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:		811-04413

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

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:		September 30

Date of reporting period:		September 30, 2022

Table of Contents

Item 1. Reports to Stockholders

Annual report

Equity funds		Alternative/specialty funds

Delaware Equity Income Fund		Delaware Covered Call Strategy Fund
Delaware Growth and Income Fund		Delaware Hedged U.S. Equity Opportunities Fund
Delaware Opportunity Fund		Delaware Premium Income Fund
Delaware Global Equity Fund
		Multi-asset fund

		Delaware Total Return Fund

September 30, 2022

Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds’ prospectus and their summary prospectuses, 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.

Table of Contents

Table of contents

	Portfolio management reviews		1
	Performance summaries		18
	Disclosure of Fund expenses		45
	Security type / sector / country allocations and top 10 equity holdings		48
	Schedules of investments		57
	Statements of assets and liabilities		94
	Statements of operations		98
	Statements of changes in net assets		101
	Financial highlights		105
	Notes to financial statements		129
	Report of independent registered public accounting firm		157
	Other Fund information		158
	Board of trustees / directors and officers addendum		165
	About the organization		169

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 the Funds at delawarefunds.com/literature.

Manage your account online

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

Visit delawarefunds.com/account-access.

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

The Funds are 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 Funds are governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of September 30, 2022, and subject to change for events occurring after such date.

The Funds are not FDIC insured and are 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.

Table of Contents

Portfolio management reviews

Delaware Equity Income Fund

September 30, 2022 (Unaudited)

Performance preview (for the year ended September 30, 2022)
Delaware Equity Income Fund (Institutional Class shares)	1-year return	-5.64%
Delaware Equity Income Fund (Class A shares)	1-year return	-5.81%
Russell 1000^®Value Index (benchmark)	1-year return	-11.36%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Equity Income Fund, please see the table on page 18.

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

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

Please see page 20 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks total return.

Market review

The fiscal year ended September 30, 2022, was a stark departure from the year-earlier period that was characterized by the strong performance of equities, particularly those of technology companies in the US. Instead, the past 12 months were most notable for persistently high inflation, geopolitical risks including the Russia-Ukraine war and heightened tension between China and Taiwan, and the emergence of new COVID-19 variants. These factors weighed on investor sentiment as the S&P 500^®Index declined 15.86% during the period, dropping to a new 52-week low at the end of the third quarter 2022.

Rising interest rates and the possibility of economic slowdown or recession were investors’ primary concerns after the US Federal Reserve indicated in August that inflation “remained unacceptably high.” By that time, the Fed had already raised rates four times in 2002, and a fifth increase was yet to come in September, bringing the federal funds rate to a range of 3.0% to 3.25%. The Fed has indicated that there could be additional increases before the end of 2022. The US central bank has not acted alone. The use of tighter monetary policy to combat high inflation is a global phenomenon that’s picked up steam. In the third quarter, there were 90 central bank rate hikes across the globe, more than twice as many as in the second quarter. (Sources: FactSet Research Systems, Piper Sandler, US Federal Reserve.)

According to the most-recent inflation data, the Personal Consumption Expenditures Price Index (PCE) rose 6.2% in August 2022 from a year earlier, down from 6.4% in July. The Core Personal Consumption Expenditures Price Index (Core PCE), the Fed’s preferred inflation gauge, which excludes food and energy prices, increased 4.9%, up from 4.7% in July. Both measures are down from the peaks reached earlier this year. (Source: Ned Davis Research.)

Non-farm payrolls expanded 263,000 in September. The US economy added jobs every month in both 2021 and 2022. However, the gain in September was the smallest this year. This followed a recent report from the US Department of Labor that showed a 10% decrease in the number of job openings in August. Meanwhile, the unemployment rate dipped to 3.5%, matching a 53-year low also reached in July 2022 and in February 2020, prior to the onset of the COVID-19 pandemic. (Sources: US Bureau of Labor Statistics, Dow Jones.)

Source: Bloomberg, unless otherwise noted.

Within the Fund

For the fiscal year ended September 30, 2022, Delaware Equity Income Fund declined, although it outperformed its benchmark, the Russell 1000 Value Index. The Fund’s Institutional Class shares declined 5.64%. The Fund’s Class A shares declined 5.81% at net asset value (NAV) and 11.23% at maximum offer price. These figures reflect reinvestment of all distributions. During the same period, the Fund’s benchmark declined 11.36%. For complete, annualized performance of Delaware Equity Income Fund, please see the table on page 18.

On a sector basis, healthcare, industrials and information technology contributed to Fund performance during the period. The strong performance from healthcare was driven mainly by positive stock selection, although sector allocation also contributed. In particular, holdings in Cigna Corp., Bristol-Myers Squibb Co., and Merck & Co. Inc. contributed to the Fund’s performance.

US-based global healthcare company Merck, which developed one of the world’s most-successful cancer drugs, surprised investors when its new COVID-19 drug, Lagevrio^®, garnered more than $3 billion in sales in the last quarter. Lagevrio’s active ingredient is molnupiravir, which is named after Mjölner, the hammer of mythological figure Thor, because it strikes down the virus and reduces the risk of hospitalization 30% for people at high risk for progression to severe

Table of Contents

Portfolio management reviews

Delaware Equity Income Fund

COVID-19. The drug was cleared for emergency use by regulators worldwide in late 2021.

Keytruda^®, a 21-day treatment cancer drug, developed by Merck, enables chemotherapy patients suffering from an acute form of melanoma to live up to 16 months longer, according to studies of patients.

In the industrials sector, stock selection was the key driver, although this was partially offset by a negative sector allocation effect. Overweight positions in Northrop Grumman Corp. and Raytheon Technologies Corp. were the largest contributors to performance.

Outperformance in the consumer discretionary and energy sectors was driven by positive stock selection. Positions in The TJX Cos. Inc. and ConocoPhillips were the leading contributors. Discount retailer TJX performed well over the period as investors rewarded the company for its strong margins, superior to those of many of its peers, and its opportunity to grow its store base. TJX sees room in the market to expand from roughly 4,700 stores currently to 6,275 over time, not including any acquisitions.

Utilities, communication services, and consumer staples were the leading detractors from performance. Utilities was the largest detractor, driven by both negative stock selection and sector allocation. Underperformance in communication services was primarily driven by stock selection. Positions in Verizon Communications Inc. and Comcast Corp. were the leading detractors. The communications sector was hit particularly hard, delivering some of its weakest performance in almost two decades. Despite gains in postpaid phone subscribers, Verizon lost 215,000 consumer subscribers. Investors were also concerned about Verizon’s ability to maintain its network advantage in the face of growing competition.

At the close of the fiscal year, the Fund held 60 positions diversified across sectors. Cash was 0.4% of the total portfolio and no derivative instruments were held. From a sector positioning point of view, the Fund was overweight energy, healthcare, and IT and was underweight financials, real estate, and utilities. Due to the Fund’s objective, there was a large exposure to income.

Table of Contents

Portfolio management reviews

Delaware Growth and Income Fund

September 30, 2022 (Unaudited)

Performance preview (for the year ended September 30, 2022)
Delaware Growth and Income Fund (Institutional Class shares)	1-year return	-5.54%
Delaware Growth and Income Fund (Class A shares)	1-year return	-5.81%
Russell 1000^®Value Index (benchmark)	1-year return	-11.36%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Growth and Income Fund, please see the table on page 21.

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

Please see page 23 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks long-term growth of capital and current income.

Market review

Rising interest rates and the possibility of economic slowdown or recession were investors’ primary concerns after the US Federal Reserve indicated in August that inflation “remained unacceptably high.” By that time, the Fed had already raised rates four times in 2002, and a fifth increase was yet to come in September, bringing the federal funds rate to a range of 3.0% to 3.25%. The Fed has indicated that there could be additional increases before the end of 2022. The US central bank has not acted alone. The use of tighter monetary policy to combat high inflation is a global phenomenon that’s picked up steam. In the third quarter there were 90 central bank rate hikes across the globe, more than twice as many as in the second quarter. (Sources: FactSet Research Systems, Piper Sandler, US Federal Reserve.)

(Sources: US Bureau of Labor Statistics, Dow Jones.) Source: Bloomberg, unless otherwise noted.

Within the Fund

For the fiscal year ended September 30, 2022, Delaware Growth and Income Fund declined, although it outperformed its benchmark, the Russell 1000 Value Index. The Fund’s Institutional Class shares declined 5.54%. The Fund’s Class A shares declined 5.81% at net asset value (NAV) and 11.22% at maximum offer price. These figures reflect reinvestment of all distributions. During the same period, the Fund’s benchmark lost 11.36%. For complete, annualized performance of Delaware Growth and Income Fund, please see the table on page 21.

On a sector basis, healthcare, industrials, and information technology contributed to Fund performance during the period. The strong performance from healthcare was driven mainly by positive stock selection, although sector allocation also contributed. In particular, holdings in Cigna Corp., Bristol-Myers Squibb Co., and Merck & Co. Inc. contributed to the Fund’s performance.

US-based global healthcare company Merck, which developed one of the world’s most-successful cancer drugs, surprised investors when its new COVID-19 drug, Lagevrio^®, garnered more than $3 billion in sales in the last quarter. Legevrio’s active ingredient, molnupiravir, which is named after Mjölner, the hammer of the mythological figure Thor, because it strikes down the virus and reduces the risk of hospitalization 30% for people at high risk for progression to severe

Table of Contents

Portfolio management reviews

Delaware Growth and Income Fund

COVID-19. The drug was cleared for emergency use by regulators worldwide in late 2021.

Keytruda^®, a 21-day cancer treatment drug developed by Merck, enables chemotherapy patients suffering from an acute form of melanoma to live up to 16 months longer, according to patient studies.

Utilities, communication services, and consumer staples were the leading detractors from performance. Utilities was the largest detractor, driven by both negative stock selection and sector allocation. Underperformance in communication services was primarily driven by stock selection. Positions in Verizon Communications Inc. and Comcast Corp. were the leading detractors. The communications sector was hit particularly hard, delivering some of its weakest performance in almost two decades. Despite gains in postpaid phone subscribers, Verizon lost 215,000 consumer subscribers. Investors were also concerned about Verizon’s ability to maintain its network advantage in the face of growing competition.

Table of Contents

Portfolio management reviews

Delaware Opportunity Fund

September 30, 2022 (Unaudited)

Performance preview (for the year ended September 30, 2022)

Delaware Opportunity Fund (Institutional Class shares)	1-year return	-10.61%
Delaware Opportunity Fund (Class A shares)	1-year return	-10.87%
Russell Midcap^®Value Index (benchmark)	1-year return	-13.56%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Opportunity Fund, please see the table on page 24.

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

Please see page 26 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks long-term capital growth.

Market review

For the fiscal year ended September 30, 2022, the Russell Midcap Value Index declined 13.56% with only the fourth quarter of 2021 realizing positive returns. During the fiscal year, value stocks outperformed growth stocks across the US market capitalization spectrum, as the Russell Midcap^®Growth Index declined 29.50%. Large-cap companies declined by less than small- and mid-cap companies as the larger-cap Russell 1000^®Value Index returned -11.36%. Small-cap stocks suffered the largest decline as the Russell 2000^®Value Index fell 17.69% during the Fund’s fiscal year.

Only the energy and utility sectors had positive returns within the Russell Midcap Value Index during the fiscal year. The index’s energy sector was by far its strongest, advancing more than 35%. The consumer staples, basic industry, and industrials sectors of the benchmark declined by less than the Russell Midcap Value Index overall. The weakest-performing sectors in the index were consumer discretionary, transportation, technology, and healthcare, all of which fell more than 20%.

The US Federal Reserve finally recognized the need to remove monetary accommodation during the Fund’s fiscal year. In March, the Federal Open Market Committee (FOMC) began to raise the federal funds rate and continued to do so at each subsequent meeting. By September, the target rate was up to a range of 3.00% to 3.25% from a range of 0% to 0.25% in January. In addition, the FOMC began to reduce its holdings of Treasury securities and agency debt and agency mortgage-backed securities on June 1, to decrease the size of the Fed’s balance sheet.

The labor market remained tight during the fiscal year, while inflation readings increased at the fastest pace in more than 40 years. The unemployment rate declined from 4.7% in September 2021 to 3.5% in September 2022. For the 12 months ended August 31, 2022, the US Consumer Price Index (CPI) increased 8.3%, after peaking at an annual 9.1% rate in June. On an unadjusted basis, the US Producer Price Index (PPI) for final demand prices hit record levels in March at 11.6% and increased 8.5% for the 12 months ended September 30, 2022. These inflation measures reflect considerable pent-up consumer demand in areas such as travel, entertainment, and dining out, which were among the sectors most deeply affected by the pandemic.

Source: Bloomberg, unless otherwise noted.

Within the Fund

For the fiscal year ended September 30, 2022, Delaware Opportunity Fund declined, although it outperformed its benchmark, the Russell Midcap Value Index. The Fund’s Institutional Class shares declined 10.61%. The Fund’s Class A shares returned -10.87% at net asset value (NAV) and -15.99% at maximum offer price. These figures reflect reinvestment of all distributions. During the same period, the Fund’s benchmark, the Russell Midcap Value Index, returned -13.56%. For complete annualized performance of Delaware Opportunity Fund, please see the table on page 24.

Stock selection was the main contributor to relative outperformance during the Fund’s fiscal year. The Fund’s holdings in the consumer discretionary, industrials, and energy sectors added to performance while its holdings in the basic industry, consumer staples, and utilities sectors detracted from performance.

KBR Inc. is a global provider of professional services, management, and technology across the government services and hydrocarbon industries. Shares of KBR outperformed during the Fund’s fiscal year as the company reported multiple quarters of solid operational execution with strong cash generation and earnings growth. KBR continued to win contracts, which should keep the company on pace to reach long-term earnings targets and expand margins. We maintained the Fund’s position in KBR as we continue to like the

Table of Contents

Portfolio management reviews

Delaware Opportunity Fund

company’s cash flow generation and exposure to a growing government defense budget and green energy.

In the energy sector, exploration and production company Hess Corp. outperformed its peers during a strong energy market. The stock’s strong price performance during the Fund’s fiscal year can somewhat be attributed to the rising price of oil and natural gas as well as increased expectations for the company to make significant returns of capital to shareholders. During the Fund’s fiscal year, Hess increased its dividend and repurchased shares. Hess expects compounded production and cash flow growth of at least 20% through 2026 as a result of additional Guyana assets coming online in 2022, late 2023, and 2025. We maintained the Fund’s position in Hess during the fiscal year.

Reinsurance Group of America Inc. is a global provider of life reinsurance. During the Fund’s fiscal year, Reinsurance Group of America outperformed as a decline in global excess mortality related to the COVID-19 pandemic improved the company’s financial results for its fiscal second quarter, which reached a record level for earnings. We maintained the Fund’s position in Reinsurance Group of America and believe an economic recession would have a limited impact on the company’s profitability. In our opinion, this positions the company favorably for the current environment.

Synchrony Financial is a consumer finance company that offers private label and co-branded dual card credit cards, promotional financing, and installment lending. The company funds its receivables with FDIC-insured savings products and securitizations. During the Fund’s fiscal year, Synchrony underperformed because of a combination of consumer-related concerns including a slowdown in card spending and potential for credit losses on consumer loans as certain government stimulus programs have ended. Since we expect a normalization in spending and credit losses, we maintained the Fund’s position in Synchrony as it trades at what we view as an attractive relative valuation and generates strong free cash flow.

Teradyne Inc. designs and manufactures semiconductor test products and provides related services on a worldwide basis. In January 2022, Teradyne reported financial results for its fiscal fourth quarter 2021 that were in line with expectations. However, the company lowered its forward estimates for its fiscal year, which pressured the stock and caused underperformance during the Fund’s fiscal year. The company cited a decision made by a large customer to delay a transition to a new manufacturing node. While we reduced the Fund’s weight in Teradyne during the period, we maintained a position in the company as we believe Teradyne is fundamentally sound.

Stanley Black & Decker Inc. is a leading provider of tools for commercial and residential customers. The company operates through two business segments – tools and storage, and industrial. During the Fund’s fiscal year, shares of Stanley Black & Decker underperformed as the company faced a rapidly deteriorating demand environment in its core business segment, tools and storage. We believe demand headwinds will persist as we expect a continued softening of the housing market. We exited the Fund’s position in Stanley Black & Decker as the company’s balance sheet has become more levered in the face of rapidly declining earnings before interest, taxes, depreciation, and amortization (EBITDA).

