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, 2023

Item 1. Reports to Stockholders

Semiannual report

Multi-asset mutual fund

Delaware Wealth Builder Fund

May 31, 2023

Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

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

Experience Delaware Funds by Macquarie^®

Macquarie Asset Management (MAM) is a global asset manager that aims to deliver positive impact for everyone. MAM 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 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 allocations and top 10 equity holdings	3
Schedule of investments	6
Statement of assets and liabilities	47
Statement of operations	49
Statements of changes in net assets	51
Financial highlights	53
Notes to financial statements	62
Other Fund information	85

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.

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

© 2023 Macquarie Management Holdings, Inc.

Disclosure of Fund expenses

For the six-month period from December 1, 2022 to May 31, 2023 (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, 2022 to May 31, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

1

Disclosure of Fund expenses

For the six-month period from December 1, 2022 to May 31, 2023 (Unaudited)

Delaware Wealth Builder Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 12/1/22		Ending Account Value 5/31/23		Annualized Expense Ratio		Expenses Paid During Period 12/1/22 to 5/31/23*
Actual Fund return†
Class A		$1,000.00		$  980.40		1.05%		$5.18
Class C		1,000.00		977.20		1.81%		8.92
Class R		1,000.00		979.50		1.31%		6.47
Institutional Class		1,000.00		982.30		0.81%		4.00
Class R6**		1,000.00		992.40		0.72%		1.81
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,019.70		1.05%		$5.29
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		1,010.79		0.72%		1.82

^*“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.

^**The Class R6 shares commenced operations on February 28, 2023. The ending account value for “Actual” uses the performance since inception and is not annualized and the expenses paid during the period for “Actual” are equal to the Class R6 annualized expense ratio, multiplied by the average account value over the period, multiplied by 92/365 (to reflect the actual days since inception).

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

2

Security type / sector allocations and top 10 equity holdings

Delaware Wealth Builder Fund As of May 31, 2023 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different from another fund’s sector designations.

Security type / sector	Percentage of net assets
Agency Collateralized Mortgage Obligations		0.08%
Agency Commercial Mortgage-Backed Security		0.01%
Agency Mortgage-Backed Securities		4.54%
Collateralized Debt Obligations		0.56%
Convertible Bonds		7.24%
Corporate Bonds		12.33%
Automotive		0.30%
Banking		1.12%
Basic Industry		0.60%
Brokerage		0.07%
Capital Goods		0.59%
Communications		0.67%
Consumer Cyclical		0.20%
Consumer Goods		0.16%
Consumer Non-Cyclical		0.52%
Electric		0.84%
Energy		1.54%
Finance Companies		0.35%
Financial Services		0.15%
Financials		0.05%
Government Agency		0.39%
Healthcare		0.41%
Industrials		0.02%
Insurance		0.84%
Leisure		0.48%
Media		0.58%
Natural Gas		0.12%
Real Estate Investment Trusts		0.05%
Retail		0.38%
Services		0.46%
Technology		0.26%
Technology & Electronics		0.26%
Telecommunications		0.54%
Transportation		0.34%
Utilities		0.04%
Municipal Bonds		0.05%

3

Security type / sector allocations and top 10 equity holdings

Delaware Wealth Builder Fund

Security type / sector	Percentage of net assets
Non-Agency Asset-Backed Securities		0.34%
Non-Agency Collateralized Mortgage Obligations		0.13%
Non-Agency Commercial Mortgage-Backed Securities		1.50%
Sovereign Bonds		1.86%
Supranational Banks		0.14%
US Treasury Obligations		2.84%
Common Stocks		57.04%
Communication Services		2.34%
Consumer Discretionary		7.54%
Consumer Staples		5.03%
Energy		3.78%
Financials		7.41%
Healthcare		8.11%
Industrials		3.95%
Information Technology		14.58%
Materials		1.02%
Real Estate		0.00%
REIT Diversified		0.24%
REIT Healthcare		0.06%
REIT Hotel		0.15%
REIT Industrial		0.43%
REIT Mall		0.16%
REIT Manufactured Housing		0.05%
REIT Multifamily		0.80%
REIT Office		0.05%
REIT Self-Storage		0.29%
REIT Shopping Center		0.27%
REIT Single Tenant		0.12%
REIT Specialty		0.17%
Utilities		0.49%
Convertible Preferred Stock		1.07%
Preferred Stock		0.14%
Exchange-Traded Funds		8.21%
Leveraged Non-Recourse Security		0.00%
Short-Term Investments		1.60%
Total Value of Securities		99.68%
Receivables and Other Assets Net of Liabilities		0.32%
Total Net Assets		100.00%

4

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		2.92%
Microsoft		2.51%
NVIDIA		1.31%
Johnson & Johnson		1.27%
Broadcom		1.26%
Merck & Co.		1.16%
Sc Hixson		1.13%
TJX		1.01%
Lowe’s		1.01%
Cisco Systems		0.99%

5

Schedule of investments

Delaware Wealth Builder Fund May 31, 2023 (Unaudited)

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations — 0.08%
Fannie Mae REMIC
Series 2013-44 DI 3.00% 5/25/33 Σ		239,467	$	20,549
Freddie Mac REMIC
Series 5092 WG 1.00% 4/25/31		213,465		186,158
Freddie Mac Structured Agency Credit Risk REMIC Trust
Series 2021-HQA2 M1 144A 5.673% (SOFR + 0.70%) 12/25/33 #, •		33,588		33,422
GNMA
Series 2013-113 LY 3.00% 5/20/43		450,000		407,731
Series 2017-10 KZ 3.00% 1/20/47		1,209		1,104
Total Agency Collateralized Mortgage Obligations (cost $743,165)				648,964
Agency Commercial Mortgage-Backed Security — 0.01%
Freddie Mac Multifamily Structured Pass Through Certificates
Series K729 A2 3.136% 10/25/24 ♦		100,000		97,206
Total Agency Commercial Mortgage-Backed Security (cost $108,828)				97,206
Agency Mortgage-Backed Securities — 4.54%
Fannie Mae
3.50% 10/1/42		344,106		322,362
4.50% 2/1/44		91,810		91,082
Fannie Mae S.F. 15 yr
2.00% 2/1/36		264,822		237,380
2.00% 4/1/36		451,135		404,232
4.50% 9/1/37		90,967		89,665
Fannie Mae S.F. 20 yr
2.00% 3/1/41		98,723		84,133
2.00% 5/1/41		830,432		714,124
2.50% 1/1/41		47,523		42,114
2.50% 7/1/41		315,933		278,148
4.00% 8/1/42		509,114		486,880
4.00% 9/1/42		587,826		562,155
Fannie Mae S.F. 30 yr
2.00% 12/1/50		132,630		109,663
2.00% 1/1/51		36,089		30,042
2.00% 2/1/51		935,470		778,596
2.00% 3/1/51		495,604		409,430

6

	Principal amount°		Value (US $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr
2.00% 6/1/51		824,560	$	687,445
2.00% 1/1/52		75,471		62,645
2.50% 1/1/43		17,483		15,213
2.50% 8/1/50		600,084		519,927
2.50% 9/1/50		83,617		72,105
2.50% 11/1/50		388,504		333,825
2.50% 1/1/51		266,376		231,610
2.50% 5/1/51		56,710		48,654
2.50% 6/1/51		28,576		24,742
2.50% 7/1/51		51,002		43,903
2.50% 8/1/51		630,170		543,681
2.50% 11/1/51		105,890		90,659
2.50% 2/1/52		1,479,930		1,271,687
2.50% 4/1/52		406,405		348,642
3.00% 1/1/47		169,360		154,149
3.00% 11/1/48		9,310		8,434
3.00% 11/1/49		273,208		248,143
3.00% 3/1/50		384,957		344,914
3.00% 7/1/50		213,832		192,147
3.00% 8/1/50		283,909		253,618
3.00% 7/1/51		150,278		134,573
3.00% 8/1/51		69,245		61,875
3.50% 1/1/46		126,053		118,952
3.50% 7/1/47		203,365		191,868
3.50% 2/1/48		48,396		45,149
3.50% 11/1/48		247,085		229,602
3.50% 11/1/49		511,869		475,051
3.50% 12/1/49		145,993		136,342
3.50% 3/1/50		10,556		9,899
3.50% 7/1/50		354,785		332,048
3.50% 8/1/50		931,261		865,891
3.50% 9/1/50		601,158		563,761
3.50% 6/1/51		644,912		594,716
3.50% 1/1/52		383,530		353,010
3.50% 5/1/52		283,716		262,970
3.50% 9/1/52		203,194		186,778
4.00% 3/1/47		196,535		188,102
4.00% 4/1/47		7,308		7,049
4.00% 6/1/48		85,716		82,303
4.00% 9/1/48		3,641		3,482
4.00% 10/1/48		308,738		297,559

7

Schedule of investments

Delaware Wealth Builder Fund

	Principal amount°		Value (US $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr
4.00% 6/1/49		6,771	$	6,530
4.00% 5/1/51		455,779		435,671
4.00% 6/1/52		485,058		458,448
4.00% 9/1/52		158,106		149,367
4.50% 10/1/45		133,021		132,292
4.50% 11/1/47		82,519		81,370
4.50% 4/1/48		318,096		314,386
4.50% 7/1/48		247,441		243,827
4.50% 9/1/48		366,223		359,549
4.50% 1/1/49		13,890		13,676
4.50% 5/1/49		138,048		135,391
4.50% 1/1/50		1,514,666		1,506,251
4.50% 4/1/50		212,222		209,161
4.50% 9/1/52		144,813		140,341
4.50% 2/1/53		1,911,839		1,851,666
5.00% 7/1/47		782,429		789,538
5.00% 7/1/49		82,144		82,145
5.00% 8/1/49		622,178		624,215
5.00% 6/1/52		382,648		377,283
5.00% 9/1/52		108,819		107,192
5.00% 10/1/52		679,762		671,740
5.50% 5/1/44		1,362,070		1,402,773
5.50% 8/1/52		1,208,252		1,209,311
5.50% 10/1/52		277,612		278,979
5.50% 3/1/53		260,669		261,012
6.00% 1/1/42		786,000		818,167
6.00% 6/1/53		648,000		655,534
6.50% 11/1/33		64,787		66,314
6.50% 6/1/36		12,019		12,302
7.00% 3/1/32		88,028		87,903
7.00% 8/1/32		75,211		74,656
Freddie Mac S.F. 15 yr
2.00% 12/1/35		144,525		130,218
3.00% 3/1/35		542,682		512,616
4.50% 9/1/37		471,226		464,999
Freddie Mac S.F. 20 yr
2.00% 3/1/41		113,446		97,760
2.50% 9/1/41		181,163		159,776
3.00% 9/1/40		181,842		167,307
3.50% 9/1/35		157,169		150,052
3.50% 5/1/42		140,769		131,072

8

	Principal amount°		Value (US $)
Agency Mortgage-Backed Securities (continued)
Freddie Mac S.F. 30 yr
2.00% 9/1/51		165,815	$	137,133
2.00% 3/1/52		7,525		6,190
2.50% 11/1/50		200,334		172,757
2.50% 12/1/51		565,954		487,938
3.00% 11/1/46		949,012		861,300
3.00% 7/1/50		320,758		286,187
3.00% 8/1/50		137,465		123,977
3.00% 12/1/50		385,489		346,271
3.00% 8/1/51		715,014		639,604
3.00% 1/1/52		120,303		106,934
3.50% 8/1/49		475,240		441,207
3.50% 4/1/52		26,908		24,855
3.50% 6/1/52		23,031		21,225
4.00% 10/1/47		22,226		21,087
4.00% 8/1/52		450,423		427,533
4.00% 9/1/52		606,057		573,404
4.50% 8/1/48		68,609		67,688
4.50% 1/1/49		86,121		84,722
4.50% 8/1/49		21,265		21,000
4.50% 10/1/52		697,344		675,423
5.50% 9/1/41		20,422		21,085
5.50% 9/1/52		730,544		746,366
5.50% 10/1/52		644,506		644,277
5.50% 3/1/53		314,182		318,203
5.50% 6/1/53		375,000		374,760
6.00% 1/1/53		374,946		384,611
GNMA I S.F. 30 yr
3.00%8/15/45		791,277		724,894
GNMA II S.F. 30 yr
3.00% 12/20/51		111,591		100,414
3.00% 1/20/52		163,188		147,120
5.50% 5/20/37		7,664		7,928
6.50% 6/20/39		11,901		12,495
Total Agency Mortgage-Backed Securities (cost $43,085,625)				39,656,507

9

Schedule of investments

Delaware Wealth Builder Fund

	Principal amount°		Value (US $)
Collateralized Debt Obligations — 0.56%
Bavarian Sky UK 5
Series 2014-1A A1A2 144A 6.45% (LIBOR03M + 1.20%, Floor 1.20%) 10/20/34 #, •		250,000	$	240,759
Cedar Funding IX CLO
Series 2018-9A A1 144A 6.23% (LIBOR03M + 0.98%, Floor 0.98%) 4/20/31 #, •		500,000		494,872
Galaxy XXI CLO
Series 2015-21A AR 144A 6.27% (LIBOR03M + 1.02%) 4/20/31 #, •		600,000		591,143
Neuberger Berman Loan Advisers CLO 36
Series 2020-36A A1R 144A 6.50% (LIBOR03M + 1.25%, Floor 1.25%) 4/20/33 #, •		250,000		246,396
Octagon Investment Partners 33
Series 2017-1A A1 144A 6.44% (LIBOR03M + 1.19%) 1/20/31 #, •		250,000		248,183
Octagon Investment Partners 34
Series 2017-1A A1 144A 6.39% (LIBOR03M + 1.14%) 1/20/30 #, •		1,000,000		992,131
Octagon Investment Partners 48
Series 2020-3A AR 144A 6.40% (LIBOR03M + 1.15%, Floor 1.15%) 10/20/34 #,  •		550,000		538,484
Signal Peak CLO 5
Series 2018-5A A 144A 6.365% (LIBOR03M + 1.11%, Floor 1.11%) 4/25/31 #, •		250,000		247,155
Sound Point Clo XXI
Series 2018-3A A1A 144A 6.448% (LIBOR03M + 1.18%, Floor 1.18%) 10/26/31 #, •		500,000		490,881
Venture 34 CLO
Series 2018-34A A 144A 6.49% (LIBOR03M + 1.23%, Floor 1.23%) 10/15/31 #, •		550,000		542,566
Venture 42 CLO
Series 2021-42A A1A 144A 6.39% (LIBOR03M + 1.13%, Floor 1.13%) 4/15/34 #, •		250,000		242,909
Total Collateralized Debt Obligations
(cost $4,931,455)				4,875,479
Convertible Bonds — 7.24%
Basic Industry — 0.12%
Ivanhoe Mines 144A 2.50% exercise price $9.31, maturity date 4/15/26 #		843,000		996,472
				996,472

10

	Principal amount°		Value (US $)
Convertible Bonds (continued)
Brokerage — 0.10%
WisdomTree 144A 5.75% exercise price $9.54, maturity date 8/15/28 #		850,000	$	875,500
				875,500
Capital Goods — 0.36%
Chart Industries 1.00% exercise price $58.73, maturity date 11/15/24		725,000		1,410,125
Kaman 3.25% exercise price $65.26, maturity date 5/1/24		1,839,000		1,734,177
				3,144,302
Communications — 0.79%
Cable One 1.125% exercise price $2,275.83, maturity date 3/15/28		2,700,000		2,023,650
DISH Network 3.375% exercise price $65.18, maturity date 8/15/26		2,817,000		1,278,355
Liberty Broadband 3.125% exercise price $529.07, maturity date 3/31/53		2,955,000		2,813,160
Liberty Latin America 2.00% exercise price $20.65, maturity date 7/15/24		853,000		795,849
				6,911,014
Consumer Cyclical — 0.47%
Cheesecake Factory 0.375% exercise price $75.97, maturity date 6/15/26		3,009,000		2,501,231
Ford Motor 0.885% exercise price $15.65, maturity date 3/15/26 ^		1,636,000		1,603,280
				4,104,511
Consumer Non-Cyclical — 2.28%
BioMarin Pharmaceutical 0.599% exercise price $124.67, maturity date 8/1/24		1,376,000		1,373,386
Chefs’ Warehouse 1.875% exercise price $44.20, maturity date 12/1/24		2,587,000		2,613,541
Chegg 4.581% exercise price $107.55, maturity date 9/1/26 ^		2,846,000		2,148,730
Coherus Biosciences 1.50% exercise price $19.26, maturity date 4/15/26		2,828,000		1,747,019
CONMED 144A 2.25% exercise price $145.33, maturity date 6/15/27 #		2,212,000		2,351,356
Integer Holdings 144A 2.125% exercise price $87.20, maturity date 2/15/28 #		376,000		427,888
Integra LifeSciences Holdings 0.50% exercise price $73.67, maturity date 8/15/25		2,277,000		2,057,269

11

Schedule of investments

Delaware Wealth Builder Fund

	Principal amount°		Value (US $)
Convertible Bonds (continued)
Consumer Non-Cyclical (continued)
Ionis Pharmaceuticals 0.125% exercise price $83.28, maturity date 12/15/24		1,763,000	$	1,667,093
Jazz Investments I 2.00% exercise price $155.81, maturity date 6/15/26		983,000		1,018,634
Lantheus Holdings 144A 2.625% exercise price $79.81, maturity date 12/15/27 #		377,000		503,295
Pacira BioSciences 0.75% exercise price $71.77, maturity date 8/1/25		2,265,000		2,069,644
Paratek Pharmaceuticals 4.75% exercise price $15.90, maturity date 5/1/24		2,262,000		1,953,915
				19,931,770
Electric — 0.77%
Duke Energy 144A 4.125% exercise price $118.86, maturity date 4/15/26 #		1,610,000		1,597,925
FirstEnergy 144A 4.00% exercise price $46.81, maturity date 5/1/26 #		1,180,000		1,181,770
NextEra Energy Partners 144A 1.002% exercise price $75.33, maturity date 11/15/25 #, ∧		819,000		771,089
NRG Energy 2.75% exercise price $43.01, maturity date 6/1/48		1,535,000		1,577,980
Ormat Technologies 144A 2.50% exercise price $90.27, maturity date 7/15/27 #		1,432,000		1,614,580
				6,743,344
Energy — 0.27%
Helix Energy Solutions Group 6.75% exercise price $6.97, maturity date 2/15/26		1,933,000		2,335,064
				2,335,064
Financials — 0.51%
FTI Consulting 2.00% exercise price $101.38, maturity date 8/15/23		1,118,000		2,081,157
Repay Holdings 144A 3.768% exercise price $33.60, maturity date 2/1/26 #, ∧		2,936,000		2,366,817
				4,447,974
Industrials — 0.02%
Danimer Scientific 144A 3.25% exercise price $10.79, maturity date 12/15/26 #		428,000		188,855
				188,855

12

	Principal amount°		Value (US $)
Convertible Bonds (continued)
Real Estate Investment Trusts — 0.20%
Summit Hotel Properties 1.50% exercise price $11.72, maturity date 2/15/26		2,030,000	$	1,749,657
				1,749,657
Technology — 1.13%
Block 0.125% exercise price $121.00, maturity date 3/1/25		927,000		859,793
InterDigital 144A 3.50% exercise price $77.50, maturity date 6/1/27 #		2,662,000		3,267,605
Palo Alto Networks 0.75% exercise price $88.78, maturity date 7/1/23		1,085,000		2,579,587
Semtech 144A 1.625% exercise price $37.27, maturity date 11/1/27 #		1,599,000		1,388,731
Wolfspeed 0.25% exercise price $127.22, maturity date 2/15/28		2,372,000		1,717,328
				9,813,044
Transportation — 0.22%
Spirit Airlines 1.00% exercise price $42.35, maturity date 5/15/26		2,436,000		1,928,094
				1,928,094
Total Convertible Bonds
(cost $64,216,433)				63,169,601
Corporate Bonds — 12.33%
Automotive — 0.30%
Allison Transmission
144A 3.75% 1/30/31 #		340,000		287,394
144A 5.875% 6/1/29 #		1,000,000		965,866
Ford Motor 4.75% 1/15/43		210,000		155,376
Ford Motor Credit
3.375% 11/13/25		240,000		221,580
4.542% 8/1/26		750,000		702,505
Goodyear Tire & Rubber 5.25% 7/15/31		365,000		317,897
				2,650,618
Banking — 1.12%
Banco Continental 144A 2.75% 12/10/25 #		400,000		362,898

