payments 2.65% 2/15/25	135,000		142,555
	Go Daddy Operating 144A 3.50% 3/1/29 #	240,000		231,900
	NXP 144A 4.875% 3/1/24 #	80,000		88,625
	SS&C Technologies 144A 5.50% 9/30/27 #	660,000		699,831
				1,306,533
Transportation – 0.32%
	Delta Air Lines 7.375% 1/15/26	475,000		559,674
	Mileage Plus Holdings 144A 6.50% 6/20/27 #	250,000		274,763

16

		Principal amount°	Value (US $)
Corporate Bonds (continued)
Transportation (continued)
	Rutas 2 and 7 Finance 144A 3.413% 9/30/36 #, ^	200,000	$	143,500
	Southwest Airlines 5.125% 6/15/27	40,000		46,842
	United Airlines
	144A 4.375% 4/15/26 #	85,000		88,189
	144A 4.625% 4/15/29 #	105,000		108,612
	VistaJet Malta Finance 144A 10.50% 6/1/24 #	100,000		107,375
				1,328,955
Utilities – 0.71%
	Calpine
	144A 4.50% 2/15/28 #	92,000		93,150
	144A 5.00% 2/1/31 #	255,000		247,656
	144A 5.25% 6/1/26 #	167,000		172,099
	Centrais Eletricas Brasileiras 144A 3.625% 2/4/25 #	200,000		206,875
	Duke Energy 4.875% 9/16/24 µ, ψ	85,000		90,440
	Edison International 5.375% 3/15/26 µ, ψ	220,000		222,750
	Entergy Louisiana 4.95% 1/15/45	5,000		5,500
	Entergy Mississippi 2.85% 6/1/28	60,000		63,304
	Entergy Texas 3.55% 9/30/49	115,000		117,980
	Evergy 2.90% 9/15/29	160,000		165,412
	Evergy Metro 3.65% 8/15/25	25,000		27,459
	Infraestructura Energetica Nova 144A 3.75%
	1/14/28 #	205,000		219,863
	Mong Duong Finance Holdings 144A 5.125%
	5/7/29 #	500,000		498,207
	NextEra Energy Capital Holdings 5.65% 5/1/79 µ	55,000		63,537
	PG&E 5.25% 7/1/30	245,000		248,063
	Southern California Edison
	4.00% 4/1/47	30,000		30,648
	4.875% 3/1/49	45,000		52,204
	Southwestern Electric Power 4.10% 9/15/28	165,000		186,372
	Vistra Operations 144A 4.375% 5/1/29 #	240,000		241,700
				2,953,219
Total Corporate Bonds (cost $57,282,745)				59,385,348
Non-Agency Asset-Backed Securities – 0.02%
	Domino’s Pizza Master Issuer
	Series 2021-1A A2I 144A 2.662% 4/25/51 #	100,000		101,756
Total Non-Agency Asset-Backed Securities (cost $100,000)				101,756

17

Schedule of investments
Delaware Wealth Builder Fund

			Principal amount°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities – 0.46%
	BANK
	Series 2017-BNK5 B 3.896% 6/15/60 •		95,000	$	104,159
	Series 2019-BN20 A3 3.011% 9/15/62		250,000		268,862
	Benchmark Mortgage Trust
	Series 2020-B20 A5 2.034% 10/15/53		300,000		298,038
	Series 2021-B24 A5 2.584% 3/15/54		260,000		269,321
	CD Mortgage Trust
	Series 2019-CD8 A4 2.912% 8/15/57		250,000		265,269
	Grace Trust
	Series 2020-GRCE A 144A 2.347% 12/10/40 #		100,000		100,579
	GS Mortgage Securities Trust
	Series 2017-GS6 A3 3.433% 5/10/50		165,000		181,766
	Series 2019-GC42 A4 3.001% 9/1/52		250,000		268,574
	JPM-BB Commercial Mortgage Securities Trust
	Series 2015-C33 A4 3.77% 12/15/48		150,000		165,991
Total Non-Agency Commercial Mortgage-Backed Securities (cost $1,889,639)					1,922,559
Sovereign Bonds – 2.10%Δ
Armenia – 0.04%
	Republic of Armenia International Bond
	144A 3.60% 2/2/31 #		200,000		185,544
					185,544
Bermuda – 0.05%
	Bermuda Government International Bond
	144A 2.375% 8/20/30 #		200,000		198,000
					198,000
Brazil – 0.10%
	Brazil Notas do Tesouro Nacional Serie F
	10.00% 1/1/27	BRL	2,000,000		408,510
					408,510
Colombia – 0.08%
	Colombian TES
	7.00% 6/30/32	COP	1,270,900,000		329,824
					329,824
Dominican Republic – 0.15%
	Dominican Republic International Bonds
	144A 4.50% 1/30/30 #		396,000		407,088
	144A 4.875% 9/23/32 #		200,000		207,400
					614,488

18

				Principal amount°	Value (US $)
Sovereign BondsΔ (continued)
Egypt – 0.15%
	Egypt Government International Bonds
		144A 5.75% 5/29/24 #		400,000	$	428,498
		7.903% 2/21/48		200,000		202,810
						631,308
Gabon – 0.05%
	Gabon Government International Bond
		144A 6.625% 2/6/31 #		200,000		199,886
						199,886
Honduras – 0.05%
	Honduras Government International Bond
		144A 5.625% 6/24/30 #		200,000		211,000
						211,000
Indonesia – 0.10%
	Indonesia Government International Bond 144A
		4.125% 1/15/25 #		300,000		331,793
	Indonesia Treasury Bond 6.125% 5/15/28		IDR	1,339,000,000		93,665
						425,458
Ivory Coast – 0.14%
	Ivory Coast Government International Bonds
		144A 4.875% 1/30/32 #	EUR	200,000		247,197
		144A 6.125% 6/15/33 #		200,000		213,593
		144A 6.875% 10/17/40 #	EUR	100,000		133,454
						594,244
Malaysia – 0.13%
	Malaysia Government Bond
		3.955% 9/15/25	MYR	2,131,000		544,361
						544,361
Mongolia – 0.05%
	Mongolia Government International Bond
		144A 5.625% 5/1/23 #		200,000		210,736
						210,736
Morocco – 0.08%
	Morocco Government International Bonds
		144A 1.375% 3/30/26 #	EUR	100,000		123,548
		144A 2.375% 12/15/27 #		200,000		195,880
						319,428

19

Schedule of investments
Delaware Wealth Builder Fund

				Principal amount°	Value (US $)
Sovereign BondsΔ (continued)
North Macedonia – 0.03%
	North Macedonia Government International Bond
		144A 3.675% 6/3/26 #	EUR	100,000	$	133,052
						133,052
Panama – 0.04%
	Panama Government International Bond
		144A 3.75% 4/17/26 #		155,000		167,736
						167,736
Paraguay – 0.11%
	Paraguay Government International Bond
		144A 4.95% 4/28/31 #		400,000		454,704
						454,704
Peru – 0.10%
	Corp Financiera de Desarrollo 144A 2.40%
		9/28/27 #		200,000		194,265
	Peruvian Government International Bond 2.392%
		1/23/26		200,000		206,378
						400,643
Romania – 0.16%
	Romania Government Bond 4.15% 1/26/28		RON	1,400,000		371,373
	Romanian Government International Bonds
		144A 2.625% 12/2/40 #	EUR	73,000		88,039
		144A 3.00% 2/14/31 #		190,000		195,286
						654,698
Senegal – 0.05%
	Senegal Government International Bond
		144A 6.25% 5/23/33 #		200,000		212,800
						212,800
Serbia – 0.12%
	Serbia International Bonds
		144A 2.125% 12/1/30 #		200,000		186,900
		144A 3.125% 5/15/27 #	EUR	250,000		338,256
						525,156
Turkey – 0.05%
	Turkey Government International Bond
		6.375% 10/14/25		200,000		208,293
						208,293

20

				Principal amount°	Value (US $)
Sovereign BondsΔ (continued)
Ukraine – 0.09%
		Ukraine Government International Bond
		144A 7.75% 9/1/21 #		384,000	$	389,517
						389,517
Uruguay – 0.12%
	Uruguay Government International Bonds
		4.375% 1/23/31		100,000		116,157
		4.50% 8/14/24		53,000		57,765
		9.875% 6/20/22	UYU	14,730,000		347,133
						521,055
Uzbekistan – 0.06%
	Republic of Uzbekistan Bond
		144A 4.75% 2/20/24 #		250,000		267,141
						267,141
Total Sovereign Bonds (cost $8,672,336)						8,807,582
Supranational Bank – 0.24%
	Banco Latinoamericano de Comercio Exterior
		144A 2.375% 9/14/25 #		250,000		255,938
	Banque Ouest Africaine de Developpement
		144A 4.70% 10/22/31 #		402,000		432,729
	Central American Bank For Economic Integration
		144A 2.00% 5/6/25 #		300,000		312,684
Total Supranational Bank (cost $960,693)						1,001,351
US Treasury Obligations – 1.06%
	US Treasury Bonds
		1.375% 8/15/50		65,000		52,115
		2.25% 8/15/46		350,000		347,751
		4.375% 2/15/38		255,000		342,268
	US Treasury Inflation Indexed Note
		0.125% 7/15/30		170,462		188,374
	US Treasury Notes
		0.375% 4/15/24		175,000		175,465
		0.75% 4/30/26		1,500,000		1,497,422
		0.75% 5/31/26		265,000		264,317
		1.125% 2/15/31		260,000		248,990
		1.25% 4/30/28		940,000		940,000
		1.50% 2/15/30		270,000		270,111

21

Schedule of investments
Delaware Wealth Builder Fund

		Principal amount°	Value (US $)
US Treasury Obligations (continued)
	US Treasury Strip Principal
	2.101% 5/15/44 ^	165,000	$	96,996
Total US Treasury Obligations (cost $4,490,258)				4,423,809
		Number of shares
Common Stock – 58.04%
Communication Services – 3.91%
	Alphabet Class A †	95		223,901
	Alphabet Class C †	270		651,121
	AT&T	20,650		607,730
	Century Communications =, †	1,625,000		0
	Comcast Class A	60,103		3,446,306
	Facebook Class A †	2,410		792,239
	KDDI	37,200		1,269,748
	Orange	80,000		1,021,997
	Take-Two Interactive Software †	4,090		758,940
	Verizon Communications	77,570		4,381,929
	ViacomCBS Class B	4,350		184,527
	Walt Disney †	16,966		3,030,976
				16,369,414
Consumer Discretionary – 6.99%
	adidas AG	3,410		1,244,794
	Amazon.com †	795		2,562,341
	Best Buy	3,597		418,115
	Buckle	21,410		901,789
	Dollar General	16,211		3,290,184
	Dollar Tree †	30,400		2,964,000
	eBay	14,870		905,286
	H & M Hennes & Mauritz Class B †	35,780		925,722
	Home Depot	4,695		1,497,282
	Lowe’s	24,490		4,771,387
	MercadoLibre †	100		135,867
	Newell Brands	12,403		355,842
	Next †	3,550		410,999
	NIKE Class B	5,464		745,617
	Publicis Groupe	19,290		1,305,537
	Ross Stores	4,220		533,366
	Sodexo †	12,280		1,186,607
	Sturm Ruger & Co.	9,870		779,138
	Swatch Group	5,110		1,851,984
	Tesla †	376		235,083
	TJX	12,830		866,538

22

		Number of shares	Value (US $)
Common Stock (continued)
Consumer Discretionary (continued)
	Tractor Supply	5,250	$	953,925
	Ulta Beauty †	1,135		391,984
				29,233,387
Consumer Staples – 5.72%
	Altria Group	17,040		838,709
	Archer-Daniels-Midland	56,000		3,725,680
	Asahi Group Holdings	15,100		732,763
	Clorox	3,650		645,065
	Colgate-Palmolive	5,040		422,251
	Conagra Brands	93,000		3,543,300
	Danone	27,500		1,960,449
	Diageo	52,650		2,543,409
	Essity Class B	25,790		893,192
	Kao	19,800		1,218,988
	Kellogg	8,280		542,257
	Kirin Holdings	17,700		357,433
	Koninklijke Ahold Delhaize	47,430		1,378,581
	Kroger	5,860		216,703
	Lawson	12,000		550,644
	Nestle	16,090		1,987,683
	Philip Morris International	9,900		954,657
	Seven & i Holdings	32,200		1,421,567
				23,933,331
Energy – 1.41%
	Chevron	1,994		206,957
	ConocoPhillips	60,693		3,383,028
	Exxon Mobil	20,004		1,167,633
	Kinder Morgan	41,090		753,591
	Williams	14,975		394,442
				5,905,651
Financials – 6.19%
	American International Group	70,400		3,719,936
	Ameriprise Financial	3,710		964,006
	Artisan Partners Asset Management Class A	13,050		666,594
	Banco Espirito Santo =, †	105,000		0
	BlackRock	1,210		1,061,218
	Discover Financial Services	36,867		4,323,025
	Invesco	15,477		441,559
	MetLife	68,225		4,459,186
	Principal Financial Group	13,010		850,724
	Prudential Financial	8,530		912,454

23

Schedule of investments
Delaware Wealth Builder Fund

		Number of shares	Value (US $)
Common Stock (continued)
Financials (continued)
	S&P Global	2,110	$	800,682
	Synchrony Financial	11,880		563,231
	Truist Financial	55,900		3,453,502
	US Bancorp	60,900		3,701,502
				25,917,619
Healthcare – 8.90%
	AbbVie	9,720		1,100,304
	Alexandria Real Estate Equities	3,020		538,345
	AmerisourceBergen	7,050		808,917
	Amgen	3,840		913,690
	Cardinal Health	58,700		3,291,309
	Cigna	14,300		3,701,555
	CVS Health	42,900		3,708,276
	Eli Lilly & Co.	3,410		681,113
	Fresenius Medical Care AG & Co.	23,730		1,903,512
	Healthcare Trust of America Class A	10,258		281,172
	Humana	951		416,253
	Johnson & Johnson	31,360		5,307,680
	Merck & Co.	58,360		4,428,940
	Molina Healthcare †	1,532		385,084
	Novo Nordisk Class B	25,950		2,053,847
	Pfizer	28,650		1,109,614
	Roche Holding	4,880		1,712,205
	Smith & Nephew	40,930		894,812
	UnitedHealth Group	984		405,329
	Viatris	235,693		3,591,961
				37,233,918
Industrials – 4.46%
	Caterpillar	15,193		3,662,729
	Honeywell International	15,933		3,679,089
	Lockheed Martin	2,170		829,374
	Northrop Grumman	10,100		3,695,287
	Raytheon Technologies	42,579		3,777,183
	Secom	4,600		364,825
	Securitas Class B	91,880		1,505,858
	United Parcel Service Class B	5,350		1,148,110
				18,662,455
Information Technology – 11.43%
	Adobe †	2,180		1,099,984
	Amadeus IT Group †	15,360		1,161,307
	Apple	38,461		4,792,625

24

		Number of shares	Value (US $)
Common Stock (continued)
Information Technology (continued)
	Broadcom	9,880	$	4,666,620
	Cisco Systems	82,240		4,350,496
	Cognizant Technology Solutions Class A	45,332		3,243,958
	Dropbox Class A †	28,250		772,638
	Enphase Energy †	4,920		703,806
	Fidelity National Information Services	23,163		3,450,824
	HP	28,170		823,409
	International Business Machines	2,059		295,961
	Lam Research	1,710		1,111,243
	Maxim Integrated Products	9,150		933,392
	Microsoft	17,620		4,399,362
	Monolithic Power Systems	2,070		710,258
	Motorola Solutions	18,300		3,757,173
	NetApp	12,600		974,862
	NVIDIA	1,986		1,290,463
	Oracle	45,600		3,590,544
	Paychex	6,950		702,923
	Paycom Software †	1,840		606,464
	QUALCOMM	7,050		948,507
	SAP	10,215		1,434,013
	TE Connectivity	3,794		514,770
	Western Union	29,470		721,131
	Xilinx	6,140		779,780
				47,836,513
Materials – 1.53%
	Air Liquide	10,190		1,734,200
	Dow	13,310		910,670
	DuPont de Nemours	44,300		3,747,337
				6,392,207
Real Estate – 0.07%
	eXp World Holdings †	8,990		290,017
				290,017
REIT Diversified – 0.47%
	Colony Capital †	11,883		81,636
	Cousins Properties	5,881		218,126
	Gaming and Leisure Properties	4,215		195,407
	Lexington Realty Trust	21,593		267,321
	QTS Realty Trust Class A	4,830		306,126
	VICI Properties	28,136		875,874
				1,944,490