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

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

Table of Contents

Portfolio management reviews

Delaware Global Equity Fund

September 30, 2022 (Unaudited)

Performance preview (for the year ended September 30, 2022)

Delaware Global Equity Fund (Institutional Class shares)	1-year return	-21.24%
Delaware Global Equity Fund (Class A shares)	1-year return	-21.35%
MSCI World Index (benchmark) (net)	1-year return	-19.63%
MSCI World Index (benchmark) (gross)	1-year return	-19.25%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Global Equity Fund, please see the table on page 28.

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

Please see page 30 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks long-term capital growth.

Market review

For the past 12 months, investors have witnessed how the world population is recovering from the external shock of the COVID-19 pandemic, and how global economies slowly are getting on their feet again. The pandemic affected every industry and sector, both short term and long term, and exercised material changes to the global supply chain. Coupled with a more than decade-long monetary experiment, with central banks trying to mend the repercussions of the global financial crisis, and trying to stimulate economic growth along with modest inflation, the world finally got soaring inflation. Compounding these shocks, we experienced material geopolitical risks including rising tensions between China and Taiwan and the tragic Russia-Ukraine War.

During the fall of calendar year 2021, the rhetoric of the US Federal Reserve changed. It finally admitted that inflation is not transitory, and it is fair to question why the US central bank and the European Central Bank continued to buy massive amounts of assets in their extended quantitative easing programs. With both central banks withdrawing from their market operations, regular investors were left to set the level of interest at which they would finance budget deficits. This alone would elevate interest rates. On top of that, the world experienced a substantial increase in inflation, brought about by the central banks, major disruptions to the global supply chain, and ballooning energy prices, prompted by the war in Ukraine.

After a summer bear market rally, based on the narrative that the Fed should rescue financial markets and/or the rate of inflation would have already peaked, greed gave way to fear in the latter part of the fiscal year. In that environment, the Fund’s benchmark MSCI World Index (net) lost 19.63%.

Source: Bloomberg, unless otherwise noted.

Within the Fund

For the fiscal year ended September 30, 2022, Delaware Global Equity Fund underperformed its benchmark, the MSCI World Index (net). The Fund’s Institutional Class shares lost 21.24%. The Fund’s Class A shares declined 21.35% at net asset value (NAV) and 25.82% at maximum offer price. These figures reflect reinvestment of all distributions. During the same period, the Fund’s benchmark returned -19.63%. For complete, annualized performance of Delaware Global Equity Fund, please see the table on page 28.

The portfolio management team invests with the mindset of long-term business owners. Our research is focused on how well we think a company can deploy its capital and redeploy retained earnings. Therefore, the Fund’s portfolio is built bottom-up (stock-by-stock) by selecting company stocks based on quantitative insights and qualitative assessments.

We use a multivariate risk model to analyze what we view as the various potential contributors to and detractors from the Fund’s performance against its benchmark. For the year ended September 2022, active country and region weights had on balance a minor negative impact on performance. The Fund’s overweight in Germany and Sweden combined with a negative selection effect in both countries detracted from performance. The Fund’s underweight in the US relative to the benchmark also had a negative effect but strong selection led to a very positive total effect.

The Fund’s underweight in energy (with no exposure to the sector) had the strongest impact on the Fund’s underperformance from active sector allocation. Additionally, the Fund had no holdings in financials, real estate, or utilities. While the zero weight to financials and real estate had little impact on relative performance, whereas the lack of exposure to utilities was a slight negative. Overall sector

Table of Contents

Portfolio management reviews

Delaware Global Equity Fund

allocation was a positive factor on the Fund’s relative performance, by far led by its overweight in consumer staples.

Three of the largest individual contributors to active performance were Lamb Weston Holdings Inc., an American producer of frozen potatoes and one of a few global players in the market; US-based pharmaceutical giant Merck & Co. Inc., specializing in producing cancer medicines and its antiviral COVID-19 pill; and US food producer General Mills Inc.

Conversely, three of the largest detractors from performance during the year were Adidas AG, the German sports goods producer, which encountered some headwind in its highly profitable Chinese business; Fresenius Medical Care AG & Co. KGaA, a German healthcare provider and global leader in treating dialysis patients who are vulnerable to COVID-19; and Amadeus IT Group SA, the Spanish-based software provider to the global aviation industry, which holds a 40% global market share of tickets issued by airliners.

The Fund used foreign currency exchange contracts to facilitate the purchase and sale of equities traded on international exchanges. The effect of these contracts on performance was immaterial.

Table of Contents

Portfolio management reviews

Delaware Covered Call Strategy Fund

September 30, 2022 (Unaudited)

Performance preview (for the year ended September 30, 2022)

Delaware Covered Call Strategy Fund (Institutional Class shares)	1-year return	-8.67%
Delaware Covered Call Strategy Fund (Class A shares)	1-year return	-8.88%
Cboe S&P 500 BuyWrite Index (benchmark)	1-year return	-11.21%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Covered Call Strategy Fund, please see the table on page 31.

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

Please see page 33 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks long-term capital appreciation.

Ziegler Capital Management, LLC (ZCM), a US-registered investment advisor, is the sub-advisor to the Fund. As sub-advisor, ZCM is responsible for day-to-day management of the Fund’s assets. Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust (MIMBT), has ultimate responsibility for all investment advisory services.

Market review

It was a turbulent year for financial markets, as many equity indices entered bear market territory with peak-to-trough declines of more than 20%. The S&P 500^®Index returned -15.50% for the Fund’s fiscal year, though the peak-to-trough decline was -24.36%, as persistently high inflation and a hawkish US Federal Reserve sent equities on a downward trend following the market’s peak on January 3, 2022. Credit markets responded in kind, as the Bloomberg US Aggregate Index returned -14.60% for the fiscal year, nearly matching the S&P 500 Index’s decline. Notably, bonds failed to provide an offsetting diversification benefit during the decline in equity markets. It was the worst 12-month period for bonds in more than 40 years. Even supposedly safe-haven assets such as US Treasurys declined materially, with the Bloomberg US Treasury Index returning -12.94 for the fiscal year. Bonds have now produced negative returns for the past two fiscal years.

Concern about the pandemic gave way to worries over inflation and rapidly rising interest rates during the fiscal year. Inflation remained elevated for several reasons, including port congestion, supply chain bottlenecks, the war in Ukraine, the spike in COVID-19 cases last winter, and employers’ difficulty finding qualified candidates for open job positions. The ongoing war in Ukraine and energy crisis in Europe have exacerbated inflation and increased recession risks in the region. In addition, the US dollar has strengthened dramatically, which may cause added stress in countries outside the US.

All eyes were on the Fed as it combatted inflation levels not seen in the US since 1981. The Fed’s aggressive actions may result in a period of short-term pain and increase the risk that the economy enters an official recession as economic growth remains weak. The good news, in our view, is that the Fed’s decisive actions may reduce inflation and restore price-level stability. There are signs that inflation appears to have peaked with inflation expectations in decline since March. Commodity prices also came down, alleviating some of the pressure on consumers and corporations. Global supply chain pressures improved dramatically, as measured by the Fed, and the ISM Supplier Delivery Time Index retreated to average levels in the US. More companies instituted hiring freezes, which may help cool the labor market as economic growth slows. However, wage growth remained elevated, which may be good for consumers but bad for inflation.

Nonetheless, the Fed’s long-term goal is clear, as the past three decades of price-level stability in the US resulted in sustained economic growth, strong employment, higher corporate profits, and rising equity markets.

While S&P 500 Index profit margins came down slightly in recent quarters, they remain near record levels despite high inflation and the slowdown in economic growth, as corporations passed higher costs onto consumers and enhanced operational efficiency. The current level of profit margins, 11.8%, is higher than the 1990-2020 average of 6.7% and the peak level of 10.5%.

Despite equity markets’ large decline over the fiscal year, valuations are not yet at recessionary levels, with the forward and trailing price-to-earnings (P/E) ratios of the S&P 500 Index as of September 30, 2022, at 15.2 and 17.6, respectively, near long-term averages. Given the numerous risks on the horizon, the valuation of the market remains a concern to us.

Due to the turbulent financial markets, implied volatility remained elevated during most of the fiscal year, resulting in a prolonged

Table of Contents

Portfolio management reviews

Delaware Covered Call Strategy Fund

period of above-average call premiums. For example, the Cboe Volatility Index^®(VIX^®) ended the fiscal year at 31.6% and averaged 24.2% during the entire period, well above the 20-year average of 19.5%. We believe this created an attractive environment for covered call strategies.

Source: Bloomberg, unless otherwise noted.

Within the Fund

For the fiscal year ended September 30, 2022, Delaware Covered Call Strategy Fund declined, although it outperformed its benchmark, the Cboe S&P 500 BuyWrite Index, which also declined. The Fund’s Institutional Class shares declined 8.67%. The Fund’s Class A shares declined 8.88% at net asset value and declined 14.12% at maximum offer price. Both figures reflect all distributions reinvested. For the same period, the Fund’s benchmark declined 11.21%. For complete, annualized performance of Delaware Covered Call Strategy Fund, please see the table on page 31.

Both the stocks and the call options in the Fund outperformed their counterparts in the benchmark for the fiscal year. Nearly half of the Fund’s outperformance versus the S&P 500 Index was due to excess return from the stocks in the Fund, while the other half came from call options, which provided income and downside protection during the period’s market declines. As a result, the Fund’s downside capture versus the S&P 500 Index was only 49% during the fiscal year, outperforming our expectations and historical patterns. These strong results stemmed from elevated implied volatility throughout most of the fiscal year, thus providing the Fund with consistently above-average call premiums and enhancing opportunities for the Fund’s active option process.

The stocks in the Fund outperformed the stocks in the benchmark during each quarter of the fiscal year. The stock outperformance was consistent during both positive and negative months, as the stocks underperformed in only two months of the fiscal year. In terms of traditional attribution, the stock outperformance was split evenly between positive contributions from both sector allocation and stock selection. Sector allocation was positive in all sectors but consumer staples and healthcare.

We maintained an underweight position in healthcare due to increasing government regulation and pricing pressure, particularly for pharmaceuticals. However, healthcare is a defensive sector that outperformed as the market declined. The Fund’s overweight to the energy sector made a positive contribution, as did the Fund’s underweight in communication services, which was the weakest-performing sector for the fiscal year. Stock selection in materials and financials detracted from the Fund’s performance, while stock selection in consumer staples and information technology contributed to performance, as we avoided most of the technology stocks that had large losses during the fiscal year. Most of the Fund’s technology holdings are mega-cap stocks, which fared better than smaller companies.

The call options in the Fund outperformed the call options in the benchmark Cboe S&P 500 BuyWrite Index, mainly owing to excess returns generated during the last five months of the fiscal year, the months in which the equity markets produced the wildest price swings. During this period, the call options generally outperformed in both positive and negative markets. However, the rules-based, at-the-money call options of the benchmark outperformed during the first half of the fiscal year, as at-the-money call options generate the most call-premium decay. This rules-based structure became a hindrance for the benchmark in the second half of the fiscal year, as its at-the-money call options truncated upside participation during the strong upward price swings in the market.

In contrast, the actively managed call options in the Fund were moved up in strike price as the market rallied during these periods, providing for more upside capture versus the benchmark’s rules-based call options, which are rolled only once per month. The same was true during market declines, as the Fund’s actively managed call options were rolled down to generate more downside protection. Lastly, we analyze the entire option chain to choose what we view as the most attractive call option for each individual stock in the portfolio. In contrast, the benchmark’s rules-based process always selects one-month, at-the-money call options, regardless of the market environment.

Given the large amount of uncertainty in the markets, implied volatility and options prices have remained well above average, sustaining what we consider to be an attractive environment for covered call strategies. We will continue to closely monitor implied volatility opportunities, as our active options strategy seeks to add excess return versus the rules-based, index options of the benchmark. We continue to believe the Fund’s portfolio of stocks hedged with actively managed, single-stock call options offers an attractive risk-reward profile relative to an investment in unhedged equities, particularly during this uncertain and volatile investment environment.

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Portfolio management reviews

Delaware Hedged U.S. Equity Opportunities Fund

September 30, 2022 (Unaudited)

Performance preview (for the year ended September 30, 2022)

Delaware Hedged U.S. Equity Opportunities Fund (Institutional Class shares)	1-year return	-15.17%
Delaware Hedged U.S. Equity Opportunities Fund (Class A shares)	1-year return	-15.48%
Russell 3000^®Index (primary benchmark)	1-year return	-17.63%
70% Russell 3000 Index / 30% ICE BofA US 3-Month Treasury Bill Index (secondary benchmark)	1-year return	-12.06%
ICE BofA US 3-Month Treasury Bill Index (secondary benchmark)	1-year return	+0.62%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Hedged U.S. Equity Opportunities Fund, please see the table on page 34.

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

Please see page 36 for a description of the indices. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to generate income.

Wellington Management Company LLP (Wellington Management), a US-registered investment advisor, is the sub-advisor to the Fund. As sub-advisor, Wellington Management is responsible for day-to-day management of the Fund’s assets. Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust (MIMBT), has ultimate responsibility for all investment advisory services.

Market review

US equity markets rallied early in the fiscal year, driven by robust equity inflows, strong corporate earnings, favorable economic data, and extremely accommodative financial conditions. As the period progressed, however, investors’ enthusiasm waned.

The arrival of the Omicron variant led to the largest increase in US COVID-19 cases since the onset of the pandemic, prompting a flurry of new restrictions and event cancellations. Inflation surged against a backdrop of severe supply chain disruptions, labor shortages, rising energy prices, and high demand for goods and services.

Equity markets fell sharply in the second calendar quarter of 2022, as rampant inflation and tighter financial conditions hurt risk sentiment and raised the specter of recession. Rapidly rising prices for food and energy pushed consumer inflation to its highest level in more than four decades. Growth stocks significantly underperformed their value counterparts as surging Treasury yields and the disappointing earnings results of some large technology companies drove the NASDAQ Composite Index to its biggest quarterly loss since September 2001.

Equity-market weakness persisted through the end of the fiscal year, as risk sentiment continued to deteriorate on concern that aggressive interest rate hikes and tighter financial conditions would constrict economic growth and drive the US economy into recession. Nonetheless, US Federal Reserve Chair Jerome Powell made clear that the central bank was committed to raising interest rates and would keep them elevated until there is clear evidence that price pressures are abating.

Within the Fund

For the fiscal year ended September 30, 2022, Delaware Hedged U.S. Equity Opportunities Fund declined, although it outperformed its primary benchmark, the Russell 3000 Index, which also declined. The Fund underperformed both of its secondary benchmarks, a blend of 70% Russell 3000 Index / 30% ICE BofA US 3-Month Treasury Bill Index and the ICE BofA US 3-Month Treasury Bill Index. The Fund’s Institutional Class shares declined 15.17%. The Fund’s Class A shares declined 15.48% at net asset value and 20.32% at maximum offer price (both figures reflect all distributions reinvested). For the same period, the Russell 3000 Index declined 17.63%. The blend of 70% Russell 3000 Index / 30% ICE BofA US 3-Month Treasury Bill Index declined 12.06%, and the ICE BofA US 3-Month Treasury Bill Index gained 0.62%. For complete, annualized performance of Delaware Hedged U.S. Equity Opportunities Fund, please see the table on page 34.

While the Fund’s equity strategy posted negative absolute returns, it outperformed its benchmark, the Russell 3000 Index over the measurement period. The primary driver of outperformance for the equity strategy was strong stock selection within the financials, industrials, consumer staples, and real estate sectors. Weaker selection within the healthcare, communication services, and consumer discretionary sectors partially offset this, however. Sector allocation, a residual of the underlying managers’ bottom-up stock selection process modestly detracted from performance, driven by

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Portfolio management reviews

Delaware Hedged U.S. Equity Opportunities Fund

underweight allocations to energy and utilities. This was partially offset by an underweight allocation to information technology.

The Fund’s overweight position in Northrop Grumman Corp. was the biggest relative contributor to performance during the fiscal year. Northrop Grumman is a multinational aerospace and defense technology company in the industrials sector. Shares of Northrop Grumman ended the period higher along with other defense stocks in response to the Ukraine-Russia conflict. The shares also benefited when Germany announced its intent to nearly double military spending and purchase fighter planes made in the US. During the period, the company reported earnings slightly ahead of estimates despite revenue suffering from labor shortages and supply chain issues. Northrop Grumman maintained its 2022 fiscal-year earnings and revenue guidance, which was in line with consensus expectations, and increased its quarterly dividend. We continued to hold the stock in the Fund at the end of the fiscal year.