13

Schedule of investments

Delaware Wealth Builder Fund

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Bank of America
1.922% 10/24/31 μ		560,000	$	442,726
2.482% 9/21/36 μ		535,000		406,468
2.884% 10/22/30 μ		20,000		17,244
3.194% 7/23/30 μ		55,000		48,562
5.288% 4/25/34 μ		240,000		238,619
6.204% 11/10/28 μ		280,000		289,838
Bank of New York Mellon 4.70% 9/20/25 μ, ψ		20,000		19,635
BBVA Bancomer 144A 1.875% 9/18/25 #		400,000		370,280
Citigroup 5.61% 9/29/26 μ		575,000		579,476
Citizens Bank 6.064% 10/24/25 μ		790,000		741,909
Citizens Financial Group 2.85% 7/27/26		345,000		295,947
Deutsche Bank
2.222% 9/18/24 μ		300,000		294,245
6.72% 1/18/29 μ		150,000		150,767
Goldman Sachs Group
1.542% 9/10/27 μ		638,000		563,083
2.60% 2/7/30		70,000		60,031
3.102% 2/24/33 μ		20,000		16,971
JPMorgan Chase & Co.
1.764% 11/19/31 μ		40,000		31,588
1.953% 2/4/32 μ		140,000		111,564
2.58% 4/22/32 μ		435,000		362,383
3.109% 4/22/51 μ		30,000		20,768
4.023% 12/5/24 μ		75,000		74,346
4.08% 4/26/26 μ		170,000		166,470
KeyBank
3.40% 5/20/26		500,000		427,293
5.85% 11/15/27		30,000		27,864
KeyCorp 4.789% 6/1/33 μ		2,000		1,730
Morgan Stanley
1.794% 2/13/32 μ		315,000		245,163
1.928% 4/28/32 μ		15,000		11,723
2.484% 9/16/36 μ		256,000		193,432
2.511% 10/20/32 μ		40,000		32,492
5.123% 2/1/29 μ		15,000		14,934
5.25% 4/21/34 μ		20,000		19,871
6.138% 10/16/26 μ		155,000		158,433
6.296% 10/18/28 μ		249,000		258,944
6.342% 10/18/33 μ		50,000		53,591

14

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
NBK SPC 144A 1.625% 9/15/27 #, μ		405,000	$	363,413
PNC Bank 3.875% 4/10/25		250,000		239,906
PNC Financial Services Group
2.60% 7/23/26		355,000		329,996
5.671% 10/28/25 μ		345,000		344,657
Popular 7.25% 3/13/28		10,000		9,919
State Street
5.751% 11/4/26 μ		15,000		15,186
5.82% 11/4/28 μ		10,000		10,300
SVB Financial Group
1.80% 10/28/26 ‡		51,000		35,483
1.80% 2/2/31 ‡		60,000		37,740
4.00% 5/15/26 ‡, ψ		680,000		52,292
4.57% 4/29/33 ‡		22,000		15,203
Toronto-Dominion Bank 4.108% 6/8/27		26,000		25,035
Truist Bank 2.636% 9/17/29 μ		533,000		493,106
Truist Financial
1.887% 6/7/29 μ		75,000		62,372
4.95% 9/1/25 μ, ψ		85,000		79,050
6.123% 10/28/33 μ		10,000		10,241
US Bancorp
2.491% 11/3/36 μ		65,000		48,078
3.00% 7/30/29		150,000		128,322
3.10% 4/27/26		210,000		194,158
3.375% 2/5/24		60,000		59,020
4.839% 2/1/34 μ		10,000		9,388
5.727% 10/21/26 μ		59,000		58,686
				9,732,839
Basic Industry — 0.60%
AngloGold Ashanti Holdings 3.75% 10/1/30		400,000		342,612
Avient 144A 5.75% 5/15/25 #		312,000		310,829
Celanese US Holdings
6.05% 3/15/25		380,000		381,719
6.165% 7/15/27		50,000		50,375
Chemours 144A 5.75% 11/15/28 #		600,000		528,871
CP Atlas Buyer 144A 7.00% 12/1/28 #		190,000		139,386
First Quantum Minerals
144A 7.50% 4/1/25 #		635,000		634,346
144A 8.625% 6/1/31 #		425,000		419,687

15

Schedule of investments

Delaware Wealth Builder Fund

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
FMG Resources August 2006 144A 5.875% 4/15/30 #		385,000	$	363,758
Freeport-McMoRan 5.45% 3/15/43		310,000		281,410
Metinvest 8.50% 4/23/26		400,000		263,104
Newmont
2.25% 10/1/30		150,000		124,430
2.60% 7/15/32		100,000		82,194
2.80% 10/1/29		290,000		253,230
Novelis 144A 4.75% 1/30/30 #		560,000		497,501
Olin 5.00% 2/1/30		135,000		123,179
Sherwin-Williams
2.90% 3/15/52		235,000		147,093
3.30% 5/15/50		475,000		327,582
				5,271,306
Brokerage — 0.07%
Jefferies Financial Group
2.625% 10/15/31		355,000		276,716
4.15% 1/23/30		170,000		154,083
6.45% 6/8/27		90,000		93,227
6.50% 1/20/43		70,000		69,732
				593,758
Capital Goods — 0.59%
ARD Finance 144A PIK 6.50% 6/30/27 #, >		200,000		155,676
Ardagh Metal Packaging Finance USA 144A 4.00% 9/1/29 #		605,000		475,272
Boeing 3.25% 2/1/28		285,000		262,798
Bombardier
144A 6.00% 2/15/28 #		350,000		323,249
144A 7.50% 2/1/29 #		100,000		97,215
Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 #		190,000		164,541
Eaton 4.15% 3/15/33		110,000		105,229
Mauser Packaging Solutions Holding
144A 7.875% 8/15/26 #		410,000		406,814
144A 9.25% 4/15/27 #		150,000		137,045
Pactiv Evergreen Group Issuer 144A 4.00% 10/15/27 #		135,000		119,129
Roller Bearing Co. of America 144A 4.375% 10/15/29 #		255,000		225,994
Sealed Air 144A 5.00% 4/15/29 #		350,000		325,164

16

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
Teledyne Technologies
0.95% 4/1/24		105,000	$	100,991
2.25% 4/1/28		145,000		128,315
2.75% 4/1/31		840,000		712,174
TK Elevator US Newco 144A 5.25% 7/15/27 #		640,000		590,088
TransDigm 144A 6.25% 3/15/26 #		607,000		603,391
Turkiye Sise ve Cam Fabrikalari 144A 6.95% 3/14/26 #		200,000		191,136
				5,124,221
Communications — 0.67%
AT&T
1.70% 3/25/26		215,000		196,608
3.50% 6/1/41		31,000		23,672
3.50% 9/15/53		735,000		510,680
4.35% 3/1/29		280,000		271,519
5.40% 2/15/34		60,000		60,178
Charter Communications Operating
3.85% 4/1/61		440,000		259,679
4.40% 12/1/61		290,000		188,568
4.50% 2/1/24		145,000		143,498
4.80% 3/1/50		240,000		175,904
5.05% 3/30/29		100,000		95,944
Comcast
2.80% 1/15/51		220,000		144,042
3.20% 7/15/36		552,000		456,398
5.25% 11/7/25		530,000		536,831
Crown Castle
1.05% 7/15/26		565,000		497,515
2.10% 4/1/31		210,000		169,339
CT Trust 144A 5.125% 2/3/32 #		400,000		315,587
Discovery Communications 4.00% 9/15/55		475,000		301,980
Millicom International Cellular 144A 4.50% 4/27/31 #		400,000		299,888
Sprint Spectrum 144A 4.738% 3/20/25 #		110,000		108,933
Time Warner Cable 7.30% 7/1/38		170,000		173,800
T-Mobile USA
3.00% 2/15/41		440,000		318,145
3.75% 4/15/27		130,000		123,535

17

Schedule of investments

Delaware Wealth Builder Fund

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Verizon Communications
2.10% 3/22/28		200,000	$	176,614
2.875% 11/20/50		70,000		44,720
4.50% 8/10/33		134,000		126,681
Warnermedia Holdings
3.638% 3/15/25		105,000		101,655
4.279% 3/15/32		20,000		17,484
				5,839,397
Consumer Cyclical — 0.20%
Amazon.com 2.50% 6/3/50		15,000		9,769
Aptiv 3.10% 12/1/51		817,000		493,911
Ford Motor Credit 2.90% 2/16/28		610,000		516,024
General Motors Financial 5.85% 4/6/30		255,000		252,651
Lowe’s 4.25% 4/1/52		270,000		216,181
VICI Properties 4.95% 2/15/30		230,000		214,248
				1,702,784
Consumer Goods — 0.16%
Energizer Holdings 144A 4.375% 3/31/29 #		135,000		115,830
Pilgrim’s Pride 4.25% 4/15/31		665,000		568,609
Post Holdings
144A 5.50% 12/15/29 #		568,000		528,622
144A 5.625% 1/15/28 #		160,000		154,463
				1,367,524
Consumer Non-Cyclical — 0.52%
AbbVie 2.95% 11/21/26		190,000		179,283
Amgen
5.15% 3/2/28		300,000		302,591
5.25% 3/2/30		10,000		10,081
5.25% 3/2/33		113,000		113,448
5.65% 3/2/53		5,000		5,005
Baxter International 3.132% 12/1/51		16,000		10,288
Bunge Limited Finance
1.63% 8/17/25		150,000		138,531
2.75% 5/14/31		565,000		473,787
Central American Bottling 144A 5.25% 4/27/29 #		400,000		372,360

18

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
CVS Health
1.875% 2/28/31		20,000	$	15,980
2.70% 8/21/40		1,280,000		884,134
3.75% 4/1/30		55,000		50,624
4.78% 3/25/38		290,000		268,410
HCA 3.50% 7/15/51		55,000		37,054
InRetail Consumer 144A 3.25% 3/22/28 #		400,000		340,773
JBS USA LUX 144A 3.00% 2/2/29 #		300,000		253,218
MHP Lux 6.95% 4/3/26		400,000		207,000
Mondelez International 2.125% 3/17/24		125,000		121,799
Royalty Pharma
1.20% 9/2/25		655,000		592,232
1.75% 9/2/27		190,000		163,977
3.35% 9/2/51		15,000		9,536
				4,550,111
Electric — 0.84%
AEP Transmission 5.40% 3/15/53		5,000		5,091
Appalachian Power 4.50% 8/1/32		175,000		164,985
Atlantic City Electric 4.00% 10/15/28		75,000		72,566
Berkshire Hathaway Energy 2.85% 5/15/51		210,000		138,009
Calpine
144A 4.50% 2/15/28 #		217,000		197,666
144A 5.00% 2/1/31 #		550,000		444,566
144A 5.25% 6/1/26 #		80,000		77,651
Duke Energy 4.875% 9/16/24 μ, ψ		570,000		549,240
Duke Energy Carolinas
3.95% 11/15/28		420,000		408,443
4.95% 1/15/33		25,000		25,108
Entergy Arkansas 4.20% 4/1/49		190,000		158,395
Entergy Louisiana
4.00% 3/15/33		90,000		82,728
4.05% 9/1/23		25,000		24,904
4.95% 1/15/45		20,000		18,519
Entergy Mississippi 2.85% 6/1/28		150,000		136,847
Entergy Texas 3.55% 9/30/49		300,000		220,667
Exelon
3.95% 6/15/25		35,000		34,125
5.30% 3/15/33		10,000		10,078
Nevada Power 5.90% 5/1/53		165,000		179,364

19

Schedule of investments

Delaware Wealth Builder Fund

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Electric (continued)
NextEra Energy Capital Holdings
2.25% 6/1/30		85,000	$	70,657
3.00% 1/15/52		905,000		591,100
5.65% 5/1/79 μ		55,000		50,050
Pacific Gas and Electric
2.10% 8/1/27		30,000		25,987
2.50% 2/1/31		45,000		35,504
3.25% 6/1/31		25,000		20,732
3.30% 8/1/40		355,000		238,913
4.95% 7/1/50		43,000		33,536
PacifiCorp
2.70% 9/15/30		20,000		17,529
2.90% 6/15/52		425,000		278,782
3.30% 3/15/51		30,000		21,361
3.50% 6/15/29		255,000		238,371
5.35% 12/1/53		5,000		4,956
Southern 5.70% 10/15/32		170,000		175,333
Southern California Edison
3.45% 2/1/52		137,000		97,293
4.00% 4/1/47		355,000		279,289
4.20% 3/1/29		150,000		144,163
4.875% 3/1/49		165,000		147,657
Southwestern Electric Power 4.10% 9/15/28		165,000		158,042
UEP Penonome II 144A 6.50% 10/1/38 #		363,023		273,175
Vistra
144A 7.00% 12/15/26 #, μ, ψ		620,000		545,925
144A 8.00% 10/15/26 #, μ, ψ		265,000		246,960
Vistra Operations
144A 3.55% 7/15/24 #		120,000		116,171
144A 4.30% 7/15/29 #		215,000		192,036
144A 5.125% 5/13/25 #		415,000		405,568
				7,358,042
Energy —1.54%
Ascent Resources Utica Holdings
144A 5.875% 6/30/29 #		485,000		426,342
144A 7.00% 11/1/26 #		235,000		225,533
BP Capital Markets 4.875% 3/22/30 μ, ψ		85,000		77,509

20

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
BP Capital Markets America
2.721% 1/12/32		80,000	$	68,245
2.939% 6/4/51		275,000		183,911
4.812% 2/13/33		10,000		9,894
Callon Petroleum
144A 7.50% 6/15/30 #		135,000		125,341
144A 8.00% 8/1/28 #		470,000		460,155
Canacol Energy 144A 5.75% 11/24/28 #		200,000		168,375
CNX Midstream Partners 144A 4.75% 4/15/30 #		190,000		157,567
CNX Resources 144A 6.00% 1/15/29 #		405,000		374,592
Crestwood Midstream Partners
144A 5.625% 5/1/27 #		91,000		85,946
144A 6.00% 2/1/29 #		489,000		452,966
Diamondback Energy
3.125% 3/24/31		435,000		371,058
4.25% 3/15/52		69,000		52,192
Energean Israel Finance 144A 4.875% 3/30/26 #		200,000		184,760
Energy Transfer
5.25% 4/15/29		170,000		167,943
5.75% 2/15/33		3,000		3,011
6.25% 4/15/49		115,000		109,634
6.50% 11/15/26 μ, ψ		445,000		390,488
Enterprise Products Operating
3.20% 2/15/52		695,000		474,354
3.30% 2/15/53		40,000		27,892
5.35% 1/31/33		5,000		5,100
EQM Midstream Partners
144A 4.75% 1/15/31 #		680,000		584,668
6.50% 7/15/48		90,000		73,653
Galaxy Pipeline Assets Bidco 144A 2.16% 3/31/34 #		785,084		670,235
Genesis Energy
7.75% 2/1/28		850,000		817,945
8.00% 1/15/27		560,000		546,087
Hilcorp Energy I
144A 6.00% 4/15/30 #		400,000		361,019
144A 6.00% 2/1/31 #		55,000		49,158
144A 6.25% 4/15/32 #		213,000		190,775
Kinder Morgan 5.20% 6/1/33		15,000		14,494
Laredo Petroleum 144A 7.75% 7/31/29 #		325,000		272,285

21

Schedule of investments

Delaware Wealth Builder Fund

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
MPLX
1.75% 3/1/26		55,000	$	50,160
4.00% 3/15/28		65,000		61,771
5.50% 2/15/49		55,000		49,115
Murphy Oil 6.375% 7/15/28		925,000		912,772
NuStar Logistics
5.625% 4/28/27		503,000		476,845
6.00% 6/1/26		157,000		152,571
ONEOK 7.50% 9/1/23		330,000		330,000
PDC Energy 5.75% 5/15/26		660,000		658,581
Southwestern Energy
5.375% 2/1/29		55,000		51,283
5.375% 3/15/30		255,000		234,656
Targa Resources Partners 5.00% 1/15/28		600,000		579,106
Tengizchevroil Finance Co. International 144A 2.625% 8/15/25 #		400,000		357,993
Tennessee Gas Pipeline 144A 2.90% 3/1/30 #		365,000		313,952
USA Compression Partners
6.875% 4/1/26		215,000		204,741
6.875% 9/1/27		398,000		373,193
Weatherford International 144A 8.625% 4/30/30 #		422,000		424,459
				13,414,325
Finance Companies — 0.35%
AerCap Ireland Capital DAC
3.00% 10/29/28		150,000		130,139
3.65% 7/21/27		200,000		184,144
4.45% 4/3/26		645,000		618,616
Air Lease
2.875% 1/15/26		560,000		520,968
2.875% 1/15/32		300,000		241,168
3.00% 2/1/30		175,000		146,049
3.375% 7/1/25		15,000		14,235
4.125% 12/15/26 μ, ψ		10,000		6,175
5.85% 12/15/27		55,000		55,008
Aviation Capital Group
144A 1.95% 1/30/26 #		830,000		741,813
144A 3.50% 11/1/27 #		445,000		397,578
144A 6.25% 4/15/28 #		15,000		15,036
				3,070,929

22

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Financial Services — 0.15%
AerCap Holdings 5.875% 10/10/79 μ		185,000	$	172,403
Air Lease 4.65% 6/15/26 μ, ψ		180,000		144,810
Castlelake Aviation Finance 144A 5.00% 4/15/27 #		505,000		447,238
Midcap Financial Issuer Trust 144A 6.50% 5/1/28 #		200,000		176,082
MSCI 144A 3.625% 11/1/31 #		485,000		405,450
				1,345,983
Financials — 0.05%
MAF Global Securities 7.875% 6/30/27 μ, ψ		400,000		405,472
				405,472
Government Agency — 0.39%
Banco Nacional de Panama 144A 2.50% 8/11/30 #		405,000		322,556
Development Bank of Kazakhstan JSC 144A 10.95% 5/6/26 #	KZT	200,000,000		377,580
Georgian Railway JSC 4.00% 6/17/28		400,000		344,340
Hutama Karya Persero 144A 3.75% 5/11/30 #		600,000		555,082
OCP 144A 3.75% 6/23/31 #		400,000		329,295
Perusahaan Listrik Negara 144A 4.125% 5/15/27 #		200,000		191,750
PTTEP Treasury Center 144A 2.587% 6/10/27 #		385,000		353,847
QazaqGaz NC JSC 144A 4.375% 9/26/27 #		960,000		893,796
				3,368,246
Healthcare — 0.41%
AthenaHealth Group 144A 6.50% 2/15/30 #		75,000		61,844
Bausch Health 144A 11.00% 9/30/28 #		256,000		193,920
Cheplapharm Arzneimittel 144A 5.50% 1/15/28 #		605,000		542,291
CHS 144A 4.75% 2/15/31 #		325,000		233,958
DaVita
144A 3.75% 2/15/31 #		190,000		151,011
144A 4.625% 6/1/30 #		470,000		403,147
HCA
5.375% 2/1/25		4,000		3,974
7.58% 9/15/25		214,000		221,409
Heartland Dental 144A 8.50% 5/1/26 #		495,000		437,189
ModivCare Escrow Issuer 144A 5.00% 10/1/29 #		360,000		274,160
Organon & Co. 144A 5.125% 4/30/31 #		250,000		212,443
Tenet Healthcare
4.25% 6/1/29		235,000		211,289
6.125% 10/1/28		675,000		640,413
				3,587,048

23

Schedule of investments

Delaware Wealth Builder Fund

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Industrials — 0.02%
CK Hutchison International 23 144A 4.875% 4/21/33 #		200,000	$	201,133
				201,133
Insurance — 0.84%
American International Group 5.125% 3/27/33		230,000		225,564
Aon
2.90% 8/23/51		370,000		237,490
5.00% 9/12/32		755,000		753,838
Athene Global Funding 144A 1.00% 4/16/24 #		185,000		175,800
Athene Holding 3.95% 5/25/51		705,000		463,651
Berkshire Hathaway Finance 3.85% 3/15/52		945,000		772,039
Brighthouse Financial 3.85% 12/22/51		221,000		136,159
GA Global Funding Trust 144A 1.00% 4/8/24 #		835,000		788,494
HUB International 144A 5.625% 12/1/29 #		470,000		422,190
Jones Deslauriers Insurance Management
144A 8.50% 3/15/30 #		585,000		584,355
144A 10.50% 12/15/30 #		620,000		622,505
MetLife 6.40% 12/15/36		110,000		108,542
NFP
144A 6.875% 8/15/28 #		360,000		298,912
144A 7.50% 10/1/30 #		150,000		144,805
UnitedHealth Group
4.50% 4/15/33		465,000		456,550
5.05% 4/15/53		440,000		432,326
USI 144A 6.875% 5/1/25 #		758,000		748,526
				7,371,746
Leisure — 0.48%
Boyd Gaming
4.75% 12/1/27		505,000		479,065
144A 4.75% 6/15/31 #		135,000		120,186
Caesars Entertainment
144A 6.25% 7/1/25 #		138,000		137,708
144A 8.125% 7/1/27 #		342,000		348,813
Carnival
144A 5.75% 3/1/27 #		870,000		745,752
144A 7.625% 3/1/26 #		565,000		536,210
Royal Caribbean Cruises 144A 5.50% 4/1/28 #		1,079,000		992,381
Scientific Games Holdings 144A 6.625% 3/1/30 #		505,000		444,486