25

Schedule of investments
Delaware Wealth Builder Fund

		Number of shares		Value (US $)
Common Stock (continued)
REIT Healthcare – 0.67%
	CareTrust REIT	7,355	$	171,224
	Healthpeak Properties	8,760		292,409
	Medical Properties Trust	35,836		758,648
	National Health Investors	1,935		127,536
	Omega Healthcare Investors	16,840		616,681
	Ventas	4,419		245,034
	Welltower	8,012		599,057
				2,810,589
REIT Hotel – 0.05%
	Host Hotels & Resorts †	13,096		224,858
				224,858
REIT Industrial – 0.63%
	Americold Realty Trust	5,365		203,977
	Duke Realty	10,450		485,507
	Prologis	15,324		1,805,780
	Terreno Realty	2,125		135,193
				2,630,457
REIT Information Technology – 0.51%
	Digital Realty Trust	4,754		720,516
	Equinix	1,944		1,432,184
				2,152,700
REIT Mall – 0.39%
	Simon Property Group	12,644		1,624,628
				1,624,628
REIT Manufactured Housing – 0.18%
	Equity LifeStyle Properties	4,528		320,854
	Sun Communities	2,458		411,518
				732,372
REIT Mortgage – 0.16%
	AGNC Investment	36,360		674,114
				674,114
REIT Multifamily – 1.45%
	American Homes 4 Rent Class A	5,115		194,728
	Apartment Income REIT	2,333		108,671
	AvalonBay Communities	2,437		504,313
	Camden Property Trust	1,883		236,091
	Equity Residential	52,102		4,035,300
	Essex Property Trust	1,919		566,661
	Mid-America Apartment Communities	808		129,846

26

		Number of shares	Value (US $)
Common Stock (continued)
REIT Multifamily (continued)
	UDR	6,072	$	289,209
				6,064,819
REIT Office – 0.18%
	Boston Properties	3,805		447,316
	Douglas Emmett	1,563		54,267
	Highwoods Properties	4,490		205,103
	Piedmont Office Realty Trust Class A	13		241
	SL Green Realty	737		58,385
				765,312
REIT Self-Storage – 0.45%
	CubeSmart	2,700		118,233
	Extra Space Storage	4,308		645,381
	Life Storage	2,593		257,848
	National Storage Affiliates Trust	4,852		223,677
	Public Storage	2,308		651,964
				1,897,103
REIT Shopping Center – 0.47%
	Brixmor Property Group	15,488		351,733
	Federal Realty Investment Trust	1,215		138,923
	Kimco Realty	8,207		174,891
	Kite Realty Group Trust	3,260		69,112
	Regency Centers	4,809		310,661
	Retail Opportunity Investments	8,919		159,293
	SITE Centers	18,050		270,209
	Urban Edge Properties	11,236		217,417
	Weingarten Realty Investors	8,904		291,784
				1,984,023
REIT Single Tenant – 0.31%
	Agree Realty	2,880		202,406
	Four Corners Property Trust	4,393		121,950
	Realty Income	8,356		571,550
	Spirit Realty Capital	3,546		167,584
	STORE Capital	7,135		245,444
				1,308,934
REIT Specialty – 0.47%
	Essential Properties Realty Trust	4,700		120,320
	Invitation Homes	19,104		692,902
	Iron Mountain	21,900		953,526
	Outfront Media †	2,207		52,835

27

Schedule of investments
Delaware Wealth Builder Fund

		Number of shares	Value (US $)
Common Stock (continued)
REIT Specialty (continued)
	WP Carey	2,128	$	160,558
				1,980,141
Utilities – 1.04%
	Edison International	58,300		3,257,221
	NRG Energy	21,666		696,562
	PPL	13,330		388,036
				4,341,819
Total Common Stock (cost $202,230,889)				242,910,871
Convertible Preferred Stock – 2.76%
	2020 Mandatory Exchangeable Trust 144A 6.50%
	exercise price $47.09, maturity date 5/16/23 #	734		1,245,525
	AMG Capital Trust II 5.15% exercise price $195.47,
	maturity date 10/15/37	15,060		881,763
	Bank of America 7.25% exercise price $50.00 **	621		872,902
	El Paso Energy Capital Trust I 4.75% exercise price
	$34.49, maturity date 3/31/28	37,355		1,901,370
	Elanco Animal Health 5.00% exercise price $38.40,
	maturity date 2/1/23	26,756		1,448,837
	Essential Utilities 6.00% exercise price $42.29,
	maturity date 4/30/22	18,650		1,123,290
	Lyondellbasell Advanced Polymers 6.00% exercise
	price $52.33 **	2,088		2,184,674
	QTS Realty Trust 6.50% exercise price $46.65 **	4,904		700,340
	UGI 7.25% exercise price $52.57, maturity date
	6/1/24	11,300		1,175,200
Total Convertible Preferred Stock (cost $9,827,819)				11,533,901
Preferred Stock – 0.00%
	Washington Prime Group 6.875% 07/07/21 ψ	4,347		18,171
Total Preferred Stock (cost $93,025)				18,171
Exchange-Traded Funds – 7.39%
	iShares Core MSCI Emerging Markets ETF	155,740		10,380,071
	iShares Russell 1000 Growth ETF	61,750		15,816,645
	iShares Trust iShares ESG Aware MSCI EAFE ETF	6,020		488,222
	Vanguard FTSE Developed Markets ETF	130		6,815
	Vanguard Mega Cap Growth ETF	19,360		4,231,515
Total Exchange-Traded Funds (cost $26,125,522)				30,923,268

28

		Number of shares	Value (US $)
Limited Partnerships – 2.21%
	Merion Champion’s Walk=, †, π	2,790,000	$	2,464,965
	Merion Countryside=, †, π	2,342,812		2,675,960
	Merion The Ledges=, †, π	4,093,765		4,092,537
Total Limited Partnerships (cost $5,454,592)				9,233,462
		Principal amount°
Leveraged Non-Recourse Security – 0.00%
	JPMorgan Fixed Income Pass Through Trust
	Auction
	Series 2007-B 144A 0.000% 1/15/87 #, =, ◆	1,300,000		1,300
Total Leveraged Non-Recourse Security (cost $1,105,000)				1,300
		Number of shares
Short-Term Investments – 1.33%
Money Market Mutual Funds – 1.33%
	BlackRock FedFund – Institutional Shares
	(seven-day effective yield 0.03%)	1,389,628		1,389,628
	Fidelity Investments Money Market Government
	Portfolio – Class I (seven-day effective yield
	0.01%)	1,389,628		1,389,628
	GS Financial Square Government Fund –
	Institutional Shares (seven-day effective yield
	0.02%)	1,389,628		1,389,628
	Morgan Stanley Government Portfolio – Institutional
	Share Class (seven-day effective yield 0.00%)	1,389,628		1,389,628
Total Short-Term Investments (cost $5,558,512)				5,558,512
Total Value of Securities–99.50%
	(cost $360,151,093)		$	416,453,999

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At May 31, 2021, the aggregate value of Rule 144A securities was $50,476,913, which represents 12.06% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”

29

Schedule of investments
Delaware Wealth Builder Fund

●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at May 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at May 31, 2021. Rate will reset at a future date.
ψ	Perpetual security. Maturity date represents next call date.
Δ	Securities have been classified by country of origin.
†	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.”
**	Perpetual security with no stated maturity date.
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, 2021, the aggregate value of restricted securities was $9,233,462, which represented 2.21% of the Fund’s net assets. See table on the next page for additional details on restricted securities.
◆	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.

Restricted Securities
Investments	Date of Acquisition	Cost		Value
Merion Champion’s Walk	8/4/2017	$	1,959,617	$	2,233,257
Merion Champion’s Walk	2/13/2018		50,829		57,927
Merion Champion’s Walk	7/11/2018		53,600		57,927
Merion Champion’s Walk	10/22/2018		54,535		57,927
Merion Champion’s Walk	2/13/2019		55,449		57,927
Merion Countryside	8/13/2020		0		2,675,960
Merion The Ledges	9/26/2018		3,033,510		3,820,853
Merion The Ledges	9/12/2019		126,654		148,191
Merion The Ledges	2/1/2021		120,398		123,493
Total		$	5,454,592	$	9,233,462

30

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at May 31, 2021:¹

Foreign Currency Exchange Contracts

	Currency to						Settlement		Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date		Appreciation		Depreciation
BNYM	EUR	(57,248	)	USD	69,768			6/1/21	$	–	$	(49	)
BNYM	EUR	81,669		USD	(99,702	)		6/1/21		–		(104	)
BNYM	GBP	46,010		USD	(65,390	)		6/1/21		–		(95	)
BNYM	GBP	37,488		USD	(53,226	)		6/2/21		–		(24	)
BNYM	JPY	(75,771,847	)	USD	689,345			6/1/21		–		(540	)
CITI	COP	(1,320,527,821	)	USD	366,000			6/25/21		10,518		–
JPMCB	BRL	(1,878,568	)	USD	339,000			8/27/21		–		(18,055	)
JPMCB	CNY	2,612,131		USD	(400,142	)		7/30/21		8,578		–
JPMCB	EUR	(1,201,926	)	USD	1,455,060			7/30/21		–		(12,454	)
JPMCB	KZT	305,813,456		USD	(699,801	)		7/30/21		6,432		–
JPMCB	MXN	20,507		USD	(1,022	)		7/30/21		–		–
Total Foreign Currency Exchange Contracts									$	25,528	$	(31,321	)

Futures Contracts Exchange-Traded

														Variation
														Margin
					Notional				Value/		Value/			Due from
		Notional			Cost			Expiration	Unrealized		Unrealized			(Due to)
Contracts to Buy (Sell)		Amount			(Proceeds)			Date	Appreciation		Depreciation			Brokers
	US Treasury
7	5 yr Notes	$	866,961		$	866,048		9/30/21	$	913	$	–		$	438
	US Treasury
(10)	10 yr Notes		(1,319,375	)		(1,317,241	)	9/21/21		–		(2,134	)		(1,563	)
	US Treasury
	10 yr Ultra
(3)	Notes		(434,859	)		(433,867	)	9/21/21		–		(992	)		(891	)
Total Futures Contracts					$	(885,060	)		$	913	$	(3,126	)	$	(2,016	)

31

Schedule of investments
Delaware Wealth Builder Fund

Swap Contracts

CDS Contracts2
Counterparty/
Reference										Variation
Obligation/					Upfront					Margin
Termination Date/		Annual			Payments					Due from
Payment	Notional	Protection			Paid		Unrealized			(Due to)
Frequency	Amount3	Payments	Value		(Received)		Depreciation4			Brokers
Over-The-Counter:
Protection Purchased/
Moody’s Ratings:
JPMCB-Republic
of Turkey
11.875%
1/15/30 B2
6/22/26-
Quarterly	200,000	1.000%	$	27,392	$	33,749	$	(6,357	)	$	–
JPMCB-Federative
Republic of
Brazil 4.25%
6/6/25 B2
6/22/26-
Quarterly	359,000	1.000%		12,307		21,010		(8,703	)		–
				39,699		54,759		(15,060	)		–

The use of foreign currency exchange contracts, futures contracts, and swap contracts involves elements of market risk and risks in excess of the amounts disclosed in these financial statements. The notional amounts and foreign currency exchange contracts 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 6 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.

32

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 $(875).

Summary of abbreviations:
AG – Aktiengesellschaft
BB – Barclays Bank
BNYM – Bank of New York Mellon
CDS – Credit Default Swap
CITI – Citigroup
CLO – Collateralized Loan Obligation
EAFE – Europe, Australasia, and Far East
ESG – Environmental, Social, and Governance
ETF – Exchange-Traded Fund
FTSE – Financial Times Stock Exchange
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
JPM – JPMorgan
JPMCB – JPMorgan Chase Bank
LIBOR – London interbank offered rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
MSCI – Morgan Stanley Capital International
REIT – Real Estate Investment Trust
S&P – Standard & Poor’s Financial Services LLC
S.F. – Single Family
TBA – To be announced
yr – Year

Summary of currencies:
BRL – Brazilian Real
CNY – China Yuan Renminbi
COP – Colombia Peso
EUR – European Monetary Unit
GBP – British Pound Sterling
IDR – Indonesia Rupiah

33

Schedule of investments
Delaware Wealth Builder Fund

Summary of currencies: (continued)
JPY – Japanese Yen
KZT – Kazakhstan Tenge
MXN – Mexican Peso
MYR – Malaysia Ringgit
RON – Romania New Leu
USD – US Dollar
UYU – Uruguay Peso

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

34

Statement of assets and liabilities
Delaware Wealth Builder Fund	May 31, 2021 (Unaudited)

Assets:
Investments, at value*	$	416,453,999
Cash		8,298
Cash collateral due from brokers		20,671
Foreign currencies, at valueΔ		539,491
Receivable for securities sold		3,199,355
Dividends and interest receivable		1,522,169
Foreign tax reclaims receivable		264,169
Receivable for fund shares sold		229,712
Upfront payments paid on over the counter credit default swap contracts		54,759
Unrealized appreciation on foreign currency exchange contracts		25,528
Total Assets		422,318,151
Liabilities:
Payable for securities purchased		2,467,715
Payable for fund shares redeemed		679,825
Investment management fees payable to affiliates		215,838
Other accrued expenses		160,044
Distribution fees payable to affiliates		88,515
Dividend disbursing and transfer agent fees and expenses payable to
non-affiliates		86,765
Unrealized depreciation on foreign currency exchange contracts		31,321
Unrealized depreciation on over the counter credit default swap contracts		15,060
Cash collateral due to brokers		10,000
Dividend disbursing and transfer agent fees and expenses payable to affiliates		2,997
Variation margin due to broker on futures contracts		2,016
Accounting and administration expenses payable to affiliates		1,580
Swap payments payable		1,102
Legal fees payable to affiliates		979
Trustees’ fees and expenses payable		575
Reports and statements to shareholders expenses payable to affiliates		253
Total Liabilities		3,764,585
Total Net Assets	$	418,553,566
Net Assets Consist of:
Paid-in capital	$	366,294,518
Total distributable earnings (loss)		52,259,048
Total Net Assets	$	418,553,566

35

Statement of assets and liabilities
Delaware Wealth Builder Fund

Net Asset Value
Class A:
Net assets	$	258,892,705
Shares of beneficial interest outstanding, unlimited authorization, no par		16,853,374
Net asset value per share	$	15.36
Sales charge		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	16.30
Class C:
Net assets	$	38,775,671
Shares of beneficial interest outstanding, unlimited authorization, no par		2,518,640
Net asset value per share	$	15.40
Class R:
Net assets	$	1,221,814
Shares of beneficial interest outstanding, unlimited authorization, no par		79,525
Net asset value per share	$	15.36
Institutional Class:
Net assets	$	119,663,376
Shares of beneficial interest outstanding, unlimited authorization, no par		7,793,387
Net asset value per share	$	15.35
____________________
*Investments, at cost	$	360,151,093
Δ Foreign currencies, at cost		537,617

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

36

Statement of operations
Delaware Wealth Builder Fund	Six months ended May 31, 2021 (Unaudited)

