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:		November 30, 2021

Item 1. Reports to Stockholders

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	Annual report

US equity mutual fund

Delaware Small Cap Core Fund

November 30, 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.

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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.

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

The Fund is governed by US laws and regulations.

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Portfolio management review		1
Performance summary		5
Disclosure of Fund expenses		9
Security type / sector allocation and top 10 equity holdings		11
Schedule of investments		12
Statement of assets and liabilities		18
Statement of operations		20
Statements of changes in net assets		21
Financial highlights		24
Notes to financial statements		34
Report of independent registered public accounting firm		44
Other Fund information		45
Board of trustees / directors and officers addendum		49
About the organization		62

Unless otherwise noted, views expressed herein are current as of November 30, 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.

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Portfolio management review
Delaware Small Cap Core Fund	December 7, 2021 (Unaudited)

Performance preview (for the year ended November 30, 2021)

Delaware Small Cap Core Fund (Institutional Class shares)	1-year return	+26.80	%
Delaware Small Cap Core Fund (Class A shares)	1-year return	+26.50	%
Russell 2000^®Index (benchmark)	1-year return	+22.03	%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Small Cap Core Fund, please see the table on page 5. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.

The performance of Class A shares excludes the applicable sales charge. The performance of both Institutional Class shares and Class A shares reflects the reinvestment of all distributions.

Please see page 7 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks long-term capital appreciation.

Market review

Small-cap stocks performed favorably during the Fund’s fiscal year ended November 30, 2021, as quality factors and cyclical sectors were in favor. The Fund’s benchmark, the Russell 2000 Index, started the period with a strong, positive return in December 2020, the same month the US Food and Drug Administration (FDA) authorized the emergency use of two COVID-19 vaccines. In response to the economic effects of the COVID-19 pandemic, the US government took significant monetary and fiscal policy action to support and strengthen the economy and to achieve its policy goals for inflation and employment. The Fed was relatively successful as the unemployment rate declined to 4.2% in November 2021, the lowest reading since before the pandemic began. During the period, supply and demand imbalances related to the pandemic and the reopening of the economy contributed to elevated levels of inflation, which was one of the most discussed topics during the fiscal year. After a negative 2020 gross domestic product (GDP) growth rate for the US, the FactSet economic consensus estimate for the 2021 GDP growth rate

In our opinion, Delaware Small Cap Core Fund benefited from:

●	the economy’s recovery from the pandemic-induced recession
●	strong stock selection overall and the healthcare sector in particular
●	rising oil prices that provided a boost to the energy sector
●	renewed strength in the capital goods sector.

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Portfolio management review
Delaware Small Cap Core Fund

was 5.6% (as of December 2021). If achieved, 2021 will be the strongest year in more than 30 years.

During the fiscal year, small-cap stocks underperformed mid-cap and large-cap stocks, as the Russell 2000 Index gained 22.03%. The Russell Midcap^®Index gained 23.29%, and the large-cap Russell 1000^®Index gained 26.67%. The smallest US companies posted the strongest returns for the fiscal year, with the Russell Microcap^®Index gaining 27.88%. Small-cap value stocks outperformed small-cap growth stocks, with the Russell 2000^®Value Index gaining 33.01% while the Russell 2000^®Growth Index appreciated 11.95%.

Sector-level performance within the Russell 2000 Index was strong during the fiscal year, with 15 of 16 sectors advancing; only the healthcare sector declined. The strongest-performing sector in the benchmark was energy, which advanced more than 100% as the demand environment improved and the price per barrel for West Texas Intermediate (WTI) crude oil increased by more than 25% during the fiscal year. Companies in the consumer discretionary and media sectors advanced more than 50%, on average, during the fiscal year. The weakest positive returning sectors in the benchmark over the fiscal year were utilities, consumer staples, and technology.

Source: Bloomberg.

Within the Fund

For the fiscal year ended November 30, 2021, Delaware Small Cap Core Fund outperformed its benchmark, the Russell 2000 Index. The Fund’s Institutional Class shares gained 26.80%. The Fund’s Class A shares rose 26.50% at net asset value (NAV) and 19.24% at maximum offer price (both figures reflect all distributions reinvested). For the same period, the Fund’s benchmark gained 22.03%. For complete annualized performance of Delaware Small Cap Core Fund, please see the table on page 5.

Stock selection drove the Fund’s relative outperformance for the fiscal year. In the healthcare sector, stock selection was the largest contributor as the Fund’s holdings advanced, while the sector’s return in the benchmark was negative for the fiscal year. Strong stock selection contributed in the capital goods and technology sectors of the Fund as well. On a relative basis, stock selection detracted from performance in the consumer services, basic materials, and finance sectors.

The Fund’s holdings in the capital goods sector outperformed during the fiscal year. Among the leading contributors were shares of MYR Group Inc., a holding company of leading specialty contractors serving the electric utility infrastructure and commercial and industrial construction markets throughout the US. MYR Group operates two core business segments: transmission and distribution and commercial and industrial. MYR Group outperformed as the company’s revenues and earnings reached record levels. Additionally, in the company’s most recent earnings release, management noted that its backlog was strong in both business segments. We maintained the Fund’s position in MYR Group as its financial position is strong, and we believe the company is well positioned to meet the continued demand for improvements to the US power grid and replacement of aging infrastructure.

PDC Energy Inc., an independent exploration and production (E&P) company that acquires, explores, and develops properties to produce crude oil, natural gas, and natural gas liquids (NGLs), with operations in the Wattenberg field in Colorado and Delaware Basin in West Texas, contributed to the Fund’s performance during the fiscal year. PDC Energy beat consensus earnings estimates for multiple quarters during the fiscal year. PDC Energy’s management is focused on allocating free cash flow to shareholders. We maintained the Fund’s position in PDC Energy as

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the company reduced debt levels, repurchased its stock, and initiated a quarterly dividend during the fiscal year, all of which are shareholder friendly and aimed at creating sustainable value, in our view.

Stock selection in the healthcare sector contributed to performance as the Fund’s positions in the specialty pharmaceuticals, medical products, and life sciences industries outperformed, while the Fund’s holdings in the biotechnology industry underperformed. Ligand Pharmaceuticals Inc. is a specialty pharmaceuticals company focused on developing or acquiring technologies that help pharmaceutical companies deliver medicines. During the Fund’s fiscal year, shares of Ligand outperformed as the company delivered multiple quarters of better-than-consensus financial results. Ligand has a portfolio of royalty-generating assets through established partnerships with many of the world’s leading pharmaceutical companies. Ligand grew its core royalties during the Fund’s fiscal year, received new product approvals, and entered new markets that management anticipates will generate future royalty revenue growth. We maintained the Fund’s position in Ligand as management continues to expand the company’s portfolio, which we believe optimizes value.

Among the Fund’s biotechnology companies that underperformed during the fiscal year were Amicus Therapeutics Inc. and Ultragenyx Pharmaceutical Inc. Amicus is focused on discovering, developing, and delivering novel high-quality medicines for people living with rare metabolic diseases. In February, Amicus announced topline results for its Phase 3 PROPEL pivotal trial for the treatment of Pompe disease, which can be debilitating and is characterized by severe muscle weakness that worsens over time. The trial did not achieve superiority on its primary endpoint, and the shares sold off. We felt the reaction was overdone given Amicus has an approved, revenue-generating therapy and a strong balance sheet. We added to the Fund’s position in Amicus during the fiscal year and continue to hold it in the Fund.

Ultragenyx Pharmaceutical is a biopharmaceutical company that identifies, acquires, develops, and commercializes novel products for the treatment of rare and ultra-rare genetic diseases. Ultragenyx detracted from performance during the Fund’s fiscal year when investor sentiment weakened following the announcement of a clinical hold on a study the company is conducting in the US, Canada, and the UK. This applied only to the US as the company continued trials in the UK and Canada. The FDA clinical hold was related to dosing protocol. Ultragenyx worked with the FDA during the fiscal year and received approval to resume the study in September. We trimmed the Fund’s position in Ultragenyx during the fiscal year and continue to hold it in the Fund. In our opinion, Ultragenyx has a healthy cash position and multiple FDA-approved revenue-generating therapies.

Q2 Holdings Inc. is a cloud-based virtual software-solutions provider of digital banking and lending applications to banks, credit unions, and alternative finance and fintech companies. During the Fund’s fiscal year, the 10-year Treasury yield rose, negatively affecting the performance of higher valuation software companies including Q2 Holdings. Most of Q2’s share-price decline occurred in February and March of 2021, when bond yields peaked. On the positive side, Q2 Holdings experienced strong sales performance over the fiscal year and signed many new clients. We maintained the Fund’s position in Q2 as the stock’s valuation is attractive to us, given the lower share price and increased revenues.

With respect to sector positioning, the Fund ended the fiscal year with its largest relative overweight positions in the basic materials, capital goods, consumer discretionary, consumer

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Portfolio management review
Delaware Small Cap Core Fund

services, and finance sectors. The largest sector underweights were in media, energy, real estate investment trusts (REITs), consumer staples, and communications services. On balance, we believe the market volatility and macroeconomic environment favors active managers that can apply thorough company-level analysis when making investment decisions. We continue to maintain our strategy of investing in companies that we believe have strong balance sheets and cash flow, sustainable competitive advantages, and high-quality management teams with the potential to deliver value to shareholders. We appreciate your confidence and look forward to serving your investment needs in the next fiscal year.

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Performance summary
Delaware Small Cap Core Fund	November 30, 2021 (Unaudited)

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800 523-1918 or visiting delawarefunds.com/performance.

Fund and benchmark performance^1,2

Average annual total returns through November 30, 2021

1 year

5 year

10 year

Lifetime

Class A (Est. December 29, 1998)

Excluding sales charge

+26.50

+11.76

+13.68

+10.99

Including sales charge

+19.24

+10.44

+13.01

+10.70

Class C (Est. August 1, 2005)

Excluding sales charge

+25.54

+10.93

+12.83

+8.25

Including sales charge

+24.54

+10.93

+12.83

+8.25

Class R (Est. August 1, 2005)

Excluding sales charge

+26.19

+11.49

+13.39

+8.80

Including sales charge

+26.19

+11.49

+13.39

+8.80

Institutional Class (Est. December 29, 1998)

Excluding sales charge

+26.80

+12.04

+13.97

+11.19

Including sales charge

+26.80

+12.04

+13.97

+11.19

Class R6 (Est. May 2, 2016)

Excluding sales charge

+26.97

+12.19

—

+14.33

Including sales charge

+26.97

+12.19

—

+14.33

Russell 2000 Index

+22.03

+12.14

+13.06

+8.90

%**

Total returns for the report period presented in the table differs from the return in “Financial highlights.” The total returns presented in the above table are calculated based on the net asset value (NAV) at which shareholder transactions were processed. The total returns presented in “Financial highlights” are calculated in the same manner, but also takes into account certain adjustments that are necessary under US generally accepted accounting principles (US GAAP) required in the annual report.

The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the last business day in the month of the Fund’s Institutional Class inception date.

¹	Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.
	Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 6. Performance would have been lower had expense limitations not been in effect.
	Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to

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Performance summary

Delaware Small Cap Core Fund

certain eligible investors. In addition, Institutional Class shares pay no distribution and service (12b-1) fee.

Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied.

Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

Class R6 shares are available only to certain 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. Class R6 shares pay no 12b-1 fee.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.

²	The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Please see the “Financial highlights” section in this report for the most recent expense ratios.

										Institutional
Fund expense ratios	Class A			Class C			Class R			Class			Class R6
Total annual operating expenses
(without fee waivers)		1.10	%		1.85	%		1.35	%		0.85	%		0.71	%
Net expenses (including fee
waivers, if any)		1.10	%		1.85	%		1.35	%		0.85	%		0.71	%

Type of waiver		n/a			n/a			n/a			n/a			n/a

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Performance of a $10,000 investment¹

Average annual total returns from November 30, 2011 through November 30, 2021

For period beginning November 30, 2011 through November 30, 2021		Starting value		Ending value
	Delaware Small Cap Core Fund — Institutional Class shares		$10,000		$36,962
	Russell 2000 Index		$10,000		$34,120
	Delaware Small Cap Core Fund — Class A shares		$9,425		$33,980

¹	The “Performance of a $10,000 investment” graph assumes $10,000 invested in Institutional Class and Class A shares of the Fund on November 30, 2011, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 6. Please note additional details on pages 5 through 8.
	The graph also assumes $10,000 invested in the Russell 2000 Index as of November 30, 2011. The Russell 2000 Index measures the performance of the small-cap segment of the US equity universe.
	The Russell 1000 Index, mentioned on page 2, measures the performance of the large-cap segment of the US equity universe.
	The Russell 2000 Growth Index, mentioned on page 2, measures the performance of the small-cap growth segment of the US equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.
	The Russell 2000 Value Index, mentioned on page 2, measures the performance of the small-cap value segment of the US equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.
	The Russell Microcap Index, mentioned on page 2, measures almost 1,550 small-cap and micro-cap stocks, including the smallest 1,000 companies in the Russell 2000 Index, plus 1,000 smaller US-based listed stocks.

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Performance summary
Delaware Small Cap Core Fund

The Russell Midcap Index, mentioned on page 2, measures the performance of the mid-cap segment of the US equity universe. The Russell Midcap Index is a subset of the Russell 1000 Index.

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell^®is a trademark of Frank Russell Company.

Gross domestic product is a measure of all goods and services produced by a nation in a year. It is a measure of economic activity.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols	CUSIPs
Class A	DCCAX	24610B883
Class C	DCCCX	24610B867
Class R	DCCRX	24610B834
Institutional Class	DCCIX	24610B859
Class R6	DCZRX	24610B826

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Disclosure of Fund expenses
For the six-month period from June 1, 2021 to November 30, 2021 (Unaudited)

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 June 1, 2021 to November 30, 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.

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Disclosure of Fund expenses
For the six-month period from June 1, 2021 to November 30, 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
	6/1/21			11/30/21			Expense Ratio		6/1/21 to 11/30/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,001.60		1.06%		$	5.32
Class C			1,000.00			998.10		1.81%			9.07
Class R			1,000.00			1,000.70		1.31%			6.57
Institutional Class			1,000.00			1,002.80		0.81%			4.07
Class R6			1,000.00			1,003.50		0.69%			3.47
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,019.75		1.06%		$	5.37
Class C			1,000.00			1,015.99		1.81%			9.15
Class R			1,000.00			1,018.50		1.31%			6.63
Institutional Class			1,000.00			1,021.01		0.81%			4.10
Class R6			1,000.00			1,021.61		0.69%			3.50

*	“Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (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.

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Security type / sector allocation and top 10 equity holdings
Delaware Small Cap Core Fund		As of November 30, 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		98.63%
Basic Materials		6.62%
Business Services		4.52%
Capital Goods		11.20%
Communications Services		0.25%
Consumer Discretionary		5.79%
Consumer Services		3.53%
Consumer Staples		2.54%
Credit Cyclicals		2.76%
Energy		2.56%
Financials		15.86%
Healthcare		17.49%
Information Technology		14.92%
Media		0.74%
Real Estate Investment Trusts		5.94%
Transportation		1.55%
Utilities		2.36%
Short-Term Investments		1.20%
Total Value of Securities		99.83%
Receivables and Other Assets Net of Liabilities		0.17%
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
WESCO International		1.48%
PDC Energy		1.43%
MYR Group		1.43%
Rapid7		1.41%
ExlService Holdings		1.41%
BJ’s Wholesale Club Holdings		1.38%
Tetra Tech		1.34%
WillScot Mobile Mini Holdings		1.29%
ASGN		1.29%
Boise Cascade		1.27%

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Schedule of investments
Delaware Small Cap Core Fund		November 30, 2021

		Number of
		shares	Value (US $)
Common Stock – 98.63%
Basic Materials – 6.62%
	Balchem	154,715	$	24,444,970
	Boise Cascade	1,479,391		95,908,919
	Coeur Mining †	2,990,273		16,745,529
	Ferro †	775,885		16,386,691
	Kaiser Aluminum	606,748		54,140,124
	Minerals Technologies	1,237,140		81,242,984
	Neenah	901,208		41,897,160
	Quaker Chemical	213,964		48,751,697
	Summit Materials Class A †	1,691,389		63,088,810
	Worthington Industries	1,207,138		57,918,481
				500,525,365
Business Services – 4.52%
	ABM Industries	1,177,540		52,989,300
	ASGN †	800,236		97,372,716
	BrightView Holdings †	2,393,911		32,557,190
	Casella Waste Systems Class A †	474,795		40,253,120
	US Ecology †	600,298		20,452,153
	WillScot Mobile Mini Holdings †	2,567,769		97,806,321
				341,430,800
Capital Goods – 11.20%
	Ameresco Class A †	806,523		72,853,223
	Applied Industrial Technologies	671,335		63,803,678
	Barnes Group	516,998		22,463,563
	Columbus McKinnon	1,125,959		50,015,099
	ESCO Technologies	298,952		24,436,336
	Federal Signal	1,573,354		66,757,410
	Kadant	294,782		69,114,588
	KBR	1,414,791		62,250,804
	MYR Group †	974,486		107,885,345
	Regal Rexnord	296,036		46,803,292
	Tetra Tech	547,237		101,063,729
	WESCO International †	902,467		112,023,229
	Zurn Water Solutions	1,336,840		46,856,242
				846,326,538
Communications Services – 0.25%
	ATN International	486,822		18,601,469
				18,601,469

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		Number of
		shares	Value (US $)
Common Stock (continued)
Consumer Discretionary – 5.79%
	American Eagle Outfitters	3,574,280	$	92,538,109
	BJ’s Wholesale Club Holdings †	1,578,012		104,385,494
	Children’s Place †	327,992		28,381,148
	Hibbett	437,378		34,093,615
	Malibu Boats Class A †	994,146		69,063,322
	Sonic Automotive Class A	393,414		17,668,223
	Steven Madden	1,927,789		91,473,588
				437,603,499
Consumer Services – 3.53%
	Allegiant Travel †	315,781		54,699,585
	Brinker International †	1,125,124		38,929,291
	Chuy’s Holdings †	726,640		20,825,502
	Jack in the Box	581,387		48,022,566
	Texas Roadhouse	865,520		71,786,229
	Wendy’s	1,589,269		32,707,156
				266,970,329
Consumer Staples – 2.54%
	Helen of Troy †	222,042		53,401,101
	J & J Snack Foods	423,831		57,886,838
	Prestige Consumer Healthcare †	1,436,328		80,362,551
				191,650,490
Credit Cyclicals – 2.76%
	Dana	2,465,235		53,002,553
	KB Home	1,472,752		58,895,352
	La-Z-Boy	834,487		27,863,521
	Taylor Morrison Home †	2,220,664		68,973,824
				208,735,250
Energy – 2.56%
	Earthstone Energy Class A †	1,051,669		10,748,057
	Patterson-UTI Energy	5,068,805		35,785,763
	PDC Energy	2,143,286		108,085,913
	Southwestern Energy †	8,677,149		38,873,628
				193,493,361
Financials – 15.86%
	American Equity Investment Life Holding	1,101,915		37,057,401
	Bryn Mawr Bank	535,160		23,868,136
	City Holding	466,607		36,609,985
	Enterprise Financial Services	589,724		27,345,502
	Essent Group	1,292,233		53,731,048

Table of Contents

Schedule of investments
Delaware Small Cap Core Fund

		Number of
		shares	Value (US $)
Common Stock (continued)
Financials (continued)
	First Bancorp	951,481	$	42,283,816
	First Financial Bancorp	1,870,036		43,010,828
	First Foundation	908,456		23,092,952
	First Interstate BancSystem Class A	1,049,003		42,799,322
	Great Western Bancorp	1,005,452		33,732,915
	Hamilton Lane Class A	532,785		56,352,669
	Independent Bank	617,289		48,802,868
	Independent Bank Group	699,296		48,552,121
	Kemper	434,958		24,061,877
	Lakeland Financial	147,789		10,436,859
	NMI Holdings Class A †	2,030,853		39,804,719
	Old National Bancorp	3,579,447		63,213,034
	Pacific Premier Bancorp	1,532,344		59,378,330
	RLI	290,900		29,898,702
	Selective Insurance Group	745,915		56,346,419
	SouthState	768,409		60,043,479
	Stifel Financial	973,694		69,142,011
	Umpqua Holdings	2,414,109		46,012,918
	United Community Banks	1,872,188		64,159,883
	Valley National Bancorp	4,003,379		53,805,414
	WesBanco	1,329,132		43,263,247
	WSFS Financial	1,242,288		61,766,559
				1,198,573,014
Healthcare – 17.49%
	Agios Pharmaceuticals †	890,287		31,712,023
	Amicus Therapeutics †	4,860,213		52,052,881
	Apellis Pharmaceuticals †	1,052,102		44,272,452
	AtriCure †	815,975		51,732,815
	Biohaven Pharmaceutical Holding †	396,746		44,530,771
	Blueprint Medicines †	850,044		81,774,233
	CONMED	601,186		79,031,912
	CryoLife †	1,811,037		31,131,726
	Halozyme Therapeutics †	1,727,626		56,804,343
	Insmed †	1,973,314		54,305,601
	Inspire Medical Systems †	235,152		52,502,387
	Intercept Pharmaceuticals †	459,748		7,912,263
	Ligand Pharmaceuticals †	480,695		77,834,135
	Merit Medical Systems †	1,187,244		74,630,158
	NeoGenomics †	1,065,811		36,514,685
	NuVasive †	982,890		47,237,693
	Omnicell †	466,591		82,586,607

Table of Contents

		Number of
		shares	Value (US $)
Common Stock (continued)
Healthcare (continued)
	Pacific Biosciences of California †	1,277,334	$	29,646,922
	PTC Therapeutics †	975,070		36,233,601
	Shockwave Medical †	410,924		74,064,942
	Supernus Pharmaceuticals †	1,673,190		50,145,504
	Tabula Rasa HealthCare †	1,111,074		12,632,911
	TransMedics Group †	1,347,387		29,696,410
	Travere Therapeutics †	3,205,853		91,527,103
	Ultragenyx Pharmaceutical †	636,661		47,896,007
	Vanda Pharmaceuticals †	2,689,772		43,574,306
				1,321,984,391
Information Technology – 14.92%
	Azenta	504,579		57,067,885
	Bandwidth Class A †	140,055		10,036,341
	Blackline †	235,660		25,934,383
	Box Class A †	1,135,554		26,583,319
	Consensus Cloud Solutions †	222,294		13,924,496
	ExlService Holdings †	818,967		106,359,244
	Ichor Holdings †	494,258		23,670,016
	II-VI †	918,053		57,405,854
	MACOM Technology Solutions Holdings †	490,552		35,275,594
	MaxLinear †	1,377,428		92,742,227
	Mimecast †	814,760		65,995,560
	NETGEAR †	780,126		20,860,569
	Plantronics †	181,431		4,630,119
	Q2 Holdings †	546,584		43,890,695
	Rapid7 †	859,295		106,604,138
	Semtech †	689,319		59,053,959
	Silicon Laboratories †	324,972		63,782,254
	Sprout Social Class A †	360,235		40,231,045
	Upwork †	756,826		28,199,337
	Varonis Systems †	1,074,023		55,645,132
	WNS Holdings ADR †	858,507		72,174,684
	Yelp †	1,210,831		41,507,287
	Ziff Davis †	666,884		75,938,081
				1,127,512,219
Media – 0.74%
	Cinemark Holdings †	1,632,335		25,333,839
	Nexstar Media Group Class A	204,272		30,538,664
				55,872,503

Table of Contents

Schedule of investments
Delaware Small Cap Core Fund

			Number of
			shares	Value (US $)
Common Stock (continued)
Real Estate Investment Trusts – 5.94%
	American Assets Trust		1,167,494	$	40,161,794
	Armada Hoffler Properties		2,485,421		34,671,623
	DiamondRock Hospitality †		3,382,823		29,464,388
	EastGroup Properties		355,372		72,389,277
	Kite Realty Group Trust		2,248,201		45,233,804
	Lexington Realty Trust		3,174,806		47,780,830
	National Storage Affiliates Trust		886,522		54,414,720
	Pebblebrook Hotel Trust		1,685,519		35,311,623
	Physicians Realty Trust		3,090,118		55,096,804
	RPT Realty		2,728,208		34,702,806
					449,227,669
Transportation – 1.55%
	Hub Group Class A †		938,779		72,914,965
	Werner Enterprises		978,541		44,141,984
					117,056,949
Utilities – 2.36%
	Black Hills		604,227		38,743,035
	NorthWestern		802,194		44,361,328
	South Jersey Industries		2,040,308		47,947,238
	Spire		796,318		47,659,633
					178,711,234
Total Common Stock (cost $5,507,701,229)					7,454,275,080

Short-Term Investments – 1.20%
Money Market Mutual Funds – 1.20%
	BlackRock FedFund – Institutional Shares (seven-day effective
		yield 0.03%)	22,597,310		22,597,310
	Fidelity Investments Money Market Government Portfolio –
		Class I (seven-day effective yield 0.01%)	22,597,310		22,597,310
	GS Financial Square Government Fund – Institutional Shares
		(seven-day effective yield 0.03%)	22,597,310		22,597,310
	Morgan Stanley Government Portfolio – Institutional Share Class
		(seven-day effective yield 0.03%)	22,597,310		22,597,310
Total Short-Term Investments (cost $90,389,240)					90,389,240
Total Value of Securities–99.83%
	(cost $5,598,090,469)			$	7,544,664,320

†	Non-income producing security.