24

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Leisure (continued)
Scientific Games International 144A 7.25% 11/15/29 #		425,000	$	422,949
				4,227,550
Media — 0.58%
AMC Networks 4.25% 2/15/29		390,000		222,842
CCO Holdings
144A 4.50% 8/15/30 #		445,000		366,721
4.50% 5/1/32		150,000		117,545
144A 5.375% 6/1/29 #		645,000		581,395
CMG Media 144A 8.875% 12/15/27 #		550,000		356,870
CSC Holdings
144A 3.375% 2/15/31 #		945,000		646,946
144A 5.00% 11/15/31 #		700,000		303,524
Cumulus Media New Holdings 144A 6.75% 7/1/26 #		403,000		294,653
Directv Financing 144A 5.875% 8/15/27 #		340,000		299,861
DISH DBS 144A 5.75% 12/1/28 #		490,000		356,328
Gray Escrow II 144A 5.375% 11/15/31 #		405,000		258,092
Gray Television 144A 4.75% 10/15/30 #		543,000		352,470
Sirius XM Radio 144A 4.00% 7/15/28 #		1,065,000		893,138
				5,050,385
Natural Gas — 0.12%
Atmos Energy
2.85% 2/15/52		200,000		134,198
5.75% 10/15/52		170,000		178,178
ENN Energy Holdings 144A 4.625% 5/17/27 #		200,000		197,196
Infraestructura Energetica Nova 144A 3.75% 1/14/28 #		480,000		437,381
Sempra Energy 3.30% 4/1/25		145,000		139,661
				1,086,614
Real Estate Investment Trusts — 0.05%
VICI Properties
144A 3.875% 2/15/29 #		225,000		199,105
144A 5.75% 2/1/27 #		210,000		207,381
				406,486
Retail — 0.38%
Asbury Automotive Group
144A 4.625% 11/15/29 #		325,000		286,922
4.75% 3/1/30		230,000		201,805

25

Schedule of investments

Delaware Wealth Builder Fund

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Retail (continued)
Bath & Body Works
6.875% 11/1/35		580,000	$	526,264
6.95% 3/1/33		391,000		349,823
LSF9 Atlantis Holdings 144A 7.75% 2/15/26 #		499,000		463,427
Michaels
144A 5.25% 5/1/28 #		210,000		161,925
144A 7.875% 5/1/29 #		160,000		98,486
Murphy Oil USA 144A 3.75% 2/15/31 #		530,000		448,556
PetSmart 144A 7.75% 2/15/29 #		755,000		734,222
				3,271,430
Services — 0.46%
CDW 3.569% 12/1/31		545,000		455,994
Gartner 144A 4.50% 7/1/28 #		170,000		160,274
Iron Mountain
144A 4.50% 2/15/31 #		430,000		366,591
144A 5.25% 3/15/28 #		510,000		477,884
Prime Security Services Borrower 144A 5.75% 4/15/26 #		713,000		698,563
Staples 144A 7.50% 4/15/26 #		626,000		515,226
United Rentals North America 3.875% 2/15/31		411,000		353,001
Univar Solutions USA 144A 5.125% 12/1/27 #		400,000		402,215
White Cap Buyer 144A 6.875% 10/15/28 #		455,000		393,983
White Cap Parent 144A PIK 8.25% 3/15/26 #, >		234,000		220,827
				4,044,558
Technology — 0.26%
Autodesk 2.40% 12/15/31		325,000		267,190
Broadcom
144A 3.137% 11/15/35 #		4,000		3,051
144A 3.419% 4/15/33 #		11,000		9,140
144A 3.469% 4/15/34 #		742,000		605,710
CDW
2.67% 12/1/26		30,000		26,874
3.276% 12/1/28		390,000		338,569
Marvell Technology 2.45% 4/15/28		260,000		227,056
Oracle
4.65% 5/6/30		5,000		4,832
5.55% 2/6/53		299,000		279,524
PayPal Holdings 2.65% 10/1/26		340,000		319,445

26

		Principal amount°		Value (US $)
Corporate Bonds (continued)
Technology (continued)
SK Hynix 144A 6.50% 1/17/33 #			200,000	$	201,111
					2,282,502
Technology & Electronics — 0.26%
Clarios Global 144A 8.50% 5/15/27 #			285,000		286,268
CommScope 144A 8.25% 3/1/27 #			175,000		137,520
CommScope Technologies 144A 6.00% 6/15/25 #			245,000		230,552
Entegris Escrow
144A 4.75% 4/15/29 #			256,000		239,585
144A 5.95% 6/15/30 #			445,000		429,124
NCR 144A 5.25% 10/1/30 #			170,000		145,354
Seagate HDD Cayman
5.75% 12/1/34			165,000		144,375
144A 8.25% 12/15/29 #			150,000		153,530
Sensata Technologies 144A 4.00% 4/15/29 #			255,000		227,460
SS&C Technologies 144A 5.50% 9/30/27 #			265,000		253,191
					2,246,959
Telecommunications — 0.54%
Altice France 144A 5.50% 10/15/29 #			600,000		435,960
Altice France Holding 144A 6.00% 2/15/28 #			800,000		396,736
Connect Finco 144A 6.75% 10/1/26 #			450,000		434,425
Consolidated Communications
144A 5.00% 10/1/28 #			405,000		286,963
144A 6.50% 10/1/28#			390,000		292,987
Digicel International Finance 144A 8.75% 5/25/24 #			400,000		368,600
Frontier Communications Holdings
144A 5.00% 5/1/28 #			35,000		29,346
144A 5.875% 10/15/27 #			848,000		756,602
5.875% 11/1/29			110,000		77,138
144A 6.75% 5/1/29 #			250,000		184,648
Northwest Fiber 144A 4.75% 4/30/27 #			685,000		584,531
Sable International Finance 144A 5.75% 9/7/27 #			200,000		185,906
Vmed O2 UK Financing I 144A 4.75% 7/15/31 #			605,000		498,060
VZ Secured Financing 144A 5.00% 1/15/32 #			200,000		159,261
					4,691,163
Transportation — 0.34%
American Airlines 144A 5.75% 4/20/29 #			302,605		290,233
Babcock International Group 1.375% 9/13/27	EUR		200,000		192,269
Burlington Northern Santa Fe 2.875% 6/15/52			15,000		10,168
Delta Air Lines 7.375% 1/15/26			308,000		323,576

27

Schedule of investments

Delaware Wealth Builder Fund

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Transportation (continued)
Grupo Aeromexico 144A 8.50% 3/17/27 #		400,000	$	359,406
Mileage Plus Holdings 144A 6.50% 6/20/27 #		586,500		586,023
Rumo Luxembourg 144A 5.25% 1/10/28 #		400,000		373,600
Rutas 2 and 7 Finance 144A 3.213% 9/30/36 #, ∧		451,800		302,175
United Airlines
144A 4.375% 4/15/26 #		195,000		184,675
144A 4.625% 4/15/29 #		235,000		213,112
United Airlines Pass Through Trust
Series 2014-1 A 4.00% 4/11/26 ♦		39,327		37,346
Series 2014-2 A 3.75% 9/3/26 ♦		89,991		84,031
				2,956,614
Utilities — 0.04%
Sociedad de Transmision Austral 144A 4.00% 1/27/32 #		400,000		347,292
				347,292
Total Corporate Bonds (cost $119,162,359)				107,567,035
Municipal Bonds — 0.05%
Bay Area, California Toll Authority Revenue (Build America Bonds)
Series S-3 6.907% 10/1/50		185,000		234,569
New Jersey Turnpike Authority Revenue (Build America Bonds)
Series A 7.102% 1/1/41		105,000		127,733
South Carolina Public Service Authority Revenue
Series D 4.77% 12/1/45		60,000		53,396
Total Municipal Bonds (cost $490,681)				415,698
Non-Agency Asset-Backed Securities — 0.34%
Diamond Infrastructure Funding
Series 2021-1A A 144A 1.76% 4/15/49 #		250,000		214,386
Domino’s Pizza Master Issuer
Series 2021-1A A2I 144A 2.662% 4/25/51 #		245,000		210,914
Enterprise Fleet Financing
Series 2022-2 A2 144A 4.65% 5/21/29 #		266,863		262,934
Ford Credit Auto Owner Trust
Series 2021-A B 0.70% 10/15/26		140,000		128,745
GM Financial Automobile Leasing Trust
Series 2021-1 B 0.54% 2/20/25		210,000		208,693

28

	Principal amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
John Deere Owner Trust 2022
Series 2022-A A2 1.90% 11/15/24		16,111	$	16,011
Park Avenue Institutional Advisers CLO
Series 2021-1A A1A 144A 6.64% (LIBOR03M + 1.39%, Floor 1.39%) 1/20/34 #, •		250,000		244,358
Taco Bell Funding
Series 2021-1A A2I 144A 1.946% 8/25/51 #		462,950		401,494
Towd Point Mortgage Trust
Series 2017-1 A1 144A 2.75% 10/25/56 #, •		4,048		3,980
Series 2017-2 A1 144A 2.75% 4/25/57 #, •		3,817		3,766
Series 2018-1 A1 144A 3.00% 1/25/58 #, •		18,542		17,947
Toyota Auto Loan Extended Note Trust
Series 2022-1A A 144A 3.82% 4/25/35 #		250,000		240,115
Trafigura Securitisation Finance
Series 2021-1A A2 144A 1.08% 1/15/25 #		550,000		504,881
Volkswagen Auto Lease Trust
Series 2022-A A3 3.44% 7/21/25		470,000		460,382
Total Non-Agency Asset-Backed Securities (cost $3,137,102)				2,918,606
Non-Agency Collateralized Mortgage Obligations — 0.13%
JPMorgan Mortgage Trust
Series 2014-2 B1 144A 3.411% 6/25/29 #, •		42,372		37,399
Series 2014-2 B2 144A 3.411% 6/25/29 #, •		42,372		37,071
Series 2015-4 B1 144A 3.547% 6/25/45 #, •		106,374		95,168
Series 2015-4 B2 144A 3.547% 6/25/45 #, •		106,374		94,976
Series 2021-10 A3 144A 2.50% 12/25/51 #, •		43,466		35,209
JPMorgan Trust
Series 2015-5 B2 144A 6.163% 5/25/45 #, •		83,224		79,327
Series 2015-6 B1 144A 3.529% 10/25/45 #, •		95,148		88,054
Series 2015-6 B2 144A 3.529% 10/25/45 #, •		95,148		87,809
Morgan Stanley Residential Mortgage Loan Trust
Series 2021-4 A3 144A 2.50% 7/25/51 #, •		87,179		70,793
Sequoia Mortgage Trust
Series 2015-1 B2 144A 3.92% 1/25/45 #, •		20,316		19,247
WST Trust
Series 2019-1 A 4.891% (BBSW1M + 1.08%) 8/18/50 •	AUD	805,821		523,681
Total Non-Agency Collateralized Mortgage Obligations (cost $1,249,628)				1,168,734

29

Schedule of investments

Delaware Wealth Builder Fund

	Principal amount°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities — 1.50%
BANK
Series 2017-BNK5 B 3.896% 6/15/60 •		95,000	$	83,675
Series 2019-BN20 A3 3.011% 9/15/62		250,000		218,302
Series 2019-BN21 A5 2.851% 10/17/52		725,000		626,974
Series 2020-BN25 A5 2.649% 1/15/63		850,000		728,655
Series 2022-BNK40 A4 3.394% 3/15/64 •		1,000,000		878,923
Bank of America Merrill Lynch Commercial Mortgage Trust
Series 2017-BNK3 B 3.879% 2/15/50 •		340,000		283,169
Benchmark Mortgage Trust
Series 2020-B17 A5 2.289% 3/15/53		850,000		698,451
Series 2020-B20 A5 2.034% 10/15/53		700,000		552,440
Series 2020-B21 A5 1.978% 12/17/53		500,000		399,063
Series 2020-B22 A5 1.973% 1/15/54		1,350,000		1,070,200
Series 2021-B24 A5 2.584% 3/15/54		260,000		212,163
Series 2021-B25 A5 2.577% 4/15/54		450,000		365,148
Series 2022-B33 A5 3.458% 3/15/55		1,000,000		881,999
Cantor Commercial Real Estate Lending
Series 2019-CF2 A5 2.874% 11/15/52		350,000		296,329
CD Mortgage Trust
Series 2019-CD8 A4 2.912% 8/15/57		250,000		215,279
CFCRE Commercial Mortgage Trust
Series 2016-C7 A3 3.839% 12/10/54		100,000		93,807
COMM Mortgage Trust
Series 2014-CR20 AM 3.938% 11/10/47		345,000		326,063
Series 2015-3BP A 144A 3.178% 2/10/35 #		500,000		464,762
Grace Trust
Series 2020-GRCE A 144A 2.347% 12/10/40 #		100,000		78,306
GS Mortgage Securities Trust
Series 2017-GS5 A4 3.674% 3/10/50		350,000		321,735
Series 2017-GS6 A3 3.433% 5/10/50		515,000		477,672
Series 2019-GC39 A4 3.567% 5/10/52		580,000		527,235
Series 2019-GC42 A4 3.001% 9/10/52		1,280,000		1,118,042
Series 2020-GC47 A5 2.377% 5/12/53		250,000		206,565
JPM-BB Commercial Mortgage Securities Trust
Series 2015-C33 A4 3.77% 12/15/48		150,000		142,935
JPM-DB Commercial Mortgage Securities Trust
Series 2017-C7 A5 3.409% 10/15/50		350,000		322,503
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2013-LC11 B 3.499% 4/15/46		125,000		107,313
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2016-C29 A4 3.325% 5/15/49		350,000		330,225

30

	Principal amount°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
Wells Fargo Commercial Mortgage Trust
Series 2016-BNK1 A3 2.652% 8/15/49		835,000	$	762,622
Series 2019-C54 A4 3.146% 12/15/52		375,000		329,846
Total Non-Agency Commercial Mortgage-Backed Securities (cost $15,484,255)				13,120,401
Sovereign Bonds — 1.86%∆
Albania — 0.03%
Albania Government International Bond 3.50% 11/23/31	EUR	320,000		286,815
				286,815
Angola — 0.04%
Angolan Government International Bond 9.375% 5/8/48		400,000		307,840
				307,840
Argentina — 0.00%
Argentine Republic Government International Bond 0.50% 7/9/30 ~		87,300		23,134
				23,134
Armenia — 0.04%
Republic of Armenia International Bond 144A 3.60% 2/2/31 #		400,000		313,009
				313,009
Bermuda — 0.14%
Bermuda Government International Bonds
144A 5.00% 7/15/32 #		800,000		788,067
5.00% 7/15/32		400,000		394,034
				1,182,101
Brazil — 0.02%
Brazil Notas do Tesouro Nacional Serie F 10.00% 1/1/33	BRL	1,000,000		180,725
				180,725
Chile — 0.14%
Chile Government International Bonds
2.55% 1/27/32		523,000		450,091
4.34% 3/7/42		865,000		764,352
				1,214,443

31

Schedule of investments

Delaware Wealth Builder Fund

	Principal amount°		Value (US $)
Sovereign BondsΔ (continued)
Colombia — 0.06%
Colombia Government International Bonds
4.125% 2/22/42		434,000	$	269,843
5.20% 5/15/49		400,000		271,192
				541,035
Dominican Republic — 0.17%
Dominican Republic International Bonds
144A 4.50% 1/30/30 #		1,309,000		1,133,171
144A 4.875% 9/23/32 #		200,000		168,498
144A 5.50% 2/22/29 #		200,000		186,251
				1,487,920
Egypt — 0.03%
Egypt Government International Bond
5.25% 10/6/25		400,000		290,440
				290,440
Honduras — 0.04%
Honduras Government International Bond
144A 5.625% 6/24/30 #		400,000		321,835
				321,835
Indonesia — 0.18%
Indonesia Government International Bond 4.65% 9/20/32		400,000		397,329
Perusahaan Penerbit SBSN Indonesia III 4.70% 6/6/32		1,163,000		1,166,681
				1,564,010
Ivory Coast — 0.14%
Ivory Coast Government International Bonds
144A 4.875% 1/30/32 #	EUR	400,000		324,710
144A 6.125% 6/15/33 #		820,000		712,746
144A 6.875% 10/17/40 #	EUR	200,000		156,379
				1,193,835
Morocco — 0.09%
Morocco Government International Bonds
144A 1.375% 3/30/26 #	EUR	370,000		363,116
144A 2.375% 12/15/27 #		500,000		438,649
				801,765

32

	Principal amount°		Value (US $)
Sovereign BondsΔ (continued)
Paraguay — 0.20%
Paraguay Government International Bonds
144A 4.95% 4/28/31 #		1,142,000	$	1,096,645
5.60% 3/13/48		800,000		690,808
				1,787,453
Peru — 0.12%
Corp Financiera de Desarrollo 144A 2.40% 9/28/27 #		400,000		347,074
Peruvian Government International Bonds
3.30% 3/11/41		455,000		339,952
3.60% 1/15/72		516,000		338,609
				1,025,635
Philippines — 0.04%
Philippine Government International Bond 5.50% 1/17/48		324,000		336,171
				336,171
Poland — 0.03%
Bank Gospodarstwa Krajowego 144A 5.375% 5/22/33 #		300,000		300,458
				300,458
Republic of North Macedonia — 0.02%
North Macedonia Government International Bond 144A 3.675% 6/3/26 #	EUR	200,000		200,290
				200,290
Romania — 0.01%
Romanian Government International Bond 144A 2.625% 12/2/40 #	EUR	173,000		109,462
				109,462
Senegal — 0.04%
Senegal Government International Bond 144A 6.25% 5/23/33 #		400,000		320,056
				320,056
Serbia — 0.05%
Serbia International Bond 1.00% 9/23/28	EUR	576,000		463,418
				463,418

33

Schedule of investments

Delaware Wealth Builder Fund

	Principal amount°		Value (US $)
Sovereign BondsΔ (continued)
South Africa — 0.11%
Republic of South Africa Government International Bonds
5.65% 9/27/47		1,000,000	$	682,500
5.75% 9/30/49		444,000		302,053
				984,553
Uzbekistan — 0.12%
Republic of Uzbekistan International Bonds
144A 3.90% 10/19/31 #		500,000		399,379
144A 4.75% 2/20/24 #		624,000		616,800
				1,016,179
Total Sovereign Bonds (cost $18,255,455)				16,252,582
Supranational Banks — 0.14%
Banco Latinoamericano de Comercio Exterior 144A 2.375% 9/14/25 #		250,000		234,125
Banque Ouest Africaine de Developpement 144A 4.70% 10/22/31 #		708,000		574,825
Corp Andina de Fomento 5.25% 11/21/25		400,000		400,541
Total Supranational Banks (cost $1,366,102)				1,209,491
US Treasury Obligations — 2.84%
US Treasury Bonds
2.25% 8/15/46		2,050,000		1,502,746
3.625% 2/15/53		1,475,000		1,417,152
3.625% 5/15/53		1,465,000		1,409,948
3.875% 2/15/43		2,835,000		2,783,616
US Treasury Notes
3.375% 5/15/33		6,045,000		5,916,072
3.50% 4/30/28		5,980,000		5,904,316
3.50% 4/30/30		2,450,000		2,419,375
3.625% 5/31/28		1,015,000		1,009,291
3.625% 5/31/30		1,345,000		1,349,413
4.125% 11/15/32		1,020,000		1,058,011
Total US Treasury Obligations (cost $24,892,552)				24,769,940

34

	Number of shares		Value (US $)
Common Stocks — 57.04%
Communication Services — 2.34%
AT&T		92,509	$	1,455,167
Comcast Class A		108,908		4,285,530
Interpublic Group		20,887		776,787
KDDI		21,300		656,008
Orange		109,050		1,302,248
Publicis Groupe		10,210		756,522
Verizon Communications		203,832		7,262,534
Walt Disney †		44,213		3,888,975
				20,383,771
Consumer Discretionary — 7.54%
adidas AG		11,600		1,878,485
Amadeus IT Group †		32,140		2,298,312
Bath & Body Works		77,977		2,747,909
Best Buy		39,601		2,877,805
Chewy Class A †		25,229		744,003
eBay		33,537		1,426,664
H & M Hennes & Mauritz Class B		69,080		862,179
Home Depot		20,799		5,895,477
Kering		1,418		755,349
Lowe’s		43,847		8,818,947
Macy’s		42,209		573,620
NIKE Class B		28,574		3,007,699
PulteGroup		29,967		1,980,219
Ross Stores		34,975		3,624,110
Sc Hixson =, †		7,200,000		9,848,880
Sodexo		20,700		2,235,856
Starbucks		21,056		2,055,908
Sturm Ruger & Co.		13,022		671,414
Swatch Group		4,081		1,212,538
TJX		115,389		8,860,721
Tractor Supply		16,276		3,411,287
				65,787,382
Consumer Staples — 5.03%
Altria Group		88,873		3,947,739
Archer-Daniels-Midland		51,800		3,659,670
Asahi Group Holdings		13,000		504,697
Conagra Brands		122,498		4,271,505
Danone		40,770		2,411,665
Diageo		56,780		2,364,036
Dollar General		19,038		3,828,351