Investment Income:
Dividends	$	3,003,892
Interest		2,146,494
Foreign tax withheld		(82,103	)
		5,068,283
Expenses:
Management fees		1,330,584
Distribution expenses – Class A		307,678
Distribution expenses – Class C		220,515
Distribution expenses – Class R		2,969
Dividend disbursing and transfer agent fees and expenses		192,424
Accounting and administration expenses		52,294
Registration fees		45,060
Reports and statements to shareholders expenses		41,679
Audit and tax fees		31,502
Legal fees		25,996
Custodian fees		24,341
Trustees’ fees and expenses		8,219
Other		26,261
		2,309,522
Less expenses waived		(80,005	)
Less expenses paid indirectly		(161	)
Total operating expenses		2,229,356
Net Investment Income		2,838,927

37

Statement of operations
Delaware Wealth Builder Fund

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	21,340,258
Foreign currencies		18,677
Foreign currency exchange contracts		(33,491	)
Futures contracts		38,514
Swap contracts		10,241
Net realized gain		21,374,199
Net change in unrealized appreciation (depreciation) of:
Investments		26,624,430
Foreign currencies		(1,429	)
Foreign currency exchange contracts		8,873
Futures contracts		(446	)
Swap contracts		2,395
Net change in unrealized appreciation (depreciation)		26,633,823
Net Realized and Unrealized Gain		48,008,022
Net Increase in Net Assets Resulting from Operations	$	50,846,949

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

38

Statements of changes in net assets
Delaware Wealth Builder Fund

	Six months
	ended
	5/31/21			Year ended
	(Unaudited)			11/30/20
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,838,927		$	7,910,492
Net realized gain (loss)		21,374,199			(20,984,506	)
Net change in unrealized appreciation (depreciation)		26,633,823			8,707,335
Net increase (decrease) in net assets resulting from
operations		50,846,949			(4,366,679	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(2,515,255	)		(8,240,009	)
Class C		(289,949	)		(2,241,972	)
Class R		(10,480	)		(38,520	)
Institutional Class		(1,353,140	)		(5,073,888	)
		(4,168,824	)		(15,594,389	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		19,372,797			26,340,207
Class C		2,260,515			2,983,512
Class R		551,331			237,780
Institutional Class		4,930,207			18,294,356
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		2,356,949			7,785,843
Class C		286,414			2,119,949
Class R		10,324			38,519
Institutional Class		1,223,804			4,609,859
		30,992,341			62,410,025

39

Statements of changes in net assets
Delaware Wealth Builder Fund

	Six months
	ended
	5/31/21			Year ended
	(Unaudited)			11/30/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(20,910,882	)	$	(55,627,830	)
Class C		(21,214,289	)		(43,414,656	)
Class R		(539,972	)		(430,547	)
Institutional Class		(16,535,370	)		(54,660,568	)
		(59,200,513	)		(154,133,601	)
Decrease in net assets derived from capital share
transactions		(28,208,172	)		(91,723,576	)
Net Increase (Decrease) in Net Assets		18,469,953			(111,684,644	)
Net Assets:
Beginning of period		400,083,613			511,768,257
End of period	$	418,553,566		$	400,083,613

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

40

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 return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets^{6, 7}

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets⁸

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	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.11% lower. See Note 11 in “Notes to financial statements.”
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The ratios of expenses to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018, 2017, and 2016 were 1.09%, 1.09%, and 1.12%, respectively.
8	The ratios of net investment income to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018, 2017, and 2016 were 2.40%, 2.51%, and 2.05%, respectively.

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

42

Six months ended
5/31/211				Year ended
(Unaudited)				11/30/20			11/30/19			11/30/18			11/30/17			11/30/16
	$	13.71		$	14.01		$	14.15		$	14.62		$	13.64		$	13.16
		0.10			0.25			0.53			0.35			0.36			0.27
		1.70			(0.09	)		0.50			(0.43	)		0.98			0.52
		1.80			0.16			1.03			(0.08	)		1.34			0.79
		(0.15	)		(0.27	)		(0.35	)		(0.34	)		(0.36	)		(0.31	)
		—			(0.19	)		(0.82	)		(0.05	)		—			—
		(0.15	)		(0.46	)		(1.17	)		(0.39	)		(0.36	)		(0.31	)
	$	15.36		$	13.71		$	14.01		$	14.15		$	14.62		$	13.64
		13.19	%4		1.30	%4		8.30	%5		(0.56	%)		9.90	%		6.11	%
	$	258,893		$	230,168		$	259,283		$	273,384		$	256,157		$	270,324
		1.08	%		1.09	%		1.09	%		1.09	%		1.09	%		1.13	%
		1.12	%		1.12	%		1.09	%		1.09	%		1.09	%		1.13	%
		1.40	%		1.91	%		3.91	%		2.41	%		2.51	%		2.04	%
		1.36	%		1.88	%		3.91	%		2.41	%		2.51	%		2.04	%
		42	%		68	%		91	%		57	%		81	%		102	%

43

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 return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets^{6, 7}

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets⁸

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	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.11% lower. See Note 11 in “Notes to financial statements.”
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The ratios of expenses to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018, 2017, and 2016 were 1.84%, 1.84%, and 1.87%, respectively.
8	The ratios of net investment income to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018, 2017, and 2016 were 1.65%, 1.76%, and 1.30%, respectively.

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

44

Six months ended
5/31/211				Year ended
(Unaudited)				11/30/20			11/30/19			11/30/18			11/30/17			11/30/16
	$	13.73		$	14.04		$	14.18		$	14.65		$	13.66		$	13.18
		0.05			0.15			0.43			0.24			0.25			0.17
		1.71			(0.10	)		0.49			(0.43	)		0.99			0.52
		1.76			0.05			0.92			(0.19	)		1.24			0.69
		(0.09	)		(0.17	)		(0.24	)		(0.23	)		(0.25	)		(0.21	)
		—			(0.19	)		(0.82	)		(0.05	)		—			—
		(0.09	)		(0.36	)		(1.06	)		(0.28	)		(0.25	)		(0.21	)
	$	15.40		$	13.73		$	14.04		$	14.18		$	14.65		$	13.66
		12.87%	4		0.47%	4		7.46%	5		(1.34%	)		9.13%			5.30%
	$	38,776		$	52,258		$	95,672		$	137,403		$	225,604		$	283,243
		1.83%			1.84%			1.84%			1.84%			1.84%			1.88%
		1.87%			1.87%			1.84%			1.84%			1.84%			1.88%
		0.65%			1.16%			3.17%			1.66%			1.76%			1.29%
		0.61%			1.13%			3.17%			1.66%			1.76%			1.29%
		42%			68%			91%			57%			81%			102%

45

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 return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets^{6, 7}

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets⁸

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	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.11% lower. See Note 11 in “Notes to financial statements.”
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The ratios of expenses to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018, 2017, and 2016 were 1.34%, 1.34%, and 1.37%, respectively.
8	The ratios of net investment income to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018, 2017, and 2016 were 2.15%, 2.26%, and 1.80%, respectively.

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

46

Six months ended
5/31/211				Year ended
(Unaudited)				11/30/20			11/30/19			11/30/18			11/30/17			11/30/16
	$	13.71		$	14.02		$	14.16		$	14.62		$	13.63		$	13.16
		0.08			0.21			0.49			0.31			0.32			0.24
		1.70			(0.09	)		0.50			(0.42	)		0.99			0.51
		1.78			0.12			0.99			(0.11	)		1.31			0.75
		(0.13	)		(0.24	)		(0.31	)		(0.30	)		(0.32	)		(0.28	)
		—			(0.19	)		(0.82	)		(0.05	)		—			—
		(0.13	)		(0.43	)		(1.13	)		(0.35	)		(0.32	)		(0.28	)
	$	15.36		$	13.71		$	14.02		$	14.16		$	14.62		$	13.63
		13.04%	4		0.99%	4		8.02%	5		(0.78%	)		9.70%			5.76%
	$	1,222		$	1,069		$	1,288		$	1,968		$	2,320		$	3,229
		1.33%			1.34%			1.34%			1.34%			1.34%			1.38%
		1.37%			1.37%			1.34%			1.34%			1.34%			1.38%
		1.15%			1.66%			3.66%			2.16%			2.26%			1.79%
		1.11%			1.63%			3.66%			2.16%			2.26%			1.79%
		42%			68%			91%			57%			81%			102%

47

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 return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets^{6, 7}

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets⁸

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	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.11% lower. See Note 11 in “Notes to financial statements.”
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The ratios of expenses to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018, 2017, and 2016 were 0.84%, 0.84%, and 0.87%, respectively.
8	The ratios of net investment income to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018, 2017, and 2016 were 2.65%, 2.76%, and 2.30%, respectively.

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

48

Six months ended
5/31/211												Year ended
(Unaudited)				11/30/20				11/30/19				11/30/18				11/30/17				11/30/16
	$	13.70			$	14.01			$	14.15			$	14.63			$	13.64			$	13.16
		0.12				0.28				0.56				0.38				0.39				0.30
		1.70				(0.10	)			0.50				(0.43	)			0.99				0.52
		1.82				0.18				1.06				(0.05	)			1.38				0.82
		(0.17	)			(0.30	)			(0.38	)			(0.38	)			(0.39	)			(0.34	)
		—				(0.19	)			(0.82	)			(0.05	)			—				—
		(0.17	)			(0.49	)			(1.20	)			(0.43	)			(0.39	)			(0.34	)
	$	15.35			$	13.70			$	14.01			$	14.15			$	14.63			$	13.64
		13.34%	4			1.50%	4			8.59%	5			(0.37%	)			10.24%				6.37%
	$	119,663			$	116,589			$	155,525			$	185,720			$	201,285			$	149,830
		0.83%				0.84%				0.84%				0.84%				0.84%				0.88%
		0.87%				0.87%				0.84%				0.84%				0.84%				0.88%
		1.65%				2.16%				4.16%				2.66%				2.76%				2.29%
		1.61%				2.13%				4.16%				2.66%				2.76%				2.29%
		42%				68%				91%				57%				81%				102%

49

Notes to financial statements
Delaware Wealth Builder Fund	May 31, 2021 (Unaudited)

Delaware Group^® Equity Funds V (Trust) is organized as a Delaware statutory trust and offers three series: Delaware Wealth Builder Fund, Delaware Small Cap Core Fund, and Delaware Small Cap Value 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, and offers Class A, Class C, Class R, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 5.75%. There is no front-end sales charge when you purchase $1,000,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares purchased prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (“Limited CDSC”) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem these shares within the second year; and for shares purchased on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase; unless a specific waiver of the Limited CDSC applies. Class C shares are sold with a CDSC of 1.00%, which will be incurred if redeemed during the first 12 months. Class R and Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds Complex (the Ivy Funds), and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (Macquarie), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (the “Transaction”). The Transaction closed on April 30, 2021. The Ivy Funds, as part of Delaware Funds^® by Macquarie, are now managed by Delaware Management Company (DMC) and distributed by DDLP.

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 on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Other debt securities and credit default swap contracts are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Valuations for fixed income

50

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. 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. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement prices. Open-end investment companies are valued at their published net asset value (NAV). Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities are valued at fair value using methods approved by the Board.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as 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, 2021 and for all open tax years (years ended November 30, 2017–November 30, 2020), 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, 2021, 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.

51

Notes to financial statements
Delaware Wealth Builder Fund

1. Significant Accounting Policies (continued)

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 in accordance with the Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The 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 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 and unrealized 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.

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 the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are

52

amortized to interest income to the earliest call date using the effective interest method. Realized gain (loss) on paydowns of asset- and mortgage-backed securities are classified as interest income. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer, which are estimated. Distributions received from investments in master limited partnerships are recorded as return of capital on investments. 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 declares and pays dividends from net investment income monthly and distributions from net realized gain on investments, if any, annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. There were no such earnings credits for the six months ended May 31, 2021.

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.” For the six months ended May 31, 2021, the Fund earned $161 under this arrangement.

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

In accordance with the terms of its investment management agreement, the Fund pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 0.65% on the first $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, if any, of its management fee 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 0.83% of the Fund’s average daily net assets from March 27, 2020 through May 31, 2021.* For purposes of these waivers and reimbursements, nonroutine expenses may also include such additional costs and expenses as may be agreed upon from time to time by the Board and DMC. These expense waivers and reimbursements apply to expenses paid directly to the Fund and may only be terminated by agreement of DMC and the Fund. The waivers and reimbursements are accrued daily and received monthly.

53

Notes to financial statements
Delaware Wealth Builder Fund

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

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 permit its affiliate, Macquarie Funds Management Hong Kong Limited, to execute Fund security trades on behalf of the Manager. DMC may also seek quantitative support from MIMGL. Although the Affiliated Sub-Advisors and Macquarie Funds Management Hong Kong Limited serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, pays 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: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended May 31, 2021, the Fund was charged $8,887 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; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. 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, 2021, the Fund was charged $17,215 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 that are calculated daily and paid as invoices are received 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, annual 12b-1 fees of 0.25%, 1.00%, and 0.50% of the average daily net assets of the Class A, Class C, and Class R shares, respectively. The fees are calculated daily and paid monthly. Institutional Class shares do not pay 12b-1 fees.

54

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, tax, and regulatory reporting services to the Fund. For the six months ended May 31, 2021, the Fund was charged $12,420 for internal legal, tax, 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, 2021, DDLP earned $7,968 for commissions on sales of the Fund’s Class A shares. For the six months ended May 31, 2021, DDLP received gross CDSC commissions of $47 and $692 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 the investment companies (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 the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

____________________

* The aggregate contractual waiver period covering this report is from March 27, 2021 through March 31, 2022.

3. Investments

For the six months ended May 31, 2021, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	146,688,984
Purchases of US government securities		23,281,444
Sales other than US government securities		176,369,359
Sales of US government securities		23,087,713

At May 31, 2021, 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, 2021, the cost and unrealized appreciation (depreciation) of investments and derivatives for the Fund were as follows:

Cost of investments and derivatives	$	360,554,411
Aggregate unrealized appreciation of investments and derivatives	$	60,394,811
Aggregate unrealized depreciation of investments and derivatives		(4,518,289	)
Net unrealized appreciation of investments and derivatives	$	55,876,522

55

Notes to financial statements
Delaware Wealth Builder Fund

3. Investments (continued)

At November 30, 2020, capital loss carryforwards available to offset future realized capital gains were as follows:

	Loss carryforward character
	Short-term		Long-term		Total
$	11,579,740	$	11,162,172	$	22,741,912

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, 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.

56

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of May 31, 2021:

		Level 1			Level 2			Level 3		Total
Securities
Assets:
Agency Mortgage-Backed Securities	$	—		$	3,952,304		$	—	$	3,952,304
Collateralized Debt Obligations		—			801,090			—		801,090
Common Stock		242,910,871			—			—		242,910,871
Convertible Bonds		—			35,878,715			—		35,878,715
Convertible Preferred Stock		11,533,901			—			—		11,533,901
Corporate Bonds		—			59,385,348			—		59,385,348
Exchange-Traded Funds		30,923,268			—			—		30,923,268
Leveraged Non-Recourse Security		—			—			1,300		1,300
Limited Partnerships		—			—			9,233,462		9,233,462
Non-Agency Asset-Backed Securities		—			101,756			—		101,756
Non-Agency Commercial Mortgage-Backed
Securities		—			1,922,559			—		1,922,559
Preferred Stock		18,171			—			—		18,171
Sovereign Bonds		—			8,807,582			—		8,807,582
Supranational Bank		—			1,001,351			—		1,001,351
US Treasury Obligations		—			4,423,809			—		4,423,809
Short-Term Investments		5,558,512			—			—		5,558,512
Total Value of Securities	$	290,944,723		$	116,274,514		$	9,234,762	$	416,453,999
Derivatives1
Assets:
Futures Contracts	$	913		$	—		$	—	$	913
Foreign Currency Exchange Contracts		—			25,528			—		25,528
Liabilities:
Foreign Currency Exchange Contracts	$	—		$	(31,321	)	$	—	$	(31,321	)
Futures Contracts		(3,126	)		—			—		(3,126	)
OTC Credit Default Swaps		—			(15,060	)		—		(15,060	)

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

The 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, 2021, 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.