Table of Contents

Summary of abbreviations:
ADR – American Depositary Receipt
GS – Goldman Sachs

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

Table of Contents

Statement of assets and liabilities
Delaware Small Cap Core Fund	November 30, 2021

Assets:
	Investments, at value*	$	7,544,664,320
	Receivable for fund shares sold		16,866,936
	Receivable for securities sold		12,471,026
	Dividends and interest receivable		8,237,682
	Total Assets		7,582,239,964
Liabilities:
	Payable for securities purchased		10,263,186
	Payable for fund shares redeemed		8,348,346
	Investment management fees payable to affiliates		4,095,352
	Dividend disbursing and transfer agent fees and expenses payable to
	non-affiliates		1,018,002
	Other accrued expenses		485,057
	Distribution fees payable to affiliates		205,793
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		55,809
	Accounting and administration expenses payable to affiliates		23,847
	Trustees’ fees and expenses payable		23,119
	Legal fees payable to affiliates		16,605
	Reports and statements to shareholders expenses payable to affiliates		7,526
	Total Liabilities		24,542,642
Total Net Assets		$	7,557,697,322

Net Assets Consist of:
	Paid-in capital	$	5,212,521,165
	Total distributable earnings (loss)		2,345,176,157
Total Net Assets		$	7,557,697,322

Table of Contents

Net Asset Value

Class A:
Net assets	$	312,223,047
Shares of beneficial interest outstanding, unlimited authorization, no par		10,025,279
Net asset value per share	$	31.14
Sales charge		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	33.04

Class C:
Net assets	$	132,293,797
Shares of beneficial interest outstanding, unlimited authorization, no par		4,925,091
Net asset value per share	$	26.86

Class R:
Net assets	$	44,366,223
Shares of beneficial interest outstanding, unlimited authorization, no par		1,486,802
Net asset value per share	$	29.84

Institutional Class:
Net assets	$	5,743,600,866
Shares of beneficial interest outstanding, unlimited authorization, no par		179,465,129
Net asset value per share	$	32.00

Class R6:
Net assets	$	1,325,213,389
Shares of beneficial interest outstanding, unlimited authorization, no par		41,329,453
Net asset value per share	$	32.06
____________________
* Investments, at cost	$	5,598,090,469

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

Table of Contents

Statement of operations
Delaware Small Cap Core Fund	Year ended November 30, 2021

Investment Income:
	Dividends	$	71,502,207
	Interest		24
			71,502,231

Expenses:
	Management fees		44,954,605
	Distribution expenses – Class A		783,774
	Distribution expenses – Class C		1,351,415
	Distribution expenses – Class R		217,172
	Dividend disbursing and transfer agent fees and expenses		8,249,649
	Accounting and administration expenses		1,187,492
	Reports and statements to shareholders expenses		598,428
	Legal fees		321,721
	Registration fees		285,570
	Trustees’ fees and expenses		252,374
	Custodian fees		207,047
	Audit and tax fees		31,727
	Other		139,332
			58,580,306
	Less expenses paid indirectly		(1,124	)
	Total operating expenses		58,579,182
Net Investment Income			12,923,049
Net Realized and Unrealized Gain:
	Net realized gain on investments		451,165,030
	Net change in unrealized appreciation (depreciation) of investments		1,093,765,440
Net Realized and Unrealized Gain			1,544,930,470
Net Increase in Net Assets Resulting from Operations		$	1,557,853,519

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

Table of Contents

Statements of changes in net assets
Delaware Small Cap Core Fund

			Year ended
			11/30/21			11/30/20
Increase in Net Assets from Operations:
	Net investment income		$	12,923,049		$	15,772,484
	Net realized gain			451,165,030			13,107,745
	Net change in unrealized appreciation (depreciation)			1,093,765,440			554,772,432
	Net increase in net assets resulting from operations			1,557,853,519			583,652,661

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(1,951,967	)		(5,024,973	)
		Class C		(1,003,028	)		(2,606,845	)
		Class R		(279,913	)		(469,815	)
		Institutional Class		(43,768,600	)		(78,648,543	)
		Class R6		(9,588,230	)		(14,406,900	)
				(56,591,738	)		(101,157,076	)
Capital Share Transactions:
	Proceeds from shares sold:
		Class A		89,418,275			79,375,881
		Class C		21,217,790			10,128,660
		Class R		9,370,000			13,420,746
		Institutional Class		1,798,041,672			1,689,107,282
		Class R6		408,195,943			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
				2,370,278,509			2,197,830,432

Table of Contents

Statements of changes in net assets
Delaware Small Cap Core Fund

				Year ended
				11/30/21			11/30/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(111,587,205	)	$	(112,750,663	)
		Class C		(35,518,304	)		(37,524,291	)
		Class R		(10,381,099	)		(7,716,433	)
		Institutional Class		(1,869,954,254	)		(1,398,861,403	)
		Class R6		(230,930,548	)		(192,173,930	)
				(2,258,371,410	)		(1,749,026,720	)
	Increase in net assets derived from capital share transactions			111,907,099			448,803,712
Net Increase in Net Assets				1,613,168,880			931,299,297
Net Assets:
	Beginning of year			5,944,528,442			5,013,229,145
	End of year		$	7,557,697,322		$	5,944,528,442

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

Table of Contents

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)¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of net investment income (loss) to average net assets

Portfolio turnover

¹	Calculated using average shares outstanding.
²	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.
³	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.

Table of Contents


Year ended
11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
$	24.79		$	23.20		$	23.91		$	25.74		$	22.23


	(0.02	)		0.02			0.03			0.05			(0.03	)
	6.56			1.99			1.25			0.04			3.78
	6.54			2.01			1.28			0.09			3.75


	—			(0.04	)		(0.02	)		—			—
	(0.19	)		(0.38	)		(1.97	)		(1.92	)		(0.24	)
	(0.19	)		(0.42	)		(1.99	)		(1.92	)		(0.24	)

$	31.14		$	24.79		$	23.20		$	23.91		$	25.74

	26.50%			8.81%			7.79%			0.44%			17.02%


$	312,223		$	264,888		$	279,872		$	288,721		$	324,710
	1.06%			1.10%			1.10%			1.12%			1.18%
	(0.06%	)		0.09%			0.15%			0.19%			(0.12%	)
	24%			37%			34%			38%			54%

Table of Contents

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 loss¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of net investment loss to average net assets

Portfolio turnover

¹	Calculated using average shares outstanding.
²	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.
³	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.

Table of Contents


Year ended
11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
$	21.57		$	20.35		$	21.38		$	23.38		$	20.36


	(0.21	)		(0.12	)		(0.11	)		(0.13	)		(0.19	)
	5.69			1.72			1.05			0.05			3.45
	5.48			1.60			0.94			(0.08	)		3.26


	(0.19	)		(0.38	)		(1.97	)		(1.92	)		(0.24	)
	(0.19	)		(0.38	)		(1.97	)		(1.92	)		(0.24	)

$	26.86		$	21.57		$	20.35		$	21.38		$	23.38

	25.54%			8.00%			6.99%			(0.31%	)		16.17%


$	132,294		$	117,251		$	139,808		$	168,400		$	154,837
	1.81%			1.85%			1.85%			1.87%			1.93%
	(0.81%	)		(0.66%	)		(0.60%	)		(0.56%	)		(0.87%	)
	24%			37%			34%			38%			54%

Table of Contents

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 loss¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of net investment loss to average net assets

Portfolio turnover

¹	Calculated using average shares outstanding.
²	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.
³	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.

Table of Contents

Year ended
11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
$	23.82		$	22.33		$	23.12		$	25.01		$	21.66


	(0.09	)		(0.03	)		(0.02	)		(0.02	)		(0.08	)
	6.30			1.90			1.20			0.05			3.67
	6.21			1.87			1.18			0.03			3.59


	(0.19	)		(0.38	)		(1.97	)		(1.92	)		(0.24	)
	(0.19	)		(0.38	)		(1.97	)		(1.92	)		(0.24	)

$	29.84		$	23.82		$	22.33		$	23.12		$	25.01

	26.19%			8.51%			7.55%			0.19%			16.73%


$	44,366		$	36,065		$	27,631		$	28,138		$	33,112
	1.31%			1.35%			1.35%			1.37%			1.43%
	(0.31%	)		(0.16%	)		(0.10%	)		(0.06%	)		(0.37%	)
	24%			37%			34%			38%			54%

Table of Contents

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 income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of net investment income to average net assets

Portfolio turnover

¹	Calculated using average shares outstanding.
²	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.
³	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.

Table of Contents

Year ended
11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
$	25.46		$	23.81		$	24.50		$	26.29		$	22.66


	0.06			0.07			0.09			0.11			0.03
	6.72			2.06			1.28			0.05			3.86
	6.78			2.13			1.37			0.16			3.89


	(0.05	)		(0.10	)		(0.09	)		(0.03	)		(0.02	)
	(0.19	)		(0.38	)		(1.97	)		(1.92	)		(0.24	)
	(0.24	)		(0.48	)		(2.06	)		(1.95	)		(0.26	)

$	32.00		$	25.46		$	23.81		$	24.50		$	26.29

	26.80%			9.09%			8.06%			0.69%			17.31%


$	5,743,601		$	4,632,204		$	3,888,603		$	3,451,251		$	2,275,563
	0.81%			0.85%			0.85%			0.87%			0.93%
	0.19%			0.34%			0.40%			0.44%			0.13%
	24%			37%			34%			38%			54%

Table of Contents

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 income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of net investment income to average net assets

Portfolio turnover

¹	Calculated using average shares outstanding.
²	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.
³	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.

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Year ended
11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
$	25.51		$	23.85		$	24.54		$	26.32		$	22.68


	0.10			0.10			0.12			0.15			0.06
	6.72			2.06			1.28			0.05			3.86
	6.82			2.16			1.40			0.20			3.92


	(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	)

$	32.06		$	25.51		$	23.85		$	24.54		$	26.32

	26.92	%		9.24	%		8.20	%		0.86	%		17.45	%


$	1,325,213		$	894,120		$	677,315		$	413,332		$	49,594
	0.69	%		0.71	%		0.72	%		0.74	%		0.79	%
	0.31	%		0.48	%		0.53	%		0.57	%		0.27	%
	24	%		37	%		34	%		38	%		54	%

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Notes to financial statements
Delaware Small Cap Core Fund	November 30, 2021

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; 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 contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, Institutional Class, and Class R6 shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.

1. Significant Accounting Policies

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

Security Valuation — Equity securities, 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 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-

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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 year ended November 30, 2021 and for all open tax years (years ended November 30, 2018–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 year ended November 30, 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.

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 year ended November 30, 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 year ended November 30, 2021, the Fund earned $1,124 under this arrangement.

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Notes to financial statements
Delaware Small Cap Core Fund

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 year ended November 30, 2021, the Fund was charged $252,108 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 year ended November 30, 2021, the Fund was charged $605,823 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 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. These fees are calculated daily and paid monthly. Institutional Class and Class R6 shares do not pay 12b-1 fees.

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As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Fund. For the year ended November 30, 2021, the Fund was charged $255,194 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

For the year ended November 30, 2021, DDLP earned $33,677 for commissions on sales of the Fund’s Class A shares. For the year ended November 30, 2021, DDLP received gross CDSC commissions of $572 and $4,793 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 year ended November 30, 2021, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	1,888,139,450
Sales		1,689,662,105

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation), which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At November 30, 2021, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Fund were as follows:

Cost of investments	$	5,665,227,348
Aggregate unrealized appreciation of investments	$	2,256,922,935
Aggregate unrealized depreciation of investments		(377,485,963	)
Net unrealized appreciation of investments	$	1,879,436,972

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Notes to financial statements
Delaware Small Cap Core Fund

3. Investments (continued)

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.

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The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of November 30, 2021:

	Level 1
Securities
Assets:
Common Stock	$	7,454,275,080
Short-Term Investments		90,389,240
Total Value of Securities	$	7,544,664,320

During the year ended November 30, 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 or end of the year in relation to the Fund’s net assets. During the year ended November 30, 2021, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended November 30, 2021 and 2020 were as follows:

	Year ended
	11/30/21		11/30/20
Ordinary income	$	56,591,738	$	28,084,772
Long-term capital gains		—		73,072,304
Total	$	56,591,738	$	101,157,076

5. Components of Net Assets on a Tax Basis

As of November 30, 2021, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	5,212,521,165
Undistributed ordinary income		130,167,441
Undistributed long-term capital gains		335,571,744
Unrealized appreciation (depreciation) of investments		1,879,436,972
Net assets	$	7,557,697,322

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales.

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Notes to financial statements
Delaware Small Cap Core Fund

5. Components of Net Assets on a Tax Basis (continued)

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended November 30, 2021, the Fund had no reclassifications.

6. Capital Shares

Transactions in capital shares were as follows:

		Year ended
		11/30/21		11/30/20
Shares sold:
	Class A	2,992,875		3,839,939
	Class C	818,207		546,339
	Class R	326,119		639,440
	Institutional Class	57,922,579		82,994,899
	Class R6	13,510,695		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
		77,214,481		106,979,545

Shares redeemed:
	Class A	(3,720,796	)	(5,427,774	)
	Class C	(1,372,903	)	(2,107,590	)
	Class R	(364,335	)	(384,170	)
	Institutional Class	(61,643,329	)	(67,047,059	)
	Class R6	(7,501,034	)	(9,259,811	)
		(74,602,397	)	(84,226,404	)
Net increase		2,612,084		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 table above and on

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the “Statements of changes in net assets.” For the years ended November 30, 2021 and 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
Year ended
11/30/21	13,780	28,375	1,390,669	2,829	7,614	31,985	1,390,190	$	44,124,346
11/30/20	14,411	75,181	11,086	—	38,586	41,582	9,921		1,908,221

7. 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 expired on November 1, 2021.

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

The Fund had no amounts outstanding as of November 30, 2021, or at any time during the year then ended.

8. Securities Lending

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Notes to financial statements
Delaware Small Cap Core Fund

8. Securities Lending (continued)

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

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

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

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

During the year ended November 30, 2021, the Fund had no securities out on loan.

9. Credit and Market Risk

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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 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 November 30, 2021, there were no Rule 144A securities held by the Fund.

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. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to November 30, 2021, that would require recognition or disclosure in the Fund’s financial statements.

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Report of independent
registered public accounting firm

To the Board of Trustees of Delaware Group^®Equity Funds V and Shareholders of Delaware Small Cap Core Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware Small Cap Core Fund (one of the funds constituting Delaware Group^®Equity Funds V, referred to hereafter as the “Fund”) as of November 30, 2021, the related statement of operations for the year ended November 30, 2021, the statements of changes in net assets for each of the two years in the period ended November 30, 2021, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2021, (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2021 and the financial highlights for each of the five years in the period ended November 30, 2021, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2021 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 21, 2022

We have served as the auditor of one or more investment companies in Delaware Funds by Macquarie^®since 2010.

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Other Fund information (Unaudited)
Delaware Small Cap Core Fund

Tax Information

The information set forth below is for the Fund’s fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the fiscal year ended November 30, 2021, the Fund reports distributions paid during the year as follows:

(A) Ordinary Income Distributions (Tax Basis)*	100.00	%
Total Distributions (Tax Basis)	100.00	%
(B) Qualified Dividends¹	100.00	%

____________________

(A) is based on a percentage of the Fund’s total distributions.
(B) is based on the Fund’s ordinary income distributions.
¹	Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

For the fiscal year ended November 30, 2021, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%. The percentage of dividends paid by the Fund from ordinary income reported as qualified income is 100%. Complete information will be computed and reported in conjunction with your 2021 Form 1099-DIV.

For the fiscal year ended November 30, 2021, certain dividends paid by the Fund, determined to be Qualified Short-Term Capital Gains may be subject to relief from US withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004; the Tax Relief Unemployment Insurance Reauthorization, and Job Creations Act of 2010; and as extended by the American Taxpayer Relief Act of 2012. For the year ended November 30, 2021, the Fund has reported maximum distributions of Qualified Short-Term Capital Gain of $121,002,052.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware Small Cap Core Fund at a meeting held August 10-12, 2021

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Other Fund information (Unaudited)
Delaware Small Cap Core Fund

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware Small Cap Core Fund at a meeting held August 10-12, 2021 (continued)

Investment Management Business Trust (“MIMBT”), and the Sub-Advisory Agreements with Macquarie Funds Management Hong Kong Limited (“MFMHK”) and Macquarie Investment Management Global Limited (“MIMGL”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Asset Management”) concerning, among other things, the nature, extent, and quality of services provided to the Fund; the costs of such services to the Fund; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2021, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Fund policies.

In considering information relating to the approval of the Fund’s advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Fund and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Fund; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Fund; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds by Macquarie^®(“Delaware Funds”); and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Fund matters. The Board also noted the benefits provided to Fund shareholders through (a) each shareholder’s ability to: (i) exchange an investment in one Delaware Fund for the same class of shares in another Delaware Fund without a sales charge, or (ii) reinvest Fund dividends into additional shares of the Fund or into additional shares of other Delaware Funds, and (b) the privilege to combine holdings in other Delaware Funds to obtain a reduced sales charge. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

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Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Fund. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Fund; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Fund; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Fund in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Investment Committee meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Fund showed the Fund’s investment performance in comparison to a group of similar funds (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Fund was shown for the past 1-, 3-, 5-, and 10-year periods, to the extent applicable, ended December 31, 2020. The Board’s objective is that the Fund’s performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Fund consisted of the Fund and all retail and institutional small-cap core funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Fund as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Fund versus effective management fees and total expense ratios of a group of similar funds (the “Expense Group”). In reviewing comparative costs, the Fund’s contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Fund) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Fund’s total expenses were also compared with those of its Expense Group and, for comparative consistency, included 12b-1 and non-12b-1 service fees. The Board’s objective is for each Fund’s total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Fund showed that its actual management fee was in the quartile with the lowest expenses of its Expense Group and its total expenses were in the quartile the second lowest expenses of its Expense Group. The Board was satisfied with the management fee and total expenses of the Fund in comparison to those of its Expense Group as shown in the Broadridge report.

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Other Fund information (Unaudited)
Delaware Small Cap Core Fund

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware Small Cap Core Fund at a meeting held August 10-12, 2021 (continued)

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Fund. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to Fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Delaware Funds and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the level of profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Fund and in relation to each Sub-Adviser’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 information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Fund, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Fund’s assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Fund’s advisory fee pricing and structure, approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. The Board noted that, as of March 31, 2021, the Fund’s net assets exceeded the final breakpoint level. The Board believed that, given the extent to which economies of scale might be realized by DMC and its affiliates, the schedule of fees under the Investment Management Agreement provides a sharing of benefits with the Fund and its shareholders.

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee

Shawn K. Lytle¹	President,	President and	Global Head of Macquarie	150	Trustee — UBS Relationship
610 Market Street	Chief Executive	Chief Executive	Investment Management²		Funds, SMA Relationship Trust,
Philadelphia, PA	Officer,	Officer	(January 2019–Present)		and UBS Funds
19106-2354	and Trustee	since August 2015	Head of Americas of		(May 2010–April 2015)
February 1970		Trustee since	Macquarie Group
		September 2015	(December 2017–Present)
			Deputy Global Head of
			Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment
			Management Americas
			(2015–2017)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees

Jerome D.	Trustee	Since January 2019	Managing Member, Stonebrook	150	None
Abernathy			Capital Management, LLC
610 Market Street			(financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959

Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	150	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March
19106-2354		2015
October 1947

Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private	150	Director — Banco Santander
610 Market Street			Wealth Management		International
Philadelphia, PA			(2011–2013) and Market		(October 2016–December 2019)
19106-2354			Manager, New Jersey Private		Director — Santander Bank, N.A.
November 1958			Bank (2005–2011) — J.P.		(December 2016–December
			Morgan Chase & Co.		2019)

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				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Joseph W. Chow	Trustee	Since January 2013	Private Investor	150	Director and Audit Committee
610 Market Street			(April 2011–Present)		Member — Hercules Technology
Philadelphia, PA					Growth Capital, Inc.
19106-2354					(July 2004–July 2014)
January 1953

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

H. Jeffrey Dobbs³	Trustee	Since December 2021	Global Sector Chairman,	150	Director, Valparaiso University
610 Market Street			Industrial Manufacturing,		(2012–Present)
Philadelphia, PA			KPMG LLP		Director, TechAccel LLC
19106-2354			(2010-2015)		(2015–Present) (Tech R&D)
May 1955					Board Member, Kansas City
					Repertory Theatre
					(2015–Present)
					Board Member, Patients
					Voices, Inc. (healthcare)
					(2018–Present)
					Kansas City Campus for Animal
					Care (2018–Present)
					Director, National Association of
					Manufacturers (2010–2015)
					Director, The Children’s Center
					(2003–2015)
					Director, Metropolitan Affairs
					Coalition (2003–2015)
					Director, Michigan Roundtable
					for Diversity and Inclusion
					(2003–2015)
					Trustee, Ivy Funds Complex
					(2019–2021)

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				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

John A. Fry	Trustee	Since January 2001	Drexel University	150	Director; Compensation
610 Market Street			(August 2010–Present)		Committee and Governance
Philadelphia, PA			President — Franklin & Marshall		Committee Member —
19106-2354			College		Community Health Systems
May 1960			(July 2002–June 2010)		(May 2004–Present)
					Director — Drexel Morgan & Co.
					(2015–2019)
					Director, Audit and
					Compensation Committee
					Member — vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit Committee
					Member — FS Credit Real Estate
					Income Trust, Inc.
					(2018–Present)
					Director — Federal Reserve
					Bank of Philadelphia
					(January 2020–Present)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Joseph Harroz, Jr.³	Trustee	Since December 2021	President (2020–Present), Interim	150	Director, OU Medicine, Inc.
610 Market Street			President (2019–2020), Vice		(2020–Present)
Philadelphia, PA			President (2010–2019) and Dean		Director and Shareholder,
19106-2354			(2010–2019), College of Law,		Valliance Bank
January 1967			University of Oklahoma;		(2007–Present)
			Managing Member, Harroz		Director, Foundation Healthcare
			Investments, LLC, (commercial		(formerly Graymark HealthCare)
			enterprises) (1998–2019);		(2008–2017)
			Managing Member, St. Clair,		Trustee, the Mewbourne Family
			LLC (commercial enterprises)		Support Organization
			(2019–Present)		(2006–Present) (non-profit)
					Independent Director, LSQ
					Manager, Inc. (real estate)
					(2007–2016)
					Director, Oklahoma Foundation
					for Excellence (non-profit)
					(2008–Present)
					Trustee, Ivy Funds Complex
					(1998–2021)

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				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Sandra A.J.	Trustee	Since December 2021	Chief Administrative Officer,	150	Director, Hall Family Foundation
Lawrence³			Children’s Mercy Hospitals and		(1993–Present)
610 Market Street			Clinics		Director, Westar Energy (utility)
Philadelphia, PA			(2016–2019);		(2004–2018)
19106-2354			CFO, Children’s Mercy Hospitals		Trustee, Nelson-Atkins Museum
September 1957			and Clinics		of Art (non-profit) (2021–Present)
			(2005–2016)		(2007–2020)
					Director, Turn the Page KC
					(non-profit) (2012–2016)
					Director, Kansas Metropolitan
					Business and Healthcare
					Coalition (non-profit) (2017–2019)
					Director, National Association of
					Corporate Directors (non-profit)
					National Board (2022–Present);
					Regional Board (2017–2021)
					Director, American Shared
					Hospital Services (medical
					device) (2017–2021)
					Director, Evergy, Inc., Kansas
					City Power & Light Company,
					KCP&L Greater Missouri
					Operations Company, Westar
					Energy, Inc. and Kansas Gas and
					Electric Company (related utility
					companies) (2018–Present)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Sandra A.J.	Trustee	Since December 2021	Chief Administrative Officer,	150	Director, Stowers (research)
Lawrence³			Children’s Mercy Hospitals and		(2018)
(continued)			Clinics		Co-Chair, Women Corporate
610 Market Street			(2016–2019);		Directors (director education)
Philadelphia, PA			CFO, Children’s Mercy Hospitals		(2018–2020)
19106-2354			and Clinics		Trustee, Ivy Funds Complex
September 1957			(2005–2016)		(2019-2021)
					Director, Brixmor Property
					Group Inc.
					(2021–Present)
					Director, Sera Prognostics Inc.
					(biotechnology)
					(2021–Present)
					Director, Recology (resource
					recovery)
					(2021–Present)

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				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Frances A.	Trustee	Since September	Private Investor	150	Trust Manager and Audit
Sevilla-Sacasa		2011	(January 2017–Present)		Committee Chair — Camden
610 Market Street			Chief Executive Officer — Banco		Property Trust
Philadelphia, PA			Itaú International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Audit
January 1956			Executive Advisor to Dean		and Compensation
			(August 2011–March 2012) and		Committee Member —
			Interim Dean		Callon Petroleum Company
			(January 2011–July 2011) —		(December 2019–Present)
			University of Miami School of		Director — New Senior
			Business Administration		Investment Group Inc.
			President — U.S. Trust, Bank of		(January 2021–September 2021)
			America Private Wealth		Director; Audit Committee
			Management (Private Banking)		Member — Carrizo Oil & Gas,
			(July 2007-December 2008)		Inc. (March 2018–December
					2019)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman — PNC Financial	150	Director — HSBC North America
610 Market Street			Services Group		Holdings Inc.
Philadelphia, PA			(2010–April 2013)		(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank USA,
					National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April 2018)

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				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and	150	Director; Finance Committee and
610 Market Street			President — Gore Creek Capital,		Audit Committee Member —
Philadelphia, PA			Ltd. (August 2009–Present)		H&R Block Corporation
19106-2354					(July 2008–Present)
August 1959					Director; Investments
					Committee, Capital and Finance
					Committee, and Audit
					Committee Member — Grange
					Insurance (2013–Present)
					Trustee; Chair of Nominating and
					Governance Committee and
					Audit Committee Member —
					The Merger Fund
					(2013–October 2021),
					The Merger Fund VL
					(2013–October 2021); WCM
					Alternatives: Event-Driven Fund
					(2013–October 2021), and WCM
					Alternatives: Credit Event Fund
					(December 2017–October 2021)
					Director; Chair of Governance
					Committee and Audit Committee
					Member — International
					Securities Exchange (2010–2016)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer	150	Director; Personnel and
610 Market Street			(January 2006–July 2012), Vice		Compensation Committee Chair;
Philadelphia, PA			President — Mergers &		Member of Nominating,
19106-2354			Acquisitions		Investments, and Audit
July 1948			(January 2003–January 2006),		Committees for various periods
			and Vice President and Treasurer		throughout directorship —
			(July 1995–January 2003) — 3M		Okabena Company (2009–2017)
			Company

Officers

David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in	150	None⁴
610 Market Street	General Counsel, and	since May 2013;	various capacities at different
Philadelphia, PA	Secretary	General Counsel	times at Macquarie Investment
19106-2354		since May 2015;	Management.
December 1963		Secretary since
		October 2005

Daniel V. Geatens	Senior Vice President	Senior Vice President	Daniel V. Geatens has served in	150	None⁴
610 Market Street	and Treasurer	and Treasurer since	various capacities at different
Philadelphia, PA		October 2007	times at Macquarie Investment
19106-2354			Management.
October 1972

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				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Richard Salus	Senior Vice President	Senior Vice President	Richard Salus has served in	150	None
610 Market Street	and Chief Financial	and Chief Financial	various capacities at different
Philadelphia, PA	Officer	Officer since	times at Macquarie Investment
19106-2354		November 2006	Management.
October 1963

¹	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
²	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.
³	Messrs. Dobbs and Harroz and Ms. Lawrence were elected as Trustees of the Trust effective December 17, 2021.
⁴	David F. Connor serves as Senior Vice President and Secretary, and Daniel V. Geatens serves as Senior Vice President, Treasurer, and Chief Financial Officer, for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

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About the organization

Board of trustees

Shawn K. Lytle President and Chief Executive Officer Delaware Funds by Macquarie^®Philadelphia, PA Jerome D. Abernathy Managing Member, Stonebrook Capital Management, LLC Jersey City, NJ Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA	Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA H. Jeffrey Dobbs Former Global Sector Chairman Industrial Manufacturing, KPMG, LLP Detroit, MI	John A. Fry President Drexel University Philadelphia, PA Joseph Harroz, Jr. President University of Oklahoma Norman, OK Sandra A.J. Lawrence Former Chief Administrative Officer Children’s Mercy Hospitals and Clinics Kansas City, MO	Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Miami, FL Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Pittsburgh, PA 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

Affiliated officers

David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie Philadelphia, PA	Daniel V. Geatens Senior Vice President and Treasurer Delaware Funds by Macquarie Philadelphia, PA	Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie Philadelphia, PA

This annual 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.

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	Annual report

US equity mutual fund

Delaware Small Cap Value Fund

November 30, 2021

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

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Experience Delaware Funds by Macquarie^®

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.

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

The Fund is governed by US laws and regulations.