35

Schedule of investments

Delaware Wealth Builder Fund

	Number of shares		Value (US $)
Common Stocks (continued)
Consumer Staples (continued)
Dollar Tree †		28,200	$	3,803,616
Essity Class B		66,820		1,775,824
Kao		38,400		1,344,172
Koninklijke Ahold Delhaize		91,707		2,907,440
Medifast		28,658		2,255,384
Nestle		21,140		2,504,536
Philip Morris International		48,976		4,408,330
Seven & i Holdings		13,700		574,746
Unilever		43,140		2,162,123
Vector Group		97,835		1,145,648
				43,869,482
Energy — 3.78%
APA		69,440		2,206,803
Cheniere Energy		18,890		2,640,255
Chevron		18,342		2,762,672
ConocoPhillips		73,451		7,293,685
Coterra Energy		90,103		2,094,895
EOG Resources		15,563		1,669,754
Exxon Mobil		65,627		6,705,767
Kinder Morgan		113,314		1,825,489
Marathon Petroleum		30,797		3,230,913
Texas Pacific Land		533		694,872
Viper Energy Partners		31,210		804,594
Williams		37,364		1,070,852
				33,000,551
Financials — 7.41%
Allstate		35,001		3,795,858
Ally Financial		54,034		1,441,087
American International Group		74,500		3,935,835
Ameriprise Financial		12,144		3,624,620
Bank of New York Mellon		55,365		2,225,673
BlackRock		6,170		4,057,083
Blackstone		39,964		3,422,517
Carlyle Group		66,455		1,821,532
Discover Financial Services		13,935		1,431,682
East West Bancorp		39,156		1,873,615
Evercore Class A		3,893		420,249
Fidelity National Financial		49,461		1,688,599
Fidelity National Information Services		75,075		4,096,843
Fifth Third Bancorp		92,343		2,241,165

36

	Number of shares		Value (US $)
Common Stocks (continued)
Financials (continued)
Invesco		84,187	$	1,210,609
Jackson Financial Class A		76,551		2,120,463
LPL Financial Holdings		2,082		405,532
MetLife		61,001		3,022,600
PNC Financial Services Group		8,086		936,601
Principal Financial Group		47,896		3,135,272
Prudential Financial		44,278		3,484,236
S&P Global		2,189		804,304
Sberbank of Russia PJSC =		52,870		0
State Street		29,819		2,028,288
Synchrony Financial		79,369		2,457,264
Truist Financial		111,500		3,397,405
US Bancorp		97,600		2,918,240
Western Union		236,250		2,690,887
				64,688,059
Healthcare — 8.11%
AbbVie		36,558		5,043,542
AmerisourceBergen		23,206		3,948,501
Amgen		3,523		777,350
Baxter International		90,200		3,672,944
Bristol-Myers Squibb		69,369		4,470,138
Cardinal Health		22,227		1,829,282
CareTrust REIT		6,688		129,747
Cigna Group		13,982		3,459,287
CVS Health		47,300		3,217,819
Fresenius Medical Care AG & Co.		15,450		659,754
Gilead Sciences		46,665		3,590,405
Healthpeak Properties		4,167		83,173
Hologic †		52,031		4,104,726
Johnson & Johnson		71,613		11,104,312
McKesson		4,811		1,880,331
Medical Properties Trust		1,178		9,718
Merck & Co.		91,531		10,105,938
Novo Nordisk Class B		8,260		1,323,421
OmniAb 12.5 =, †		363		0
OmniAb 15 =, †		363		0
Pfizer		104,277		3,964,611
Roche Holding		6,341		2,006,562
Smith & Nephew		165,660		2,476,995
UnitedHealth Group		3,869		1,885,132
Ventas		4,533		195,554

37

Schedule of investments

Delaware Wealth Builder Fund

	Number of shares		Value (US $)
Common Stocks (continued)
Healthcare (continued)
Welltower		11,446	$	853,986
				70,793,228
Industrials — 3.95%
Dover		29,627		3,950,168
Expeditors International of Washington		19,798		2,183,917
Honeywell International		23,035		4,413,506
Intertek Group		26,270		1,357,468
Knorr-Bremse		15,400		1,053,179
Lockheed Martin		2,244		996,358
Makita		54,800		1,486,768
Masco		24,446		1,181,231
Northrop Grumman		8,950		3,897,635
Otis Worldwide		24,037		1,911,182
Paychex		36,311		3,810,113
Raytheon Technologies		44,149		4,067,889
Robert Half International		37,480		2,436,950
Securitas Class B		229,500		1,690,193
				34,436,557
Information Technology — 14.58%
Accenture Class A		10,103		3,090,710
Apple		143,676		25,466,571
Applied Materials		18,597		2,478,980
Broadcom		13,571		10,964,825
Cisco Systems		173,609		8,623,159
Cognizant Technology Solutions Class A		70,650		4,414,919
Dell Technologies Class C		62,485		2,799,953
Digital Realty Trust		4,372		447,955
Equinix		1,763		1,314,405
HP		132,279		3,844,028
KLA		6,309		2,794,824
Lam Research		7,226		4,456,274
Microchip Technology		9,563		719,711
Microsoft		66,715		21,908,539
Monolithic Power Systems		7,609		3,727,725
Motorola Solutions		15,533		4,379,063
NetApp		54,013		3,583,763
NVIDIA		30,239		11,440,623
Oracle		43,200		4,576,608
QUALCOMM		33,112		3,755,232

38

	Number of shares		Value (US $)
Common Stocks (continued)
Information Technology (continued)
SAP		18,740	$	2,447,410
				127,235,277
Materials — 1.02%
Air Liquide		12,789		2,141,294
Dow		41,271		2,013,199
DuPont de Nemours		63,177		4,244,863
Steel Dynamics		5,816		534,491
				8,933,847
Real Estate — 0.00%
Etalon Group GDR 144A #, =, †		20,100		0
Spirit MTA REIT =, †		677		0
				0
REIT Diversified — 0.24%
Gaming and Leisure Properties		11,154		536,953
LXP Industrial Trust		14,940		154,480
VICI Properties		44,398		1,373,230
				2,064,663
REIT Healthcare — 0.06%
Alexandria Real Estate Equities		4,563		517,718
				517,718
REIT Hotel — 0.15%
Apple Hospitality REIT		26,318		382,401
Chatham Lodging Trust		19,760		185,546
Host Hotels & Resorts		25,640		425,624
Park Hotels & Resorts		9,566		123,784
Ryman Hospitality Properties		2,049		187,955
				1,305,310
REIT Industrial — 0.43%
Prologis		24,105		3,002,278
Rexford Industrial Realty		8,375		455,935
Terreno Realty		4,182		256,482
				3,714,695
REIT Mall — 0.16%
Simon Property Group		13,322		1,400,808
				1,400,808

39

Schedule of investments

Delaware Wealth Builder Fund

	Number of shares		Value (US $)
Common Stocks (continued)
REIT Manufactured Housing — 0.05%
Equity LifeStyle Properties		2,993	$	189,068
Sun Communities		2,220		281,118
				470,186
REIT Multifamily — 0.80%
American Homes 4 Rent Class A		8,080		276,983
AvalonBay Communities		3,197		556,214
Camden Property Trust		3,437		359,063
Equity Residential		76,170		4,631,136
Essex Property Trust		2,664		575,584
Independence Realty Trust		12,459		215,167
Mid-America Apartment Communities		2,299		338,091
UDR		1,660		65,852
				7,018,090
REIT Office — 0.05%
City Office REIT		1,912		8,661
Cousins Properties		10,769		214,519
Highwoods Properties		2,129		44,028
Kilroy Realty		3,458		93,850
Piedmont Office Realty Trust Class A		16,745		104,321
				465,379
REIT Self-Storage — 0.29%
CubeSmart		7,939		352,809
Extra Space Storage		1,665		240,210
Life Storage		4,409		561,663
National Storage Affiliates Trust		3,474		127,183
Public Storage		4,461		1,263,801
				2,545,666
REIT Shopping Center — 0.27%
Agree Realty		5,712		368,367
Brixmor Property Group		22,342		447,510
Kimco Realty		18,424		338,633
Kite Realty Group Trust		6,383		124,086
Phillips Edison & Co.		9,638		279,598
Regency Centers		6,653		374,364
Retail Opportunity Investments		21,553		262,947
SITE Centers		14,207		169,347
Urban Edge Properties		2,648		35,298
Washington Prime Group =, †		962		0
				2,400,150

40

	Number of shares		Value (US $)
Common Stocks (continued)
REIT Single Tenant — 0.12%
Four Corners Property Trust		4,282	$	110,047
Realty Income		10,411		618,830
Spirit Realty Capital		9,001		351,579
				1,080,456
REIT Specialty — 0.17%
Essential Properties Realty Trust		10,982		262,799
Invitation Homes		21,705		735,365
Iron Mountain		1,263		67,470
Lamar Advertising Class A		1,804		162,144
Outfront Media		10,548		151,047
WP Carey		1,336		92,665
				1,471,490
Utilities — 0.49%
Edison International		63,200		4,267,264
				4,267,264
Total Common Stocks (cost $474,167,887)				497,850,029
Convertible Preferred Stock — 1.07%
Algonquin Power & Utilities 7.75% exercise price $18.00, maturity date 6/15/24		17,549		518,397
AMG Capital Trust II 5.15% exercise price $195.47, maturity date 10/15/37		15,856		786,141
Bank of America 7.25% exercise price $50.00 ω		1,091		1,273,055
El Paso Energy Capital Trust I 4.75% exercise price $34.49, maturity date 3/31/28		47,703		2,228,207
Lyondellbasell Advanced Polymers 6.00% exercise price $52.33 ω		1,356		1,152,600
RBC Bearings 5.00% exercise price $226.60, maturity date 10/15/24		13,442		1,344,200
UGI 7.25% exercise price $52.57, maturity date 6/1/24		19,571		1,316,150
Wells Fargo & Co. 7.50% exercise price $156.71 ω		661		744,623
Total Convertible Preferred Stock (cost $11,059,373)				9,363,373

41

Schedule of investments

Delaware Wealth Builder Fund

	Number of
	shares		Value (US $)
Preferred Stock — 0.14%
Henkel AG & Co. 2.46%		15,526	$	1,237,047
Total Preferred Stock (cost $1,267,799)				1,237,047
Exchange-Traded Funds — 8.21%
iShares 0-5 Year Investment Grade Corporate Bond ETF		665,702		32,193,349
iShares Latin America 40 ETF		173,598		4,277,455
iShares MSCI China ETF		134,720		5,825,293
iShares MSCI Emerging Markets Asia ETF		112,820		7,232,890
Vanguard Russell 2000 ETF		315,895		22,163,193
Total Exchange-Traded Funds (cost $75,343,771)				71,692,180
	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
	shares
Short-Term Investments — 1.60%
Money Market Mutual Funds — 1.60%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.00%)		3,497,230		3,497,230
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.98%)		3,497,230		3,497,230
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.13%)		3,497,230		3,497,230

42

	Number of
	shares		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.00%)		3,497,230	$	3,497,230
Total Short-Term Investments (cost $13,988,920)				13,988,920
Total Value of Securities—99.68% (cost $874,056,390)			$	870,003,093

° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.

Σ Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security.

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At May 31, 2023, the aggregate value of Rule 144A securities was $91,599,551, which represents 10.49% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”

· Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at May 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

¨ 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.

^∧ Zero-coupon security. The rate shown is the effective yield at the time of purchase.

µ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at May 31, 2023. Rate will reset at a future date.

ψ Perpetual security. Maturity date represents next call date.

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

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

∆ Securities have been classified by country of risk.

~ Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at May 31, 2023.

43

Schedule of investments

Delaware Wealth Builder Fund

† Non-income producing security.

= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”

ω Perpetual security with no stated maturity date.

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

Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)			In Exchange For			Settlement Date	Unrealized Appreciation		Unrealized Depreciation
JPMCB	BRL	(945,000	)	USD	190,582		7/14/23	$	5,731	$	—
JPMCB	CZK	6,307,640		USD	(293,591	)	7/14/23		—		(9,919	)
JPMCB	EUR	(1,257,526	)	USD	1,380,686		7/14/23		33,061		—
JPMCB	INR	51,869,680		USD	(627,672	)	7/14/23		—		(1,608	)
JPMCB	KZT	287,011,000		USD	(623,488	)	7/14/23		8,335		—
Total Foreign Currency Exchange Contracts								$	47,127	$	(11,527	)

Futures Contracts

Exchange-Traded

Contracts to Buy (Sell)		Notional Amount		Notional Cost (Proceeds)		Expiration Date	Value/ Unrealized Appreciation		Value/ Unrealized Depreciation			Variation Margin Due from (Due to) Brokers
93	US Treasury 5 yr Notes	$	10,144,266	$	10,163,925	9/29/23	$	—	$	(19,659	)	$	31,969
42	US Treasury 10 yr Notes		4,807,687		4,804,512	9/20/23		3,175		—			18,375
Total Futures Contracts				$	14,968,437		$	3,175	$	(19,659	)	$	50,344

The use of foreign currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts and notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) and variation margin are reflected in the Fund’s net assets.

44

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

Summary of abbreviations:

AG – Aktiengesellschaft

BB – Barclays Bank

BBSW1M – Bank Bill Swap Rate 1 Month

CLO – Collateralized Loan Obligation

DAC – Designated Activity Company

DB – Deutsche Bank

ETF – Exchange-Traded Fund

GDR – Global Depositary Receipt

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

PJSC – Private Joint Stock Company

REIT – Real Estate Investment Trust

REMIC – Real Estate Mortgage Investment Conduit

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

S.F. – Single Family

SOFR – Secured Overnight Financing Rate

yr – Year

Summary of currencies:

AUD – Australian Dollar

BRL – Brazilian Real

CZK – Czech Koruna

EUR – European Monetary Unit

INR – Indian Rupee

KZT – Kazakhstani Tenge

45

Schedule of investments

Delaware Wealth Builder Fund

Summary of currencies: (continued)

USD – US Dollar

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

46

Statement of assets and liabilities

Delaware Wealth Builder Fund May 31, 2023 (Unaudited)

Assets:
Investments, at value*	$	870,003,093
Cash		1,352,130
Cash collateral due from brokers		277,860
Foreign currencies, at valueΔ		416,103
Receivable for securities sold		5,134,885
Dividends and interest receivable		3,645,845
Foreign tax reclaims receivable		615,199
Receivable for fund shares sold		500,770
Prepaid expenses		75,911
Variation margin due from broker on futures contracts		50,344
Unrealized appreciation on foreign currency exchange contracts		47,127
Other assets		7,919
Total Assets		882,127,186
Liabilities:
Payable for securities purchased		6,324,207
Payable for fund shares redeemed		1,357,679
Other accrued expenses		912,579
Investment management fees payable to affiliates		492,410
Distribution fees payable to affiliates		144,066
Administration expenses payable to affiliates		70,136
Unrealized depreciation on foreign currency exchange contracts		11,527
Total Liabilities		9,312,604
Total Net Assets	$	872,814,582
Net Assets Consist of:
Paid-in capital	$	871,917,755
Total distributable earnings (loss)		896,827
Total Net Assets	$	872,814,582

47

Statement of assets and liabilities

Delaware Wealth Builder Fund

Net Asset Value
Class A:
Net assets	$	726,290,480
Shares of beneficial interest outstanding, unlimited authorization, no par		54,968,269
Net asset value per share	$	13.21
Sales charge		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	14.02
Class C:
Net assets	$	19,608,626
Shares of beneficial interest outstanding, unlimited authorization, no par		1,479,097
Net asset value per share	$	13.26
Class R:
Net assets	$	1,824,008
Shares of beneficial interest outstanding, unlimited authorization, no par		137,961
Net asset value per share	$	13.22
Institutional Class:
Net assets	$	123,800,756
Shares of beneficial interest outstanding, unlimited authorization, no par		9,369,979
Net asset value per share	$	13.21
Class R6:
Net assets	$	1,290,712
Shares of beneficial interest outstanding, unlimited authorization, no par		97,739
Net asset value per share	$	13.21
*Investments, at cost	$	874,056,390
ΔForeign currencies, at cost		418,751

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

48

Statement of operations

Delaware Wealth Builder Fund Six months ended May 31, 2023 (Unaudited)

Investment Income:
Dividends	$	4,783,313
Interest		3,495,207
Foreign tax withheld		(82,297	)
		8,196,223
Expenses:
Management fees		1,566,338
Distribution expenses — Class A		438,607
Distribution expenses — Class C		99,818
Distribution expenses — Class R		3,387
Dividend disbursing and transfer agent fees and expenses		199,019
Accounting and administration expenses		52,072
Reports and statements to shareholders expenses		31,530
Audit and tax fees		28,170
Custodian fees		19,887
Registration fees		14,555
Legal fees		13,235
Trustees’ fees and expenses		7,999
Other		59,961
		2,534,578
Less expenses waived		(29,296	)
Less expenses paid indirectly		(141	)
Total operating expenses		2,505,141
Net Investment Income (Loss)		5,691,082

49

Statement of operations

Delaware Wealth Builder Fund

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	6,839,094
Foreign currencies		(31,981	)
Foreign currency exchange contracts		(26,686	)
Futures contracts		(35,522	)
Net realized gain (loss)		6,744,905
Net change in unrealized appreciation (depreciation) on:
Investments		(1,657,567	)
Foreign currencies		(12,064	)
Foreign currency exchange contracts		42,408
Futures contracts		(23,673	)
Net change in unrealized appreciation (depreciation)		(1,650,896	)
Net Realized and Unrealized Gain (Loss)		5,094,009
Net Increase (Decrease) in Net Assets Resulting from Operations	$	10,785,091

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

50

Statements of changes in net assets

Delaware Wealth Builder Fund

	Six months ended 5/31/23			Year ended
	(Unaudited)			11/30/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	5,691,082		$	5,776,655
Net realized gain (loss)		6,744,905			20,219,332
Net change in unrealized appreciation (depreciation)		(1,650,896	)		(33,020,182	)
Net increase (decrease) in net assets resulting from operations		10,785,091			(7,024,195	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(16,270,102	)		(17,814,302	)
Class C		(1,227,800	)		(1,877,254	)
Class R		(68,351	)		(75,857	)
Institutional Class		(7,140,137	)		(8,271,180	)
Class R6		(3,257	)		—
		(24,709,647	)		(28,038,593	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		221,948,656			18,399,239
Class C		48,257,245			1,319,163
Class R		352,219			232,702
Institutional Class		12,259,884			15,316,180
Class R6		71,293,995			—
Net assets from merger:1
Class A		524,606,211			—
Class C		4,120,753			—
Class R		694,137			—
Institutional Class		24,272,794			—
Class R6		22,008			—
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		15,424,959			16,904,917
Class C		1,223,642			1,866,313
Class R		67,575			74,032
Institutional Class		6,688,581			7,661,983
Class R6		3,257			—
		931,235,916			61,774,529

51

Statements of changes in net assets

Delaware Wealth Builder Fund

	Six months ended 5/31/23 (Unaudited)			Year ended 11/30/22
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(33,900,536	)	$	(36,517,964	)
Class C		(6,225,002	)		(10,586,912	)
Class R		(1,184,630	)		(378,618	)
Institutional Class		(304,516,677	)		(20,717,412	)
Class R6		(65,309,572	)		—
		(411,136,417	)		(68,200,906	)
Increase (decrease) in net assets derived from capital share transactions		520,099,499			(6,426,377	)
Net Increase (Decrease) in Net Assets		506,174,943			(41,489,165	)
Net Assets:
Beginning of period		366,639,639			408,128,804
End of period	$	872,814,582		$	366,639,639

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

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

52

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 assets⁹

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 waivers by the manager and/or distributor. Performance would have been lower had the waivers 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 any investment companies in which the Fund invests.

⁷ The ratio of expenses to average net assets excluding interest expense and dividend expense for the year ended November 30, 2018 was 1.09%.

⁸ Includes tax expense ratio of 0.18% for the year ended November 30, 2022.

⁹ The ratio of net investment income to average net assets excluding interest expense and dividend expense for the year ended November 30, 2018 was 2.40%.