57

Notes to financial statements
Delaware Wealth Builder 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, interim, 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:

	Limited Partnerships			Leveraged Non-Recourse Security			Total
Beginning balance November 30, 2020	$	8,490,822			$	1,300	$	8,492,122
Return of capital		(170,444	)			—		(170,444	)
Net change in unrealized appreciation
(depreciation)		913,084				—		913,084
Ending balance May 31, 2021	$	9,233,462			$	1,300	$	9,234,762
Net change in unrealized appreciation
from investments still held at the end of
the period	$	913,084			$	—	$	913,084

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.

58

Quantitative information about Level 3 fair value measurements for the Fund are as follows:

Assets	Value		Valuation Techniques	Unobservable Inputs
Limited Partnership	$	9,233,462	Market cap rate method	Trailing 12 months NOI, adjusted for assets and liabilities; liquidity discount
Leveraged				Unadjusted price provided by
Non-Recourse Security		1,300	Valued by 3rd party	3rd party
Total	$	9,234,762

A significant change to the inputs may result in a significant change to the valuation.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 5/31/21		Year ended 11/30/20
Shares sold:
Class A	1,336,279		2,060,385
Class C	158,185		224,529
Class R	39,128		18,351
Institutional Class	339,437		1,423,139
Shares issued upon reinvestment of dividends and distributions:
Class A	161,912		589,479
Class C	19,823		158,249
Class R	710		2,912
Institutional Class	84,155		349,100
	2,139,629		4,826,144
Shares redeemed:
Class A	(1,438,427	)	(4,358,810	)
Class C	(1,464,244	)	(3,391,081	)
Class R	(38,305	)	(35,182	)
Institutional Class	(1,140,743	)	(4,363,203	)
	(4,081,719	)	(12,148,276	)
Net decrease	(1,942,090	)	(7,322,132	)

59

Notes to financial statements
Delaware Wealth Builder Fund

4. Capital Shares (continued)

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the table above and on the “Statements of changes in net assets.” For the six months ended May 31, 2021 and the year ended November 30, 2020, the Fund had the following exchange transactions:

	Exchange Redemptions		Exchange Subscriptions
				Institutional
	Class A	Class C	Class A	Class
	Shares	Shares	Shares	Shares	Value
Six months ended
5/31/21	2,238	55,566	55,684	2,238	$	831,855
Year ended
11/30/20	18,524	65,286	58,583	25,347		1,068,685

5. Line of Credit

The Fund, along with certain other funds in the Delaware Funds (Participants), is a participant in a $225,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15% with the addition of an upfront fee of 0.05%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The 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 November 1, 2021.

The Fund had no amounts outstanding as of May 31, 2021, or at any time during the period then ended.

6. Derivatives

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

Foreign Currency Exchange Contracts — The Fund may enter into foreign currency exchange contracts and foreign cross 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.

60

The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, 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.

During the six months ended May 31, 2021, the Fund entered into foreign currency exchange contracts to fix the US dollar value of a security between trade date and settlement date, and to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to increase/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, 2021, the Fund posted $20,671 in cash as collateral for open futures contracts, which is included in “Cash collateral due from brokers” on the “Statement of assets and liabilities.”

During the six months ended May 31, 2021, 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 and as a cash management tool.

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

61

Notes to financial statements
Delaware Wealth Builder Fund

6. Derivatives (continued) 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, 2021, the Fund entered into CDS contracts as a purchaser of protection. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. 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, 2021, 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, 2021, the Fund used CDS contracts to hedge against credit events.

Swaps Generally. For centrally cleared swaps, payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded by 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. The value of open swaps may differ from that which would be realized in the event

62

the Fund terminated its position in the contract on a given day. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument, or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the “Schedule of investments.”

At May 31, 2021, for bilateral derivative contracts, the Fund received $10,000 in cash collateral for certain open derivatives, which is included in “Cash collateral due to broker” on the “Statement of assets and liabilities.”

Fair values of derivative instruments as of May 31, 2021 were as follows:

	Asset Derivatives Fair Value
			Interest
Statement of Assets and	Currency		Rate
Liabilities Location	Contracts		Contracts		Total
Unrealized appreciation of
foreign currency
exchange contracts	$	25,528	$	—	$	25,528
Variation margin due from
broker on futures
contracts		—		913		913
Total	$	25,528	$	913	$	26,441

	Liability Derivatives Fair Value
				Interest
Statement of Assets and	Currency			Rate			Credit
Liabilities Location	Contracts			Contracts			Contracts			Total
Unrealized depreciation on
foreign currency
exchange contracts	$	(31,321	)	$	—		$	—		$	(31,321	)
Variation margin due to
broker on futures
contracts*		—			(3,126	)		—			(3,126	)
Unrealized depreciation on
over the counter creit
default swap contracts		—			—			(15,060	)		(15,060	)
Total	$	(31,321	)	$	(3,126	)	$	(15,060	)	$	(49,507	)

* Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through May 31, 2021. Only current day variation margin is reported on the Fund’s “Statement of assets and liabilities.”

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Notes to financial statements
Delaware Wealth Builder Fund

6. Derivatives (continued)

The effect of derivative instruments on the “Statement of operations” for the six months ended May 31, 2021 was as follows:

	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange			Futures		Swap
	Contracts			Contracts		Contracts		Total
Currency contracts	$	(33,491	)	$	—	$	—	$	(33,491	)
Interest rate contracts		—			38,514		—		38,514
Credit contracts		—			—		10,241		10,241
Total	$	(33,491	)	$	38,514	$	10,241	$	15,264

	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign
	Currency
	Exchange			Futures				Swap
	Contracts			Contracts				Contracts			Total
Currency contracts		$	8,873		$	—			$	—		$	8,873
Interest rate contracts			—			(446	)			—			(446	)
Credit contracts			—			—				2,395			2,395
Total		$	8,873		$	(446	)		$	2,395		$	10,822

The table below summarizes the average balance of derivative holdings by the Fund during the six months ended May 31, 2021:

	Long Derivative			Short Derivative
	Volume			Volume
Foreign currency exchange contracts (average notional value)		$	1,177,834		$	1,965,128
Futures contracts (average notional value)			189,109			1,292,344
CDS contracts (average notional value)**			559,000			—

** Long represents buying protection and short represents selling protection.

7. 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 mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs 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

64

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, 2021, the Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

	Gross Value of			Gross Value of
Counterparty	Derivative Asset			Derivative Liability				Net Position
Bank of New
York Mellon		$	—		$	(812	)	$	(812	)
Citigroup			10,518			—			10,518
JPMorgan Chase
Bank			15,010			(45,569	)		(30,559	)
Total		$	25,528		$	(46,381	)	$	(20,853	)

				Fair Value of						Fair Value of
				Non-Cash			Cash Collateral			Non-Cash			Cash Collateral
Counterparty	Net Position			Collateral Received			Received(a)			Collateral Pledged			Pledged			Net Exposure(b)
Bank of New
York Mellon	$	(812	)		$	—		$	—		$	—		$	—		$	(812	)
Citigroup		10,518				—			—			—			—			10,518
JPMorgan Chase
Bank		(30,559	)			—			10,000			—			—			(20,559	)
Total	$	(20,853	)		$	—		$	10,000		$	—		$	—		$	(10,853	)

^(a) The value of the related collateral exceeded the value of the derivatives as of May 31, 2021, as applicable.

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

8. 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

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Notes to financial statements
Delaware Wealth Builder Fund

8. Securities Lending (continued)

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

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

During the six months ended May 31, 2021, the Fund had no securities out on loan.

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9. Credit and Market Risk

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

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

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

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

The Fund 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

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Notes to financial statements
Delaware Wealth Builder Fund

9. Credit and Market Risk (continued)

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 as a result of defaults 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, 2021. 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 will limit its investments in Real Estate Limited Partnerships to 5% of its total assets at the time of purchase. The unfunded commitment for the limited partnerships totaled $582,748.

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 a security.

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

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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. 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 a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid.

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

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 held by the Fund have been identified on the “Schedule of investments.”

10. 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.

11. General Motors Term Loan Litigation

The Fund received notice of a litigation proceeding related to a General Motors Corporation (G.M.) term loan participation previously held by the Fund in 2009. Because it was believed that the Fund was a secured creditor, the Fund received the full principal on the loans in 2009 after the G.M. bankruptcy. However, based upon a US Court of Appeals ruling, the Motors Liquidation Company Avoidance Action Trust sought to recover such amounts arguing that the Fund was an unsecured creditor and, as an unsecured creditor, the Fund should not have received payment in full. Based on available information related to the litigation and the Fund’s potential exposure, the Fund recorded a contingent liability of $901,538 and an asset of $270,461 based on the potential recoveries by the estate that resulted in a net decrease in the Fund’s NAV to reflect this potential recovery.

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Notes to financial statements
Delaware Wealth Builder Fund

11. General Motors Term Loan Litigation (continued)

The plaintiff and the term loan lenders, which included the Fund, reached an agreement that resolved the disputes. The parties agreed to terms of a settlement agreement and presented the settlement agreement to the court for approval at a hearing on June 12, 2019. The court approved the settlement documentation and dismissed the case on July 2, 2019. The court’s approval of the settlement and dismissal of the case with prejudice became final on July 16, 2019.

The contingent liability and other asset were removed in connection with the case being settled, which resulted in the Fund recognizing a gain in the amount of the liabilities reversed.

12. Recent Accounting Pronouncements

In August 2018, FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

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

13. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to May 31, 2021, that would require recognition or disclosure in the Fund’s financial statements.

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Other Fund information (Unaudited)
Delaware Wealth Builder Fund

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Fund in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Fund’s liquidity risk; (2) classification of each of the Fund’s portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Fund’s net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Fund’s acquisition of Illiquid investments if, immediately after the acquisition, the Fund would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Fund’s holdings of Illiquid assets exceed 15% of the Fund’s net assets. Funds with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Fund’s liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Fund’s portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Fund primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 25-27, 2021, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2020 through March 31, 2021. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Fund’s liquidity needs. The Fund’s HLIM is set at an appropriate level and the Fund complied with its HLIM at all times during the reporting period.

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Other Fund information (Unaudited)
Delaware Wealth Builder Fund

Board consideration of Investment Sub-Advisory Agreement for Delaware Wealth Builder Fund at a meeting held November 17-19, 2020

At a meeting held on November 17-19, 2020 (the “Meeting”), the Board of Trustees (the “Board”) of Delaware Wealth Builder Fund (the “Fund”), including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved a new Sub-Advisory Agreement between Delaware Management Company (“DMC” or “Management”) and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”).

In reaching the decision to approve the Sub-Advisory Agreement, the Board considered and reviewed information about MIMAK, including its personnel, operations, and financial condition, which had been provided by MIMAK. The Board also reviewed material furnished by DMC in advance of the meeting, including: a memorandum from DMC reviewing the Sub-Advisory Agreement and the various services proposed to be rendered by MIMAK; information concerning MIMAK’s organizational structure and the experience of their key investment management personnel; copies of MIMAK’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMAK; and a copy of the Sub-Advisory Agreement.

In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with their independent counsel. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision to approve the Sub-Advisory Agreement. This discussion of the information and factors considered by the Board is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.

Nature, extent, and quality of services. In considering the nature, extent, and quality of the services to be provided by MIMAK, the Board reviewed the services to be provided by MIMAK pursuant to the Sub-Advisory Agreement as described at the Meeting. The Board reviewed materials provided by MIMAK regarding the experience and qualifications of the personnel who will be responsible for providing services to the Fund. The Board also considered relevant performance information provided with respect to MIMAK. In discussing the nature of the services proposed to be provided by MIMAK, it was observed that the Sub-Advisory Agreement will expand the sub-advisory services already provided by MIMAK to include the provision of discretionary investment management services as well as asset allocation services. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by MIMAK to the Fund and its shareholders and was confident in the abilities of MIMAK to provide quality services to the Fund and its shareholders.

Investment performance. In regard to the appointment of MIMAK for the Fund, the Board reviewed information on prior performance for MIMAK. In evaluating performance, the Board considered its previous approval of MIMAK to provide fully discretionary services to other Delaware Funds.

Sub-advisory fees. The Board considered that DMC would pay MIMAK a discretionary investment sub-advisory fee based on the extent to which MIMAK provides services to the Fund as described in the Sub-Advisory Agreement, in addition to the asset allocation sub-advisory fee previously approved. In considering the appropriateness of the sub-advisory fees, the Board also reviewed and considered the

72

fees in light of the nature, extent, and quality of the sub-advisory services to be provided by MIMAK. The Board noted that the sub-advisory fees are paid by DMC to MIMAK and are not additional fees borne by the Fund, and that the management fee paid by the Fund to DMC would stay the same at current asset levels. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between DMC and MIMAK, the proposed fee arrangement was understandable and reasonable.

Profitability, economies of scale, and fall out benefits. Trustees were also given available information on profits being realized by MIMAK in relation to the services being provided to the Fund and in relation to MIMAK’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Fund expenses. The Board was also provided with, and considered, information on potential fall-out benefits derived or to be derived by MIMAK in connection with its relationship to the Fund. The Board considered the potential benefit to DMC and MIMAK of marketing a global approach on the portfolio management of their fixed income investment strategies. The Trustees also noted that economies of scale are shared with the Fund and its shareholders through investment management fee breakpoints in DMC’s fee schedule for the Fund so that as the Fund grows in size, their effective investment management fee rates decline.

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About the organization

Board of trustees
Shawn K. Lytle	Ann D. Borowiec	Frances A.	Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Golden, CO Janet L. Yeomans Former Vice President and Treasurer 3M Company St. Paul, MN
President and	Former Chief Executive	Sevilla-Sacasa
Chief Executive Officer	Officer	Former Chief Executive
Delaware Funds®	Private Wealth Management	Officer
by Macquarie	J.P. Morgan Chase & Co.	Banco Itaú International
Philadelphia, PA	New York, NY	Miami, FL
Jerome D. Abernathy	Joseph W. Chow	Thomas K. Whitford
Managing Member,	Former Executive Vice	Former Vice Chairman
Stonebrook Capital	President	PNC Financial Services
Management, LLC	State Street Corporation	Group
Jersey City, NJ	Boston, MA	Pittsburgh, PA
Thomas L. Bennett	John A. Fry
Chairman of the Board	President
Delaware Funds	Drexel University
by Macquarie	Philadelphia, PA
Private Investor
Rosemont, PA
Affiliated officers
David F. Connor	Daniel V. Geatens	Richard Salus
Senior Vice President,	Senior Vice President and	Senior Vice President and
General Counsel,	Treasurer	Chief Financial Officer
and Secretary	Delaware Funds	Delaware Funds
Delaware Funds	by Macquarie	by Macquarie
by Macquarie	Philadelphia, PA	Philadelphia, PA
Philadelphia, PA

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 Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.

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 Forms 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, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the 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. The Fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the 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.

74

	Semiannual report

US equity mutual fund

Delaware Small Cap Core Fund

May 31, 2021

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 Investment Management (MIM) is a global asset manager with offices in the United States, Europe, Asia, and Australia. As active managers, we prioritize autonomy and accountability at the investment team level in pursuit of opportunities that matter for clients. Delaware Funds is one of the longest-standing mutual fund families, with more than 80 years in existence.

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) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.

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

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.

The Fund is governed by US laws and regulations.

Table of contents

Disclosure of Fund expenses	1
Security type / sector allocation and top 10 equity holdings	3
Schedule of investments	4
Statement of assets and liabilities	9
Statement of operations	11
Statements of changes in net assets	12
Financial highlights	14
Notes to financial statements	24
Other Fund information	34
About the organization	35

Unless otherwise noted, views expressed herein are current as of May 31, 2021, and subject to change for events occurring after such date.

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

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

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

© 2021 Macquarie Management Holdings, Inc.

Disclosure of Fund expenses
For the six-month period from December 1, 2020 to May 31, 2021 (Unaudited)

The Fund seeks long-term capital appreciation.

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from December 1, 2020 to May 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Fund’s expenses shown in the table assume reinvestment of all dividends and distributions.