Table of contents

Portfolio management review		1
Performance summary		4
Disclosure of Fund expenses		8
Security type / sector allocation and top 10 equity holdings		10
Schedule of investments		12
Statement of assets and liabilities		16
Statement of operations		18
Statements of changes in net assets		19
Financial highlights		22
Notes to financial statements		32
Report of independent registered public accounting firm		45
Other Fund information		46
Board of trustees / directors and officers addendum		51
About the organization		64

Unless otherwise noted, views expressed herein are current as of November 30, 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.

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Portfolio management review
Delaware Small Cap Value Fund	December 7, 2021 (Unaudited)

Performance preview (for the year ended November 30, 2021)

Delaware Small Cap Value Fund (Institutional Class shares)	1-year return	+36.84	%
Delaware Small Cap Value Fund (Class A shares)	1-year return	+36.52	%
Russell 2000^®Value Index (benchmark)	1-year return	+33.01	%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Small Cap Value Fund, please see the table on page 4. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.

The performance of Class A shares excludes the applicable sales charge. The performance of both Institutional Class shares and Class A shares reflects the reinvestment of all distributions.

Please see page 6 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks capital appreciation.

Market review

Small-cap value stocks experienced a strong run during the Fund’s fiscal year ended November 30, 2021. During the period, small-cap value companies outperformed small-cap growth companies, as investors showed a preference for higher-quality companies in cyclical and economically sensitive industries. That performance disparity was significant, as the Fund’s benchmark, the Russell 2000 Value Index, returned 33.01%, outpacing the 11.95% return of the Russell 2000^®Growth Index. Small-cap value companies outperformed mid-cap value and large-cap value companies as the Russell Midcap^®Value Index returned 26.34% and the Russell 1000^®Value Index advanced 22.25%.

Each of the sectors in the benchmark advanced during the Fund’s fiscal year. Companies in the energy, transportation, basic industry, consumer discretionary, and financial services sectors of the benchmark were the strongest performing. The traditionally defensive utilities, consumer staples, and healthcare sectors in the benchmark also advanced during the Fund’s fiscal year but were relative laggards.

Our team’s disciplined philosophy remains unchanged. We continue to focus on bottom-up stock selection and specifically on identifying companies that, in our view, trade at attractive valuations, generate strong free cash flow, and have the ability to implement shareholder-friendly policies through share buybacks, dividend increases, and debt reduction.

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Portfolio management review
Delaware Small Cap Value Fund

Following the approval of several COVID-19 vaccines in November 2020, we experienced positive economic effects that were favorable to our asset class. The US Federal Reserve and the federal government provided substantial amounts of monetary and fiscal policy support. The Federal Open Market Committee (FOMC) maintained its extremely accommodative monetary policy, keeping short-term rates near zero. For the 12 months ended November 30, 2021, the US Consumer Price Index (CPI) increased 6.8% and the US Producer Price Index (PPI) increased 9.6%. The real gross domestic product (GDP) growth rate improved during the period, increasing at an annual rate of 2.1% in the third quarter of 2021. The unemployment rate declined from 6.7% in November 2020 to 4.2% in November 2021. Our style gravitates toward companies that deliver free cash flow to investors. On the positive side, many of the companies we invest in resumed share repurchases and dividend payments during the fiscal year, and it is our belief that they will soon resume capital expenditures.

Within the Fund

For the fiscal year ended November 30, 2021, Delaware Small Cap Value Fund outperformed its benchmark, the Russell 2000 Value Index. The Fund’s Institutional Class shares advanced 36.84%. The Fund’s Class A shares gained 36.52% at net asset value (NAV) and 28.66% at maximum offer price. These figures reflect reinvestment of all distributions. During the same period, the Fund’s benchmark advanced 33.01%. For complete annualized performance of Delaware Small Cap Value Fund, please see the table on page 4.

Stock selection and sector positioning contributed to the Fund’s relative outperformance during the fiscal year. Stock selection and a relative overweight allocation benefited the financial services sector. The Fund’s holdings in the industrials and real estate investment trust (REIT) sectors outperformed those in the benchmark during the fiscal year. Sector positioning contributed to performance in the healthcare sector. The Fund’s holdings in the consumer discretionary, consumer staples, transportation, and energy sectors advanced during the fiscal year but lagged the stronger returns of those sectors in the benchmark and therefore detracted from the Fund’s relative performance.

Shares of regional bank East West Bancorp Inc. outperformed for the fiscal year. East West Bancorp, headquartered in California, is one of the largest independent banks, operating more than 120 locations in the US and China. The bank reported several quarters of better-than-expected earnings results during the fiscal year. We maintained the Fund’s position in East West Bancorp as of the end of the Fund’s fiscal year since its loan growth is accelerating, and its profitability is strong.

Atkore Inc. manufactures electrical raceway and mechanical products that frame and secure a range of structures. Shares of Atkore outperformed during the Fund’s fiscal year when the company achieved record earnings. Atkore benefited from its ability to increase selling prices to offset higher input costs and improve margins. During the fiscal year, Atkore refinanced its debt and repurchased its stock, further strengthening its balance sheet and demonstrating that it is committed to being diligent with its approach to capital deployment. We maintained the Fund’s position in Atkore as we continue to believe there is value here.

Louisiana-Pacific Corp. is a leader in high-performance building solutions and manufactures engineered wood building products for builders, remodelers, and homeowners. Louisiana-Pacific continues to reduce the cyclicality of its business by strategically converting capacity for oriented strand board (OSB) into higher-margin siding, which is sold

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under the company’s LP SmartSide brand. Louisiana-Pacific exceeded its three-year transformation targets for growth and efficiency in February – the end of its 2020 fiscal year – one year ahead of schedule. We maintained the Fund’s position in Louisiana-Pacific as the company has returned free cash flow to shareholders through share repurchases and dividends, which were increased during the Fund’s fiscal year.

Altra Industrial Motion Corp. is a premier global designer and producer of a wide range of motion control and power transmission solutions. Altra made cost reductions early in 2020 when the pandemic began, allowing its share price to reach pre-pandemic levels earlier than its peers. Shares of Altra traded lower during the Fund’s fiscal year due to the impact of global supply chain disruptions, labor shortages, and the higher cost of raw materials. Altra’s book-to-bill ratio and orders backlog remained strong over the period, setting it up for potential top-line growth once the supply chain and labor issues improve. We maintained the Fund’s position in Altra. It trades at what we view as an attractive valuation relative to its peers and has used its free cash flow to pay down its debt.

Avanos Medical Inc. is a medical-device company operating two main divisions: chronic care, which includes respiratory and digestive health products, and pain management, which includes pumps and devices. Avanos Medical detracted over the Fund’s fiscal year as its financial results suffered from higher inflationary costs and continued delays and postponements of elective surgical procedures. Avanos Medical’s management team is focused on margin improvements and continues to find ways to increase productivity and lower its cost structure. We maintained the Fund’s position in Avanos because its valuation is discounted relative to its industry peers, and it has a strong balance sheet.

Kemper Corp. is a multi-line insurance company that offers property and casualty, life, and health insurance products primarily to middle- and low-income consumers. Kemper’s property and casualty business division primarily sells non-standard personal auto and low-premium commercial auto policies. Its life and health division sells term life insurance with low face amounts and supplemental health and accident policies to middle-income customers. During the Fund’s fiscal year, shares of Kemper detracted as profitability weakened due to soft pricing during the pandemic lockdowns and higher claims now that the economy is reopening. We maintained the Fund’s position in Kemper as it trades at a discount-to-book value and management, in our opinion, is taking corrective actions, including rate increases, to position the company for growth.

The Fund ended the fiscal year overweight the basic industry, technology, financial services, and industrials sectors. The Fund ended the fiscal year underweight the healthcare, REIT, utilities, and energy sectors. Sector weightings were comparable to those in the benchmark in the consumer discretionary, consumer staples, and transportation sectors at fiscal year-end.

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Performance summary
Delaware Small Cap Value Fund	November 30, 2021 (Unaudited)

Fund and benchmark performance^1,2

Average annual total returns through November 30, 2021

1 year

5 year

10 year

Lifetime

Class A (Est. June 24, 1987)

Excluding sales charge

+36.52

+8.66

+11.00

+11.07

Including sales charge

+28.66

+7.38

+10.35

+10.88

Class C (Est. November 29, 1995)

Excluding sales charge

+35.48

+7.85

+10.17

+9.32

Including sales charge

+34.48

+7.85

+10.17

+9.32

Class R (Est. June 2, 2003)

Excluding sales charge

+36.18

+8.39

+10.73

+9.76

Including sales charge

+36.18

+8.39

+10.73

+9.76

Institutional Class (Est. November 9, 1992)

Excluding sales charge

+36.84

+8.93

+11.28

+10.66

Including sales charge

+36.84

+8.93

+11.28

+10.66

Class R6 (Est. May 2, 2016)

Excluding sales charge

+37.08

+9.12

—

+11.61

Including sales charge

+37.08

+9.12

—

+11.61

Russell 2000 Value Index

+33.01

+9.08

+11.76

+10.55

*	The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the last business day in the month of the Fund’s Institutional Class inception date.
¹	Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.
	Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 5. Performance would have been lower had expense limitations not been in effect.
	Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service (12b-1) fee.
	Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied.
	Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during

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	the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
	Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
	Class R6 shares are available only to certain 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. Class R6 shares pay no 12b-1 fee.
	Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.
	Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.
	REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.
	The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
²	The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Please see the “Financial highlights” section in this report for the most recent expense ratios.

										Institutional
Fund expense ratios	Class A			Class C			Class R			Class			Class R6
Total annual operating expenses
(without fee waivers)		1.14	%		1.89	%		1.39	%		0.89	%		0.72	%
Net expenses (including fee
waivers, if any)		1.14	%		1.89	%		1.39	%		0.89	%		0.72	%

Type of waiver		n/a			n/a			n/a			n/a			n/a

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Performance summary
Delaware Small Cap Value Fund

Performance of a $10,000 investment¹

Average annual total returns from November 30, 2011 through November 30, 2021

For period beginning November 30, 2011 through November 30, 2021		Starting value		Ending value
	Russell 2000 Value Index		$10,000		$30,390
	Delaware Small Cap Value Fund — Institutional Class shares		$10,000		$29,126
	Delaware Small Cap Value Fund — Class A shares		$9,425		$26,768

¹	The “Performance of a $10,000 investment” graph assumes $10,000 invested in Institutional Class and Class A shares of the Fund on November 30, 2011, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 5. Please note additional details on pages 4 through 7.
	The graph also assumes $10,000 invested in the Russell 2000 Value Index as of November 30, 2011. The Russell 2000 Value Index measures the performance of the small-cap value segment of the US equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.
	The Russell 2000 Growth Index, mentioned on page 1, measures the performance of the small-cap growth segment of the US equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.
	The Russell Midcap Value Index, mentioned on page 1, measures the performance of the mid-cap value segment of the US equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values.
	The Russell 1000 Value Index, mentioned on page 1, measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

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Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell^®is a trademark of Frank Russell Company.

Gross domestic product is a measure of all goods and services produced by a nation in a year. It is a measure of economic activity.

Index performance returns do not reflect any management fees, transaction costs, or expenses.

Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols	CUSIPs
Class A	DEVLX	246097109
Class C	DEVCX	246097406
Class R	DVLRX	246097505
Institutional Class	DEVIX	246097208
Class R6	DVZRX	24610B818

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Disclosure of Fund expenses
For the six-month period from June 1, 2021 to November 30, 2021 (Unaudited)

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 June 1, 2021 to November 30, 2021.

Actual expenses

Hypothetical example for comparison purposes

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.

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

	Beginning			Ending					Expenses
	Account Value			Account Value			Annualized		Paid During Period
	6/1/21			11/30/21			Expense Ratio		6/1/21 to 11/30/21*
Actual Fund return^†
Class A		$	1,000.00		$	987.60		1.12%		$	5.58
Class C			1,000.00			983.90		1.87%			9.30
Class R			1,000.00			986.30		1.37%			6.82
Institutional Class			1,000.00			988.80		0.87%			4.34
Class R6			1,000.00			989.50		0.69%			3.44
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,019.45		1.12%		$	5.67
Class C			1,000.00			1,015.69		1.87%			9.45
Class R			1,000.00			1,018.20		1.37%			6.93
Institutional Class			1,000.00			1,020.71		0.87%			4.41
Class R6			1,000.00			1,021.61		0.69%			3.50

*“	Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (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.

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Security type / sector allocation and top 10 equity holdings

Delaware Small Cap Value Fund

As of November 30, 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 ◆		98.65%
Basic Industry		8.61%
Consumer Discretionary		11.63%
Consumer Staples		2.77%
Energy		5.62%
Financial Services*		28.08%
Healthcare		4.55%
Industrials		12.77%
Real Estate Investment Trusts		8.48%
Technology		10.86%
Transportation		2.49%
Utilities		2.79%
Short-Term Investments		1.33%
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 November 30, 2021, such amounts, as a percentage of total net assets were 19.98%, 2.48%, 4.84%, and 0.78%, 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%.

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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		3.18	%
Western Alliance Bancorp		2.56	%
Stifel Financial		2.48	%
MasTec		2.41	%
Louisiana-Pacific		2.25	%
Hancock Whitney		1.93	%
ITT		1.86	%
Devon Energy		1.85	%
Webster Financial		1.85	%
WESCO International		1.73	%

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Schedule of investments
Delaware Small Cap Value Fund	November 30, 2021

		Number of
		shares	Value (US $)
Common Stock – 98.65%◆
Basic Industry – 8.61%
	Arconic †	1,345,200	$	35,943,744
	Ashland Global Holdings	429,200		43,379,244
	Avient	1,029,700		56,643,797
	Berry Global Group †	1,605,310		110,846,656
	HB Fuller	885,500		64,783,180
	Huntsman	2,208,000		69,971,520
	Louisiana-Pacific	2,300,800		150,357,280
	Summit Materials Class A †	1,164,400		43,432,120
				575,357,541
Consumer Discretionary – 11.63%
	Acushnet Holdings	763,200		41,502,816
	Adient †	1,345,700		57,124,965
	American Eagle Outfitters	561,200		14,529,468
	Barnes Group	936,300		40,682,235
	Cable One	19,580		34,696,935
	Choice Hotels International	286,800		41,170,140
	Cracker Barrel Old Country Store	382,000		46,611,640
	Denny’s †	1,182,200		16,373,470
	Group 1 Automotive	316,500		61,638,375
	KB Home	1,352,000		54,066,480
	Leggett & Platt	823,800		33,273,282
	Meritage Homes †	615,900		69,510,474
	Nexstar Media Group Class A	280,700		41,964,650
	PROG Holdings	841,700		37,977,504
	Steven Madden	968,925		45,975,491
	Texas Roadhouse	387,550		32,143,397
	UniFirst	300,100		57,514,165
	Wolverine World Wide	1,632,580		50,822,216
				777,577,703
Consumer Staples – 2.77%
	J & J Snack Foods	328,800		44,907,504
	Performance Food Group †	1,221,522		49,239,552
	Scotts Miracle-Gro	150,900		21,863,901
	Spectrum Brands Holdings	692,050		69,274,205
				185,285,162
Energy – 5.62%
	CNX Resources †	5,222,600		71,236,264
	Delek US Holdings †	1,431,000		22,438,080
	Devon Energy	2,942,902		123,778,458
	Dril-Quip †	656,000		12,536,160

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		Number of
		shares	Value (US $)
Common Stock◆ (continued)
Energy (continued)
	Helix Energy Solutions Group †	3,841,600	$	11,678,464
	Magnolia Oil & Gas Class A	3,648,100		69,204,457
	Patterson-UTI Energy	4,730,700		33,398,742
	Renewable Energy Group †	652,485		31,175,733
				375,446,358
Financial Services – 28.08%
	American Equity Investment Life Holding	2,365,200		79,541,676
	Bank of NT Butterfield & Son	1,126,300		41,481,629
	East West Bancorp	2,764,223		212,845,171
	Essent Group	720,900		29,975,022
	First Financial Bancorp	2,600,900		59,820,700
	First Interstate BancSystem Class A	931,600		38,009,280
	FNB	7,824,500		91,233,670
	Great Western Bancorp	2,166,150		72,674,333
	Hancock Whitney	2,703,800		129,187,564
	Hanover Insurance Group	597,500		72,745,625
	Kemper	642,700		35,554,164
	NBT Bancorp	632,100		22,825,131
	Prosperity Bancshares	710,000		50,608,800
	S&T Bancorp	856,356		25,613,608
	Sandy Spring Bancorp	801,400		37,609,702
	Selective Insurance Group	1,147,606		86,690,157
	Sterling Bancorp	2,088,900		51,825,609
	Stewart Information Services	264,000		18,802,080
	Stifel Financial	2,331,150		165,534,961
	Synovus Financial	1,673,700		75,801,873
	Umpqua Holdings	5,031,600		95,902,296
	Valley National Bancorp	6,529,400		87,755,136
	Webster Financial	2,290,500		123,435,045
	Western Alliance Bancorp	1,556,800		170,905,504
				1,876,378,736
Healthcare – 4.55%
	Avanos Medical †	1,195,521		36,068,868
	Integer Holdings †	716,600		57,141,684
	Integra LifeSciences
	Holdings †	976,600		62,453,570
	NuVasive †	483,862		23,254,408
	Ortho Clinical Diagnostics Holdings †	2,338,700		44,762,718
	Select Medical Holdings	1,281,800		34,416,330

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Schedule of investments
Delaware Small Cap Value Fund

		Number of
		shares	Value (US $)
Common Stock◆ (continued)
Healthcare (continued)
	Service Corp. International	697,100	$	46,120,136
				304,217,714
Industrials – 12.77%
	Altra Industrial Motion	1,528,643		80,574,773
	Atkore †	1,031,100		109,812,150
	Deluxe	505,400		17,102,736
	H&E Equipment Services	870,200		36,635,420
	ITT	1,312,600		124,145,708
	KBR	1,219,372		53,652,368
	MasTec †	1,747,259		161,044,862
	PAE †	2,039,200		20,228,864
	Primoris Services	1,348,100		30,224,402
	Regal Rexnord	330,539		52,258,216
	WESCO International †	933,500		115,875,355
	Zurn Water Solutions	1,482,500		51,961,625
				853,516,479
Real Estate Investment Trusts – 8.48%
	Brandywine Realty Trust	4,329,337		55,631,980
	Broadstone Net Lease	1,674,000		41,850,000
	Independence Realty Trust	1,843,700		45,170,650
	Kite Realty Group Trust	1,768,914		35,590,550
	Lexington Realty Trust	4,810,900		72,404,045
	Life Storage	602,600		79,627,564
	National Health Investors	639,500		33,407,480
	Outfront Media	3,122,000		78,018,780
	RPT Realty	2,707,889		34,444,348
	Spirit Realty Capital	1,385,500		61,737,880
	Summit Hotel Properties †	3,199,900		28,639,105
				566,522,382
Technology – 10.86%
	Cirrus Logic †	679,000		54,442,220
	Concentrix	301,900		50,115,400
	Diodes †	467,400		49,707,990
	Flex †	4,671,010		79,874,271
	NCR †	679,958		26,450,366
	NetScout Systems †	1,216,506		36,373,529
	ON Semiconductor †	1,852,700		113,811,361
	TD SYNNEX	301,100		31,151,806
	Teradyne	573,900		87,732,093
	Tower Semiconductor †	2,180,200		77,353,496

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			Number of
			shares	Value (US $)
Common Stock ◆(continued)
Technology (continued)
	TTM Technologies †		3,749,402	$	51,666,760
	Viavi Solutions †		3,238,200		47,957,742
	Vishay Intertechnology		957,000		19,494,090
					726,131,124
Transportation – 2.49%
	Kirby †		723,900		37,802,058
	Saia †		113,350		37,539,253
	SkyWest †		625,300		24,493,001
	Werner Enterprises		1,481,800		66,843,998
					166,678,310
Utilities – 2.79%
	ALLETE		820,000		48,076,600
	Black Hills		845,600		54,219,872
	South Jersey Industries		1,632,000		38,352,000
	Southwest Gas Holdings		692,400		45,566,844
					186,215,316
Total Common Stock (cost $4,168,572,100)					6,593,326,825

Short-Term Investments – 1.33%
Money Market Mutual Funds – 1.33%
	BlackRock FedFund – Institutional Shares (seven-day effective
		yield 0.03%)	22,243,451		22,243,451
	Fidelity Investments Money Market Government Portfolio –
		Class I (seven-day effective yield 0.01%)	22,243,450		22,243,450
	GS Financial Square Government Fund – Institutional Shares
		(seven-day effective yield 0.03%)	22,243,451		22,243,451
	Morgan Stanley Government Portfolio – Institutional Share Class
		(seven-day effective yield 0.03%)	22,243,450		22,243,450
Total Short-Term Investments (cost $88,973,802)					88,973,802
Total Value of Securities–99.98%
	(cost $4,257,545,902)			$	6,682,300,627

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

Summary of abbreviations:
GS – Goldman Sachs

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

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Statement of assets and liabilities
Delaware Small Cap Value Fund	November 30, 2021

Assets:
	Investments, at value*	$	6,682,300,627
	Receivable for fund shares sold		12,186,345
	Dividends and interest receivable		6,305,014
	Other assets		23,221
	Total Assets		6,700,815,207
Liabilities:
	Payable for fund shares redeemed		9,554,116
	Investment management fees payable to affiliates		3,638,670
	Payable for securities purchased		1,693,481
	Dividend disbursing and transfer agent fees and expenses payable to
	non-affiliates		1,554,235
	Other accrued expenses		475,174
	Distribution fees payable to affiliates		290,323
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		49,325
	Accounting and administration expenses payable to affiliates		21,115
	Trustees’ fees and expenses payable to affiliates		20,274
	Legal fees payable to affiliates		14,562
	Reports and statements to shareholders expenses payable to affiliates		6,691
	Total Liabilities		17,317,966
Total Net Assets		$	6,683,497,241

Net Assets Consist of:
	Paid-in capital	$	3,991,900,784
	Total distributable earnings (loss)		2,691,596,457
Total Net Assets		$	6,683,497,241

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Net Asset Value
Class A:
Net assets	$	1,016,517,950
Shares of beneficial interest outstanding, unlimited authorization, no par		13,465,136
Net asset value per share	$	75.49
Sales charge		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	80.10
Class C:
Net assets	$	51,077,607
Shares of beneficial interest outstanding, unlimited authorization, no par		844,381
Net asset value per share	$	60.49
Class R:
Net assets	$	54,481,134
Shares of beneficial interest outstanding, unlimited authorization, no par		748,053
Net asset value per share	$	72.83
Institutional Class:
Net assets	$	3,958,855,575
Shares of beneficial interest outstanding, unlimited authorization, no par		49,293,568
Net asset value per share	$	80.31
Class R6:
Net assets	$	1,602,564,975
Shares of beneficial interest outstanding, unlimited authorization, no par		19,899,141
Net asset value per share	$	80.53
____________________
* Investments, at cost	$	4,257,545,902

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

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Statement of operations
Delaware Small Cap Value Fund	Year ended November 30, 2021

Investment Income:
	Dividends	$	91,798,508
	Interest		3
			91,798,511

Expenses:
	Management fees		38,953,876
	Distribution expenses – Class A		2,019,631
	Distribution expenses – Class C		506,661
	Distribution expenses – Class R		270,773
	Dividend disbursing and transfer agent fees and expenses		9,175,657
	Accounting and administration expenses		1,029,438
	Reports and statements to shareholders expenses		444,024
	Legal fees		314,542
	Trustees’ fees and expenses		212,230
	Custodian fees		174,124
	Registration fees		156,758
	Audit and tax fees		37,935
	Other		122,316
			53,417,965
	Less expenses paid indirectly		(1,375	)
	Total operating expenses		53,416,590
Net Investment Income			38,381,921
Net Realized and Unrealized Gain:
	Net realized gain on investments		300,690,716
	Net change in unrealized appreciation (depreciation) of investments		1,371,417,516
Net Realized and Unrealized Gain			1,672,108,232
Net Increase in Net Assets Resulting from Operations		$	1,710,490,153

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

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Statements of changes in net assets
Delaware Small Cap Value Fund

			Year ended
			11/30/21			11/30/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	38,381,921		$	40,156,112
	Net realized gain (loss)			300,690,716			(39,807,994	)
	Net change in unrealized appreciation (depreciation)			1,371,417,516			(79,578,311	)
	Net increase (decrease) in net assets resulting from
		operations		1,710,490,153			(79,230,193	)

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(4,041,420	)		(26,836,930	)
		Class C		(68,123	)		(3,124,333	)
		Class R		(221,432	)		(2,279,071	)
		Institutional Class		(28,075,733	)		(124,086,181	)
		Class R6		(9,897,320	)		(27,982,274	)
				(42,304,028	)		(184,308,789	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		248,099,098			137,462,793
		Class C		14,387,495			9,629,288
		Class R		18,583,571			10,625,442
		Institutional Class		1,046,374,208			1,229,328,754
		Class R6		748,398,598			596,941,661

	Net assets from merger:¹
		Class A		263,274,700			—
		Institutional Class		2,421,400			—
		Class R6		268,290			—

	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
				2,382,292,769			2,162,750,917

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Statements of changes in net assets
Delaware Small Cap Value Fund

	Year ended
	11/30/21			11/30/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(251,060,887	)	$	(187,767,639	)
Class C		(24,586,224	)		(24,774,471	)
Class R		(23,100,566	)		(18,475,683	)
Institutional Class		(1,325,435,282	)		(1,036,049,988	)
Class R6		(428,438,058	)		(269,976,409	)
		(2,052,621,017	)		(1,537,044,190	)
Increase in net assets derived from capital share transactions		329,671,752			625,706,727
Net Increase in Net Assets		1,997,857,877			362,167,745

Net Assets:
Beginning of year		4,685,639,364			4,323,471,619
End of year	$	6,683,497,241		$	4,685,639,364

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

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

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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 income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of net investment income to average net assets

Portfolio turnover

¹	Calculated using average shares outstanding.
²	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.
³	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.

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Year ended
11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
$	55.68		$	61.58		$	61.81		$	67.13		$	58.16


	0.28			0.39			0.52			0.37			0.34
	19.94			(3.67	)		3.63			(4.81	)		8.94
	20.22			(3.28	)		4.15			(4.44	)		9.28


	(0.41	)		(0.58	)		(0.42	)		(0.27	)		(0.31	)
	—			(2.04	)		(3.96	)		(0.61	)		—
	(0.41	)		(2.62	)		(4.38	)		(0.88	)		(0.31	)

$	75.49		$	55.68		$	61.58		$	61.81		$	67.13

	36.52%			(5.70%	)		8.69%			(6.70%	)		16.01%


$	1,016,518		$	551,442		$	637,146		$	733,864		$	881,709
	1.11%			1.14%			1.15%			1.15%			1.18%
	0.38%			0.80%			0.90%			0.56%			0.55%
	14%			23%			18%			18%			15%

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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)¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of net investment income (loss) to average net assets

Portfolio turnover

¹	Calculated using average shares outstanding.
²	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.
³	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.