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

53

Six months ended 5/31/231			Year ended
(Unaudited)			11/30/22			11/30/21			11/30/20			11/30/19			11/30/18
$	14.38		$	15.71		$	13.71		$	14.01		$	14.15		$	14.62
	0.15			0.22			0.21			0.25			0.53			0.35
	(0.41	)		(0.47	)		2.06			(0.09	)		0.50			(0.43	)
	(0.26	)		(0.25	)		2.27			0.16			1.03			(0.08	)
	(0.15	)		(0.25	)		(0.27	)		(0.27	)		(0.35	)		(0.34	)
	(0.76	)		(0.83	)		—			(0.19	)		(0.82	)		(0.05	)
	(0.91	)		(1.08	)		(0.27	)		(0.46	)		(1.17	)		(0.39	)
$	13.21		$	14.38		$	15.71		$	13.71		$	14.01		$	14.15
	(1.96	)%4		(1.78	)%4		16.63	%4		1.30	%4		8.30	%5		(0.56	)%
$	726,290		$	235,618		$	259,143		$	230,168		$	259,283		$	273,384
	1.05	%		1.26	%8		1.08	%		1.09	%		1.09	%		1.09	%
	1.06	%		1.30	%8		1.11	%		1.12	%		1.09	%		1.09	%
	2.32	%		1.51	%8		1.37	%		1.91	%		3.91	%		2.41	%
	2.31	%		1.47	%8		1.34	%		1.88	%		3.91	%		2.41	%
	40	%		65	%		89	%		68	%		91	%		57	%

54

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 assets⁹

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 waivers by the manager and/or distributor. Performance would have been lower had the waivers 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 any investment companies in which the Fund invests.

⁷ The ratio of expenses to average net assets excluding interest expense and dividend expense for the year ended November 30, 2018 was 1.84%.

⁸ Includes tax expense ratio of 0.18% for the year ended November 30, 2022.

⁹ The ratio of net investment income to average net assets excluding interest expense and dividend expense for the year ended November 30, 2018 was 1.65%.

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

55

Six months ended 5/31/231			Year ended
(Unaudited)			11/30/22			11/30/21			11/30/20			11/30/19			11/30/18
$	14.42		$	15.75		$	13.73		$	14.04		$	14.18		$	14.65
	0.10			0.11			0.09			0.15			0.43			0.24
	(0.40	)		(0.47	)		2.08			(0.10	)		0.49			(0.43	)
	(0.30	)		(0.36	)		2.17			0.05			0.92			(0.19	)
	(0.10	)		(0.14	)		(0.15	)		(0.17	)		(0.24	)		(0.23	)
	(0.76	)		(0.83	)		—			(0.19	)		(0.82	)		(0.05	)
	(0.86	)		(0.97	)		(0.15	)		(0.36	)		(1.06	)		(0.28	)
$	13.26		$	14.42		$	15.75		$	13.73		$	14.04		$	14.18
	(2.28	)%4		(2.53	)%4		15.84	%4		0.47	%4		7.46	%5		(1.34	)%
$	19,609		$	21,168		$	31,157		$	52,258		$	95,672		$	137,403
	1.81	%		2.01	%8		1.83	%		1.84	%		1.84	%		1.84	%
	1.84	%		2.05	%8		1.86	%		1.87	%		1.84	%		1.84	%
	1.52	%		0.76	%8		0.62	%		1.16	%		3.17	%		1.66	%
	1.49	%		0.72	%8		0.59	%		1.13	%		3.17	%		1.66	%
	40	%		65	%		89	%		68	%		91	%		57	%

56

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 assets⁹

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 waivers by the manager and/or distributor. Performance would have been lower had the waivers 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 any investment companies in which the Fund invests.

⁷ The ratio of expenses to average net assets excluding interest expense and dividend expense for the year ended November 30, 2018 was 1.34%.

⁸ Includes tax expense ratio of 0.18% for the year ended November 30, 2022.

⁹ The ratio of net investment income to average net assets excluding interest expense and dividend expense for the year ended November 30, 2018 was 2.15%.

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

57

Six months ended 5/31/231			Year ended
(Unaudited)			11/30/22			11/30/21			11/30/20			11/30/19			11/30/18
$	14.39		$	15.71		$	13.71		$	14.02		$	14.16		$	14.62
	0.13			0.18			0.17			0.21			0.49			0.31
	(0.40	)		(0.46	)		2.06			(0.09	)		0.50			(0.42	)
	(0.27	)		(0.28	)		2.23			0.12			0.99			(0.11	)
	(0.14	)		(0.21	)		(0.23	)		(0.24	)		(0.31	)		(0.30	)
	(0.76	)		(0.83	)		—			(0.19	)		(0.82	)		(0.05	)
	(0.90	)		(1.04	)		(0.23	)		(0.43	)		(1.13	)		(0.35	)
$	13.22		$	14.39		$	15.71		$	13.71		$	14.02		$	14.16
	(2.05	)%4		(1.98	)%4		16.32	%4		0.99	%4		8.02	%5		(0.78	)%
$	1,824		$	1,028		$	1,203		$	1,069		$	1,288		$	1,968
	1.31	%		1.51	%8		1.33	%		1.34	%		1.34	%		1.34	%
	1.33	%		1.55	%8		1.36	%		1.37	%		1.34	%		1.34	%
	2.03	%		1.26	%8		1.12	%		1.66	%		3.66	%		2.16	%
	2.01	%		1.22	%8		1.09	%		1.63	%		3.66	%		2.16	%
	40	%		65	%		89	%		68	%		91	%		57	%

58

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 assets⁹

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 waivers by the manager and/or distributor. Performance would have been lower had the waivers 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 any investment companies in which the Fund invests.

⁷ The ratio of expenses to average net assets excluding interest expense and dividend expense for the year ended November 30, 2018 was 0.84%.

⁸ Includes tax expense ratio of 0.18% for the year ended November 30, 2022.

⁹ The ratio of net investment income to average net assets excluding interest expense and dividend expense for the year ended November 30, 2018 was 2.65%.

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

59

Six months ended 5/31/231			Year ended
(Unaudited)			11/30/22			11/30/21			11/30/20			11/30/19			11/30/18
$	14.38		$	15.70		$	13.70		$	14.01		$	14.15		$	14.63
	0.17			0.25			0.25			0.28			0.56			0.38
	(0.41	)		(0.45	)		2.05			(0.10	)		0.50			(0.43	)
	(0.24	)		(0.20	)		2.30			0.18			1.06			(0.05	)
	(0.17	)		(0.29	)		(0.30	)		(0.30	)		(0.38	)		(0.38	)
	(0.76	)		(0.83	)		—			(0.19	)		(0.82	)		(0.05	)
	(0.93	)		(1.12	)		(0.30	)		(0.49	)		(1.20	)		(0.43	)
$	13.21		$	14.38		$	15.70		$	13.70		$	14.01		$	14.15
	(1.77	)%4		(1.47	)%4		16.93	%4		1.50	%4		8.59	%5		(0.37	)%
$	123,801		$	108,827		$	116,626		$	116,589		$	155,525		$	185,720
	0.81	%		1.01	%8		0.83	%		0.84	%		0.84	%		0.84	%
	0.84	%		1.05	%8		0.86	%		0.87	%		0.84	%		0.84	%
	2.53	%		1.76	%8		1.62	%		2.16	%		4.16	%		2.66	%
	2.50	%		1.72	%8		1.59	%		2.13	%		4.16	%		2.66	%
	40	%		65	%		89	%		68	%		91	%		57	%

60

Financial highlights

Delaware Wealth Builder Fund Class R6

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

	2/28/231 to 5/31/23 (Unaudited)
Net asset value, beginning of period	$	13.25
Income (loss) from investment operations:
Net investment income2		0.19
Net realized and unrealized loss		(0.15	)
Total from investment operations		0.04
Less dividends and distributions from:
Net investment income		(0.08	)
Total dividends and distributions		(0.08	)
Net asset value, end of period	$	13.21
Total return3		(0.76	)%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,291
Ratio of expenses to average net assets4		0.72	%
Ratio of expenses to average net assets prior to fees waived4		0.77	%
Ratio of net investment income to average net assets		2.89	%
Ratio of net investment income to average net assets prior to fees waived		2.84	%
Portfolio turnover		40	%5

¹ Date of commencement of operations; ratios have been annualized and total return has 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. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

⁴ Expense ratios do not include expenses of any investment companies in which the Fund invests.

⁵ Portfolio turnover is representative of the Fund for the period ended May 31, 2023.

61

Notes to financial statements

Delaware Wealth Builder Fund May 31, 2023 (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 (1940 Act), and offers Class A, Class C, Class R, Institutional Class, and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.75%. There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first 18 months after your purchase; unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, Institutional Class, and Class R6 shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.

1. Significant Accounting Policies

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

Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. US government and agency securities are valued at the mean between the bid and the ask prices, which approximates fair value. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations (CMOs), commercial mortgage securities, and US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and

62

Notes to financial statements

Delaware Wealth Builder Fund

1. Significant Accounting Policies (continued)

type as well as broker/dealer-supplied prices. Foreign currency exchange contracts are valued at the mean between the bid and the ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts 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, other than ETFs, 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 by the Fund’s valuation designee, Delaware Management Company (DMC). Subject to the oversight of the Trust’s Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities and private placements are valued at fair value.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as 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, 2023 and for all open tax years (years ended November 30, 2019–November 30, 2022), 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, 2023, 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, subaccounting fees, and/or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.

63

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

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

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency 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.

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

64

Notes to financial statements

Delaware Wealth Builder Fund

1. Significant Accounting Policies (continued)

used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund’s investments in these instruments, if any, are discussed in detail in the Notes to financial statements.

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

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

Other — Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Funds by Macquarie^® (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Income and capital gain distributions from any Underlying Funds in which the Fund invests are recorded on the ex-dividend date. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. 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

65

Fund declares and pays dividends from net investment income monthly and distributions from net realized gain on investments, if any, at least annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

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

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

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

DMC has contractually agreed to waive all or a portion of its 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, 2022 through May 31, 2023.* 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 waivers and reimbursements apply only to expenses paid directly by 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 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.

66

Notes to financial statements

Delaware Wealth Builder Fund

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

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; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended May 31, 2023, the Fund paid $10,086 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended May 31, 2023, the Fund paid $105,098 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 and Class R6 shares do not pay a 12b-1 fee.

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, 2023, the Fund paid $6,791 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, 2023, DDLP earned $9,658 for commissions on sales of the Fund’s Class A shares. For the six months ended May 31, 2023, DDLP received gross CDSC commissions of $1,190 and $192 on redemptions of the Fund’s Class A and Class C shares, 

67

respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.

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

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

*The aggregate contractual waiver period covering this report is from March 30, 2022 through March 29, 2024.

3. Investments

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

Purchases other than US government securities	$	122,569,925
Purchases of US government securities		86,597,910
Sales other than US government securities		118,304,871
Sales of US government securities		100,595,408

At May 31, 2023, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At May 31, 2023, the cost and unrealized appreciation (depreciation) of investments and derivatives for the Fund were as follows:

Cost of investments and derivatives	$	874,249,522
Aggregate unrealized appreciation of investments and derivatives	$	70,868,406
Aggregate unrealized depreciation of investments and derivatives		(75,095,719	)
Net unrealized depreciation of investments and derivatives	$	(4,227,313	)

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

68

Notes to financial statements

Delaware Wealth Builder Fund

3. Investments (continued)

or liability based on the best information available under the circumstances. The Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3 –	Significant unobservable inputs, including the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

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

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The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of May 31, 2023:

	Level 1		Level 2		Level 3			Total
Securities
Assets:
Agency Collateralized Mortgage Obligations	$	—	$	648,964	$	—		$	648,964
Agency Commercial Mortgage-Backed Security		—		97,206		—			97,206
Agency Mortgage-Backed Securities		—		39,656,507		—			39,656,507
Collateralized Debt Obligations		—		4,875,479		—			4,875,479
Common Stocks
Communication Services		20,383,771		—		—			20,383,771
Consumer Discretionary		55,938,502		—		9,848,880			65,787,382
Consumer Staples		43,869,482		—		—			43,869,482
Energy		33,000,551		—		—			33,000,551
Financials		64,688,059		—		—	1		64,688,059
Healthcare		70,793,228		—		—	1		70,793,228
Industrials		34,436,557		—		—			34,436,557
Information Technology		127,235,277		—		—			127,235,277
Materials		8,933,847		—		—			8,933,847
Real Estate		—		—		—	1		—
REIT Diversified		2,064,663		—		—			2,064,663
REIT Healthcare		517,718		—		—			517,718
REIT Hotel		1,305,310		—		—			1,305,310
REIT Industrial		3,714,695		—		—			3,714,695
REIT Mall		1,400,808		—		—			1,400,808
REIT Manufactured Housing		470,186		—		—			470,186
REIT Multifamily		7,018,090		—		—			7,018,090
REIT Office		465,379		—		—			465,379
REIT Self-Storage		2,545,666		—		—			2,545,666
REIT Shopping Center		2,400,150		—		—	1		2,400,150
REIT Single Tenant		1,080,456		—		—			1,080,456
REIT Specialty		1,471,490		—		—			1,471,490
Utilities		4,267,264		—		—			4,267,264
Convertible Bonds		—		63,169,601		—			63,169,601
Convertible Preferred Stock		9,363,373		—		—			9,363,373
Corporate Bonds		—		107,567,035		—			107,567,035
Exchange-Traded Funds		71,692,180		—		—			71,692,180
Leveraged Non-Recourse Security		—		—		1,300			1,300

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Notes to financial statements

Delaware Wealth Builder Fund

3. Investments (continued)

	Level 1			Level 2			Level 3		Total
Municipal Bonds	$	—		$	415,698		$	—	$	415,698
Non-Agency Asset-Backed Securities		—			2,918,606			—		2,918,606
Non-Agency Collateralized Mortgage Obligations		—			1,168,734			—		1,168,734
Non-Agency Commercial Mortgage-Backed Securities		—			13,120,401			—		13,120,401
Preferred Stock		1,237,047			—			—		1,237,047
Sovereign Bonds		—			16,252,582			—		16,252,582
Supranational Banks		—			1,209,491			—		1,209,491
US Treasury Obligations		—			24,769,940			—		24,769,940
Short-Term Investments		13,988,920			—			—		13,988,920
Total Value of Securities	$	584,282,669		$	275,870,244		$	9,850,180	$	870,003,093
Derivatives2
Assets:
Foreign Currency Exchange Contracts	$	—		$	47,127		$	—	$	47,127
Futures Contracts		3,175			—			—		3,175
Liabilities:
Foreign Currency Exchange Contracts	$	—		$	(11,527	)	$	—	$	(11,527	)
Futures Contracts		(19,659	)		—			—		(19,659	)

¹The security that has been valued at zero on the “Schedule of investments” is considered to be Level 3 investments in this table.

²Foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

During the six months ended May 31, 2023, 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:

	Common Stocks			Leveraged Non-Recourse Security		Total
Balance as of 11/30/22	$	—		$	1,300	$	1,300
Purchases		6,185,496			—		6,185,496
Net realized gain (loss)		(49,194	)		—		(49,194	)
Corporate actions		(162,000	)		—		(162,000	)
Net change in unrealized appreciation (depreciation)		3,874,578			—		3,874,578
Balance as of 5/31/23	$	9,848,880		$	1,300	$	9,850,180
Net change in unrealized appreciation (depreciation) from Level 3 investments still held as of 5/31/23	$	3,825,384		$	—	$	3,825,384

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. 

72

Notes to financial statements

Delaware Wealth Builder Fund

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 5/31/23			Year ended 11/30/22
Shares sold:
Class A		713,706			1,264,925
Class C		66,079			89,032
Class R		9,593			15,792
Institutional Class		718,050			1,066,489
Class R6		96,706			—
Shares from merger:1
Class A		39,183,567			—
Class C		314,783			—
Class R		53,145			—
Institutional Class		1,853,886			—
Class R6		1,628			—
Shares issued upon reinvestment of dividends and distributions:
Class A		1,166,208			1,127,967
Class C		92,315			123,325
Class R		5,107			4,933
Institutional Class		506,105			512,004
Class R6		244			—
		44,781,122			4,204,467
Shares redeemed:
Class A		(2,476,311	)		(2,509,026	)
Class C		(461,495	)		(723,647	)
Class R		(1,333	)		(25,868	)
Institutional Class		(1,277,049	)		(1,436,615	)
Class R6		(839	)		—
		(4,217,027	)		(4,695,156	)
Net increase (decrease)		40,564,095			(490,689	)

¹  See Note 5.

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

	Exchange Redemptions						Exchange Subscriptions
	Class A		Class C		Institutional Class		Class A		Institutional Class		Class R6
	Shares		Shares		Shares		Shares		Shares		Shares		Value
Six months ended
5/31/23		308,065		46,408		104,847		63,330		308,500		95,735	$	6,413,110
Year ended
11/30/22		10,651		21,748		—		21,368		11,080		—		467,390

5. Reorganization

On November 10, 2022, the Board approved a proposal to reorganize (the “Reorganizations”) Delaware Strategic Allocation Fund (the “Acquired Fund I”), a series of Delaware Group® Foundation Funds, and Delaware Total Return Fund (the “Acquired Fund II”), a series of Delaware Group Equity Funds IV (and together with Acquired Fund I, the “Acquired Funds”), with and into Delaware Wealth Builder Fund (the “Acquiring Fund”), a series of the Trust. Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property, assets, and goodwill of Acquired Funds were acquired by the Acquiring Fund, and (ii) the Trust, on behalf of Acquiring Fund, assumed the liabilities of Acquired Funds, in exchange for shares of Acquiring Fund. In accordance with the Plan, the Acquired Funds liquidated and dissolved following the Reorganizations. In approving the Reorganizations, the Board considered various factors, including that the Acquiring Fund and the Acquired Funds share similar investment objectives, principal investment strategies and principal risks, and materially identical fundamental investment restrictions and that the Acquiring Fund’s overall total expense ratio is expected to be equal to or lower than the corresponding Acquired Funds’ total expense ratio following the Reorganizations taking into account applicable expense limitation arrangements. The Reorganizations were accomplished by a tax-free exchange of shares on March 10, 2023 for Acquired Fund I reorganization and April 28, 2023 for Acquired Fund II reoganization. For financial reporting purposes, assets received and shares issued by the Acquiring Funds were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

74

Notes to financial statements

Delaware Wealth Builder Fund

5. Reorganization (continued)

The share transactions associated with the March 10, 2023 Acquired Fund I Reorganizations are as follows:

	Acquired Fund I Net Assets		Acquired Fund I Shares Outstanding		Shares Converted to Acquiring Fund		Acquiring Fund Net Assets		Conversion Ratio
		Delaware Strategic Allocation Fund				Delaware Wealth Builder Fund
Class A	$	146,093,404		16,492,544		11,190,719	$	217,450,659		0.6785
Class C		4,120,753		465,638		314,783		17,542,300		0.6760
Class R		694,137		78,828		53,145		1,005,249		0.6742
Institutional Class		21,988,717		2,479,809		1,684,946		104,009,271		0.6795

The net assets of the Acquired Fund I before the Reorganizations were $172,897,011. The net assets of the Acquiring Fund immediately following the Reorganizations were $512,915,719.

The share transactions associated with the April 28, 2023 Acquired Fund II Reorganizations are as follows:

	Acquired Fund II Net Assets		Acquired Fund II Shares Outstanding		Shares Converted to Acquiring Fund		Acquiring Fund Net Assets		Conversion Ratio
	Delaware Total Return Fund				Delaware Wealth Builder Fund
Class A	$	378,512,807		26,887,085		27,992,848	$	373,001,835		1.0411
Institutional Class		2,284,077		161,406		168,940		126,439,202		1.0467
Class R6		22,008		1,550		1,628		1,307,393		1.0503

The net assets of the Acquired Fund II before the Reorganizations were $380,818,892. The net assets of the Acquiring Fund immediately following the Reorganizations were $904,448,376.

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

Net investment income	$	13,882,544
Net realized gain on investments		22,481,203
Net change in unrealized appreciation (depreciation)		(4,202,489	)
Net increase in net assets resulting from operations	$	32,161,258

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of Acquired Funds that have been included in Acquiring Fund’s “Statement of

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operations” since the Reorganizations were consummated on March 10, 2023 for Acquired Fund I and April 28, 2023 for Acquired Fund II.

6. 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%, 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 30, 2023.

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

7. Derivatives

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

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

The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between

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Notes to financial statements

Delaware Wealth Builder Fund

7. Derivatives (continued)

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, 2023, the Fund entered into foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to increase/decrease exposure to foreign currencies, and to facilitate or expedite the settlement of portfolio transactions.

Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The 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, 2023, the Fund posted $277,860 in cash as collateral for open futures contracts, which is included in “Cash collateral due from brokers” on the “Statement of assets and liabilities.”

During the six months ended May 31, 2023, 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.

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

	Asset Derivatives Fair Value
Statement of Assets and	Currency		Interest Rate
Liabilities Location	Contracts		Contracts		Total
Unrealized appreciation on foreign currency exchange contracts	$	47,127	$	—	$	47,127
Variation margin due from broker on futures contracts*		—		3,175		3,175
Total	$	47,127	$	3,175	$	50,302

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	Liability Derivatives Fair Value
				Interest
Statement of Assets and	Currency			Rate
Liabilities Location	Contracts			Contracts			Total
Unrealized depreciation on foreign currency exchange contracts	$	(11,527	)	$	—		$	(11,527	)
Variation margin due to broker on futures contracts*		—			(19,659	)		(19,659	)
Total	$	(11,527	)	$	(19,659	)	$	(31,186	)

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

The effect of derivative instruments on the “Statement of operations” for the six months ended May 31, 2023 was as follows:

	Net Realized Gain (Loss) on:
	Foreign Currency Exchange Contracts			Futures Contracts			Total
Currency contracts	$	(26,686	)	$	—		$	(26,686	)
Interest rate contracts		—			(35,522	)		(35,522	)
Total	$	(26,686	)	$	(35,522	)	$	(62,208	)

	Net Change in Unrealized Appreciation (Depreciation) on:
	Foreign Currency Exchange Contracts		Futures Contracts			Total
Currency contracts	$	42,408	$	—		$	42,408
Interest rate contracts		—		(23,673	)		(23,673	)
Total	$	42,408	$	(23,673	)	$	18,735

The table below summarizes the average daily balance of derivative holdings by the Fund during the six months ended May 31, 2023:

	Long Derivative Volume		Short Derivative Volume
Foreign currency exchange contracts (average notional value)	$	591,646	$	894,532
Futures contracts (average notional value)		2,239,164		332,279

8. Offsetting

The Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement

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Notes to financial statements

Delaware Wealth Builder Fund

8. Offsetting (continued)

between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or 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, 2023, the Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

	Gross Value of		Gross Value of
Counterparty	Derivative Asset		Derivative Liability			Net Position
JPMorgan Chase Bank	$	47,127	$	(11,527	)	$	35,600

Counterparty	Net Position		Fair Value of Non-Cash Collateral Received		Cash Collateral Received		Fair Value of Non-Cash Collateral Pledqed		Cash Collateral Pledged		Net Exposure(a)
JPMorgan Chase Bank	$	35,600	$	—	$	—	$	—	$	—	$	35,600

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

9. Securities Lending

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

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

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

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

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

At the six months ended May 31, 2023, the Fund had no securities out on loan.

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Notes to financial statements

Delaware Wealth Builder Fund

10. Credit and Market Risk

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

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

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

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

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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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 six months ended May 31, 2023. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations. The Fund also invests in real estate acquired as a result of ownership of securities or other instruments, including issuers that invest, deal, or otherwise

82

Notes to financial statements

Delaware Wealth Builder Fund

10. Credit and Market Risk (continued)

engage in transactions in real estate or interests therein. These instruments may include interests in private equity limited partnerships or limited liability companies that hold real estate investments (Real Estate Limited Partnerships).

The Fund invests in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. The Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of the security.

The Fund 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. There were no unfunded loan commitments at the six months ended May 31, 2023.

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

83

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 securities have been identified on the “Schedule of investments.”

11. Contractual Obligations

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

12. Recent Accounting Pronouncements

In March 2020, FASB issued an Accounting Standards Update (ASU), ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. On December 21, 2022, FASB issued ASU 2022-06 to defer the sunset date of Accounting Standards Codification Topic 848 until December 31, 2024. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management is currently evaluating ASU 2020-04 and ASU 2022-06, but does not believe there will be a material impact.

13. New Regulatory Pronouncement

In October 2022, the Securities and Exchange Commission (SEC) adopted a rule and form amendments relating to tailored shareholder reports for mutual funds and ETFs; and fee information in investment company advertisements. The rule and form amendments will require mutual funds and ETFs to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective in January 2023 and there is an 18-month transition period after the effective date of the amendment with a compliance date of July 2024.

14. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to May 31, 2023, 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 23-25, 2023, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2022 through March 31, 2023. 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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Form N-PORT and proxy voting information

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

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

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Semiannual report

US equity mutual fund

Delaware Small Cap Core Fund

May 31, 2023

Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

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

Experience Delaware Funds by Macquarie^®

Macquarie Asset Management (MAM) is a global asset manager that aims to deliver positive impact for everyone. MAM 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 Small Cap Core Fund at delawarefunds.com/literature.

Manage your account online

· Check your account balance and transactions

·View statements and tax forms

· Make purchases and redemptions

Visit delawarefunds.com/account-access.

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

The 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 allocations 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	35

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.

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

© 2023 Macquarie Management Holdings, Inc.

Disclosure of Fund expenses

For the six-month period from December 1, 2022 to May 31, 2023 (Unaudited)

The Fund seeks long-term capital appreciation.

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from December 1, 2022 to May 31, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

1 

Disclosure of Fund expenses

For the six-month period from December 1, 2022 to May 31, 2023 (Unaudited)

Delaware Small Cap Core Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 12/1/22	Ending Account Value 5/31/23	Annualized Expense Ratio	Expenses Paid During Period 12/1/22 to 5/31/23*
Actual Fund return†
Class A	$1,000.00	$  924.40	1.06%	$5.09
Class C	1,000.00	920.90	1.81%	8.67
Class R	1,000.00	923.60	1.31%	6.28
Institutional Class	1,000.00	925.60	0.81%	3.89
Class R6	1,000.00	926.20	0.70%	3.36
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	1,021.44	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 any investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of any Underlying Funds.

2 

Security type / sector allocations and top 10 equity holdings

Delaware Small Cap Core Fund As of May 31, 2023 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different from another fund’s sector designations.

Security type / sector	Percentage of net assets
Common Stocks		98.47	%
Basic Materials		7.06	%
Business Services		3.65	%
Capital Goods		9.52	%
Communications Services		0.33	%
Consumer Discretionary		2.76	%
Consumer Services		3.10	%
Consumer Staples		3.43	%
Credit Cyclicals		3.86	%
Energy		5.09	%
Financials		13.88	%
Healthcare		18.70	%
Media		0.57	%
Real Estate Investment Trusts		6.99	%
Technology		13.91	%
Transportation		3.38	%
Utilities		2.24	%
Short-Term Investments		1.92	%
Total Value of Securities		100.39	%
Liabilities Net of Receivables and Other Assets		(0.39	)%
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
Boise Cascade		1.74	%
Taylor Morrison Home		1.66	%
Federal Signal		1.47	%
Selective Insurance Group		1.46	%
Prestige Consumer Healthcare		1.41	%
Texas Roadhouse		1.37	%
PDC Energy		1.35	%
Summit Materials Class A		1.32	%
Merit Medical Systems		1.30	%
Applied Industrial Technologies		1.26	%

3 

Schedule of investments

Delaware Small Cap Core Fund May 31, 2023 (Unaudited)

	Number of shares		Value (US $)
Common Stocks — 98.47%
Basic Materials — 7.06%
Balchem		107,537	$	13,294,799
Boise Cascade		1,615,757		116,043,668
Huntsman		1,026,992		24,391,060
Kaiser Aluminum		534,209		32,266,224
Mativ Holdings		310,078		4,669,775
Minerals Technologies		1,427,496		79,383,052
Quaker Chemical		251,726		47,780,112
Summit Materials Class A †		2,787,297		88,162,204
Worthington Industries		1,164,624		65,370,345
				471,361,239
Business Services — 3.65%
ABM Industries		1,385,359		61,177,453
ASGN †		941,466		61,600,120
BrightView Holdings †		2,667,086		17,602,768
Casella Waste Systems Class A †		842,939		75,999,380
WillScot Mobile Mini Holdings †		635,631		27,382,984
				243,762,705
Capital Goods — 9.52%
Ameresco Class A †		897,932		38,682,910
Applied Industrial Technologies		684,782		84,200,795
Barnes Group		587,840		23,131,504
Chart Industries †		112,518		12,346,600
Coherent †		736,784		27,231,536
Columbus McKinnon		1,281,462		46,747,734
ESCO Technologies		332,653		29,938,770
Federal Signal		1,851,025		98,085,815
Kadant		348,867		66,187,047
KBR		709,314		41,863,712
MYR Group †		555,524		70,829,310
Tetra Tech		245,221		33,710,531
WESCO International		195,605		26,872,215
Zurn Elkay Water Solutions		1,572,770		35,403,053
				635,231,532
Communications Services — 0.33%
ATN International		581,102		21,808,758
				21,808,758
Consumer Discretionary — 2.76%
BJ’s Wholesale Club Holdings †		236,052		14,788,658
Hibbett		433,407		15,611,320

4 

	Number of shares		Value (US $)
Common Stocks (continued)
Consumer Discretionary (continued)
Malibu Boats Class A †		1,065,326	$	55,876,349
Sonic Automotive Class A		458,653		19,006,580
Steven Madden		2,520,639		78,669,143
				183,952,050
Consumer Services — 3.10%
Brinker International †		743,801		27,208,241
Chuy’s Holdings †		771,588		28,425,302
Jack in the Box		348,518		30,167,718
Texas Roadhouse		848,547		91,558,221
Wendy’s		1,331,429		29,304,752
				206,664,234
Consumer Staples — 3.43%
Helen of Troy †		335,755		32,326,491
J & J Snack Foods		520,743		80,168,385
Prestige Consumer Healthcare †		1,637,809		93,731,809
YETI Holdings †		621,828		22,740,250
				228,966,935
Credit Cyclicals — 3.86%
Dana		2,900,309		37,326,977
KB Home		1,732,671		75,076,635
La-Z-Boy		1,285,885		34,358,847
Taylor Morrison Home †		2,612,575		110,851,557
				257,614,016
Energy — 5.09%
Earthstone Energy Class A †		2,391,893		28,726,635
NexTier Oilfield Solutions †		6,545,000		49,349,300
Patterson-UTI Energy		7,175,058		69,885,065
PDC Energy		1,316,349		90,327,868
Permian Resources		4,985,052		46,510,535
Southwestern Energy †		11,430,219		54,522,145
				339,321,548
Financials — 13.88%
City Holding		469,153		40,436,297
Enterprise Financial Services		667,980		27,133,348
Essent Group		1,520,289		67,151,165
First Bancorp		1,084,186		32,633,999
First Financial Bancorp		1,934,375		36,675,750
First Interstate BancSystem Class A		1,725,041		38,037,154
Focus Financial Partners Class A †		1,532,142		79,809,277

5 

Schedule of investments

Delaware Small Cap Core Fund

	Number of shares		Value (US $)
Common Stocks (continued)
Financials (continued)
Hamilton Lane Class A		909,110	$	61,737,660
Independent Bank		682,416		30,121,842
Independent Bank Group		591,782		19,747,765
Kemper		732,620		31,707,794
NMI Holdings Class A †		2,990,665		75,215,225
Old National Bancorp		4,288,788		53,266,747
Pacific Premier Bancorp		1,591,016		29,958,831
Selective Insurance Group		1,003,659		97,083,935
SouthState		710,169		44,399,766
United Community Banks		1,638,804		37,053,358
Valley National Bancorp		4,709,907		34,759,114
WesBanco		1,563,704		37,747,814
WSFS Financial		1,543,221		51,605,310
				926,282,151
Healthcare — 18.70%
Agios Pharmaceuticals †		1,341,643		33,916,735
Amicus Therapeutics †		5,189,275		58,431,237
Apellis Pharmaceuticals †		978,224		83,980,530
Artivion †		2,283,203		34,202,381
AtriCure †		1,150,503		51,738,120
Azenta †		752,439		32,542,987
Blueprint Medicines †		1,130,898		63,918,355
CONMED		618,914		75,074,268
Halozyme Therapeutics †		1,758,348		57,023,226
Insmed †		2,549,301		48,513,198
Inspire Medical Systems †		282,880		82,739,571
Ligand Pharmaceuticals †		621,225		43,535,448
Merit Medical Systems †		1,054,210		86,866,904
NeoGenomics †		1,871,157		32,146,477
NuVasive †		968,828		36,970,477
OmniAb †		2,894,831		12,505,670
OmniAb 12.5 =, †		221,566		0
OmniAb 15 =, †		221,567		0
Omnicell †		589,212		43,259,945
Pacific Biosciences of California †		3,368,327		41,699,888
PTC Therapeutics †		1,305,823		54,805,391
Shockwave Medical †		290,242		79,842,672
Supernus Pharmaceuticals †		1,903,930		63,096,240
TransMedics Group †		955,098		69,397,421
Travere Therapeutics †		3,046,910		54,509,220

6 

	Number of shares		Value (US $)
Common Stocks (continued)
Healthcare (continued)
Ultragenyx Pharmaceutical †		139,443	$	6,882,906
				1,247,599,267
Media — 0.57%
IMAX †		2,203,226		38,203,939
				38,203,939
Real Estate Investment Trusts — 6.99%
Armada Hoffler Properties		2,924,056		32,281,578
DiamondRock Hospitality		5,347,742		41,979,775
Four Corners Property Trust		1,576,514		40,516,410
Independence Realty Trust		3,754,160		64,834,343
Kite Realty Group Trust		3,376,343		65,636,108
LXP Industrial Trust		5,035,526		52,067,339
National Storage Affiliates Trust		368,222		13,480,608
Pebblebrook Hotel Trust		2,503,638		33,949,331
Phillips Edison & Co.		1,230,921		35,709,018
Physicians Realty Trust		4,100,459		56,012,270
RPT Realty		3,209,691		29,914,320
				466,381,100
Technology — 13.91%
Box Class A †		1,647,376		46,406,582
Consensus Cloud Solutions †		501,817		18,291,230
ExlService Holdings †		556,345		83,974,714
Ichor Holdings †		1,034,511		31,345,683
Instructure Holdings †		1,474,631		36,216,937
MACOM Technology Solutions Holdings †		613,529		36,707,440
MaxLinear †		1,573,880		45,973,035
NETGEAR †		336,780		4,725,023
Progress Software		406,725		24,403,500
Q2 Holdings †		1,375,907		40,066,412
Rapid7 †		1,093,106		52,163,018
Regal Rexnord		318,502		41,370,225
Semtech †		1,629,559		35,426,613
Silicon Laboratories †		491,778		69,178,411
Sprout Social Class A †		821,891		35,596,099
SPS Commerce †		270,098		42,081,269
Varonis Systems †		1,958,101		51,458,894
Verint Systems †		1,032,018		37,028,806
WNS Holdings ADR †		771,844		59,972,279
Workiva †		369,466		35,786,477
Yelp †		1,424,522		47,721,487

7 

Schedule of investments

Delaware Small Cap Core Fund

	Number of shares		Value (US $)
Common Stocks (continued)
Technology (continued)
Ziff Davis †		889,168	$	52,496,479
				928,390,613
Transportation — 3.38%
Allegiant Travel †		371,513		36,218,803
Hub Group Class A †		964,047		70,915,297
Sun Country Airlines Holdings †		2,234,526		42,009,089
Werner Enterprises		1,734,385		76,174,189
				225,317,378
Utilities — 2.24%
Black Hills		697,199		42,494,279
NorthWestern		918,979		52,005,022
Spire		853,441		55,106,685
				149,605,986
Total Common Stocks (cost $5,947,994,728)				6,570,463,451
Short-Term Investments — 1.92%
Money Market Mutual Funds — 1.92%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.00%)		32,091,117		32,091,117
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.98%)		32,091,116		32,091,116
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.13%)		32,091,116		32,091,116
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.00%)		32,091,116		32,091,116
Total Short-Term Investments (cost $128,364,465)				128,364,465
Total Value of Securities—100.39%
(cost $6,076,359,193)			$	6,698,827,916

† Non-income producing security.

= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt

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

8 

Statement of assets and liabilities

Delaware Small Cap Core Fund May 31, 2023 (Unaudited)

Assets:
Investments, at value*	$	6,698,827,916
Receivable for fund shares sold		12,065,504
Dividends and interest receivable		9,871,942
Receivable for securities sold		7,236,495
Prepaid expenses		105,274
Other assets		52,780
Total Assets		6,728,159,911
Liabilities:
Payable for fund shares redeemed		43,134,170
Payable for securities purchased		7,086,613
Investment management fees payable to affiliates		3,650,574
Other accrued expenses		846,507
Administration expenses payable to affiliates		452,048
Distribution fees payable to affiliates		106,612
Total Liabilities		55,276,524
Total Net Assets	$	6,672,883,387
Net Assets Consist of:
Paid-in capital	$	6,174,066,380
Total distributable earnings (loss)		498,817,007
Total Net Assets	$	6,672,883,387

9 

Statement of assets and liabilities

Delaware Small Cap Core Fund

Net Asset Value
Class A:
Net assets	$	256,347,970
Shares of beneficial interest outstanding, unlimited authorization, no par		10,565,317
Net asset value per share	$	24.26
Sales charge		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	25.74
Class C:
Net assets	$	81,215,421
Shares of beneficial interest outstanding, unlimited authorization, no par		3,980,862
Net asset value per share	$	20.40
Class R:
Net assets	$	26,228,105
Shares of beneficial interest outstanding, unlimited authorization, no par		1,134,658
Net asset value per share	$	23.12
Institutional Class:
Net assets	$	4,830,545,287
Shares of beneficial interest outstanding, unlimited authorization, no par		193,352,664
Net asset value per share	$	24.98
Class R6:
Net assets	$	1,478,546,604
Shares of beneficial interest outstanding, unlimited authorization, no par		59,096,309
Net asset value per share	$	25.02
*Investments, at cost	$	6,076,359,193

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

10 

Statement of operations

Delaware Small Cap Core Fund Six months ended May 31, 2023 (Unaudited)

Investment Income:
Dividends	$	49,260,868
Expenses:
Management fees		22,152,553
Distribution expenses — Class A		344,179
Distribution expenses — Class C		456,024
Distribution expenses — Class R		70,933
Dividend disbursing and transfer agent fees and expenses		3,944,674
Accounting and administration expenses		505,351
Reports and statements to shareholders expenses		339,343
Legal fees		167,760
Trustees’ fees and expenses		138,750
Custodian fees		105,092
Registration fees		87,216
Audit and tax fees		15,821
Other		403,777
		28,731,473
Less expenses paid indirectly		(236	)
Total operating expenses		28,731,237
Net Investment Income (Loss)		20,529,631
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		(34,474,295	)
Net change in unrealized appreciation (depreciation) on investments		(538,311,357	)
Net Realized and Unrealized Gain (Loss)		(572,785,652	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(552,256,021	)

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

11 

Statements of changes in net assets

Delaware Small Cap Core Fund

	Six months ended 5/31/23 (Unaudited)			Year ended 11/30/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	20,529,631		$	31,805,604
Net realized gain (loss)		(34,474,295	)		183,425,714
Net change in unrealized appreciation (depreciation)		(538,311,357	)		(785,793,771	)
Net increase (decrease) in net assets resulting from operations		(552,256,021	)		(570,562,453	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(9,782,778	)		(19,265,935	)
Class C		(3,637,758	)		(9,463,365	)
Class R		(992,220	)		(2,863,111	)
Institutional Class		(187,750,406	)		(357,240,198	)
Class R6		(49,448,818	)		(83,096,087	)
		(251,611,980	)		(471,928,696	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		34,726,431			84,786,905
Class C		3,505,629			9,612,206
Class R		1,826,593			7,797,361
Institutional Class		724,021,850			2,089,807,031
Class R6		428,620,938			418,220,068
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		9,074,862			17,764,566
Class C		3,581,775			9,319,053
Class R		992,190			2,863,111
Institutional Class		156,894,836			264,151,848
Class R6		41,330,661			74,281,941
		1,404,575,765			2,978,604,090

12 

	Six months ended 5/31/23 (Unaudited)			Year ended 11/30/22
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(51,530,662	)	$	(79,054,946	)
Class C		(15,139,530	)		(31,092,812	)
Class R		(7,523,625	)		(14,542,161	)
Institutional Class		(906,618,596	)		(1,835,591,261	)
Class R6		(218,595,146	)		(261,945,901	)
		(1,199,407,559	)		(2,222,227,081	)
Increase in net assets derived from capital share transactions		205,168,206			756,377,009
Net Decrease in Net Assets		(598,699,795	)		(286,114,140	)
Net Assets:
Beginning of period		7,271,583,182			7,557,697,322
End of period	$	6,672,883,387		$	7,271,583,182

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

13 

Financial highlights

Delaware Small Cap Core Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income (loss)²

Net realized and unrealized gain (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 any investment companies in which the Fund invests.

