UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:		811-04997

Exact name of registrant as specified in charter:		Delaware Group^®Equity Funds V

Address of principal executive offices:		610 Market Street
		Philadelphia, PA 19106

Name and address of agent for service:		David F. Connor, Esq.
		610 Market Street
		Philadelphia, PA 19106

Registrant’s telephone number, including area code:		(800) 523-1918

Date of fiscal year end:		November 30

Date of reporting period:		May 31, 2022

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Item 1. Reports to Stockholders



		Semiannual report

Multi-asset mutual fund

Delaware Wealth Builder Fund

May 31, 2022

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

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

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

Manage your account online

●	Check your account balance and transactions
●	View statements and tax forms
●	Make purchases and redemptions

Visit delawarefunds.com/account-access.

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.

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

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

The Fund is governed by US laws and regulations.

Table of contents

Disclosure of Fund expenses		1
Security type / sector allocation and top 10 equity holdings		3
Schedule of investments		6
Statement of assets and liabilities		41
Statement of operations		43
Statements of changes in net assets		45
Financial highlights		48
Notes to financial statements		56
Other Fund information		79
About the organization		80

Unless otherwise noted, views expressed herein are current as of May 31, 2022, 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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Disclosure of Fund expenses
For the six-month period from December 1, 2021 to May 31, 2022 (Unaudited)

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

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from December 1, 2021 to May 31, 2022.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

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

	Beginning		Ending			Expenses
	Account Value		Account Value		Annualized	Paid During Period
	12/1/21		5/31/22		Expense Ratio	12/1/21 to 5/31/22*
Actual Fund return^†
Class A	$	1,000.00	$	991.10	1.08%	$	5.36
Class C		1,000.00		987.30	1.83%		9.07
Class R		1,000.00		990.50	1.33%		6.60
Institutional Class		1,000.00		993.00	0.83%		4.12
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.55	1.08%	$	5.44
Class C		1,000.00		1,015.81	1.83%		9.20
Class R		1,000.00		1,018.30	1.33%		6.69
Institutional Class		1,000.00		1,020.79	0.83%		4.18

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

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

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Security type / sector allocation and top 10 equity holdings
Delaware Wealth Builder Fund	As of May 31, 2022 (Unaudited)

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

Security type / sector	Percentage of net assets
Agency Mortgage-Backed Securities	2.72	%
Collateralized Debt Obligations	0.20	%
Convertible Bonds	6.52	%
Corporate Bonds	12.81	%
Automotive	0.25	%
Banking	1.68	%
Basic Industry	0.65	%
Capital Goods	0.43	%
Communications	0.87	%
Consumer Cyclical	0.43	%
Consumer Goods	0.12	%
Consumer Non-Cyclical	0.63	%
Electric	0.60	%
Energy	1.67	%
Financials	0.63	%
Healthcare	0.62	%
Insurance	0.52	%
Leisure Time	0.41	%
Media	0.62	%
Natural Gas	0.05	%
Real Estate Investment Trusts	0.07	%
Retail	0.31	%
Services	0.27	%
Technology	0.84	%
Technology & Electronics	0.20	%
Telecommunications	0.41	%
Transportation	0.32	%
Utilities	0.21	%
Non-Agency Asset-Backed Securities	0.22	%
Non-Agency Collateralized Mortgage Obligations	0.03	%
Non-Agency Commercial Mortgage-Backed Securities	1.27	%
Sovereign Bonds	1.46	%
Supranational Banks	0.27	%
US Treasury Obligations	8.65	%
Common Stocks	57.20	%
Banking	0.00	%
Communication Services	3.43	%

Table of Contents

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

Security type / sector	Percentage of net assets
Consumer Discretionary		6.84	%
Consumer Staples		3.89	%
Energy		4.46	%
Financials		6.87	%
Healthcare		8.97	%
Industrials		3.19	%
Information Technology		13.10	%
Materials		1.33	%
Media		0.00	%
REIT Diversified		0.49	%
REIT Healthcare		0.42	%
REIT Hotel		0.08	%
REIT Industrial		0.43	%
REIT Information Technology		0.23	%
REIT Mall		0.08	%
REIT Manufactured Housing		0.12	%
REIT Multifamily		0.99	%
REIT Office		0.15	%
REIT Self-Storage		0.36	%
REIT Shopping Center		0.32	%
REIT Single Tenant		0.19	%
REIT Specialty		0.31	%
Utilities		0.95	%
Convertible Preferred Stock		1.42	%
Exchange-Traded Funds		2.57	%
Limited Partnerships		1.77	%
Leveraged Non-Recourse Security		0.00	%
Options Purchased		0.00	%
Short-Term Investments		2.39	%
Total Value of Securities Before Options Written		99.50	%
Options Written		(0.00	%)
Receivables and Other Assets Net of Liabilities		0.50	%
Total Net Assets		100.00	%

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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
Apple		2.16	%
Microsoft		2.01	%
Johnson & Johnson		1.41	%
ConocoPhillips		1.32	%
Broadcom		1.16	%
Merck & Co.		1.11	%
TJX		1.04	%
MetLife		1.03	%
Verizon Communications		1.00	%
Exxon Mobil		0.90	%

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Schedule of investments
Delaware Wealth Builder Fund	May 31, 2022 (Unaudited)

			Principal
			amount^°	Value (US $)
Agency Mortgage-Backed Securities – 2.72%
	Fannie Mae
		4.50% 2/1/44	46,320	$	48,057
	Fannie Mae S.F. 15 yr
		2.00% 2/1/36	142,237		134,533
		2.50% 7/1/36	260,527		252,501
	Fannie Mae S.F. 20 yr
		2.00% 3/1/41	42,314		38,219
		2.00% 5/1/41	181,331		163,795
		3.00% 3/1/33	255,358		251,724
	Fannie Mae S.F. 30 yr
		2.00% 12/1/50	23,629		21,033
		2.00% 1/1/51	68,844		61,371
		2.00% 2/1/51	45,736		40,800
		2.00% 3/1/51	46,017		41,045
		2.00% 5/1/51	276,609		246,109
		2.00% 6/1/51	901,950		804,512
		2.50% 1/1/43	19,388		18,059
		2.50% 6/1/51	31,490		29,257
		2.50% 8/1/51	470,411		434,744
		2.50% 2/1/52	839,940		775,429
		3.00% 11/1/48	10,350		10,014
		3.00% 12/1/49	5,619		5,388
		3.00% 3/1/50	86,758		83,583
		3.00% 7/1/50	165,311		159,206
		3.00% 7/1/51	173,234		165,847
		3.00% 8/1/51	74,447		71,115
		3.00% 3/1/52	853,244		813,440
		3.50% 12/1/47	299,132		296,629
		3.50% 1/1/48	93,992		93,285
		3.50% 2/1/48	55,414		55,068
		3.50% 11/1/48	15,559		15,463
		3.50% 12/1/49	170,259		168,355
		3.50% 1/1/52	678,362		666,373
		3.50% 5/1/52	297,656		293,145
		4.00% 4/1/47	8,666		8,846
		4.00% 6/1/48	99,667		101,177
		4.00% 9/1/48	4,284		4,330
		4.00% 6/1/49	7,922		8,047
		4.50% ω	270,000		274,683
		4.50% 10/1/45	61,074		63,683
		4.50% 11/1/47	31,383		32,862
		4.50% 4/1/48	370,481		387,854

Table of Contents

			Principal
			amount^°	Value (US $)
Agency Mortgage-Backed Securities (continued)
	Fannie Mae S.F. 30 yr
		4.50% 7/1/48	294,637	$	300,547
		4.50% 1/1/49	116,659		121,944
		4.50% 1/1/50	30,179		31,322
		5.00% 7/1/49	99,959		104,487
	Freddie Mac S.F. 15 yr
		2.00% 12/1/35	66,311		62,725
		3.00% 3/1/35	125,669		124,497
	Freddie Mac S.F. 20 yr
		2.00% 3/1/41	48,196		43,530
		2.50% 6/1/41	411,257		384,565
		3.00% 9/1/40	116,705		112,819
		3.00% 4/1/42	245,638		237,460
		3.50% 9/1/35	179,545		182,000
	Freddie Mac S.F. 30 yr
		2.00% 9/1/51	177,066		158,212
		2.50% 10/1/50	37,010		34,354
		2.50% 11/1/50	59,843		55,159
		2.50% 2/1/51	22,645		21,015
		3.00% 1/1/50	9,725		9,332
		3.00% 8/1/51	793,946		759,209
		3.50% 8/1/49	258,383		255,233
		4.00% 7/1/47	2,591		2,637
		4.00% 10/1/47	25,625		25,919
		4.00% 4/1/52	137,151		137,273
		4.50% 4/1/49	9,642		10,017
		4.50% 8/1/49	24,946		26,107
		3.50% 4/1/52	28,743		28,314
	GNMA I S.F. 30 yr
		3.00% 8/15/45	56,008		54,253
Total Agency Mortgage-Backed Securities
	(cost $11,229,691)				10,422,511

Collateralized Debt Obligations – 0.20%
	Cedar Funding IX CLO
		Series 2018-9A A1 144A 2.043% (LIBOR03M +
		0.98%, Floor 0.98%) 4/20/31 #, ●	250,000		245,569
	Octagon Investment Partners 48
		Series 2020-3A AR 144A 2.213% (LIBOR03M
		+ 1.15%, Floor 1.15%) 10/20/34 #, ●	300,000		289,537

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

			Principal
			amount^°	Value (US $)
Collateralized Debt Obligations (continued)
	Sound Point Clo XXI
		Series 2018-3A A1A 144A 2.394% (LIBOR03M
		+ 1.18%, Floor 1.18%) 10/26/31 #, ●	250,000	$	245,387
Total Collateralized Debt Obligations
	(cost $793,157)				780,493

Convertible Bonds – 6.52%
Basic Industry – 0.13%
	Ivanhoe Mines 144A 2.50% exercise price $7.43,
		maturity date 4/15/26 #	393,000		494,001
					494,001
Capital Goods – 0.16%
	Kaman 3.25% exercise price $65.26, maturity
		date 5/1/24	651,000		624,960
					624,960
Communications – 0.74%
	Cable One 1.125% exercise price $2,275.83,
		maturity date 3/15/28	883,000		752,316
	DISH Network 3.375% exercise price $65.18,
		maturity date 8/15/26	1,115,000		843,314
	Liberty Broadband 144A 1.25% exercise price
		$900.01, maturity date 9/30/50 #	974,000		923,037
	Liberty Latin America 2.00% exercise price
		$20.65, maturity date 7/15/24	373,000		334,728
					2,853,395
Consumer Cyclical – 0.45%
	Cheesecake Factory 0.375% exercise price
		$77.83, maturity date 6/15/26	1,133,000		924,731
	Ford Motor 0.368% exercise price $17.31,
		maturity date 3/15/26 ^	596,000		624,012
	fuboTV 3.25% exercise price $57.78, maturity
		date 2/15/26	521,000		161,510
					1,710,253
Consumer Non-Cyclical – 1.64%
	BioMarin Pharmaceutical 0.599% exercise price
		$124.67, maturity date 8/1/24	424,000		419,124
	Chefs' Warehouse 1.875% exercise price $44.20,
		maturity date 12/1/24	938,000		1,025,892
	Chegg 4.269% exercise price $107.55, maturity
		date 9/1/26 ^	1,224,000		954,720

Table of Contents

			Principal
			amount^°	Value (US $)
Convertible Bonds (continued)
Consumer Non-Cyclical (continued)
	Coherus Biosciences 1.50% exercise price
		$19.26, maturity date 4/15/26	528,000	$	370,661
	Collegium Pharmaceutical 2.625% exercise price
		$29.19, maturity date 2/15/26	539,000		456,533
	Integra LifeSciences Holdings 0.50% exercise
		price $73.67, maturity date 8/15/25	825,000		854,546
	Ionis Pharmaceuticals 0.125% exercise price
		$83.28, maturity date 12/15/24	612,000		538,866
	Jazz Investments I 2.00% exercise price $155.81,
		maturity date 6/15/26	365,000		425,536
	Neurocrine Biosciences 2.25% exercise price
		$75.92, maturity date 5/15/24	232,000		302,367
	Paratek Pharmaceuticals 4.75% exercise price
		$15.90, maturity date 5/1/24	1,065,000		919,308
					6,267,553
Electric — 0.25%
	NextEra Energy Partners 144A 0.357% exercise
		price $75.96, maturity date 11/15/25 #, ^	289,000		295,647
	NRG Energy 2.75% exercise price $44.15,
		maturity date 6/1/48	540,000		652,320
					947,967
Energy — 0.24%
	Helix Energy Solutions Group 6.75% exercise
		price $6.97, maturity date 2/15/26	853,000		929,599
					929,599
Financials — 0.45%
	FTI Consulting 2.00% exercise price $101.37,
		maturity date 8/15/23	480,000		809,856
	Repay Holdings 144A 2.419% exercise price
		$33.60, maturity date 2/1/26 #, ^	1,188,000		926,640
					1,736,496
Industrials — 0.29%
	Chart Industries 144A 1.00% exercise price
		$58.73, maturity date 11/15/24 #	331,000		1,000,889
	Danimer Scientific 144A 3.25% exercise price
		$10.79, maturity date 12/15/26 #	154,000		107,954
					1,108,843

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Schedule of investments
Delaware Wealth Builder Fund

			Principal
			amount^°	Value (US $)
Convertible Bonds (continued)
Real Estate Investment Trusts — 0.23%
	Blackstone Mortgage Trust 4.75% exercise price
		$36.23, maturity date 3/15/23	635,000	$	640,715
	Summit Hotel Properties 1.50% exercise price
		$11.99, maturity date 2/15/26	246,000		231,486
					872,201
Technology — 1.47%
	Block 0.125% exercise price $121.01, maturity
		date 3/1/25	445,000		478,653
	InterDigital 144A 3.50% exercise price $77.50,
		maturity date 6/1/27 #	1,004,000		1,067,754
	Microchip Technology 1.625% exercise price
		$46.43, maturity date 2/15/27	365,000		755,550
	ON Semiconductor 1.625% exercise price $20.72,
		maturity date 10/15/23	337,000		991,168
	Palo Alto Networks 0.75% exercise price $266.35,
		maturity date 7/1/23	389,000		743,832
	Quotient Technology 1.75% exercise price
		$17.36, maturity date 12/1/22	547,000		521,728
	RingCentral 4.55% exercise price $360.43,
		maturity date 3/1/25 ^	581,000		499,660
	Vishay Intertechnology 2.25% exercise price
		$31.30, maturity date 6/15/25	326,000		320,348
	Wolfspeed 144A 0.25% exercise price $127.22,
		maturity date 2/15/28 #	305,000		272,723
					5,651,416
Transportation — 0.47%
	Seaspan 144A 3.75% exercise price $13.01,
		maturity date 12/15/25 #	718,000		828,572
	Spirit Airlines 1.00% exercise price $49.07,
		maturity date 5/15/26	1,113,000		968,867
					1,797,439
Total Convertible Bonds
	(cost $24,201,170)				24,994,123

Corporate Bonds — 12.81%
Automotive — 0.25%
	Allison Transmission 144A 5.875% 6/1/29 #		335,000		336,414
	Ford Motor Credit
		3.375% 11/13/25	240,000		230,064
		4.542% 8/1/26	260,000		255,797

Table of Contents

				Principal
				amount^°	Value (US $)
Corporate Bonds (continued)
Automotive (continued)
	Goodyear Tire & Rubber 5.25% 7/15/31			135,000	$	123,100
						945,375
Banking — 1.68%
	Banco Continental 144A 2.75% 12/10/25 #			200,000		179,260
	Banco del Estado de Chile 144A 2.704% 1/9/25 #			205,000		196,569
	Banco Nacional de Panama 144A 2.50%
		8/11/30 #		200,000		164,400
	Bank of America
		1.922% 10/24/31 µ		560,000		462,963
		2.456% 10/22/25 µ		15,000		14,541
		2.482% 9/21/36 µ		140,000		113,482
		2.884% 10/22/30 µ		20,000		18,083
		3.194% 7/23/30 µ		55,000		50,914
	Barclays 6.125% 12/15/25 µ, ψ			200,000		197,220
	BBVA Bancomer
		144A 1.875% 9/18/25 #		200,000		185,313
		144A 6.75% 9/30/22 #		274,000		277,485
	Citigroup 4.45% 9/29/27			465,000		466,923
	Credit Agricole 144A 2.811% 1/11/41 #			275,000		198,782
	Credit Suisse Group 144A 2.593% 9/11/25 #, µ			250,000		239,317
	Deutsche Bank
		2.222% 9/18/24 µ		300,000		292,503
		6.00% 10/30/25 µ, ψ		200,000		188,132
	Development Bank of Kazakhstan 144A 10.95%
		5/6/26 #	KZT	100,000,000		183,752
	Goldman Sachs Group
		1.542% 9/10/27 µ		105,000		94,251
		2.615% 4/22/32 µ		355,000		306,284
		3.50% 4/1/25		80,000		79,960
	JPMorgan Chase & Co.
		1.764% 11/19/31 µ		80,000		65,668
		2.58% 4/22/32 µ		435,000		379,804
		2.739% 10/15/30 µ		20,000		18,098
		5.00% 8/1/24 µ, ψ		85,000		78,980
	Morgan Stanley
		1.794% 2/13/32 µ		315,000		258,771
		2.484% 9/16/36 µ		70,000		56,522
		5.00% 11/24/25		95,000		98,399
	NBK SPC 144A 1.625% 9/15/27 #, µ			200,000		180,291
	PNC Financial Services Group 2.60% 7/23/26			180,000		173,726