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Year ended
11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
$	44.71		$	49.95		$	50.96		$	55.65		$	48.34


	(0.21	)		0.02			0.07			(0.10	)		(0.10	)
	16.06			(3.00	)		2.88			(3.98	)		7.43
	15.85			(2.98	)		2.95			(4.08	)		7.33


	(0.07	)		(0.22	)		—			—			(0.02	)
	—			(2.04	)		(3.96	)		(0.61	)		—
	(0.07	)		(2.26	)		(3.96	)		(0.61	)		(0.02	)

$	60.49		$	44.71		$	49.95		$	50.96		$	55.65

	35.48%			(6.38%	)		7.88%			(7.41%	)		15.17%


$	51,078		$	46,463		$	69,109		$	74,828		$	105,757
	1.86%			1.89%			1.90%			1.90%			1.93%
	(0.37%	)		0.05%			0.15%			(0.19%	)		(0.20%	)
	14%			23%			18%			18%			15%

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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 income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of net investment income to average net assets

Portfolio turnover

¹	Calculated using average shares outstanding.
²	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.
³	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.

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Year ended
11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
$	53.74		$	59.52		$	59.86		$	65.05		$	56.40


	0.09			0.26			0.36			0.20			0.18
	19.28			(3.56	)		3.52			(4.66	)		8.66
	19.37			(3.30	)		3.88			(4.46	)		8.84


	(0.28	)		(0.44	)		(0.26	)		(0.12	)		(0.19	)
	—			(2.04	)		(3.96	)		(0.61	)		—
	(0.28	)		(2.48	)		(4.22	)		(0.73	)		(0.19	)

$	72.83		$	53.74		$	59.52		$	59.86		$	65.05

	36.18%			(5.92%	)		8.42%			(6.92%	)		15.71%


$	54,481		$	43,823		$	55,697		$	62,791		$	84,131
	1.36%			1.39%			1.40%			1.40%			1.43%
	0.13%			0.55%			0.65%			0.31%			0.30%
	14%			23%			18%			18%			15%

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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 income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of net investment income to average net assets

Portfolio turnover

¹	Calculated using average shares outstanding.
²	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.
³	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.

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Year ended
11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
$	59.19		$	65.28		$	65.29		$	70.83		$	61.32


	0.48			0.55			0.70			0.57			0.52
	21.18			(3.86	)		3.86			(5.08	)		9.42
	21.66			(3.31	)		4.56			(4.51	)		9.94


	(0.54	)		(0.74	)		(0.61	)		(0.42	)		(0.43	)
	—			(2.04	)		(3.96	)		(0.61	)		—
	(0.54	)		(2.78	)		(4.57	)		(1.03	)		(0.43	)

$	80.31		$	59.19		$	65.28		$	65.29		$	70.83

	36.84%			(5.43%	)		8.95%			(6.46%	)		16.30%


$	3,958,855		$	3,115,293		$	2,955,897		$	2,731,344		$	3,270,954
	0.86%			0.89%			0.90%			0.90%			0.93%
	0.63%			1.05%			1.15%			0.81%			0.80%
	14%			23%			18%			18%			15%

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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 income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of net investment income to average net assets

Portfolio turnover

¹	Calculated using average shares outstanding.
²	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.
³	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.

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Year ended
	11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
$	59.32		$	65.41		$	65.41		$	70.95		$	61.38


	0.61			0.64			0.81			0.69			0.65
	21.21			(3.85	)		3.85			(5.08	)		9.43
	21.82			(3.21	)		4.66			(4.39	)		10.08


	(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	)

$	80.53		$	59.32		$	65.41		$	65.41		$	70.95

	37.08%			(5.28%	)		9.14%			(6.29%	)		16.52%


$	1,602,565		$	928,618		$	605,623		$	394,064		$	207,719
	0.69%			0.72%			0.72%			0.72%			0.75%
	0.80%			1.22%			1.33%			0.99%			0.98%
	14%			23%			18%			18%			15%

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Notes to financial statements

Delaware Small Cap Value Fund

November 30, 2021

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 (1940 Act), and offers Class A, Class C, Class R, Institutional Class, and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.75%. There is no front-end sales charge when you purchase $1,000,000 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 contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, Institutional Class, and Class R6 shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.

1. Significant Accounting Policies

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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 ended November 30, 2021, and for all open tax years (years ended November 30, 2018–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 year ended November 30, 2021, the Fund did not incur any interest or tax penalties.

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.

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Notes to financial statements
Delaware Small Cap Value Fund

1. Significant Accounting Policies (continued) 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 year ended November 30, 2021, the Fund earned $1,375 under this arrangement.

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

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 year ended November 30, 2021, the Fund was charged $521,170 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.

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Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25%, 1.00%, and 0.50% of the average daily net assets of the Class A, Class C, and Class R shares, respectively. These 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 and regulatory reporting services to the Fund. For the year ended November 30, 2021, the Fund was charged $219,656 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

For the year ended November 30, 2021, DDLP earned $47,742 for commissions on sales of the Fund’s Class A shares. For the year ended November 30, 2021, DDLP received gross CDSC commissions of $260 and $7,686 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.

Cross trades for the year ended November 30, 2021, were executed by the Funds pursuant to procedures adopted by the Boards designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/ trustees and/or common officers. At their regularly scheduled meetings, the Boards review a report related to the Funds’ compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the year ended November 30, 2021, the Fund engaged in Rule 17a-7 securities purchases of $85,801,736. The Fund did not engage in Rule 17a-7 securities sales for the year ended November 30, 2021.

3. Investments

For the year ended November 30, 2021, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases		$	895,344,143
Sales			832,355,350

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Notes to financial statements
Delaware Small Cap Value Fund

3. Investments (continued)

Cost of investments	$	4,279,943,429
Aggregate unrealized appreciation of investments	$	2,662,749,897
Aggregate unrealized depreciation of investments		(260,392,699	)
Net unrealized appreciation of investments	$	2,402,357,198

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)

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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 November 30, 2021:

	Level 1
Securities
Assets:
Common Stock	$	6,593,326,825
Short-Term Investments		88,973,802
Total Value of Securities	$	6,682,300,627

4. Dividend and Distribution Information

	Year ended
	11/30/21		11/30/20
Ordinary income	$	42,304,028	$	47,922,741
Long-term capital gains		—		136,386,048
Total	$	42,304,028	$	184,308,789

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Notes to financial statements
Delaware Small Cap Value Fund

5. Components of Net Assets on a Tax Basis

As of November 30, 2021, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	3,991,900,784
Undistributed ordinary income		31,823,932
Undistributed long-term capital gains		257,415,327
Unrealized appreciation (depreciation) of investments		2,402,357,198
Net assets	$	6,683,497,241

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to the tax treatment of wash sales from the merger. Results of operations and net assets were not affected by these reclassifications. For the year ended November 30, 2021, the Fund recorded the following reclassifications:

Paid-in capital		$	1,754,227
Total distributable earnings (loss)			(1,754,227	)

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At November 30, 2021, the Fund utilized $38,247,652 capital loss carryforwards.

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6. Capital Shares

Transactions in capital shares were as follows:

		Year ended
		11/30/21		11/30/20
Shares sold:
	Class A	3,474,425		2,909,812
	Class C	247,169		236,401
	Class R	267,971		227,744
	Institutional Class	13,773,855		25,659,869
	Class R6	9,815,380		11,282,268

Shares from merger:¹
	Class A	3,572,733		—
	Institutional Class	30,921		—
	Class R6	3,419		—

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
		31,835,216		43,125,049

Shares redeemed:
	Class A	(3,552,435	)	(3,787,725	)
	Class C	(443,477	)	(642,826	)
	Class R	(339,226	)	(386,778	)
	Institutional Class	(17,571,312	)	(20,166,039	)
	Class R6	(5,726,210	)	(5,296,959	)
		(27,632,660	)	(30,280,327	)
Net increase		4,202,556		12,844,722

¹	See Note 7.

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Notes to financial statements
Delaware Small Cap Value Fund

6. 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 years ended November 30, 2021 and 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
Year ended
11/30/21	52,996	9,112	3,561,720	42,700	7,665		81,120	3,564,685	$	287,811,324
11/30/20	11,650	7,387	51,430	3,811	4,924		15,758	51,397		4,454,823

7. Reorganization

On July 9, 2021, the Board approved a proposal to reorganize Delaware Special Situations Fund, a series of Delaware Group^®Equity Funds IV (the “Acquired Fund”) with and into Delaware Small Cap Value Fund (the “Acquiring Fund”), (the “Reorganization”). Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property, assets, and goodwill of the Acquired Fund were acquired by the Acquiring Fund, and (ii) the Trust, on behalf of the Acquiring Fund, assumed the liabilities of the Acquired Fund, in exchange for shares of the Acquiring Fund. In accordance with the Plan, the Acquired Fund liquidated and dissolved following the Reorganization. The purpose of the transaction was to allow shareholders of the Acquired Fund to own shares of a Fund with a similar investment objective and style as, and potentially lower net expenses than the Acquired Fund. The Reorganization was accomplished by a tax-free exchange of shares on July 9, 2021. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the Reorganization are as follows:

				Shares
	Acquired		Acquired	Converted	Acquiring
	Fund		Fund Shares	to Acquiring	Fund		Conversion
	Net Assets		Outstanding	Fund	Net Assets		Ratio
	Delaware Special Situations Fund			Delaware Small Cap Value Fund
Class A	$	263,274,700	9,535,508	3,572,733	$	787,782,148	0.3747
Institutional
Class		2,421,400	85,380	30,921		4,144,979,722	0.3622
Class R6		268,290	9,355	3,419		1,299,571,877	0.3655

The net assets of the Acquiring Fund before the Reorganization were $6,341,614,884. The net assets of the Acquiring Fund immediately following the Reorganization were $6,607,579,274.

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Assuming the Reorganization had been completed on December 1, 2020, the Acquiring Fund’s pro forma results of operations for the year ended November 30, 2021, would have been as follows:

Net investment income	$	38,807,672
Net realized gain on investments		321,924,803
Net change in unrealized appreciation (depreciation)		1,513,591,568
Net increase in net assets resulting from operations	$	1,874,324,043

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Acquiring Fund’s Statement of Operations since the Reorganization was consummated on July 9, 2021.

8. Line of Credit

The Fund had no amounts outstanding as of November 30, 2021, or at any time during the year then ended.

9. Securities Lending

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Notes to financial statements
Delaware Small Cap Value Fund

9. Securities Lending (continued)

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.

During the year ended November 30, 2021, the Fund had no securities out on loan.

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10. 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.

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.

11. Contractual Obligations

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Notes to financial statements
Delaware Small Cap Value Fund

12. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to November 30, 2021, that would require recognition or disclosure in the Fund’s financial statements.

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Report of independent
registered public accounting firm

To the Board of Trustees of Delaware Group^®Equity Funds V and Shareholders of Delaware Small Cap Value Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware Small Cap Value Fund (one of the funds constituting Delaware Group^®Equity Funds V, referred to hereafter as the “Fund”) as of November 30, 2021, the related statement of operations for the year ended November 30, 2021, the statements of changes in net assets for each of the two years in the period ended November 30, 2021, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2021 and the financial highlights for each of the five years in the period ended November 30, 2021, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 21, 2022

We have served as the auditor of one or more investment companies in Delaware Funds by Macquarie^®since 2010.

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Other Fund information (Unaudited)
Delaware Small Cap Value Fund

Tax Information

For the fiscal year ended November 30, 2021, the Fund reports distributions paid during the year as follows:

(A) Ordinary Income Distribution (Tax Basis)*	100.00	%
Total Distributions (Tax Basis)	100.00	%
(B) Qualified Dividends¹	100.00	%

____________________

(A) is based on a percentage of the Fund’s total distributions.
(B) is based on the Fund’s ordinary income distributions.
¹	Qualified dividends represent dividends which qualify for the corporate dividends received deduction.
*	For the fiscal year ended November 30, 2021, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%. The percentage of dividends paid by the Fund from ordinary income reported as qualified income is 100%. Complete information will be computed and reported in conjunction with your 2021 Form 1099-DIV.

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Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware Small Cap Value Fund at a meeting held August 10-12, 2021

At a meeting held on August 10-12, 2021 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware Small Cap Value Fund (the “Fund”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Fund performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”), and the Sub-Advisory Agreements with Macquarie Funds Management Hong Kong Limited (“MFMHK”) and Macquarie Investment Management Global Limited (“MIMGL”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Asset Management”) concerning, among other things, the nature, extent, and quality of services provided to the Fund; the costs of such services to the Fund; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2021, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Fund policies.

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Other Fund information (Unaudited)
Delaware Small Cap Value Fund

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware Small Cap Value Fund at a meeting held August 10-12, 2021 (continued)

Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Fund matters. The Board also noted the benefits provided to Fund shareholders through (a) each shareholder’s ability to: (i) exchange an investment in one Delaware Fund for the same class of shares in another Delaware Fund without a sales charge, or (ii) reinvest Fund dividends into additional shares of the Fund or into additional shares of other Delaware Funds, and (b) the privilege to combine holdings in other Delaware Funds to obtain a reduced sales charge. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

The Performance Universe for the Fund consisted of the Fund and all retail and institutional small-cap value funds. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the fourth quartile of the Performance Universe. The report further showed that the Fund’s total return for the 3-year period was in the third quartile of its Performance Universe and the Fund’s total return for the 5- and 10-year periods was in the second quartile of its Performance Universe. The Board was satisfied with performance.

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expense ratios of a group of similar funds (the “Expense Group”). In reviewing comparative costs, the Fund’s contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Fund) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Fund’s total expenses were also compared with those of its Expense Group and, for comparative consistency, included 12b-1 and non-12b-1 service fees. The Board’s objective is for each Fund’s total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Fund showed that its actual management fee was in the quartile with the second lowest expenses of its Expense Group and its total expenses were in the quartile with the second highest expenses of its Expense Group. The Board gave favorable consideration to the Fund’s management fee but noted that the Fund’s total expenses were not in line with the Board’s objective. In evaluating the total expenses, the Board considered initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight, and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Fund’s total expense ratio and to bring it in line with the Board’s objective.

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Other Fund information (Unaudited)
Delaware Small Cap Value Fund

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware Small Cap Value Fund at a meeting held August 10-12, 2021 (continued)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee

Shawn K. Lytle¹	President,	President and	Global Head of Macquarie	150	Trustee — UBS Relationship
610 Market Street	Chief Executive	Chief Executive	Investment Management²		Funds, SMA Relationship Trust,
Philadelphia, PA	Officer,	Officer	(January 2019–Present)		and UBS Funds
19106-2354	and Trustee	since August 2015	Head of Americas of		(May 2010–April 2015)
February 1970		Trustee since	Macquarie Group
		September 2015	(December 2017–Present)
			Deputy Global Head of
			Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment
			Management Americas
			(2015–2017)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees

Jerome D.	Trustee	Since January 2019	Managing Member, Stonebrook	150	None
Abernathy			Capital Management, LLC
610 Market Street			(financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959

Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	150	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March
19106-2354		2015
October 1947

Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private	150	Director — Banco Santander
610 Market Street			Wealth Management		International
Philadelphia, PA			(2011–2013) and Market		(October 2016–December 2019)
19106-2354			Manager, New Jersey Private		Director — Santander Bank, N.A.
November 1958			Bank (2005–2011) — J.P.		(December 2016–December
			Morgan Chase & Co.		2019)

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				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Joseph W. Chow	Trustee	Since January 2013	Private Investor	150	Director and Audit Committee
610 Market Street			(April 2011–Present)		Member — Hercules Technology
Philadelphia, PA					Growth Capital, Inc.
19106-2354					(July 2004–July 2014)
January 1953

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

H. Jeffrey Dobbs³	Trustee	Since December 2021	Global Sector Chairman,	150	Director, Valparaiso University
610 Market Street			Industrial Manufacturing,		(2012–Present)
Philadelphia, PA			KPMG LLP		Director, TechAccel LLC
19106-2354			(2010-2015)		(2015–Present) (Tech R&D)
May 1955					Board Member, Kansas City
					Repertory Theatre
					(2015–Present)
					Board Member, Patients
					Voices, Inc. (healthcare)
					(2018–Present)
					Kansas City Campus for Animal
					Care (2018–Present)
					Director, National Association of
					Manufacturers (2010–2015)
					Director, The Children’s Center
					(2003–2015)
					Director, Metropolitan Affairs
					Coalition (2003–2015)
					Director, Michigan Roundtable
					for Diversity and Inclusion
					(2003–2015)
					Trustee, Ivy Funds Complex
					(2019–2021)

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				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

John A. Fry	Trustee	Since January 2001	Drexel University	150	Director; Compensation
610 Market Street			(August 2010–Present)		Committee and Governance
Philadelphia, PA			President — Franklin & Marshall		Committee Member —
19106-2354			College		Community Health Systems
May 1960			(July 2002–June 2010)		(May 2004–Present)
					Director — Drexel Morgan & Co.
					(2015–2019)
					Director, Audit and
					Compensation Committee
					Member — vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit Committee
					Member — FS Credit Real Estate
					Income Trust, Inc.
					(2018–Present)
					Director — Federal Reserve
					Bank of Philadelphia
					(January 2020–Present)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Joseph Harroz, Jr.³	Trustee	Since December 2021	President (2020–Present), Interim	150	Director, OU Medicine, Inc.
610 Market Street			President (2019–2020), Vice		(2020–Present)
Philadelphia, PA			President (2010–2019) and Dean		Director and Shareholder,
19106-2354			(2010–2019), College of Law,		Valliance Bank
January 1967			University of Oklahoma;		(2007–Present)
			Managing Member, Harroz		Director, Foundation Healthcare
			Investments, LLC, (commercial		(formerly Graymark HealthCare)
			enterprises) (1998–2019);		(2008–2017)
			Managing Member, St. Clair,		Trustee, the Mewbourne Family
			LLC (commercial enterprises)		Support Organization
			(2019–Present)		(2006–Present) (non-profit)
					Independent Director, LSQ
					Manager, Inc. (real estate)
					(2007–2016)
					Director, Oklahoma Foundation
					for Excellence (non-profit)
					(2008–Present)
					Trustee, Ivy Funds Complex
					(1998–2021)

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				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Sandra A.J.	Trustee	Since December 2021	Chief Administrative Officer,	150	Director, Hall Family Foundation
Lawrence³			Children’s Mercy Hospitals and		(1993–Present)
610 Market Street			Clinics		Director, Westar Energy (utility)
Philadelphia, PA			(2016–2019);		(2004–2018)
19106-2354			CFO, Children’s Mercy Hospitals		Trustee, Nelson-Atkins Museum
September 1957			and Clinics		of Art (non-profit) (2021–Present)
			(2005–2016)		(2007–2020)
					Director, Turn the Page KC
					(non-profit) (2012–2016)
					Director, Kansas Metropolitan
					Business and Healthcare
					Coalition (non-profit) (2017–2019)
					Director, National Association of
					Corporate Directors (non-profit)
					National Board (2022–Present);
					Regional Board (2017–2021)
					Director, American Shared
					Hospital Services (medical
					device) (2017–2021)
					Director, Evergy, Inc., Kansas
					City Power & Light Company,
					KCP&L Greater Missouri
					Operations Company, Westar
					Energy, Inc. and Kansas Gas and
					Electric Company (related utility
					companies) (2018–Present)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Sandra A.J.	Trustee	Since December 2021	Chief Administrative Officer,	150	Director, Stowers (research)
Lawrence³			Children’s Mercy Hospitals and		(2018)
(continued)			Clinics		Co-Chair, Women Corporate
610 Market Street			(2016–2019);		Directors (director education)
Philadelphia, PA			CFO, Children’s Mercy Hospitals		(2018–2020)
19106-2354			and Clinics		Trustee, Ivy Funds Complex
September 1957			(2005–2016)		(2019-2021)
					Director, Brixmor Property
					Group Inc.
					(2021–Present)
					Director, Sera Prognostics Inc.
					(biotechnology)
					(2021–Present)
					Director, Recology (resource
					recovery)
					(2021–Present)

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				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Frances A.	Trustee	Since September	Private Investor	150	Trust Manager and Audit
Sevilla-Sacasa		2011	(January 2017–Present)		Committee Chair — Camden
610 Market Street			Chief Executive Officer — Banco		Property Trust
Philadelphia, PA			Itaú International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Audit
January 1956			Executive Advisor to Dean		and Compensation
			(August 2011–March 2012) and		Committee Member —
			Interim Dean		Callon Petroleum Company
			(January 2011–July 2011) —		(December 2019–Present)
			University of Miami School of		Director — New Senior
			Business Administration		Investment Group Inc.
			President — U.S. Trust, Bank of		(January 2021–September 2021)
			America Private Wealth		Director; Audit Committee
			Management (Private Banking)		Member — Carrizo Oil & Gas,
			(July 2007-December 2008)		Inc. (March 2018–December
					2019)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman — PNC Financial	150	Director — HSBC North America
610 Market Street			Services Group		Holdings Inc.
Philadelphia, PA			(2010–April 2013)		(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank USA,
					National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April 2018)

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				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and	150	Director; Finance Committee and
610 Market Street			President — Gore Creek Capital,		Audit Committee Member —
Philadelphia, PA			Ltd. (August 2009–Present)		H&R Block Corporation
19106-2354					(July 2008–Present)
August 1959					Director; Investments
					Committee, Capital and Finance
					Committee, and Audit
					Committee Member — Grange
					Insurance (2013–Present)
					Trustee; Chair of Nominating and
					Governance Committee and
					Audit Committee Member —
					The Merger Fund
					(2013–October 2021),
					The Merger Fund VL
					(2013–October 2021); WCM
					Alternatives: Event-Driven Fund
					(2013–October 2021), and WCM
					Alternatives: Credit Event Fund
					(December 2017–October 2021)
					Director; Chair of Governance
					Committee and Audit Committee
					Member — International
					Securities Exchange (2010–2016)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer	150	Director; Personnel and
610 Market Street			(January 2006–July 2012), Vice		Compensation Committee Chair;
Philadelphia, PA			President — Mergers &		Member of Nominating,
19106-2354			Acquisitions		Investments, and Audit
July 1948			(January 2003–January 2006),		Committees for various periods
			and Vice President and Treasurer		throughout directorship —
			(July 1995–January 2003) — 3M		Okabena Company (2009–2017)
			Company

Officers

David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in	150	None⁴
610 Market Street	General Counsel, and	since May 2013;	various capacities at different
Philadelphia, PA	Secretary	General Counsel	times at Macquarie Investment
19106-2354		since May 2015;	Management.
December 1963		Secretary since
		October 2005

Daniel V. Geatens	Senior Vice President	Senior Vice President	Daniel V. Geatens has served in	150	None⁴
610 Market Street	and Treasurer	and Treasurer since	various capacities at different
Philadelphia, PA		October 2007	times at Macquarie Investment
19106-2354			Management.
October 1972

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				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Richard Salus	Senior Vice President	Senior Vice President	Richard Salus has served in	150	None
610 Market Street	and Chief Financial	and Chief Financial	various capacities at different
Philadelphia, PA	Officer	Officer since	times at Macquarie Investment
19106-2354		November 2006	Management.
October 1963

¹	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
²	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.
³	Messrs. Dobbs and Harroz and Ms. Lawrence were elected as Trustees of the Trust effective December 17, 2021.
⁴	David F. Connor serves as Senior Vice President and Secretary, and Daniel V. Geatens serves as Senior Vice President, Treasurer, and Chief Financial Officer, for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

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About the organization

This annual 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.

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	Annual report

Multi-asset mutual fund

Delaware Wealth Builder Fund

November 30, 2021

You can obtain shareholder reports and prospectuses online instead of in the mail.

Visit delawarefunds.com/edelivery.

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Experience Delaware Funds by Macquarie^®

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.

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

The Fund is governed by US laws and regulations.

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Portfolio management review		1
Performance summary		4
Disclosure of Fund expenses		9
Security type / sector allocation and top 10 equity holdings		11
Schedule of investments		13
Statement of assets and liabilities		45
Statement of operations		47
Statements of changes in net assets		49
Financial highlights		52
Notes to financial statements		60
Report of independent registered public accounting firm		82
Other Fund information		83
Board of trustees / directors and officers addendum		88
About the organization		101

Unless otherwise noted, views expressed herein are current as of November 30, 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.

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Portfolio management review
Delaware Wealth Builder Fund	December 7, 2021 (Unaudited)

Performance preview (for the year ended November 30, 2021)

Delaware Wealth Builder Fund (Institutional Class shares)	1-year return	+16.93%
Delaware Wealth Builder Fund (Class A shares)	1-year return	+16.63%
60% S&P 500^®Index / 40% Bloomberg US Aggregate Index
(primary benchmark)	1-year return	+15.62%
S&P 500 Index (secondary benchmark)	1-year return	+27.92%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Wealth Builder Fund, please see the table on page 4.

Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.

The performance of Class A shares excludes the applicable sales charge. The performance of both Institutional Class shares and Class A shares reflects the reinvestment of all distributions.

Please see page 7 for a description of the indices. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

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

Economic backdrop

The Fund’s fiscal year ended November 30, 2021, was notably strong from a performance perspective. Stocks rallied during most of the 12-month period, although volatility began to rise in the last three months. Fixed income markets, on the other hand, tended to experience losses against the backdrop of rising inflationary pressure and consequently rising yields.

The Fund’s fiscal year began with a new wave of COVID-19-related lockdowns around the world, but also with optimism as vaccinations began to roll out in December 2020. The shift of power to Democrats in the White House and Congress enabled further stimulus packages in 2021. Rising demand led to supply bottlenecks and sharply rising energy prices. This price pressure contributed to the highest inflation rates in years and led to discussions about the US Federal Reserve’s tapering its monthly bond purchases. Accordingly, yields also rose significantly. In September 2021, the Fed began to speak officially about the possibility of starting to reduce the pace

Concerns over rising inflation, new coronavirus variants, supply-chain bottlenecks, and shifting central bank monetary policy countered an otherwise strong period for equities during the Fund’s fiscal year.

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Portfolio management review
Delaware Wealth Builder Fund

of its asset purchases in 2021 and finally, in its November meeting, it decided to begin implementing this tapering policy.

China also caused a lot of turbulence over the summer, with tough government regulatory measures against its own technology sector, the collapse of real estate giant Evergrande, and electricity shortages in the country that led to power rationing.

After seven positive months, stock markets recorded their first monthly loss in September 2021 in the face of various uncertainties, including the US debt ceiling debate. This debate ended with, at least, the temporary postponement of a government shutdown. Against the backdrop of strong third-quarter earnings results, equities again reached new highs before a new, worrying COVID-19 variant, Omicron, was detected at the end of November, causing another setback for equities.

With in the Fund

For the fiscal year ended November 30, 2021, Delaware Wealth Builder Fund outperformed its primary benchmark, a blend of 60% S&P 500 Index and 40% Bloomberg US Aggregate Index. The Fund underperformed its secondary benchmark, the S&P 500 Index. The Fund’s Institutional Class shares gained 16.93%. The Fund’s Class A shares rose 16.63% at net asset value and 9.90% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the blend of 60% S&P 500 Index and 40% Bloomberg US Aggregate Index rose 15.62% and the S&P 500 Index gained 27.92%. For complete, annualized performance of Delaware Wealth Builder Fund, please see the table on page 4.

The Fund’s outperformance for the fiscal year largely resulted from its equity exposure, which was to a large extent allocated to value as well as quality and income equities. While value underperformed US large-cap core equities for the 12-month period, the quality and income allocation and, even more, the allocation to US real estate investment trusts (REITs) outperformed the secondary benchmark. Moreover, the overweight of equities contributed to the Fund’s outperformance against the primary benchmark. Within the fixed income allocation, the Fund benefited from its allocation to convertible bonds and high yield corporates, both of which outperformed the fixed income part of the benchmark during the 12-month period. An allocation to the sleeve holding opportunistic off-benchmark assets slightly offset the Fund’s overall outperformance as this sleeve trailed the Fund’s benchmark.