The Fund’s position in communications company Netflix Inc. contributed to results. Netflix is a subscription streaming service and production company. Shares of the company rose during the fiscal year following second-quarter 2022 earnings results that beat analysts’ expectations. Paid streaming memberships across the globe, which represent the main source of revenue for the company, were higher than expected. After the shares sold off in spring 2022, expectations turned more optimistic on the outlook for the company’s newly introduced ad-supported pricing tier. We continued to hold the shares in the Fund at the end of the fiscal year.

An overweight position in financials company Chubb Ltd. contributed to the Fund’s performance. Chubb is a commercial and personal property and casualty (P&C) insurance, personal accident, accident and health (A&H), reinsurance, and life insurance provider. The company reported strong first-quarter 2022 results, beating market consensus, driven by higher premium revenues and lower catastrophe losses. Shares of Chubb initially declined after analysts estimated that Chubb would show a decline in earnings when the company reported its second-quarter 2022 results. Chubb defied expectations and posted strong results, driven by the commercial P&C business lines with continued improvements in underwriting margins, solid premium growth, and better-than-expected core investment income. We continued to hold the name in the Fund at the end of the fiscal year.

The Fund’s underweight position in Apple Inc. was the largest detractor from relative performance. Shares of Apple rose early in the fiscal year when a US Court of Appeals stayed a lower-court ruling in the antitrust case with Epic Games that would have forced Apple to accept payments outside of the company’s app store. Additionally, Apple accelerated plans to introduce a self-driving car as early as 2025. Nonetheless, the shares fell later in the period even though Apple reported better-than-expected fourth-quarter 2021 earnings and increased PC demand. With rising inflation and interest rates, investors rotated into less-risky assets. Shares fell further when the company scaled back production of its new budget iPhone SE due to weaker-than-expected demand. Toward the end of the Fund’s fiscal year, shares of Apple rose after the company reported third-quarter revenue growth that exceeded management’s expectations despite supply constraints, foreign-exchange headwinds, and weakness in digital advertising. Apple did not provide formal guidance but expects supply constraints to ease and revenue growth to accelerate in the fourth quarter. We continued to hold the shares in the Fund at the end of the fiscal year.

The Fund’s overweight position in communications services company Snap Inc. detracted from performance. Shares of Snap declined early in the Fund’s fiscal year after it reported third-quarter 2021 earnings that missed consensus estimates. The social media company noted that changes to Apple’s privacy agreements had a greater negative impact on advertising revenue than anticipated. This, in addition to supply chain and labor issues, caused management’s fourth-quarter revenue guidance to come in below expectations. Snap projected that revenue would be lower than its original expectations and that it would look to slow hiring to cut expenses. The macroeconomic environment provided challenges for Snap due to rising inflation and interest rates, labor disruptions, and platform policy changes. Shares of Snap fell further after it announced weak second-quarter 2022 results and reported disappointing sales resulting from a slowdown in advertising spending and increased competition from marketing platforms. Due to the uncertainty of the global economy, the company did not issue financial guidance for the third quarter. We continued to hold the name in the Fund at the end of the fiscal year.

An underweight position in Exxon Mobil Corp. detracted from Fund performance. Shares of Exxon Mobil rose during the measurement period, driven by solid first-quarter 2022 results. The firm’s profits doubled year over year and it announced a $30 billion share repurchase program. The company benefited from the rise in global energy prices and announced that its Romanian affiliate, ExxonMobil Exploration and Production Romania, would be sold to Romgaz for approximately $1 billion. Shares rose further when the company reported second-quarter 2022 earnings and revenue results that beat consensus estimates. Profits were up due to near-record-high oil prices and aggressive cost controls. Shares trended lower toward the end of the Fund’s fiscal year as crude oil dropped below $80 per barrel and central banks continued hiking interest rates to fight inflation, dampening the outlook for energy demand. We continued to hold the shares in the Fund at the end of the fiscal year.

The Fund’s hedging strategy contributed to results over the full 12-month period. The beta hedge, which is designed to reduce the

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Fund’s equity exposure by selling futures on US indices, contributed to results as US markets declined. The Fund’s tail-risk management strategy, which is designed to mitigate capital losses in periods when equities experience a sharp decline, also contributed to results as markets declined during the period.

Macroeconomic and geopolitical uncertainties continue to weigh on markets, and we believe this volatility is likely to persist as the year goes on. As the Fund’s lead portfolio managers, we allocate to other portfolio managers at Wellington to manage the active equity portion of the Fund. As allocators, we seek to balance risk in the Fund’s portfolio across strategic investments in value, quality, and growth managers. We look to each manager’s fundamental stock selection process to identify companies they think are best able to navigate the landscape and to avoid those at greatest risk.

We seek to create a portfolio of differentiated investment styles and philosophies, and in doing so we are mindful of the evolving risks and opportunities for each manager’s style. We allocate to risk-aversion managers (those investing in quality) to provide exposure to companies with stable business. These exposures play an important role through the cycle and can be particularly beneficial in challenged equity markets. While we look to these managers to provide a defensive ballast to the portfolio, we are mindful of the potential impact that inflation could have on corporate profitability.

We pair these risk-aversion positions with allocations to trend-following (growth) and mean-reversion (value or contrarian) managers to help balance risks. Within the growth universe, we continue to be cognizant of the outsized downside risk to areas of heightened speculation driven by high growth expectations. While we saw this reversal start to play out earlier in the year, we believe there may still be room to fall. We look to our fundamental growth managers’ security-selection processes to differentiate companies with strong long-term fundamentals from those that have been caught up in excessive speculation.

In the value universe, we are mindful as ever on the potential risks to mean-reversion, including the influence of macroeconomic factors like interest rates and energy prices. While we still believe that some structural impediments of mean-reversion persist, we also think that current tightening conditions could provide further relief to value stocks and create attractive opportunities for fundamental investors. As always, we are focused on balancing risks in the portfolio such that security selection drives results.

The Fund used the following derivatives during the fiscal year:

Instrument	Ending allocation	Performance effect
Futures	-14% (notional exposure)	Positive, as markets fell
Options	-11% (notional exposure)	Positive, as markets fell
Currency forwards	0.1% (market value)	Positive

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Portfolio management reviews

Delaware Premium Income Fund

September 30, 2022 (Unaudited)

Performance preview (for the year ended September 30, 2022)

Delaware Premium Income Fund (Institutional Class shares)	1-year return	-3.03%
Delaware Premium Income Fund (Class A shares)	1-year return	-3.18%
Cboe S&P 500 BuyWrite Index (benchmark)	1-year return	-11.21%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Premium Income Fund, please see the table on page 37.

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

Please see page 39 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to generate income.

Market review

It was a turbulent year for financial markets, as many equity indices entered bear market territory with peak-to-trough declines of more than 20%. The S&P 500^®Index returned -15.50% for the Fund’s fiscal year, though the peak-to-trough decline was -24.36%, as persistently high inflation and a hawkish US Federal Reserve sent equities on a downward trend following the market’s peak on January 3, 2022. Credit markets responded in kind, as the Bloomberg US Aggregate Index returned -14.60% for the fiscal year, nearly matching the S&P 500 Index’s decline. Notably, bonds failed to provide an offsetting diversification benefit during the decline in equity markets. It was the worst 12-month period for bonds in more than 40 years. Even supposedly safe-haven assets such as US Treasurys declined materially, with the Bloomberg US Treasury Index returning -12.94% for the fiscal year. Bonds have now produced negative returns for the past two fiscal years.

Due to the turbulent financial markets, implied volatility remained elevated during most of the fiscal year, resulting in a prolonged

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Source: Bloomberg, unless otherwise noted.

Within the Fund

For the fiscal year ended September 30, 2022, Delaware Premium Income Fund declined, although it outperformed its benchmark, the Cboe S&P 500 BuyWrite Index, which also declined. The Fund’s Institutional Class shares declined 3.03%. The Fund’s Class A shares declined 3.18% at net asset value and declined 8.76% at maximum offer price. Both figures reflect all distributions reinvested. For the same period, the benchmark declined 11.21%. For complete, annualized performance of Delaware Premium Income Fund, please see the table on page 37.

Both the stocks and the call options in the Fund outperformed their counterparts in the benchmark for the fiscal year by a wide margin. However, most of the outperformance versus the S&P 500 Index was due to the downside protection provided by the in-the-money call options, which we consistently write on every stock in the Fund as an income-producing hedge. During the fiscal year, the Fund’s beta versus the S&P 500 Index was 0.37, while the Fund’s downside capture was only 13%, illustrating the risk-dampening characteristics of the in-the-money call options during a large decline in equity markets. The amount of downside protection was better than normal because the elevated levels of implied volatility, along with the relatively steady decline in the market over many months, gave us more time to earn call premiums as the call options decayed, thus providing a tailwind to the Fund’s performance. While many areas of the market experienced bear-market conditions this year, the Fund’s strong performance and lower risk profile provided a relative safe harbor in the storm compared with both equities and the Fund’s benchmark.

Overall, the stocks in the Fund outperformed the stocks in the benchmark by nearly 500 basis points during the fiscal year (a basis point equals one hundredth of a percentage point). The value tilt in the portfolio made a positive contribution to the Fund’s return during the fiscal year, as value stocks outperformed the market. In terms of traditional attribution, the large stock outperformance was split evenly between contributions from both sector allocation and stock selection. Sector allocation was positive in eight of 11 sectors. An underweight in utilities and healthcare detracted from returns. We have maintained an underweight position in healthcare due to increasing government regulation and pricing pressures, particularly for pharmaceuticals. However, healthcare is a defensive sector, and it outperformed as the market declined.

The Fund’s overweight to the energy sector contributed to performance, as did an underweight in communication services, which was the weakest-performing sector for the fiscal year. Stock selection in materials and financials detracted from the Fund’s performance. Stock selection was positive in industrials, as defense stocks outperformed, and information technology, as we avoided most of the technology stocks that had large losses during the fiscal year. Most of the Fund’s technology holdings are mega-cap stocks, which fared better than smaller companies.

The call options in the Fund outperformed the call options in the benchmark Cboe S&P 500 BuyWrite Index by more than 400 basis points during the fiscal year. Most of this outperformance resulted because the strike prices of the call options are generally placed at least 10% below existing stock prices at the time they are written, providing an added cushion of downside protection relative to the at-the-money call options of the benchmark. The high implied volatility during the fiscal year also created generous call premiums, particularly for the 6- to 12-month call options that the Fund uses for hedging the underlying stock portfolio. As time passes, the above-average time-value premium in these call options decays, providing a source of income in the Fund.

Bond returns remained negative, as interest rates increased dramatically as investors worried about high inflation and a hawkish Fed. As of the most recent data, inflation as measured by the US Consumer Price Index was 8.3% year over year, with the past seven months marking the highest inflation rates in 40 years. As a result, the real yield on the Bloomberg US Aggregate Index was negative.

Unlike bonds, which are negatively affected by rising rates, the Fund’s returns have historically not been correlated with interest rates, as there is no duration component within the Fund’s holdings. Considering today’s volatile bond environment and high inflation rates, we believe the Fund may be an attractive, non-correlating strategy to complement investors’ fixed income portfolios.

Given the current environment of high inflation, volatile financial markets, and above-average call premiums, we believe the Fund is well positioned relative to both bonds and equities and can serve as a bond complement or a low-volatility component for an equity-overweighted position. As we manage the active option writing strategy of the Fund, we will continue to closely monitor implied volatility opportunities and downside protection amounts that we think could help enhance the risk-adjusted return of the Fund relative to our benchmarks. We continue to believe the stocks in the Fund offer attractive risk-reward potential going forward, especially when combined with in-the-money call options that can help stabilize returns by providing both downside protection and a return component.

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Portfolio management reviews

Delaware Total Return Fund

September 30, 2022 (Unaudited)

Performance preview (for the year ended September 30, 2022)

Delaware Total Return Fund (Institutional Class shares)	1-year return	-11.36%
Delaware Total Return Fund (Class A shares)	1-year return	-11.57%
S&P 500 Index^®(primary benchmark)	1-year return	-15.47%
60% S&P 500 Index / 40% Bloomberg US Aggregate Index (secondary benchmark)	1-year return	-14.63%
Bloomberg US Aggregate Index (secondary benchmark)	1-year return	-14.60%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Total Return Fund, please see the table on page 41.

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

Please see page 44 for a description of the indices. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to provide sustainable current income with potential for capital appreciation with moderate investment risk.

Market review

The fiscal year began in the fourth quarter of 2021 with stock markets continuing their then upward trend. Some US stock indices reached new all-time highs. As inflation figures rose globally to long-term highs, central banks finally pivoted away from loose monetary policy. The US Federal Reserve stepped on the brakes most sharply in scaling back its bond purchases and hinted at several interest rate hikes in 2022. Bond yields were relatively stable in the fourth quarter, but there were continuous increases in short-term US yields. The US dollar continued to appreciate against major currencies. Oil prices also rose further, while gas markets eased somewhat at the end of the year following renewed dramatic rises in Europe.

In January, persistently high inflation led the Fed to discuss the near-term prospect of interest rate hikes more frequently and seriously. This resulted in rising yields and falling stocks. In addition to inflation and the associated more restrictive monetary policy in the US and UK, Russia’s troop buildup on the border with Ukraine drove negative market sentiment early in 2022. Following Russia’s invasion in February and the unprecedented sanctions it prompted, including a freeze on Russian central bank reserves, an oil embargo, and a trading ban on Russian financial stocks, equities corrected globally, while commodity prices soared. Government bonds were in demand as a short-term haven but quickly resumed their downward trend.

Tighter central bank monetary policy was the big theme for the rest of the fiscal year, with the Fed leading the way. From March through September, it raised the federal funds rate five times, including three 75 basis point (0.75 percentage point) increases at the June, July, and September meetings of the Federal Open Market Committee (FOMC). As a result, the target short-term rate rose from a range of 0-0.25% in January to 3.0-3.25% by fiscal year end, in an aggressive attempt to bring inflation under control.

Other central banks, including the Bank of England and European Central Bank, also took repeated steps to tighten monetary policy in their jurisdictions. Meanwhile, equities and bonds had historically poor performance throughout the fiscal period in the face of brutal headwinds and unrelenting negative news. This included soaring inflation and consequent aggressive monetary tightening, ongoing supply chain problems, China’s zero-COVID lockdowns, the Russia-Ukraine war and the related energy crisis, which hit Europe the hardest as Russia cut off gas to several European Union (EU) countries and then both the Group of Seven (G-7) and later the EU decided on an oil embargo.

Among major central banks, only the Bank of Japan maintained its course of ultra-loose monetary policy as it bought bonds in an attempt to keep Japanese yields stable. However, this led to a weakening of the Japanese yen, which fell to a 20-year low.

Markets rallied briefly in July, with hopes of a near-term turnaround in inflation. Despite concerns about economic growth, stocks appreciated along with other risk asset classes, such as corporate, high yield, convertible, and emerging market bonds. A key reason was the decline in yields on US and euro zone government bonds, which led to significant price gains. However, the tide turned again in mid-August, and the bear market returned for most asset classes as hopes of an inflation turnaround were dashed. Central banks reaffirmed their intention to continue tightening monetary policy aggressively. Fears of recession mounted and the energy crisis worsened, as Russia announced it was shutting down a gas pipeline for maintenance. German yields rose sharply, and the euro fell below parity with the US dollar for the first time in 20 years.

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The picture worsened further in September, with heavy losses among virtually all asset classes. Energy prices continued to fall while the European inflation rate reached double digits and central banks planned further interest rate hikes. As the 12-month period ended, the new UK government’s announcement of massive tax cuts caused massive distortions in bonds and currency. Meanwhile, the formal annexation of four Ukrainian regions by Russia caused additional concern.

Source: Bloomberg, unless otherwise noted.

Within the Fund

For the fiscal year ended September 30, 2022, Delaware Total Return Fund declined, although it outperformed its primary benchmark, the S&P 500 Index. With respect to its secondary benchmarks, the Fund outperformed both – a blend of 60% S&P 500 Index / 40% Bloomberg US Aggregate Index and the Bloomberg US Aggregate Index. The Fund’s Institutional Class shares declined 11.36%. The Fund’s Class A shares fell 11.57% at net asset value and fell 16.67% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the S&P 500 Index declined 15.47%. The blend of 60% S&P 500 Index / 40% Bloomberg US Aggregate Index lost 14.63% while the Bloomberg US Aggregate Index fell 14.60%. For complete annualized performance of Delaware Total Return Fund, please see the table on page 41.