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	State Street
		3.10% 5/15/23	10,000	$	10,065
		3.30% 12/16/24	130,000		131,037
	SVB Financial Group 4.00% 5/15/26 µ, ψ		305,000		248,956
	Truist Bank 2.636% 9/17/29 µ		185,000		179,353
	Truist Financial 4.95% 9/1/25 µ, ψ		55,000		54,989
	US Bancorp
		3.00% 7/30/29	150,000		139,578
		3.10% 4/27/26	210,000		206,344
		3.375% 2/5/24	60,000		60,389
	Wells Fargo & Co. 3.526% 3/24/28 µ		190,000		184,829
					6,435,933
Basic Industry — 0.65%
	Allegheny Technologies 5.125% 10/1/31		75,000		67,746
	AngloGold Ashanti Holdings 3.75% 10/1/30		200,000		173,540
	Antofagasta 144A 5.625% 5/13/32 #		200,000		204,450
	Avient 144A 5.75% 5/15/25 #		88,000		89,068
	Chemours 144A 5.75% 11/15/28 #		180,000		177,918
	Corp Nacional del Cobre de Chile 144A 3.15%
		1/14/30 #	200,000		181,759
	First Quantum Minerals 144A 7.50% 4/1/25 #		250,000		252,392
	Freeport-McMoRan 5.45% 3/15/43		230,000		226,536
	INEOS Quattro Finance 2 144A 3.375% 1/15/26 #		200,000		185,487
	New Gold 144A 7.50% 7/15/27 #		165,000		154,792
	Newmont 2.80% 10/1/29		190,000		173,084
	Novelis 144A 4.75% 1/30/30 #		175,000		166,284
	OCP 144A 3.75% 6/23/31 #		200,000		166,546
	Olin 5.00% 2/1/30		100,000		97,677
	Sherwin-Williams 2.90% 3/15/52		235,000		171,776
					2,489,055
Capital Goods — 0.43%
	ARD Finance 144A PIK 6.50% 6/30/27 #, >		200,000		157,351
	Intertape Polymer Group 144A 4.375% 6/15/29 #		190,000		195,819
	Madison IAQ 144A 5.875% 6/30/29 #		150,000		117,630
	Sealed Air 144A 5.00% 4/15/29 #		130,000		129,285
	Teledyne Technologies
		0.95% 4/1/24	105,000		100,447
		2.75% 4/1/31	430,000		373,333
	Terex 144A 5.00% 5/15/29 #		195,000		181,945
	TK Elevator US Newco 144A 5.25% 7/15/27 #		200,000		195,274

Table of Contents

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
	TransDigm 144A 6.25% 3/15/26 #		187,000	$	190,455
					1,641,539
Communications — 0.87%
	AT&T
		1.70% 3/25/26	105,000		97,891
		4.35% 3/1/29	280,000		283,652
	Cellnex Finance 144A 3.875% 7/7/41 #		200,000		147,492
	Charter Communications Operating
		4.40% 12/1/61	40,000		31,099
		4.80% 3/1/50	240,000		206,862
		5.05% 3/30/29	100,000		99,691
	Comcast 3.20% 7/15/36		340,000		303,259
	Crown Castle International 1.05% 7/15/26		375,000		334,134
	Discovery Communications
		4.00% 9/15/55	40,000		30,392
		4.125% 5/15/29	240,000		229,336
	Magallanes 144A 3.755% 3/15/27 #		270,000		262,384
	Millicom International Cellular 144A 4.50%
		4/27/31 #	200,000		173,033
	Ooredoo International Finance 144A 5.00%
		10/19/25 #	200,000		207,635
	Time Warner Cable 7.30% 7/1/38		60,000		66,586
	Time Warner Entertainment 8.375% 3/15/23		25,000		25,965
	T-Mobile USA
		2.55% 2/15/31	125,000		108,643
		3.00% 2/15/41	270,000		212,380
		3.875% 4/15/30	120,000		115,518
	Verizon Communications
		2.10% 3/22/28	200,000		182,068
		4.50% 8/10/33	95,000		96,348
	Vodafone Group
		4.25% 9/17/50	110,000		97,217
		4.875% 6/19/49	40,000		38,638
					3,350,223
Consumer Cyclical — 0.43%
	Aptiv 3.10% 12/1/51		285,000		194,078
	AutoNation 1.95% 8/1/28		210,000		179,915
	B2W Digital 144A 4.375% 12/20/30 #		200,000		161,549
	Ford Motor Credit 2.90% 2/16/28		260,000		226,816

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	General Motors Financial
		1.184% (SOFR + 0.76%) 3/8/24 •	110,000	$	108,118
		4.35% 4/9/25	130,000		131,144
		5.25% 3/1/26	205,000		211,063
	Hutama Karya Persero 144A 3.75% 5/11/30 #		200,000		189,971
	Lowe's 4.25% 4/1/52		270,000		246,151
					1,648,805
Consumer Goods – 0.12%
	JBS USA LUX 144A 6.50% 4/15/29 #		220,000		223,566
	Pilgrim's Pride 144A 4.25% 4/15/31 #		110,000		102,060
	Post Holdings 144A 5.625% 1/15/28 #		120,000		119,100
					444,726
Consumer Non-Cyclical – 0.63%
	Anheuser-Busch InBev Worldwide 3.65% 2/1/26		125,000		125,302
	BAT Capital 2.259% 3/25/28		55,000		47,593
	Biogen 3.15% 5/1/50		275,000		199,838
	Bunge Finance
		1.63% 8/17/25	150,000		140,045
		2.75% 5/14/31	165,000		143,303
	Central American Bottling 144A 5.25% 4/27/29 #		200,000		191,178
	CVS Health
		2.70% 8/21/40	395,000		300,388
		3.25% 8/15/29	185,000		174,263
	Gilead Sciences 4.15% 3/1/47		250,000		230,282
	HCA 144A 3.125% 3/15/27 #		385,000		366,998
	InRetail Consumer 144A 3.25% 3/22/28 #		200,000		173,446
	Royalty Pharma 1.20% 9/2/25		370,000		339,455
					2,432,091
Electric – 0.60%
	CenterPoint Energy 1.45% 6/1/26		255,000		233,441
	Duke Energy 4.875% 9/16/24 µ, ψ		240,000		228,555
	Entergy Louisiana 4.95% 1/15/45		5,000		5,027
	Entergy Mississippi 2.85% 6/1/28		60,000		56,473
	Entergy Texas 3.55% 9/30/49		115,000		94,688
	Evergy 2.90% 9/15/29		160,000		144,563
	Evergy Metro 3.65% 8/15/25		25,000		25,068
	NextEra Energy Capital Holdings
		3.00% 1/15/52	270,000		201,723
		5.65% 5/1/79 µ	55,000		51,429

Table of Contents

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Electric (continued)
	Pacific Gas and Electric 2.10% 8/1/27		325,000	$	283,064
	PacifiCorp 2.90% 6/15/52		425,000		324,414
	Southern California Edison
		4.00% 4/1/47	320,000		274,049
		4.875% 3/1/49	45,000		42,762
	Southwestern Electric Power 4.10% 9/15/28		165,000		163,027
	UEP Penonome II 144A 6.50% 10/1/38 #		189,725		180,186
					2,308,469
Energy – 1.67%
	Ascent Resources Utica Holdings
		144A 5.875% 6/30/29 #	160,000		153,493
		144A 7.00% 11/1/26 #	80,000		80,310
	BP Capital Markets America
		2.939% 6/4/51	275,000		208,679
		3.06% 6/17/41	70,000		58,088
	Callon Petroleum 144A 8.00% 8/1/28 #		170,000		175,447
	CNX Midstream Partners 144A 4.75% 4/15/30 #		65,000		58,083
	CNX Resources
		144A 6.00% 1/15/29 #	135,000		134,392
		144A 7.25% 3/14/27 #	90,000		94,302
	ConocoPhillips 3.80% 3/15/52		225,000		205,450
	Crestwood Midstream Partners 144A 6.00%
		2/1/29 #	188,000		177,759
	Diamondback Energy 3.125% 3/24/31		235,000		213,379
	Enbridge
		1.189% (SOFR + 0.40%) 2/17/23 •	125,000		124,754
		2.50% 8/1/33	245,000		205,394
	Energy Transfer
		5.25% 4/15/29	95,000		97,304
		6.25% 4/15/49	60,000		61,364
		6.50% 11/15/26 µ, ψ	120,000		112,335
	Enterprise Products Operating 3.20% 2/15/52		335,000		253,723
	EQM Midstream Partners 144A 4.75% 1/15/31 #		260,000		226,052
	Genesis Energy
		7.75% 2/1/28	285,000		275,110
		8.00% 1/15/27	175,000		172,917
	Hilcorp Energy I
		144A 6.00% 4/15/30 #	145,000		141,279
		144A 6.25% 4/15/32 #	30,000		29,300

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
	KazTransGas 144A 4.375% 9/26/27 #		381,000	$	345,224
	Marathon Oil 4.40% 7/15/27		230,000		231,343
	MPLX
		4.00% 3/15/28	30,000		29,347
		4.125% 3/1/27	135,000		133,873
		5.50% 2/15/49	55,000		54,967
	Murphy Oil 6.375% 7/15/28		295,000		303,260
	NuStar Logistics
		5.625% 4/28/27	163,000		163,852
		6.00% 6/1/26	78,000		78,826
	Occidental Petroleum
		6.45% 9/15/36	55,000		61,600
		6.60% 3/15/46	205,000		231,916
		6.625% 9/1/30	90,000		101,007
	PDC Energy 5.75% 5/15/26		205,000		206,116
	PTTEP Treasury Center 144A 2.587% 6/10/27 #		185,000		174,015
	Qatar Energy 144A 2.25% 7/12/31 #		200,000		177,804
	Sabine Pass Liquefaction
		5.625% 3/1/25	55,000		57,186
		5.75% 5/15/24	210,000		217,046
	Southwestern Energy
		5.375% 2/1/29	20,000		20,166
		5.375% 3/15/30	95,000		96,299
		7.75% 10/1/27	85,000		89,845
	Tengizchevroil Finance Co. International 144A
		2.625% 8/15/25 #	200,000		176,600
	Tennessee Gas Pipeline 144A 2.90% 3/1/30 #		130,000		116,230
	Weatherford International 144A 8.625% 4/30/30 #		85,000		81,413
					6,406,849
Financials – 0.63%
	AerCap Holdings 5.875% 10/10/79 µ		185,000		173,684
	AerCap Ireland Capital 4.45% 4/3/26		300,000		293,864
	Air Lease
		2.875% 1/15/26	250,000		235,545
		4.65% 6/15/26 µ, ψ	135,000		116,408
	Ally Financial 8.00% 11/1/31		135,000		158,705
	Aviation Capital Group 144A 1.95% 1/30/26 #		365,000		326,707
	Bank of Georgia JSC 144A 6.00% 7/26/23 #		200,000		200,684

Table of Contents

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Financials (continued)
	Castlelake Aviation Finance 144A 5.00%
		4/15/27 #	170,000	$	146,772
	Hightower Holding 144A 6.75% 4/15/29 #		110,000		93,019
	Jefferies Group
		4.15% 1/23/30	170,000		159,860
		6.45% 6/8/27	10,000		10,849
		6.50% 1/20/43	5,000		5,270
	MAF Sukuk 3.933% 2/28/30		200,000		194,099
	Midcap Financial Issuer Trust 144A 6.50%
		5/1/28 #	200,000		170,785
	MSCI 144A 3.625% 11/1/31 #		155,000		140,628
					2,426,879
Healthcare – 0.62%
	Bausch Health 144A 6.25% 2/15/29 #		325,000		202,555
	Cheplapharm Arzneimittel 144A 5.50% 1/15/28 #		200,000		181,060
	Community Health Systems 144A 4.75%
		2/15/31 #	135,000		109,159
	DaVita 144A 4.625% 6/1/30 #		150,000		130,608
	Encompass Health 5.75% 9/15/25		174,000		176,147
	Hadrian Merger Sub 144A 8.50% 5/1/26 #		200,000		195,595
	HCA
		5.375% 2/1/25	124,000		128,340
		5.875% 2/15/26	159,000		167,150
		7.58% 9/15/25	159,000		172,872
	ModivCare Escrow Issuer 144A 5.00% 10/1/29 #		135,000		122,369
	Organon & Co. 144A 5.125% 4/30/31 #		250,000		240,694
	Ortho-Clinical Diagnostics
		144A 7.25% 2/1/28 #	90,000		95,413
		144A 7.375% 6/1/25 #	107,000		110,946
	Tenet Healthcare
		144A 4.25% 6/1/29 #	175,000		164,658
		144A 6.125% 10/1/28 #	200,000		195,580
					2,393,146
Insurance – 0.52%
	Arthur J Gallagher & Co. 3.50% 5/20/51		400,000		319,486
	Athene Global Funding 144A 1.00% 4/16/24 #		90,000		85,519
	Athene Holding 3.95% 5/25/51		365,000		293,223
	Brown & Brown 4.95% 3/17/52		185,000		170,438
	GA Global Funding Trust 144A 1.00% 4/8/24 #		365,000		347,412
	HUB International 144A 5.625% 12/1/29 #		155,000		144,823

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Insurance (continued)
	NFP 144A 6.875% 8/15/28 #		120,000	$	104,813
	Roller Bearing Co. of America 144A 4.375%
		10/15/29 #	190,000		169,102
	USI 144A 6.875% 5/1/25 #		343,000		338,024
					1,972,840
Leisure Time – 0.41%
	Boyd Gaming 4.75% 12/1/27		185,000		180,148
	Caesars Entertainment 144A 6.25% 7/1/25 #		370,000		375,261
	Carnival
		144A 5.75% 3/1/27 #	330,000		293,360
		144A 7.625% 3/1/26 #	235,000		220,768
	Royal Caribbean Cruises 144A 5.50% 4/1/28 #		330,000		279,083
	Scientific Games International 144A 7.25%
		11/15/29 #	115,000		114,471
	Six Flags Entertainment 144A 4.875% 7/31/24 #		110,000		108,233
					1,571,324
Media – 0.62%
	AMC Networks 4.25% 2/15/29		395,000		362,035
	CCO Holdings
		144A 4.50% 8/15/30 #	80,000		72,355
		4.50% 5/1/32	45,000		39,652
		144A 5.375% 6/1/29 #	380,000		369,626
	CSC Holdings
		144A 3.375% 2/15/31 #	200,000		162,549
		144A 5.00% 11/15/31 #	215,000		169,914
		5.25% 6/1/24	5,000		4,948
	Cumulus Media New Holdings 144A 6.75%
		7/1/26 #	183,000		178,293
	Directv Financing 144A 5.875% 8/15/27 #		115,000		108,644
	DISH DBS 144A 5.75% 12/1/28 #		125,000		102,263
	Gray Television 144A 4.75% 10/15/30 #		175,000		154,081
	Nielsen Finance
		144A 4.50% 7/15/29 #	45,000		42,623
		144A 4.75% 7/15/31 #	150,000		143,975
	Sirius XM Radio 144A 4.00% 7/15/28 #		315,000		292,580
	Terrier Media Buyer 144A 8.875% 12/15/27 #		180,000		163,666
					2,367,204

Table of Contents

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Natural Gas – 0.05%
	Infraestructura Energetica Nova 144A 3.75%
	1/14/28 #	205,000	$	191,075
				191,075
Real Estate Investment Trusts – 0.07%
	CubeSmart 3.00% 2/15/30	140,000		126,729
	VICI Properties
	144A 3.875% 2/15/29 #	35,000		31,509
	144A 5.75% 2/1/27 #	120,000		119,897
				278,135
Retail – 0.31%
	Asbury Automotive Group
	144A 4.625% 11/15/29 #	170,000		157,199
	4.75% 3/1/30	85,000		77,325
	Bath & Body Works
	6.875% 11/1/35	180,000		163,472
	6.95% 3/1/33	122,000		107,548
	CP Atlas Buyer 144A 7.00% 12/1/28 #	70,000		57,529
	Levi Strauss & Co. 144A 3.50% 3/1/31 #	160,000		140,810
	LSF9 Atlantis Holdings 144A 7.75% 2/15/26 #	125,000		102,714
	Murphy Oil USA 144A 3.75% 2/15/31 #	165,000		150,073
	PetSmart 144A 7.75% 2/15/29 #	250,000		235,679
				1,192,349
Services – 0.27%
	Gartner 144A 4.50% 7/1/28 #	125,000		121,716
	Iron Mountain 144A 4.50% 2/15/31 #	320,000		287,500
	NESCO Holdings II 144A 5.50% 4/15/29 #	105,000		94,943
	Prime Security Services Borrower 144A 5.75%
	4/15/26 #	225,000		222,805
	United Rentals North America 3.875% 2/15/31	176,000		160,093
	Univar Solutions USA 144A 5.125% 12/1/27 #	135,000		132,415
				1,019,472
Technology – 0.84%
	Autodesk 2.40% 12/15/31	300,000		255,367
	Broadcom 144A 3.469% 4/15/34 #	345,000		294,325
	CDW 3.276% 12/1/28	285,000		256,779
	Fidelity National Information Services 1.65%
	3/1/28	365,000		319,261
	Fiserv 3.20% 7/1/26	235,000		228,486

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Technology (continued)
	Global Payments 2.65% 2/15/25	135,000	$	131,337
	Marvell Technology 2.45% 4/15/28	260,000		232,175
	Microchip Technology
	0.972% 2/15/24	255,000		244,524
	144A 0.983% 9/1/24 #	100,000		94,097
	NXP
	3.25% 5/11/41	60,000		47,268
	4.875% 3/1/24	230,000		234,137
	Oracle 2.875% 3/25/31	250,000		212,981
	PayPal Holdings 2.65% 10/1/26	340,000		328,083
	VMware 1.00% 8/15/24	370,000		350,030
				3,228,850
Technology & Electronics – 0.20%
	Go Daddy Operating 144A 3.50% 3/1/29 #	175,000		161,827
	Minerva Merger 144A 6.50% 2/15/30 #	125,000		114,909
	NCR 144A 5.25% 10/1/30 #	125,000		115,130
	Sensata Technologies 144A 4.00% 4/15/29 #	200,000		190,819
	SS&C Technologies 144A 5.50% 9/30/27 #	195,000		195,389
				778,074
Telecommunications – 0.41%
	Altice France 144A 5.50% 10/15/29 #	180,000		156,485
	Altice France Holding 144A 6.00% 2/15/28 #	310,000		259,549
	Connect Finco 144A 6.75% 10/1/26 #	250,000		240,239
	Consolidated Communications
	144A 5.00% 10/1/28 #	80,000		70,175
	144A 6.50% 10/1/28 #	125,000		108,702
	Digicel International Finance 144A 8.75%
	5/25/24 #	200,000		190,637
	Frontier Communications Holdings
	144A 5.875% 10/15/27 #	240,000		235,481
	144A 6.75% 5/1/29 #	75,000		66,230
	Sprint Capital 6.875% 11/15/28	12,000		13,590
	T-Mobile USA
	2.625% 4/15/26	95,000		89,811
	3.375% 4/15/29	95,000		88,153
	3.50% 4/15/31	68,000		62,178
				1,581,230