1

Disclosure of Fund expenses
For the six-month period from December 1, 2020 to May 31, 2021 (Unaudited)

Delaware Small Cap Core Fund
Expense analysis of an investment of $1,000

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	12/1/20			5/31/21			Expense Ratio			12/1/20 to 5/31/21*
Actual Fund return†
Class A		$	1,000.00		$	1,263.00		1.06	%		$	5.98
Class C			1,000.00			1,257.70		1.81	%			10.19
Class R			1,000.00			1,261.10		1.31	%			7.38
Institutional Class			1,000.00			1,264.50		0.81	%			4.57
Class R6			1,000.00			1,265.30		0.69	%			3.90
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,019.65		1.06	%		$	5.34
Class C			1,000.00			1,015.91		1.81	%			9.10
Class R			1,000.00			1,018.40		1.31	%			6.59
Institutional Class			1,000.00			1,020.89		0.81	%			4.08
Class R6			1,000.00			1,021.49		0.69	%			3.48

*	“Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of the Underlying Funds.

2

Security type / sector allocation and top 10 equity holdings
Delaware Small Cap Core Fund	As of May 31, 2021 (Unaudited)

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

Security type / sector	Percentage of net assets
Common Stock		98.72%
Basic Materials		7.93%
Business Services		4.16%
Capital Goods		11.02%
Communications Services		0.30%
Consumer Discretionary		7.80%
Consumer Services		4.65%
Consumer Staples		2.44%
Credit Cyclicals		2.94%
Energy		1.71%
Financials		16.52%
Healthcare		16.03%
Information Technology		12.75%
Media		0.78%
Real Estate Investment Trusts		5.50%
Transportation		1.46%
Utilities		2.73%
Short-Term Investments		1.09%
Total Value of Securities		99.81%
Receivables and Other Assets Net of Liabilities		0.19%
Total Net Assets		100.00%

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

Top 10 equity holdings	Percentage of net assets
American Eagle Outfitters		1.65%
Boise Cascade		1.41%
Minerals Technologies		1.40%
Shockwave Medical		1.32%
WESCO International		1.28%
MYR Group		1.23%
PDC Energy		1.21%
Stifel Financial		1.18%
Natera		1.16%
Texas Roadhouse		1.13%

3

Schedule of investments
Delaware Small Cap Core Fund	May 31, 2021 (Unaudited)

		Number of shares	Value (US $)
Common Stock – 98.72%
Basic Materials – 7.93%
	Balchem	240,247	$	31,472,357
	Boise Cascade	1,571,446		103,699,722
	Coeur Mining †	1,396,563		14,524,255
	Ferro †	1,093,255		23,614,308
	Kaiser Aluminum	580,372		75,094,333
	Minerals Technologies	1,183,383		102,954,321
	Neenah	889,403		47,076,101
	Quaker Chemical	233,010		56,516,575
	Summit Materials Class A †	1,464,993		51,011,056
	Worthington Industries	1,154,665		76,635,116
				582,598,144
Business Services – 4.16%
	ABM Industries	1,126,353		56,193,751
	ASGN †	765,451		78,910,344
	BrightView Holdings †	2,289,912		39,729,973
	Casella Waste Systems Class A †	454,156		30,623,739
	US Ecology †	924,837		36,651,290
	WillScot Mobile Mini Holdings †	2,183,589		63,324,081
				305,433,178
Capital Goods – 11.02%
	Ameresco Class A †	905,676		48,689,142
	Applied Industrial Technologies	654,959		64,159,784
	Barnes Group	663,593		35,449,138
	Columbus McKinnon	1,098,524		55,695,167
	ESCO Technologies	370,874		35,099,515
	Federal Signal	1,534,977		65,205,823
	Kadant	327,011		54,944,388
	KBR	1,380,282		56,232,689
	MasTec †	657,823		76,524,549
	MYR Group †	1,034,633		90,054,456
	Rexnord	1,401,511		70,033,505
	Tetra Tech	533,889		63,783,719
	WESCO International †	880,454		93,829,983
				809,701,858
Communications Services – 0.30%
	ATN International	465,668		22,012,126
				22,012,126
Consumer Discretionary – 7.80%
	American Eagle Outfitters	3,414,905		120,990,084
	At Home Group †	1,117,983		41,969,082

4

		Number of shares	Value (US $)
Common Stock (continued)
Consumer Discretionary (continued)
	BJ’s Wholesale Club Holdings †	1,509,416	$	67,606,743
	Children’s Place †	315,088		29,300,033
	Dick’s Sporting Goods	547,164		53,364,905
	Hibbett Sports †	460,878		39,064,019
	Malibu Boats Class A †	794,392		62,296,221
	Sonic Automotive Class A	376,312		18,149,528
	Steven Madden	1,843,988		76,341,103
	YETI Holdings †	729,222		63,879,847
				572,961,565
Consumer Services – 4.65%
	Allegiant Travel †	261,884		57,996,831
	Brinker International †	897,037		55,122,924
	Chuy’s Holdings †	702,634		29,124,179
	Jack in the Box	562,205		63,866,488
	Texas Roadhouse	827,896		83,377,406
	Wendy’s	2,264,550		52,582,851
				342,070,679
Consumer Staples – 2.44%
	Helen of Troy †	188,501		39,675,691
	J & J Snack Foods	405,407		71,181,361
	Prestige Consumer Healthcare †	1,373,891		68,515,944
				179,372,996
Credit Cyclicals – 2.94%
	Dana	2,007,270		54,457,235
	KB Home	1,408,732		65,942,745
	La-Z-Boy	798,212		32,910,281
	Taylor Morrison Home †	2,124,131		62,916,760
				216,227,021
Energy – 1.71%
	Earthstone Energy Class A †	800,322		7,691,094
	Patterson-UTI Energy	3,393,644		28,404,800
	PDC Energy †	2,115,452		89,314,384
				125,410,278
Financials – 16.52%
	American Equity Investment Life Holding	1,054,014		32,147,427
	Bryn Mawr Bank	518,578		24,788,028
	City Holding	446,348		35,806,036
	Enterprise Financial Services	479,075		23,671,096
	Essent Group	1,236,059		59,133,062
	First Bancorp	910,121		40,382,069

5

Schedule of investments
Delaware Small Cap Core Fund

		Number of shares	Value (US $)
Common Stock (continued)
Financials (continued)
	First Financial Bancorp	1,788,744	$	45,559,310
	First Foundation	597,093		14,987,034
	First Interstate BancSystem Class A	1,003,403		47,230,179
	Great Western Bancorp	1,081,687		36,193,247
	Hamilton Lane Class A	509,625		46,054,811
	Independent Bank	590,457		48,187,196
	Independent Bank Group	668,899		52,675,796
	Kemper	251,378		18,820,671
	Lakeland Financial	142,320		8,782,567
	NMI Holdings Class A †	1,509,051		36,503,944
	Old National Bancorp	2,765,775		52,688,014
	Pacific Premier Bancorp	1,465,732		67,379,700
	Primerica	116,546		18,904,927
	RLI	278,254		29,350,232
	Selective Insurance Group	713,489		53,704,317
	South State	735,007		65,275,972
	Stifel Financial	1,250,815		86,656,463
	Umpqua Holdings	2,309,166		44,058,887
	United Community Banks	1,663,519		57,524,487
	Valley National Bancorp	3,829,350		54,836,292
	WesBanco	1,271,354		49,481,098
	WSFS Financial	1,188,285		63,228,645
				1,214,011,507
Healthcare – 16.03%
	Agios Pharmaceuticals †	851,586		47,501,467
	Amicus Therapeutics †	4,648,937		43,049,157
	AtriCure †	627,315		46,879,250
	Blueprint Medicines †	674,694		61,633,297
	CONMED	575,052		79,178,910
	CryoLife †	1,732,343		49,908,802
	Halozyme Therapeutics †	1,571,425		65,072,709
	Insmed †	1,726,143		42,463,118
	Intercept Pharmaceuticals †	454,461		7,557,686
	Ligand Pharmaceuticals †	363,989		42,841,505
	Merit Medical Systems †	1,135,634		68,524,156
	Natera †	902,722		84,982,249
	NuVasive †	940,163		64,119,117
	Omnicell †	371,918		51,696,602
	PTC Therapeutics †	932,683		36,626,461
	Shockwave Medical †	539,259		97,012,694
	Spectrum Pharmaceuticals †	3,240,578		11,179,994
	Supernus Pharmaceuticals †	1,600,456		47,773,612

6

		Number of shares		Value (US $)
Common Stock (continued)
Healthcare (continued)
	Tabula Rasa HealthCare †	1,062,776	$	45,922,551
	TransMedics Group †	998,915		25,612,181
	Travere Therapeutics †	2,630,619		39,906,490
	Ultragenyx Pharmaceutical †	717,261		72,952,616
	Vanda Pharmaceuticals †	2,572,847		45,513,663
				1,177,908,287
Information Technology – 12.75%
	Bandwidth Class A †	133,966		15,846,838
	Blackline †	225,415		23,436,398
	Box Class A †	739,526		17,238,351
	Brooks Automation	777,114		79,335,568
	ExlService Holdings †	783,367		79,887,767
	Ichor Holdings †	367,470		20,673,862
	II-VI †	878,144		59,160,561
	J2 Global †	637,893		79,436,815
	MACOM Technology Solutions Holdings †	297,331		17,601,995
	MaxLinear †	1,486,257		56,507,491
	Mimecast †	665,617		33,274,194
	NETGEAR †	746,213		29,012,761
	Plantronics †	179,344		5,882,483
	Q2 Holdings †	647,324		61,450,467
	Rapid7 †	974,911		81,551,305
	Semtech †	693,493		43,690,059
	Silicon Laboratories †	302,048		41,247,675
	Sprout Social Class A †	344,575		23,920,397
	Upwork †	463,975		21,839,303
	Varonis Systems †	787,642		38,043,109
	WNS Holdings ADR †	821,187		61,178,432
	Yelp †	1,158,195		46,455,202
				936,671,033
Media – 0.78%
	Cinemark Holdings †	1,181,523		26,773,311
	Nexstar Media Group Class A	203,186		30,865,985
				57,639,296
Real Estate Investment Trusts – 5.50%
	American Assets Trust	919,449		33,605,861
	Armada Hoffler Properties	2,377,449		31,548,748
	Cousins Properties	527,398		19,561,192
	DiamondRock Hospitality †	2,791,172		27,018,545
	EastGroup Properties	380,054		60,078,936
	Kite Realty Group Trust	2,150,472		45,590,006

7

Schedule of investments
Delaware Small Cap Core Fund

		Number of shares		Value (US $)
Common Stock (continued)
Real Estate Investment Trusts (continued)
	Lexington Realty Trust	3,036,796	$	37,595,535
	National Storage Affiliates Trust	899,835		41,482,394
	Pebblebrook Hotel Trust	1,257,131		28,096,878
	Physicians Realty Trust	2,542,201		46,090,104
	RPT Realty	2,609,611		33,272,540
				403,940,739
Transportation – 1.46%
	Hub Group Class A †	897,971		62,687,356
	Werner Enterprises	936,004		44,918,832
				107,606,188
Utilities – 2.73%
	Black Hills	577,961		38,024,054
	NorthWestern	821,570		52,046,460
	South Jersey Industries	2,095,450		55,864,697
	Spire	761,702		54,583,565
				200,518,776
Total Common Stock (cost $5,022,671,557)				7,254,083,671
Short-Term Investments – 1.09%
Money Market Mutual Funds – 1.09%
	BlackRock FedFund – Institutional Shares
	(seven-day effective yield 0.03%)	19,986,338		19,986,338
	Fidelity Investments Money Market Government
	Portfolio – Class I (seven-day effective yield
	0.01%)	19,986,337		19,986,337
	GS Financial Square Government Fund –
	Institutional Shares (seven-day effective yield
	0.02%)	19,986,337		19,986,337
	Morgan Stanley Government Portfolio – Institutional
	Share Class (seven-day effective yield 0.00%)	19,986,338		19,986,338
Total Short-Term Investments (cost $79,945,350)				79,945,350
Total Value of Securities–99.81%
	(cost $5,102,616,907)		$	7,334,029,021

† Non-income producing security.

Summary of abbreviations:

ADR – American Depositary Receipt
GS – Goldman Sachs

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

8

Statement of assets and liabilities
Delaware Small Cap Core Fund	May 31, 2021 (Unaudited)

Assets:
	Investments, at value*	$	7,334,029,021
	Receivable for securities sold		22,658,408
	Receivable for fund shares sold		20,410,030
	Dividends and interest receivable		3,914,595
	Total Assets		7,381,012,054
Liabilities:
	Payable for fund shares redeemed		14,483,739
	Payable for securities purchased		11,949,969
	Investment management fees payable to affiliates		3,882,499
	Dividend disbursing and transfer agent fees and expenses payable to
	non-affiliates		1,764,913
	Other accrued expenses		389,567
	Distribution fees payable to affiliates		205,207
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		52,265
	Accounting and administration expenses payable to affiliates		21,965
	Trustees’ fees and expenses payable		10,120
	Legal fees payable to affiliates		10,057
	Reports and statements to shareholders expenses payable to affiliates		4,441
	Total Liabilities		32,774,742
Total Net Assets		$	7,348,237,312
Net Assets Consist of:
	Paid-in capital	$	5,014,961,269
	Total distributable earnings (loss)		2,333,276,043
Total Net Assets		$	7,348,237,312

9

Statement of assets and liabilities
Delaware Small Cap Core Fund

Net Asset Value
Class A:
Net assets	$	324,967,200
Shares of beneficial interest outstanding, unlimited authorization, no par		10,453,576
Net asset value per share	$	31.09
Sales charge		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	32.99
Class C:
Net assets	$	139,398,873
Shares of beneficial interest outstanding, unlimited authorization, no par		5,179,566
Net asset value per share	$	26.91
Class R:
Net assets	$	44,655,559
Shares of beneficial interest outstanding, unlimited authorization, no par		1,497,361
Net asset value per share	$	29.82
Institutional Class:
Net assets	$	5,578,419,222
Shares of beneficial interest outstanding, unlimited authorization, no par		174,842,161
Net asset value per share	$	31.91
Class R6:
Net assets	$	1,260,796,458
Shares of beneficial interest outstanding, unlimited authorization, no par		39,464,832
Net asset value per share	$	31.95
_______________
*Investments, at cost	$	5,102,616,907

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

10

Statement of operations
Delaware Small Cap Core Fund	Six months ended May 31, 2021 (Unaudited)

Investment Income:
Dividends	$	29,013,833
Interest		25
		29,013,858
Expenses:
Management fees		21,508,506
Distribution expenses – Class A		380,725
Distribution expenses – Class C		662,604
Distribution expenses – Class R		103,029
Dividend disbursing and transfer agent fees and expenses		3,908,358
Accounting and administration expenses		551,283
Reports and statements to shareholders expenses		279,013
Registration fees		189,925
Trustees’ fees and expenses		146,998
Legal fees		136,438
Custodian fees		90,022
Audit and tax fees		17,621
Other		58,951
		28,033,473
Less expenses paid indirectly		(712	)
Total operating expenses		28,032,761
Net Investment Income		981,097
Net Realized and Unrealized Gain:
Net realized gain on investments		166,368,604
Net change in unrealized appreciation (depreciation) of investments		1,378,603,703
Net Realized and Unrealized Gain		1,544,972,307
Net Increase in Net Assets Resulting from Operations	$	1,545,953,404