At the portfolio level, the main driver of outperformance was the allocation to convertibles, which strongly outperformed the broad equity market, and to US large-cap value equities, which also outperformed quite substantially. The allocation to international equity and emerging markets bonds, both of which badly trailed the benchmarks, and to investment grade credit and US quality and income equities, partially offset the Fund’s performance.

Within equities, security selection from US quality and income and US large-cap value contributed to outperformance, while selection from international equity was the main detractor from performance.

Within fixed income, the high yield sleeve also outperformed the benchmark indices, while investment grade credit, which was the highest weighted fixed income class, even underperformed the broad US equity market. However, this sleeve contributed through security selection, as did the emerging markets sleeve. Convertibles, on the other hand, had a negative selection effect.

At the sector level, energy and healthcare were the main outperformers, while information technology, communication services, and consumer discretionary were the leading detractors from performance.

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

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Performance summaries

Delaware Equity Income Fund

September 30, 2022 (Unaudited)

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

Fund and benchmark performance^1,2	Average annual total returns through September 30, 2022
	1 year	5 year	10 year	Lifetime
Class A (Est. February 22, 1993)
Excluding sales charge	-5.81%	+4.61%	+7.89%	—
Including sales charge	-11.23%	+3.39%	+7.25%	—
Institutional Class (Est. April 1, 2013)
Excluding sales charge	-5.64%	+4.86%	—	+7.46%
Including sales charge	-5.64%	+4.86%	—	+7.46%
Class R6 (Est. April 1, 2013)
Excluding sales charge	-5.50%	+5.00%	—	+7.58%
Including sales charge	-5.50%	+5.00%	—	+7.58%
Russell 1000 Value Index	-11.36%	+5.29%	+9.17%	+8.21%*

*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the Fund’s Institutional Class inception date.

¹Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 19. Performance would have been lower had expense limitations not been in effect.

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

Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.

Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.

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

²The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. Please see the “Financial highlights” section in this report for the most recent expense ratio.

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Fund expense ratios	Class A	Institutional Class	Class R6
Total annual operating expenses (without fee waivers)	1.13%	0.88%	0.82%
Net expenses (including fee waivers, if any)	1.02%	0.77%	0.71%

Type of waiver	Contractual	Contractual	Contractual

Performance of a $10,000 investment¹

Class A shares

For the period September 30, 2012 through September 30, 2022

	Starting value			Ending value
Russell 1000 Value Index		$	10,000		$24,050
Delaware Equity Income Fund — Class A shares		$	9,425		$20,132

Institutional Class shares

For the period April 1, 2013 (Fund’s inception) through September 30, 2022

	Starting value		Ending value
Russell 1000 Value Index		$10,000		$21,162
Delaware Equity Income Fund — Institutional Class shares		$10,000		$19,815

¹The “Performance of a $10,000 investment” graph for Class A shares assumes $10,000 invested in Class A shares of the Fund on September 30, 2012, and includes the effect of a 5.75% front-end sales charge and the reinvestment of all distributions. The graph also assumes $10,000 invested in the Russell 1000 Value Index as of September 30, 2012.

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Performance summaries

Delaware Equity Income Fund

The graphs do not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 19. Please note additional details on pages 18 through 20.

The Russell 1000 Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

The S&P 500 Index, mentioned on page 1, measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

The Personal Consumption Expenditures Price Index (PCE), mentioned on page 1, is a measure of inflation that is calculated by the Bureau of Economic Analysis, representing changes in consumer spending on goods and services. It accounts for about two-thirds of domestic final spending.

The Core Personal Consumption Expenditures Price Index (Core PCE), mentioned on page 1, measures the prices paid by consumers for goods and services excluding food and energy prices, because of the volatility caused by movements in food and energy prices, to reveal underlying inflation trends.

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

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

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

	Nasdaq symbols	CUSIPs
Class A	FIUTX	24611D409
Institutional Class	FIUUX	24611D508
Class R6	FIUVX	24611D607

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Performance summaries

Delaware Growth and Income Fund

September 30, 2022 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through September 30, 2022
	1 year	5 year	10 year	Lifetime
Class A (Est. October 4, 1993)
Excluding sales charge	-5.81%	+5.01%	+8.25%	—
Including sales charge	-11.22%	+3.78%	+7.61%	—
Institutional Class (Est. April 1, 2013)
Excluding sales charge	-5.54%	+5.31%	—	+7.75%
Including sales charge	-5.54%	+5.31%	—	+7.75%
Class R6 (Est. April 1, 2013)
Excluding sales charge	-5.45%	+5.40%	—	+7.82%
Including sales charge	-5.45%	+5.40%	—	+7.82%
Russell 1000 Value Index	-11.36%	+5.29%	+9.17%	+8.17%*

*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the Fund’s Institutional Class inception date.

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

Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.

Fund expense ratios	Class A	Institutional Class	Class R6
Total annual operating expenses (without fee waivers)	1.07%	0.82%	0.76%
Net expenses (including fee waivers, if any)	1.02%	0.77%	0.75%

Type of waiver	Contractual	Contractual	Contractual

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Performance summaries

Delaware Growth and Income Fund

Performance of a $10,000 investment¹

Class A shares

For the period September 30, 2012 through September 30, 2022

	Starting value			Ending value
Russell 1000 Value Index		$	10,000		$24,050
Delaware Growth and Income Fund — Class A shares		$	9,425		$20,817

Institutional Class shares

For the period April 1, 2013 through September 30, 2022

	Starting value			Ending value
Russell 1000 Value Index		$	10,000	$	21,162
Delaware Growth and Income Fund — Institutional Class shares		$	10,000	$	20,328

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not been in effect. Expenses are listed in the “Fund expense ratios” table on page 21. Please note additional details on pages 21 through 23.

The S&P 500 Index, mentioned on page 3, measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

The Personal Consumption Expenditures Price Index (PCE), mentioned on page 3, is a measure of inflation that is calculated by the Bureau of Economic Analysis, representing changes in consumer spending on goods and services. It accounts for about two-thirds of domestic final spending.

The Core Personal Consumption Expenditures Price Index (Core PCE), mentioned on page 3, measures the prices paid by consumers for goods and services excluding food and energy prices, because of the volatility caused by movements in food and energy prices, to reveal underlying inflation trends.

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

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

	Nasdaq symbols	CUSIPs
Class A	FGINX	24611D870
Institutional Class	FGIPX	24611D862
Class R6	FGIQX	24611D854

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Performance summaries

Delaware Opportunity Fund

September 30, 2022 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through September 30, 2022
	1 year	5 year	10 year	Lifetime
Class A (Est. August 24, 1992)
Excluding sales charge	-10.87%	+4.06%	+8.81%	—
Including sales charge	-15.99%	+2.84%	+8.17%	—
Institutional Class (Est. April 1, 2013)
Excluding sales charge	-10.61%	+4.38%	—	+7.83%
Including sales charge	-10.61%	+4.38%	—	+7.83%
Class R6 (Est. April 1, 2013)
Excluding sales charge	-10.50%	+4.50%	—	+7.97%
Including sales charge	-10.50%	+4.50%	—	+7.97%
Russell Midcap Value Index	-13.56%	+4.76%	+9.44%	+8.07%*

*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the Fund’s Institutional Class inception date.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 25. Performance would have been lower had expense limitations not been in effect.

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

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

An exchange-traded fund (ETF) is a security that represents all the stocks on a given exchange. ETF shares can be bought, sold, short-sold, traded on margin, and generally function as if they were stocks.

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Fund expense ratios	Class A	Institutional Class	Class R6
Total annual operating expenses (without fee waivers)	1.20%	0.95%	0.88%
Net expenses (including fee waivers, if any)	1.15%	0.90%	0.78%

Type of waiver	Contractual	Contractual	Contractual

Performance of a $10,000 investment¹

Class A shares

For the period September 30, 2012 through September 30, 2022

	Starting value			Ending value
Russell Midcap Value Index		$	10,000	$24,645
Delaware Opportunity Fund — Class A shares		$	9,425	$21,930

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Performance summaries

Delaware Opportunity Fund

Institutional Class shares

For the period April 1, 2013 (Fund’s inception) through September 30, 2022

	Starting value			Ending value
Russell Midcap Value Index		$	10,000	$	20,911
Delaware Opportunity Fund — Institutional Class shares		$	10,000	$	20,468

The graphs do not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 25. Please note additional details on pages 24 through 27.

The Russell Midcap Value Index measures the performance of the mid-cap value segment of the US equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values.

The Russell Midcap Growth Index, mentioned on page 5, measures the performance of the mid-cap growth segment of the US equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 1000 Value Index, mentioned on page 5, measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

The Russell 2000 Value Index, mentioned on page 5, measures the performance of the small-cap value segment of the US equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

The US Consumer Price Index (CPI), mentioned on page 5, is a measure of inflation that is calculated by the US Department of Labor, representing changes in prices of all goods and services purchased for consumption by urban households.

The Producer Price Index, mentioned on page 5, measures the average change over time in the selling price of goods and services sold by domestic producers for their output. The prices included in the PPI are from the first commercial transaction for many products and some services.

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

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

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	Nasdaq symbols	CUSIPs
Class A	FIUSX	24611D771
Institutional Class	FIVUX	24611D763
Class R6	FIVVX	24611D755

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Performance summaries

Delaware Global Equity Fund

September 30, 2022 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through September 30, 2022
	1 year	5 year	10 year	Lifetime
Class A (Est. November 16, 1981)
Excluding sales charge	-21.35%	-0.02%	+5.10%	—
Including sales charge	-25.82%	-1.19%	+4.48%	—
Institutional Class (Est. April 1, 2013)
Excluding sales charge	-21.24%	+0.27%	—	+4.88%
Including sales charge	-21.24%	+0.27%	—	+4.88%
Class R6 (Est. April 1, 2013)
Excluding sales charge	-21.21%	+0.35%	—	+4.96%
Including sales charge	-21.21%	+0.35%	—	+4.96%
MSCI World Index (net)	-19.63%	+5.30%	+8.11%	+7.43%*
MSCI World Index (gross)	-19.25%	+5.84%	+8.69%	+8.01%*

*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the month end prior to the Fund’s Institutional Class inception date.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 29. Performance would have been lower had expense limitations not been in effect.

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

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

Liquidity risk is the possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.

The Fund may allocate more of its net assets to investments in single securities than “diversified” funds.

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

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Fund expense ratios	Class A	Institutional Class	Class R6
Total annual operating expenses (without fee waivers)	1.36%	1.11%	1.05%
Net expenses (including fee waivers, if any)	1.26%	1.01%	0.95%

Type of waiver	Contractual	Contractual	Contractual

Performance of a $10,000 investment¹

Class A shares

For the period September 30, 2012 through September 30, 2022

	Starting value			Ending value
MSCI World Index (gross)		$	10,000	$	23,012
MSCI World Index (net)		$	10,000	$	21,809
Delaware Global Equity Fund — Class A shares		$	9,425	$	15,504

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Performance summaries

Delaware Global Equity Fund

Institutional Class shares

For the period April 1, 2013 (Fund’s inception) through September 30, 2022

	Starting value			Ending value
MSCI World Index (gross)		$	10,000	$	20,138
MSCI World Index (net)		$	10,000	$	19,842
Delaware Global Equity Fund — Institutional Class shares		$	10,000	$	15,722

The graphs do not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 29. Please note additional details on pages 28 through 30.

The MSCI World Index represents large- and mid-cap stocks across 23 developed market countries worldwide. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate. Index “gross” return approximates the maximum possible dividend reinvestment.

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

	Nasdaq symbols	CUSIPs
Class A	FIISX	24611D706
Institutional Class	FIITX	24611D805
Class R6	FIIUX	24611D888

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Performance summaries

Delaware Covered Call Strategy Fund

September 30, 2022 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through September 30, 2022
	1 year	3 year	5 year	Lifetime
Class A (Est. April 1, 2016)
Excluding sales charge	-8.88%	+1.04%	+2.15%	+3.64%
Including sales charge	-14.12%	-0.94%	+0.95%	+2.70%
Institutional Class (Est. April 1, 2016)
Excluding sales charge	-8.67%	+1.28%	+2.41%	+3.93%
Including sales charge	-8.67%	+1.28%	+2.41%	+3.93%
Class R6 (Est. April 1, 2016)
Excluding sales charge	-8.51%	+1.46%	+2.58%	+4.11%
Including sales charge	-8.51%	+1.46%	+2.58%	+4.11%
Cboe S&P 500 BuyWrite Index	-11.21%	+0.48%	+1.94%	+4.19%*

*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the month end prior to the Fund’s Institutional Class inception date.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 32. Performance would have been lower had expense limitations not been in effect.

A covered call is a transaction in which the investor selling call options owns the equivalent amount of the underlying security. Call options are financial contracts that give the option buyer the right, but not the obligation, to buy a security at a specified price within a specific time period. The investor’s long position in the asset is the “cover” because it means the seller can deliver the shares if the buyer of the call option chooses to exercise.

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

Investing in ADRs may have some limitations for investors such as the absence of voting rights.

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

The Fund may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.

Writing call options involves risks.

There is no guarantee that dividend-paying stocks will continue to pay dividends.

By writing covered call options, the Fund will give up the opportunity to benefit from potential increases in the value of a Fund asset above the exercise price, but will bear the risk of declines in the value of the

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Performance summaries

Delaware Covered Call Strategy Fund

asset. Writing call options may expose the Fund to significant additional costs. Derivatives may be difficult to sell, unwind or value.

Writing call options may significantly reduce or eliminate the amount of Fund dividends that qualify to be taxed to non-corporate shareholders at a lower rate. Covered calls also are subject to federal tax rules that may: (1) limit the allowance of certain losses or deductions by the Fund; (2) convert the Fund’s long-term capital gains into higher taxed short-term capital gains or ordinary income; (3) convert the Fund’s ordinary losses or deductions to capital losses, the deductibility of which is more limited; and/or (4) cause the Fund to recognize income or gains without a corresponding receipt of cash.

Fund expense ratios	Class A	Institutional Class	Class R6
Total annual operating expenses (without fee waivers)	1.35%	1.10%	1.02%
Net expenses (including fee waivers, if any)	1.31%	1.06%	0.88%

Type of waiver	Contractual	Contractual	Contractual

Performance of a $10,000 investment¹

Institutional Class and Class A shares

For the period April 1, 2016 (Fund’s inception) through September 30, 2022

	Starting value			Ending value
Cboe S&P 500 BuyWrite Index		$	10,000	$	13,000
Delaware Covered Call Strategy Fund — Institutional Class shares		$	10,000	$	12,847
Delaware Covered Call Strategy Fund — Class A shares		$	9,425	$	11,893

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Institutional Class and Class A shares of the Fund on April 1, 2016, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 32. Please note additional details on pages 31 through 33.

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The graph also assumes $10,000 invested in the Cboe S&P 500 BuyWrite Index as of April 1, 2016. The Cboe S&P 500 BuyWrite Index is designed to show the hypothetical performance of a portfolio that engages in a buy-write strategy using S&P 500^®Index call options.

The S&P 500 Index, mentioned on page 9, measures the performance of 500 mostly large-cap stocks weighted by market value and is often used to represent performance of the US stock market.

The Bloomberg US Aggregate Index, mentioned on page 9, is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.

The Bloomberg US Treasury Index, mentioned on page 9, measures the performance of US Treasury bonds and notes that have at least one year to maturity.

The ISM Supplier Time Delivery Index, mentioned on page 9, reflects the amount of lead time for suppliers to deliver orders. It is an inverse index – a reading above 50% indicates slower deliveries and suggests that demand is high.

The Cboe Volatility Index, mentioned on page 9, is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices.

The price-to-earnings ratio (P/E ratio), mentioned on page 9, is a valuation ratio of a company’s current share price compared to its earnings per share. Generally, a high P/E ratio means that investors are anticipating higher growth in the future. A forward P/E ratio is calculated using consensus forecasted earnings per share for the next 12 months.