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

14 

Six months ended 5/31/231			Year ended
(Unaudited)			11/30/22			11/30/21			11/30/20			11/30/19			11/30/18
$	27.21		$	31.14		$	24.79		$	23.20		$	23.91		$	25.74
	0.04			0.05			(0.02	)		0.02			0.03			0.05
	(2.09	)		(2.05	)		6.56			1.99			1.25			0.04
	(2.05	)		(2.00	)		6.54			2.01			1.28			0.09
	(0.06	)		—			—			(0.04	)		(0.02	)		—
	(0.84	)		(1.93	)		(0.19	)		(0.38	)		(1.97	)		(1.92	)
	(0.90	)		(1.93	)		(0.19	)		(0.42	)		(1.99	)		(1.92	)
$	24.26		$	27.21		$	31.14		$	24.79		$	23.20		$	23.91
	(7.56	)%		(6.87	)%		26.50	%		8.81	%		7.79	%		0.44	%
$	256,348		$	295,128		$	312,223		$	264,888		$	279,872		$	288,721
	1.06	%		1.05	%		1.06	%		1.10	%		1.10	%		1.12	%
	0.33	%		0.20	%		(0.06	)%		0.09	%		0.15	%		0.19	%
	8	%		23	%		24	%		37	%		34	%		38	%

15 

Financial highlights

Delaware Small Cap Core Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment loss²

Net realized and unrealized gain (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 any investment companies in which the Fund invests.

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

16 

Six months ended 5/31/231			Year ended
(Unaudited)			11/30/22			11/30/21			11/30/20			11/30/19			11/30/18
$	23.05		$	26.86		$	21.57		$	20.35		$	21.38		$	23.38
	(0.04	)		(0.13	)		(0.21	)		(0.12	)		(0.11	)		(0.13	)
	(1.77	)		(1.75	)		5.69			1.72			1.05			0.05
	(1.81	)		(1.88	)		5.48			1.60			0.94			(0.08	)
	(0.84	)		(1.93	)		(0.19	)		(0.38	)		(1.97	)		(1.92	)
	(0.84	)		(1.93	)		(0.19	)		(0.38	)		(1.97	)		(1.92	)
$	20.40		$	23.05		$	26.86		$	21.57		$	20.35		$	21.38
	(7.91	)%		(7.57	)%		25.54	%		8.00	%		6.99	%		(0.31	)%
$	81,215		$	100,445		$	132,294		$	117,251		$	139,808		$	168,400
	1.81	%		1.80	%		1.81	%		1.85	%		1.85	%		1.87	%
	(0.42	)%		(0.55	)%		(0.81	)%		(0.66	)%		(0.60	)%		(0.56	)%
	8	%		23	%		24	%		37	%		34	%		38	%

17 

Financial highlights

Delaware Small Cap Core Fund Class R

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income (loss)²

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 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.

⁴ Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

18 

Six months ended 5/31/231			Year ended
(Unaudited)			11/30/22			11/30/21			11/30/20			11/30/19			11/30/18
$	25.93		$	29.84		$	23.82		$	22.33		$	23.12		$	25.01
	0.01			(0.01	)		(0.09	)		(0.03	)		(0.02	)		(0.02	)
	(1.98	)		(1.97	)		6.30			1.90			1.20			0.05
	(1.97	)		(1.98	)		6.21			1.87			1.18			0.03
	(0.84	)		(1.93	)		(0.19	)		(0.38	)		(1.97	)		(1.92	)
	(0.84	)		(1.93	)		(0.19	)		(0.38	)		(1.97	)		(1.92	)
$	23.12		$	25.93		$	29.84		$	23.82		$	22.33		$	23.12
	(7.64	)%		(7.12	)%		26.19	%		8.51	%		7.55	%		0.19	%
$	26,228		$	34,289		$	44,366		$	36,065		$	27,631		$	28,138
	1.31	%		1.30	%		1.31	%		1.35	%		1.35	%		1.37	%
	0.08	%		(0.05	)%		(0.31	)%		(0.16	)%		(0.10	)%		(0.06	)%
	8	%		23	%		24	%		37	%		34	%		38	%

19 

Financial highlights

Delaware Small Cap Core Fund Institutional Class

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

Net asset value, beginning of period

Income (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 any investment companies in which the Fund invests.

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

20 

Six months ended 5/31/231			Year ended
(Unaudited)			11/30/22			11/30/21			11/30/20			11/30/19			11/30/18
$	28.02		$	32.00		$	25.46		$	23.81		$	24.50		$	26.29
	0.08			0.13			0.06			0.07			0.09			0.11
	(2.15	)		(2.12	)		6.72			2.06			1.28			0.05
	(2.07	)		(1.99	)		6.78			2.13			1.37			0.16
	(0.13	)		(0.06	)		(0.05	)		(0.10	)		(0.09	)		(0.03	)
	(0.84	)		(1.93	)		(0.19	)		(0.38	)		(1.97	)		(1.92	)
	(0.97	)		(1.99	)		(0.24	)		(0.48	)		(2.06	)		(1.95	)
$	24.98		$	28.02		$	32.00		$	25.46		$	23.81		$	24.50
	(7.44	)%		(6.65	)%		26.80	%		9.09	%		8.06	%		0.69	%
$	4,830,545		$	5,455,486		$	5,743,601		$	4,632,204		$	3,888,603		$	3,451,251
	0.81	%		0.80	%		0.81	%		0.85	%		0.85	%		0.87	%
	0.58	%		0.45	%		0.19	%		0.34	%		0.40	%		0.44	%
	8	%		23	%		24	%		37	%		34	%		38	%

21 

Financial highlights

Delaware Small Cap Core Fund Class R6

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

Net asset value, beginning of period

Income (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 any investment companies in which the Fund invests.

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

22 

Six months ended 5/31/231			Year ended
(Unaudited)			11/30/22			11/30/21			11/30/20			11/30/19			11/30/18
$	28.08		$	32.06		$	25.51		$	23.85		$	24.54		$	26.32
	0.09			0.16			0.10			0.10			0.12			0.15
	(2.15	)		(2.11	)		6.72			2.06			1.28			0.05
	(2.06	)		(1.95	)		6.82			2.16			1.40			0.20
	(0.16	)		(0.10	)		(0.08	)		(0.12	)		(0.12	)		(0.06	)
	(0.84	)		(1.93	)		(0.19	)		(0.38	)		(1.97	)		(1.92	)
	(1.00	)		(2.03	)		(0.27	)		(0.50	)		(2.09	)		(1.98	)
$	25.02		$	28.08		$	32.06		$	25.51		$	23.85		$	24.54
	(7.38	)%		(6.52	)%		26.92	%		9.24	%		8.20	%		0.86	%
$	1,478,547		$	1,386,235		$	1,325,213		$	894,120		$	677,315		$	413,332
	0.70	%		0.69	%		0.69	%		0.71	%		0.72	%		0.74	%
	0.70	%		0.57	%		0.31	%		0.48	%		0.53	%		0.57	%
	8	%		23	%		24	%		37	%		34	%		38	%

23 

Notes to financial statements

Delaware Small Cap Core Fund May 31, 2023 (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 (1940 Act), and offers Class A, Class C, Class R, Institutional Class, and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.75%. There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, Institutional Class, and Class R6 shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.

1. Significant Accounting Policies

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

Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s valuation designee, Delaware Management Company (DMC). Subject to the oversight of the Trust’s Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities and private placements are valued at fair value.

Federal 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

24 

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, 2023, and for all open tax years (years ended November 30, 2019–November 30, 2022), 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, 2023, the Fund did not incur any interest or tax penalties.

Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. Class R6 shares will not be allocated any expenses related to service fees, sub-accounting fees, and/or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.

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

Other — Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Funds by Macquarie^® (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. 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. The Fund declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, at least annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than

25 

Notes to financial statements

Delaware Small Cap Core Fund

1. Significant Accounting Policies (continued)

$1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.”

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

In accordance with the terms of its investment management agreement, the Fund pays DMC, a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 0.75% on the first $500 million of average daily net assets of the Fund, 0.70% on the next $500 million, 0.65% on the next $1.5 billion, and 0.60% on average daily net assets in excess of $2.5 billion.

DMC may permit its affiliate, Macquarie Investment Management Global Limited (MIMGL) (the “Affiliated Sub-Advisor”), to execute Fund equity security trades on its behalf. DMC may also seek quantitative support from MIMGL. Although the Affiliated Sub-Advisor serves as a sub-advisor, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, may pay the 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; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended May 31, 2023, the Fund paid $105,221 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended May 31, 2023, the Fund paid $1,661,932 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are paid by the Fund and are

26 

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

As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Fund. For the six months ended May 31, 2023, the Fund paid $54,920 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, 2023, DDLP earned $9,586 for commissions on sales of the Fund’s Class A shares. For the six months ended May 31, 2023, DDLP received gross CDSC commissions of $2,163 on redemptions of the Fund’s Class C shares and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.

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

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

Cross trades for the six months ended May 31, 2023 were executed by the Fund pursuant to procedures adopted by the Board designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At its regularly scheduled meetings, the Board reviews such transactions for compliance with the procedures adopted by the Board. Pursuant to these procedures, for the six months ended May 31, 2023, the Fund engaged in Rule 17a-7 securities purchases and sales of $2,937,639 and $7,788,312, respectively, resulting in gains of $274,265.

27 

Notes to financial statements

Delaware Small Cap Core Fund

3. Investments

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

Purchases	$	602,393,133
Sales		571,717,997

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

Cost of investments	$	6,076,359,193
Aggregate unrealized appreciation of investments	$	1,363,616,987
Aggregate unrealized depreciation of investments		(741,148,264	)
Net unrealized appreciation of investments	$	622,468,723

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)

28 

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, 2023:

	Level 1		Level 3			Total
Securities
Assets:
Common Stocks
Basic Materials	$	471,361,239		$—		$	471,361,239
Business Services		243,762,705		—			243,762,705
Capital Goods		635,231,532		—			635,231,532
Communications Services		21,808,758		—			21,808,758
Consumer Discretionary		183,952,050		—			183,952,050
Consumer Services		206,664,234		—			206,664,234
Consumer Staples		228,966,935		—			228,966,935
Credit Cyclicals		257,614,016		—			257,614,016
Energy		339,321,548		—			339,321,548
Financials		926,282,151		—			926,282,151
Healthcare		1,247,599,267		—	1		1,247,599,267
Media		38,203,939		—			38,203,939
Real Estate Investment Trusts		466,381,100		—			466,381,100
Technology		928,390,613		—			928,390,613
Transportation		225,317,378		—			225,317,378
Utilities		149,605,986		—			149,605,986
Short-Term Investments		128,364,465		—			128,364,465
Total Value of Securities	$	6,698,827,916		$—		$	6,698,827,916

¹The security that has been valued at zero on the “Schedule of investments” is considered to be Level 3 investment in this table.

During the six months ended May 31, 2023, 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.

29 

Notes to financial statements

Delaware Small Cap Core Fund

3. Investments (continued)

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments are not considered significant to the Fund’s net assets at the end of the period.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended			Year ended
	5/31/23			11/30/22
Shares sold:
Class A		1,369,300			3,137,218
Class C		162,450			411,294
Class R		75,591			298,520
Institutional Class		27,620,902			74,276,643
Class R6		16,611,095			15,017,046
Shares issued upon reinvestment of dividends and distributions:
Class A		368,897			606,921
Class C		172,616			373,209
Class R		42,293			102,400
Institutional Class		6,201,377			8,784,564
Class R6		1,632,333			2,468,659
		54,256,854			105,476,474
Shares redeemed:
Class A		(2,018,358	)		(2,923,940	)
Class C		(711,940	)		(1,351,858	)
Class R		(305,421	)		(565,527	)
Institutional Class		(35,138,585	)		(67,857,366	)
Class R6		(8,513,583	)		(9,448,694	)
		(46,687,887	)		(82,147,385	)
Net increase		7,568,967			23,329,089

30 

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

	Exchange Redemptions										Exchange Subscriptions
	Class A Shares		Class C Shares		Institutional Class Shares		Class R Shares		Class R6 Shares		Class A Shares		Institutional Class Shares		Class R6 Shares			Value
Six months ended
5/31/23		210,958		9,410		8,267,780		1,764		15,356		75,416		221,677		8,192,785	$	213,893,605
Year ended
11/30/22		17,490		9,627		14,309		—		7,216		18,465		23,670		4,873		1,304,639

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%, 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 30, 2023.

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

6. Securities Lending

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

31 

Notes to financial statements

Delaware Small Cap Core Fund

6. Securities Lending (continued)

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

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

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

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

At the six months ended May 31, 2023, the Fund had no securities out on loan.

32 

7. Credit and Market Risk

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

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

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

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended May 31, 2023. 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. Rule 144A securities have been identified on the “Schedule of investments.”

33 

Notes to financial statements

Delaware Small Cap Core Fund

8. Contractual Obligations

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

9. New Regulatory Pronouncement

In October 2022, the Securities and Exchange Commission (SEC) adopted a rule and form amendments relating to tailored shareholder reports for mutual funds and ETFs; and fee information in investment company advertisements. The rule and form amendments will require mutual funds and ETFs to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective in January 2023 and there is an 18-month transition period after the effective date of the amendment with a compliance date of July 2024.

10. Subsequent Events

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

34 

Other Fund information (Unaudited)

Delaware Small Cap Core Fund

Liquidity Risk Management Program

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

The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated 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 23-25, 2023, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2022 through March 31, 2023. 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.

35 

Other Fund information (Unaudited)

Delaware Small Cap Core Fund

Form N-PORT and proxy voting information

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

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

36 

Semiannual report

US equity mutual fund

Delaware Small Cap Value Fund

May 31, 2023

Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

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

Experience Delaware Funds by Macquarie^®

Macquarie Asset Management (MAM) is a global asset manager that aims to deliver positive impact for everyone. MAM 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 Small Cap Value Fund at delawarefunds.com/literature.

Manage your account online

· Check your account balance and transactions

· View statements and tax forms

· Make purchases and redemptions

Visit delawarefunds.com/account-access.

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

The 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 allocations and top 10 equity holdings	3
Schedule of investments	4
Statement of assets and liabilities	8
Statement of operations	10
Statements of changes in net assets	11
Financial highlights	13
Notes to financial statements	23
Other Fund information	34

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.

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

©2023 Macquarie Management Holdings, Inc.

Disclosure of Fund expenses

For the six-month period from December 1, 2022 to May 31, 2023 (Unaudited)

The investment objective of the Fund is to seek 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, 2022 to May 31, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

1

Disclosure of Fund expenses

For the six-month period from December 1, 2022 to May 31, 2023 (Unaudited)

Delaware Small Cap Value Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 12/1/22	Ending Account Value 5/31/23	Annualized Expense Ratio	Expenses Paid During Period 12/1/22 to 5/31/23*
Actual Fund return†
Class A	$1,000.00	$  872.90	1.11%	$5.18
Class C	1,000.00	869.60	1.86%	8.67
Class R	1,000.00	871.80	1.36%	6.35
Institutional Class	1,000.00	874.00	0.86%	4.02
Class R6	1,000.00	874.60	0.72%	3.37
Hypothetical 5% return (5% return before expenses)
Class A	$1,000.00	$1,019.40	1.11%	$5.59
Class C	1,000.00	1,015.66	1.86%	9.35
Class R	1,000.00	1,018.15	1.36%	6.84
Institutional Class	1,000.00	1,020.64	0.86%	4.33
Class R6	1,000.00	1,021.34	0.72%	3.63

*“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 any investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of any Underlying Funds.

2

Security type / sector allocations and top 10 equity holdings

Delaware Small Cap Value Fund As of May 31, 2023 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different from another fund’s sector designations.

Security type / sector	Percentage of net assets
Common Stocks		98.33	%
Basic Industry		7.60	%
Consumer Discretionary		12.55	%
Consumer Staples		3.69	%
Energy		6.22	%
Financial Services		22.83	%
Healthcare		4.62	%
Industrials		13.42	%
Real Estate Investment Trusts		8.25	%
Technology		12.43	%
Transportation		2.73	%
Utilities		3.99	%
Short-Term Investments		1.66	%
Total Value of Securities		99.99	%
Receivables and Other Assets Net of Liabilities		0.01	%
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
MasTec		2.28	%
Hancock Whitney		1.85	%
Atkore		1.84	%
Webster Financial		1.77	%
FNB		1.71	%
Stifel Financial		1.65	%
ITT		1.58	%
Flex		1.54	%
Valley National Bancorp		1.37	%
Power Integrations		1.36	%

3

Schedule of investments

Delaware Small Cap Value Fund May 31, 2023 (Unaudited)

	Number of shares		Value (US $)
Common Stocks — 98.33% ♦
Basic Industry — 7.60%
Ashland		400,300	$	33,977,464
Avient		1,247,950		45,550,175
Berry Global Group		1,132,560		64,793,758
HB Fuller		970,750		61,099,005
Huntsman		1,749,600		41,553,000
Louisiana-Pacific		1,014,950		59,394,874
Ryerson Holding		737,350		25,062,527
Summit Materials Class A †		1,420,026		44,915,422
				376,346,225
Consumer Discretionary — 12.55%
Acushnet Holdings		970,100		43,421,676
Adient †		1,369,800		46,148,562
Barnes Group		1,339,000		52,689,650
Choice Hotels International		335,000		38,019,150
Columbia Sportswear		614,000		45,331,620
Cracker Barrel Old Country Store		315,850		30,959,617
Group 1 Automotive		233,400		52,167,234
KB Home		1,162,100		50,353,793
Meritage Homes		542,100		62,520,393
Oxford Industries		219,300		21,916,842
Steven Madden		1,314,825		41,035,688
TEGNA		2,356,400		36,500,636
Texas Roadhouse		403,050		43,489,095
UniFirst		334,800		57,287,628
				621,841,584
Consumer Staples — 3.69%
Flowers Foods		1,412,700		35,289,246
Hostess Brands †		1,849,300		46,010,584
J & J Snack Foods		414,300		63,781,485
Performance Food Group †		683,122		37,769,815
				182,851,130
Energy — 6.22%
CNX Resources †		2,376,400		36,715,380
Liberty Energy		3,598,500		42,246,390
Magnolia Oil & Gas Class A		3,119,900		60,307,667
Matador Resources		908,850		39,962,135
Murphy Oil		1,645,900		57,277,320
Patterson-UTI Energy		3,544,500		34,523,430
PBF Energy Class A		1,003,200		36,927,792
				307,960,114

4

	Number of  shares		Value (US $)
Common Stocks ♦ (continued)
Financial Services — 22.83%
American Equity Investment Life Holding		1,211,650	$	47,799,593
Assurant		447,700		53,719,523
Axis Capital Holdings		949,200		49,263,480
Bank of NT Butterfield & Son		1,050,600		26,338,542
Bread Financial Holdings		867,200		24,437,696
Columbia Banking System		2,748,161		55,045,665
East West Bancorp		1,262,873		60,428,473
Essent Group		1,173,600		51,837,912
First Financial Bancorp		2,209,200		41,886,432
First Interstate BancSystem Class A		1,373,122		30,277,340
FNB		7,701,150		84,635,638
Hancock Whitney		2,515,200		91,880,256
Hanover Insurance Group		438,503		48,875,544
Hope Bancorp		3,450,940		27,676,539
Sandy Spring Bancorp		849,100		17,780,154
Selective Insurance Group		564,292		54,583,965
Stewart Information Services		863,300		38,710,372
Stifel Financial		1,466,800		81,510,076
Synovus Financial		1,939,950		52,553,246
Valley National Bancorp		9,199,100		67,889,358
Washington Federal		1,380,100		35,896,401
Webster Financial		2,473,810		87,943,945
				1,130,970,150
Healthcare — 4.62%
Avanos Medical †		1,415,421		34,677,814
Integer Holdings †		668,500		54,723,410
Integra LifeSciences Holdings †		1,178,200		44,712,690
NuVasive †		606,262		23,134,958
Prestige Consumer Healthcare †		769,100		44,015,593
Service Corp. International		430,500		27,384,105
				228,648,570
Industrials — 13.42%
Atkore †		780,700		91,162,339
CACI International Class A †		193,100		57,779,382
H&E Equipment Services		1,068,700		38,430,452
ITT		1,027,930		78,287,149
KBR		1,137,372		67,127,695
MasTec †		1,113,179		112,831,823
Regal Rexnord		333,739		43,349,359
Terex		869,050		40,297,849