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

11

Statements of changes in net assets
Delaware Small Cap Core Fund

	Six months
	ended
	5/31/21			Year ended
	(Unaudited)			11/30/20
Increase in Net Assets from Operations:
Net investment income	$	981,097		$	15,772,484
Net realized gain		166,368,604			13,107,745
Net change in unrealized appreciation (depreciation)		1,378,603,703			554,772,432
Net increase in net assets resulting from operations		1,545,953,404			583,652,661
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(1,951,965	)		(5,024,973	)
Class C		(1,003,028	)		(2,606,845	)
Class R		(279,913	)		(469,815	)
Institutional Class		(43,768,601	)		(78,648,543	)
Class R6		(9,588,230	)		(14,406,900	)
		(56,591,737	)		(101,157,076	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		51,652,351			79,375,881
Class C		14,020,483			10,128,660
Class R		4,748,981			13,420,746
Institutional Class		951,044,003			1,689,107,282
Class R6		262,459,259			324,093,627
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		1,826,558			4,847,156
Class C		992,647			2,578,578
Class R		279,822			469,671
Institutional Class		33,842,749			63,748,709
Class R6		7,093,053			10,060,122
		1,327,959,906			2,197,830,432

12

	Six months
	ended
	5/31/21			Year ended
	(Unaudited)			11/30/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(60,037,961	)	$	(112,750,663	)
Class C		(21,470,626	)		(37,524,291	)
Class R		(5,359,220	)		(7,716,433	)
Institutional Class		(1,180,707,798	)		(1,398,861,403	)
Class R6		(146,037,098	)		(192,173,930	)
		(1,413,612,703	)		(1,749,026,720	)
Increase (decrease) in net assets derived from capital share
transactions		(85,652,797	)		448,803,712
Net Increase in Net Assets		1,403,708,870			931,299,297
Net Assets:
Beginning of period		5,944,528,442			5,013,229,145
End of period	$	7,348,237,312		$	5,944,528,442

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

13

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

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 net investment income (loss) to average net assets

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

14

Six months ended
5/31/211				Year ended
(Unaudited)				11/30/20			11/30/19			11/30/18			11/30/17			11/30/16
	$	24.79		$	23.20		$	23.91		$	25.74		$	22.23		$	20.32
		(0.03	)		0.02			0.03			0.05			(0.03	)		(0.02	)
		6.52			1.99			1.25			0.04			3.78			2.52
		6.49			2.01			1.28			0.09			3.75			2.50
		–			(0.04	)		(0.02	)		–			–			–
		(0.19	)		(0.38	)		(1.97	)		(1.92	)		(0.24	)		(0.59	)
		(0.19	)		(0.42	)		(1.99	)		(1.92	)		(0.24	)		(0.59	)
	$	31.09		$	24.79		$	23.20		$	23.91		$	25.74		$	22.23
		26.30%			8.81%			7.79%			0.44%			17.02%			12.86%
	$	324,967		$	264,888		$	279,872		$	288,721		$	324,710		$	358,054
		1.06%			1.10%			1.10%			1.12%			1.18%			1.24%
		(0.21%	)		0.09%			0.15%			0.19%			(0.12%	)		(0.09%	)
		15%			37%			34%			38%			54%			43%

15

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

Total from investment operations

Less dividends and distributions from:

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of net investment loss to average net assets

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

16

Six months ended
5/31/211				Year ended
(Unaudited)				11/30/20			11/30/19			11/30/18			11/30/17			11/30/16
	$	21.57		$	20.35		$	21.38		$	23.38		$	20.36		$	18.80
		(0.12	)		(0.12	)		(0.11	)		(0.13	)		(0.19	)		(0.15	)
		5.65			1.72			1.05			0.05			3.45			2.30
		5.53			1.60			0.94			(0.08	)		3.26			2.15
		(0.19	)		(0.38	)		(1.97	)		(1.92	)		(0.24	)		(0.59	)
		(0.19	)		(0.38	)		(1.97	)		(1.92	)		(0.24	)		(0.59	)
	$	26.91		$	21.57		$	20.35		$	21.38		$	23.38		$	20.36
		25.77%			8.00%			6.99%			(0.31%	)		16.17%			12.01%
	$	139,399		$	117,251		$	139,808		$	168,400		$	154,837		$	126,787
		1.81%			1.85%			1.85%			1.87%			1.93%			1.99%
		(0.96%	)		(0.66%	)		(0.60%	)		(0.56%	)		(0.87%	)		(0.84%	)
		15%			37%			34%			38%			54%			43%

17

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 loss²

Net realized and unrealized gain

Total from investment operations

Less dividends and distributions from:

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of net investment loss to average net assets

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

18

Six months ended
5/31/211				Year ended
(Unaudited)				11/30/20			11/30/19			11/30/18			11/30/17			11/30/16
	$	23.82		$	22.33		$	23.12		$	25.01		$	21.66		$	19.86
		(0.06	)		(0.03	)		(0.02	)		(0.02	)		(0.08	)		(0.06	)
		6.25			1.90			1.20			0.05			3.67			2.45
		6.19			1.87			1.18			0.03			3.59			2.39
		(0.19	)		(0.38	)		(1.97	)		(1.92	)		(0.24	)		(0.59	)
		(0.19	)		(0.38	)		(1.97	)		(1.92	)		(0.24	)		(0.59	)
	$	29.82		$	23.82		$	22.33		$	23.12		$	25.01		$	21.66
		26.11%			8.51%			7.55%			0.19%			16.73%			12.60%
	$	44,656		$	36,065		$	27,631		$	28,138		$	33,112		$	31,416
		1.31%			1.35%			1.35%			1.37%			1.43%			1.49%
		(0.46%	)		(0.16%	)		(0.10%	)		(0.06%	)		(0.37%	)		(0.34%	)
		15%			37%			34%			38%			54%			43%

19

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 from investment operations:

Net investment income²

Net realized and unrealized gain

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 net investment income to average net assets

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

20

Six months ended
5/31/211				Year ended
(Unaudited)				11/30/20			11/30/19			11/30/18			11/30/17			11/30/16
	$	25.46		$	23.81		$	24.50		$	26.29		$	22.66		$	20.65
		0.01			0.07			0.09			0.11			0.03			0.03
		6.68			2.06			1.28			0.05			3.86			2.57
		6.69			2.13			1.37			0.16			3.89			2.60
		(0.05	)		(0.10	)		(0.09	)		(0.03	)		(0.02	)		–
		(0.19	)		(0.38	)		(1.97	)		(1.92	)		(0.24	)		(0.59	)
		(0.24	)		(0.48	)		(2.06	)		(1.95	)		(0.26	)		(0.59	)
	$	31.91		$	25.46		$	23.81		$	24.50		$	26.29		$	22.66
		26.45%			9.09%			8.06%			0.69%			17.31%			13.15%
	$	5,578,419		$	4,632,204		$	3,888,603		$	3,451,251		$	2,275,563		$	1,271,533
		0.81%			0.85%			0.85%			0.87%			0.93%			0.99%
		0.04%			0.34%			0.40%			0.44%			0.13%			0.16%
		15%			37%			34%			38%			54%			43%

21

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 from investment operations:

Net investment income³

Net realized and unrealized gain

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 assets⁵

Ratio of net investment income to average net assets

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	Portfolio turnover is representative of the Fund for the entire period.

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

22

Six months ended																	5/2/16
5/31/211				Year ended													to
(Unaudited)				11/30/20			11/30/19				11/30/18			11/30/17			11/30/162
	$	25.51		$	23.85		$	24.54			$	26.32		$	22.68		$	19.09
		0.02			0.10			0.12				0.15			0.06			0.03
		6.69			2.06			1.28				0.05			3.86			3.56
		6.71			2.16			1.40				0.20			3.92			3.59
		(0.08	)		(0.12	)		(0.12	)			(0.06	)		(0.04	)		–
		(0.19	)		(0.38	)		(1.97	)			(1.92	)		(0.24	)		–
		(0.27	)		(0.50	)		(2.09	)			(1.98	)		(0.28	)		–
	$	31.95		$	25.51		$	23.85			$	24.54		$	26.32		$	22.68
		26.53%			9.24%			8.20%				0.86%			17.45%			18.81%
	$	1,260,796		$	894,120		$	677,315		$	413,332			$	49,594		$	2
		0.69%			0.71%			0.72%				0.74%			0.79%			0.82%
		0.16%			0.48%			0.53%				0.57%			0.27%			0.29%
		15%			37%			34%				38%			54%			43%	6

23

Notes to financial statements
Delaware Small Cap Core Fund	May 31, 2021 (Unaudited)

Delaware Group^® Equity Funds V (Trust) is organized as a Delaware statutory trust and offers three series: Delaware Wealth Builder Fund, Delaware Small Cap Core Fund, and Delaware Small Cap Value 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, 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 $1,000,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares purchased prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (“Limited CDSC”) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem these shares within the second year or for shares purchased on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase; unless a specific waiver of the Limited CDSC applies. Class C shares are sold with a CDSC of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, Institutional Class, and Class R6 shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers or other financial intermediaries.

On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds Complex (the Ivy Funds), and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (Macquarie), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (the “Transaction”). The Transaction closed on April 30, 2021. The Ivy Funds, as part of Delaware Funds^® by Macquarie, are now managed by Delaware Management Company (DMC) and distributed by DDLP.

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, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities 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 does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Open-end investment companies are valued at their published net asset value (NAV). Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used,

24

various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Board.

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, 2021 and for all open tax years (years ended November 30, 2017–November 30, 2020), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended May 31, 2021, 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.

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 the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. The Fund declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

25

Notes to financial statements
Delaware Small Cap Core Fund

1. Significant Accounting Policies (continued)

The Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. There were no such earnings credit for the six months ended May 31, 2021.

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.” For the six months ended May 31, 2021, the Fund earned $712 under this arrangement.

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

In accordance with the terms of its investment management agreement, the Fund pays DMC, a series of Macquarie Investment Management Business Trust 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, and 0.60% on average daily net assets in excess of $2.5 billion.

DMC may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (together, the “Affiliated Sub- Advisors”), to execute Fund security trades on behalf of the Manager. 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: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended May 31, 2021, the Fund was charged $117,152 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; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. 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, 2021, the Fund was charged $287,378 for

26

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 are received 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 shares, Class C shares, 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, tax, and regulatory reporting services to the Fund. For the six months ended May 31, 2021, the Fund was charged $101,352 for internal legal, tax, 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, 2021, DDLP earned $20,412 for commissions on sales of the Fund’s Class A shares. For the six months ended May 31, 2021, DDLP received gross CDSC commissions of $572 and $1,366, 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 the investment companies (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 the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

3. Investments

For the six months ended May 31, 2021, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	980,902,687
Sales		982,658,586

At May 31, 2021, 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

27

Notes to financial statements
Delaware Small Cap Core Fund

3. Investments (continued)

end. At May 31, 2021, the cost and unrealized appreciation (depreciation) of investments for the Fund were as follows:

Cost of investments	$	5,102,616,907
Aggregate unrealized appreciation of investments	$	2,390,781,411
Aggregate unrealized depreciation of investments		(159,369,297	)
Net unrealized appreciation of investments	$	2,231,412,114

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, 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.

28

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of May 31, 2021:

	Level 1
Securities
Assets:
Common Stock	$	7,254,083,671
Short-Term Investments		79,945,350
Total Value of Securities	$	7,334,029,021

During the six months ended May 31, 2021, 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, interim, or end of the period in relation to the Fund’s net assets. During the six months ended May 31, 2021, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months
	ended	Year ended
	5/31/21	11/30/20
Shares sold:
Class A	1,789,278	3,839,939
Class C	553,681	546,339
Class R	170,182	639,440
Institutional Class	31,966,130	82,994,899
Class R6	9,012,049	15,491,308
Shares issued upon reinvestment of dividends and distributions:
Class A	69,530	209,290
Class C	43,499	127,086
Class R	11,091	21,062
Institutional Class	1,256,693	2,686,419
Class R6	263,193	423,763
	45,135,326	106,979,545

29

Notes to financial statements
Delaware Small Cap Core Fund

4. Capital Shares (continued)

	Six months
	ended		Year ended
	5/31/21		11/30/20
Shares redeemed:
Class A	(2,088,902	)	(5,427,774	)
Class C	(853,902	)	(2,107,590	)
Class R	(197,839	)	(384,170	)
Institutional Class	(40,309,848	)	(67,047,059	)
Class R6	(4,867,009	)	(9,259,811	)
	(48,317,500	)	(84,226,404	)
Net increase (decrease)	(3,182,174	)	22,753,141

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the previous table and on the “Statements of changes in net assets.”For the six months ended May 31, 2021 and the year ended November 30, 2020, the Fund has the following exchange transactions:

	Exchange Redemptions			Exchange Subscriptions
			Institutional		Institutional
	Class A	Class C	Class	Class A	Class	Class R6
	Shares	Shares	Shares	Shares	Shares	Shares	Value
Six months ended
5/31/21	9,810	22,684	1,390,669	5,833	22,229	1,390,190	$43,754,325
Year ended
11/30/20	14,411	75,181	11,086	38,586	41,582	9,921	1,908,221

5. Line of Credit

The Fund, along with certain other funds in the Delaware Funds (Participants), is a participant in a $225,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, with the addition of an upfront fee of 0.05% which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The 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 November 1, 2021.

The Fund had no amounts outstanding as of May 31, 2021, or at any time during the period then ended.

30

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

31

Notes to financial statements
Delaware Small Cap Core Fund

6. Securities Lending (continued)

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.

During the six months ended May 31, 2021, the Fund had no securities out on loan.

7. Credit and Market Risk

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

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 as a result of defaults 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, 2021. 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, 2021, there were no Rule 144A securities held by the Fund.

32

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. Recent Accounting Pronouncements

In August 2018, FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to May 31, 2021, that would require recognition or disclosure in the Fund’s financial statements.

33

Other Fund information (Unaudited)
Delaware Small Cap Core Fund

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Fund in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Fund’s liquidity risk; (2) classification of each of the Fund’s portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Fund’s net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Fund’s acquisition of Illiquid investments if, immediately after the acquisition, the Fund would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Fund’s holdings of Illiquid assets exceed 15% of the Fund’s net assets. Funds with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Fund’s liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Fund’s portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Fund primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 25-27, 2021, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2020 through March 31, 2021. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Fund’s liquidity needs. The Fund’s HLIM is set at an appropriate level and the Fund complied with its HLIM at all times during the reporting period.

34

About the organization

Board of trustees
Shawn K. Lytle	Ann D. Borowiec	Frances A.	Christianna Wood
President and	Former Chief Executive	Sevilla-Sacasa	Chief Executive Officer
Chief Executive Officer	Officer	Former Chief Executive	and President
Delaware Funds®	Private Wealth Management	Officer	Gore Creek Capital, Ltd.
by Macquarie	J.P. Morgan Chase & Co.	Banco Itaú International	Golden, CO
Philadelphia, PA	New York, NY	Miami, FL	Janet L. Yeomans
Jerome D. Abernathy	Joseph W. Chow	Thomas K. Whitford	Former Vice President and
Managing Member,	Former Executive Vice	Former Vice Chairman	Treasurer
Stonebrook Capital	President	PNC Financial Services	3M Company
Management, LLC	State Street Corporation	Group	St. Paul, MN
Jersey City, NJ	Boston, MA	Pittsburgh, PA
Thomas L. Bennett	John A. Fry
Chairman of the Board	President
Delaware Funds	Drexel University
by Macquarie	Philadelphia, PA
Private Investor
Rosemont, PA
Affiliated officers
David F. Connor	Daniel V. Geatens	Richard Salus
Senior Vice President,	Senior Vice President and	Senior Vice President and
General Counsel,	Treasurer	Chief Financial Officer
and Secretary	Delaware Funds	Delaware Funds
Delaware Funds	by Macquarie	by Macquarie
by Macquarie	Philadelphia, PA	Philadelphia, PA
Philadelphia, PA

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 Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.

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 Forms 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, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the 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. The Fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the 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.

35

	Semiannual report

US equity mutual fund

Delaware Small Cap Value Fund

May 31, 2021

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 Investment Management (MIM) is a global asset manager with offices in the United States, Europe, Asia, and Australia. As active managers, we prioritize autonomy and accountability at the investment team level in pursuit of opportunities that matter for clients. Delaware Funds is one of the longest-standing mutual fund families, with more than 80 years in existence.

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) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.

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

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.

The Fund is governed by US laws and regulations.