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

	Nasdaq symbols	CUSIPs
Class A	FRCCX	24611D102
Institutional Class	FRCDX	24611D201
Class R6	FRCEX	24611D300

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Performance summaries

Delaware Hedged U.S. Equity Opportunities Fund

September 30, 2022 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through September 30, 2022
	1 year	3 year	5 year	Lifetime
Class A (Est. August 1, 2016)
Excluding sales charge	-15.48%	+2.34%	+4.64%	+5.00%
Including sales charge	-20.32%	+0.35%	+3.40%	+4.00%
Institutional Class (Est. August 1, 2016)
Excluding sales charge	-15.17%	+2.71%	+4.99%	+5.35%
Including sales charge	-15.17%	+2.71%	+4.99%	+5.35%
Class R6 (Est. August 1, 2016)
Excluding sales charge	-15.14%	+2.80%	+5.11%	+5.47%
Including sales charge	-15.14%	+2.80%	+5.11%	+5.47%
Russell 3000 Index (primary benchmark)	-17.63%	+7.70%	+8.62%	+10.02%*
70% Russell 3000 Index / 30% ICE BofA US 3-Month Treasury Bill Index (secondary benchmark)	-12.06%	+6.63%	+7.09%	+7.89%*
ICE BofA US 3-Month Treasury Bill Index (secondary benchmark)	+0.62%	+0.59%	+1.15%	+1.05%*

*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the month end prior to the Fund’s Institutional Class inception date.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 35. Performance would have been lower had expense limitations not been in effect.

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

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

Hedging seeks to limit downside risks, but it also will limit the Fund’s return potential. This will especially be true during periods of rapid or large market gains. Hedging activities involve fees and expenses, which can further reduce the Fund’s returns. If the Fund uses a hedging instrument at the wrong time or judges market conditions incorrectly, or the hedged instrument does not correlate to the risk sought to be hedged, the hedge might be unsuccessful, reduce the Fund’s return, and/or create a loss.

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The Fund may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.

Futures and options involve risks, such as possible default by a counterparty, potential losses if markets do not move as expected, and the potential for greater losses than if these techniques had not been used. Investments in derivatives can increase the volatility of the Fund’s share price and expose it to significant additional costs. Derivatives may be difficult to sell, unwind, or value.

Fund expense ratios	Class A	Institutional Class	Class R6
Total annual operating expenses (without fee waivers)	1.80%	1.55%	1.49%
Net expenses (including fee waivers, if any)	1.55%	1.30%	1.20%

Type of waiver	Contractual	Contractual	Contractual

Performance of a $10,000 investment¹

Institutional Class and Class A shares

For the period August 1, 2016 (Fund’s inception) through September 30, 2022

	Starting value			Ending value
Russell 3000 Index (primary benchmark)		$	10,000	$18,045
70% Russell 3000 Index / 30% ICE BofA US 3-Month Treasury Bill Index (secondary benchmark)		$	10,000	$15,943
Delaware Hedged U.S. Equity Opportunities Fund — Institutional Class shares		$	10,000	$13,793
Delaware Hedged U.S. Equity Opportunities Fund — Class A shares		$	9,425	$12,735
ICE BofA US 3-Month Treasury Bill Index (secondary benchmark)		$	10,000	$10,665

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Institutional Class and Class A shares of the Fund on August 1, 2016, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund

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Performance summaries

Delaware Hedged U.S. Equity Opportunities Fund

expense ratios” table on page 35. Please note additional details on pages 34 through 36.

The graph also assumes $10,000 invested in the Russell 3000 Index, 70% Russell 3000 Index/30% ICE BofA US 3-Month Treasury Bill Index, and the ICE BofA US 3-Month Treasury Bill Index as of August 1, 2016.

The Russell 3000 Index measures the performance of the largest 3,000 US companies, representing approximately 98% of the investable US equity market.

The ICE BofA US 3-Month Treasury Bill Index tracks the performance of US Treasury bills with a maturity of three months. The index comprises a single Treasury issue purchased at the beginning of the month, which is then sold at the end of the month and rolled into a newly selected issue that matures closest to, but not beyond, three months from the transaction date (known as the rebalancing date).

The NASDAQ Composite Index, mentioned on page 11, is a broad-based, market capitalization weighted index that measures all Nasdaq US- and international-based common type stocks listed on The NASDAQ Stock Market and includes more than 2,500 securities.

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

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

	Nasdaq symbols	CUSIPs
Class A	FHEJX	24611D847
Institutional Class	FHEKX	24611D839
Class R6	FHELX	24611D821

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Performance summaries

Delaware Premium Income Fund

September 30, 2022 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through September 30, 2022
		1 year	3 year	Lifetime
Class A (Est. April 2, 2018)
Excluding sales charge		-3.18%	+1.25%	+2.03%
Including sales charge		-8.76%	-0.73%	+0.70%
Institutional Class (Est. April 2, 2018)
Excluding sales charge		-3.03%	+1.47%	+2.28%
Including sales charge		-3.03%	+1.47%	+2.28%
Class R6 (Est. April 2, 2018)
Excluding sales charge		-2.88%	+1.63%	+2.46%
Including sales charge		-2.88%	+1.63%	+2.46%
Cboe S&P 500 BuyWrite Index		-11.21%	+0.48%	+1.90%*

*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the month end prior to the Fund’s Institutional Class inception date.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 38. Performance would have been lower had expense limitations not been in effect.

Writing call options involves risks. By writing covered call options, the Fund will lose money if the exercise price of an option is below the market price of the asset on which an option was written and the premium received by the Fund for writing the option is insufficient to make up for that loss. The Fund will also give up the opportunity to benefit from potential increases in the value of a Fund asset above the option’s exercise price. Nevertheless, the Fund will continue to bear the risk of declines in the value of the covered assets. Derivatives may be difficult to sell, unwind or value.

There is no guarantee that dividend-paying stocks will continue to pay dividends. Writing call options may significantly reduce or eliminate the amount of dividends that generally are taxable to non-corporate shareholders at a lower rate.

Covered call options also are subject to federal tax rules that: (1) limit the allowance of certain losses or deductions; (2) convert long-term capital gains into higher taxed short-term capital gains or ordinary income; (3) convert ordinary losses or deductions to capital losses, the deductibility of which are more limited; and/or (4) cause the recognition of income or gains without a corresponding receipt of cash.

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Performance summaries

Delaware Premium Income Fund

tax rules that may: (1) limit the allowance of certain losses or deductions by the Fund; (2) convert the Fund’s long-term capital gains into higher taxed short-term capital gains or ordinary income; (3) convert the Fund’s ordinary losses or deductions to capital losses, the deductibility of which is more limited; and/or (4) cause the Fund to recognize income or gains without a corresponding receipt of cash.

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

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

Fund expense ratios	Class A	Institutional Class	Class R6
Total annual operating expenses (without fee waivers)	1.49%	1.24%	1.17%
Net expenses (including fee waivers, if any)	1.30%	1.05%	0.90%

Type of waiver	Contractual	Contractual	Contractual

Table of Contents

Performance of a $10,000 investment¹

Institutional Class and Class A shares

For the period April 2, 2018 (Fund’s inception) through September 30, 2022

	Starting value			Ending value
Delaware Premium Income Fund — Institutional Class shares		$	10,000	$	11,066
Cboe S&P 500 BuyWrite Index		$	10,000	$	10,739
Delaware Premium Income Fund — Class A shares		$	9,425	$	10,317

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Institutional Class and Class A shares of the Fund on April 2, 2018, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 38. Please note additional details on pages 37 through 40.

The graph also assumes $10,000 invested in the Cboe S&P 500 BuyWrite Index as of April 2, 2018. The Cboe S&P 500 BuyWrite Index is designed to show the hypothetical performance of a portfolio that engages in a buy-write strategy using S&P 500 Index call options.

The S&P 500 Index, mentioned on page 14, measures the performance of 500 mostly large-cap stocks weighted by market value and is often used to represent performance of the US stock market.

The Bloomberg US Aggregate Index, mentioned on page 14, is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.

The Bloomberg US Treasury Index, mentioned on page 14, measures the performance of US Treasury bonds and notes that have at least one year to maturity.

The Cboe Volatility Index, mentioned on page 15, is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices.

The ISM Supplier Time Delivery Index, mentioned on page 14, reflects the amount of lead time for suppliers to deliver orders. It is an inverse index – a reading above 50% indicates slower deliveries and suggests that demand is high.

The price-to-earnings ratio (P/E ratio), mentioned on page 14, is a valuation ratio of a company’s current share price compared to its earnings per share. Generally, a high P/E ratio means that investors are anticipating higher growth in the future. A forward P/E ratio is calculated using consensus forecasted earnings per share for the next 12 months.

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

Table of Contents

Performance summaries

Delaware Premium Income Fund

	Nasdaq symbols	CUSIPs
Class A	FPIKX	24611D748
Institutional Class	FPILX	24611D730
Class R6	FPIMX	24611D722

Table of Contents

Performance summaries

Delaware Total Return Fund

September 30, 2022 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through September 30, 2022
	1 year	5 year	10 year	Lifetime
Class A (Est. April 24, 1990)
Excluding sales charge	-11.57%	+2.53%	+4.94%	—
Including sales charge	-16.67%	+1.32%	+4.31%	—
Institutional Class (Est. April 1, 2013)
Excluding sales charge	-11.36%	+2.81%	—	+4.71%
Including sales charge	-11.36%	+2.81%	—	+4.71%
Class R6 (Est. April 1, 2013)
Excluding sales charge	-11.36%	+2.90%	—	+4.80%
Including sales charge	-11.36%	+2.90%	—	+4.80%
S&P 500 Index (primary benchmark)	-15.47%	+9.24%	+11.70%	+11.21%*
60% S&P 500 Index / 40% Bloomberg US Aggregate Index (secondary benchmark)	-14.63%	+5.94%	+7.62%	+7.37%*
Bloomberg US Aggregate Index (secondary benchmark)	-14.60%	-0.27%	+0.89%	+0.93%*

*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the month end prior to the Fund’s Institutional Class inception date.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 42. Performance would have been lower had expense limitations not been in effect.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory,

Table of Contents

Performance summaries

Delaware Total Return Fund

financial, or other reasons. In addition, a less liquid secondary market makes it more difficult to obtain precise valuations of the high yield securities.

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

Risk controls and asset allocation models do not promise any level of performance or guarantee against loss of principal.

Liquidity risk is the possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.

“Non-diversified” investments may allocate more of their net assets to investments in single securities than “diversified” investments. Resulting adverse effects may subject these investments to greater risks and volatility.

The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

Fund expense ratios	Class A	Institutional Class	Class R6
Total annual operating expenses (without fee waivers)	1.13%	0.88%	0.82%
Net expenses (including fee waivers, if any)	1.06%	0.81%	0.79%

Type of waiver	Contractual	Contractual	Contractual

Table of Contents

Performance of a $10,000 investment¹

Class A shares

For the period September 30, 2012 through September 30, 2022

	Starting value			Ending value
S&P 500 Index (primary benchmark)		$	10,000	$30,244
60% S&P 500 Index / 40% Bloomberg US Aggregate Index (secondary benchmark)		$	10,000	$20,853
Delaware Total Return Fund — Class A shares		$	9,425	$15,255
Bloomberg US Aggregate Index (secondary benchmark)		$	10,000	$10,927

Institutional Class shares

For the period April 1, 2013 (Fund’s inception) through September 30, 2022

	Starting value		Ending value
S&P 500 Index (primary benchmark)		$10,000	$27,569
60% S&P 500 Index / 40% Bloomberg US Aggregate Index (secondary benchmark)		$10,000	$19,350
Delaware Total Return Fund — Institutional Class shares		$10,000	$15,477
Bloomberg US Aggregate Index (secondary benchmark)		$10,000	$10,907

Table of Contents

Performance summaries

Delaware Total Return Fund

Index (the Fund’s secondary benchmark), and the Bloomberg Aggregate Index (the Fund’s secondary benchmark) as of September 30, 2012.

The “Performance of a $10,000 investment” graph for Institutional Class shares assumes $10,000 invested in Institutional Class shares of the Fund on April 1, 2013, and includes the reinvestment of all distributions. The graph also assumes $10,000 invested in the S&P 500 Index (the Fund’s primary benchmark), 60% S&P 500 Index / 40% Bloomberg US Aggregate Index (the Fund’s secondary benchmark), and the Bloomberg Aggregate Index (the Fund’s secondary benchmark) as of April 1, 2013.

The graphs do not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 42. Please note additional details on pages 41 through 44.

The S&P 500 Index measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market The Bloomberg US Aggregate Index is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.

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

	Nasdaq symbols	CUSIPs
Class A	FITRX	24611D649
Institutional Class	FITUX	24611D631
Class R6	FITVX	24611D623

Table of Contents

Disclosure of Fund expenses

For the six-month period from April 1, 2022 to September 30, 2022 (Unaudited)

As a shareholder of a 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. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from April 1, 2022 to September 30, 2022.

Actual expenses

The first section of the tables 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 tables shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ 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 each 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 tables 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 each 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 Funds’ expenses shown in the tables reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

Delaware Equity Income Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio		Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	866.40		1.02%		$4.77
Institutional Class		1,000.00		866.30		0.76%		3.56
Class R6		1,000.00		867.40		0.71%		3.32
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.95		1.02%		$5.16
Institutional Class		1,000.00		1,021.26		0.76%		3.85
Class R6		1,000.00		1,021.51		0.71%		3.60

Delaware Growth and Income Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio		Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	865.80		1.02%		$4.77
Institutional Class		1,000.00		867.20		0.77%		3.60
Class R6		1,000.00		867.20		0.73%		3.42
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.95		1.02%		$5.16
Institutional Class		1,000.00		1,021.21		0.77%		3.90
Class R6		1,000.00		1,021.41		0.73%		3.70

Table of Contents

Disclosure of Fund expenses

Delaware Opportunity Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio		Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	826.00		1.15%		$5.26
Institutional Class		1,000.00		827.00		0.90%		4.12
Class R6		1,000.00		827.40		0.78%		3.57
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.30		1.15%		$5.82
Institutional Class		1,000.00		1,020.56		0.90%		4.56
Class R6		1,000.00		1,021.16		0.78%		3.95

Delaware Global Equity Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio		Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	822.70		1.26%		$5.76
Institutional Class		1,000.00		823.20		1.01%		4.62
Class R6		1,000.00		822.50		0.95%		4.34
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.75		1.26%		$6.38
Institutional Class		1,000.00		1,020.00		1.01%		5.11
Class R6		1,000.00		1,020.31		0.95%		4.81

Delaware Covered Call Strategy Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio		Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	870.50		1.31%		$6.14
Institutional Class		1,000.00		871.30		1.06%		4.97
Class R6		1,000.00		872.50		0.88%		4.13
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.50		1.31%		$6.63
Institutional Class		1,000.00		1,019.75		1.06%		5.37
Class R6		1,000.00		1,020.66		0.88%		4.46

Delaware Hedged U.S. Equity Opportunities Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio		Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	848.70		1.55%		$7.18
Institutional Class		1,000.00		850.70		1.30%		6.03
Class R6		1,000.00		851.10		1.20%		5.57
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,017.30		1.55%		$7.84
Institutional Class		1,000.00		1,018.55		1.30%		6.58
Class R6		1,000.00		1,019.05		1.20%		6.07

Table of Contents

Delaware Premium Income Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio		Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	940.60		1.30%		$6.32
Institutional Class		1,000.00		941.80		1.05%		5.11
Class R6		1,000.00		942.90		0.90%		4.38
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.55		1.30%		$6.58
Institutional Class		1,000.00		1,019.80		1.05%		5.32
Class R6		1,000.00		1,020.56		0.90%		4.56

Delaware Total Return Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio		Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	857.00		1.06%		$4.93
Institutional Class		1,000.00		857.60		0.81%		3.77
Class R6		1,000.00		857.40		0.79%		3.68
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.75		1.06%		$5.37
Institutional Class		1,000.00		1,021.01		0.81%		4.10
Class R6		1,000.00		1,021.11		0.79%		4.00

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

^†Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

In addition to the Funds’ expenses reflected above and on the previous pages, each 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 tables above and on the previous pages do not reflect the expenses of any applicable Underlying Funds.