Table of Contents

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Transportation – 0.32%
	Delta Air Lines 7.375% 1/15/26	97,000	$	104,393
	Laredo Petroleum 144A 7.75% 7/31/29 #	120,000		118,420
	Mileage Plus Holdings 144A 6.50% 6/20/27 #	180,000		182,938
	Rutas 2 and 7 Finance 144A 3.413% 9/30/36 #, ^	193,333		124,011
	Seaspan 144A 5.50% 8/1/29 #	165,000		147,883
	Southwest Airlines 5.125% 6/15/27	200,000		208,729
	United Airlines
	144A 4.375% 4/15/26 #	65,000		62,826
	144A 4.625% 4/15/29 #	80,000		75,160
	VistaJet Malta Finance 144A 6.375% 2/1/30 #	225,000		191,632
				1,215,992
Utilities – 0.21%
	Calpine
	144A 4.50% 2/15/28 #	67,000		64,134
	144A 5.00% 2/1/31 #	185,000		165,227
	144A 5.25% 6/1/26 #	60,000		58,636
	PG&E 5.25% 7/1/30	95,000		87,815
	Sociedad de Transmision Austral 144A 4.00%
	1/27/32 #	200,000		178,781
	Vistra
	144A 7.00% 12/15/26 #, µ, ψ	150,000		144,110
	144A 8.00% 10/15/26 #, µ, ψ	90,000		89,485
				788,188
Total Corporate Bonds
	(cost $53,676,620)			49,107,823

Non-Agency Asset-Backed Securities – 0.22%
	Diamond Infrastructure Funding
	Series 2021-1A A 144A 1.76% 4/15/49 #	100,000		89,237
	Domino's Pizza Master Issuer
	Series 2021-1A A2I 144A 2.662% 4/25/51 #	99,000		88,301
	Taco Bell Funding
	Series 2021-1A A2I 144A 1.946% 8/25/51 #	199,000		177,008
	Toyota Auto Loan Extended Note Trust
	Series 2022-1A A 144A 3.82% 4/25/35 #	250,000		250,373
	Trafigura Securitisation Finance
	Series 2021-1A A2 144A 1.08% 1/15/25 #	250,000		236,153
Total Non-Agency Asset-Backed Securities
	(cost $897,862)			841,072

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

			Principal
			amount^°	Value (US $)
Non-Agency Collateralized Mortgage Obligations – 0.03%
	JP Morgan Mortgage Trust
		Series 2021-10 A3 144A 2.50% 12/25/51 #, ●	45,869	$	40,020
	Morgan Stanley Residential Mortgage Loan Trust
		Series 2021-4 A3 144A 2.50% 7/25/51 #, ●	92,117		80,373
Total Non-Agency Collateralized Mortgage Obligations
	(cost $140,508)				120,393

Non-Agency Commercial Mortgage-Backed Securities – 1.27%
	BANK
		Series 2017-BNK5 B 3.896% 6/15/60 ●	95,000		90,431
		Series 2019-BN20 A3 3.011% 9/15/62	250,000		233,308
		Series 2020-BN25 A5 2.649% 1/15/63	350,000		317,098
		Series 2021-BN36 A5 2.47% 9/15/64	615,000		538,110
		Series 2022-BNK40 A4 3.394% 3/15/64 ●	500,000		473,661
	Benchmark Mortgage Trust
		Series 2020-B17 A5 2.289% 3/15/53	350,000		308,241
		Series 2020-B20 A5 2.034% 10/15/53	300,000		256,716
		Series 2021-B24 A5 2.584% 3/15/54	260,000		230,947
		Series 2022-B33 A5 3.458% 3/15/55	500,000		474,253
	CD Mortgage Trust
		Series 2019-CD8 A4 2.912% 8/15/57	250,000		230,704
	CFCRE Commercial Mortgage Trust
		Series 2016-C7 A3 3.839% 12/10/54	100,000		99,395
	Citigroup Commercial Mortgage Trust
		Series 2019-C7 A4 3.102% 12/15/72	350,000		324,919
	Grace Trust
		Series 2020-GRCE A 144A 2.347% 12/10/40 #	100,000		84,546
	GS Mortgage Securities Trust
		Series 2017-GS6 A3 3.433% 5/10/50	165,000		160,205
		Series 2019-GC42 A4 3.001% 9/1/52	350,000		328,221
		Series 2020-GC47 A5 2.377% 5/12/53	250,000		221,125
	JPM-BB Commercial Mortgage Securities Trust
		Series 2015-C33 A4 3.77% 12/15/48	150,000		149,237
	Wells Fargo Commercial Mortgage Trust
		Series 2019-C54 A4 3.146% 12/15/52	375,000		350,791
Total Non-Agency Commercial Mortgage-Backed Securities
	(cost $5,515,900)				4,871,908

Table of Contents

				Principal
				amount^°	Value (US $)
Sovereign Bonds – 1.46%Δ
Albania – 0.03%
	Albania Government International Bond
		3.50% 11/23/31	EUR	149,000	$	127,781
						127,781
Angola – 0.05%
	Angolan Government International Bond
		9.375% 5/8/48		200,000		179,606
						179,606
Armenia – 0.04%
	Republic of Armenia International Bond
		144A 3.60% 2/2/31 #		200,000		146,768
						146,768
Brazil – 0.10%
	Brazil Notas do Tesouro Nacional
		Series F 10.00% 1/1/27	BRL	2,000,000		387,584
						387,584
Chile – 0.02%
	Bonos de la Tesoreria de la Republica en pesos
		144A 2.80% 10/1/33 #	CLP	55,000,000		47,805
		5.00% 3/1/35	CLP	25,000,000		27,087
						74,892
Colombia – 0.15%
	Colombia Government International Bonds
		4.125% 2/22/42		217,000		158,742
		5.20% 5/15/49		200,000		158,635
	Colombian TES 7.00% 6/30/32		COP	1,270,900,000		262,788
						580,165
Dominican Republic – 0.18%
	Dominican Republic International Bonds
		144A 4.50% 1/30/30 #		396,000		348,710
		144A 4.875% 9/23/32 #		200,000		172,769
		144A 5.50% 2/22/29 #		200,000		189,739
						711,218
Egypt – 0.05%
	Egypt Government International Bond
		5.25% 10/6/25		200,000		181,007
						181,007

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

				Principal
				amount^°	Value (US $)
Sovereign BondsΔ (continued)
Honduras – 0.04%
	Honduras Government International Bond
		144A 5.625% 6/24/30 #		200,000	$	143,547
						143,547
Indonesia – 0.02%
	Indonesia Treasury Bond
		6.125% 5/15/28	IDR	1,339,000,000		89,559
						89,559
Ivory Coast – 0.12%
	Ivory Coast Government International Bonds
		144A 4.875% 1/30/32 #	EUR	200,000		178,967
		144A 6.125% 6/15/33 #		200,000		179,614
		144A 6.875% 10/17/40 #	EUR	100,000		88,699
						447,280
Morocco – 0.07%
	Morocco Government International Bonds
		144A 1.375% 3/30/26 #	EUR	100,000		98,620
		144A 2.375% 12/15/27 #		200,000		171,992
						270,612
North Macedonia – 0.03%
	North Macedonia Government International Bond
		144A 3.675% 6/3/26 #	EUR	100,000		100,041
						100,041
Paraguay – 0.15%
	Paraguay Government International Bonds
		144A 4.95% 4/28/31 #		400,000		390,778
		5.60% 3/13/48		200,000		175,075
						565,853
Peru – 0.09%
	Corp Financiera de Desarrollo 144A 2.40%
		9/28/27 #		200,000		173,335
	Peruvian Government International Bond 2.392%
		1/23/26		200,000		189,442
						362,777
Romania – 0.01%
	Romanian Government International Bond
		144A 2.625% 12/2/40 #	EUR	73,000		52,807
						52,807

Table of Contents

				Principal
				amount^°	Value (US $)
Sovereign BondsΔ (continued)
Senegal – 0.05%
	Senegal Government International Bond
		144A 6.25% 5/23/33 #		200,000	$	175,800
						175,800
South Africa – 0.08%
	Republic of South Africa Government International
		Bond
		5.65% 9/27/47		400,000		324,488
						324,488
Uruguay – 0.05%
	Uruguay Government International Bonds
		4.50% 8/14/24		53,000		54,093
		9.875% 6/20/22	UYU	5,692,000		142,624
						196,717
Uzbekistan – 0.13%
	Republic of Uzbekistan International Bonds
		144A 3.90% 10/19/31 #		300,000		238,365
		144A 4.75% 2/20/24 #		250,000		246,813
						485,178
Total Sovereign Bonds
	(cost $6,500,803)					5,603,680

Supranational Banks – 0.27%
	Banco Latinoamericano de Comercio Exterior
		144A 2.375% 9/14/25 #		250,000		233,821
	Banque Ouest Africaine de Developpement
		144A 4.70% 10/22/31 #		402,000		370,600
	Central American Bank For Economic Integration
		144A 2.00% 5/6/25 #		300,000		284,986
	European Investment Bank
		5.50% 1/23/23	MXN	3,282,000		161,594
Total Supranational Banks
	(cost $1,118,618)					1,051,001

US Treasury Obligations – 8.65%
	US Treasury Bonds
		1.75% 8/15/41		350,000		272,234
		1.875% 11/15/51		425,000		323,930
		2.25% 8/15/46		1,110,000		912,108

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

			Principal
			amount^°	Value (US $)
US Treasury Obligations (continued)
	US Treasury Bonds
		2.25% 2/15/52	245,000	$	204,996
		2.375% 3/31/29	505,000		489,100
		2.375% 2/15/42	285,000		246,837
		3.25% 5/15/42	145,000		144,570
		4.375% 2/15/38	555,000		653,274
	US Treasury Floating Rate Note
		1.108% (USBMMY3M + -0.02%) 1/31/24 ●	2,385,000		2,388,028
	US Treasury Notes
		1.375% 8/31/23	19,230,000		19,029,437
		1.375% 11/15/31	270,000		236,883
		1.875% 2/28/29	665,000		624,853
		1.875% 2/15/32	1,010,000		925,886
		2.625% 5/31/27	2,500,000		2,477,735
		2.75% 5/15/25	4,075,000		4,078,820
	US Treasury Strip Principal
		2.311% 5/15/44 ^	310,000		147,131
Total US Treasury Obligations
	(cost $33,268,573)				33,155,822

			Number of
			shares
Common Stocks – 57.20%
Banking – 0.00%
	Banco Espirito Santo =, †		105,000		0
					0
Communication Services – 3.43%
	Alphabet Class A †		282		641,618
	Alphabet Class C †		379		864,415
	AT&T		53,239		1,133,458
	Comcast Class A		51,403		2,276,125
	Interpublic Group		1,874		60,399
	KDDI		20,700		721,328
	Meta Platforms Class A †		1,401		271,290
	Orange		38,000		475,179
	Publicis Groupe		7,020		383,448
	Verizon Communications		74,899		3,841,570
	Walt Disney †		20,066		2,216,089
	Warner Bros Discovery †		13,378		246,824
					13,131,743

Table of Contents

		Number of
		shares	Value (US $)
Common Stocks (continued)
Consumer Discretionary – 6.84%
	adidas AG	4,180	$	827,753
	Amazon.com †	579		1,392,026
	Bath & Body Works	19,989		819,949
	Best Buy	14,362		1,178,546
	Buckle	12,950		425,537
	Dollar General	9,111		2,007,518
	Dollar Tree †	13,300		2,132,389
	eBay	11,586		563,891
	Ethan Allen Interiors	19,482		453,151
	H & M Hennes & Mauritz Class B	30,990		427,186
	Home Depot	7,461		2,258,818
	Lowe's	8,812		1,720,984
	NIKE Class B	10,284		1,222,253
	PulteGroup	10,409		471,111
	Ross Stores	14,158		1,203,713
	Sodexo	10,770		802,874
	Sturm Ruger & Co.	5,733		389,213
	Swatch Group	3,690		947,890
	Tesla †	780		591,443
	TJX	62,415		3,967,721
	Tractor Supply	7,834		1,467,778
	Ulta Beauty †	2,289		968,476
				26,240,220
Consumer Staples – 3.89%
	Altria Group	37,450		2,025,671
	Archer-Daniels-Midland	24,900		2,261,418
	Asahi Group Holdings	6,000		202,276
	Conagra Brands	59,400		1,953,666
	Danone	12,960		761,470
	Diageo	23,590		1,092,422
	Essity Class B	29,720		779,675
	Kao	17,700		714,407
	Kellogg	5,942		414,395
	Koninklijke Ahold Delhaize	27,420		756,671
	Nestle	10,360		1,263,678
	Philip Morris International	20,708		2,200,225
	Seven & i Holdings	11,200		470,672
				14,896,646

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

		Number of
		shares	Value (US $)
Common Stocks (continued)
Energy – 4.46%
	Chevron	7,399	$	1,292,309
	ConocoPhillips	44,877		5,042,380
	Devon Energy	16,926		1,267,757
	EOG Resources	4,921		673,980
	Exxon Mobil	36,095		3,465,120
	Kinder Morgan	90,539		1,782,713
	Marathon Petroleum	15,983		1,626,910
	Viper Energy Partners	17,898		600,657
	Williams	36,515		1,353,246
				17,105,072
Financials – 6.87%
	American Financial Group	11,481		1,622,265
	American International Group	36,300		2,130,084
	Ameriprise Financial	4,349		1,201,498
	BlackRock	2,272		1,520,150
	Blackstone	13,171		1,551,412
	Discover Financial Services	24,869		2,822,383
	Fidelity National Financial	6,540		276,642
	Invesco	47,018		909,328
	MetLife	58,578		3,947,572
	Moelis & Co. Class A	11,021		517,105
	OneMain Holdings	1,938		85,388
	Principal Financial Group	23,738		1,731,213
	Prudential Financial	15,841		1,683,106
	S&P Global	2,622		916,337
	Synchrony Financial	25,478		943,705
	Truist Financial	43,400		2,158,716
	US Bancorp	43,800		2,324,466
				26,341,370
Healthcare – 8.97%
	AbbVie	18,150		2,674,766
	AmerisourceBergen	13,719		2,123,564
	Amgen	1,879		482,414
	Baxter International	28,900		2,197,845
	Bristol-Myers Squibb	30,850		2,327,633
	Cigna	8,200		2,199,978
	CVS Health	21,900		2,118,825
	Eli Lilly & Co.	440		137,914
	Fresenius Medical Care AG & Co.	13,540		823,312
	Gilead Sciences	9,163		594,221

Table of Contents

		Number of
		shares		Value (US $)
Common Stocks (continued)
Healthcare (continued)
	Hologic †	27,281	$	2,053,441
	Johnson & Johnson	30,097		5,403,314
	Merck & Co.	46,370		4,267,431
	Molina Healthcare †	3,087		895,909
	Novo Nordisk Class B	8,930		989,280
	Pfizer	46,961		2,490,811
	Roche Holding	2,230		758,832
	Smith & Nephew	71,220		1,160,394
	UnitedHealth Group	1,371		681,085
				34,380,969
Industrials – 3.19%
	Dover	15,917		2,131,446
	Honeywell International	10,933		2,116,847
	Intertek Group	8,870		518,058
	Knorr-Bremse	5,620		383,600
	Lockheed Martin	3,458		1,521,900
	Makita	16,100		440,597
	Northrop Grumman	4,700		2,199,459
	Raytheon Technologies	23,079		2,195,275
	Securitas Class B	66,940		713,889
				12,221,071
Information Technology – 13.10%
	Adobe †	1,547		644,295
	Advanced Micro Devices †	7,221		735,531
	Amadeus IT Group †	19,910		1,236,294
	Apple	55,731		8,295,002
	Applied Materials	5,803		680,634
	Broadcom	7,639		4,431,613
	Cisco Systems	72,931		3,285,542
	Cognizant Technology Solutions Class A	28,732		2,146,280
	Dropbox Class A †	23,219		483,884
	Fidelity National Information Services	21,763		2,274,234
	HP	48,886		1,898,732
	International Business Machines	3,440		477,610
	KLA	1,905		695,039
	Lam Research	2,748		1,429,042
	Microsoft	28,315		7,697,999
	Monolithic Power Systems	3,252		1,464,668
	Motorola Solutions	10,000		2,197,400
	NetApp	19,368		1,393,528

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

		Number of
		shares	Value (US $)
Common Stocks (continued)
Information Technology (continued)
	NVIDIA	4,536	$	846,962
	Oracle	29,700		2,136,024
	Paychex	14,052		1,740,059
	Paycom Software †	1,094		311,068
	QUALCOMM	11,474		1,643,306
	SAP	7,490		746,114
	Western Union	74,326		1,348,274
				50,239,134
Materials – 1.33%
	Air Liquide	6,530		1,141,554
	CF Industries Holdings	5,789		571,780
	Dow	17,036		1,158,107
	DuPont de Nemours	32,700		2,218,695
				5,090,136
Media – 0.00%
	Century Communications =, †	1,625,000		0
				0
REIT Diversified – 0.49%
	Gaming and Leisure Properties	3,321		155,489
	LXP Industrial Trust	6,647		76,839
	New Residential Investment	48,444		547,417
	VICI Properties	35,469		1,094,219
				1,873,964
REIT Healthcare – 0.42%
	Alexandria Real Estate Equities	1,955		324,432
	CareTrust REIT	3,314		61,408
	Healthcare Trust of America Class A	5,531		166,207
	Healthpeak Properties	2,001		59,410
	Medical Properties Trust	2,777		51,597
	Omega Healthcare Investors	13,300		395,941
	Ventas	1,993		113,083
	Welltower	4,769		424,870
				1,596,948
REIT Hotel – 0.08%
	Apple Hospitality REIT	11,940		199,518
	Chatham Lodging Trust †	6,961		88,683
	Host Hotels & Resorts	1,699		33,963
				322,164