Table of contents

Disclosure of Fund expenses	1
Security type / sector allocation and top 10 equity holdings	3
Schedule of investments	5
Statement of assets and liabilities	10
Statement of operations	12
Statements of changes in net assets	13
Financial highlights	16
Notes to financial statements	26
Other Fund information	36
About the organization	37

Unless otherwise noted, views expressed herein are current as of May 31, 2021, and subject to change for events occurring after such date.

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

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

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

© 2021 Macquarie Management Holdings, Inc.

Disclosure of Fund expenses
For the six-month period from December 1, 2020 to May 31, 2021 (Unaudited)

The investment objective of the Fund is to seek long-term capital appreciation.

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from December 1, 2020 to May 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Fund’s expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

1

Disclosure of Fund expenses
For the six-month period from December 1, 2020 to May 31, 2021 (Unaudited)

Delaware Small Cap Value Fund
Expense analysis of an investment of $1,000

	Beginning			Ending				Expenses
	Account Value			Account Value			Annualized	Paid During Period
	12/1/20			5/31/21			Expense Ratio	12/1/20 to 5/31/21*
Actual Fund return†
Class A		$	1,000.00		$	1,382.30	1.10%		$	6.53
Class C			1,000.00			1,377.00	1.85%			10.96
Class R			1,000.00			1,380.70	1.35%			8.01
Institutional Class			1,000.00			1,383.90	0.85%			5.05
Class R6			1,000.00			1,385.30	0.69%			4.10
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,019.45	1.10%		$	5.54
Class C			1,000.00			1,015.71	1.85%			9.30
Class R			1,000.00			1,018.20	1.35%			6.79
Institutional Class			1,000.00			1,020.69	0.85%			4.28
Class R6			1,000.00			1,021.49	0.69%			3.48

*	“Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the investment companies (Underlying Funds) in which it invests. The table above do not reflect the expenses of the Underlying Funds.

2

Security type / sector allocation and top 10 equity holdings
Delaware Small Cap Value Fund	As of May 31, 2021 (Unaudited)

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

Security type / sector	Percentage of net assets
Common Stock ◆		97.98	%
Basic Industry		8.25	%
Business Services		2.02	%
Capital Spending		10.75	%
Consumer Cyclical		4.93	%
Consumer Services		9.86	%
Consumer Staples		3.43	%
Energy		3.93	%
Financial Services*		28.42	%
Healthcare		2.81	%
Real Estate Investment Trusts		7.70	%
Technology		10.26	%
Transportation		2.62	%
Utilities		3.00	%
Short-Term Investments		2.00	%
Total Value of Securities		99.98	%
Receivables and Other Assets Net of Liabilities		0.02	%
Total Net Assets		100.00	%

◆

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

*

To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Financial Services sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Financial Services sector consisted of banks, diversified financial services, insurance, and savings & loans. As of May 31, 2021, such amounts, as a percentage of total net assets were 20.68%, 2.36%, 4.57%, and 0.81%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Financial Services sector for financial reporting purposes may exceed 25%.

3

Security type / sector allocation and top 10 equity holdings
Delaware Small Cap Value Fund

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

Top 10 equity holdings	Percentage of net assets
East West Bancorp		3.21	%
MasTec		2.97	%
Stifel Financial		2.36	%
Western Alliance Bancorp		2.28	%
Louisiana-Pacific		2.26	%
Hancock Whitney		1.97	%
Webster Financial		1.90	%
Berry Global Group		1.82	%
ITT		1.81	%
Altra Industrial Motion		1.58	%

4

Schedule of investments
Delaware Small Cap Value Fund	May 31, 2021 (Unaudited)

		Number of shares	Value (US $)
Common Stock – 97.98% ◆
Basic Industry – 8.25%
	Arconic †	1,270,900	$	45,968,453
	Ashland Global Holdings	405,200		38,429,168
	Avient	765,300		39,780,294
	Berry Global Group †	1,726,810		117,785,710
	HB Fuller	842,500		58,233,600
	Huntsman	1,757,100		49,866,498
	Louisiana-Pacific	2,177,600		146,356,496
	Summit Materials Class A †	1,096,000		38,162,720
				534,582,939
Business Services – 2.02%
	Deluxe	478,300		21,791,348
	PAE †	1,850,300		15,024,436
	WESCO International †	883,200		94,122,624
				130,938,408
Capital Spending – 10.75%
	Altra Industrial Motion	1,559,943		102,472,656
	Atkore †	1,245,100		96,121,720
	H&E Equipment Services	822,200		30,750,280
	ITT	1,247,600		117,149,640
	KBR	1,151,052		46,893,859
	MasTec †	1,656,559		192,707,508
	Primoris Services	1,268,100		40,312,899
	Rexnord	1,408,100		70,362,757
				696,771,319
Consumer Cyclical – 4.93%
	Adient †	1,426,200		71,395,572
	Barnes Group	884,500		47,249,990
	KB Home	1,277,700		59,809,137
	Knoll	1,354,669		35,221,394
	Leggett & Platt	776,800		42,747,304
	Meritage Homes †	582,200		62,685,474
	Standard Motor Products	14,578		656,302
				319,765,173
Consumer Services – 9.86%
	Aaron’s	321,100		11,549,967
	Acushnet Holdings	790,200		42,038,640
	American Eagle Outfitters	1,342,600		47,568,318
	Asbury Automotive Group †	199,337		39,526,534
	Bed Bath & Beyond †	515,100		14,417,649
	Cable One	18,480		33,551,549

5

Schedule of investments
Delaware Small Cap Value Fund

		Number of shares	Value (US $)
Common Stock ◆(continued)
Consumer Services (continued)
	Choice Hotels International †	529,000	$	63,961,390
	Cracker Barrel Old Country Store	360,500		56,858,060
	Denny’s †	1,113,900		19,582,362
	Group 1 Automotive	103,016		16,428,991
	PROG Holdings	943,100		49,720,232
	Steven Madden	947,525		39,227,535
	TEGNA	2,773,800		53,783,982
	Texas Roadhouse	370,100		37,272,771
	UniFirst	282,500		62,624,600
	Wolverine World Wide	1,397,841		50,965,283
				639,077,863
Consumer Staples – 3.43%
	Core-Mark Holding	890,100		40,819,986
	J & J Snack Foods	310,200		54,464,916
	Performance Food Group †	760,654		38,131,585
	Scotts Miracle-Gro	143,100		31,105,647
	Spectrum Brands Holdings	653,250		58,067,392
				222,589,526
Energy – 3.93%
	CNX Resources †	4,179,200		56,920,704
	Delek US Holdings	1,302,400		29,030,496
	Devon Energy	2,742,460		72,839,738
	Dril-Quip †	619,400		20,768,482
	Helix Energy Solutions Group †	3,611,900		18,890,237
	Patterson-UTI Energy	3,169,400		26,527,878
	Renewable Energy Group †	485,900		29,673,913
				254,651,448
Financial Services – 28.42%
	American Equity Investment Life Holding	2,267,700		69,164,850
	Bank of NT Butterfield & Son	1,065,200		40,626,728
	East West Bancorp	2,784,823		208,249,064
	Essent Group	413,900		19,800,976
	First Financial Bancorp	2,494,800		63,542,556
	First Interstate BancSystem Class A	882,900		41,558,103
	First Midwest Bancorp	480,100		10,048,493
	FNB	7,420,600		99,510,246
	Great Western Bancorp	2,076,250		69,471,325
	Hancock Whitney	2,573,400		127,409,034
	Hanover Insurance Group	592,900		82,703,621
	Kemper	539,800		40,414,826
	NBT Bancorp	599,200		23,362,808

6

		Number of shares	Value (US $)
Common Stock◆ (continued)
Financial Services (continued)
	Prosperity Bancshares	670,100	$	50,425,025
	S&T Bancorp	808,156		27,420,733
	Sandy Spring Bancorp	756,400		35,142,344
	Selective Insurance Group	1,114,706		83,903,921
	Sterling Bancorp	1,972,300		52,542,072
	Stifel Financial	2,209,650		153,084,552
	Synovus Financial	1,579,800		77,599,776
	Umpqua Holdings	4,788,500		91,364,580
	Valley National Bancorp	6,160,400		88,216,928
	Webster Financial	2,179,000		123,505,720
	WesBanco	401,200		15,614,704
	Western Alliance Bancorp	1,480,200		148,034,802
				1,842,717,787
Healthcare – 2.81%
	Avanos Medical †	955,700		38,323,570
	Integer Holdings †	596,800		53,992,496
	Integra LifeSciences
	Holdings †	799,600		55,212,380
	Service Corp. International	652,400		34,590,248
				182,118,694
Real Estate Investment Trusts – 7.70%
	Brandywine Realty Trust	4,090,137		57,507,326
	Broadstone Net Lease	1,580,100		34,509,384
	Independence Realty Trust	1,740,700		29,731,156
	Kite Realty Group Trust	1,669,057		35,384,008
	Lexington Realty Trust	4,601,100		56,961,618
	Life Storage	570,900		56,770,296
	National Health Investors	516,600		34,049,106
	Outfront Media †	2,957,900		70,812,126
	RPT Realty	2,553,689		32,559,535
	Spirit Realty Capital	1,309,900		61,905,874
	Summit Hotel Properties †	3,017,700		29,000,097
				499,190,526
Technology – 10.26%
	Cirrus Logic †	640,900		50,035,063
	Coherent †	81,004		21,272,461
	Concentrix †	284,700		43,479,384
	Diodes †	441,500		33,408,305
	Flex †	4,663,869		85,208,887
	NCR †	530,007		25,546,337
	NetScout Systems †	1,150,506		33,824,876

7

Schedule of investments
Delaware Small Cap Value Fund

			Number of shares	Value (US $)
Common Stock◆ (continued)
Technology (continued)
		ON Semiconductor †	1,866,300	$	74,726,652
		SYNNEX	284,700		36,043,020
		Teradyne	575,200		76,127,720
		Tower Semiconductor †	2,061,800		56,637,646
		TTM Technologies †	3,541,102		53,647,695
		Viavi Solutions †	3,063,100		53,696,143
		Vishay Intertechnology	905,100		21,785,757
					665,439,946
Transportation – 2.62%
		Kirby †	693,000		45,273,690
		Saia †	136,150		31,336,284
		SkyWest †	533,400		26,152,602
		Werner Enterprises	1,399,300		67,152,407
					169,914,983
Utilities – 3.00%
		ALLETE	775,100		53,396,639
		Black Hills	799,100		52,572,789
		South Jersey Industries	1,540,900		41,080,394
		Southwest Gas Holdings	721,800		47,646,018
					194,695,840
Total Common Stock (cost $3,746,691,145)					6,352,454,452
Short-Term Investments – 2.00%
Money Market Mutual Funds – 2.00%
	BlackRock FedFund – Institutional Shares
		(seven-day effective yield 0.03%)	32,439,815		32,439,815
	Fidelity Investments Money Market Government
		Portfolio – Class I (seven-day effective yield
		0.01%)	32,439,814		32,439,814
	GS Financial Square Government Fund –
		Institutional Shares (seven-day effective yield
		0.02%)	32,439,815		32,439,815
	Morgan Stanley Government Portfolio – Institutional
		Share Class (seven-day effective yield 0.00%)	32,439,815		32,439,815
Total Short-Term Investments (cost $129,759,259)					129,759,259
Total Value of Securities–99.98%
	(cost $3,876,450,404)			$	6,482,213,711

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

8

† Non-income producing security.

Summary of abbreviations:

GS – Goldman Sachs

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

9

Statement of assets and liabilities
Delaware Small Cap Value Fund	May 31, 2021 (Unaudited)

Assets:
	Investments, at value*	$	6,482,213,711
	Receivable for fund shares sold		14,474,512
	Dividends and interest receivable		5,511,469
	Receivable for securities sold		4,874,540
	Total Assets		6,507,074,232
Liabilities:
	Payable for fund shares redeemed		11,447,435
	Payable for securities purchased		6,185,262
	Investment management fees payable to affiliates		3,448,716
	Dividend disbursing and transfer agent fees and expenses payable to
	non-affiliates		1,566,289
	Other accrued expenses		448,645
	Distribution fees payable to affiliates		222,359
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		46,159
	Accounting and administration expenses payable to affiliates		19,438
	Trustees’ fees and expenses payable to affiliates		8,752
	Legal fees payable to affiliates		8,656
	Reports and statements to shareholders expenses payable to affiliates		3,966
	Total Liabilities		23,405,677
Total Net Assets		$	6,483,668,555
Net Assets Consist of:
	Paid-in capital	$	3,811,727,884
	Total distributable earnings (loss)		2,671,940,671
Total Net Assets		$	6,483,668,555

10

Net Asset Value
Class A:
Net assets	$	726,770,036
Shares of beneficial interest outstanding, unlimited authorization, no par		9,507,154
Net asset value per share	$	76.44
Sales charge		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	81.10
Class C:
Net assets	$	53,866,067
Shares of beneficial interest outstanding, unlimited authorization, no par		876,100
Net asset value per share	$	61.48
Class R:
Net assets	$	59,764,671
Shares of beneficial interest outstanding, unlimited authorization, no par		809,372
Net asset value per share	$	73.84
Institutional Class:
Net assets	$	4,300,966,305
Shares of beneficial interest outstanding, unlimited authorization, no par		52,953,608
Net asset value per share	$	81.22
Class R6:
Net assets	$	1,342,301,476
Shares of beneficial interest outstanding, unlimited authorization, no par		16,494,860
Net asset value per share	$	81.38
____________________
*Investments, at cost	$	3,876,450,404

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

11

Statement of operations
Delaware Small Cap Value Fund	Six months ended May 31, 2021 (Unaudited)

Investment Income:
Dividends	$	37,689,790
Interest		4
		37,689,794
Expenses:
Management fees		18,147,222
Distribution expenses — Class A		811,935
Distribution expenses — Class C		247,243
Distribution expenses — Class R		130,498
Dividend disbursing and transfer agent fees and expenses		3,965,489
Accounting and administration expenses		464,304
Reports and statements to shareholders expenses		213,736
Trustees’ fees and expenses		119,670
Registration fees		109,232
Legal fees		103,062
Custodian fees		76,300
Audit and tax fees		17,705
Other		48,672
		24,455,068
Less expenses paid indirectly		(615	)
Total operating expenses		24,454,453
Net Investment Income		13,235,341
Net Realized and Unrealized Gain:
Net realized gain on investments		123,418,690
Net change in unrealized appreciation (depreciation) of investments		1,640,630,941
Net Realized and Unrealized Gain		1,764,049,631
Net Increase in Net Assets Resulting from Operations	$	1,777,284,972

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

12

Statements of changes in net assets
Delaware Small Cap Value Fund

	Six months
	ended
	5/31/21			Year ended
	(Unaudited)			11/30/20
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	13,235,341		$	40,156,112
Net realized gain (loss)		123,418,690			(39,807,994	)
Net change in unrealized appreciation (depreciation)		1,640,630,941			(79,578,311	)
Net increase (decrease) in net assets resulting from
operations		1,777,284,972			(79,230,193	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(4,041,423	)		(26,836,930	)
Class C		(68,123	)		(3,124,333	)
Class R		(221,432	)		(2,279,071	)
Institutional Class		(28,075,719	)		(124,086,181	)
Class R6		(9,897,320	)		(27,982,274	)
		(42,304,017	)		(184,308,789	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		94,746,737			137,462,793
Class C		9,632,343			9,629,288
Class R		10,980,319			10,625,442
Institutional Class		614,599,221			1,229,328,754
Class R6		276,780,180			596,941,661
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		3,975,321			26,442,390
Class C		67,426			3,058,818
Class R		221,408			2,278,860
Institutional Class		26,608,971			120,505,849
Class R6		9,612,283			26,477,062
		1,047,224,209			2,162,750,917

13

Statements of changes in net assets
Delaware Small Cap Value Fund

	Six months
	ended
	5/31/21			Year ended
	(Unaudited)			11/30/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(122,602,199	)	$	(187,767,639	)
Class C		(17,950,309	)		(24,774,471	)
Class R		(11,123,416	)		(18,475,683	)
Institutional Class		(605,469,180	)		(1,036,049,988	)
Class R6		(227,030,869	)		(269,976,409	)
		(984,175,973	)		(1,537,044,190	)
Increase in net assets derived from capital share transactions		63,048,236			625,706,727
Net Increase in Net Assets		1,798,029,191			362,167,745
Net Assets:
Beginning of period		4,685,639,364			4,323,471,619
End of period	$	6,483,668,555		$	4,685,639,364

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

14

This page intentionally left blank.