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Equity Income Fund

As of September 30, 2022 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, 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		99.51	%
Communication Services		6.92	%
Consumer Discretionary		10.65	%
Consumer Staples		6.20	%
Energy		11.82	%
Financials		19.19	%
Healthcare		24.76	%
Industrials		7.56	%
Information Technology		12.06	%
Materials		0.35	%
Short-Term Investments		0.55	%
Total Value of Securities		100.06	%
Liabilities Net of Receivables and Other Assets		(0.06	%)
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
Exxon Mobil		5.65	%
Bristol-Myers Squibb		4.52	%
Merck & Co.		4.00	%
Raytheon Technologies		3.94	%
Johnson & Johnson		3.70	%
Cisco Systems		3.50	%
Cigna		3.47	%
ConocoPhillips		3.40	%
TJX		3.26	%
Gilead Sciences		3.19	%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Growth and Income Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks		99.44	%
Communication Services		6.82	%
Consumer Discretionary		10.54	%
Consumer Staples		6.16	%
Energy		11.73	%
Financials		19.39	%
Healthcare		24.43	%
Industrials		7.74	%
Information Technology		12.41	%
Materials		0.22	%
Short-Term Investments		0.55	%
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
Exxon Mobil		5.56	%
Bristol-Myers Squibb		4.53	%
Raytheon Technologies		4.10	%
Merck & Co.		3.98	%
Johnson & Johnson		3.66	%
Cisco Systems		3.47	%
Cigna		3.42	%
ConocoPhillips		3.38	%
Philip Morris International		3.20	%
TJX		3.18	%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Opportunity Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks		99.12	%
Basic Industry		7.62	%
Consumer Discretionary		11.46	%
Consumer Staples		3.92	%
Energy		6.91	%
Financial Services		20.33	%
Healthcare		5.93	%
Industrials		13.90	%
Real Estate Investment Trusts		7.23	%
Technology		11.37	%
Transportation		2.31	%
Utilities		8.14	%
Short-Term Investments		1.00	%
Total Value of Securities		100.12	%
Liabilities Net of Receivables and Other Assets		(0.12	%)
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
Hess		2.30	%
WESCO International		1.95	%
KBR		1.92	%
Quanta Services		1.83	%
Hartford Financial Services Group		1.81	%
East West Bancorp		1.76	%
Synopsys		1.72	%
Reinsurance Group of America		1.67	%
Raymond James Financial		1.65	%
Marathon Oil		1.61	%

Table of Contents

Security type / country and sector allocations

Delaware Global Equity Fund

As of September 30, 2022 (Unaudited)

Security type / country	Percentage of net assets
Common Stocks by Country		97.94	%
Denmark		3.70	%
France		10.68	%
Germany		8.68	%
Japan		6.25	%
Netherlands		3.76	%
Spain		4.04	%
Sweden		5.43	%
Switzerland		2.57	%
United Kingdom		12.26	%
United States		40.57	%
Rights		0.45	%
Exchange-Traded Fund		0.82	%
Short-Term Investments		0.10	%
Total Value of Securities		99.31	%
Receivables and Other Assets Net of Liabilities		0.69	%
Total Net Assets		100.00	%


Common stocks and preferred stocks by sector◆	Percentage of net assets
Communication Services		1.84	%
Consumer Discretionary		8.97	%
Consumer Staples*		42.70	%
Healthcare		23.40	%
Industrials		8.31	%
Information Technology		9.32	%
Materials		3.40	%
Total		97.94	%

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

*To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Consumer Staples sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Consumer Staples sector consisted of beverages, cosmetics/personal care, food, and household products/wares. As of September 30, 2022, such amounts, as a percentage of total net assets were 5.24%, 8.14%, 22.13%, and 7.19%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Consumer Staples sector for financial reporting purposes may exceed 25%.

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Covered Call Strategy Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks◆		96.64	%
Communication Services		7.27	%
Consumer Discretionary		14.35	%
Consumer Staples		5.48	%
Energy		7.17	%
Financials		7.32	%
Healthcare		12.21	%
Industrials		11.19	%
Information Technology*		27.78	%
Utilities		3.87	%
Short-Term Investments		5.14	%
Total Value of Securities Before Options Written		101.78	%
Options Written		(1.62	%)
Liabilities Net of Receivables and Other Assets		(0.16	%)
Total Net Assets		100.00	%

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

*To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of computers, diversified financial services, semiconductors, and software. As of September 30, 2022, such amounts, as a percentage of total net assets were 8.21%, 3.42%, 8.92%, and 7.23%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%.

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		8.21	%
Microsoft		7.23	%
Alphabet Class A		5.47	%
UnitedHealth Group		4.79	%
Texas Instruments		4.57	%
Broadcom		4.35	%
Home Depot		4.20	%
NextEra Energy		3.87	%
Chevron		3.68	%
Booking Holdings		3.52	%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Hedged U.S. Equity Opportunities Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks		93.65	%
Communication Services		6.45	%
Consumer Discretionary		11.52	%
Consumer Staples		5.33	%
Energy		2.90	%
Financials		14.01	%
Healthcare		13.78	%
Industrials		11.73	%
Information Technology		18.52	%
Materials		4.47	%
Real Estate		2.96	%
Utilities		1.98	%
Exchange-Traded Fund		0.50	%
Options Purchased		1.94	%
Short-Term Investments		2.87	%
Total Value of Securities Before Options Written		98.96	%
Options Written		(0.67	%)
Receivables and Other Assets Net of Liabilities		1.71	%
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
Microsoft		3.06	%
Apple		2.45	%
Amazon.com		1.97	%
TJX		1.48	%
Alphabet Class A		1.37	%
Chubb		1.34	%
Danaher		1.28	%
Charles Schwab		1.22	%
Meta Platforms Class A		1.22	%
UnitedHealth Group		1.04	%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Premium Income Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks◆		108.46	%
Communication Services		8.02	%
Consumer Discretionary		13.55	%
Consumer Staples		7.21	%
Energy		7.54	%
Financials		13.90	%
Healthcare		12.36	%
Industrials		13.30	%
Information Technology*		28.28	%
Materials		1.99	%
Utilities		2.31	%
Short-Term Investments		7.67	%
Total Value of Securities Before Options Written		116.13	%
Options Written		(15.88	%)
Liabilities Net of Receivables and Other Assets		(0.25	%)
Total Net Assets		100.00	%

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

*To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of Computers, Diversified Financial Services, Software, Semiconductors, and Telecommunications. As of September 30, 2022, such amounts, as a percentage of total net assets were 4.31%, 2.84%, 10.25%, 3.55%, and 7.33%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%.

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
Broadcom		8.73	%
Pfizer		4.41	%
Chevron		4.34	%
BlackRock		4.33	%
Apple		4.31	%
Home Depot		4.00	%
Cisco Systems		3.89	%
CSX		3.88	%
Constellation Brands Class A		3.61	%
Microsoft		3.55	%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Total Return Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Agency Mortgage-Backed Securities		3.56	%
Collateralized Debt Obligations		0.34	%
Convertible Bonds		8.43	%
Corporate Bonds		12.94	%
Automotive		0.19	%
Banking		1.59	%
Basic Industry		0.58	%
Brokerage		0.05	%
Capital Goods		0.47	%
Communications		1.24	%
Consumer Cyclical		0.40	%
Consumer Goods		0.18	%
Consumer Non-Cyclical		0.85	%
Electric		0.50	%
Energy		1.85	%
Finance Companies		0.21	%
Financial Services		0.17	%
Financials		0.27	%
Healthcare		0.41	%
Insurance		0.61	%
Leisure		0.42	%
Media		0.69	%
Natural Gas		0.13	%
Real Estate		0.09	%
Retail		0.34	%
Services		0.32	%
Technology		0.63	%
Technology & Electronics		0.17	%
Transportation		0.35	%
Utilities		0.23	%
Non-Agency Asset-Backed Securities		0.30	%
Non-Agency Commercial Mortgage-Backed Securities		1.48	%
Sovereign Bonds		1.58	%
Supranational Banks		0.22	%
US Treasury Obligations		10.42	%
Common Stocks		51.34	%
Communication Services		2.33	%
Consumer Discretionary		6.69	%
Consumer Staples		3.34	%
Energy		3.71	%
Financials		6.64	%
Healthcare		7.70	%
Industrials		2.62	%
Information Technology		12.62	%
Materials		1.23	%
REIT Diversified		0.53	%
REIT Healthcare		0.27	%
REIT Hotel		0.18	%
REIT Industrial		0.42	%
REIT Mall		0.06	%
REIT Manufactured Housing		0.07	%
REIT Multifamily		0.87	%
REIT Office		0.12	%
REIT Self-Storage		0.39	%
REIT Shopping Center		0.27	%
REIT Single Tenant		0.17	%
REIT Specialty		0.36	%
Utilities		0.75	%
Convertible Preferred Stock		1.56	%
Exchange-Traded Funds		2.56	%
Rights		0.03	%
Limited Liability Corporation		2.75	%
Short-Term Investments		2.05	%
Total Value of Securities		99.56	%
Receivables and Other Assets Net of Liabilities		0.44	%
Total Net Assets		100.00	%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Total Return Fund

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

Top 10 equity holdings	Percentage of net assets
Apple		2.60	%
Microsoft		2.07	%
Johnson & Johnson		1.41	%
Merck & Co.		1.10	%
TJX		1.06	%
Broadcom		1.03	%
MetLife		0.99	%
ConocoPhillips		0.88	%
Cisco Systems		0.85	%
Verizon Communications		0.84	%

Table of Contents

Schedules of investments

Delaware Equity Income Fund

September 30, 2022

	Number of shares		Value (US $)
Common Stocks – 99.51%
Communication Services – 6.92%
AT&T		259,746	$	3,984,504
Comcast Class A		182,634		5,356,655
Verizon Communications		185,887		7,058,129
				16,399,288
Consumer Discretionary – 10.65%
APA		111,330		3,806,373
Chipotle Mexican Grill †		834		1,253,302
Ford Motor		72,740		814,688
H&R Block		103,028		4,382,811
Lowe’s		14,806		2,780,715
Macy’s		203,755		3,192,841
Tapestry		44,401		1,262,320
TJX		124,461		7,731,517
				25,224,567
Consumer Staples – 6.20%
Altria Group		93,807		3,787,927
Archer-Daniels-Midland		15,149		1,218,737
Mondelez International Class A		40,600		2,226,098
Philip Morris International		89,891		7,461,852
				14,694,614
Energy – 11.82%
ConocoPhillips		78,773		8,061,629
Exxon Mobil		153,184		13,374,495
Ovintiv		83,742		3,852,132
PDC Energy		46,867		2,708,444
				27,996,700
Financials – 19.19%
Allstate		13,137		1,635,951
American Financial Group		17,947		2,206,225
American International Group		90,153		4,280,464
Blackstone		20,745		1,736,357
Discover Financial Services		9,254		841,374
Evercore Class A		17,773		1,461,829
Fidelity National Financial		100,775		3,648,055
First American Financial		66,065		3,045,596
MetLife		119,353		7,254,275
Old Republic International		184,643		3,864,578
OneMain Holdings		75,183		2,219,402
Synchrony Financial		149,757		4,221,650
Truist Financial		138,323		6,022,583
Unum Group		77,851		3,020,619
				45,458,958
Healthcare – 24.76%
AmerisourceBergen		13,337		1,804,896
Bristol-Myers Squibb		150,704		10,713,547
Cardinal Health		22,011		1,467,694
Cigna		29,593		8,211,170
CVS Health		63,921		6,096,146
Gilead Sciences		122,387		7,550,054
Johnson & Johnson		53,681		8,769,328
McKesson		2,881		979,165
Merck & Co.		110,072		9,479,401
Pfizer		32,329		1,414,717
Viatris		255,160		2,173,963
				58,660,081
Industrials – 7.56%
Emerson Electric		42,593		3,118,660
Honeywell International		25,685		4,288,624
Northrop Grumman		2,515		1,182,855
Raytheon Technologies		113,942		9,327,292
				17,917,431
Information Technology – 12.06%
Broadcom		13,976		6,205,484
Cisco Systems		207,565		8,302,600
Cognizant Technology Solutions Class A		68,730		3,947,851
HP		124,401		3,100,073
KLA		1,877		568,037
Mastercard Class A		2,720		773,405
Motorola Solutions		22,524		5,044,700
Western Union		46,563		628,600
				28,570,750
Materials – 0.35%
DuPont de Nemours		16,394		826,258
				826,258
Total Common Stocks (cost $236,556,652)				235,748,647

Short-Term Investments – 0.55%
Money Market Mutual Funds – 0.55%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		329,379		329,379
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		329,380		329,380
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		329,380		329,380

Table of Contents

Schedules of investments

Delaware Equity Income Fund

	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 2.80%)		329,379	$	329,379
Total Short-Term Investments (cost $1,317,518)				1,317,518
Total Value of Securities–100.06% (cost $237,874,170)			$	237,066,165


†	Non-income producing security.

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

Table of Contents

Delaware Growth and Income Fund

September 30, 2022

	Number of shares		Value (US $)
Common Stocks – 99.44%
Communication Services – 6.82%
AT&T		938,236	$	14,392,540
Comcast Class A		650,938		19,092,012
Verizon Communications		666,271		25,298,310
				58,782,862
Consumer Discretionary – 10.54%
APA		403,584		13,798,537
Chipotle Mexican Grill †		2,977		4,473,717
Ford Motor		266,115		2,980,488
H&R Block		373,106		15,871,929
Lowe’s		54,414		10,219,493
Macy’s		735,026		11,517,858
Tapestry		160,980		4,576,661
TJX		441,516		27,426,974
				90,865,657
Consumer Staples – 6.16%
Altria Group		335,316		13,540,060
Archer-Daniels-Midland		52,426		4,217,672
Mondelez International Class A		140,970		7,729,385
Philip Morris International		332,383		27,591,113
				53,078,230
Energy – 11.73%
ConocoPhillips		284,699		29,136,096
Exxon Mobil		548,991		47,932,404
Ovintiv		306,545		14,101,070
PDC Energy		172,859		9,989,521
				101,159,091
Financials – 19.39%
Allstate		48,992		6,100,974
American Financial Group		67,036		8,240,736
American International Group		321,340		15,257,223
Blackstone		76,226		6,380,116
Discover Financial Services		37,371		3,397,771
Evercore Class A		66,751		5,490,270
Fidelity National Financial		364,816		13,206,339
First American Financial		268,380		12,372,318
MetLife		428,451		26,041,252
Old Republic International		648,640		13,576,035
OneMain Holdings		275,272		8,126,029
Synchrony Financial		553,725		15,609,508
Truist Financial		504,546		21,967,933
Unum Group		295,168		11,452,518
				167,219,022
Healthcare – 24.43%
AmerisourceBergen		49,060		6,639,290
Bristol-Myers Squibb		549,345		39,052,936
Cardinal Health		81,474		5,432,686
Cigna		106,438		29,533,352
CVS Health		232,160		22,141,099
Gilead Sciences		440,822		27,194,309
Johnson & Johnson		193,179		31,557,722
McKesson		10,483		3,562,857
Merck & Co.		398,332		34,304,352
Pfizer		76,981		3,368,689
Viatris		919,802		7,836,713
				210,624,005
Industrials – 7.74%
Emerson Electric		158,844		11,630,558
Honeywell International		92,193		15,393,465
Northrop Grumman		9,301		4,374,446
Raytheon Technologies		431,514		35,323,736
				66,722,205
Information Technology – 12.41%
Broadcom		50,680		22,502,427
Cisco Systems		747,054		29,882,160
Cognizant Technology Solutions Class A		257,329		14,780,978
HP		455,298		11,346,026
KLA		6,486		1,962,858
Mastercard Class A		8,316		2,364,571
Motorola Solutions		98,198		21,993,406
Western Union		162,628		2,195,478
				107,027,904
Materials – 0.22%
DuPont de Nemours		38,474		1,939,090
				1,939,090
Total Common Stocks (cost $837,866,443)				857,418,066

Short-Term Investments – 0.55%
Money Market Mutual Funds – 0.55%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		1,181,041		1,181,041
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		1,181,041		1,181,041
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		1,181,041		1,181,041

Table of Contents

Schedules of investments

Delaware Growth and Income Fund

	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 2.80%)		1,181,042	$	1,181,042
Total Short-Term Investments (cost $4,724,165)				4,724,165
Total Value of Securities–99.99% (cost $842,590,608)			$	862,142,231


†	Non-income producing security.