Table of Contents

		Number of
		shares	Value (US $)
Common Stocks (continued)
REIT Industrial – 0.43%
	Duke Realty	6,010	$	317,508
	Plymouth Industrial REIT	1,645		33,410
	Prologis	8,649		1,102,575
	Rexford Industrial Realty	1,485		94,847
	Terreno Realty	1,637		99,382
				1,647,722
REIT Information Technology – 0.23%
	Digital Realty Trust	2,624		366,284
	Equinix	778		534,556
				900,840
REIT Mall – 0.08%
	Simon Property Group	2,577		295,453
				295,453
REIT Manufactured Housing – 0.12%
	Equity LifeStyle Properties	2,176		164,723
	Sun Communities	1,727		283,453
				448,176
REIT Multifamily – 0.99%
	American Campus Communities	612		39,780
	American Homes 4 Rent Class A	3,230		119,381
	Apartment Income REIT	671		30,101
	AvalonBay Communities	1,358		282,409
	Camden Property Trust	1,286		184,528
	Equity Residential	32,623		2,506,425
	Essex Property Trust	1,141		323,873
	Independence Realty Trust	5,765		135,535
	Mid-America Apartment Communities	821		148,601
	NexPoint Residential Trust	112		8,230
	UDR	741		35,420
				3,814,283
REIT Office – 0.15%
	Boston Properties	392		43,583
	City Office REIT	888		12,379
	Cousins Properties	4,822		166,600
	Douglas Emmett	987		27,902
	Highwoods Properties	4,028		158,260
	Kilroy Realty	1,579		95,845
	Piedmont Office Realty Trust Class A	5,240		77,238
				581,807

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

		Number of
		shares	Value (US $)
Common Stocks (continued)
REIT Self-Storage – 0.36%
	CubeSmart	2,044	$	91,019
	Extra Space Storage	1,940		345,708
	Life Storage	1,995		232,936
	National Storage Affiliates Trust	2,053		107,680
	Public Storage	1,869		617,966
				1,395,309
REIT Shopping Center – 0.32%
	Agree Realty	1,749		121,678
	Brixmor Property Group	9,471		230,903
	Kimco Realty	6,355		150,296
	Kite Realty Group Trust	5,619		117,774
	Phillips Edison & Co.	5,157		173,997
	Regency Centers	2,253		153,677
	Retail Opportunity Investments	8,919		161,166
	SITE Centers	6,333		99,555
	Urban Edge Properties	1,476		27,823
	Washington Prime Group =, †	962		0
				1,236,869
REIT Single Tenant – 0.19%
	Four Corners Property Trust	2,338		64,459
	National Retail Properties	825		36,547
	Realty Income	4,560		311,083
	Spirit Realty Capital	3,546		148,897
	STORE Capital	5,397		148,903
				709,889
REIT Specialty – 0.31%
	EPR Properties	375		19,215
	Essential Properties Realty Trust	4,005		91,634
	Invitation Homes	9,175		346,081
	Iron Mountain	10,984		592,038
	Lamar Advertising Class A	538		52,697
	Outfront Media	539		11,119
	WP Carey	948		79,765
				1,192,549
Utilities – 0.95%
	Edison International	32,500		2,272,075
	NRG Energy	3,074		141,527

Table of Contents

			Number of
			shares	Value (US $)
Common Stocks (continued)
Utilities (continued)
	Vistra		46,299	$	1,220,905
					3,634,507
Total Common Stocks
	(cost $197,018,748)				219,296,841

Convertible Preferred Stock – 1.42%
	2020 Mandatory Exchangeable Trust 144A 6.50%
		exercise price $47.09, maturity date 5/16/23 #	484		308,690
	Algonquin Power & Utilities 7.75% exercise price
		$18.00, maturity date 6/15/24	9,623		443,717
	AMG Capital Trust II 5.15% exercise price
		$195.47, maturity date 10/15/37	7,700		390,313
	Bank of America 7.25% exercise price $50.00 ω		522		657,605
	El Paso Energy Capital Trust I 4.75% exercise
		price $34.49, maturity date 3/31/28	17,178		845,329
	Elanco Animal Health 5.00% exercise price
		$38.40, maturity date 2/1/23	12,144		461,472
	Lyondellbasell Advanced Polymers 6.00%
		exercise price $52.33 ω	612		483,480
	RBC Bearings 5.00% exercise price $226.60,
		maturity date 10/15/24	6,211		605,573
	UGI 7.25% exercise price $52.57, maturity date
		6/1/24	8,447		849,346
	Wells Fargo & Co. 7.50% exercise price
		$156.71 ω	305		386,435
Total Convertible Preferred Stock
	(cost $5,836,579)				5,431,960

Exchange-Traded Funds – 2.57%
	iShares Global Infrastructure ETF		184,522		9,432,765
	iShares MSCI EAFE ETF		270		18,903
	iShares Trust iShares ESG Aware MSCI EAFE ETF		3,530		247,523
	Vanguard FTSE Developed Markets ETF		3,070		139,716
Total Exchange-Traded Funds
	(cost $9,091,195)				9,838,907

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

			Number of
			shares	Value (US $)
Limited Partnerships – 1.77%
	Merion The Ledges=, †, π		4,200,000	$	6,798,960
Total Limited Partnerships
	(cost $2,922,326)				6,798,960

			Principal
			amount^°
Leveraged Non-Recourse Security – 0.00%
	JPMorgan Fixed Income Pass Through Trust
		Auction
		Series 2007-B 144A 0.251% 1/15/87 #, ◆	1,300,000		1,300
Total Leveraged Non-Recourse Security
	(cost $1,105,000)				1,300

			Number of
			contracts
Options Purchased – 0.00%
Futures Put Options – 0.00%
	E-mini S&P 500 Index strike price $4,740,
		expiration date 6/17/22, notional amount
		$237,000
		(Exchange-Traded)	1		12
Total Options Purchased
	(premiums paid $1,825)				12

			Number of
			shares
Short-Term Investments – 2.39%
Money Market Mutual Funds – 2.39%
	BlackRock FedFund – Institutional Shares
		(seven-day effective yield 0.72%)	2,287,643		2,287,643
	Fidelity Investments Money Market Government
		Portfolio – Class I (seven-day effective yield
		0.60%)	2,287,643		2,287,643
	GS Financial Square Government Fund –
		Institutional Shares (seven-day effective yield
		0.71%)	2,287,643		2,287,643

Table of Contents

			Number of
			shares	Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
	Morgan Stanley Government Portfolio –
		Institutional Share Class (seven-day effective
		yield 0.71%)	2,287,643	$	2,287,643
Total Short-Term Investments
	(cost $9,150,572)				9,150,572
Total Value of Securities Before
	Options Written–99.50%
	(cost $362,469,147)				381,467,378

			Number of
			contracts
Options Written – (0.00)%
Futures Call Options – (0.00)%
	E-mini S&P 500 Index strike price $4,640,
		expiration date 6/17/22, notional
		amount ($232,000)
		(Exchange-Traded)	(1)		(25	)
Total Options Written
	(premiums received $3,625)				(25	)
Total Value of Securities–99.50%
	(cost $362,465,522)			$	381,467,353

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
ω	Perpetual security with no stated maturity date.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At May 31, 2022, the aggregate value of Rule 144A securities was $35,328,397, which represents 9.21% of the Fund's net assets. See Note 9 in “Notes to financial statements."
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at May 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at May 31, 2022. Rate will reset at a future date.
ψ	Perpetual security. Maturity date represents next call date.
>	PIK. 100% of the income received was in the form of cash.
Δ	Securities have been classified by country of risk.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
†	Non-income producing security.
π	Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At May 31, 2022, the aggregate value of restricted securities was $6,798,960, which represented 1.77% of the Fund’s net assets. See table on the next page for additional details on restricted securities.
◆	Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.

Restricted Securities

Investments	Date of Acquisition		Cost		Value
Merion The Ledges		9/26/18	$	2,603,490	$	6,187,054
Merion The Ledges		9/12/19		109,975		239,963
Merion The Ledges		2/1/21		106,500		199,970
Merion The Ledges		1/5/22		102,361		171,973
Total			$	2,922,326	$	6,798,960

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

Foreign Currency Exchange Contracts

	Currency to						Settlement	Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date	Appreciation		Depreciation
BNYM	CHF	(13,191	)	USD	13,772		6/1/22	$	19	$	–
BNYM	CHF	(4,674	)	USD	4,870		6/2/22		–		(7	)
BNYM	GBP	(4,402	)	USD	5,543		6/6/22		–		(4	)
CITI	COP	(829,388,000	)	USD	216,023		6/24/22		–		(3,296	)
JPMCB	BRL	(1,525,973	)	USD	307,749		6/24/22		–		(11,061	)
JPMCB	CLP	112,187,050		USD	(141,955	)	6/24/22		–		(6,280	)
JPMCB	EUR	(652,526	)	USD	718,278		6/24/22		18,342		–
JPMCB	MXN	(3,308,777	)	USD	161,995		6/24/22		–		(5,283	)
Total Foreign Currency Exchange Contracts								$	18,361	$	(25,931	)

Table of Contents

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
	E-mini
	S&P
2	500 Index	$	413,125		$	449,630		6/17/22	$	–	$	(36,505	)	$	(2,450	)
	US
	Treasury
	5 yr
14	Notes		1,581,344			1,576,565		9/30/22		4,779		–			(5,141	)
	US
	Treasury
	10 yr
(10)	Notes		(1,194,531	)		(1,192,007	)	9/21/22		–		(2,524	)		6,875
	US
	Treasury
	10 yr
	Ultra
(3)	Notes		(385,453	)		(384,813	)	9/21/22		–		(640	)		3,234
Total Futures Contracts					$	449,375			$	4,779	$	(39,669	)	$	2,518

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)

Depreciation⁴

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

11,187

16,858

(5,671

)

–

Total CDS Contracts

11,187

16,858

(5,671

)

–

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 the financial statements. The notional amounts and foreign currency exchange contracts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) and variation margin are reflected in the Fund's net assets.

¹	See Note 6 in “Notes to financial statements."
²	A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement.
³	Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.
⁴	Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of $(718).

Table of Contents

Summary of abbreviations:

AG – Aktiengesellschaft
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
JSC – Joint Stock Company
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
MSCI – Morgan Stanley Capital International
PIK – Payment-in-kind
REIT – Real Estate Investment Trust
S&P – Standard & Poor’s Financial Services LLC
S.F. – Single Family
SOFR – Secured Overnight Financing Rate
USBMMY3M – US Treasury 3 Month Bill Money Market Yield
yr – Year

Summary of currencies:

BRL – Brazilian Real
CHF – Swiss Franc
CLP – Chilean Peso
COP – Colombian Peso
EUR – European Monetary Unit
GBP – British Pound Sterling
IDR – Indonesian Rupiah

Table of Contents

Schedule of investments
Delaware Wealth Builder Fund

Summary of currencies: (continued)

KZT – Kazakhstani Tenge
MXN – Mexican Peso
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	May 31, 2022 (Unaudited)

Assets:
	Investments, at value*		$381,467,378
	Cash			1,317,455
	Cash collateral due from brokers			39,911
	Foreign currencies, at value^Δ			97,456
	Dividends and interest receivable			1,440,257
	Receivable for fund shares sold			272,575
	Foreign tax reclaims receivable			240,819
	Unrealized appreciation on foreign currency exchange contracts			18,361
	Upfront payments paid on over the counter credit default swap contracts			16,858
	Receivable for securities sold			5,602
	Variation margin due from broker on futures contracts			2,518
	Other assets			2,853
	Total Assets			384,922,043
Liabilities:
	Options written, at value^Σ			25
	Payable for securities purchased			725,856
	Payable for fund shares redeemed			320,626
	Investment management fees payable to affiliates			190,466
	Other accrued expenses			76,812
	Distribution fees payable to affiliates			73,175
	Dividend disbursing and transfer agent fees and expenses payable to
		non-affiliates		59,153
	Reports and statements to shareholders expenses payable to non-affiliates			27,606
	Unrealized depreciation on foreign currency exchange contracts			25,931
	Custody fees payable			21,319
	Unrealized depreciation on over the counter credit default swap contracts			5,671
	Dividend disbursing and transfer agent fees and expenses payable to
		affiliates		3,121
	Trustees' fees and expenses payable to affiliates			2,725
	Accounting and administration expenses payable to affiliates			1,248
	Swap payments payable			718
	Legal fees payable to affiliates			505
	Reports and statements to shareholders expenses payable to affiliates			223
	Distribution payable			1
	Total Liabilities			1,535,181
Total Net Assets			$	383,386,862

Table of Contents

Statement of assets and liabilities
Delaware Wealth Builder Fund

Net Assets Consist of:
	Paid-in capital	$	349,553,495
	Total distributable earnings (loss)		33,833,367
Total Net Assets		$	383,386,862
Net Asset Value
Class A:
Net assets		$	244,933,464
Shares of beneficial interest outstanding, unlimited authorization, no par			16,728,095
Net asset value per share		$	14.64
Sales charge			5.75	%
Offering price per share, equal to net asset value per share / (1 - sales
	charge)	$	15.53
Class C:
Net assets		$	25,338,463
Shares of beneficial interest outstanding, unlimited authorization, no par			1,725,776
Net asset value per share		$	14.68
Class R:
Net assets		$	1,149,467
Shares of beneficial interest outstanding, unlimited authorization, no par			78,473
Net asset value per share		$	14.65
Institutional Class:
Net assets		$	111,965,468
Shares of beneficial interest outstanding, unlimited authorization, no par			7,649,345
Net asset value per share		$	14.64
____________________
*Investments, at cost		$	362,469,147
^ΔForeign currencies, at cost			96,978
^ΣOptions written, premium received			(3,625	)

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

Table of Contents

Statement of operations
Delaware Wealth Builder Fund	Six months ended May 31, 2022 (Unaudited)

Investment Income:
	Dividends	$	3,603,866
	Interest		1,562,163
	Foreign tax withheld		(57,927	)
			5,108,102

Expenses:
	Management fees		1,297,092
	Distribution expenses — Class A		318,726
	Distribution expenses — Class C		143,157
	Distribution expenses — Class R		2,903
	Dividend disbursing and transfer agent fees and expenses		190,650
	Accounting and administration expenses		46,425
	Reports and statements to shareholders expenses		36,233
	Registration fees		35,581
	Audit and tax fees		28,248
	Custodian fees		19,628
	Legal fees		11,896
	Trustees’ fees and expenses		6,908
	Other		46,997
			2,184,444
	Less expenses waived		(61,496	)
	Less expenses paid indirectly		(189	)
	Total operating expenses		2,122,759
Net Investment Income			2,985,343

Table of Contents

Statement of operations
Delaware Wealth Builder Fund

Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
		Investments	$	16,490,679
		Foreign currencies		(97,257	)
		Foreign currency exchange contracts		4,249
		Futures contracts		44,852
		Swap contracts		19,486
	Net realized gain			16,462,009

	Net change in unrealized appreciation (depreciation) of:
		Investments		(22,409,147	)
		Foreign currencies		(5,156	)
		Foreign currency exchange contracts		4,425
		Futures contracts		(17,437	)
		Options purchased		(1,813	)
		Options written		3,600
		Swap contracts		(9,517	)
	Net change in unrealized appreciation (depreciation)			(22,435,045	)
Net Realized and Unrealized Loss				(5,973,036	)
Net Decrease in Net Assets Resulting from Operations			$	(2,987,693	)

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

Table of Contents

Statements of changes in net assets
Delaware Wealth Builder Fund

			Six months
			ended
			5/31/22			Year ended
			(Unaudited)			11/30/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	2,985,343		$	5,672,026
	Net realized gain			16,462,009			45,963,109
	Net change in unrealized appreciation (depreciation)			(22,435,045	)		11,714,571
	Net increase (decrease) in net assets resulting from
		operations		(2,987,693	)		63,349,706

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(15,785,982	)		(4,472,643	)
		Class C		(1,766,588	)		(413,930	)
		Class R		(67,953	)		(17,848	)
		Institutional Class		(7,208,891	)		(2,376,293	)
				(24,829,414	)		(7,280,714	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		9,767,776			29,284,365
		Class C		1,028,586			2,871,756
		Class R		175,580			609,847
		Institutional Class		7,137,025			9,949,959
	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		15,028,487			4,196,391
		Class C		1,757,733			409,216
		Class R		66,324			17,590
		Institutional Class		6,720,940			2,154,866
				41,682,451			49,493,990

Table of Contents

Statements of changes in net assets
Delaware Wealth Builder Fund

			Six months
			ended
			5/31/22			Year ended
			(Unaudited)			11/30/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(21,308,903	)	$	(38,302,279	)
		Class C		(6,585,454	)		(30,379,895	)
		Class R		(217,017	)		(651,199	)
		Institutional Class		(10,495,912	)		(28,184,418	)
				(38,607,286	)		(97,517,791	)
	Increase (decrease) in net assets derived from capital
		share transactions		3,075,165			(48,023,801	)
Net Increase (Decrease) in Net Assets				(24,741,942	)		8,045,191
Net Assets:
	Beginning of period			408,128,804			400,083,613
	End of period		$	383,386,862		$	408,128,804

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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

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

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets⁸

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
⁴	Total return during the period reflects waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁵	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.11% lower.
⁶	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
⁷	The ratios of expenses to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018 and 2017 were 1.09% and 1.09%, respectively.
⁸	The ratios of net investment income to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018 and 2017 were 2.40% and 2.51%, respectively.

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

Table of Contents

Six months ended
5/31/22¹			Year ended
(Unaudited)			11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
$	15.71		$	13.71		$	14.01		$	14.15		$	14.62		$	13.64

	0.11			0.21			0.25			0.53			0.35			0.36
	(0.22	)		2.06			(0.09	)		0.50			(0.43	)		0.98
	(0.11	)		2.27			0.16			1.03			(0.08	)		1.34


	(0.13	)		(0.27	)		(0.27	)		(0.35	)		(0.34	)		(0.36	)
	(0.83	)		—			(0.19	)		(0.82	)		(0.05	)		—
	(0.96	)		(0.27	)		(0.46	)		(1.17	)		(0.39	)		(0.36	)
$	14.64		$	15.71		$	13.71		$	14.01		$	14.15		$	14.62

	(0.89%	)⁴		16.63%	⁴		1.30%	⁴		8.30%	⁵		(0.56%	)		9.90%


$	244,933		$	259,143		$	230,168		$	259,283		$	273,384		$	256,157
	1.08%			1.08%			1.09%			1.09%			1.09%			1.09%
	1.11%			1.11%			1.12%			1.09%			1.09%			1.09%
	1.48%			1.37%			1.91%			3.91%			2.41%			2.51%
	1.45%			1.34%			1.88%			3.91%			2.41%			2.51%
	38%			89%			68%			91%			57%			81%

Table of Contents

Financial highlights
Delaware Wealth Builder Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

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

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets⁸

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
⁴	Total return during the period reflects waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁵	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.11% lower.
⁶	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
⁷	The ratios of expenses to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018 and 2017 were 1.84% and 1.84%, respectively.
⁸	The ratios of net investment income to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018 and 2017 were 1.65% and 1.76%, respectively.