Portfolio positioning

The Fund’s strategic policy weights reflect a commitment to seeking diversification across geographies and asset classes. As part of the oversight process, we periodically analyze the sources of the Fund’s active performance.

During the fiscal year, the Fund’s active positioning with respect to the strategic policy weights of different asset classes also contributed to performance, relative to its hypothetical returns at the strategic policy weights.

We periodically examine derivatives’ contribution to the Fund’s performance. Based on the available information, the Fund’s combination of futures, options, swaps, and currency positions had only a limited effect on performance for the 12-month period.

As the Fund’s fiscal year ended, we sought to continue to deliver the potential benefits of diversification while actively managing risk. The Fund, therefore, seeks to deliver returns that are derived from tactical asset allocation decisions as well as from active management of individual asset classes and investment styles. We manage the Fund based on the assumption that investors

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should keep a global perspective when evaluating potential investment opportunities, and, as a result, we continue to include investment possibilities around the globe within the Fund.

The growth outlook at the end of the Fund’s fiscal year has become opaque, in our view, against the backdrop of once again sharply rising COVID-19 infections in several countries around the world and the appearance of the Omicron variant. As of fiscal year end, it was suspected that the new variant could be more infectious than previous variants and could therefore lead to a new wave of restrictive measures, which would be harmful for the economic outlook. As inflation remained an issue and the labor market continued to improve, the Fed began tapering its asset purchases in November and indicated that it could tighten monetary policy more rapidly than previously assumed. Whether or not the economy will stay on the path to recovery, will be heavily dependent on how the COVID-19 situation and monetary policy evolve over the coming months.

In our view, a thoughtful active management approach is needed given the increased uncertainty. We believe vigilant and continuous assessment of the current market environment offers opportunities to take advantage of market dislocations and may help us achieve what we consider to be attractive risk-adjusted returns through an active focus on portfolio risk and diversification.

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Performance summary
Delaware Wealth Builder Fund	November 30, 2021 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through November 30, 2021
	1 year	5 year	10 year	Lifetime
Class A (Est. December 2, 1996)
Excluding sales charge	+16.63%	+6.93%	+8.16%	+7.58%
Including sales charge	+9.90%	+5.68%	+7.52%	+7.33%
Class C (Est. October 1, 2003)
Excluding sales charge	+15.84%	+6.13%	+7.35%	+5.81%
Including sales charge	+14.84%	+6.13%	+7.35%	+5.81%
Class R (Est. October 1, 2003)
Excluding sales charge	+16.32%	+6.67%	+7.89%	+6.32%
Including sales charge	+16.32%	+6.67%	+7.89%	+6.32%
Institutional Class (Est. December 2, 1996)
Excluding sales charge	+16.93%	+7.19%	+8.44%	+7.78%
Including sales charge	+16.93%	+7.19%	+8.44%	+7.78%
60% S&P 500 Index / 40% Bloomberg
Barclays US Aggregate Index	+15.62%	+12.51%	+11.07%	+8.09%*
S&P 500 Index	+27.92%	+17.90%	+16.16%	+9.60%*

*	The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the last business day in the month of the Fund’s Institutional Class inception date.
¹	Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 6. Performance would have been lower had expense limitations not been in effect.

Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an

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annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

The Fund may invest up to 45% of its net assets in high yield, higher-risk corporate bonds.

Fixed income securities and bond funds can lose value, and investors can lose principal as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult for to obtain precise valuations of the high yield securities.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

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Performance summary
Delaware Wealth Builder Fund

The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total annual fund operating expenses (excluding any 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 (collectively, nonroutine expenses)) from exceeding 0.83% of the Fund’s average daily net assets from December 1, 2020 to November 30, 2021.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

				Institutional
Fund expense ratios	Class A	Class C	Class R	Class
Total annual operating expenses
(without fee waivers)	1.12%	1.87%	1.34%	0.87%
Net expenses (including fee
waivers, if any)	1.08%	1.83%	1.33%	0.83%

Type of waiver	Contractual	Contractual	Contractual	Contractual

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

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Performance of a $10,000 investment¹

Average annual total returns from November 30, 2011 through November 30, 2021

For period beginning November 30, 2011 through November 30, 2021		Starting value	Ending value
	S&P 500 Index	$10,000	$44,726
	60% S&P 500 Index / 40% Bloomberg Barclays US Aggregate Index	$10,000	$28,573
	Delaware Wealth Builder Fund — Institutional Class shares	$10,000	$22,477
	Delaware Wealth Builder Fund — Class A shares	$9,425	$20,656

The “Performance of a $10,000 investment” graph assumes $10,000 invested in Institutional Class and Class A shares of the Fund on November 30, 2011, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 6. Please note additional details on pages 4 through 8.

The graph also assumes $10,000 invested in the 60% S&P 500 Index / 40% Bloomberg US Aggregate Index (the Fund’s primary benchmark) and the S&P 500 Index (the Fund’s secondary benchmark) as of November 30, 2011. The Bloomberg US Aggregate Index is a broad composite that tracks the investment grade domestic bond market. The S&P 500 Index measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

Performance of other Fund classes will vary due to different charges and expenses.

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Performance summary
Delaware Wealth Builder Fund

	Nasdaq symbols	CUSIPs
Class A	DDIAX	24610B107
Class C	DDICX	24610B305
Class R	DDDRX	24610B842
Institutional Class	DDIIX	24610B404

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Disclosure of Fund expenses
For the six-month period from June 1, 2021 to November 30, 2021 (Unaudited)

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

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 June 1, 2021 to November 30, 2021.

Actual expenses

Hypothetical example for comparison purposes

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.

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Disclosure of Fund expenses
For the six-month period from June 1, 2021 to November 30, 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
	6/1/21			11/30/21			Expense Ratio	6/1/21 to 11/30/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,030.50	1.08%		$5.50
Class C			1,000.00			1,026.40	1.83%		9.30
Class R			1,000.00			1,029.00	1.33%		6.76
Institutional Class			1,000.00			1,031.70	0.83%		4.23
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,019.65	1.08%		$5.47
Class C			1,000.00			1,015.89	1.83%		9.25
Class R			1,000.00			1,018.40	1.33%		6.73
Institutional Class			1,000.00			1,020.91	0.83%		4.20

*	“Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (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.

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Security type / sector allocation and top 10 equity holdings
Delaware Wealth Builder Fund	As of November 30, 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		2.47%
Collateralized Debt Obligations		0.20%
Convertible Bonds		6.29%
Corporate Bonds		11.68%
Banking		1.30%
Basic Industry		0.92%
Capital Goods		0.32%
Communications		0.95%
Consumer Cyclical		0.88%
Consumer Non-Cyclical		0.61%
Energy		1.92%
Financials		0.73%
Healthcare		0.53%
Insurance		0.38%
Media		0.92%
Real Estate Investment Trusts		0.25%
Services		0.13%
Technology		0.06%
Technology & Electronics		0.85%
Transportation		0.17%
Utilities		0.76%
Non-Agency Asset-Backed Securities		0.16%
Non-Agency Collateralized Mortgage Obligations		0.04%
Non-Agency Commercial Mortgage-Backed Securities		1.00%
Sovereign Bonds		1.85%
Supranational Bank		0.28%
US Treasury Obligations		2.61%
Common Stock		59.20%
Communication Services		3.74%
Consumer Discretionary		8.76%
Consumer Staples		4.97%
Energy		2.50%
Financials		6.53%
Healthcare		8.53%
Industrials		3.08%
Information Technology		14.09%
Materials		1.16%
REIT Diversified		0.42%

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

Security type / sector	Percentage of net assets
REIT Healthcare		0.45%
REIT Hotel		0.07%
REIT Industrial		0.47%
REIT Information Technology		0.34%
REIT Mall		0.09%
REIT Manufactured Housing		0.11%
REIT Mortgage		0.35%
REIT Multifamily		1.01%
REIT Office		0.12%
REIT Self-Storage		0.35%
REIT Shopping Center		0.28%
REIT Single Tenant		0.24%
REIT Specialty		0.37%
Utilities		1.17%
Convertible Preferred Stock		1.60%
Preferred Stock		0.00%
Exchange-Traded Funds		4.51%
Limited Partnerships		2.95%
Leveraged Non-Recourse Security		0.00%
Short-Term Investments		4.96%
Total Value of Securities		99.80%
Receivables and Other Assets Net of Liabilities		0.20%
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
Apple		2.26%
Microsoft		2.02%
Broadcom		1.20%
Lowe’s		1.18%
Johnson & Johnson		1.16%
ConocoPhillips		1.04%
Merck & Co.		1.00%
Cisco Systems		0.99%
Verizon Communications		0.91%
Amazon.com		0.90%

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Schedule of investments
Delaware Wealth Builder Fund	November 30, 2021

			Principal
			amount^°	Value (US $)
Agency Mortgage-Backed Securities – 2.47%
	Fannie Mae
		4.50% 2/1/44	54,591	$	59,767
	Fannie Mae S.F. 15 yr
		2.00% 2/1/36	151,063		155,150
		2.50% 7/1/36	287,963		299,086
	Fannie Mae S.F. 20 yr
		2.00% 3/1/41	45,319		46,227
		2.00% 4/1/41	272,512		276,675
		2.00% 5/1/41	192,396		196,250
		3.00% 3/1/33	289,866		304,821
	Fannie Mae S.F. 30 yr
		2.00% 12/1/50	25,141		25,241
		2.00% 1/1/51	72,874		73,003
		2.00% 2/1/51	49,548		49,822
		2.00% 3/1/51	48,103		48,189
		2.00% 5/1/51	285,372		286,001
		2.00% 6/1/51	1,138,172		1,143,714
		2.50% 1/1/43	21,220		21,974
		2.50% 1/1/51	53,906		55,316
		2.50% 5/1/51	17,269		17,748
		2.50% 6/1/51	34,864		35,943
		2.50% 7/1/51	324,928		333,428
		2.50% 8/1/51	486,709		502,525
		2.50% 9/1/51	183,508		188,308
		3.00% 11/1/48	11,839		12,442
		3.00% 12/1/49	6,382		6,716
		3.00% 3/1/50	98,634		103,740
		3.00% 7/1/50	178,329		188,574
		3.00% 7/1/51	186,876		197,454
		3.00% 8/1/51	79,504		83,381
		3.50% 12/1/47	360,107		380,975
		3.50% 1/1/48	117,505		124,186
		3.50% 2/1/48	62,942		67,406
		3.50% 11/1/48	18,790		19,829
		3.50% 12/1/49	203,397		217,945
		4.00% 4/1/47	10,100		10,997
		4.00% 6/1/48	121,679		132,308
		4.00% 9/1/48	5,364		5,785
		4.00% 6/1/49	9,312		10,035
		4.50% 2/1/41	9,388		10,332
		4.50% 10/1/45	10,097		11,164
		4.50% 4/1/48	432,193		476,950

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Schedule of investments
Delaware Wealth Builder Fund

			Principal
			amount^°	Value (US $)
Agency Mortgage-Backed Securities (continued)
	Fannie Mae S.F. 30 yr
		4.50% 1/1/49	143,391	$	157,988
		4.50% 1/1/50	15,561		16,894
		5.00% 7/1/49	127,414		140,990
	Fannie Mae S.F. 30 yr TBA
		2.50% 1/1/52	825,000		843,691
	Freddie Mac S.F. 15 yr
		2.00% 12/1/35	72,442		74,333
		3.00% 3/1/35	145,880		153,884
	Freddie Mac S.F. 20 yr
		2.00% 3/1/41	51,679		52,650
		2.00% 4/1/41	47,043		47,985
		2.50% 6/1/41	314,867		326,661
		3.00% 9/1/40	135,457		141,911
		3.50% 9/1/35	206,260		219,667
	Freddie Mac S.F. 30 yr
		2.00% 9/1/51	188,753		189,227
		2.50% 10/1/50	40,321		41,720
		2.50% 11/1/50	66,325		68,254
		2.50% 2/1/51	24,518		25,371
		3.00% 1/1/50	10,823		11,332
		3.00% 8/1/51	850,478		893,943
		3.50% 8/1/49	312,764		332,155
		4.00% 7/1/47	3,249		3,489
		4.00% 10/1/47	31,597		33,723
		4.50% 4/1/49	11,946		13,069
		4.50% 8/1/49	30,188		33,265
	GNMA I S.F. 30 yr
		3.00% 8/15/45	62,851		66,043
Total Agency Mortgage-Backed Securities (cost $10,140,366)					10,067,652

Collateralized Debt Obligations – 0.20%
	Cedar Funding IX CLO
		Series 2018-9A A1 144A 1.112% (LIBOR03M + 0.98%,
		Floor 0.98%) 4/20/31 #, ●	250,000		250,343
	Octagon Investment Partners 48
		Series 2020-3A AR 144A 1.277% (LIBOR03M + 1.15%,
		Floor 1.15%) 10/20/34 #, ●	300,000		300,000

Table of Contents

		Principal
		amount^°	Value (US $)
Collateralized Debt Obligations (continued)
	Sound Point Clo XXI
	Series 2018-3A A1A 144A 1.305% (LIBOR03M + 1.18%,
	Floor 1.18%) 10/26/31 #, ●	250,000	$	250,020
	Total Collateralized Debt Obligations (cost $793,158)			800,363

Convertible Bonds – 6.29%
Basic Industry – 0.13%
	Ivanhoe Mines 144A 2.50% exercise price $7.43, maturity
	date 4/15/26 #	406,000		535,097
				535,097
Capital Goods – 0.44%
	Chart Industries 144A 1.00% exercise price $58.73,
	maturity date 11/15/24 #	382,000		1,150,297
	Kaman 3.25% exercise price $65.26, maturity date 5/1/24	651,000		655,232
				1,805,529
Communications – 0.89%
	Cable One 144A 1.125% exercise price $2,275.83, maturity
	date 3/15/28 #	780,000		779,494
	DISH Network 3.375% exercise price $65.18, maturity date
	8/15/26	799,000		738,477
	InterDigital 2.00% exercise price $81.29, maturity date
	6/1/24	821,000		893,351
	Liberty Broadband 144A 1.25% exercise price $900.01,
	maturity date 9/30/50 #	859,000		855,564
	Liberty Latin America 2.00% exercise price $20.65, maturity
	date 7/15/24	385,000		380,428
				3,647,314
Consumer Cyclical – 0.39%
	Cheesecake Factory 0.375% exercise price $78.40,
	maturity date 6/15/26	496,000		442,202
	Ford Motor 144A 0.00% exercise price $17.49, maturity
	date 3/15/26 #, ^	540,000		702,675
	FuboTV 144A 3.25% exercise price $57.78, maturity date
	2/15/26 #	539,000		466,345
				1,611,222
Consumer Non-Cyclical – 2.00%
	BioMarin Pharmaceutical 0.599% exercise price $124.67,
	maturity date 8/1/24	531,000		548,224
	Chefs’ Warehouse 1.875% exercise price $44.20, maturity
	date 12/1/24	879,000		921,905

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

		Principal
		amount^°	Value (US $)
Convertible Bonds (continued)
Consumer Non-Cyclical (continued)
	Chegg 3.90% exercise price $107.55, maturity date
	9/1/26 ^	505,000	$	415,868
	Coherus Biosciences 1.50% exercise price $19.26, maturity
	date 4/15/26	546,000		660,660
	Collegium Pharmaceutical 2.625% exercise price $29.19,
	maturity date 2/15/26	557,000		528,106
	FTI Consulting 2.00% exercise price $101.38, maturity date
	8/15/23	497,000		742,269
	Integra LifeSciences Holdings 0.50% exercise price $73.67,
	maturity date 8/15/25	861,000		914,468
	Ionis Pharmaceuticals 0.125% exercise price $83.28,
	maturity date 12/15/24	578,000		513,030
	Jazz Investments I 2.00% exercise price $155.81, maturity
	date 6/15/26	365,000		406,063
	Neurocrine Biosciences 2.25% exercise price $75.92,
	maturity date 5/15/24	239,000		295,314
	Paratek Pharmaceuticals 4.75% exercise price $15.90,
	maturity date 5/1/24	1,040,000		952,536
	Repay Holdings 144A 0.326% exercise price $33.60,
	maturity date 2/1/26 #, ^	691,000		580,852
	Travere Therapeutics 2.50% exercise price $38.80, maturity
	date 9/15/25	636,000		666,210
				8,145,505
Energy – 0.51%
	Cheniere Energy 4.25% exercise price $138.38, maturity
	date 3/15/45	1,051,000		900,035
	Helix Energy Solutions Group 6.75% exercise price $6.97,
	maturity date 2/15/26	862,000		830,717
	NextEra Energy Partners 144A 0.357% exercise price
	$76.10, maturity date 11/15/25 #, ^	298,000		342,551
				2,073,303
Real Estate Investment Trusts – 0.33%
	Blackstone Mortgage Trust 4.75% exercise price $36.23,
	maturity date 3/15/23	721,000		737,996
	Summit Hotel Properties 1.50% exercise price $11.99,
	maturity date 2/15/26	584,000		588,173
				1,326,169

Table of Contents

		Principal
		amount^°	Value (US $)
Convertible Bonds (continued)
Technology – 1.07%
	Microchip Technology 1.625% exercise price $46.92,
	maturity date 2/15/27	365,000	$	872,320
	ON Semiconductor 1.625% exercise price $20.72, maturity
	date 10/15/23	424,000		1,260,075
	Palo Alto Networks 0.75% exercise price $266.35, maturity
	date 7/1/23	402,000		828,522
	Quotient Technology 1.75% exercise price $17.36, maturity
	date 12/1/22	918,000		910,618
	Vishay Intertechnology 2.25% exercise price $31.32,
	maturity date 6/15/25	486,000		496,689
				4,368,224
Transportation – 0.38%
	Seaspan 144A 3.75% exercise price $13.01, maturity date
	12/15/25 #	773,000		922,576
	Spirit Airlines 1.00% exercise price $49.07, maturity date
	5/15/26	701,000		622,488
				1,545,064
Utilities – 0.15%
	NRG Energy 2.75% exercise price $44.89, maturity date
	6/1/48	559,000		618,813
				618,813
Total Convertible Bonds (cost $22,794,805)				25,676,240

Corporate Bonds – 11.68%
Banking – 1.30%
	Banco Continental 144A 2.75% 12/10/25 #	200,000		195,771
	Banco del Estado de Chile 144A 2.704% 1/9/25 #	205,000		210,089
	Banco Nacional de Panama 144A 2.50% 8/11/30 #	200,000		186,814
	Bank of America
	1.922% 10/24/31 µ	70,000		66,856
	2.456% 10/22/25 µ	15,000		15,442
	2.482% 9/21/36 µ	140,000		135,290
	2.884% 10/22/30 µ	20,000		20,688
	3.194% 7/23/30 µ	55,000		58,074
	Bank of Georgia 144A 6.00% 7/26/23 #	200,000		213,579
	BBVA Bancomer
	144A 1.875% 9/18/25 #	200,000		199,393
	144A 6.75% 9/30/22 #	274,000		285,319
	Citigroup 4.45% 9/29/27	300,000		333,909

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	Credit Agricole 144A 2.811% 1/11/41 #		275,000	$	261,498
	Credit Suisse Group 144A 2.593% 9/11/25 #, µ		250,000		255,720
	Deutsche Bank 2.222% 9/18/24 µ		300,000		304,354
	Development Bank of Kazakhstan 144A 10.95% 5/6/26 #	KZT	100,000,000		226,489
	Goldman Sachs Group
	1.542% 9/10/27 µ		105,000		102,860
	2.615% 4/22/32 µ		170,000		170,449
	3.50% 4/1/25		80,000		84,884
	JPMorgan Chase & Co.
	2.58% 4/22/32 µ		140,000		141,264
	2.739% 10/15/30 µ		20,000		20,561
	4.023% 12/5/24 µ		80,000		84,559
	5.00% 8/1/24 µ, Ψ		85,000		86,753
	Morgan Stanley
	1.794% 2/13/32 µ		155,000		146,949
	2.484% 9/16/36 µ		70,000		67,789
	5.00% 11/24/25		95,000		106,273
	NBK SPC 144A 1.625% 9/15/27 #, µ		200,000		195,383
	PNC Financial Services Group 2.60% 7/23/26		180,000		188,762
	State Street
	3.10% 5/15/23		10,000		10,356
	3.30% 12/16/24		130,000		138,650
	SVB Financial Group 4.00% 5/15/26 µ, Ψ		305,000		304,100
	Truist Bank 2.636% 9/17/29 µ		185,000		190,965
	Truist Financial 4.95% 9/1/25 µ, Ψ		55,000		59,180
	US Bancorp
	3.00% 7/30/29		150,000		159,155
	3.10% 4/27/26		25,000		26,557
	3.375% 2/5/24		60,000		63,046
					5,317,780
Basic Industry – 0.92%
	Allegheny Technologies 5.125% 10/1/31		75,000		74,172
	AngloGold Ashanti Holdings 3.75% 10/1/30		200,000		199,291
	Artera Services 144A 9.033% 12/4/25 #		355,000		357,618
	Avient 144A 5.75% 5/15/25 #		88,000		91,306
	Chemours 144A 5.75% 11/15/28 #		180,000		184,803
	Corp Nacional del Cobre de Chile 144A 3.15% 1/14/30 #		200,000		203,963
	CSN Inova Ventures 144A 6.75% 1/28/28 #		200,000		202,035

Table of Contents

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
	First Quantum Minerals
	144A 7.25% 4/1/23 #	250,000	$	255,004
	144A 7.50% 4/1/25 #	250,000		257,142
	Freeport-McMoRan 5.45% 3/15/43	230,000		283,909
	Hutama Karya Persero 144A 3.75% 5/11/30 #	200,000		214,228
	International Flavors & Fragrances 144A 1.832% 10/15/27 #	135,000		133,153
	LyondellBasell Industries 4.625% 2/26/55	250,000		311,879
	New Gold 144A 7.50% 7/15/27 #	165,000		172,994
	Newmont 2.80% 10/1/29	190,000		195,622
	NOVA Chemicals 144A 4.25% 5/15/29 #	175,000		171,830
	OCP 144A 3.75% 6/23/31 #	200,000		193,380
	Olin 5.00% 2/1/30	100,000		104,617
	Univar Solutions USA 144A 5.125% 12/1/27 #	135,000		141,333
				3,748,279
Capital Goods – 0.32%
	Intertape Polymer Group 144A 4.375% 6/15/29 #	190,000		188,427
	Madison IAQ 144A 5.875% 6/30/29 #	150,000		144,549
	Teledyne Technologies
	0.95% 4/1/24	105,000		104,278
	2.75% 4/1/31	250,000		255,527
	Terex 144A 5.00% 5/15/29 #	195,000		198,910
	TK Elevator US Newco 144A 5.25% 7/15/27 #	200,000		203,693
	TransDigm 144A 6.25% 3/15/26 #	187,000		194,282
				1,289,666
Communications – 0.95%
	Altice France 144A 5.50% 10/15/29 #	180,000		174,051
	Altice France Holding 144A 6.00% 2/15/28 #	310,000		290,225
	AT&T
	1.70% 3/25/26	105,000		104,903
	3.10% 2/1/43	60,000		58,041
	4.35% 3/1/29	170,000		191,729
	Cellnex Finance 144A 3.875% 7/7/41 #	200,000		194,956
	Connect Finco 144A 6.75% 10/1/26 #	250,000		260,983
	Consolidated Communications
	144A 5.00% 10/1/28 #	80,000		78,880
	144A 6.50% 10/1/28 #	80,000		83,200
	Frontier Communications Holdings
	144A 5.875% 10/15/27 #	165,000		170,656
	144A 6.75% 5/1/29 #	75,000		77,325
	Millicom International Cellular 144A 4.50% 4/27/31 #	200,000		199,507

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Communications (continued)
	Ooredoo International Finance 144A 5.00% 10/19/25 #	200,000	$	225,503
	Sprint 7.125% 6/15/24	387,000		434,245
	T-Mobile USA
	2.55% 2/15/31	125,000		123,326
	2.625% 4/15/26	95,000		95,178
	3.00% 2/15/41	75,000		71,674
	3.375% 4/15/29	95,000		95,735
	3.50% 4/15/31	55,000		56,000
	3.875% 4/15/30	120,000		130,603
	Verizon Communications
	2.10% 3/22/28	200,000		199,632
	4.50% 8/10/33	95,000		112,161
	Vodafone Group
	4.25% 9/17/50	110,000		126,929
	4.875% 6/19/49	40,000		50,099
	Zayo Group Holdings 144A 6.125% 3/1/28 #	280,000		264,229
				3,869,770
Consumer Cyclical – 0.88%
	Allison Transmission 144A 5.875% 6/1/29 #	335,000		358,450
	Bath & Body Works
	6.875% 11/1/35	180,000		216,498
	6.95% 3/1/33	122,000		138,893
	Caesars Entertainment 144A 6.25% 7/1/25 #	370,000		385,129
	Carnival
	144A 5.75% 3/1/27 #	330,000		323,243
	144A 7.625% 3/1/26 #	235,000		241,463
	Ford Motor Credit
	2.90% 2/16/28	260,000		256,165
	3.375% 11/13/25	240,000		245,443
	4.542% 8/1/26	260,000		278,200
	General Motors Financial
	0.809% (SOFR + 0.76%) 3/8/24 ●	110,000		110,455
	4.35% 4/9/25	130,000		140,633
	5.25% 3/1/26	95,000		106,863
	Levi Strauss & Co. 144A 3.50% 3/1/31 #	160,000		162,904
	MGM Resorts International 4.75% 10/15/28	70,000		71,552
	Royal Caribbean Cruises 144A 5.50% 4/1/28 #	330,000		321,678
	Scientific Games International 144A 8.25% 3/15/26 #	119,000		125,404
	Six Flags Entertainment 144A 4.875% 7/31/24 #	110,000		110,963
				3,593,936

Table of Contents

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical – 0.61%
	Anheuser-Busch InBev Worldwide
	3.65% 2/1/26	125,000	$	134,669
	4.70% 2/1/36	50,000		60,173
	BAT Capital 2.259% 3/25/28	55,000		53,776
	Biogen 3.15% 5/1/50	275,000		270,690
	Bunge Finance
	1.63% 8/17/25	150,000		150,138
	2.75% 5/14/31	165,000		166,797
	CVS Health
	2.70% 8/21/40	165,000		158,312
	3.25% 8/15/29	185,000		196,927
	Gilead Sciences 4.15% 3/1/47	165,000		194,687
	InRetail Consumer 144A 3.25% 3/22/28 #	200,000		196,294
	JBS USA LUX 144A 6.50% 4/15/29 #	220,000		241,383
	Kraft Heinz Foods 5.20% 7/15/45	135,000		172,149
	Post Holdings 144A 5.625% 1/15/28 #	120,000		123,709
	Royalty Pharma 1.20% 9/2/25	370,000		363,206
				2,482,910
Energy – 1.92%
	Ascent Resources Utica Holdings
	144A 5.875% 6/30/29 #	160,000		157,864
	144A 7.00% 11/1/26 #	80,000		81,319
	BP Capital Markets America
	2.939% 6/4/51	275,000		268,307
	3.06% 6/17/41	70,000		70,719
	Chevron USA
	3.25% 10/15/29	85,000		92,206
	3.90% 11/15/24	20,000		21,503
	CNX Midstream Partners 144A 4.75% 4/15/30 #	65,000		64,115
	CNX Resources
	144A 6.00% 1/15/29 #	185,000		189,649
	144A 7.25% 3/14/27 #	90,000		95,205
	Crestwood Midstream Partners 144A 6.00% 2/1/29 #	188,000		190,546
	DCP Midstream Operating 5.125% 5/15/29	260,000		288,782
	Diamondback Energy 3.125% 3/24/31	235,000		239,841
	Enbridge
	0.45% (SOFR + 0.40%) 2/17/23 ●	125,000		125,007
	2.50% 8/1/33	245,000		241,192