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

Table of Contents

Delaware Opportunity Fund

September 30, 2022

	Number of shares		Value (US $)
Common Stocks – 99.12%
Basic Industry – 7.62%
Alcoa		66,550	$	2,240,073
Berry Global Group †		120,650		5,613,844
Celanese		41,700		3,767,178
Crown Holdings		49,850		4,039,346
Graphic Packaging Holding		279,450		5,516,343
Huntsman		232,200		5,698,188
Louisiana-Pacific		72,550		3,713,835
Newmont		57,700		2,425,131
Olin		56,700		2,431,296
Vulcan Materials		22,900		3,611,559
				39,056,793
Consumer Discretionary – 11.46%
Aptiv †		46,100		3,605,481
AutoZone †		2,850		6,104,500
Capri Holdings †		78,950		3,034,838
Darden Restaurants		40,100		5,065,432
Dollar Tree †		42,800		5,825,080
DR Horton		103,600		6,977,460
Hasbro		64,600		4,355,332
Johnson Controls International		93,200		4,587,304
Marriott International Class A		49,650		6,957,951
Nexstar Media Group		26,250		4,379,813
Polaris		40,400		3,864,260
Ross Stores		46,700		3,935,409
				58,692,860
Consumer Staples – 3.92%
Campbell Soup		80,350		3,786,092
Conagra Brands		132,950		4,338,158
Kellogg		77,350		5,388,201
Tyson Foods Class A		55,450		3,655,819
US Foods Holding †		110,200		2,913,688
				20,081,958
Energy – 6.91%
Coterra Energy		207,100		5,409,452
Devon Energy		92,940		5,588,482
Hess		108,050		11,776,370
Marathon Oil		365,300		8,248,474
Valero Energy		41,000		4,380,850
				35,403,628
Financial Services – 20.33%
Affiliated Managers Group		37,650		4,211,153
Allstate		61,400		7,646,142
Ally Financial		215,800		6,005,714
Assurant		28,800		4,183,776
East West Bancorp		134,250		9,013,545
Globe Life		56,150		5,598,155
Hancock Whitney		143,915		6,592,746
Hartford Financial Services Group		149,650		9,269,321
KeyCorp		451,900		7,239,438
Raymond James Financial		85,650		8,463,933
Reinsurance Group of America		67,950		8,548,789
Signature Bank		30,200		4,560,200
State Street		67,550		4,107,716
Synchrony Financial		240,750		6,786,742
Synovus Financial		158,800		5,956,588
Western Alliance Bancorp		90,300		5,936,322
				104,120,280
Healthcare – 5.93%
AmerisourceBergen		47,500		6,428,175
Quest Diagnostics		44,250		5,429,033
Service Corp. International		53,800		3,106,412
STERIS		21,300		3,541,764
Syneos Health †		52,500		2,475,375
Teleflex		18,000		3,626,280
Zimmer Biomet Holdings		55,150		5,765,932
				30,372,971
Industrials – 13.90%
AECOM		108,550		7,421,563
AMETEK		41,800		4,740,538
CACI International Class A †		19,900		5,195,094
Gates Industrial †		264,150		2,578,104
ITT		80,700		5,272,938
KBR		227,400		9,828,228
ManpowerGroup		36,850		2,383,827
Oshkosh		57,900		4,069,791
Quanta Services		73,560		9,370,808
Regal Rexnord		42,550		5,972,318
United Rentals †		16,200		4,375,944
WESCO International †		83,650		9,986,137
				71,195,290
Real Estate Investment Trusts – 7.23%
Apartment Income REIT		137,429		5,307,508
Brandywine Realty Trust		333,950		2,254,163
Host Hotels & Resorts		197,200		3,131,536
Kimco Realty		293,150		5,396,891
Life Storage		54,750		6,064,110
Outfront Media		215,000		3,265,850
Spirit Realty Capital		158,850		5,744,016
VICI Properties		196,959		5,879,226
				37,043,300
Technology – 11.37%
Agilent Technologies		49,850		6,059,267
Akamai Technologies †		51,850		4,164,592
Ciena †		127,850		5,168,975
Concentrix		31,500		3,516,345
Fiserv †		25,550		2,390,714

Table of Contents

Schedules of investments

Delaware Opportunity Fund

	Number of shares		Value (US $)
Common Stocks (continued)
Technology (continued)
Flex †		388,900	$	6,479,074
Keysight Technologies †		37,050		5,830,188
ON Semiconductor †		99,900		6,226,767
Qorvo †		49,150		3,903,002
Synopsys †		28,950		8,844,514
Teradyne		75,000		5,636,250
				58,219,688
Transportation – 2.31%
JB Hunt Transport Services		25,950		4,059,099
Kirby †		52,800		3,208,656
Southwest Airlines †		147,750		4,556,610
				11,824,365
Utilities – 8.14%
CMS Energy		104,600		6,091,904
Edison International		93,800		5,307,204
MDU Resources Group		168,000		4,594,800
NRG Energy		198,900		7,611,903
Public Service Enterprise Group		124,300		6,989,389
WEC Energy Group		56,800		5,079,624
Xcel Energy		94,200		6,028,800
				41,703,624
Total Common Stocks (cost $448,823,831)				507,714,757

Short-Term Investments – 1.00%
Money Market Mutual Funds – 1.00%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		1,285,259		1,285,259
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		1,285,263		1,285,263
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		1,285,263		1,285,263
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Share Class (seven-day effective yield 2.80%)		1,285,263		1,285,263
Total Short-Term Investments (cost $5,141,048)				5,141,048
Total Value of Securities–100.12% (cost $453,964,879)			$	512,855,805


†	Non-income producing security.

Summary of abbreviations:

REIT – Real Estate Investment Trust

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

Table of Contents

Delaware Global Equity Fund

September 30, 2022

	Number of shares		Value (US $)
Common Stocks – 97.94%Δ
Denmark – 3.70%
Novo Nordisk Class B		58,650	$	5,842,584
				5,842,584
France – 10.68%
Air Liquide		47,010		5,373,201
Danone		91,720		4,337,011
Orange		322,480		2,916,683
Sodexo		56,760		4,262,697
				16,889,592
Germany – 8.68%
adidas AG		31,880		3,664,964
Fresenius Medical Care AG & Co.		89,220		2,513,597
Knorr-Bremse		56,380		2,421,140
SAP		62,800		5,117,897
				13,717,598
Japan – 6.25%
Asahi Group Holdings		78,300		2,441,087
Kao		107,400		4,370,145
Makita		88,600		1,719,314
Seven & i Holdings		33,400		1,341,679
				9,872,225
Netherlands – 3.76%
Koninklijke Ahold Delhaize		233,520		5,948,092
				5,948,092
Spain – 4.04%
Amadeus IT Group †		137,720		6,385,063
				6,385,063
Sweden – 5.43%
Essity Class B		173,860		3,434,917
H & M Hennes & Mauritz Class B		236,720		2,188,501
Securitas Class B		426,920		2,963,695
				8,587,113
Switzerland – 2.57%
Swatch Group		18,100		4,065,233
				4,065,233
United Kingdom – 12.26%
Diageo		138,800		5,842,582
Intertek Group		64,730		2,655,812
Smith & Nephew		505,350		5,833,147
Unilever		115,070		5,056,159
				19,387,700
United States – 40.57%
Clorox		45,490		5,840,461
Conagra Brands		137,440		4,484,667
Henry Schein †		92,520		6,085,041
Ingredion		57,910		4,662,913
Kimberly-Clark		49,150		5,531,341
Lamb Weston Holdings		90,740		7,021,461
Merck & Co.		85,040		7,323,645
Nestle		66,490		7,191,380
Otis Worldwide		25,070		1,599,466
Parker-Hannifin		7,280		1,764,017
Pfizer		113,580		4,970,261
Roche Holding		13,610		4,430,501
Visa Class A		18,160		3,226,124
				64,131,278
Total Common Stocks (cost $189,325,280)				154,826,478

Rights – 0.45%Δ
Sweden – 0.45%
Securitas Class B †		1,707,680		712,454
Total Rights (cost $1,113,182)				712,454

Exchange-Traded Fund – 0.82%
Vanguard S&P 500 ETF		3,940		1,293,502
Total Exchange-Traded Fund (cost $1,402,489)				1,293,502

Short-Term Investments – 0.10%
Money Market Mutual Funds – 0.10%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		40,921		40,921
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		40,921		40,921
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		40,921		40,921
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		40,921		40,921
Total Short-Term Investments (cost $163,684)				163,684
Total Value of Securities–99.31% (cost $192,004,635)			$	156,996,118

Table of Contents

Schedules of investments

Delaware Global Equity Fund

Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 52 in “Security type / country and sector allocations.”
†	Non-income producing security.

Summary of abbreviations:

AG – Aktiengesellschaft
ETF – Exchange-Traded Fund
S&P – Standard & Poor’s Financial Services LLC

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

Table of Contents

Delaware Covered Call Strategy Fund

September 30, 2022

	Number of shares			Value (US $)
Common Stocks – 96.64%◆
Communication Services – 7.27%
Alphabet Class A ~, †		56,000		$	5,356,400
Verizon Communications ~		46,500			1,765,605
					7,122,005
Consumer Discretionary – 14.35%
Amazon.com ~, †		20,000			2,260,000
Booking Holdings ~, †		2,100			3,450,741
Home Depot ~		14,900			4,111,506
Tesla ~, †		9,900			2,625,975
TJX ~		25,900			1,608,908
					14,057,130
Consumer Staples – 5.48%
Costco Wholesale ~		7,000			3,305,890
Philip Morris International ~		24,900			2,066,949
					5,372,839
Energy – 7.17%
Chevron ~		25,100			3,606,117
Exxon Mobil ~		39,100			3,413,821
					7,019,938
Financials – 7.32%
Bank of America ~		95,200			2,875,040
BlackRock ~		3,300			1,815,924
JPMorgan Chase & Co. ~		23,700			2,476,650
					7,167,614
Healthcare – 12.21%
Amgen ~		9,800			2,208,920
Bristol-Myers Squibb ~		26,300			1,869,667
Medtronic ~		39,400			3,181,550
UnitedHealth Group ~		9,300			4,696,872
					11,957,009
Industrials – 11.19%
Honeywell International ~		11,900			1,986,943
Lockheed Martin ~		6,300			2,433,627
Raytheon Technologies ~		24,900			2,038,314
Southwest Airlines ~, †		62,100			1,915,164
Union Pacific ~		13,300			2,591,106
					10,965,154
Information Technology – 27.78%
Apple ~		58,200			8,043,240
Broadcom ~		9,600			4,262,496
Mastercard Class A ~		11,800			3,355,212
Microsoft ~		30,400			7,080,160
Texas Instruments ~		28,900			4,473,142
					27,214,250
Utilities – 3.87%
NextEra Energy ~		48,300			3,787,203
					3,787,203
Total Common Stocks (cost $76,110,926)					94,663,142

Short-Term Investments – 5.14%
Money Market Mutual Funds – 5.14%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		1,259,177			1,259,177
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		1,259,178			1,259,178
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		1,259,178			1,259,178
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		1,259,178			1,259,178
Total Short-Term Investments (cost $5,036,711)					5,036,711
Total Value of Securities Before Options Written–101.78% (cost $81,147,637)					99,699,853

	Number of contracts
Options Written – (1.62%)
Equity Call Options – (1.62%)
Alphabet, strike price $107.5, expiration date 11/18/22, notional amount $(6,020,000)		(560	)		(99,400	)
Amazon.com, strike price $135, expiration date 12/16/22, notional amount $(2,700,000)		(200	)		(49,600	)
Amgen, strike price $235, expiration date 10/21/22, notional amount $(2,303,000)		(98	)		(20,041	)
Apple, strike price $160, expiration date 11/18/22, notional amount $(9,312,000)		(582	)		(83,517	)

Table of Contents

Schedules of investments

Delaware Covered Call Strategy Fund

	Number of contracts			Value (US $)
Options Written (continued)
Equity Call Options (continued)
Bank of America, strike price $33, expiration date 11/18/22, notional amount $(3,141,600)		(952	)	$	(67,116	)
BlackRock, strike price $630, expiration date 11/18/22, notional amount $(2,079,000)		(33	)		(21,285	)
Booking Holdings, strike price $2,200, expiration date 10/21/22, notional amount $(4,620,000)		(21	)		(2,783	)
Bristol-Myers Squibb, strike price $72.5, expiration date 11/18/22, notional amount $(1,906,750)		(263	)		(51,943	)
Broadcom, strike price $530, expiration date 11/18/22, notional amount $(5,088,000)		(96	)		(18,960	)
Chevron, strike price $155, expiration date 12/16/22, notional amount $(3,890,500)		(251	)		(128,637	)
Costco Wholesale, strike price $525, expiration date 10/21/22, notional amount $(3,675,000)		(70	)		(7,735	)
Exxon Mobil, strike price $95, expiration date 12/16/22, notional amount $(3,714,500)		(391	)		(121,210	)
Home Depot, strike price $280, expiration date 11/18/22, notional amount $(4,172,000)		(149	)		(197,426	)
Honeywell International, strike price $200, expiration date 12/16/22, notional amount $(2,380,000)		(119	)		(7,140	)
JPMorgan Chase & Co., strike price $115, expiration date 11/18/22, notional amount $(2,725,500)		(237	)		(38,986	)
Lockheed Martin, strike price $420, expiration date 11/18/22, notional amount $(2,646,000)		(63	)		(33,705	)
Mastercard, strike price $320, expiration date 11/18/22, notional amount $(3,776,000)		(118	)		(42,185	)
Medtronic, strike price $90, expiration date 11/18/22, notional amount $(3,546,000)		(394	)		(24,625	)
Microsoft, strike price $260, expiration date 11/18/22, notional amount $(7,904,000)		(304	)		(102,600	)
NextEra Energy, strike price $90, expiration date 12/16/22, notional amount $(4,347,000)		(483	)		(43,470	)
Philip Morris International, strike price $100, expiration date 10/21/22, notional amount $(2,490,000)		(249	)		(3,113	)
Raytheon Technologies, strike price $90, expiration date 11/18/22, notional amount $(2,241,000)		(249	)		(25,523	)
Southwest Airlines, strike price $35, expiration date 11/18/22, notional amount $(2,173,500)		(621	)		(43,470	)
Tesla, strike price $300, expiration date 10/21/22, notional amount $(2,970,000)		(99	)		(54,697	)
Texas Instruments, strike price $170, expiration date 11/18/22, notional amount $(4,913,000)		(289	)		(76,729	)
TJX, strike price $62.5, expiration date 10/21/22, notional amount $(1,618,750)		(259	)		(53,483	)

Table of Contents

	Number of contracts			Value (US $)
Options Written (continued)
Equity Call Options (continued)
Union Pacific, strike price $220, expiration date 11/18/22, notional amount $(2,926,000)		(133	)	$	(21,945	)
UnitedHealth Group, strike price $530, expiration date 11/18/22, notional amount $(4,929,000)		(93	)		(121,132	)
Verizon Communications, strike price $40, expiration date 11/18/22, notional amount $(1,860,000)		(465	)		(26,273	)
Total Options Written (premium received $3,836,961)					(1,588,729	)


◆	Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting.
~	All or portion of the security has been pledged as collateral for outstanding options written.
†	Non-income producing security.