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

Table of Contents

Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
$	15.75			$	13.73		$	14.04		$	14.18		$	14.65		$	13.66

	0.05				0.09			0.15			0.43			0.24			0.25
	(0.22	)			2.08			(0.10	)		0.49			(0.43	)		0.99
	(0.17	)			2.17			0.05			0.92			(0.19	)		1.24


	(0.07	)			(0.15	)		(0.17	)		(0.24	)		(0.23	)		(0.25	)
	(0.83	)			—			(0.19	)		(0.82	)		(0.05	)		—
	(0.90	)			(0.15	)		(0.36	)		(1.06	)		(0.28	)		(0.25	)
$	14.68			$	15.75		$	13.73		$	14.04		$	14.18		$	14.65

	(1.27%	)	⁴		15.84%	⁴		0.47%	⁴		7.46%	⁵		(1.34%	)		9.13%


$	25,338			$	31,157		$	52,258		$	95,672		$	137,403		$	225,604
	1.83%				1.83%			1.84%			1.84%			1.84%			1.84%
	1.86%				1.86%			1.87%			1.84%			1.84%			1.84%
	0.73%				0.62%			1.16%			3.17%			1.66%			1.76%
	0.70%				0.59%			1.13%			3.17%			1.66%			1.76%
	38%				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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

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

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets⁸

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

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.11% lower.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The ratios of expenses to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018 and 2017 were 1.34% and 1.34%, respectively.
8	The ratios of net investment income to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018 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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Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
$	15.71			$	13.71		$	14.02		$	14.16		$	14.62		$	13.63

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


	(0.11	)			(0.23	)		(0.24	)		(0.31	)		(0.30	)		(0.32	)
	(0.83	)			—			(0.19	)		(0.82	)		(0.05	)		—
	(0.94	)			(0.23	)		(0.43	)		(1.13	)		(0.35	)		(0.32	)
$	14.65			$	15.71		$	13.71		$	14.02		$	14.16		$	14.62

	(0.95%	)	⁴		16.32%	⁴		0.99%	⁴		8.02%	⁵		(0.78%	)		9.70%


$	1,150			$	1,203		$	1,069		$	1,288		$	1,968		$	2,320
	1.33%				1.33%			1.34%			1.34%			1.34%			1.34%
	1.36%				1.36%			1.37%			1.34%			1.34%			1.34%
	1.23%				1.12%			1.66%			3.66%			2.16%			2.26%
	1.20%				1.09%			1.63%			3.66%			2.16%			2.26%
	38%				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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

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

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets⁸

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

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.11% lower.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The ratios of expenses to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018 and 2017 were 0.84% and 0.84%, respectively.
8	The ratios of net investment income to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018 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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Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
$	15.70			$	13.70		$	14.01		$	14.15		$	14.63		$	13.64

	0.13				0.25			0.28			0.56			0.38			0.39
	(0.21	)			2.05			(0.10	)		0.50			(0.43	)		0.99
	(0.08	)			2.30			0.18			1.06			(0.05	)		1.38


	(0.15	)			(0.30	)		(0.30	)		(0.38	)		(0.38	)		(0.39	)
	(0.83	)			—			(0.19	)		(0.82	)		(0.05	)		—
	(0.98	)			(0.30	)		(0.49	)		(1.20	)		(0.43	)		(0.39	)
$	14.64			$	15.70		$	13.70		$	14.01		$	14.15		$	14.63

	(0.70%	)	⁴		16.93%	⁴		1.50%	⁴		8.59%	⁵		(0.37%	)		10.24%


$	111,966			$	116,626		$	116,589		$	155,525		$	185,720		$	201,285
	0.83%				0.83%			0.84%			0.84%			0.84%			0.84%
	0.86%				0.86%			0.87%			0.84%			0.84%			0.84%
	1.73%				1.62%			2.16%			4.16%			2.66%			2.76%
	1.70%				1.59%			2.13%			4.16%			2.66%			2.76%
	38%				89%			68%			91%			57%			81%

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Notes to financial statements
Delaware Wealth Builder Fund	May 31, 2022 (Unaudited)

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

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

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

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prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. Open-end investment companies are valued at their published net asset value (NAV). Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities are valued at fair value using methods approved by the Board.

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

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Notes to financial statements
Delaware Wealth Builder Fund

1. Significant Accounting Policies (continued)

Underlying Funds — The Fund may invest in other investment companies (Underlying Funds) to the extent permitted by the 1940 Act (including 12d1-4). The Underlying Funds in which the Fund may invest include ETFs. The Fund will indirectly bear the investment management fees and other expenses of any Underlying Funds.

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

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

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

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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 gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer, which are estimated. Distributions received from investments in master limited partnerships are recorded as return of capital on investments. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund declares and pays dividends from net investment income monthly and distributions from net realized gain on investments, if any, annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended May 31, 2022, the Fund earned $189 under this arrangement.

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

In accordance with the terms of its investment management agreement, the Fund pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 0.65% on the first $500 million of average daily net assets of the Fund, 0.60% on the next $500 million, 0.55% on the next $1.5 billion, and 0.50% on average daily net assets in excess of $2.5 billion.

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Notes to financial statements
Delaware Wealth Builder Fund

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

DMC has contractually agreed to waive all or a portion 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 December 1, 2021 through May 31, 2022.* 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 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, may pay each Affiliated Sub-Advisor a portion of its investment management fee.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended May 31, 2022, the Fund was charged $7,380 for these services.

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DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended May 31, 2022, the Fund was charged $19,396 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, an annual 12b-1 fee of 0.25%, 1.00%, and 0.50% of the average daily net assets of the Class A, Class C, and Class R shares, respectively. The fees are calculated daily and paid monthly. Institutional Class shares do not pay 12b-1 fees.

As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Fund. For the six months ended May 31, 2022, the Fund was charged $5,765 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

For the six months ended May 31, 2022, DDLP earned $5,741 for commissions on sales of the Fund’s Class A shares. For the six months ended May 31, 2022, DDLP received gross CDSC commissions of $21 and $172 on redemptions of the Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.

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

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

____________________

*	The aggregate contractual waiver period covering this report is from March 27, 2021 through March 31, 2023.

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Notes to financial statements
Delaware Wealth Builder Fund

3. Investments

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

Purchases other than US government securities	$	74,652,591
Purchases of US government securities		72,414,447
Sales other than US government securities		107,752,627
Sales of US government securities		47,387,923

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

Cost of investments and derivatives	$	363,000,538
Aggregate unrealized appreciation of investments and derivatives	$	41,065,666
Aggregate unrealized depreciation of investments and derivatives		(22,637,374	)
Net unrealized appreciation of investments and derivatives	$	18,428,292

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)

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Level 3 –

Significant unobservable inputs, including the Fund's own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

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

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of May 31, 2022:

	Level 1		Level 2			Level 3			Total
Securities
Assets:
Agency Mortgage-Backed
Securities	$	—	$	10,422,511		$	—		$	10,422,511
Collateralized Debt Obligations		—		780,493			—			780,493
Common Stocks		219,296,841		—			—	¹		219,296,841
Convertible Bonds		—		24,994,123			—			24,994,123
Convertible Preferred Stock		5,431,960		—			—			5,431,960
Corporate Bonds		—		49,107,823			—			49,107,823
Exchange-Traded Funds		9,838,907		—			—			9,838,907
Leveraged Non-Recourse Security		—		1,300			—			1,300
Limited Partnerships		—		—			6,798,960			6,798,960
Non-Agency Asset-Backed
Securities		—		841,072			—			841,072
Non-Agency Collateralized
Mortgage Obligations		—		120,393			—			120,393
Non-Agency Commercial
Mortgage-Backed Securities		—		4,871,908			—			4,871,908
Sovereign Bonds		—		5,603,680			—			5,603,680
Supranational Banks		—		1,051,001			—			1,051,001
US Treasury Obligations		—		33,155,822			—			33,155,822
Options Purchased		—		12			—			12
Short-Term Investments		9,150,572		—			—			9,150,572
Total Value of
Securities Before Options Written	$	243,718,280	$	130,950,138		$	6,798,960		$	381,467,378
Liabilities:
Options Written	$	—	$	(25	)	$	—		$	(25	)

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Notes to financial statements
Delaware Wealth Builder Fund

3. Investments (continued)

	Level 1			Level 2			Level 3		Total
Derivatives²
Assets:
Foreign Currency Exchange
Contracts	$	—		$	18,361		$	—	$	18,361
Futures Contracts		4,779			—			—		4,779
Liabilities:
Foreign Currency Exchange
Contracts	$	—		$	(25,931	)	$	—	$	(25,931	)
Futures Contracts		(39,669	)		—			—		(39,669	)
OTC Credit Default Swaps		—			(5,671	)		—		(5,671	)

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 period end.

During the six months ended May 31, 2022, there were no transfers into or out of Level 3 investments. The Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

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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, 2021	$	12,055,225			$	1,300		$	12,056,525
Purchases		106,235				—			106,235
Sales		(14,957,159	)			—			(14,957,159	)
Net realized gain		13,150,634				—			13,150,634
Return of capital		(234,124	)			—			(234,124	)
Transfers out of Level 3		—				(1,105,000	)		(1,105,000	)
Net change in unrealized
appreciation (depreciation)		(3,321,851	)			1,103,700			(2,218,151	)
Ending balance May 31, 2022	$	6,798,960			$	—		$	6,798,960
Net change in unrealized
appreciation from investments
still held at the end of the
period	$	1,897,559			$	—		$	1,897,559

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

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

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Notes to financial statements
Delaware Wealth Builder Fund

3. Investments (continued)

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	$	6,798,960	and liabilities)	Liquidity Discount	5%
				Cap Rate	5.55-6.72%

4. Capital Shares

Transactions in capital shares were as follows:

		Six months
		ended		Year ended
		5/31/22		11/30/21
Shares sold:
	Class A	647,359		1,972,064
	Class C	67,929		197,150
	Class R	11,669		42,855
	Institutional Class	476,219		657,585

Shares issued upon reinvestment of dividends and distributions:
	Class A	992,055		279,703
	Class C	115,483		27,700
	Class R	4,374		1,176
	Institutional Class	443,846		143,787
		2,758,934		3,322,020

Shares redeemed:
	Class A	(1,408,552	)	(2,548,144	)
	Class C	(436,341	)	(2,051,021	)
	Class R	(14,162	)	(45,431	)
	Institutional Class	(697,829	)	(1,884,801	)
		(2,556,884	)	(6,529,397	)
Net increase (decrease)		202,050		(3,207,377	)

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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 on the previous page and on the “Statements of changes in net assets.” For the six months ended May 31, 2022 and the year ended November 30, 2021, the Fund had the following exchange transactions:

	Exchange Redemptions		Exchange Subscriptions
				Institutional
	Class A	Class C	Class A	Class
	Shares	Shares	Shares	Shares	Value
Six months ended
5/31/22	1,881	13,172	13,200	1,881	$	226,926
Year ended
11/30/21	35,739	64,787	63,964	36,699		1,516,358

5. Line of Credit

The Fund, along with certain other funds in the Delaware Funds (Participants), is a participant in a $355,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15% with the addition of an upfront fee of 0.05%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 31, 2022.

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

6. Derivatives

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

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

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Notes to financial statements
Delaware Wealth Builder Fund

6. Derivatives (continued)

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.

During the six months ended May 31, 2022, the Fund entered into foreign currency exchange contracts to fix the US dollar value of a security between trade date and settlement date, and to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to increase/decrease exposure to foreign currencies.

Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Fund may use futures contracts in the normal course of pursuing its investment objective. The Fund may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Fund deposits cash or pledges US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At May 31, 2022, the Fund posted $39,911 in cash as collateral for open futures contracts, which is included in “Cash collateral due from brokers” on the “Statement of assets and liabilities.”

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During the six months ended May 31, 2022, 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.

Options Contracts — The Fund may enter into options contracts in the normal course of pursuing its investment objective. The Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund's exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting the Fund's overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. The Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When the Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. There were no transactions in options written during the six months ended May 31, 2022.

During the six months ended May 31, 2022, Fund used options contracts to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions, to manage the Fund's exposure to changes in foreign currencies to adjust the Fund’s overall exposure to certain markets, and to receive premiums for writing options.

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

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Notes to financial statements
Delaware Wealth Builder Fund

6. Derivatives (continued)

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

During the six months ended May 31, 2022, 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 six months ended May 31, 2022, 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

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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.”

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

	Asset Derivatives Fair Value
						Interest
Statement of Assets and	Currency		Equity			Rate
Liabilities Location	Contracts		Contracts			Contracts			Total
Unrealized appreciation on foreign currency exchange contracts	$	18,361		$	—		$	—	$	18,361
Variation margin due from broker on futures contracts*		—			—			4,779		4,779
Options purchased**		—			12			—		12
Total	$	18,361		$	12		$	4,779	$	23,152

	Liability Derivatives Fair Value
Statement of Assets and	Currency			Equity			Interest Rate			Credit
Liabilities Location	Contracts			Contracts			Contracts			Contracts			Total
Unrealized depreciation on foreign currency exchange contracts	$	(25,931	)	$	—		$	—		$	—		$	(25,931	)
Variation margin due to broker on futures contracts*		—			(36,505	)		(3,164	)		—			(39,669	)
Unrealized depreciation on over the counter credit default swap contracts		—			—			—			(5,671	)		(5,671	)
Options written, at value		—			(25	)		—			—			(25	)
Total	$	(25,931	)	$	(36,530	)	$	(3,164	)	$	(5,671	)	$	(71,296	)

*	Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through May 31, 2022. Only current day variation margin is reported on the Fund’s “Statement of assets and liabilities.”
**	Included with "Investments, at value."

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Notes to financial statements
Delaware Wealth Builder Fund

6. Derivatives (continued)

The effect of derivative instruments on the "Statement of operations" for the six months ended May 31, 2022 was as follows:

	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange			Futures		Swap
	Contracts			Contracts		Contracts		Total
Currency contracts		$	4,249	$	—	$	—	$	4,249
Interest rate contracts			—		44,852		—		44,852
Credit contracts			—		—		19,486		19,486
Total		$	4,249	$	44,852	$	19,486	$	68,587

	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign
	Currency
	Exchange			Futures			Options			Options		Swap
	Contracts			Contracts			Purchased			Written		Contracts			Total
Currency contracts		$	4,425	$	—		$	—		$	—	$	—		$	4,425
Interest rate contracts			—		19,068			—			—		—			19,068
Equity
contracts			—		(36,505	)		(1,813	)		3,600		—			(34,718	)
Credit contracts			—		—			—			—		(9,517	)		(9,517	)
Total		$	4,425	$	(17,437	)	$	(1,813	)	$	3,600	$	(9,517	)	$	(20,742	)

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

	Long Derivative		Short Derivative
	Volume		Volume
Foreign currency exchange contracts (average notional value)	$	404,763	$	1,525,972
Futures contracts (average notional value)		1,338,972		1,646,088
Options contracts (average value)*		77		181
CDS contracts (average notional value)**		370,437		—

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

7. Offsetting

The Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and

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

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

At May 31, 2022, 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		$	19		$	(11	)	$	8
Citigroup			—			(3,296	)		(3,296	)
JPMorgan Chase Bank			18,342			(28,295	)		(9,953	)
Total		$	18,361		$	(31,602	)	$	(13,241	)

				Fair Value of						Fair Value of
Counterparty	Net Position			Non-Cash Collateral Received			Cash Collateral Received			Non-Cash Collateral Pledged			Cash Collateral Pledged			Net Exposure^(a)
Bank of
New
York
Mellon	$	8			$	—		$	—		$	—		$	—		$	8
Citigroup		(3,296	)			—			—			—			—			(3,296	)
JPMorgan
Chase
Bank		(9,953	)			—			—			—			—			(9,953	)
Total	$	(13,241	)		$	—		$	—		$	—		$	—		$	(13,241	)

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

8. Securities Lending

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Notes to financial statements
Delaware Wealth Builder Fund

8. Securities Lending (continued)

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

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

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

During the six months ended May 31, 2022, the Fund had no securities out on loan.

9. Credit and Market Risk

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

Beginning in late February 2022, global financial markets have experienced and may continue to experience significant volatility related to military action by Russia in Ukraine. As a result of this military action, the US and many other countries have imposed sanctions on Russia and certain Russian individuals, banks and corporations. The ongoing hostilities and resulting sanctions are expected to have a severe adverse effect on the region’s economies and more globally, including significant negative impact on markets for certain securities and commodities, such as oil and natural gas. Any cessation of trading on the Russian securities markets will impact the value and liquidity of certain portfolio holdings. The extent and duration of military action, sanctions, and resulting market disruptions are impossible to predict, but could be substantial and prolonged and impact your Fund’s performance.

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

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

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

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Notes to financial statements
Delaware Wealth Builder Fund

9. Credit and Market Risk (continued)

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 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 May 31, 2022. 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

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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 $0.

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

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

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Notes to financial statements
Delaware Wealth Builder Fund

9. Credit and Market Risk (continued)

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

10. Contractual Obligations

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

11. 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.

12. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to May 31, 2022, that would require recognition or disclosure in the Fund's financial statements.

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Other Fund information (Unaudited)
Delaware Wealth Builder Fund

Liquidity Risk Management Program

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

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

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

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

At a meeting of the Board held on May 17-19, 2022, the Program Administrator provided the required written annual report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2021 through March 31, 2022. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Fund’s liquidity needs. The Fund’s HLIM is set at an appropriate level and the Fund complied with its HLIM at all times during the reporting period.

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About the organization

Board of trustees
Shawn K. Lytle President and Chief Executive Officer Delaware Funds by Macquarie^® Jerome D. Abernathy Managing Member Stonebrook Capital Management, LLC Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor	Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. Joseph W. Chow Private Investor H. Jeffrey Dobbs Former Global Sector Chairman Industrial Manufacturing, KPMG, LLP	John A. Fry President Drexel University Joseph Harroz, Jr. President University of Oklahoma Sandra A.J. Lawrence Former Chief Administrative Officer Children's Mercy Hospitals and Clinics	Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Janet L. Yeomans Former Vice President and Treasurer 3M Company

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

This semiannual report is for the information of Delaware Wealth Builder Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Fund’s most recent Form N-PORT are available without charge on the Fund’s website at delawarefunds.com/literature. The Fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

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		Semiannual report

US equity mutual fund

Delaware Small Cap Core Fund

May 31, 2022

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

Table of Contents

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 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.