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
	Energy Transfer
	5.25% 4/15/29	95,000	$	108,764
	6.25% 4/15/49	60,000		78,012
	6.50% 11/15/26 µ, ψ	120,000		123,000
	Enterprise Products Operating 3.20% 2/15/52	265,000		259,994
	EQM Midstream Partners
	144A 4.75% 1/15/31 #	110,000		111,327
	144A 6.50% 7/1/27 #	195,000		211,049
	Genesis Energy
	7.75% 2/1/28	285,000		279,314
	8.00% 1/15/27	175,000		173,914
	KazTransGas 144A 4.375% 9/26/27 #	381,000		416,371
	Lukoil Securities 144A 3.875% 5/6/30 #	205,000		211,393
	Marathon Oil 4.40% 7/15/27	150,000		164,232
	MPLX
	4.00% 3/15/28	30,000		32,637
	4.125% 3/1/27	135,000		146,958
	5.50% 2/15/49	55,000		69,588
	Murphy Oil 6.375% 7/15/28	295,000		304,763
	Murphy Oil USA 144A 3.75% 2/15/31 #	165,000		159,225
	NuStar Logistics 5.625% 4/28/27	163,000		166,817
	Occidental Petroleum
	6.45% 9/15/36	55,000		68,380
	6.60% 3/15/46	162,000		206,550
	6.625% 9/1/30	90,000		108,111
	PDC Energy 5.75% 5/15/26	205,000		207,435
	Pioneer Natural Resources 1.90% 8/15/30	95,000		90,068
	PTTEP Treasury Center 144A 2.587% 6/10/27 #	185,000		190,089
	Qatar Energy 144A 2.25% 7/12/31 #	200,000		197,008
	Sabine Pass Liquefaction
	5.625% 3/1/25	55,000		61,362
	5.75% 5/15/24	210,000		229,452
	Southwestern Energy 7.75% 10/1/27	175,000		187,906
	Targa Resources Partners 5.375% 2/1/27	172,000		176,121
	TechnipFMC 144A 6.50% 2/1/26 #	330,000		349,663
	Tengizchevroil Finance Co. International 144A 2.625%
	8/15/25 #	200,000		201,550
	Tennessee Gas Pipeline 144A 2.90% 3/1/30 #	130,000		131,707
	UEP Penonome II 144A 6.50% 10/1/38 #	192,383		202,207

Table of Contents

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
	Western Midstream Operating 4.75% 8/15/28	85,000	$	92,732
				7,843,954
Financials – 0.73%
	AerCap Ireland Capital 4.45% 4/3/26	150,000		162,923
	Air Lease 2.875% 1/15/26	150,000		154,036
	Ally Financial
	4.70% 5/15/26 µ, ψ	230,000		237,906
	8.00% 11/1/31	280,000		396,357
	Aviation Capital Group 144A 1.95% 1/30/26 #	365,000		358,433
	Castlelake Aviation Finance 144A 5.00% 4/15/27 #	170,000		168,263
	DAE Sukuk Difc 144A 3.75% 2/15/26 #	400,000		415,128
	Hightower Holding 144A 6.75% 4/15/29 #	110,000		111,360
	INEOS Quattro Finance 2 144A 3.375% 1/15/26 #	200,000		199,317
	Jefferies Group
	4.15% 1/23/30	170,000		189,291
	6.45% 6/8/27	10,000		12,254
	6.50% 1/20/43	5,000		7,007
	Midcap Financial Issuer Trust 144A 6.50% 5/1/28 #	200,000		204,417
	MSCI 144A 3.625% 11/1/31 #	155,000		157,943
	Oryx Funding 144A 5.80% 2/3/31 #	200,000		208,867
				2,983,502
Healthcare – 0.53%
	Bausch Health 144A 6.25% 2/15/29 #	325,000		295,100
	Community Health Systems
	144A 4.75% 2/15/31 #	135,000		133,186
	144A 6.625% 2/15/25 #	125,000		129,805
	DaVita 144A 4.625% 6/1/30 #	150,000		148,380
	Encompass Health 5.75% 9/15/25	174,000		177,638
	Hadrian Merger Sub 144A 8.50% 5/1/26 #	200,000		205,192
	HCA
	5.375% 2/1/25	124,000		135,408
	5.875% 2/15/26	159,000		178,422
	7.58% 9/15/25	159,000		189,267
	Ortho-Clinical Diagnostics
	144A 7.25% 2/1/28 #	90,000		94,667
	144A 7.375% 6/1/25 #	107,000		112,405

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

		Principal
		amount^°		Value (US $)
Corporate Bonds (continued)
Healthcare (continued)
	Tenet Healthcare
	144A 4.25% 6/1/29 #	175,000	$	173,545
	144A 6.125% 10/1/28 #	200,000		204,540
				2,177,555
Insurance – 0.38%
	Arthur J Gallagher & Co. 3.50% 5/20/51	340,000		366,845
	Athene Global Funding 144A 1.00% 4/16/24 #	90,000		89,638
	Athene Holding 3.95% 5/25/51	250,000		282,721
	GA Global Funding Trust 144A 1.00% 4/8/24 #	365,000		363,284
	HUB International 144A 5.625% 12/1/29 #	115,000		114,951
	USI 144A 6.875% 5/1/25 #	343,000		344,583
				1,562,022
Media – 0.92%
	Altice Financing 144A 5.00% 1/15/28 #	200,000		187,468
	AMC Networks 4.25% 2/15/29	395,000		386,245
	CCO Holdings
	144A 4.50% 8/15/30 #	80,000		80,776
	4.50% 5/1/32	45,000		44,879
	144A 5.375% 6/1/29 #	380,000		402,623
	Charter Communications Operating
	4.40% 12/1/61	40,000		41,784
	4.80% 3/1/50	70,000		78,981
	5.05% 3/30/29	100,000		115,543
	Clear Channel Outdoor Holdings 144A 7.50% 6/1/29 #	105,000		108,066
	Comcast 3.20% 7/15/36	340,000		364,131
	CSC Holdings
	144A 3.375% 2/15/31 #	200,000		183,088
	144A 5.00% 11/15/31 #	215,000		201,405
	5.25% 6/1/24	5,000		5,201
	Cumulus Media New Holdings 144A 6.75% 7/1/26 #	183,000		190,211
	Discovery Communications
	4.00% 9/15/55	40,000		42,928
	4.125% 5/15/29	135,000		148,943
	Gray Television 144A 4.75% 10/15/30 #	175,000		168,956
	Nielsen Finance
	144A 4.50% 7/15/29 #	45,000		43,582
	144A 4.75% 7/15/31 #	150,000		145,736
	Sirius XM Radio 144A 4.00% 7/15/28 #	315,000		312,045
	Terrier Media Buyer 144A 8.875% 12/15/27 #	180,000		191,168
	Time Warner Cable 7.30% 7/1/38	60,000		86,203

Table of Contents

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Media (continued)
	Time Warner Entertainment 8.375% 3/15/23	25,000	$	27,400
	ViacomCBS 4.375% 3/15/43	180,000		204,233
				3,761,595
Real Estate Investment Trusts – 0.25%
	Crown Castle International 1.05% 7/15/26	375,000		362,248
	CubeSmart 3.00% 2/15/30	140,000		147,623
	Iron Mountain 144A 4.50% 2/15/31 #	320,000		314,712
	MGM Growth Properties Operating Partnership
	144A 3.875% 2/15/29 #	35,000		36,812
	5.75% 2/1/27	120,000		136,027
				997,422
Services – 0.13%
	Legends Hospitality Holding 144A 5.00% 2/1/26 #	110,000		111,283
	Prime Security Services Borrower 144A 5.75% 4/15/26 #	225,000		238,451
	United Rentals North America 3.875% 2/15/31	176,000		176,825
				526,559
Technology – 0.06%
	Marvell Technology 2.45% 4/15/28	260,000		261,969
				261,969
Technology & Electronics – 0.85%
	Apple 2.20% 9/11/29	140,000		142,769
	Broadcom 144A 3.469% 4/15/34 #	345,000		355,816
	Fidelity National Information Services 1.65% 3/1/28	365,000		352,344
	Fiserv 3.20% 7/1/26	235,000		248,174
	Global Payments 2.65% 2/15/25	135,000		139,139
	Go Daddy Operating 144A 3.50% 3/1/29 #	175,000		166,782
	Microchip Technology
	144A 0.972% 2/15/24 #	255,000		252,734
	144A 0.983% 9/1/24 #	100,000		98,592
	NXP
	144A 3.25% 5/11/41 #	60,000		61,655
	144A 4.875% 3/1/24 #	230,000		247,426
	Oracle 2.875% 3/25/31	250,000		256,040
	PayPal Holdings 2.65% 10/1/26	340,000		357,445
	SS&C Technologies 144A 5.50% 9/30/27 #	240,000		249,762
	StoneCo 144A 3.95% 6/16/28 #	200,000		167,352
	VMware 1.00% 8/15/24	370,000		367,495
				3,463,525

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Transportation – 0.17%
	Delta Air Lines 7.375% 1/15/26	97,000	$	112,302
	Mileage Plus Holdings 144A 6.50% 6/20/27 #	180,000		192,471
	Rutas 2 and 7 Finance 144A 3.413% 9/30/36 #, ^	200,000		147,899
	Southwest Airlines 5.125% 6/15/27	40,000		45,602
	United Airlines
	144A 4.375% 4/15/26 #	65,000		65,385
	144A 4.625% 4/15/29 #	80,000		79,720
	VistaJet Malta Finance 144A 10.50% 6/1/24 #	50,000		53,607
				696,986
Utilities – 0.76%
	Calpine
	144A 4.50% 2/15/28 #	67,000		66,729
	144A 5.00% 2/1/31 #	185,000		178,327
	144A 5.25% 6/1/26 #	122,000		125,012
	CenterPoint Energy 1.45% 6/1/26	255,000		250,767
	Duke Energy 4.875% 9/16/24 µ, ψ	240,000		250,200
	Entergy Louisiana 4.95% 1/15/45	5,000		5,405
	Entergy Mississippi 2.85% 6/1/28	60,000		63,263
	Entergy Texas 3.55% 9/30/49	115,000		125,368
	Evergy 2.90% 9/15/29	160,000		166,667
	Evergy Metro 3.65% 8/15/25	25,000		26,714
	Infraestructura Energetica Nova 144A 3.75% 1/14/28 #	205,000		213,651
	Mong Duong Finance Holdings 144A 5.125% 5/7/29 #	500,000		484,203
	NextEra Energy Capital Holdings 5.65% 5/1/79 µ	55,000		63,171
	Pacific Gas and Electric 2.10% 8/1/27	265,000		255,318
	PacifiCorp 2.90% 6/15/52	290,000		289,287
	PG&E 5.25% 7/1/30	95,000		97,534
	Southern California Edison
	4.00% 4/1/47	30,000		33,477
	4.875% 3/1/49	45,000		56,131
	Southwestern Electric Power 4.10% 9/15/28	165,000		183,413
	Vistra Operations 144A 4.375% 5/1/29 #	175,000		172,038
				3,106,675
Total Corporate Bonds (cost $47,353,773)				47,684,105

Table of Contents

			Principal
			amount^°	Value (US $)
Non-Agency Asset-Backed Securities – 0.16%
	Diamond Infrastructure Funding
		Series 2021-1A A 144A 1.76% 4/15/49 #	100,000	$	97,870
	Domino’s Pizza Master Issuer
		Series 2021-1A A2I 144A 2.662% 4/25/51 #	99,500		100,098
	Taco Bell Funding
		Series 2021-1A A2I 144A 1.946% 8/25/51 #	200,000		196,593
	Trafigura Securitisation Finance
		Series 2021-1A A2 144A 1.08% 1/15/25 #	250,000		246,906
Total Non-Agency Asset-Backed Securities (cost $649,467)					641,467

Non-Agency Collateralized Mortgage Obligations – 0.04%
	JP Morgan Mortgage Trust
		Series 2021-10 A3 144A 2.50% 12/25/51 #, ●	48,554		48,882
	Morgan Stanley Residential Mortgage Loan Trust
		Series 2021-4 A3 144A 2.50% 7/25/51 #, ●	97,900		98,387
Total Non-Agency Collateralized Mortgage Obligations (cost $149,131)					147,269

Non-Agency Commercial Mortgage-Backed Securities – 1.00%
	BANK
		Series 2017-BNK5 B 3.896% 6/15/60 ●	95,000		102,130
		Series 2019-BN20 A3 3.011% 9/15/62	250,000		265,778
		Series 2020-BN25 A5 2.649% 1/15/63	350,000		363,101
		Series 2021-BN36 A5 2.47% 9/15/64	465,000		475,809
	Benchmark Mortgage Trust
		Series 2020-B17 A5 2.289% 3/15/53	350,000		354,038
		Series 2020-B20 A5 2.034% 10/15/53	300,000		297,221
		Series 2021-B24 A5 2.584% 3/15/54	260,000		268,576
	CD Mortgage Trust
		Series 2019-CD8 A4 2.912% 8/15/57	250,000		263,617
	CFCRE Commercial Mortgage Trust
		Series 2016-C7 A3 3.839% 12/10/54	100,000		108,602
	Citigroup Commercial Mortgage Trust
		Series 2019-C7 A4 3.102% 12/15/72	350,000		375,717
	Grace Trust
		Series 2020-GRCE A 144A 2.347% 12/10/40 #	100,000		100,082
	GS Mortgage Securities Trust
		Series 2017-GS6 A3 3.433% 5/10/50	165,000		177,597
		Series 2019-GC42 A4 3.001% 9/1/52	350,000		371,203
	JPM-BB Commercial Mortgage Securities Trust
		Series 2015-C33 A4 3.77% 12/15/48	150,000		161,988

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

				Principal
				amount^°	Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
	Wells Fargo Commercial Mortgage Trust
		Series 2019-C54 A4 3.146% 12/15/52		375,000	$	401,589
Total Non-Agency Commercial Mortgage-Backed Securities (cost $4,091,937)						4,087,048

Sovereign Bonds – 1.85%Δ
Armenia – 0.04%
	Republic of Armenia International Bond
		144A 3.60% 2/2/31 #		200,000		184,000
						184,000
Brazil – 0.08%
	Brazil Notas do Tesouro Nacional Serie F
		10.00% 1/1/27	BRL	2,000,000		339,070
						339,070
Chile – 0.02%
	Bonos de la Tesoreria de la Republica en pesos
		144A 2.80% 10/1/33 #	CLP	55,000,000		48,867
		5.00% 3/1/35	CLP	25,000,000		27,608
						76,475
Colombia – 0.16%
	Colombia Government International Bonds
		4.125% 2/22/42		217,000		184,572
		5.20% 5/15/49		200,000		186,692
	Colombian TES 7.00% 6/30/32		COP	1,270,900,000		286,922
						658,186
Dominican Republic – 0.14%
	Dominican Republic International Bonds
		144A 4.50% 1/30/30 #		396,000		395,014
		144A 4.875% 9/23/32 #		200,000		199,502
						594,516
Egypt – 0.14%
	Egypt Government International Bonds
		144A 5.75% 5/29/24 #		400,000		404,145
		7.903% 2/21/48		200,000		161,380
						565,525
Gabon – 0.05%
	Gabon Government International Bond
		144A 6.625% 2/6/31 #		200,000		188,240
						188,240

Table of Contents

				Principal
				amount^°	Value (US $)
Sovereign BondsΔ (continued)
Honduras – 0.05%
	Honduras Government International Bond
		144A 5.625% 6/24/30 #		200,000	$	199,002
						199,002
Indonesia – 0.02%
	Indonesia Treasury Bond
		6.125% 5/15/28	IDR	1,339,000,000		95,195
						95,195
Ivory Coast – 0.13%
	Ivory Coast Government International Bonds
		144A 4.875% 1/30/32 #	EUR	200,000		212,430
		144A 6.125% 6/15/33 #		200,000		204,853
		144A 6.875% 10/17/40 #	EUR	100,000		115,752
						533,035
Malaysia – 0.13%
	Malaysia Government Bond
		3.955% 9/15/25	MYR	2,131,000		525,534
						525,534
Mongolia – 0.05%
	Mongolia Government International Bond
		144A 5.625% 5/1/23 #		200,000		207,068
						207,068
Morocco – 0.07%
	Morocco Government International Bonds
		144A 1.375% 3/30/26 #	EUR	100,000		113,071
		144A 2.375% 12/15/27 #		200,000		193,576
						306,647
North Macedonia – 0.03%
	North Macedonia Government International Bond
		144A 3.675% 6/3/26 #	EUR	100,000		120,598
						120,598
Paraguay – 0.11%
	Paraguay Government International Bond
		144A 4.95% 4/28/31 #		400,000		441,504
						441,504
Peru – 0.14%
	Corp Financiera de Desarrollo 144A 2.40% 9/28/27 #			200,000		195,655
	Peru Government Bond 6.95% 8/12/31		PEN	602,000		158,939

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

				Principal
				amount^°	Value (US $)
Sovereign BondsΔ (continued)
Peru (continued)
		Peruvian Government International Bond 2.392% 1/23/26		200,000	$	203,368
						557,962
Romania – 0.02%
	Romanian Government International Bond
		144A 2.625% 12/2/40 #	EUR	73,000		73,385
						73,385
Senegal – 0.05%
	Senegal Government International Bond
		144A 6.25% 5/23/33 #		200,000		201,262
						201,262
Serbia – 0.07%
	Serbia International Bond
		144A 3.125% 5/15/27 #	EUR	250,000		299,624
						299,624
Turkey – 0.05%
	Turkiye Ihracat Kredi Bankasi
		144A 5.75% 7/6/26 #		200,000		188,828
						188,828
Ukraine – 0.07%
	Ukraine Government International Bond
		144A 6.876% 5/21/29 #		300,000		280,073
						280,073
Uruguay – 0.10%
	Uruguay Government International Bonds
		4.50% 8/14/24		53,000		56,255
		9.875% 6/20/22	UYU	14,730,000		337,833
						394,088
Uzbekistan – 0.13%
	Republic of Uzbekistan International Bonds
		144A 3.90% 10/19/31 #		300,000		283,520
		144A 4.75% 2/20/24 #		250,000		259,811
						543,331
Total Sovereign Bonds (cost $7,969,166)						7,573,148

Table of Contents

				Principal
				amount^°	Value (US $)
Supranational Bank – 0.28%
	Banco Latinoamericano de Comercio Exterior
		144A 2.375% 9/14/25 #		250,000	$	249,241
	Banque Ouest Africaine de Developpement
		144A 4.70% 10/22/31 #		402,000		437,336
	Central American Bank For Economic Integration
		144A 2.00% 5/6/25 #		300,000		305,339
	European Investment Bank
		5.50% 1/23/23	MXN	3,282,000		150,137
Total Supranational Bank (cost $1,118,618)						1,142,053

US Treasury Obligations – 2.61%
	US Treasury Bonds
		1.75% 8/15/41		305,000		299,520
		2.00% 8/15/51		85,000		89,037
		2.25% 8/15/46		960,000		1,037,625
		4.375% 2/15/38		645,000		902,824
	US Treasury Notes
		0.375% 9/15/24		5,000		4,944
		0.75% 11/15/24		4,485,000		4,474,663
		1.125% 10/31/26		2,055,000		2,052,431
		1.375% 10/31/28		1,370,000		1,371,391
		1.375% 11/15/31		235,000		233,605
	US Treasury Strip Principal
		2.245% 5/15/44 ^		270,000		176,156
Total US Treasury Obligations (cost $10,508,449)						10,642,196

				Number of
				shares
Common Stock – 59.20%
Communication Services – 3.74%
	Alphabet Class A †			308		874,089
	Alphabet Class C †			494		1,407,426
	AT&T			60,621		1,383,978
	Century Communications =, †			1,625,000		0
	Comcast Class A			44,503		2,224,260
	KDDI			29,800		864,652
	Meta Platforms Class A †			3,622		1,175,194
	Orange			75,030		806,629
	Take-Two Interactive Software †			4,242		703,663
	Verizon Communications			73,844		3,712,138

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

		Number of
		shares	Value (US $)
Common Stock (continued)
Communication Services (continued)
	Walt Disney †	14,466	$	2,096,123
				15,248,152
Consumer Discretionary – 8.76%
	adidas AG	4,340		1,255,205
	Amazon.com †	1,046		3,668,395
	Bath & Body Works	12,005		901,936
	Best Buy	5,901		630,581
	Buckle	31,265		1,470,706
	Dollar General	11,211		2,480,994
	Dollar Tree †	21,600		2,890,728
	eBay	10,450		704,957
	H & M Hennes & Mauritz Class B	33,070		582,943
	Haverty Furniture	12,543		375,161
	Home Depot	7,122		2,853,144
	Lowe’s	19,712		4,821,358
	Newell Brands	5,701		122,400
	NIKE Class B	8,764		1,483,219
	Publicis Groupe	10,140		656,147
	PulteGroup	10,409		520,762
	Ross Stores	10,552		1,151,118
	Sodexo †	15,570		1,310,022
	Sturm Ruger & Co.	16,482		1,181,595
	Swatch Group	5,350		1,571,346
	Tesla †	858		982,204
	TJX	24,983		1,733,820
	Tractor Supply	7,536		1,698,087
	Ulta Beauty †	1,828		701,861
				35,748,689
Consumer Staples – 4.97%
	Altria Group	30,600		1,304,784
	Archer-Daniels-Midland	43,800		2,724,798
	Asahi Group Holdings	14,700		542,141
	Colgate-Palmolive	7,444		558,449
	Conagra Brands	75,100		2,294,305
	Danone	21,300		1,252,728
	Diageo	46,060		2,324,567
	Essity Class B	31,320		1,000,113
	Kao	18,500		943,715
	Kellogg	13,328		815,407
	Kirin Holdings	16,600		264,483

Table of Contents

		Number of
		shares	Value (US $)
Common Stock (continued)
Consumer Staples (continued)
	Koninklijke Ahold Delhaize	40,250	$	1,354,403
	Lawson	11,300		554,035
	Nestle	14,860		1,904,633
	Philip Morris International	15,799		1,357,766
	Seven & i Holdings	27,000		1,087,491
				20,283,818
Energy – 2.50%
	Chevron	6,316		712,887
	ConocoPhillips	60,272		4,226,875
	EOG Resources	4,921		428,127
	Exxon Mobil	36,272		2,170,517
	Kinder Morgan	68,068		1,052,331
	Marathon Petroleum	14,969		910,864
	Williams	25,661		687,458
				10,189,059
Financials – 6.53%
	American Financial Group	9,228		1,232,953
	American International Group	46,000		2,419,600
	Ameriprise Financial	4,349		1,259,470
	Artisan Partners Asset Management Class A	22,944		1,026,285
	Banco Espirito Santo =, †	105,000		0
	BlackRock	1,901		1,719,664
	Blackstone	9,621		1,360,890
	Diamond Hill Investment Group	2,514		482,914
	Discover Financial Services	29,211		3,150,406
	Invesco	47,805		1,067,486
	MetLife	62,531		3,668,068
	Principal Financial Group	19,856		1,361,725
	Prudential Financial	9,787		1,000,819
	S&P Global	2,198		1,001,695
	Synchrony Financial	18,084		809,982
	Truist Financial	43,400		2,574,054
	US Bancorp	45,300		2,506,902
				26,642,913
Healthcare – 8.53%
	AbbVie	15,412		1,776,695
	Alexandria Real Estate Equities	1,955		391,137
	AmerisourceBergen	11,159		1,291,654
	Amgen	5,598		1,113,330
	Baxter International	31,200		2,326,584

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

		Number of
		shares	Value (US $)
Common Stock (continued)
Healthcare (continued)
	Bristol-Myers Squibb	23,837	$	1,278,378
	Cigna	11,000		2,110,900
	CVS Health	30,400		2,707,424
	Eli Lilly & Co.	2,715		673,429
	Fresenius Medical Care AG & Co.	22,580		1,346,274
	Healthcare Trust of America Class A	7,159		243,120
	Humana	511		214,472
	Johnson & Johnson	30,272		4,720,313
	Merck & Co.	54,409		4,075,778
	Molina Healthcare †	2,541		724,642
	Novo Nordisk Class B	15,590		1,668,911
	Pfizer	44,443		2,387,922
	Roche Holding	3,890		1,518,696
	Smith & Nephew	88,080		1,415,567
	UnitedHealth Group	1,209		537,062
	Viatris	187,093		2,303,115
				34,825,403
Industrials – 3.08%
	Dover	15,017		2,460,536
	Honeywell International	11,233		2,271,762
	Knorr-Bremse	4,730		470,511
	Lockheed Martin	3,179		1,059,624
	Northrop Grumman	7,100		2,476,480
	Raytheon Technologies	30,179		2,442,085
	Securitas Class B	96,010		1,387,181
				12,568,179
Information Technology – 14.09%
	Adobe †	3,236		2,167,635
	Amadeus IT Group †	23,250		1,488,595
	Analog Devices	1,160		209,090
	Apple	55,731		9,212,334
	Broadcom	8,850		4,900,068
	Cisco Systems	74,012		4,058,818
	Cognizant Technology Solutions Class A	34,932		2,723,997
	Dropbox Class A †	31,041		763,919
	Enphase Energy †	2,082		520,500
	Fidelity National Information Services	20,963		2,190,634
	HP	44,569		1,572,394
	International Business Machines	6,275		734,803
	Kyndryl Holdings †	1,255		19,829

Table of Contents

		Number of
		shares	Value (US $)
Common Stock (continued)
Information Technology (continued)
	Lam Research	2,403	$	1,633,680
	Microsoft	24,994		8,262,766
	Monolithic Power Systems	2,860		1,582,896
	Motorola Solutions	11,000		2,784,980
	NetApp	17,680		1,571,398
	NVIDIA	2,745		896,956
	Oracle	26,900		2,440,906
	Paychex	11,182		1,332,894
	Paycom Software †	1,253		548,162
	QUALCOMM	10,036		1,812,100
	SAP	9,560		1,225,126
	TE Connectivity	2,036		313,402
	Western Union	47,174		746,293
	Xilinx	7,868		1,797,445
				57,511,620
Materials – 1.16%
	Air Liquide	9,470		1,563,900
	Dow	11,787		647,460
	DuPont de Nemours	34,200		2,529,432
				4,740,792
REIT Diversified – 0.42%
	Cousins Properties	5,112		193,029
	DigitalBridge Group †	1,333		10,611
	Gaming and Leisure Properties	3,321		149,844
	Lexington Realty Trust	12,939		194,732
	New Residential Investment	38,580		410,105
	VICI Properties	27,872		758,118
				1,716,439
REIT Healthcare – 0.45%
	CareTrust REIT	7,355		148,645
	Healthpeak Properties	3,381		111,100
	Medical Properties Trust	27,557		586,688
	National Health Investors	313		16,351
	Omega Healthcare Investors	20,129		562,404
	Ventas	998		46,826
	Welltower	4,687		373,179
				1,845,193