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 net investment income to average net assets

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

16

Six months ended
5/31/211				Year ended
(Unaudited)				11/30/20			11/30/19			11/30/18			11/30/17			11/30/16
	$	55.68		$	61.58		$	61.81		$	67.13		$	58.16		$	52.55
		0.08			0.39			0.52			0.37			0.34			0.28
		21.09			(3.67	)		3.63			(4.81	)		8.94			8.55
		21.17			(3.28	)		4.15			(4.44	)		9.28			8.83
		(0.41	)		(0.58	)		(0.42	)		(0.27	)		(0.31	)		(0.32	)
		—			(2.04	)		(3.96	)		(0.61	)		—			(2.90	)
		(0.41	)		(2.62	)		(4.38	)		(0.88	)		(0.31	)		(3.22	)
	$	76.44		$	55.68		$	61.58		$	61.81		$	67.13		$	58.16
		38.23%			(5.70%	)		8.69%			(6.70%	)		16.01%			18.47%
	$	726,770		$	551,442		$	637,146		$	733,864		$	881,709		$	870,158
		1.10%			1.14%			1.15%			1.15%			1.18%			1.24%
		0.22%			0.80%			0.90%			0.56%			0.55%			0.57%
		7%			23%			18%			18%			15%			19%

17

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 net investment income (loss) to average net assets

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

18

Six months ended
5/31/211				Year ended
(Unaudited)				11/30/20			11/30/19			11/30/18			11/30/17			11/30/16
	$	44.71		$	49.95		$	50.96		$	55.65		$	48.34		$	44.24
		(0.14	)		0.02			0.07			(0.10	)		(0.10	)		(0.07	)
		16.98			(3.00	)		2.88			(3.98	)		7.43			7.09
		16.84			(2.98	)		2.95			(4.08	)		7.33			7.02
		(0.07	)		(0.22	)		—			—			(0.02	)		(0.02	)
		—			(2.04	)		(3.96	)		(0.61	)		—			(2.90	)
		(0.07	)		(2.26	)		(3.96	)		(0.61	)		(0.02	)		(2.92	)
	$	61.48		$	44.71		$	49.95		$	50.96		$	55.65		$	48.34
		37.70%			(6.38%	)		7.88%			(7.41%	)		15.17%			17.58%
	$	53,866		$	46,463		$	69,109		$	74,828		$	105,757		$	107,104
		1.85%			1.89%			1.90%			1.90%			1.93%			1.99%
		(0.53%	)		0.05%			0.15%			(0.19%	)		(0.20%	)		(0.18%	)
		7%			23%			18%			18%			15%			19%

19

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 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 net investment income (loss) to average net assets

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

20

Six months ended
5/31/211				Year ended
(Unaudited)				11/30/20			11/30/19			11/30/18			11/30/17			11/30/16
	$	53.74		$	59.52		$	59.86		$	65.05		$	56.40		$	51.05
		(0.01	)		0.26			0.36			0.20			0.18			0.15
		20.39			(3.56	)		3.52			(4.66	)		8.66			8.30
		20.38			(3.30	)		3.88			(4.46	)		8.84			8.45
		(0.28	)		(0.44	)		(0.26	)		(0.12	)		(0.19	)		(0.20	)
		—			(2.04	)		(3.96	)		(0.61	)		—			(2.90	)
		(0.28	)		(2.48	)		(4.22	)		(0.73	)		(0.19	)		(3.10	)
	$	73.84		$	53.74		$	59.52		$	59.86		$	65.05		$	56.40
		38.07%			(5.92%	)		8.42%			(6.92%	)		15.71%			18.19%
	$	59,765		$	43,823		$	55,697		$	62,791		$	84,131		$	83,557
		1.35%			1.39%			1.40%			1.40%			1.43%			1.49%
		(0.03%	)		0.55%			0.65%			0.31%			0.30%			0.32%
		7%			23%			18%			18%			15%			19%

21

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 net investment income to average net assets

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

22

Six months ended
5/31/211				Year ended
(Unaudited)				11/30/20			11/30/19			11/30/18			11/30/17			11/30/16
	$	59.19		$	65.28		$	65.29		$	70.83		$	61.32		$	55.23
		0.17			0.55			0.70			0.57			0.52			0.42
		22.40			(3.86	)		3.86			(5.08	)		9.42			9.02
		22.57			(3.31	)		4.56			(4.51	)		9.94			9.44
		(0.54	)		(0.74	)		(0.61	)		(0.42	)		(0.43	)		(0.45	)
		—			(2.04	)		(3.96	)		(0.61	)		—			(2.90	)
		(0.54	)		(2.78	)		(4.57	)		(1.03	)		(0.43	)		(3.35	)
	$	81.22		$	59.19		$	65.28		$	65.29		$	70.83		$	61.32
		38.39%			(5.43%	)		8.95%			(6.46%	)		16.30%			18.77%
	$	4,300,966		$	3,115,293		$	2,955,897		$	2,731,344		$	3,270,954		$	2,166,172
		0.85%			0.89%			0.90%			0.90%			0.93%			0.99%
		0.47%			1.05%			1.15%			0.81%			0.80%			0.82%
		7%			23%			18%			18%			15%			19%

23

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 income³

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 assets⁵

Ratio of net investment income to average net assets

Portfolio turnover

1	Date of commencement of operations; ratios have been annualized and total return has not been annualized.
2	Ratios have been annualized and total return and portfolio turnover have not been annualized.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	Portfolio turnover is representative of the Fund for the entire period.

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

24

Six months ended																5/2/161
5/31/212				Year ended												to
(Unaudited)				11/30/20			11/30/19			11/30/18			11/30/17			11/30/16
	$	59.32		$	65.41		$	65.41		$	70.95		$	61.38		$	51.46
		0.23			0.64			0.81			0.69			0.65			0.32
		22.44			(3.85	)		3.85			(5.08	)		9.43			9.60
		22.67			(3.21	)		4.66			(4.39	)		10.08			9.92
		(0.61	)		(0.84	)		(0.70	)		(0.54	)		(0.51	)		—
		—			(2.04	)		(3.96	)		(0.61	)		—			—
		(0.61	)		(2.88	)		(4.66	)		(1.15	)		(0.51	)		—
	$	81.38		$	59.32		$	65.41		$	65.41		$	70.95		$	61.38
		38.53%			(5.28%	)		9.14%			(6.29%	)		16.52%			19.28%
	$	1,342,302		$	928,618		$	605,623		$	394,064		$	207,719		$	4,187
		0.69%			0.72%			0.72%			0.72%			0.75%			0.77%
		0.63%			1.22%			1.33%			0.99%			0.98%			0.96%
		7%			23%			18%			18%			15%			19%	6

25

Notes to financial statements
Delaware Small Cap Value Fund	May 31, 2021 (Unaudited)

Delaware Group^® Equity Funds V (Trust) is organized as a Delaware statutory trust and offers three series: Delaware Wealth Builder Fund, Delaware Small Cap Core Fund, and Delaware Small Cap Value 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, 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 $1,000,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares purchased prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (“Limited CDSC”) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem these shares within the second year or for shares purchased on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase; unless a specific waiver of the Limited CDSC applies. Class C shares are sold with a CDSC of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, Institutional Class, and Class R6 shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers or other financial intermediaries.

On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds Complex (the Ivy Funds), and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (Macquarie), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (the “Transaction”). The Transaction closed on April 30, 2021. The Ivy Funds, as part of Delaware Funds^® by Macquarie, are now managed by Delaware Management Company (DMC) and distributed by DDLP.

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, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities 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 does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Open-end investment companies are valued at their published net asset value (NAV). Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken

26

into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Board.

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, 2021 and for all open tax years (years ended November 30, 2017–November 30, 2020), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended May 31, 2021, 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.

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 the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. The Fund declares and pays dividends from net investment income and distributions from net realized gain on investments, if

27

Notes to financial statements
Delaware Small Cap Value Fund

1. Significant Accounting Policies (continued)

any, annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended May 31, 2021, the Fund earned $0 under this arrangement.

The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended May 31, 2021, the Fund earned $615 under this arrangement.

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

In accordance with the terms of its investment management agreement, the Fund pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly 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, and 0.60% on average daily net assets in excess of $2.5 billion.

DMC may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (together, the “Affiliated Sub-Advisors”), to execute Fund equity security trades on its behalf. 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: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended May 31, 2021, the Fund was charged $98,324 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

28

next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. 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, 2021, the Fund was charged $240,221 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 are received 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 fees 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. Class R6 and Institutional Class 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, tax, and regulatory reporting services to the Fund. For the six months ended May 31, 2021, the Fund was charged $82,777 for internal legal, tax, 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, 2021, DDLP earned $23,098 for commissions on sales of the Fund’s Class A shares. For the six months ended May 31, 2021, DDLP received gross CDSC commissions of $15 and $2192 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 the investment companies (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 the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

3. Investments

For the six months ended May 31, 2021, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	384,089,897
Sales		365,301,956

29

Notes to financial statements
Delaware Small Cap Value Fund

3. Investments (continued)

At May 31, 2021, 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, 2021, the cost and unrealized appreciation (depreciation) of investments for the Fund were as follows:

Cost of investments	$	3,878,756,822
Aggregate unrealized appreciation of investments	$	2,696,681,032
Aggregate unrealized depreciation of investments		(93,224,143	)
Net unrealized appreciation of investments	$	2,603,456,889

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, 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

30

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, 2021:

	Level 1
Securities
Assets:
Common Stock	$	6,352,454,452
Short-Term Investments		129,759,259
Total Value of Securities	$	6,482,213,711

During the six months ended May 31, 2021, 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, interim, or end of the period in relation to the Fund’s net assets. During the six months ended May 31, 2021, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months
	ended	Year ended
	5/31/21	11/30/20
Shares sold:
Class A	1,377,484	2,909,812
Class C	168,788	236,401
Class R	162,441	227,744
Institutional Class	8,348,177	25,659,869
Class R6	3,870,359	11,282,268
Shares issued upon reinvestment of dividends and distributions:
Class A	67,207	433,909
Class C	1,413	62,070
Class R	3,871	38,657
Institutional Class	423,912	1,864,838
Class R6	152,940	409,481
	14,576,592	43,125,049

31

Notes to financial statements
Delaware Small Cap Value Fund

4. Capital Shares (continued)

	Six months
	ended		Year ended
	5/31/21		11/30/20
Shares redeemed:
Class A	(1,840,743	)	(3,787,725	)
Class C	(333,377	)	(642,826	)
Class R	(172,377	)	(386,778	)
Institutional Class	(8,454,673	)	(20,166,039	)
Class R6	(3,182,051	)	(5,296,959	)
	(13,983,221	)	(30,280,327	)
Net increase	593,371		12,844,722

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the table above and on the “Statements of changes in net assets.” For the six months ended May 31, 2021 and the year ended November 30, 2020, the Fund had the following exchange transactions:

	Exchange Redemptions				Exchange Subscriptions
			Institutional		Institutional
	Class A	Class C	Class	Class R6	Class A	Class	Class R6
	Shares	Shares	Shares	Shares	Shares	Shares	Shares	Value
Six months ended
5/31/21	17,807	7,066	295	–	5,698	5,209	–	$1,552,306
Year ended
11/30/20	11,650	7,387	51,430	3,811	4,924	15,758	51,397	4,454,823

5. Line of Credit

The Fund, along with certain other funds in the Delaware Funds (Participants), is a participant in a $225,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15% with the addition of an upfront fee of 0.05%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The 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 November 1, 2021.

The Fund had no amounts outstanding as of May 31, 2021, 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

32

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

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

33

Notes to financial statements
Delaware Small Cap Value Fund

6. Securities Lending (continued)

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.

During the six months ended May 31, 2021, the Fund had no securities out on loan.

7. Credit and Market Risk

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

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 as a result of defaults 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, 2021. 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, 2021, there were no Rule 144A securities held by the Fund.

34

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. Recent Accounting Pronouncements

In August 2018, FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to May 31, 2021, that would require recognition or disclosure in the Fund’s financial statements.

35

Other Fund information (Unaudited)
Delaware Small Cap Value Fund

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Fund in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Fund’s liquidity risk; (2) classification of each of the Fund’s portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Fund’s net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Fund’s acquisition of Illiquid investments if, immediately after the acquisition, the Fund would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Fund’s holdings of Illiquid assets exceed 15% of the Fund’s net assets. Funds with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Fund’s liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Fund’s portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Fund primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 25-27, 2021, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2020 through March 31, 2021. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Fund’s liquidity needs. The Fund’s HLIM is set at an appropriate level and the Fund complied with its HLIM at all times during the reporting period.

36

About the organization

Board of trustees
Shawn K. Lytle	Ann D. Borowiec	Frances A.	Christianna Wood
President and	Former Chief Executive	Sevilla-Sacasa	Chief Executive Officer
Chief Executive Officer	Officer	Former Chief Executive	and President
Delaware Funds®	Private Wealth Management	Officer	Gore Creek Capital, Ltd.
by Macquarie	J.P. Morgan Chase & Co.	Banco Itaú International	Golden, CO
Philadelphia, PA	New York, NY	Miami, FL	Janet L. Yeomans Former Vice President and
Jerome D. Abernathy	Joseph W. Chow	Thomas K. Whitford
Managing Member,	Former Executive Vice	Former Vice Chairman	Treasurer
Stonebrook Capital	President	PNC Financial Services	3M Company
Management, LLC	State Street Corporation	Group	St. Paul, MN
Jersey City, NJ	Boston, MA	Pittsburgh, PA
Thomas L. Bennett	John A. Fry
Chairman of the Board	President
Delaware Funds	Drexel University
by Macquarie	Philadelphia, PA
Private Investor
Rosemont, PA
Affiliated officers
David F. Connor	Daniel V. Geatens	Richard Salus
Senior Vice President,	Senior Vice President and	Senior Vice President and
General Counsel,	Treasurer	Chief Financial Officer
and Secretary	Delaware Funds	Delaware Funds
Delaware Funds	by Macquarie	by Macquarie
by Macquarie	Philadelphia, PA	Philadelphia, PA
Philadelphia, PA

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 Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.

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 Forms 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, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the 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. The Fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the 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.

37

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.

(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.

Item 11. Controls and Procedures

The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

Not applicable.

Item 13. Exhibits

(a) (1) Code of Ethics

Not applicable.

(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

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

DELAWARE GROUP^® EQUITY FUNDS V

SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	August 6, 2021

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.

SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	August 6, 2021
RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	August 6, 2021

EX-99.CERT

EXHIBIT 99.CERT

CERTIFICATION

I, Shawn K. Lytle certify that:
1.	I have reviewed this report on Form N-CSR of Delaware Group® Equity Funds V;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
		(a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
		(b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
		(c)	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
		(d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
		(a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
		(b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 6, 2021

SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer

CERTIFICATION

I, Richard Salus, certify that:
1.	I have reviewed this report on Form N-CSR of Delaware Group® Equity Funds V;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
		(a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
		(b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
		(c)	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
		(d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
		(a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
		(b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 6, 2021

RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer

EX-99.906 CERT

EXHIBIT 99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the attached report of the registrant on Form N-CSR to be filed with the Securities and Exchange Commission (the “Report”), each of the undersigned officers of the registrant does hereby certify, to the best of such officer’s knowledge, that:

1.	The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and
2.	The information contained in the Report fairly represents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report.

Date: August 6, 2021

SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the SEC or its staff upon request.