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

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

The Fund is governed by US laws and regulations.

Table of contents

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

Unless otherwise noted, views expressed herein are current as of May 31, 2022, 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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Disclosure of Fund expenses
For the six-month period from December 1, 2021 to May 31, 2022 (Unaudited)

The Fund seeks long-term 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 December 1, 2021 to May 31, 2022.

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 assume reinvestment of all dividends and distributions.

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

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

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	12/1/21			5/31/22			Expense Ratio			12/1/21 to 5/31/22*
Actual Fund return^†
Class A		$	1,000.00		$	903.50		1.06	%		$	5.03
Class C			1,000.00			899.80		1.81	%			8.57
Class R			1,000.00			902.30		1.31	%			6.21
Institutional Class			1,000.00			904.60		0.81	%			3.85
Class R6			1,000.00			905.20		0.69	%			3.28
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,019.65		1.06	%		$	5.34
Class C			1,000.00			1,015.91		1.81	%			9.10
Class R			1,000.00			1,018.40		1.31	%			6.59
Institutional Class			1,000.00			1,020.89		0.81	%			4.08
Class R6			1,000.00			1,021.49		0.69	%			3.48

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

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

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Security type / sector allocation and top 10
equity holdings
Delaware Small Cap Core Fund	As of May 31, 2022 (Unaudited)

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

Security type / sector	Percentage of net assets
Common Stocks		99.29%
Basic Materials		6.88%
Business Services		4.52%
Capital Goods		10.51%
Communications Services		0.33%
Consumer Discretionary		4.29%
Consumer Services		3.64%
Consumer Staples		2.63%
Credit Cyclicals		2.76%
Energy		6.76%
Financials		16.99%
Healthcare		15.28%
Information Technology		12.31%
Media		0.92%
Real Estate Investment Trusts		6.86%
Transportation		1.93%
Utilities		2.68%
Short-Term Investments		0.61%
Total Value of Securities		99.90%
Receivables and Other Assets Net of Liabilities		0.10%
Total Net Assets		100.00%

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

Top 10 equity holdings	Percentage of net assets
PDC Energy		2.42%
WESCO International		1.70%
Boise Cascade		1.70%
Patterson-UTI Energy		1.50%
Southwestern Energy		1.48%
ExlService Holdings		1.38%
WillScot Mobile Mini Holdings		1.38%
Minerals Technologies		1.23%
Prestige Consumer Healthcare		1.20%
BJ's Wholesale Club Holdings		1.15%

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Schedule of investments
Delaware Small Cap Core Fund	May 31, 2022 (Unaudited)

		Number of
		shares		Value (US $)
Common Stocks – 99.29%
Basic Materials – 6.88%
	Balchem	166,458	$	20,712,369
	Boise Cascade	1,576,935		121,928,614
	Coeur Mining †	910,731		3,542,744
	Kaiser Aluminum	652,796		66,696,167
	Minerals Technologies	1,331,030		88,194,048
	Neenah	983,764		37,294,493
	Quaker Chemical	230,203		36,003,749
	Summit Materials Class A †	2,136,396		58,344,975
	Worthington Industries	1,298,749		60,573,653
				493,290,812
Business Services – 4.52%
	ABM Industries	1,266,905		61,254,857
	ASGN †	860,967		81,989,887
	BrightView Holdings †	2,575,588		33,482,644
	Casella Waste Systems Class A †	684,272		48,980,190
	WillScot Mobile Mini Holdings †	2,762,638		98,709,056
				324,416,634
Capital Goods – 10.51%
	Ameresco Class A †	821,156		48,218,280
	Applied Industrial Technologies	722,286		74,691,595
	Barnes Group	543,832		19,594,267
	Columbus McKinnon	1,171,894		39,551,423
	ESCO Technologies	304,210		20,020,060
	Federal Signal	1,692,758		59,415,806
	Kadant	319,038		59,053,934
	KBR	1,522,160		75,742,682
	MYR Group †	817,881		74,926,078
	Regal Rexnord	318,502		39,796,825
	Tetra Tech	588,766		79,465,747
	WESCO International †	970,954		121,932,403
	Zurn Water Solutions	1,438,294		41,451,633
				753,860,733
Communications Services – 0.33%
	ATN International	531,417		23,430,176
				23,430,176
Consumer Discretionary – 4.29%
	American Eagle Outfitters	3,393,937		41,100,577
	BJ's Wholesale Club Holdings †	1,422,316		82,309,427
	Hibbett	423,995		21,517,746

Table of Contents

		Number of
		shares	Value (US $)
Common Stocks (continued)
Consumer Discretionary (continued)
	Malibu Boats Class A †	1,138,374	$	66,708,716
	Sonic Automotive Class A	419,437		19,130,522
	Steven Madden	2,074,093		77,114,778
				307,881,766
Consumer Services – 3.64%
	Allegiant Travel †	339,748		50,775,339
	Brinker International †	1,202,290		36,489,501
	Chuy's Holdings †	766,334		17,311,485
	Jack in the Box	422,766		28,874,918
	Sun Country Airlines Holdings †	986,506		23,330,867
	Texas Roadhouse	931,206		72,606,132
	Wendy's	1,709,881		31,872,182
				261,260,424
Consumer Staples – 2.63%
	Helen of Troy †	238,893		44,240,594
	J & J Snack Foods	452,249		57,987,367
	Prestige Consumer Healthcare †	1,545,333		86,260,488
				188,488,449
Credit Cyclicals – 2.76%
	Dana	2,652,324		43,922,486
	KB Home	1,584,522		54,650,164
	La-Z-Boy	1,175,938		30,021,697
	Taylor Morrison Home †	2,389,193		69,214,921
				197,809,268
Energy – 6.76%
	Chesapeake Energy	782,853		76,234,225
	Earthstone Energy Class A †	1,184,354		21,342,059
	Patterson-UTI Energy	5,623,992		107,305,767
	PDC Energy	2,197,206		173,886,883
	Southwestern Energy †	11,664,321		106,378,608
				485,147,542
Financials – 16.99%
	American Equity Investment Life Holding	1,185,541		47,729,881
	City Holding	502,017		41,210,576
	Enterprise Financial Services	819,108		37,932,891
	Essent Group	1,390,300		59,490,937
	First Bancorp	1,023,690		38,357,664
	First Financial Bancorp	2,011,954		42,210,795
	First Foundation	1,454,651		32,802,380

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Schedule of investments
Delaware Small Cap Core Fund

		Number of
		shares	Value (US $)
Common Stocks (continued)
Financials (continued)
	First Interstate BancSystem Class A	2,039,990	$	77,662,419
	Hamilton Lane Class A	724,774		50,408,032
	Independent Bank	624,066		51,984,698
	Independent Bank Group	642,627		46,963,181
	Kemper	677,419		35,788,046
	Lakeland Financial	53,365		3,850,818
	NMI Holdings Class A †	2,734,955		50,897,513
	Old National Bancorp	4,280,479		68,059,616
	Pacific Premier Bancorp	1,454,980		47,374,149
	RLI	163,840		19,844,301
	Selective Insurance Group	917,844		72,785,029
	SouthState	726,647		58,727,611
	Stifel Financial	659,650		42,329,740
	Umpqua Holdings	2,597,319		45,842,680
	United Community Banks	2,014,271		63,308,537
	Valley National Bancorp	4,307,198		54,744,487
	WesBanco	1,430,003		48,705,902
	WSFS Financial	1,854,761		79,346,676
				1,218,358,559
Healthcare – 15.28%
	Agios Pharmaceuticals †	1,108,875		21,589,796
	Amicus Therapeutics †	5,014,468		38,210,246
	Apellis Pharmaceuticals †	1,131,949		46,919,286
	Artivion †	1,976,939		38,668,927
	AtriCure †	877,901		35,669,118
	Azenta	514,825		39,456,188
	Blueprint Medicines †	914,555		50,300,525
	CONMED	565,996		65,819,675
	Halozyme Therapeutics †	1,650,864		75,906,727
	Insmed †	2,012,787		37,880,651
	Inspire Medical Systems †	252,998		44,737,636
	Intercept Pharmaceuticals †	487,341		8,820,872
	Ligand Pharmaceuticals †	574,718		51,098,177
	Merit Medical Systems †	1,144,726		70,274,729
	NeoGenomics †	1,547,135		13,026,877
	NuVasive †	970,025		55,689,135
	Omnicell †	478,083		53,143,706
	Pacific Biosciences of California †	3,080,326		17,342,235
	PTC Therapeutics †	1,049,069		30,811,157
	Shockwave Medical †	442,108		72,598,555
	Supernus Pharmaceuticals †	1,800,169		50,170,710

Table of Contents

		Number of
		shares		Value (US $)
Common Stocks (continued)
Healthcare (continued)
	TransMedics Group †	1,669,130	$	48,688,522
	Travere Therapeutics †	3,079,938		71,793,355
	Ultragenyx Pharmaceutical †	726,467		34,071,302
	Vanda Pharmaceuticals †	2,358,691		23,185,933
				1,095,874,040
Information Technology – 12.31%
	Bandwidth Class A †	344,191		7,241,779
	Blackline †	382,932		28,038,281
	Box Class A †	1,221,732		31,899,423
	Consensus Cloud Solutions †	438,996		21,084,978
	ExlService Holdings †	694,263		98,717,256
	Ichor Holdings †	769,418		23,267,200
	II-VI †	987,724		61,732,750
	MACOM Technology Solutions Holdings †	561,071		30,583,980
	MaxLinear †	1,669,536		66,096,930
	NETGEAR †	719,604		13,708,456
	Ping Identity Holding †	1,152,766		21,787,277
	Q2 Holdings †	815,667		43,010,121
	Rapid7 †	924,508		65,519,882
	Semtech †	934,957		59,921,394
	Silicon Laboratories †	402,897		60,096,117
	Sprout Social Class A †	387,574		19,739,144
	Upwork †	806,887		14,725,688
	Varonis Systems †	1,680,288		55,567,124
	WNS Holdings ADR †	923,661		67,214,811
	Yelp †	1,302,723		38,313,083
	Ziff Davis †	717,493		54,773,416
				883,039,090
Media – 0.92%
	IMAX †	1,570,187		27,195,639
	Nexstar Media Group Class A	219,774		38,508,800
				65,704,439
Real Estate Investment Trusts – 6.86%
	American Assets Trust	1,244,716		42,444,816
	Armada Hoffler Properties	2,674,042		36,848,299
	DiamondRock Hospitality †	4,890,495		50,323,194
	EastGroup Properties	317,929		51,361,430
	Four Corners Property Trust	1,179,348		32,514,624
	Kite Realty Group Trust	2,418,818		50,698,425
	LXP Industrial Trust	3,415,745		39,486,012

Table of Contents

Schedule of investments
Delaware Small Cap Core Fund

		Number of
		shares	Value (US $)
Common Stocks (continued)
Real Estate Investment Trusts (continued)
	National Storage Affiliates Trust	953,802	$	50,026,915
	Pebblebrook Hotel Trust	1,813,437		40,820,467
	Physicians Realty Trust	3,324,630		61,671,886
	RPT Realty	2,935,254		35,722,041
				491,918,109
Transportation – 1.93%
	Hub Group Class A †	1,010,024		73,711,551
	Werner Enterprises	1,586,091		64,347,712
				138,059,263
Utilities – 2.68%
	Black Hills	650,083		49,835,363
	NorthWestern	815,765		49,981,921
	South Jersey Industries	719,847		25,086,668
	Spire	856,752		67,083,682
				191,987,634
Total Common Stocks (cost $5,963,753,792)				7,120,526,938

Short-Term Investments – 0.61%
Money Market Mutual Funds – 0.61%
	BlackRock FedFund – Institutional Shares (seven-day effective yield 0.72%)	11,060,814		11,060,814
	Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.60%)	11,060,814		11,060,814
	GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.71%)	11,060,814		11,060,814
	Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.71%)	11,060,813		11,060,813
Total Short-Term Investments (cost $44,243,255)				44,243,255
Total Value of Securities–99.90%
	(cost $6,007,997,047)		$	7,164,770,193

†	Non-income producing security.

Summary of abbreviations:

ADR – American Depositary Receipt

GS – Goldman Sachs

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

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Statement of assets and liabilities
Delaware Small Cap Core Fund	May 31, 2022 (Unaudited)

Assets:
	Investments, at value*	$	7,164,770,193
	Cash		244
	Receivable for fund shares sold		16,665,197
	Dividends and interest receivable		9,180,171
	Receivable for securities sold		6,616,166
	Other assets		52,780
	Total Assets		7,197,284,751
Liabilities:
	Payable for fund shares redeemed		18,505,890
	Investment management fees payable to affiliates		3,824,864
	Payable for securities purchased		1,649,953
	Dividend disbursing and transfer agent fees and expenses payable to non-affiliates		1,051,536
	Other accrued expenses		299,401
	Distribution fees payable to affiliates		163,658
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		59,178
	Trustees’ fees and expenses payable to affiliates		53,521
	Accounting and administration expenses payable to affiliates		17,560
	Legal fees payable to affiliates		9,915
	Reports and statements to shareholders expenses payable to affiliates		4,166
	Total Liabilities		25,639,642
Total Net Assets		$	7,171,645,109

Net Assets Consist of:
	Paid-in capital	$	6,079,273,462
	Total distributable earnings (loss)		1,092,371,647
Total Net Assets		$	7,171,645,109

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Statement of assets and liabilities
Delaware Small Cap Core Fund

Net Asset Value
Class A:
Net assets	$	280,019,388
Shares of beneficial interest outstanding, unlimited authorization, no par		10,607,666
Net asset value per share	$	26.40
Sales charge		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	28.01

Class C:
Net assets	$	107,190,704
Shares of beneficial interest outstanding, unlimited authorization, no par		4,775,828
Net asset value per share	$	22.44

Class R:
Net assets	$	38,231,148
Shares of beneficial interest outstanding, unlimited authorization, no par		1,517,771
Net asset value per share	$	25.19

Institutional Class:
Net assets	$	5,450,211,620
Shares of beneficial interest outstanding, unlimited authorization, no par		200,730,022
Net asset value per share	$	27.15

Class R6:
Net assets	$	1,295,992,249
Shares of beneficial interest outstanding, unlimited authorization, no par		47,663,722
Net asset value per share	$	27.19
____________________
* Investments, at cost	$	6,007,997,047

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

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Statement of operations
Delaware Small Cap Core Fund	Six months ended May 31, 2022 (Unaudited)

Investment Income:
	Dividends	$	43,178,955
	Interest		91,312
			43,270,267

Expenses:
	Management fees		23,297,589
	Distribution expenses — Class A		374,930
	Distribution expenses — Class C		607,710
	Distribution expenses — Class R		105,220
	Dividend disbursing and transfer agent fees and expenses		4,228,606
	Accounting and administration expenses		526,147
	Reports and statements to shareholders expenses		507,743
	Legal fees		169,828
	Registration fees		142,408
	Trustees’ fees and expenses		128,139
	Custodian fees		106,385
	Audit and tax fees		15,865
	Other		70,358
			30,280,928
	Less expenses paid indirectly		(951	)
	Total operating expenses		30,279,977
Net Investment Income			12,990,290
Net Realized and Unrealized Loss:
	Net realized loss on investments		(4,065,399	)
	Net change in unrealized appreciation (depreciation) of investments		(789,800,705	)
Net Realized and Unrealized Loss			(793,866,104	)
Net Decrease in Net Assets Resulting from Operations		$	(780,875,814	)

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 Core Fund

			Six months
			ended
			5/31/22			Year ended
			(Unaudited)			11/30/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	12,990,290		$	12,923,049
	Net realized gain (loss)			(4,065,399	)		451,165,030
	Net change in unrealized appreciation (depreciation)			(789,800,705	)		1,093,765,440
	Net increase (decrease) in net assets resulting from
		operations		(780,875,814	)		1,557,853,519

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(19,265,935	)		(1,951,967	)
		Class C		(9,463,365	)		(1,003,028	)
		Class R		(2,863,111	)		(279,913	)
		Institutional Class		(357,240,198	)		(43,768,600	)
		Class R6		(83,096,087	)		(9,588,230	)
				(471,928,696	)		(56,591,738	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		46,483,796			89,418,275
		Class C		5,921,810			21,217,790
		Class R		4,788,757			9,370,000
		Institutional Class		1,451,956,317			1,798,041,672
		Class R6		257,980,831			408,195,943
	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		17,764,566			1,826,558
		Class C		9,319,053			992,647
		Class R		2,863,110			279,822
		Institutional Class		264,151,847			33,842,749
		Class R6		74,281,941			7,093,053
				2,135,512,028			2,370,278,509

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			Six months
			ended
			5/31/22			Year ended
			(Unaudited)			11/30/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(46,817,299	)	$	(111,587,205	)
		Class C		(18,306,024	)		(35,518,304	)
		Class R		(6,615,817	)		(10,381,099	)
		Institutional Class		(1,048,998,269	)		(1,869,954,254	)
		Class R6		(148,022,322	)		(230,930,548	)
				(1,268,759,731	)		(2,258,371,410	)
	Increase in net assets derived from capital share
		transactions		866,752,297			111,907,099
Net Increase (Decrease) in Net Assets				(386,052,213	)		1,613,168,880
Net Assets:
	Beginning of period			7,557,697,322			5,944,528,442
	End of period		$	7,171,645,109		$	7,557,697,322

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

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Financial highlights
Delaware Small Cap Core Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income (loss)²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

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

Portfolio turnover

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

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

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Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
	$	31.14		$	24.79		$	23.20		$	23.91		$	25.74		$	22.23


		0.02			(0.02	)		0.02			0.03			0.05			(0.03	)
		(2.83	)		6.56			1.99			1.25			0.04			3.78
		(2.81	)		6.54			2.01			1.28			0.09			3.75


		—			—			(0.04	)		(0.02	)		—			—
		(1.93	)		(0.19	)		(0.38	)		(1.97	)		(1.92	)		(0.24	)
		(1.93	)		(0.19	)		(0.42	)		(1.99	)		(1.92	)		(0.24	)