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

		Number of
		shares	Value (US $)
Common Stock (continued)
REIT Hotel – 0.07%
	Apple Hospitality REIT	11,433	$	171,724
	Chatham Lodging Trust †	6,220		74,080
	Host Hotels & Resorts †	1,589		24,947
				270,751
REIT Industrial – 0.47%
	Americold Realty Trust	496		16,190
	Duke Realty	6,010		350,563
	Plymouth Industrial REIT	1,407		41,858
	Prologis	9,199		1,386,749
	Terreno Realty	1,637		124,658
				1,920,018
REIT Information Technology – 0.34%
	Digital Realty Trust	2,919		489,633
	Equinix	1,116		906,415
				1,396,048
REIT Mall – 0.09%
	Simon Property Group	2,425		370,637
				370,637
REIT Manufactured Housing – 0.11%
	Equity LifeStyle Properties	1,677		136,340
	Sun Communities	1,727		325,678
				462,018
REIT Mortgage – 0.35%
	AGNC Investment	72,261		1,104,871
	Annaly Capital Management	38,075		308,407
				1,413,278
REIT Multifamily – 1.01%
	American Homes 4 Rent Class A	3,230		129,491
	Apartment Income REIT	779		39,542
	AvalonBay Communities	1,239		295,960
	Camden Property Trust	1,113		183,879
	Equity Residential	33,823		2,885,440
	Essex Property Trust	1,141		387,301
	Mid-America Apartment Communities	745		153,656
	UDR	741		42,037
				4,117,306

Table of Contents

		Number of
		shares	Value (US $)
Common Stock (continued)
REIT Office – 0.12%
	Boston Properties	474	$	51,116
	Columbia Property Trust	1,041		19,987
	Douglas Emmett	735		24,086
	Highwoods Properties	4,490		193,968
	Kilroy Realty	1,773		114,412
	Piedmont Office Realty Trust Class A	4,110		71,432
	SL Green Realty	320		22,217
				497,218
REIT Self-Storage – 0.35%
	CubeSmart	2,044		110,212
	Extra Space Storage	1,940		388,000
	Life Storage	1,654		218,560
	National Storage Affiliates Trust	2,053		126,013
	Public Storage	1,812		593,213
				1,435,998
REIT Shopping Center – 0.28%
	Brixmor Property Group	9,471		215,370
	Federal Realty Investment Trust	215		26,374
	Kimco Realty	5,736		128,601
	Kite Realty Group Trust	5,052		101,646
	Regency Centers	2,696		186,941
	Retail Opportunity Investments	8,919		156,618
	SITE Centers	11,123		167,512
	Urban Edge Properties	8,282		142,699
				1,125,761
REIT Single Tenant – 0.24%
	Agree Realty	2,350		158,766
	Four Corners Property Trust	4,393		118,699
	National Retail Properties	1,961		86,480
	Orion Office REIT †	351		6,230
	Realty Income	3,969		269,575
	Spirit Realty Capital	3,546		158,010
	STORE Capital	5,397		177,777
				975,537
REIT Specialty – 0.37%
	EPR Properties	125		5,765
	Essential Properties Realty Trust	4,005		108,255
	Invitation Homes	9,021		364,809
	Iron Mountain	18,571		843,866

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

			Number of
			shares	Value (US $)
Common Stock (continued)
REIT Specialty (continued)
	Lamar Advertising Class A		420	$	45,889
	Outfront Media		1,358		33,937
	WP Carey		1,478		112,846
					1,515,367
Utilities – 1.17%
	Edison International		44,100		2,878,848
	NRG Energy		31,703		1,141,942
	Vistra		38,001		755,460
					4,776,250
Total Common Stock (cost $208,493,458)					241,596,444

Convertible Preferred Stock – 1.60%
	2020 Mandatory Exchangeable Trust 144A 6.50% exercise
		price $47.09, maturity date 5/16/23 #	484		746,473
	Algonquin Power & Utilities 7.75% exercise price $18.00,
		maturity date 6/15/24	6,823		303,624
	AMG Capital Trust II 5.15% exercise price $195.47, maturity
		date 10/15/37	7,957		471,373
	Bank of America 7.25% exercise price $50.00 **		292		414,056
	El Paso Energy Capital Trust I 4.75% exercise price $34.49,
		maturity date 3/31/28	27,847		1,404,043
	Elanco Animal Health 5.00% exercise price $38.40, maturity
		date 2/1/23	9,636		433,235
	Essential Utilities 6.00% exercise price $42.19, maturity
		date 4/30/22	14,350		828,569
	Lyondellbasell Advanced Polymers 6.00% exercise price
		$52.33 **	761		765,946
	RBC Bearings 5.00% exercise price $226.60, maturity date
		10/15/24	3,111		324,166
	UGI 7.25% exercise price $52.57, maturity date 6/1/24		8,729		843,658
Total Convertible Preferred Stock (cost $6,096,981)					6,535,143

Preferred Stock – 0.00%
	Washington Prime Group 6.875% 01/03/22 =, ψ		4,347		0
Total Preferred Stock (cost $93,025)					0

Exchange-Traded Funds – 4.51%
	iShares Core MSCI Emerging Markets ETF		120,340		7,234,841
	iShares Global Infrastructure ETF		200,730		9,103,105

Table of Contents

			Number of
			shares	Value (US $)
Exchange-Traded Funds (continued)
	iShares Russell 1000 Growth ETF		1,620	$	485,806
	iShares Trust iShares ESG Aware MSCI EAFE ETF		6,450		496,843
	Vanguard FTSE Developed Markets ETF		580		28,826
	Vanguard Mega Cap Growth ETF		4,132		1,059,982
Total Exchange-Traded Funds (cost $19,438,339)					18,409,403

Limited Partnerships – 2.95%
	Merion Champion’s Walk=, †, π		2,790,000		3,259,836
	Merion Countryside=, †, π		2,342,812		3,812,459
	Merion The Ledges=, †, π		4,093,765		4,982,930
Total Limited Partnerships (cost $4,856,741)					12,055,225

			Principal
			amount^°
Leveraged Non-Recourse Security – 0.00%
	JPMorgan Fixed Income Pass Through Trust Auction
		Series 2007-B 144A 0.249% 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 – 4.96%
Money Market Mutual Funds – 4.96%
	BlackRock FedFund – Institutional Shares (seven-day
		effective yield 0.03%)	5,061,162		5,061,162
	Fidelity Investments Money Market Government Portfolio –
		Class I (seven-day effective yield 0.01%)	5,061,162		5,061,162
	GS Financial Square Government Fund – Institutional
		Shares (seven-day effective yield 0.03%)	5,061,162		5,061,162
	Morgan Stanley Government Portfolio – Institutional Share
		Class (seven-day effective yield 0.03%)	5,061,162		5,061,162
Total Short-Term Investments (cost $20,244,648)					20,244,648
Total Value of Securities–99.80%
	(cost $365,897,062)			$	407,303,704

°	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 November 30, 2021, the aggregate value of Rule 144A securities was $38,811,775, which represents 9.51% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at November 30, 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 November 30, 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 November 30, 2021, the aggregate value of restricted securities was $12,055,225, which represented 2.95% of the Fund’s net assets. See Note 11 in “Notes to financial statements” and the table below 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	$	1,668,660	$	2,953,411
Merion Champion’s Walk	2/13/2018		43,282		76,606
Merion Champion’s Walk	7/11/2018		46,053		76,606
Merion Champion’s Walk	10/22/2018		46,988		76,606
Merion Champion’s Walk	2/13/2019		47,902		76,607
Merion Countryside	8/13/2020		—		3,812,459
Merion The Ledges	9/26/2018		2,775,173		4,652,138
Merion The Ledges	9/12/2019		116,634		180,432
Merion The Ledges	2/1/2021		112,049		150,360
Total		$	4,856,741	$	12,055,225

Table of Contents

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at November 30, 2021:¹

Foreign Currency Exchange Contracts

	Currency to						Settlement	Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date	Appreciation		Depreciation
BNYM	DKK	(213,938	)	USD	32,377		12/1/21	$	—	$	(246	)
BNYM	EUR	109,103		USD	(122,998	)	12/1/21		737		—
BNYM	GBP	34,990		USD	(46,574	)	12/1/21		—		(40	)
BNYM	JPY	(6,285,913	)	USD	55,233		12/1/21		—		(377	)
CITI	COP	(829,388,000	)	USD	206,151		1/28/22		—		(147	)
JPMCB	BRL	(1,525,973	)	USD	267,691		1/28/22		—		(229	)
JPMCB	EUR	(903,926	)	USD	1,020,261		1/28/22		—		(7,021	)
JPMCB	KZT	305,813,456		USD	(689,001	)	1/28/22		—		(4,684	)
JPMCB	MXN	20,507		USD	(933	)	1/28/22		12		—
Total Foreign Currency Exchange Contracts								$	749	$	(12,744	)

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	$	849,789		$	843,298		3/31/22	$	6,491	$	—		$	930
	US Treasury
(10)	10 yr Notes		(1,308,125	)		(1,291,853	)	3/22/22		—		(16,272	)		(5,313	)
	US Treasury
	10 yr Ultra
(3)	Notes		(440,672	)		(433,000	)	3/22/22		—		(7,672	)		(3,609	)
Total Futures Contracts					$	(881,555	)		$	6,491	$	(23,944	)	$	(7,992	)

Table of Contents

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)

Appreciation⁴

Brokers

Over-The-Counter:

Protection Purchased/

Moody’s Ratings:

JPMCB-Federative

Republic of

Brazil 4.25%

6/6/25 B2

6/22/26-

Quarterly

359,000

1.000%

21,884

18,928

2,956

—

JPMCB-Republic

of Turkey

11.875%

1/15/30 B2

6/22/26-

Quarterly

200,000

1.000%

31,696

30,406

1,290

—

Total CDS Contracts

53,580

49,334

4,246

—

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 8 in “Notes to financial statements.”
2	A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement.
3	Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.

Table of Contents

4	Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of $(1,118)

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
GNMA – Government National Mortgage Association
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
SOFR – Secured Overnight Financing Rate
TBA – To be announced
yr – Year

Summary of currencies:
BRL – Brazilian Real
CLP – Chilean Peso
COP – Colombia Peso
DKK – Danish Krone
EUR – European Monetary Unit
GBP – British Pound Sterling

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

Summary of currencies: (continued)
IDR – Indonesia Rupiah
JPY – Japanese Yen
KZT – Kazakhstan Tenge
MXN – Mexican Peso
MYR – Malaysian Ringgit
PEN – Peruvian Sol
USD – US Dollar
UYU – Uruguayan Peso

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

Table of Contents

Statement of assets and liabilities
Delaware Wealth Builder Fund	November 30, 2021

Assets:
Investments, at value*	$	407,303,704
Cash		476,044
Cash collateral due from brokers		19,955
Foreign currencies, at value^Δ		81,938
Dividends and interest receivable		1,370,822
Receivable for securities sold		1,350,344
Receivable for fund shares sold		399,668
Foreign tax reclaims receivable		264,963
Upfront payments paid on over the counter credit default swap contracts		49,334
Unrealized appreciation on over the counter credit default swap contracts		4,246
Unrealized appreciation on foreign currency exchange contracts		749
Total Assets		411,321,767
Liabilities:
Payable for securities purchased		2,116,824
Payable for fund shares redeemed		488,782
Investment management fees payable to affiliates		240,317
Other accrued expenses		116,612
Distribution fees payable to affiliates		81,704
Cash collateral due to brokers		70,000
Dividend disbursing and transfer agent fees and expenses payable to
non-affiliates		49,374
Unrealized depreciation on foreign currency exchange contracts		12,744
Variation margin due to broker on futures contracts		7,992
Accounting and administration expenses payable to affiliates		2,928
Dividend disbursing and transfer agent fees and expenses payable to affiliates		1,563
Trustees’ fees and expenses payable to affiliates		1,248
Swap payments payable		1,118
Legal fees payable to affiliates		896
Other liabilities		439
Reports and statements to shareholders expenses payable to affiliates		422
Total Liabilities		3,192,963
Total Net Assets	$	408,128,804

Net Assets Consist of:
Paid-in capital	$	346,478,330
Total distributable earnings (loss)		61,650,474
Total Net Assets	$	408,128,804

Table of Contents

Statement of assets and liabilities
Delaware Wealth Builder Fund

Net Asset Value

Class A:
Net assets	$	259,142,652
Shares of beneficial interest outstanding, unlimited authorization, no par		16,497,233
Net asset value per share	$	15.71
Sales charge		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	16.67

Class C:
Net assets	$	31,156,870
Shares of beneficial interest outstanding, unlimited authorization, no par		1,978,705
Net asset value per share	$	15.75

Class R:
Net assets	$	1,203,490
Shares of beneficial interest outstanding, unlimited authorization, no par		76,592
Net asset value per share	$	15.71

Institutional Class:
Net assets	$	116,625,792
Shares of beneficial interest outstanding, unlimited authorization, no par		7,427,109
Net asset value per share	$	15.70
____________________
* Investments, at cost	$	365,897,062
^Δ Foreign currencies, at cost		81,147

Table of Contents

Statement of operations
Delaware Wealth Builder Fund	Year ended November 30, 2021

Investment Income:
	Dividends	$	6,431,174
	Interest		3,825,950
	Foreign tax withheld		(114,287	)
			10,142,837

Expenses:
	Management fees		2,688,852
	Distribution expenses — Class A		636,255
	Distribution expenses — Class C		395,471
	Distribution expenses — Class R		6,016
	Dividend disbursing and transfer agent fees and expenses		379,379
	Accounting and administration expenses		108,646
	Reports and statements to shareholders expenses		73,106
	Registration fees		70,671
	Audit and tax fees		57,029
	Custodian fees		43,689
	Legal fees		41,745
	Trustees’ fees and expenses		14,177
	Other		64,894
			4,579,930
	Less expenses waived		(108,879	)
	Less expenses paid indirectly		(240	)
	Total operating expenses		4,470,811
Net Investment Income			5,672,026

Table of Contents

Statement of operations
Delaware Wealth Builder Fund

Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
		Investments	$	45,854,226
		Foreign currencies		(12,467	)
		Foreign currency exchange contracts		89,923
		Futures contracts		29,210
		Swap contracts		2,217
	Net realized gain			45,963,109

	Net change in unrealized appreciation (depreciation) of:
		Investments¹		11,724,616
		Foreign currencies		(18,488	)
		Foreign currency exchange contracts		2,671
		Futures contracts		(15,686	)
		Swap contracts		21,458
	Net change in unrealized appreciation (depreciation)			11,714,571
Net Realized and Unrealized Gain				57,677,680
Net Increase in Net Assets Resulting from Operations			$	63,349,706

¹	Includes $(439) capital gains tax accrued.

Table of Contents

Statements of changes in net assets
Delaware Wealth Builder Fund

			Year ended
			11/30/21			11/30/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	5,672,026		$	7,910,492
	Net realized gain (loss)			45,963,109			(20,984,506	)
	Net change in unrealized appreciation (depreciation)			11,714,571			8,707,335
	Net increase (decrease) in net assets resulting from
		operations		63,349,706			(4,366,679	)

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(4,472,643	)		(8,240,009	)
		Class C		(413,930	)		(2,241,972	)
		Class R		(17,848	)		(38,520	)
		Institutional Class		(2,376,293	)		(5,073,888	)
				(7,280,714	)		(15,594,389	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		29,284,365			26,340,207
		Class C		2,871,756			2,983,512
		Class R		609,847			237,780
		Institutional Class		9,949,959			18,294,356
	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		4,196,391			7,785,843
		Class C		409,216			2,119,949
		Class R		17,590			38,519
		Institutional Class		2,154,866			4,609,859
				49,493,990			62,410,025

Table of Contents

Statements of changes in net assets
Delaware Wealth Builder Fund

			Year ended
			11/30/21			11/30/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(38,302,279	)	$	(55,627,830	)
		Class C		(30,379,895	)		(43,414,656	)
		Class R		(651,199	)		(430,547	)
		Institutional Class		(28,184,418	)		(54,660,568	)
				(97,517,791	)		(154,133,601	)
	Decrease in net assets derived from capital share
		transactions		(48,023,801	)		(91,723,576	)
Net Increase (Decrease) in Net Assets				8,045,191			(111,684,644	)

Net Assets:
	Beginning of year			400,083,613			511,768,257
	End of year		$	408,128,804		$	400,083,613

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

Table of Contents

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 income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets^{5, 6}

Ratio of expenses to average net assets prior to fees waived⁵

Ratio of net investment income to average net assets⁷

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

¹	Calculated using average shares outstanding.
²	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.
³	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁴	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.11% lower.
⁵	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
⁶	The ratios of expenses to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018, and 2017 were 1.09%, and 1.09%, respectively.
⁷	The ratios of net investment income to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018, and 2017 were 2.40%, and 2.51%, respectively.

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

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Year ended
	11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
$	13.71		$	14.01		$	14.15		$	14.62		$	13.64


	0.21			0.25			0.53			0.35			0.36
	2.06			(0.09	)		0.50			(0.43	)		0.98
	2.27			0.16			1.03			(0.08	)		1.34


	(0.27	)		(0.27	)		(0.35	)		(0.34	)		(0.36	)
	—			(0.19	)		(0.82	)		(0.05	)		—
	(0.27	)		(0.46	)		(1.17	)		(0.39	)		(0.36	)

$	15.71		$	13.71		$	14.01		$	14.15		$	14.62

	16.63%	³		1.30%	³		8.30%	⁴		(0.56%	)		9.90%


$	259,143		$	230,168		$	259,283		$	273,384		$	256,157
	1.08%			1.09%			1.09%			1.09%			1.09%
	1.11%			1.12%			1.09%			1.09%			1.09%
	1.37%			1.91%			3.91%			2.41%			2.51%
	1.34%			1.88%			3.91%			2.41%			2.51%
	89%			68%			91%			57%			81%

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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 income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets^{5, 6}

Ratio of expenses to average net assets prior to fees waived⁵

Ratio of net investment income to average net assets⁷

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

¹	Calculated using average shares outstanding.
²	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.
³	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁴	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.11% lower.
⁵	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
⁶	The ratios of expenses to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018, and 2017 were 1.84%, and 1.84%, respectively.
⁷	The ratios of net investment income to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018, and 2017 were 1.65%, and 1.76%, respectively.

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

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Year ended
	11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
$	13.73		$	14.04		$	14.18		$	14.65		$	13.66


	0.09			0.15			0.43			0.24			0.25
	2.08			(0.10	)		0.49			(0.43	)		0.99
	2.17			0.05			0.92			(0.19	)		1.24


	(0.15	)		(0.17	)		(0.24	)		(0.23	)		(0.25	)
	—			(0.19	)		(0.82	)		(0.05	)		—
	(0.15	)		(0.36	)		(1.06	)		(0.28	)		(0.25	)

$	15.75		$	13.73		$	14.04		$	14.18		$	14.65

	15.84%	³		0.47%	³		7.46%	⁴		(1.34%	)		9.13%


$	31,157		$	52,258		$	95,672		$	137,403		$	225,604
	1.83%			1.84%			1.84%			1.84%			1.84%
	1.86%			1.87%			1.84%			1.84%			1.84%
	0.62%			1.16%			3.17%			1.66%			1.76%
	0.59%			1.13%			3.17%			1.66%			1.76%
	89%			68%			91%			57%			81%

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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 income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets^{5, 6}

Ratio of expenses to average net assets prior to fees waived⁵

Ratio of net investment income to average net assets⁷

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

¹	Calculated using average shares outstanding.
²	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.
³	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁴	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.11% lower.
⁵	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
⁶	The ratios of expenses to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018, and 2017 were 1.34%, and 1.34%, respectively.
⁷	The ratios of net investment income to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018, and 2017 were 2.15%, and 2.26%, respectively.

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

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Year ended
11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
$	13.71		$	14.02		$	14.16		$	14.62		$	13.63


	0.17			0.21			0.49			0.31			0.32
	2.06			(0.09	)		0.50			(0.42	)		0.99
	2.23			0.12			0.99			(0.11	)		1.31


	(0.23	)		(0.24	)		(0.31	)		(0.30	)		(0.32	)
	—			(0.19	)		(0.82	)		(0.05	)		—
	(0.23	)		(0.43	)		(1.13	)		(0.35	)		(0.32	)

$	15.71		$	13.71		$	14.02		$	14.16		$	14.62

	16.32%	³		0.99%	³		8.02%	⁴		(0.78%	)		9.70%


$	1,203		$	1,069		$	1,288		$	1,968		$	2,320
	1.33%			1.34%			1.34%			1.34%			1.34%
	1.36%			1.37%			1.34%			1.34%			1.34%
	1.12%			1.66%			3.66%			2.16%			2.26%
	1.09%			1.63%			3.66%			2.16%			2.26%
	89%			68%			91%			57%			81%

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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 income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets^{5, 6}

Ratio of expenses to average net assets prior to fees waived⁵

Ratio of net investment income to average net assets⁷

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

¹	Calculated using average shares outstanding.
²	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.
³	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁴	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.11% lower.
⁵	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
⁶	The ratios of expenses to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018, and 2017 were 0.84%, and 0.84%, respectively.
⁷	The ratios of net investment income to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018, and 2017 were 2.65%, and 2.76%, respectively.

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

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Year ended
11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
$	13.70		$	14.01		$	14.15		$	14.63		$	13.64


	0.25			0.28			0.56			0.38			0.39
	2.05			(0.10	)		0.50			(0.43	)		0.99
	2.30			0.18			1.06			(0.05	)		1.38


	(0.30	)		(0.30	)		(0.38	)		(0.38	)		(0.39	)
	—			(0.19	)		(0.82	)		(0.05	)		—
	(0.30	)		(0.49	)		(1.20	)		(0.43	)		(0.39	)

$	15.70		$	13.70		$	14.01		$	14.15		$	14.63

	16.93%	³		1.50%	³		8.59%	⁴		(0.37%	)		10.24%


$	116,626		$	116,589		$	155,525		$	185,720		$	201,285
	0.83%			0.84%			0.84%			0.84%			0.84%
	0.86%			0.87%			0.84%			0.84%			0.84%
	1.62%			2.16%			4.16%			2.66%			2.76%
	1.59%			2.13%			4.16%			2.66%			2.76%
	89%			68%			91%			57%			81%

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Notes to financial statements
Delaware Wealth Builder Fund	November 30, 2021

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.

1. Significant Accounting Policies

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 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

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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 year ended November 30, 2021 and for all open tax years (years ended November 30, 2018–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 year ended November 30, 2021, the Fund did not incur any interest or tax penalties.

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

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Notes to financial statements
Delaware Wealth Builder Fund

1. Significant Accounting Policies (continued)

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.

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 fund on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized 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

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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.

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 November 30, 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.

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

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Notes to financial statements
Delaware Wealth Builder Fund

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

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.

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 year ended November 30, 2021, the Fund was charged $33,638 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.

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 year ended November 30, 2021, the Fund was charged $23,070 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.”

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For the year ended November 30, 2021, DDLP earned $13,562 for commissions on sales of the Fund’s Class A shares. For the year ended November 30, 2021, DDLP received gross CDSC commissions of $67 and $1,372 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.

____________________

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

3. Investments

For the year ended November 30, 2021, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	249,159,364
Purchases of US government securities		102,811,292
Sales other than US government securities		323,621,990
Sales of US government securities		90,201,513

The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At November 30, 2021, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes were as follows:

Cost of investments and derivatives	$	367,754,154
Aggregate unrealized appreciation of investments and derivatives	$	53,591,468
Aggregate unrealized depreciation of investments and derivatives		(14,067,120	)
Net unrealized appreciation of investments and derivatives	$	39,524,348

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Notes to financial statements
Delaware Wealth Builder Fund

3. Investments (continued)

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of November 30, 2021:

	Level 1		Level 2		Level 3			Total
Securities
Assets:
Agency Mortgage-Backed Securities	$	—	$	10,067,652	$	—		$	10,067,652
Collateralized Debt Obligations		—		800,363		—			800,363
Common Stock
Communication Services		13,576,871		1,671,281		—	¹		15,248,152
Consumer Discretionary		30,373,026		5,375,663		—			35,748,689
Consumer Staples		9,055,509		11,228,309		—			20,283,818
Energy		10,189,059		—		—			10,189,059

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	Level 1		Level 2		Level 3		Total
Financials	$	26,642,913	$	—	$	—¹	$	26,642,913
Healthcare		28,875,955		5,949,448		—		34,825,403
Industrials		10,710,487		1,857,692		—		12,568,179
Information Technology		54,797,899		2,713,721		—		57,511,620
Materials		3,176,892		1,563,900		—		4,740,792
REIT Diversified		1,716,439		—		—		1,716,439
REIT Healthcare		1,845,193		—		—		1,845,193
REIT Hotel		270,751		—		—		270,751
REIT Industrial		1,920,018		—		—		1,920,018
REIT Information Technology		1,396,048		—		—		1,396,048
REIT Mall		370,637		—		—		370,637
REIT Manufactured Housing		462,018		—		—		462,018
REIT Mortgage		1,413,278		—		—		1,413,278
REIT Multifamily		4,117,306		—		—		4,117,306
REIT Office		497,218		—		—		497,218
REIT Self-Storage		1,435,998		—		—		1,435,998
REIT Shopping Center		1,125,761		—		—		1,125,761
REIT Single Tenant		975,537		—		—		975,537
REIT Specialty		1,515,367		—		—		1,515,367
Utilities		4,776,250		—		—		4,776,250
Convertible Bonds		—		25,676,240		—		25,676,240
Convertible Preferred Stock		6,535,143		—		—		6,535,143
Corporate Bonds		—		47,684,105		—		47,684,105
Exchange-Traded Funds		18,409,403		—		—		18,409,403
Leveraged Non-Recourse Security		—		—		1,300		1,300
Limited Partnerships		—		—		12,055,225		12,055,225
Non-Agency Asset-Backed Securities		—		641,467		—		641,467
Non-Agency Collateralized Mortgage
Obligations		—		147,269		—		147,269
Non-Agency Commercial
Mortgage-Backed Securities		—		4,087,048		—		4,087,048
Preferred Stock		—		—		—¹		—
Sovereign Bonds		—		7,573,148		—		7,573,148
Supranational Bank		—		1,142,053		—		1,142,053
US Treasury Obligations		—		10,642,196		—		10,642,196
Short-Term Investments		20,244,648		—		—		20,244,648
Total Value of Securities	$	256,425,624	$	138,821,555	$	12,056,525	$	407,303,704

Derivatives²
Assets:
Foreign Currency Exchange Contracts	$	—	$	749	$	—	$	749

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Notes to financial statements
Delaware Wealth Builder Fund

3. Investments (continued)

	Level 1			Level 2			Level 3		Total
Futures Contracts	$	6,491		$	—		$	—	$	6,491
Swap Contracts		—			4,246			—		4,246
Liabilities:
Foreign Currency Exchange Contracts	$	—		$	(12,744	)	$	—	$	(12,744	)
Futures Contracts		(23,944	)		—			—		(23,944	)

¹	The security that has been valued at zero on the Schedule of investments is considered to be Level 3 investments in this table.
²	Foreign currency exchange contracts, futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning or end of the year 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:

			Leveraged
	Limited		Non-Recourse
	Partnerships		Security			Total
Beginning balance November 30, 2020	$	8,490,822		$	1,300	$	8,492,122
Net change in unrealized appreciation
(depreciation)		3,564,403			—		3,564,403
Ending balance November 30, 2021	$	12,055,225		$	1,300	$	12,056,525
Net change in unrealized appreciation from
investments still held at the end of the
year	$	3,564,403		$	—	$	3,564,403

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

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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.