5

Schedule of investments

Delaware Small Cap Value Fund

	Number of shares		Value (US $)
Common Stocks ♦ (continued)
Industrials (continued)
Timken		573,550	$	41,037,502
WESCO International		314,100		43,151,058
Zurn Elkay Water Solutions		2,288,300		51,509,633
				664,964,241
Real Estate Investment Trusts — 8.25%
Apple Hospitality REIT		3,239,700		47,072,841
Independence Realty Trust		3,424,090		59,134,034
Kite Realty Group Trust		2,474,414		48,102,608
LXP Industrial Trust		5,686,900		58,802,546
National Health Investors		762,850		39,752,114
Outfront Media		2,960,400		42,392,928
RPT Realty		2,525,689		23,539,422
Spirit Realty Capital		1,289,550		50,369,823
Tricon Residential		4,873,500		39,231,675
				408,397,991
Technology — 12.43%
Belden		677,500		59,274,475
Cirrus Logic †		646,600		50,227,888
Concentrix		340,900		29,896,930
Diodes †		687,700		61,782,968
Flex †		3,000,010		76,170,254
Leonardo DRS †		2,311,200		34,899,120
NCR †		1,053,558		24,969,325
NetScout Systems †		1,378,606		42,075,055
Power Integrations		779,600		67,357,440
TD SYNNEX		395,300		35,331,914
TTM Technologies †		3,825,602		52,410,747
Viavi Solutions †		3,295,400		32,426,736
Vishay Intertechnology		1,902,700		49,051,606
				615,874,458
Transportation — 2.73%
Kirby †		555,100		39,722,956
Saia †		105,750		30,049,920
Werner Enterprises		1,494,400		65,634,048
				135,406,924
Utilities — 3.99%
ALLETE		897,100		53,440,247
Black Hills		1,042,290		63,527,576
OGE Energy		1,212,400		42,773,472

6

	Number of
		shares		Value (US $)
Common Stocks ♦ (continued)
Utilities (continued)
Southwest Gas Holdings		645,800	$	37,798,674
				197,539,969
Total Common Stocks (cost $3,868,381,415)				4,870,801,356
Short-Term Investments — 1.66%
Money Market Mutual Funds — 1.66%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.00%)		20,617,175		20,617,175
Fidelity Investments Money Market Government Portfolio - Class I (seven-day effective yield 4.98%)		20,617,175		20,617,175
Goldman Sachs Financial Square Government Fund - Institutional Shares (seven-day effective yield 5.13%)		20,617,175		20,617,175
Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Class (seven-day effective yield 5.00%)		20,617,174		20,617,174
Total Short-Term Investments (cost $82,468,699)				82,468,699
Total Value of Securities—99.99% (cost $3,950,850,114)			$	4,953,270,055

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

Summary of abbreviations:

REIT – Real Estate Investment Trust

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

7

Statement of assets and liabilities

Delaware Small Cap Value Fund May 31, 2023 (Unaudited)

Assets:
Investments, at value*	$	4,953,270,055
Receivable for securities sold		10,733,247
Dividends and interest receivable		8,558,647
Receivable for fund shares sold		4,002,751
Prepaid expenses		94,818
Foreign tax reclaims receivable		30,312
Other assets		47,973
Total Assets		4,976,737,803
Liabilities:
Payable for securities purchased		8,840,294
Payable for fund shares redeemed		8,126,528
Other accrued expenses		2,857,694
Investment management fees payable to affiliates		2,759,577
Administration expenses payable to affiliates		356,519
Distribution fees payable to affiliates		149,612
Total Liabilities		23,090,224
Total Net Assets	$	4,953,647,579
Net Assets Consist of:
Paid-in capital	$	3,642,349,340
Total distributable earnings (loss)		1,311,298,239
Total Net Assets	$	4,953,647,579

8

Net Asset Value
Class A:
Net assets	$	716,966,838
Shares of beneficial interest outstanding, unlimited authorization, no par		12,019,928
Net asset value per share	$	59.65
Sales charge		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	63.29
Class C:
Net assets	$	28,938,552
Shares of beneficial interest outstanding, unlimited authorization, no par		618,186
Net asset value per share	$	46.81
Class R:
Net assets	$	35,340,154
Shares of beneficial interest outstanding, unlimited authorization, no par		614,879
Net asset value per share	$	57.47
Institutional Class:
Net assets	$	2,910,894,130
Shares of beneficial interest outstanding, unlimited authorization, no par		45,661,816
Net asset value per share	$	63.75
Class R6:
Net assets	$	1,261,507,905
Shares of beneficial interest outstanding, unlimited authorization, no par		19,744,181
Net asset value per share	$	63.89
*Investments, at cost	$	3,950,850,114

9

Statement of operations

Delaware Small Cap Value Fund Six months ended May 31, 2023 (Unaudited)

Investment Income:
Dividends	$	54,865,753
Foreign tax withheld		(78,483	)
		54,787,270
Expenses:
Management fees		18,160,965
Distribution expenses — Class A		1,014,135
Distribution expenses — Class C		172,720
Distribution expenses — Class R		101,707
Dividend disbursing and transfer agent fees and expenses		3,974,207
Accounting and administration expenses		398,150
Reports and statements to shareholders expenses		392,769
Trustees’ fees and expenses		157,212
Legal fees		144,750
Custodian fees		83,161
Audit and tax fees		16,174
Registration fees		2,644
Other		369,911
		24,988,505
Less expenses paid indirectly		(432	)
Total operating expenses		24,988,073
Net Investment Income (Loss)		29,799,197
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		305,699,603
Net change in unrealized appreciation (depreciation) on investments		(1,110,287,275	)
Net Realized and Unrealized Gain (Loss)		(804,587,672	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(774,788,475	)

10

Statements of changes in net assets

Delaware Small Cap Value Fund

	Six months ended  5/31/23			Year ended
	(Unaudited)			11/30/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	29,799,197		$	57,565,767
Net realized gain (loss)		305,699,603			197,937,802
Net change in unrealized appreciation (depreciation)		(1,110,287,275	)		(312,047,509	)
Net increase (decrease) in net assets resulting from operations		(774,788,475	)		(56,543,940	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(35,039,596	)		(45,458,396	)
Class C		(1,634,204	)		(2,658,184	)
Class R		(1,676,683	)		(2,387,422	)
Institutional Class		(149,773,304	)		(174,740,155	)
Class R6		(62,711,912	)		(72,885,947	)
		(250,835,699	)		(298,130,104	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		43,850,575			115,735,281
Class C		1,383,141			5,387,882
Class R		2,975,446			8,181,846
Institutional Class		322,984,287			873,821,014
Class R6		196,167,994			435,711,124
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		34,729,377			45,074,335
Class C		1,628,375			2,654,661
Class R		1,676,683			2,387,422
Institutional Class		141,879,441			165,309,317
Class R6		59,670,927			71,157,932
		806,946,246			1,725,420,814

11

Statements of changes in net assets

Delaware Small Cap Value Fund

	Six months ended 5/31/23			Year ended
	(Unaudited)			11/30/22
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(114,742,974	)	$	(224,410,436	)
Class C		(7,055,355	)		(15,832,017	)
Class R		(6,043,089	)		(17,922,778	)
Institutional Class		(772,688,043	)		(949,611,398	)
Class R6		(288,259,202	)		(485,353,212	)
		(1,188,788,663	)		(1,693,129,841	)
Increase (decrease) in net assets derived from capital share transactions		(381,842,417	)		32,290,973
Net Decrease in Net Assets		(1,407,466,591	)		(322,383,071	)
Net Assets:
Beginning of period		6,361,114,170			6,683,497,241
End of period	$	4,953,647,579		$	6,361,114,170

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

12

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 any investment companies in which the Fund invests.

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

13

Six months ended 5/31/231			Year ended
(Unaudited)			11/30/22			11/30/21			11/30/20			11/30/19			11/30/18
$	71.35		$	75.49		$	55.68		$	61.58		$	61.81		$	67.13
	0.26			0.47			0.28			0.39			0.52			0.37
	(9.16	)		(1.23	)		19.94			(3.67	)		3.63			(4.81	)
	(8.90	)		(0.76	)		20.22			(3.28	)		4.15			(4.44	)
	(0.49	)		(0.28	)		(0.41	)		(0.58	)		(0.42	)		(0.27	)
	(2.31	)		(3.10	)		—			(2.04	)		(3.96	)		(0.61	)
	(2.80	)		(3.38	)		(0.41	)		(2.62	)		(4.38	)		(0.88	)
$	59.65		$	71.35		$	75.49		$	55.68		$	61.58		$	61.81
	(12.71	)%		(1.10	)%		36.52	%		(5.70	)%		8.69	%		(6.70	)%
$	716,967		$	896,355		$	1,016,518		$	551,442		$	637,146		$	733,864
	1.11	%		1.11	%		1.11	%		1.14	%		1.15	%		1.15	%
	0.80	%		0.67	%		0.38	%		0.80	%		0.90	%		0.56	%
	17	%		19	%		14	%		23	%		18	%		18	%

14

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 any investment companies in which the Fund invests.

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

15

Six months ended 5/31/231			Year ended
(Unaudited)			11/30/22			11/30/21			11/30/20			11/30/19			11/30/18
$	56.36		$	60.49		$	44.71		$	49.95		$	50.96		$	55.65
	0.01			(0.05	)		(0.21	)		0.02			0.07			(0.10	)
	(7.21	)		(0.98	)		16.06			(3.00	)		2.88			(3.98	)
	(7.20	)		(1.03	)		15.85			(2.98	)		2.95			(4.08	)
	(0.04	)		—			(0.07	)		(0.22	)		—			—
	(2.31	)		(3.10	)		—			(2.04	)		(3.96	)		(0.61	)
	(2.35	)		(3.10	)		(0.07	)		(2.26	)		(3.96	)		(0.61	)
$	46.81		$	56.36		$	60.49		$	44.71		$	49.95		$	50.96
	(13.04	)%		(1.84	)%		35.48	%		(6.38	)%		7.88	%		(7.41	)%
$	28,939		$	39,409		$	51,078		$	46,463		$	69,109		$	74,828
	1.86	%		1.86	%		1.86	%		1.89	%		1.90	%		1.90	%
	0.05	%		(0.08	)%		(0.37	)%		0.05	%		0.15	%		(0.19	)%
	17	%		19	%		14	%		23	%		18	%		18	%

16

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 any investment companies in which the Fund invests.

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

17

Six months ended 5/31/231			Year ended
(Unaudited)			11/30/22			11/30/21			11/30/20			11/30/19			11/30/18
$	68.74		$	72.83		$	53.74		$	59.52		$	59.86		$	65.05
	0.17			0.28			0.09			0.26			0.36			0.20
	(8.82	)		(1.20	)		19.28			(3.56	)		3.52			(4.66	)
	(8.65	)		(0.92	)		19.37			(3.30	)		3.88			(4.46	)
	(0.31	)		(0.07	)		(0.28	)		(0.44	)		(0.26	)		(0.12	)
	(2.31	)		(3.10	)		—			(2.04	)		(3.96	)		(0.61	)
	(2.62	)		(3.17	)		(0.28	)		(2.48	)		(4.22	)		(0.73	)
$	57.47		$	68.74		$	72.83		$	53.74		$	59.52		$	59.86
	(12.82	)%		(1.34	)%		36.18	%		(5.92	)%		8.42	%		(6.92	)%
$	35,340		$	43,983		$	54,481		$	43,823		$	55,697		$	62,791
	1.36	%		1.36	%		1.36	%		1.39	%		1.40	%		1.40	%
	0.55	%		0.42	%		0.13	%		0.55	%		0.65	%		0.31	%
	17	%		19	%		14	%		23	%		18	%		18	%

18

Financial highlights

Delaware Small Cap Value Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of 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 any investment companies in which the Fund invests.

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

19

Six months ended 5/31/231			Year ended
(Unaudited)			11/30/22			11/30/21			11/30/20			11/30/19			11/30/18
$	76.15		$	80.31		$	59.19		$	65.28		$	65.29		$	70.83
	0.36			0.68			0.48			0.55			0.70			0.57
	(9.77	)		(1.30	)		21.18			(3.86	)		3.86			(5.08	)
	(9.41	)		(0.62	)		21.66			(3.31	)		4.56			(4.51	)
	(0.68	)		(0.44	)		(0.54	)		(0.74	)		(0.61	)		(0.42	)
	(2.31	)		(3.10	)		—			(2.04	)		(3.96	)		(0.61	)
	(2.99	)		(3.54	)		(0.54	)		(2.78	)		(4.57	)		(1.03	)
$	63.75		$	76.15		$	80.31		$	59.19		$	65.28		$	65.29
	(12.60	)%		(0.85	)%		36.84	%		(5.43	)%		8.95	%		(6.46	)%
$	2,910,894		$	3,833,425		$	3,958,855		$	3,115,293		$	2,955,897		$	2,731,344
	0.86	%		0.86	%		0.86	%		0.89	%		0.90	%		0.90	%
	1.05	%		0.92	%		0.63	%		1.05	%		1.15	%		0.81	%
	17	%		19	%		14	%		23	%		18	%		18	%

20

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 any investment companies in which the Fund invests.

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

21

Six months ended 5/31/231			Year ended
(Unaudited)			11/30/22			11/30/21			11/30/20			11/30/19			11/30/18
$	76.38		$	80.53		$	59.32		$	65.41		$	65.41		$	70.95
	0.42			0.81			0.61			0.64			0.81			0.69
	(9.81	)		(1.31	)		21.21			(3.85	)		3.85			(5.08	)
	(9.39	)		(0.50	)		21.82			(3.21	)		4.66			(4.39	)
	(0.79	)		(0.55	)		(0.61	)		(0.84	)		(0.70	)		(0.54	)
	(2.31	)		(3.10	)		—			(2.04	)		(3.96	)		(0.61	)
	(3.10	)		(3.65	)		(0.61	)		(2.88	)		(4.66	)		(1.15	)
$	63.89		$	76.38		$	80.53		$	59.32		$	65.41		$	65.41
	(12.54	)%		(0.69	)%		37.08	%		(5.28	)%		9.14	%		(6.29	)%
$	1,261,508		$	1,547,942		$	1,602,565		$	928,618		$	605,623		$	394,064
	0.72	%		0.70	%		0.69	%		0.72	%		0.72	%		0.72	%
	1.21	%		1.08	%		0.80	%		1.22	%		1.33	%		0.99	%
	17	%		19	%		14	%		23	%		18	%		18	%

22

Notes to financial statements

Delaware Small Cap Value Fund May 31, 2023 (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 million or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, Institutional Class, and Class R6 shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.

1. Significant Accounting Policies

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

Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange 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 or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s valuation designee, Delaware Management Company (DMC). Subject to the oversight of the Trust’s Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities and private placements are valued at fair value.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated

23

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, 2023, and for all open tax years (years ended November 30, 2019—November 30, 2022), 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, 2023, the Fund did not incur any interest or tax penalties.

Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. Class R6 shares will not be allocated any expenses related to service fees, sub-accounting fees, and/or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.

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

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

Other — Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Funds by Macquarie® (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Income and capital gain distributions from any Underlying Funds in which the Fund invests are recorded on the ex-dividend date. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Distributions received from investments

24

Notes to financial statements

Delaware Small Cap Value Fund

1. Significant Accounting Policies (continued)

in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. The Fund declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, at least annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

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

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

In accordance with the terms of its investment management agreement, the Fund pays DMC, a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 0.75% on the first $500 million of average daily net assets of the Fund, 0.70% on the next $500 million, 0.65% on the next $1.5 billion, and 0.60% on average daily net assets in excess of $2.5 billion.

DMC may permit its affiliate, Macquarie Investment Management Global Limited (MIMGL) (the “Affiliated Sub-Advisor”), to execute Fund equity security trades on its behalf. DMC may also seek quantitative support from MIMGL. Although the Affiliated Sub-Advisor serves as a sub-advisor, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, may pay the 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; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended May 31, 2023, the Fund paid $87,972 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next

25

$20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended May 31, 2023, the Fund paid $2,806,163 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. Class R6 and Institutional Class shares do not pay a 12b-1 fee.

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, 2023, the Fund paid $47,576 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, 2023, DDLP earned $18,990 for commissions on sales of the Fund’s Class A shares. For the six months ended May 31, 2023, DDLP received gross CDSC commissions of $15 and $919 on redemptions of the Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.

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

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

Cross trades for the six months ended May 31, 2023, were executed by the Fund pursuant to procedures adopted by the Board designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated

26

Notes to financial statements

Delaware Small Cap Value Fund

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

investment advisors), common directors/trustees and/or common officers. At its regularly scheduled meetings, the Board reviews such transactions for compliance with the procedures adopted by the Board. Pursuant to these procedures, for the six months ended May 31, 2023, the Fund engaged in Rule 17a-7 securities sales of $20,110,761, resulting in losses of $191,415.

3. Investments

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

Purchases	$	932,959,542
Sales		1,448,647,153

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

Cost of investments	$	3,950,850,114
Aggregate unrealized appreciation of investments	$	1,258,162,783
Aggregate unrealized depreciation of investments		(255,742,842	)
Net unrealized appreciation of investments	$	1,002,419,941

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

27

observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 –

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

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

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of May 31, 2023:

	Level 1
Securities
Assets:
Common Stocks	$	4,870,801,356
Short-Term Investments		82,468,699
Total Value of Securities	$	4,953,270,055

During the six months ended May 31, 2023, 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 year ended May 31, 2023, there were no Level 3 investments.

28

Notes to financial statements

Delaware Small Cap Value Fund

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 5/31/23			Year ended 11/30/22
Shares sold:
Class A		676,537			1,641,008
Class C		26,727			93,505
Class R		47,368			119,924
Institutional Class		4,636,665			11,590,777
Class R6		2,819,614			5,858,329
Shares issued upon reinvestment of dividends and distributions:
Class A		546,317			618,304
Class C		32,528			45,770
Class R		27,343			33,912
Institutional Class		2,090,767			2,129,726
Class R6		877,901			915,332
		11,781,767			23,046,587
Shares redeemed:
Class A		(1,766,317	)		(3,161,057	)
Class C		(140,302	)		(284,423	)
Class R		(99,646	)		(262,075	)
Institutional Class		(11,406,944	)		(12,672,743	)
Class R6		(4,218,696	)		(6,407,440	)
		(17,631,905	)		(22,787,738	)
Net increase (decrease)		(5,850,138	)		258,849

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

	Exchange Redemptions								Exchange Subscriptions
					Institutional								Institutional
	Class A		Class C		Class		Class R6		Class A		Class C		Class		Class R6
	Shares		Shares		Shares		Shares		Shares		Shares		Shares		Shares		Value
Six months ended
5/31/23		398,229		89,967		—		6,079		5,248		337,727		124,518		—	$	33,937,076
Year ended
11/30/22		49,645		2,376		156,367		—		2,071		—		46,540		155,881		15,408,687

29

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%, 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 30, 2023.

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

6. Securities Lending

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

Cash collateral received by the Fund is generally invested in an individual separate account. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational

30

Notes to financial statements

Delaware Small Cap Value Fund

6. Securities Lending (continued)

organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. The Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

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

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

At the six months ended May 31, 2023, the Fund had no securities out on loan.

7. Credit and Market Risk

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

31

The Fund invests in growth stocks (such as those in the financial services sector), which reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies’ stock prices may be more volatile, particularly over the short term.

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

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund holds real estate directly as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended May 31, 2023. 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, 2023, there were no Rule 144A securities held by the Fund.

8. Contractual Obligations

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

9. New Regulatory Pronouncement

In October 2022, the Securities and Exchange Commission (SEC) adopted a rule and form amendments relating to tailored shareholder reports for mutual funds and ETFs; and fee information in investment company advertisements. The rule and form amendments will require mutual funds and ETFs to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective in January 2023 and there is an 18-month transition period after the effective date of the amendment with a compliance date of July 2024.

32

Notes to financial statements

Delaware Small Cap Value Fund

10. Subsequent Events

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

33

Other Fund information (Unaudited)

Delaware Small Cap Value Fund

Liquidity Risk Management Program

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

The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated 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 23-25, 2023, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2022 through March 31, 2023. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Fund’s liquidity needs. The Fund’s HLIM is set at an appropriate level and the Fund complied with its HLIM at all times during the reporting period.

34

Other Fund information (Unaudited)

Delaware Small Cap Value Fund

Form N-PORT and proxy voting information

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

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

35

Item 2.  Code of Ethics

Not applicable.

Item 3.  Audit Committee Financial Expert

Not applicable.

Item 4.  Principal Accountant Fees and Services

Not applicable.

Item 5.  Audit Committee of Listed Registrants

Not applicable.

Item 6.  Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

The registrant’s principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the

Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

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

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

Not applicable.

Item 13. Exhibits

(a)  (1)  Code of Ethics

Not applicable.

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

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

Not applicable.

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

SIGNATURES

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

DELAWARE GROUP® EQUITY FUNDS V
/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	August 3, 2023

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

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	August 3, 2023
/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	August 3, 2023