	$	26.40		$	31.14		$	24.79		$	23.20		$	23.91		$	25.74

		(9.65%	)		26.50%			8.81%			7.79%			0.44%			17.02%


	$	280,019		$	312,223		$	264,888		$	279,872		$	288,721		$	324,710
		1.06%			1.06%			1.10%			1.10%			1.12%			1.18%
		0.11%			(0.06%	)		0.09%			0.15%			0.19%			(0.12%	)
		19%			24%			37%			34%			38%			54%

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Financial highlights
Delaware Small Cap Core Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment loss²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of net investment loss to average net assets

Portfolio turnover

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

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

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Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
	$	26.86		$	21.57		$	20.35		$	21.38		$	23.38		$	20.36


		(0.08	)		(0.21	)		(0.12	)		(0.11	)		(0.13	)		(0.19	)
		(2.41	)		5.69			1.72			1.05			0.05			3.45
		(2.49	)		5.48			1.60			0.94			(0.08	)		3.26


		(1.93	)		(0.19	)		(0.38	)		(1.97	)		(1.92	)		(0.24	)
		(1.93	)		(0.19	)		(0.38	)		(1.97	)		(1.92	)		(0.24	)

	$	22.44		$	26.86		$	21.57		$	20.35		$	21.38		$	23.38

		(10.02%	)		25.54%			8.00%			6.99%			(0.31%	)		16.17%


	$	107,191		$	132,294		$	117,251		$	139,808		$	168,400		$	154,837
		1.81%			1.81%			1.85%			1.85%			1.87%			1.93%
		(0.64%	)		(0.81%	)		(0.66%	)		(0.60%	)		(0.56%	)		(0.87%	)
		19%			24%			37%			34%			38%			54%

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Financial highlights
Delaware Small Cap Core Fund Class R

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment loss²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of net investment loss to average net assets

Portfolio turnover

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

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

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Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
	$	29.84		$	23.82		$	22.33		$	23.12		$	25.01		$	21.66


		(0.02	)		(0.09	)		(0.03	)		(0.02	)		(0.02	)		(0.08	)
		(2.70	)		6.30			1.90			1.20			0.05			3.67
		(2.72	)		6.21			1.87			1.18			0.03			3.59


		(1.93	)		(0.19	)		(0.38	)		(1.97	)		(1.92	)		(0.24	)
		(1.93	)		(0.19	)		(0.38	)		(1.97	)		(1.92	)		(0.24	)

	$	25.19		$	29.84		$	23.82		$	22.33		$	23.12		$	25.01

		(9.77%	)		26.19%			8.51%			7.55%			0.19%			16.73%


	$	38,231		$	44,366		$	36,065		$	27,631		$	28,138		$	33,112
		1.31%			1.31%			1.35%			1.35%			1.37%			1.43%
		(0.14%	)		(0.31%	)		(0.16%	)		(0.10%	)		(0.06%	)		(0.37%	)
		19%			24%			37%			34%			38%			54%

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Financial highlights
Delaware Small Cap Core Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of net investment income to average net assets

Portfolio turnover

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

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

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Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
	$	32.00		$	25.46		$	23.81		$	24.50		$	26.29		$	22.66


		0.05			0.06			0.07			0.09			0.11			0.03
		(2.91	)		6.72			2.06			1.28			0.05			3.86
		(2.86	)		6.78			2.13			1.37			0.16			3.89


		(0.06	)		(0.05	)		(0.10	)		(0.09	)		(0.03	)		(0.02	)
		(1.93	)		(0.19	)		(0.38	)		(1.97	)		(1.92	)		(0.24	)
		(1.99	)		(0.24	)		(0.48	)		(2.06	)		(1.95	)		(0.26	)

	$	27.15		$	32.00		$	25.46		$	23.81		$	24.50		$	26.29

		(9.54%	)		26.80%			9.09%			8.06%			0.69%			17.31%


	$	5,450,212		$	5,743,601		$	4,632,204		$	3,888,603		$	3,451,251		$	2,275,563
		0.81%			0.81%			0.85%			0.85%			0.87%			0.93%
		0.36%			0.19%			0.34%			0.40%			0.44%			0.13%
		19%			24%			37%			34%			38%			54%

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Financial highlights
Delaware Small Cap Core Fund Class R6

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of net investment income to average net assets

Portfolio turnover

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

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

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Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
	$	32.06		$	25.51		$	23.85		$	24.54		$	26.32		$	22.68


		0.07			0.10			0.10			0.12			0.15			0.06
		(2.91	)		6.72			2.06			1.28			0.05			3.86
		(2.84	)		6.82			2.16			1.40			0.20			3.92


		(0.10	)		(0.08	)		(0.12	)		(0.12	)		(0.06	)		(0.04	)
		(1.93	)		(0.19	)		(0.38	)		(1.97	)		(1.92	)		(0.24	)
		(2.03	)		(0.27	)		(0.50	)		(2.09	)		(1.98	)		(0.28	)

	$	27.19		$	32.06		$	25.51		$	23.85		$	24.54		$	26.32

		(9.48%	)		26.92%			9.24%			8.20%			0.86%			17.45%


	$	1,295,992		$	1,325,213		$	894,120		$	677,315		$	413,332		$	49,594
		0.69%			0.69%			0.71%			0.72%			0.74%			0.79%
		0.48%			0.31%			0.48%			0.53%			0.57%			0.27%
		19%			24%			37%			34%			38%			54%

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Notes to financial statements
Delaware Small Cap Core Fund	May 31, 2022 (Unaudited)

Delaware Group^®Equity Funds V (Trust) is organized as a Delaware statutory trust and offers three series: Delaware Wealth Builder Fund, Delaware Small Cap Core Fund, and Delaware Small Cap Value Fund. These financial statements and the related notes pertain to Delaware Small Cap Core Fund (Fund). The Trust is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended, and offers Class A, Class C, Class R, Institutional Class, and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.75%. There is no front-end sales charge when you purchase $1,000,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares purchased prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem these shares within the second year; 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

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

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the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken or expected to be taken on the Fund’s federal income tax returns through the six months ended May 31, 2022, and for all open tax years (years ended November 30, 2018–November 30, 2021), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended May 31, 2022, 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.

The Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this

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Notes to financial statements
Delaware Small Cap Core Fund

1. Significant Accounting Policies (continued)

arrangement are included on the "Statement of operations" under "Custodian fees" with the corresponding expenses offset included under "Less expenses paid indirectly." There were no such earnings credits for the six months ended May 31, 2022.

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.

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DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended May 31, 2022, the Fund was charged $334,041 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.

As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Fund. For the six months ended May 31, 2022, the Fund was charged $104,698 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

For the six months ended May 31, 2022, DDLP earned $33,677 for commissions on sales of the Fund’s Class A shares. For the six months ended May 31, 2022, DDLP received gross CDSC commissions of $286 and $3,477 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.

In addition to the management fees and other expenses of the Fund, the Fund indirectly bears the investment management fees and other expenses of any 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 any Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

3. Investments

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

Purchases		$	1,154,427,498
Sales			689,495,661

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Notes to financial statements
Delaware Small Cap Core Fund

3. Investments (continued)

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

Cost of investments	$	6,007,997,047
Aggregate unrealized appreciation of investments	$	1,693,143,575
Aggregate unrealized depreciation of investments		(536,370,429	)
Net unrealized appreciation of investments	$	1,156,773,146

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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upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of May 31, 2022:

	Level 1
Securities
Assets:
Common Stocks	$	7,120,526,938
Short-Term Investments		44,243,255
Total Value of Securities	$	7,164,770,193

During the six months ended May 31, 2022, there were no transfers into or out of Level 3 investments. The Fund's policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Fund's net assets. During the six months ended May 31, 2022, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months
	ended	Year ended
	5/31/22	11/30/21
Shares sold:
Class A	1,646,527	2,992,875
Class C	242,316	818,207
Class R	176,265	326,119
Institutional Class	50,133,766	57,922,579
Class R6	8,983,574	13,510,695
Shares issued upon reinvestment of dividends and distributions:
Class A	606,921	69,530
Class C	373,210	43,499
Class R	102,400	11,091
Institutional Class	8,784,564	1,256,693
Class R6	2,468,659	263,193
	73,518,202	77,214,481

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Notes to financial statements
Delaware Small Cap Core Fund

4. Capital Shares (continued)

	Six months
	ended		Year ended
	5/31/22		11/30/21
Shares redeemed:
Class A	(1,671,061	)	(3,720,796	)
Class C	(764,789	)	(1,372,903	)
Class R	(247,696	)	(364,335	)
Institutional Class	(37,653,437	)	(61,643,329	)
Class R6	(5,117,964	)	(7,501,034	)
	(45,454,947	)	(74,602,397	)
Net increase	28,063,255		2,612,084

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

	Exchange Redemptions				Exchange Subscriptions
			Institutional			Institutional
	Class A	Class C	Class	Class R6	Class A	Class	Class R6
	Shares	Shares	Shares	Shares	Shares	Shares	Shares	Value
Six months ended
5/31/22	11,202	7,987	11,816	1,127	16,800	11,532	2,576	$	883,634
Year ended
11/30/21	13,780	28,375	1,390,669	2,829	7,614	31,985	1,390,190		44,124,346

5. Line of Credit

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

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6. Securities Lending

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

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Notes to financial statements
Delaware Small Cap Core Fund

6. Securities Lending (continued)

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.

During the six months ended May 31, 2022, the Fund had no securities out on loan.

7. Credit and Market Risk

The Fund invests a significant portion of its assets in small companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small sized companies may be more volatile than investments in larger companies for a number of reasons, which include limited financial resources or a dependence on narrow product lines.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended May 31, 2022. 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.

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functions of determining whether individual securities are liquid for purposes of the Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 15% limit on investments in illiquid securities. As of May 31, 2022, there were no Rule 144A securities held by the Fund.

8. Contractual Obligations

9. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to May 31, 2022, that would require recognition or disclosure in the Fund's financial statements.

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Other Fund information (Unaudited)
Delaware Small Cap Core Fund

Liquidity Risk Management Program

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About the organization

Board of trustees
Shawn K. Lytle President and Chief Executive Officer Delaware Funds by Macquarie^® Jerome D. Abernathy Managing Member Stonebrook Capital Management, LLC Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor	Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. Joseph W. Chow Private Investor H. Jeffrey Dobbs Former Global Sector Chairman Industrial Manufacturing, KPMG, LLP	John A. Fry President Drexel University Joseph Harroz, Jr. President University of Oklahoma Sandra A.J. Lawrence Former Chief Administrative Officer Children's Mercy Hospitals and Clinics	Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Janet L. Yeomans Former Vice President and Treasurer 3M Company

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

This semiannual report is for the information of Delaware 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.

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		Semiannual report

US equity mutual fund

Delaware Small Cap Value Fund

May 31, 2022

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.

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Disclosure of Fund expenses		1
Security type / sector allocation and top 10 equity holdings		3
Schedule of investments		5
Statement of assets and liabilities.		9
Statement of operations		11
Statements of changes in net assets		12
Financial highlights		14
Notes to financial statements.		24
Other Fund information		35
About the organization		36

Unless otherwise noted, views expressed herein are current as of May 31, 2022, 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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Disclosure of Fund expenses
For the six-month period from December 1, 2021 to May 31, 2022 (Unaudited)

The investment objective of the Fund is to seek 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 December 1, 2021 to May 31, 2022.

Actual expenses

Hypothetical example for comparison purposes

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

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

	Beginning			Ending					Expenses
	Account Value			Account Value			Annualized		Paid During Period
	12/1/21			5/31/22			Expense Ratio		12/1/21 to 5/31/22*
Actual Fund return^†
Class A		$	1,000.00			$987.70		1.12%		$	5.55
Class C			1,000.00			983.90		1.87%			9.25
Class R			1,000.00			986.30		1.37%			6.78
Institutional Class			1,000.00			988.90		0.87%			4.31
Class R6			1,000.00			989.70		0.70%			3.47
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,019.35		1.12%		$	5.64
Class C			1,000.00			1,015.61		1.87%			9.40
Class R			1,000.00			1,018.10		1.37%			6.89
Institutional Class			1,000.00			1,020.59		0.87%			4.38
Class R6			1,000.00			1,021.44		0.70%			3.53

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

In addition to the Fund's expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the investment companies (Underlying Funds) in which it invests (if any). 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 Value Fund	As of May 31, 2022 (Unaudited)

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

Security type / sector	Percentage of net assets
Common Stocks ◆		99.18%
Basic Industry		8.78%
Consumer Discretionary		9.99%
Consumer Staples		2.87%
Energy		9.87%
Financial Services*		27.86%
Healthcare		4.33%
Industrials		12.18%
Real Estate Investment Trusts		7.77%
Technology		9.77%
Transportation		2.05%
Utilities		3.71%
Short-Term Investments		0.76%
Total Value of Securities		99.94%
Receivables and Other Assets Net of Liabilities		0.06%
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, and insurance. As of May 31, 2022, such amounts, as a percentage of total net assets were 19.23%, 2.19%, and 6.44%, 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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Security type / sector allocation and top 10
equity holdings
Delaware Small Cap Value Fund

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

Top 10 equity holdings	Percentage of net assets
East West Bancorp		2.68%
Webster Financial		2.50%
Louisiana-Pacific		2.25%
Stifel Financial		2.19%
Hancock Whitney		2.11%
MasTec		2.07%
Western Alliance Bancorp		1.98%
WESCO International		1.83%
CNX Resources		1.77%
Magnolia Oil & Gas Class A		1.76%

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Schedule of investments
Delaware Small Cap Value Fund	May 31, 2022 (Unaudited)

		Number of
		shares	Value (US $)
Common Stocks – 99.18% ◆
Basic Industry – 8.78%
	Arconic †	1,893,700	$	53,269,781
	Ashland Global Holdings	429,200		45,932,984
	Avient	1,029,700		50,661,240
	Berry Global Group †	1,605,310		93,637,732
	HB Fuller	885,500		62,941,340
	Huntsman	2,208,000		80,040,000
	Louisiana-Pacific	2,078,800		143,561,928
	Summit Materials Class A †	1,164,400		31,799,764
				561,844,769
Consumer Discretionary – 9.99%
	Acushnet Holdings	843,415		34,326,991
	Adient †	1,345,700		47,624,323
	Barnes Group	1,356,300		48,867,489
	Cable One	19,580		25,514,698
	Choice Hotels International	286,800		36,678,852
	Cracker Barrel Old Country Store	382,000		38,967,820
	Denny's †	1,182,200		12,247,592
	Group 1 Automotive	316,500		56,840,235
	KB Home	1,352,000		46,630,480
	Meritage Homes †	615,900		52,542,429
	Nexstar Media Group Class A	280,700		49,184,254
	PROG Holdings †	616,100		17,983,959
	Steven Madden	968,925		36,024,632
	Texas Roadhouse	557,350		43,456,579
	UniFirst	330,400		54,000,576
	Wolverine World Wide	1,775,480		37,888,743
				638,779,652
Consumer Staples – 2.87%
	J & J Snack Foods	377,500		48,403,050
	Performance Food Group †	1,221,522		52,940,764
	Scotts Miracle-Gro	224,200		21,213,804
	Spectrum Brands Holdings	692,050		60,720,467
				183,278,085
Energy – 9.87%
	CNX Resources †	5,222,600		113,434,872
	Delek US Holdings †	1,431,000		41,727,960
	Devon Energy	966,362		72,380,514
	Dril-Quip †	656,000		20,624,640
	Helix Energy Solutions Group †	3,841,600		17,825,024
	Magnolia Oil & Gas Class A	4,085,700		112,806,177

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Schedule of investments
Delaware Small Cap Value Fund

		Number of
		shares	Value (US $)
Common Stocks ◆ (continued)
Energy (continued)
	Matador Resources	1,133,950	$	69,057,555
	Murphy Oil	1,844,000		78,222,480
	Patterson-UTI Energy	4,730,700		90,261,756
	Renewable Energy Group †	247,685		15,185,567
				631,526,545
Financial Services – 27.86%
	American Equity Investment Life Holding	2,665,300		107,304,978
	Bank of NT Butterfield & Son	1,126,300		35,568,554
	East West Bancorp	2,331,323		171,445,493
	Essent Group	1,154,900		49,418,171
	First Financial Bancorp	2,600,900		54,566,882
	First Interstate BancSystem Class A	2,254,822		85,841,074
	FNB	8,297,100		100,809,765
	Hancock Whitney	2,703,800		134,757,392
	Hanover Insurance Group	638,000		93,530,800
	Hope Bancorp	2,104,940		30,690,025
	Kemper	642,700		33,953,841
	Metropolitan Bank Holding †	360,505		27,841,801
	S&T Bancorp	331,356		9,745,180
	Sandy Spring Bancorp	801,400		33,939,290
	Selective Insurance Group	1,147,606		91,005,156
	Stewart Information Services	665,500		36,928,595
	Stifel Financial	2,185,450		140,240,327
	Synovus Financial	1,797,400		76,659,110
	Umpqua Holdings	5,304,400		93,622,660
	Valley National Bancorp	6,934,700		88,140,037
	Webster Financial	3,257,660		159,918,529
	Western Alliance Bancorp	1,556,800		126,676,816
				1,782,604,476
Healthcare – 4.33%
	Avanos Medical †	1,076,021		30,871,043
	Integer Holdings †	716,600		57,170,348
	Integra LifeSciences
	Holdings †	976,600		61,174,224
	NuVasive †	751,662		43,152,915
	Select Medical Holdings	1,476,600		35,955,210
	Service Corp. International	697,100		48,817,913
				277,141,653