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

Assets	Value	Valuation Techniques	Unobservable Input	Input Value
		Market cap
		rate method
		(using trailing
		12 month
		net operating
		income adjusted
Limited		for assets
Partnership	$12,055,225	and liabilities)	Liquidity Discount	5%
			Cap Rate	5.55-6.72%

Level 3 securities with a total value of $1,300 have been valued using third party pricing information without adjustment and are excluded from the table above.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended November 30, 2021 and 2020 were as follows:

	Year ended
	11/30/21		11/30/20
Ordinary income	$	7,280,714	$	12,949,815
Long-term capital gains		—		2,644,574
Total	$	7,280,714	$	15,594,389

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Notes to financial statements
Delaware Wealth Builder Fund

5. Components of Net Assets on a Tax Basis

As of November 30, 2021, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	346,478,330
Undistributed ordinary income		12,581,337
Undistributed long-term capital gains		9,544,789
Unrealized appreciation (depreciation) of investments and foreign currencies		39,524,348
Net assets	$	408,128,804

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, mark-to-market on forward currency contracts, tax treatment of contingent payment on debt instruments, partnership income, trust preferred securities, market discount and premium on debt instruments, mark-to-market on futures and CDS contracts, tax deferral on straddle losses, and deemed dividend income.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to partnership non-deductible expenses. Results of operations and net assets were not affected by these reclassifications. For the year ended November 30, 2021, the Fund recorded the following reclassifications:

Paid-in capital		$	(559	)
Total distributable earnings (loss)			559

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At November 30, 2021, the Fund utilized $22,741,912 capital loss carryforwards.

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6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	11/30/21		11/30/20
Shares sold:
Class A	1,972,064		2,060,385
Class C	197,150		224,529
Class R	42,855		18,351
Institutional Class	657,585		1,423,139

Shares issued upon reinvestment of dividends and distributions:
Class A	279,703		589,479
Class C	27,700		158,249
Class R	1,176		2,912
Institutional Class	143,787		349,100
	3,322,020		4,826,144

Shares redeemed:
Class A	(2,548,144	)	(4,358,810	)
Class C	(2,051,021	)	(3,391,081	)
Class R	(45,431	)	(35,182	)
Institutional Class	(1,884,801	)	(4,363,203	)
	(6,529,397	)	(12,148,276	)
Net decrease	(3,207,377	)	(7,322,132	)

	Exchange Redemptions		Exchange Subscriptions
				Institutional
	Class A	Class C	Class A	Class
	Shares	Shares	Shares	Shares	Value
Year ended
11/30/21	35,739	64,787	63,964	36,699	$	1,516,358
11/30/20	18,524	65,286	58,583	25,347		1,068,685

7. Line of Credit

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Notes to financial statements
Delaware Wealth Builder Fund

7. Line of Credit (continued)

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 expired on November 1, 2021.

The Fund had no amounts outstanding as of November 30, 2021, or at any time during the year then ended.

8. 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.

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.

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During the year ended November 30, 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 November 30, 2021, the Fund posted $19,955 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 year ended November 30, 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. Swap agreements are bilaterally negotiated agreements between a Fund and counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over the counter market (OTC swaps). If the OTC swap entered is one of the swaps identified by a relevant regulator as a swap that is required to be cleared, then it will be cleared through a third party, known as a central counterparty or derivatives clearing organization (centrally cleared swaps).

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

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Notes to financial statements
Delaware Wealth Builder Fund

8. Derivatives (continued)

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 year ended November 30, 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 year ended November 30, 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 year ended November 30, 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 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 November 30, 2021, the Fund received $70,000 in cash collateral for open over-the-counter credit default swap contracts, which is included in “Cash collateral due to brokers” on the “Statement of assets and liabilities.”

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Fair values of derivative instruments as of November 30, 2021 were as follows:

	Asset Derivatives Fair Value
				Interest
Statement of Assets and	Currency			Rate			Credit
Liabilities Location	Contracts			Contracts			Contracts			Total
Unrealized appreciation on foreign currency exchange
contracts		$	749		$	—		$	—	$	749
Variation margin due from broker on futures contracts*			—			6,491			—		6,491
Unrealized appreciation on over the counter credit default
swap contracts			—			—			4,246		4,246
Total		$	749		$	6,491		$	4,246	$	11,486

	Liability Derivatives Fair Value
				Interest
Statement of Assets and	Currency			Rate
Liabilities Location	Contracts			Contracts			Total
Unrealized depreciation on foreign currency exchange contracts	$	(12,744	)	$	—		$	(12,744	)
Variation margin due to broker on futures contracts*		—			(23,944	)		(23,944	)
Total	$	(12,744	)	$	(23,944	)	$	(36,688	)

*	Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through November 30, 2021. Only current day variation margin is reported on the Fund’s “Statement of assets and liabilities.”

	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange		Futures		Swap
	Contracts		Contracts		Contracts			Total
Currency contracts	$	89,923	$	—		$	—	$	89,923
Interest rate contracts		—		29,210			—		29,210
Credit contracts		—		—			2,217		2,217
Total	$	89,923	$	29,210		$	2,217	$	121,350

	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign
	Currency
	Exchange			Futures			Swap
	Contracts			Contracts			Contracts		Total
Currency contracts		$	2,671	$	—		$	—	$	2,671
Interest rate contracts			—		(15,686	)		—		(15,686	)
Credit contracts			—		—			21,458		21,458
Total		$	2,671	$	(15,686	)	$	21,458	$	8,443

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Notes to financial statements
Delaware Wealth Builder Fund

8. Derivatives (continued)

The table below summarizes the average balance of derivative holdings by the Fund during the year ended November 30, 2021:

	Long Derivative			Short Derivative
	Volume			Volume
Foreign currency exchange contracts (average notional value)		$	988,718		$	1,965,934
Futures contracts (average notional value)			527,402			1,527,414
CDS contracts (average notional value)*			559,000			—

*	Long represents buying protection and short represents selling protection.

9. 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 (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

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

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At November 30, 2021, the Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Delaware Wealth Builder Fund

	Gross Value of			Gross Value of
Counterparty	Derivative Asset			Derivative Liability				Net Position
Bank of New York Mellon		$	737		$	(663	)		$	74
Citigroup			—			(147	)			(147	)
JPMorgan Chase Bank			4,258			(11,934	)			(7,676	)
Total		$	4,995		$	(12,744	)		$	(7,749	)

					Fair Value of						Fair Value of
					Non-Cash			Cash Collateral			Non-Cash			Cash Collateral			Net
Counterparty	Net Position				Collateral Received			Received			Collateral Pledged			Pledged			Exposure^(a)
Bank of New York
Mellon		$	74			$	—		$	—		$	—		$	—		$	74
Citigroup			(147	)			—			—			—			—			(147	)
JPMorgan Chase
Bank			(7,676	)			—			—			—			—			(7,676	)
Total		$	(7,749	)		$	—		$	—		$	—		$	—		$	(7,749	)

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

10. 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.

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Notes to financial statements
Delaware Wealth Builder Fund

10. Securities Lending (continued)

During the year ended November 30, 2021, the Fund had no securities out on loan.

11. Credit and Market Risk

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

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 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

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Notes to financial statements
Delaware Wealth Builder Fund

11. Credit and Market Risk (continued)

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 year ended November 30, 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 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.

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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.”

12. Contractual Obligations

13. Recent Accounting Pronouncements

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

14. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to November 30, 2021, that would require recognition or disclosure in the Fund’s financial statements.

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Report of independent
registered public accounting firm

To the Board of Trustees of Delaware Group^®Equity Funds V and Shareholders of Delaware Wealth Builder Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware Wealth Builder Fund (one of the funds constituting Delaware Group^®Equity Funds V, referred to hereafter as the “Fund”) as of November 30, 2021, the related statement of operations for the year ended November 30, 2021, the statements of changes in net assets for each of the two years in the period ended November 30, 2021, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2021 and the financial highlights for each of the five years in the period ended November 30, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2021 by correspondence with the custodian, transfer agents, brokers and portfolio company investees; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 21, 2022

We have served as the auditor of one or more investment companies in Delaware Funds by Macquarie^®since 2010.

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Other Fund information (Unaudited)
Delaware Wealth Builder Fund

Tax Information

For the fiscal year ended November 30, 2021, the Fund reports distributions paid during the year as follows:

(A) Ordinary Income Distribution (Tax Basis)*		100.00%
Total Distributions (Tax Basis)		100.00%
(B) Qualified Dividends¹		79.75%

____________________

(A)	is based on a percentage of the Fund’s total distributions.
(B)	is based on the Fund’s ordinary income distributions.
¹	Qualified dividends represent dividends which qualify for the corporate dividends received deduction.
*	For the fiscal year ended November 30, 2021, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%. The percentage of dividends paid by the Fund from ordinary income reported as qualified income is 91.94%. Complete information will be computed and reported in conjunction with your 2021 Form 1099-DIV.

For the fiscal year ended November 30, 2021, certain dividends paid by the Fund, determined to be Qualified Short-term Capital Gains may be subject to relief from US withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004; the Tax Relief Unemployment Insurance Reauthorization, and Job Creations Act of 2010; and as extended by the American Taxpayer Relief Act of 2012. For the year ended November 30, 2021, the Fund has reported maximum distributions of Qualified short-term capital gain of $11,881,093.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware Wealth Builder Fund at a meeting held August 10-12, 2021

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Other Fund information (Unaudited)
Delaware Wealth Builder Fund

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware Wealth Builder Fund at a meeting held August 10-12, 2021 (continued)

Investment Management Business Trust (“MIMBT”), and the Sub-Advisory Agreements with Macquarie Funds Management Hong Kong Limited (“MFMHK”), Macquarie Investment Management Global Limited (“MIMGL”), Macquarie Investment Management Europe Limited (“MIMEL”), and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Asset Management”) concerning, among other things, the nature, extent, and quality of services provided to the Fund; the costs of such services to the Fund; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2021, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Fund policies.

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The Performance Universe for the Fund consisted of the Fund and all retail and institutional flexible portfolio funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the fourth quartile of its Performance Universe. The report further showed that the Fund’s total return for the 3- and 5-year periods was in the third quartile of its Performance Universe and the Fund’s total return for the 10-year period was in the second quartile of its Performance Universe. The Board observed that the Fund’s performance results were mixed. In evaluating the Fund’s performance, the Board considered the performance attribution included in the Meeting materials, as well as the numerous investment and performance reports delivered by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking action to improve Fund performance and meet the Board’s performance objective.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Fund as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Fund versus effective management fees and total expense ratios of a group of similar funds (the “Expense Group”). In reviewing comparative costs, the Fund’s contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Fund) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Fund’s total expenses were also

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Other Fund information (Unaudited)
Delaware Wealth Builder Fund

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware Wealth Builder Fund at a meeting held August 10-12, 2021 (continued)

compared with those of its Expense Group and, for comparative consistency, included 12b-1 and non-12b-1 service fees. The Board’s objective is for each Fund’s total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Fund showed that its actual management fee and total expenses were in the quartile with the second highest expenses of its Expense Group. The Board noted that the Fund’s total expenses were not in line with the Board’s objective. In evaluating the total expenses, the Board considered fee waivers in place through March 2022 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight, and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Fund’s total expense ratio and to bring it in line with the Board’s objective.

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in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. The Board noted that, as of March 31, 2021, the Fund’s net assets exceeded the final breakpoint level. Although, as of March 31, 2021, the Fund had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Fund increases sufficiently in size, then economies of scale may be shared.

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee

Shawn K. Lytle¹	President,	President and	Global Head of Macquarie	150	Trustee — UBS Relationship
610 Market Street	Chief Executive	Chief Executive	Investment Management²		Funds, SMA Relationship Trust,
Philadelphia, PA	Officer,	Officer	(January 2019–Present)		and UBS Funds
19106-2354	and Trustee	since August 2015	Head of Americas of		(May 2010–April 2015)
February 1970		Trustee since	Macquarie Group
		September 2015	(December 2017–Present)
			Deputy Global Head of
			Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment
			Management Americas
			(2015–2017)

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				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees

Jerome D.	Trustee	Since January 2019	Managing Member, Stonebrook	150	None
Abernathy			Capital Management, LLC
610 Market Street			(financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959

Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	150	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March
19106-2354		2015
October 1947

Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private	150	Director — Banco Santander
610 Market Street			Wealth Management		International
Philadelphia, PA			(2011–2013) and Market		(October 2016–December 2019)
19106-2354			Manager, New Jersey Private		Director — Santander Bank, N.A.
November 1958			Bank (2005–2011) — J.P.		(December 2016–December
			Morgan Chase & Co.		2019)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Joseph W. Chow	Trustee	Since January 2013	Private Investor	150	Director and Audit Committee
610 Market Street			(April 2011–Present)		Member — Hercules Technology
Philadelphia, PA					Growth Capital, Inc.
19106-2354					(July 2004–July 2014)
January 1953

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				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

H. Jeffrey Dobbs³	Trustee	Since December 2021	Global Sector Chairman,	150	Director, Valparaiso University
610 Market Street			Industrial Manufacturing,		(2012–Present)
Philadelphia, PA			KPMG LLP		Director, TechAccel LLC
19106-2354			(2010-2015)		(2015–Present)(Tech R&D)
May 1955					Board Member, Kansas City
					Repertory Theatre
					(2015–Present)
					Board Member, Patients
					Voices, Inc. (healthcare)
					(2018–Present)
					Kansas City Campus for Animal
					Care (2018–Present)
					Director, National Association of
					Manufacturers (2010–2015)
					Director, The Children’s Center
					(2003–2015)
					Director, Metropolitan Affairs
					Coalition (2003–2015)
					Director, Michigan Roundtable
					for Diversity and Inclusion
					(2003–2015)
					Trustee, Ivy Funds Complex
					(2019–2021)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

John A. Fry	Trustee	Since January 2001	Drexel University	150	Director; Compensation
610 Market Street			(August 2010–Present)		Committee and Governance
Philadelphia, PA			President — Franklin & Marshall		Committee Member —
19106-2354			College		Community Health Systems
May 1960			(July 2002–June 2010)		(May 2004–Present)
					Director — Drexel Morgan & Co.
					(2015–2019)
					Director, Audit and
					Compensation Committee
					Member — vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit Committee
					Member — FS Credit Real Estate
					Income Trust, Inc.
					(2018–Present)
					Director — Federal Reserve
					Bank of Philadelphia
					(January 2020–Present)

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				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Joseph Harroz, Jr.³	Trustee	Since December 2021	President (2020–Present), Interim	150	Director, OU Medicine, Inc.
610 Market Street			President (2019–2020), Vice		(2020–Present)
Philadelphia, PA			President (2010–2019) and Dean		Director and Shareholder,
19106-2354			(2010–2019), College of Law,		Valliance Bank
January 1967			University of Oklahoma;		(2007–Present)
			Managing Member, Harroz		Director, Foundation Healthcare
			Investments, LLC, (commercial		(formerly Graymark HealthCare)
			enterprises) (1998–2019);		(2008–2017)
			Managing Member, St. Clair,		Trustee, the Mewbourne Family
			LLC (commercial enterprises)		Support Organization
			(2019–Present)		(2006–Present) (non-profit)
					Independent Director, LSQ
					Manager, Inc. (real estate)
					(2007–2016)
					Director, Oklahoma Foundation
					for Excellence (non-profit)
					(2008–Present)
					Trustee, Ivy Funds Complex
					(1998–2021)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Sandra A.J.	Trustee	Since December 2021	Chief Administrative Officer,	150	Director, Hall Family Foundation
Lawrence³			Children’s Mercy Hospitals and		(1993–Present)
610 Market Street			Clinics		Director, Westar Energy (utility)
Philadelphia, PA			(2016–2019);		(2004–2018)
19106-2354			CFO, Children’s Mercy Hospitals		Trustee, Nelson-Atkins Museum
September 1957			and Clinics		of Art (non-profit) (2021–Present)
			(2005–2016)		(2007–2020)
					Director, Turn the Page KC
					(non-profit) (2012–2016)
					Director, Kansas Metropolitan
					Business and Healthcare
					Coalition (non-profit) (2017–2019)
					Director, National Association of
					Corporate Directors (non-profit)
					National Board (2022–Present);
					Regional Board (2017–2021)
					Director, American Shared
					Hospital Services (medical
					device) (2017–2021)
					Director, Evergy, Inc., Kansas
					City Power & Light Company,
					KCP&L Greater Missouri
					Operations Company, Westar
					Energy, Inc. and Kansas Gas and
					Electric Company (related utility
					companies) (2018–Present)

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				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Sandra A.J.	Trustee	Since December 2021	Chief Administrative Officer,	150	Director, Stowers (research)
Lawrence³			Children’s Mercy Hospitals and		(2018)
(continued)			Clinics		Co-Chair, Women Corporate
610 Market Street			(2016–2019);		Directors (director education)
Philadelphia, PA			CFO, Children’s Mercy Hospitals		(2018–2020)
19106-2354			and Clinics		Trustee, Ivy Funds Complex
September 1957			(2005–2016)		(2019-2021)
					Director, Brixmor Property
					Group Inc.
					(2021–Present)
					Director, Sera Prognostics Inc.
					(biotechnology)
					(2021–Present)
					Director, Recology (resource
					recovery)
					(2021–Present)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Frances A.	Trustee	Since September	Private Investor	150	Trust Manager and Audit
Sevilla-Sacasa		2011	(January 2017–Present)		Committee Chair — Camden
610 Market Street			Chief Executive Officer — Banco		Property Trust
Philadelphia, PA			Itaú International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Audit
January 1956			Executive Advisor to Dean		and Compensation
			(August 2011–March 2012) and		Committee Member —
			Interim Dean		Callon Petroleum Company
			(January 2011–July 2011) —		(December 2019–Present)
			University of Miami School of		Director — New Senior
			Business Administration		Investment Group Inc.
			President — U.S. Trust, Bank of		(January 2021–September 2021)
			America Private Wealth		Director; Audit Committee
			Management (Private Banking)		Member — Carrizo Oil & Gas,
			(July 2007-December 2008)		Inc. (March 2018–December
					2019)

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				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman — PNC Financial	150	Director — HSBC North America
610 Market Street			Services Group		Holdings Inc.
Philadelphia, PA			(2010–April 2013)		(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank USA,
					National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April 2018)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and	150	Director; Finance Committee and
610 Market Street			President — Gore Creek Capital,		Audit Committee Member —
Philadelphia, PA			Ltd. (August 2009–Present)		H&R Block Corporation
19106-2354					(July 2008–Present)
August 1959					Director; Investments
					Committee, Capital and Finance
					Committee, and Audit
					Committee Member — Grange
					Insurance (2013–Present)
					Trustee; Chair of Nominating and
					Governance Committee and
					Audit Committee Member —
					The Merger Fund
					(2013–October 2021),
					The Merger Fund VL
					(2013–October 2021); WCM
					Alternatives: Event-Driven Fund
					(2013–October 2021), and WCM
					Alternatives: Credit Event Fund
					(December 2017–October 2021)
					Director; Chair of Governance
					Committee and Audit Committee
					Member — International
					Securities Exchange (2010–2016)

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				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer	150	Director; Personnel and
610 Market Street			(January 2006–July 2012), Vice		Compensation Committee Chair;
Philadelphia, PA			President — Mergers &		Member of Nominating,
19106-2354			Acquisitions		Investments, and Audit
July 1948			(January 2003–January 2006),		Committees for various periods
			and Vice President and Treasurer		throughout directorship —
			(July 1995–January 2003) — 3M		Okabena Company (2009–2017)
			Company

Officers

David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in	150	None⁴
610 Market Street	General Counsel, and	since May 2013;	various capacities at different
Philadelphia, PA	Secretary	General Counsel	times at Macquarie Investment
19106-2354		since May 2015;	Management.
December 1963		Secretary since
		October 2005

Daniel V. Geatens	Senior Vice President	Senior Vice President	Daniel V. Geatens has served in	150	None⁴
610 Market Street	and Treasurer	and Treasurer since	various capacities at different
Philadelphia, PA		October 2007	times at Macquarie Investment
19106-2354			Management.
October 1972

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Richard Salus	Senior Vice President	Senior Vice President	Richard Salus has served in	150	None
610 Market Street	and Chief Financial	and Chief Financial	various capacities at different
Philadelphia, PA	Officer	Officer since	times at Macquarie Investment
19106-2354		November 2006	Management.
October 1963

¹	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
²	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.
³	Messrs. Dobbs and Harroz and Ms. Lawrence were elected as Trustees of the Trust effective December 17, 2021.
⁴	David F. Connor serves as Senior Vice President and Secretary, and Daniel V. Geatens serves as Senior Vice President, Treasurer, and Chief Financial Officer, for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

100

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About the organization

Board of trustees

Shawn K. Lytle President and Chief Executive Officer Delaware Funds by Macquarie^® Philadelphia, PA Jerome D. Abernathy Managing Member, Stonebrook Capital Management, LLC Jersey City, NJ Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA	Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA H. Jeffrey Dobbs Former Global Sector Chairman Industrial Manufacturing, KPMG, LLP Detroit, MI	John A. Fry President Drexel University Philadelphia, PA Joseph Harroz, Jr. President University of Oklahoma Norman, OK Sandra A.J. Lawrence Former Chief Administrative Officer Children’s Mercy Hospitals and Clinics Kansas City, MO	Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Miami, FL Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Pittsburgh, PA 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

Affiliated officers

David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie Philadelphia, PA	Daniel V. Geatens Senior Vice President and Treasurer Delaware Funds by Macquarie Philadelphia, PA	Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie Philadelphia, PA

This annual 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.

101

Item 2. Code of Ethics

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant’s Code of Business Ethics has been posted on the Delaware Funds by Macquarie^® Internet Web site at www.delawarefunds.com. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.

Item 3. Audit Committee Financial Expert

The registrant’s Board of Trustees has determined that certain members of the registrant’s Audit Committee are audit committee financial experts, as defined below. For purposes of this item, an “audit committee financial expert” is a person who has the following attributes:

a. An understanding of generally accepted accounting principles and financial statements;

b. The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;

c. Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements, or experience actively supervising one or more persons engaged in such activities;

d. An understanding of internal controls and procedures for financial reporting; and

e. An understanding of audit committee functions.

An “audit committee financial expert” shall have acquired such attributes through:

a. Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;

b. Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;

c. Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or

d. Other relevant experience.

The registrant’s Board of Trustees has also determined that each member of the registrant’s Audit Committee is independent. In order to be “independent” for purposes of this item, the Audit Committee member may not: (i) other than in his or her capacity as a member of the Board of Trustees or any committee thereof, accept directly or indirectly any consulting, advisory or other compensatory fee from the issuer; or (ii) be an “interested person” of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.

The names of the audit committee financial experts on the registrant’s Audit Committee are set forth below:

John A. Fry
Thomas K. Whitford, Chair

Item 4. Principal Accountant Fees and Services

(a) Audit fees.

The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $91,494 for the fiscal year ended November 30, 2021.

The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $101,660 for the fiscal year ended November 30, 2020.

(b) Audit-related fees.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended November 30, 2021.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $1,134,001 for the registrant’s fiscal year ended November 30, 2021. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year-end audit procedures; group reporting and subsidiary statutory audits.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $903,282 for the registrant’s fiscal year ended November 30, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year-end audit procedures; group reporting and subsidiary statutory audits.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $15,579 for the fiscal year ended November 30, 2021. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended November 30, 2021.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $17,310 for the fiscal year ended November 30, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

(d) All other fees.

The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were [$0] for the fiscal year ended November 30, 2021.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended November 30, 2021. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended November 30, 2020.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended November 30, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

(e) The registrant’s Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the “Pre-Approval Policy”) with respect to services provided by the registrant’s independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the Delaware Funds by Macquarie^®.

Service	Range of Fees
Audit Services
Statutory audits or financial audits for new Funds	up to $50,000 per Fund
Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters	up to $10,000 per Fund
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit-related services” rather than “audit services”)	up to $25,000 in the aggregate
Audit-Related Services
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and /or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit services” rather than “audit-related services”)	up to $25,000 in the aggregate
Tax Services
U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds’ tax compliance function, etc.)	up to $25,000 in the aggregate
U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.)	up to $5,000 per Fund
Review of federal, state, local and international income, franchise and other tax returns	up to $5,000 per Fund

Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant’s investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the “Control Affiliates”) up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates.

Service	Range of Fees
Non-Audit Services
Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters	up to $10,000 in the aggregate

The Pre-Approval Policy requires the registrant’s independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s independent auditors for services rendered to the registrant and to its investment adviser and other service providers under common control with the adviser were $9,044,000 and $8,455,000 for the registrant’s fiscal years ended November 30, 2021 and November 30, 2020, respectively.

(h) In connection with its selection of the independent auditors, the registrant’s Audit Committee has considered the independent auditors’ provision of non-audit services to the registrant’s investment adviser and other service providers under common control with the adviser that were not required to be pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit Committee has determined that the independent auditors’ provision of these services is compatible with maintaining the auditors’ independence.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits

(a) (1) Code of Ethics

Not applicable.

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

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

Not applicable.

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

SIGNATURES

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

DELAWARE GROUP^®EQUITY FUNDS V

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

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

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

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

Board of trustees

Shawn K. Lytle
President and
Chief Executive Officer
Delaware Funds
by Macquarie^®
Philadelphia, PA

Jerome D. Abernathy
Managing Member,
Stonebrook Capital
Management, LLC
Jersey City, NJ

Thomas L. Bennett
Chairman of the Board
Delaware Funds
by Macquarie
Private Investor
Rosemont, PA

Ann D. Borowiec
Former Chief Executive
Officer
Private Wealth Management
J.P. Morgan Chase & Co.
New York, NY

Joseph W. Chow
Former Executive Vice
President
State Street Corporation
Boston, MA

H. Jeffrey Dobbs
Former Global Sector
Chairman
Industrial Manufacturing,
KPMG, LLP
Detroit, MI

John A. Fry
President
Drexel University
Philadelphia, PA

Joseph Harroz, Jr.
President
University of Oklahoma
Norman, OK

Sandra A.J. Lawrence
Former Chief Administrative
Officer
Children’s Mercy Hospitals
and Clinics
Kansas City, MO

Frances A.
Sevilla-Sacasa
Former Chief Executive
Officer
Banco Itaú International
Miami, FL

Thomas K. Whitford
Former Vice Chairman
PNC Financial Services
Group
Pittsburgh, PA

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

Affiliated officers

David F. Connor
Senior Vice President,
General Counsel,
and Secretary
Delaware Funds
by Macquarie
Philadelphia, PA

Daniel V. Geatens
Senior Vice President and
Treasurer
Delaware Funds
by Macquarie
Philadelphia, PA

Richard Salus
Senior Vice President and
Chief Financial Officer
Delaware Funds
by Macquarie
Philadelphia, PA