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		Number of
		shares	Value (US $)
Common Stocks ◆ (continued)
Industrials – 12.18%
	Altra Industrial Motion	1,528,643	$	59,938,092
	Atkore †	1,031,100		112,307,412
	CACI International Class A †	196,412		55,068,032
	Deluxe	505,400		12,094,222
	H&E Equipment Services	870,200		31,022,630
	ITT	1,102,030		81,351,855
	KBR	1,219,372		60,675,951
	MasTec †	1,584,529		132,450,779
	Primoris Services	1,348,100		32,731,868
	Regal Rexnord	330,539		41,300,848
	WESCO International †	933,500		117,228,930
	Zurn Water Solutions	1,482,500		42,725,650
				778,896,269
Real Estate Investment Trusts – 7.77%
	Brandywine Realty Trust	4,329,337		48,272,108
	Independence Realty Trust	1,357,100		31,905,421
	Kite Realty Group Trust	2,735,914		57,344,757
	Life Storage	503,500		58,788,660
	LXP Industrial Trust	4,373,500		50,557,660
	National Health Investors	914,900		54,116,335
	Outfront Media	3,122,000		64,406,860
	RPT Realty	2,707,889		32,955,009
	Spirit Realty Capital	1,680,300		70,555,797
	Summit Hotel Properties †	3,199,900		27,967,126
				496,869,733
Technology – 9.77%
	Cirrus Logic †	679,000		55,365,660
	Concentrix	301,900		46,761,291
	Diodes †	553,727		42,642,516
	Flex †	4,671,010		79,734,141
	NCR †	1,111,158		38,546,071
	NetScout Systems †	1,216,506		41,762,651
	Power Integrations	423,786		35,759,063
	TD SYNNEX	431,600		44,821,660
	Teradyne	296,800		32,428,368
	Tower Semiconductor †	1,620,100		78,186,026
	TTM Technologies †	4,101,302		58,607,605
	Viavi Solutions †	3,533,000		51,122,510
	Vishay Intertechnology	957,000		19,561,080
				625,298,642

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Schedule of investments
Delaware Small Cap Value Fund

		Number of
		shares	Value (US $)
Common Stocks ◆ (continued)
Transportation – 2.05%
	Kirby †	723,900	$	48,884,967
	Saia †	113,350		22,396,827
	Werner Enterprises	1,481,800		60,116,626
				131,398,420
Utilities – 3.71%
	ALLETE	820,000		50,856,400
	Black Hills	1,022,590		78,391,749
	OGE Energy	1,057,300		43,666,490
	Southwest Gas Holdings	692,400		64,483,212
				237,397,851
Total Common Stocks (cost $4,302,370,608)				6,345,036,095

Short-Term Investments – 0.76%
Money Market Mutual Funds – 0.76%
	BlackRock FedFund – Institutional Shares (seven-day
	effective yield 0.72%)	12,097,715		12,097,715
	Fidelity Investments Money Market Government
	Portfolio – Class I (seven-day effective yield 0.60%)	12,097,714		12,097,714
	GS Financial Square Government Fund – Institutional
	Shares (seven-day effective yield 0.71%)	12,097,715		12,097,715
	Morgan Stanley Government Portfolio – Institutional
	Share Class (seven-day effective yield 0.71%)	12,097,715		12,097,715
Total Short-Term Investments (cost $48,390,859)				48,390,859
Total Value of Securities—99.94%
	(cost $4,350,761,467)		$	6,393,426,954

◆	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	May 31, 2022 (Unaudited)

Assets:
	Investments, at value*	$	6,393,426,954
	Cash		495,959
	Receivable for securities sold		18,512,525
	Receivable for fund shares sold		8,131,447
	Dividends and interest receivable		5,468,798
	Other assets		47,973
	Total Assets		6,426,083,656
Liabilities:
	Payable for securities purchased		14,868,899
	Payable for fund shares redeemed		8,113,528
	Investment management fees payable to affiliates		3,328,600
	Dividend disbursing and transfer agent fees and expenses payable to
	non-affiliates		1,569,331
	Other accrued expenses		353,293
	Distribution fees payable to affiliates		249,145
	Dividend disbursing and transfer agent fees and expenses payable to
	affiliates		51,143
	Trustees’ fees and expenses payable to affiliates		44,087
	Accounting and administration expenses payable to affiliates		15,222
	Legal fees payable to affiliates		8,165
	Reports and statements to shareholders expenses payable to affiliates		3,714
	Distribution payable		17
	Total Liabilities		28,605,144
Total Net Assets		$	6,397,478,512

Net Assets Consist of:
	Paid-in capital	$	4,070,935,550
	Total distributable earnings (loss)		2,326,542,962
Total Net Assets		$	6,397,478,512

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Statement of assets and liabilities
Delaware Small Cap Value Fund

Net Asset Value

Class A:
Net assets	$	928,309,283
Shares of beneficial interest outstanding, unlimited authorization, no par		13,029,256
Net asset value per share	$	71.25
Sales charge		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales
charge)	$	75.60

Class C:
Net assets	$	45,336,246
Shares of beneficial interest outstanding, unlimited authorization, no par		802,483
Net asset value per share	$	56.49

Class R:
Net assets	$	47,864,214
Shares of beneficial interest outstanding, unlimited authorization, no par		696,355
Net asset value per share	$	68.74

Institutional Class:
Net assets	$	3,896,141,528
Shares of beneficial interest outstanding, unlimited authorization, no par		51,300,129
Net asset value per share	$	75.95

Class R6:
Net assets	$	1,479,827,241
Shares of beneficial interest outstanding, unlimited authorization, no par		19,439,503
Net asset value per share	$	76.12
___________________
*Investments, at cost	$	4,350,761,467

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

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Statement of operations
Delaware Small Cap Value Fund	Six months ended May 31, 2022 (Unaudited)

Investment Income:
	Dividends	$	51,803,586
	Interest		30,530
			51,834,116

Expenses:
	Management fees		20,982,213
	Distribution expenses — Class A		1,243,813
	Distribution expenses — Class C		251,198
	Distribution expenses — Class R		130,682
	Dividend disbursing and transfer agent fees and expenses		4,954,018
	Administration expenses		478,100
	Reports and statements to shareholders expenses		468,665
	Legal fees		157,738
	Trustees’ fees and expenses		115,523
	Custodian fees		87,629
	Registration fees		82,913
	Audit and tax fees		15,868
	Other		66,917
			29,035,277
	Less expenses paid indirectly		(1,596	)
	Total operating expenses		29,033,681
Net Investment Income			22,800,435
Net Realized and Unrealized Gain (Loss):
	Net realized gain on investments		292,365,429
	Net change in unrealized appreciation (depreciation) of investments		(382,089,238	)
Net Realized and Unrealized Loss			(89,723,809	)
Net Decrease in Net Assets Resulting from Operations		$	(66,923,374	)

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

			Six months
			ended
			5/31/22			Year ended
			(Unaudited)			11/30/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	22,800,435		$	38,381,921
	Net realized gain			292,365,429			300,690,716
	Net change in unrealized appreciation (depreciation)			(382,089,238	)		1,371,417,516
	Net increase (decrease) in net assets resulting from
		operations		(66,923,374	)		1,710,490,153

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(45,458,345	)		(4,041,420	)
		Class C		(2,658,184	)		(68,123	)
		Class R		(2,387,422	)		(221,432	)
		Institutional Class		(174,740,223	)		(28,075,733	)
		Class R6		(72,885,947	)		(9,897,320	)
				(298,130,121	)		(42,304,028	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		68,709,569			248,099,098
		Class C		4,128,218			14,387,495
		Class R		5,248,644			18,583,571
		Institutional Class		559,801,366			1,046,374,208
		Class R6		221,780,621			748,398,598

	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		45,074,335			3,975,321
		Class C		2,654,661			67,426
		Class R		2,387,422			221,408
		Institutional Class		165,309,317			26,608,971
		Class R6		71,157,932			9,612,283
				1,146,252,085			2,382,292,769

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			Six months
			ended
			5/31/22			Year ended
			(Unaudited)			11/30/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(146,485,588	)	$	(251,060,887	)
		Class C		(9,123,564	)		(24,586,224	)
		Class R		(11,397,755	)		(23,100,566	)
		Institutional Class		(570,174,088	)		(1,325,435,282	)
		Class R6		(330,036,324	)		(428,438,058	)
				(1,067,217,319	)		(2,052,621,017	)
	Increase in net assets derived from capital share
		transactions		79,034,766			329,671,752
Net Increase (Decrease) in Net Assets				(286,018,729	)		1,997,857,877

Net Assets:
	Beginning of period			6,683,497,241			4,685,639,364
	End of period		$	6,397,478,512		$	6,683,497,241

¹	See Note 5 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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of net investment income to average net assets

Portfolio turnover

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

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

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Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
	$	75.49		$	55.68		$	61.58		$	61.81		$	67.13		$	58.16


		0.16			0.28			0.39			0.52			0.37			0.34
		(4.12	)		19.94			(3.67	)		3.63			(4.81	)		8.94
		(3.96	)		20.22			(3.28	)		4.15			(4.44	)		9.28


		(0.28	)		(0.41	)		(0.58	)		(0.42	)		(0.27	)		(0.31	)
		—			—			(2.04	)		(3.96	)		(0.61	)		—
		(0.28	)		(0.41	)		(2.62	)		(4.38	)		(0.88	)		(0.31	)

	$	71.25		$	75.49		$	55.68		$	61.58		$	61.81		$	67.13

		(1.23%	)		36.52%			(5.70%	)		8.69%			(6.70%	)		16.01%


	$	928,310		$	1,016,518		$	551,442		$	637,146		$	733,864		$	881,709
		1.12%			1.11%			1.14%			1.15%			1.15%			1.18%
		0.44%			0.38%			0.80%			0.90%			0.56%			0.55%
		10%			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)²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

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

Portfolio turnover

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

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

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Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
	$	60.49		$	44.71		$	49.95		$	50.96		$	55.65		$	48.34


		(0.09	)		(0.21	)		0.02			0.07			(0.10	)		(0.10	)
		(3.91	)		16.06			(3.00	)		2.88			(3.98	)		7.43
		(4.00	)		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	)

	$	56.49		$	60.49		$	44.71		$	49.95		$	50.96		$	55.65

		(1.61%	)		35.48%			(6.38%	)		7.88%			(7.41%	)		15.17%


	$	45,336		$	51,078		$	46,463		$	69,109		$	74,828		$	105,757
		1.87%			1.86%			1.89%			1.90%			1.90%			1.93%
		(0.31%	)		(0.37%	)		0.05%			0.15%			(0.19%	)		(0.20%	)
		10%			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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of net investment income to average net assets

Portfolio turnover

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

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

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Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
	$	72.83		$	53.74		$	59.52		$	59.86		$	65.05		$	56.40


		0.07			0.09			0.26			0.36			0.20			0.18
		(4.09	)		19.28			(3.56	)		3.52			(4.66	)		8.66
		(4.02	)		19.37			(3.30	)		3.88			(4.46	)		8.84


		(0.07	)		(0.28	)		(0.44	)		(0.26	)		(0.12	)		(0.19	)
		—			—			(2.04	)		(3.96	)		(0.61	)		—
		(0.07	)		(0.28	)		(2.48	)		(4.22	)		(0.73	)		(0.19	)

	$	68.74		$	72.83		$	53.74		$	59.52		$	59.86		$	65.05

		(1.37%	)		36.18%			(5.92%	)		8.42%			(6.92%	)		15.71%


	$	47,864		$	54,481		$	43,823		$	55,697		$	62,791		$	84,131
		1.37%			1.36%			1.39%			1.40%			1.40%			1.43%
		0.19%			0.13%			0.55%			0.65%			0.31%			0.30%
		10%			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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of net investment income to average net assets

Portfolio turnover

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

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

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Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
	$	80.31		$	59.19		$	65.28		$	65.29		$	70.83		$	61.32


		0.27			0.48			0.55			0.70			0.57			0.52
		(4.19	)		21.18			(3.86	)		3.86			(5.08	)		9.42
		(3.92	)		21.66			(3.31	)		4.56			(4.51	)		9.94


		(0.44	)		(0.54	)		(0.74	)		(0.61	)		(0.42	)		(0.43	)
		—			—			(2.04	)		(3.96	)		(0.61	)		—
		(0.44	)		(0.54	)		(2.78	)		(4.57	)		(1.03	)		(0.43	)

	$	75.95		$	80.31		$	59.19		$	65.28		$	65.29		$	70.83

		(1.11%	)		36.84%			(5.43%	)		8.95%			(6.46%	)		16.30%


	$	3,896,142		$	3,958,855		$	3,115,293		$	2,955,897		$	2,731,344		$	3,270,954
		0.87%			0.86%			0.89%			0.90%			0.90%			0.93%
		0.69%			0.63%			1.05%			1.15%			0.81%			0.80%
		10%			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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of net investment income to average net assets

Portfolio turnover

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

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

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Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
	$	80.53		$	59.32		$	65.41		$	65.41		$	70.95		$	61.38


		0.34			0.61			0.64			0.81			0.69			0.65
		(4.20	)		21.21			(3.85	)		3.85			(5.08	)		9.43
		(3.86	)		21.82			(3.21	)		4.66			(4.39	)		10.08


		(0.55	)		(0.61	)		(0.84	)		(0.70	)		(0.54	)		(0.51	)
		—			—			(2.04	)		(3.96	)		(0.61	)		—
		(0.55	)		(0.61	)		(2.88	)		(4.66	)		(1.15	)		(0.51	)

	$	76.12		$	80.53		$	59.32		$	65.41		$	65.41		$	70.95

		(1.03%	)		37.08%			(5.28%	)		9.14%			(6.29%	)		16.52%


	$	1,479,827		$	1,602,565		$	928,618		$	605,623		$	394,064		$	207,719
		0.70%			0.69%			0.72%			0.72%			0.72%			0.75%
		0.86%			0.80%			1.22%			1.33%			0.99%			0.98%
		10%			14%			23%			18%			18%			15%

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Notes to financial statements
Delaware Small Cap Value Fund	May 31, 2022 (Unaudited)

Delaware Group^®Equity Funds V (Trust) is organized as a Delaware statutory trust and offers three series: Delaware Wealth Builder Fund, Delaware Small Cap Core Fund, and Delaware Small Cap Value Fund. These financial statements and the related notes pertain to Delaware Small Cap Value Fund (Fund). The Trust is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended (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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the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken or expected to be taken on the Fund's federal income tax returns through the six months ended May 31, 2022, and for all open tax years (years ended November 30, 2018–November 30, 2021), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended May 31, 2022, the Fund did not incur any interest or tax penalties.

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Notes to financial statements
Delaware Small Cap Value Fund

1. Significant Accounting Policies (continued)

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

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

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

In accordance with the terms of its investment management agreement, the Fund pays 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.

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DIFSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended May 31, 2022, the Fund was charged $302,157 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.

As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Fund. For the six months ended May 31, 2022, the Fund was charged $94,454 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

For the six months ended May 31, 2022, DDLP earned $24,538 for commissions on sales of the Fund’s Class A shares. For the six months ended May 31, 2022, DDLP received gross CDSC commissions of $1,569 and $3,287 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.

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Notes to financial statements
Delaware Small Cap Value Fund

3. Investments

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

Purchases		$639,402,859
Sales		791,454,684

Cost of investments	$4,350,761,467
Aggregate unrealized appreciation of investments	$2,234,945,174
Aggregate unrealized depreciation of investments	(192,279,687	)
Net unrealized appreciation of investments	$2,042,665,487

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)

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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 May 31, 2022:

	Level 1
Securities
Assets:
Common Stocks	$	6,345,036,095
Short-Term Investments		48,390,859
Total Value of Securities	$	6,393,426,954

4. Capital Shares

Transactions in capital shares were as follows:

	Six months
	ended	Year ended
	5/31/22	11/30/21
Shares sold:
Class A	931,481	3,474,425
Class C	69,395	247,169
Class R	73,506	267,971
Institutional Class	7,144,576	13,773,855
Class R6	2,823,111	9,815,380

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Notes to financial statements
Delaware Small Cap Value Fund

4. Capital Shares (continued)

		Six months
		ended		Year ended
		5/31/22		11/30/21
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	618,304		67,207
	Class C	45,770		1,413
	Class R	33,912		3,871
	Institutional Class	2,129,726		423,912
	Class R6	915,332		152,940
		14,785,113		31,835,216

Shares redeemed:
	Class A	(1,985,665	)	(3,552,435	)
	Class C	(157,063	)	(443,477	)
	Class R	(159,116	)	(339,226	)
	Institutional Class	(7,267,741	)	(17,571,312	)
	Class R6	(4,198,081	)	(5,726,210	)
		(13,767,666	)	(27,632,660	)
Net increase		1,017,447		4,202,556

¹	See Note 5.

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

	Exchange Redemptions				Exchange Subscriptions
			Institutional			Institutional
	Class A	Class C	Class	Class R6	Class A	Class	Class R6
	Shares	Shares	Shares	Shares	Shares	Shares	Shares	Value
Six months ended
5/31/22	6,874	1,071	156,227	—	889	6,452	155,881	$	12,400,117
Year ended
11/30/21	52,996	9,112	3,561,720	42,700	7,665	81,120	3,564,685		287,811,324

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5. 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.

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.

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Notes to financial statements
Delaware Small Cap Value Fund

6. Line of Credit

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

7. Securities Lending

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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.

During the six months ended May 31, 2022, the Fund had no securities out on loan.

8. Credit and Market Risk

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.

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Notes to financial statements
Delaware Small Cap Value Fund

8. Credit and Market Risk (continued)

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund holds real estate directly as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended May 31, 2022. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 15% limit on investments in illiquid securities. As of May 31, 2022, there were no Rule 144A securities held by the Fund.

9. Contractual Obligations

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to May 31, 2022, that would require recognition or disclosure in the Fund's financial statements.

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Other Fund information (Unaudited)
Delaware Small Cap Value Fund

Liquidity Risk Management Program

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About the organization

Board of trustees
Shawn K. Lytle President and Chief Executive Officer Delaware Funds by Macquarie^® Jerome D. Abernathy Managing Member Stonebrook Capital Management, LLC Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor	Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. Joseph W. Chow Private Investor H. Jeffrey Dobbs Former Global Sector Chairman Industrial Manufacturing, KPMG, LLP	John A. Fry President Drexel University Joseph Harroz, Jr. President University of Oklahoma Sandra A.J. Lawrence Former Chief Administrative Officer Children's Mercy Hospitals and Clinics	Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Janet L. Yeomans Former Vice President and Treasurer 3M Company

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

This semiannual report is for the information of Delaware 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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Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

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

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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.

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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:	August 3, 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:	August 3, 2022

/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	August 3, 2022

I, Shawn K. Lytle certify that:

1.	I have reviewed this report on Form N-CSR of Delaware Group^®Equity Funds V;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

		(a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

		(b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

		(c)	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

		(d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

		(a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

		(b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

I, Richard Salus, certify that:

1.	I have reviewed this report on Form N-CSR of Delaware Group^®Equity Funds V;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

		(a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

		(b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

		(c)	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

		(d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

		(a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

		(b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

1.	The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

2.	The information contained in the Report fairly represents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report.