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

Table of Contents

Schedules of investments

Delaware Hedged U.S. Equity Opportunities Fund

September 30, 2022

	Number of shares		Value (US $)
Common Stocks – 93.65%
Communication Services – 6.45%
Alphabet Class A †		8,208	$	785,095
Alphabet Class C †		3,566		342,871
AT&T		3,260		50,008
Cable One		341		290,890
Cargurus †		4,599		65,168
Charter Communications Class A †		319		96,769
Electronic Arts		1,261		145,910
Match Group †		3,740		178,585
Meta Platforms Class A †		5,160		700,109
Netflix †		774		182,231
Omnicom Group		293		18,485
Roku †		1,075		60,630
Snap Class A †		238		2,337
Spotify Technology †		729		62,913
Take-Two Interactive Software †		540		58,860
T-Mobile US †		2,314		310,469
Verizon Communications		2,996		113,758
Walt Disney †		1,469		138,571
ZoomInfo Technologies †		2,459		102,442
				3,706,101
Consumer Discretionary – 11.52%
Airbnb Class A †		2,863		300,729
Amazon.com †		10,023		1,132,599
CarMax †		2,876		189,874
Chewy Class A †		2,954		90,747
Choice Hotels International		1,779		194,836
Compass Group		6,189		123,238
Denny’s †		10,650		100,216
Dollar General		325		77,954
Dollar Tree †		1,667		226,879
Domino’s Pizza		324		100,505
DraftKings Class A †		4,829		73,111
Etsy †		1,161		116,251
Garmin		483		38,790
Genuine Parts		202		30,163
Las Vegas Sands †		5,758		216,040
Lennar Class A		5,377		400,855
Lululemon Athletica †		614		171,650
McDonald’s		2,285		527,241
Monro		2,028		88,137
NIKE Class B		6,056		503,375
NVR †		116		462,501
Ross Stores		2,053		173,006
Steven Madden		6,265		167,088
Thor Industries		1,172		82,017
TJX		13,694		850,671
Ulta Beauty †		176		70,609
Visteon †		1,052		111,575
				6,620,657
Consumer Staples – 5.33%
Campbell Soup		302		14,230
Clorox		98		12,582
Coca-Cola		3,895		218,198
Colgate-Palmolive		6,878		483,180
Costco Wholesale		249		117,595
General Mills		863		66,115
Hormel Foods		842		38,261
Kellogg		1,429		99,544
Keurig Dr Pepper		7,005		250,919
Monster Beverage †		920		80,003
PepsiCo		3,165		516,718
Philip Morris International		2,520		209,185
Procter & Gamble		4,168		526,210
Unilever		4,842		212,757
US Foods Holding †		5,189		137,197
Walmart		629		81,581
				3,064,275
Energy – 2.90%
Canadian Natural Resources		5,097		237,367
Cenovus Energy		5,609		86,210
Cheniere Energy		346		57,405
Chevron		415		59,623
ConocoPhillips		1,187		121,478
Diamondback Energy		1,816		218,755
EOG Resources		630		70,390
Exxon Mobil		1,112		97,089
Halliburton		8,726		214,834
Marathon Oil		5,357		120,961
Pioneer Natural Resources		218		47,204
Schlumberger		9,299		333,834
				1,665,150
Financials – 14.01%
Aegon		34,515		136,679
Allstate		1,767		220,045
American Express		2,525		340,648
American International Group		3,196		151,746
Apollo Global Management		2,724		126,666
Arthur J Gallagher & Co.		300		51,366
Berkshire Hathaway Class B †		1,200		320,424
Brown & Brown		340		20,563
Cadence Bank		6,451		163,920
Cboe Global Markets		98		11,502
Charles Schwab		9,778		702,745
Chubb		4,229		769,171
CME Group		597		105,747
Credit Acceptance †		523		229,074

Table of Contents

	Number of shares		Value (US $)
Common Stocks (continued)
Financials (continued)
Equitable Holdings		5,302	$	139,708
First Citizens BancShares Class A		156		124,399
First Republic Bank		888		115,928
Globe Life		3,868		385,640
Goldman Sachs Group		205		60,075
Hanover Insurance Group		1,087		139,288
Intercontinental Exchange		802		72,461
Kemper		4,326		178,491
M&T Bank		2,717		479,061
Markel †		273		295,992
MarketAxess Holdings		11		2,447
Marsh & McLennan		3,985		594,921
MetLife		3,805		231,268
Moody’s		295		71,717
Progressive		2,035		236,487
Raymond James Financial		2,097		207,226
Royal Bank of Canada		2,194		197,537
S&P Global		805		245,807
SEI Investments		102		5,003
Tradeweb Markets Class A		2,563		144,604
Travelers		261		39,985
US Bancorp		2,009		81,003
Voya Financial		5,787		350,114
Western Alliance Bancorp		2,085		137,068
Willis Towers Watson		159		31,949
Zions Bancorp		2,658		135,186
				8,053,661
Healthcare – 13.78%
Abbott Laboratories		503		48,670
Agilent Technologies		1,378		167,496
Alnylam Pharmaceuticals †		190		38,030
Apellis Pharmaceuticals †		2,231		152,377
AstraZeneca ADR		3,612		198,082
Avantor †		6,756		132,418
Baxter International		4,670		251,526
Becton Dickinson and Co.		440		98,045
Boston Scientific †		4,037		156,353
Bristol-Myers Squibb		1,482		105,355
Centene †		2,895		225,260
CVS Health		1,957		186,639
Danaher		2,856		737,676
DENTSPLY SIRONA		4,264		120,884
Dexcom †		1,888		152,060
Eli Lilly & Co.		1,091		352,775
Encompass Health		5,135		232,256
Enhabit †		2,646		37,150
Exact Sciences †		3,183		103,416
Humana		554		268,795
Insulet †		1,111		254,863
Integra LifeSciences Holdings †		2,971		125,852
Intuitive Surgical †		620		116,213
Jazz Pharmaceuticals †		875		116,629
Johnson & Johnson		3,289		537,291
Medtronic		3,950		318,962
Merck & Co.		1,161		99,985
Molina Healthcare †		547		180,422
Novartis		1,261		96,135
Pfizer		2,447		107,081
PTC Therapeutics †		2,838		142,468
Regeneron Pharmaceuticals †		168		115,730
Seagen †		1,660		227,138
Stryker		2,120		429,385
Syneos Health †		2,141		100,948
Teleflex		423		85,218
Thermo Fisher Scientific		195		98,902
Ultragenyx Pharmaceutical †		1,993		82,530
UnitedHealth Group		1,188		599,988
Veeva Systems Class A †		1,325		218,466
Vertex Pharmaceuticals †		346		100,181
				7,919,650
Industrials – 11.73%
3M		790		87,295
AerCap Holdings †		3,827		161,997
Airbus		1,369		118,008
AMERCO		334		170,079
Boeing †		670		81,124
Builders FirstSource †		2,936		172,989
Canadian National Railway		1,976		213,400
Cintas		578		224,374
Clean Harbors †		1,581		173,878
Copart †		2,769		294,622
CoStar Group †		1,662		115,758
Expeditors International of Washington		3,679		324,893
Fastenal		3,520		162,061
Fortive		1,961		114,326
General Dynamics		38		8,062
Graco		1,569		94,062
Honeywell International		3,227		538,812
IDEX		1,219		243,617
JB Hunt Transport Services		846		132,331
John Bean Technologies		1,298		111,628
Johnson Controls International		5,725		281,785
Knight-Swift Transportation Holdings		4,093		200,270
Leidos Holdings		4,039		353,291

Table of Contents

Schedules of investments

Delaware Hedged U.S. Equity Opportunities Fund

	Number of shares		Value (US $)
Common Stocks (continued)
Industrials (continued)
Lennox International		810	$	180,363
Lockheed Martin		285		110,093
Middleby †		1,595		204,431
Nordson		43		9,128
Northrop Grumman		987		464,206
PACCAR		4,802		401,879
Rollins		316		10,959
Spirit AeroSystems Holdings Class A		4,489		98,399
Techtronic Industries		7,000		66,795
Union Pacific		1,609		313,465
Waste Connections		368		49,728
Westinghouse Air Brake Technologies		5,566		452,794
				6,740,902
Information Technology – 18.52%
Accenture Class A		1,852		476,520
Amphenol Class A		890		59,594
ANSYS †		125		27,712
Apple		10,180		1,406,876
Arista Networks †		2,049		231,312
Automatic Data Processing		471		106,535
Black Knight †		2,391		154,769
Block †		2,578		141,764
CDW		854		133,292
Cisco Systems		2,496		99,840
Cognizant Technology Solutions Class A		2,474		142,107
Coherent †		2,386		83,152
Constellation Software		262		364,562
Datadog Class A †		970		86,117
Dynatrace †		3,183		110,800
EPAM Systems †		81		29,337
F5 †		2,220		321,301
Fidelity National Information Services		2,443		184,618
First Solar †		470		62,167
Five9 †		686		51,436
Fleetcor Technologies †		814		143,402
Flex †		8,044		134,013
Genpact		6,356		278,202
GoDaddy Class A †		2,149		152,321
Guidewire Software †		1,023		62,996
Intel		3,168		81,639
International Business Machines		312		37,069
Jack Henry & Associates		105		19,138
Lumentum Holdings †		3,507		240,475
Mastercard Class A		1,304		370,779
Micron Technology		2,976		149,098
Microsoft		7,545		1,757,230
MKS Instruments		1,082		89,416
MongoDB †		785		155,870
National Instruments		3,171		119,674
NVIDIA		681		82,667
NXP Semiconductors		1,062		156,656
Okta †		1,126		64,036
Palo Alto Networks †		972		159,204
Paychex		469		52,626
Paycom Software †		523		172,585
QUALCOMM		1,561		176,362
Roper Technologies		151		54,306
Salesforce †		1,524		219,212
Samsung Electronics GDR		77		62,339
Shopify Class A †		1,686		45,421
SolarEdge Technologies †		268		62,031
Synaptics †		1,046		103,564
Topicus.com †		407		19,570
Tyler Technologies †		59		20,503
Universal Display		497		46,892
Visa Class A		3,225		572,921
VMware Class A		1,518		161,606
Western Union		547		7,385
WEX †		870		110,438
Workday Class A †		1,517		230,918
				10,646,375
Materials – 4.47%
Albemarle		513		135,658
Ball		2,482		119,930
Celanese		933		84,287
CRH		4,481		143,736
Ecolab		3,199		462,000
Element Solutions		7,399		120,382
FMC		3,906		412,864
Linde		1,678		452,372
Nutrien		786		65,537
PPG Industries		1,370		151,645
Reliance Steel & Aluminum		1,205		210,164
Rio Tinto ADR		887		48,838
Sherwin-Williams		799		163,595
				2,571,008
Real Estate – 2.96%
American Tower		2,355		505,618
Americold Realty Trust		5,269		129,617
AvalonBay Communities		388		71,466
Equinix		248		141,072
Gaming and Leisure Properties		3,865		170,988

Table of Contents

	Number of shares			Value (US $)
Common Stocks (continued)
Real Estate (continued)
Innovative Industrial Properties		674		$	59,649
Public Storage		586			171,587
Ryman Hospitality Properties		1,595			117,376
VICI Properties		7,530			224,771
Welltower		1,651			106,192
					1,698,336
Utilities – 1.98%
AES		6,886			155,624
American Electric Power		71			6,138
Avangrid		1,265			52,751
Consolidated Edison		513			43,995
Dominion Energy		868			59,987
Duke Energy		2,174			202,225
Exelon		5,469			204,869
Iberdrola		15,770			147,042
Pinnacle West Capital		1,544			99,603
UGI		3,777			122,110
WEC Energy Group		455			40,691
					1,135,035
Total Common Stocks (cost $59,093,192)					53,821,150

Exchange-Traded Fund – 0.50%
iShares Russell 1000 Growth ETF		1,379			290,142
Total Exchange-Traded Fund (cost $339,123)					290,142

	Number of contracts
Options Purchased – 1.94%
Options on Indices – 1.94%
S&P 500 Index, strike price $3,450, expiration date 12/16/22, notional amount $4,140,000		12			144,000
S&P 500 Index, strike price $3,600, expiration date 11/18/22, notional amount $5,400,000		15			215,700
S&P 500 Index, strike price $3,650, expiration date 3/17/23, notional amount $6,935,000		19			491,625
S&P 500 Index, strike price $3,700, expiration date 12/16/22, notional amount $4,440,000		12			264,060
Total Options Purchased (cost $822,138)					1,115,385

	Number of shares
Short-Term Investments – 2.87%
Money Market Mutual Funds – 2.87%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		411,825			411,825
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		411,827			411,827
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		411,827			411,827
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		411,826			411,826
Total Short-Term Investments (cost $1,647,305)					1,647,305
Total Value of Securities Before Options Written–98.96% (cost $61,901,758)					56,873,982

	Number of contracts
Options Written – (0.67%)
Options on Indices – (0.67%)
S&P 500 Index, strike price $3,100, expiration date 12/16/22, notional amount $(3,720,000)		(12	)		(57,480	)
S&P 500 Index, strike price $3,225, expiration date 11/18/22, notional amount $(4,837,500)		(15	)		(64,125	)

Table of Contents

Schedules of investments

Delaware Hedged U.S. Equity Opportunities Fund

	Number of contracts			Value (US $)
Options Written (continued)
Options on Indices (continued)
S&P 500 Index, strike price $3,300, expiration date 3/17/23, notional amount $(6,270,000)	(19	)	$	(265,050	)
Total Options Written (premium received $262,615)				(386,655	)


†	Non-income producing security.

The following foreign currency exchange contracts and futures contracts were outstanding at September 30, 2022:¹

Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)			In Exchange For			Settlement Date	Unrealized Appreciation
BNYM	CAD	(1,230	)	USD	900		10/3/22	$	10
SSB	HKD	190,150		USD	(24,223	)	10/3/22		3
TD	CAD	(1,295,000	)	USD	974,076		12/21/22		36,154
TD	GBP	(459,000	)	USD	528,533		12/21/22		15,359
UBS	HKD	339,408		USD	(43,237	)	10/5/22		6
Total Foreign Currency Exchange Contracts								$	51,532

Futures Contracts
Exchange-Traded

Contracts to Buy (Sell)		Notional Amount			Notional Cost (Proceeds)			Expiration Date	Value/ Unrealized Appreciation		Variation Margin Due from (Due to) Brokers
(10)	E-Mini S&P 500 Index	$	(1,800,750	)	$	(2,043,031	)	12/16/22	$	242,281	$	26,375
(16)	E-Mini S&P MidCap 400 Index		(3,533,120	)		(4,008,790	)	12/16/22		475,670		27,200
(16)	EURO STOXX 50 Index		(519,819	)		(571,929	)	12/16/22		52,110		(7,376	)
(11)	FTSE 100 Index		(849,242	)		(919,786	)	12/16/22		70,544		(4,050	)
(2)	MSCI EAFE Index		(166,060	)		(187,831	)	12/16/22		21,771		740
(7)	S&P/TSX 60 Index		(1,131,067	)		(1,188,138	)	12/15/22		57,071		1,244
Total Futures Contracts					$	(8,919,505	)		$	919,447	$	44,133

The use of foreign currency exchange contracts and futures contracts involve elements of market risk and risks in excess of the amounts disclosed in these 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.

¹	See Note 8 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt

BNYM – Bank of New York Mellon

EAFE – Europe, Australasia, and Far East

ETF – Exchange-Traded Fund

FTSE – Financial Times Stock Exchange

Table of Contents

Summary of abbreviations: (continued)

GDR – Global Depositary Receipt

MSCI – Morgan Stanley Capital International

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

SSB – State Street Bank

TD – TD Bank

TSX – Toronto Stock Exchange

Summary of currencies:

CAD – Canadian Dollar

GBP – British Pound Sterling

HKD – Hong Kong Dollar

USD – US Dollar

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

Table of Contents

Schedules of investments

Delaware Premium Income Fund

September 30, 2022

	Number of shares			Value (US $)
Common Stocks – 108.46%◆
Communication Services – 8.02%
Alphabet Class A ~, †		12,000		$	1,147,800
Comcast Class A ~		27,600			809,508
Meta Platforms Class A ~, †		5,900			800,512
Verizon Communications ~		13,300			505,001
					3,262,821
Consumer Discretionary – 13.55%
Booking Holdings ~, †		500			821,605
Darden Restaurants ~		6,400			808,448
Home Depot ~		5,900			1,628,046
TJX ~		16,800			1,043,616
Whirlpool ~		9,000			1,213,290
					5,515,005
Consumer Staples – 7.21%
Constellation Brands Class A ~		6,400			1,469,952
Mondelez International Class A ~		22,700			1,244,641
Sysco ~		3,100			219,201
					2,933,794
Energy – 7.54%
Chevron ~		12,300			1,767,141
Exxon Mobil ~		14,900			1,300,919
					3,068,060
Financials – 13.90%
American Express ~		9,300			1,254,663
Bank of America ~		44,200			1,334,840
BlackRock ~		3,200			1,760,896
JPMorgan Chase & Co. ~		12,500			1,306,250
					5,656,649
Healthcare – 12.36%
Amgen ~		3,200			721,280
Bristol-Myers Squibb ~		17,700			1,258,293
Medtronic ~		9,300			750,975
Pfizer ~		41,000			1,794,160
UnitedHealth Group ~		1,000			505,040
					5,029,748
Industrials – 13.30%
Boeing ~, †		9,200			1,113,936
CSX ~		59,200			1,577,088
Lockheed Martin ~		2,800			1,081,612
Raytheon Technologies ~		9,800			802,228
United Rentals ~, †		3,100			837,372
					5,412,236
Information Technology – 28.28%
Apple ~		12,700			1,755,140
Broadcom ~		8,000			3,552,080
Cisco Systems ~		39,600			1,584,000
Corning ~		48,200			1,398,764
Microsoft ~		6,200			1,443,980
Texas Instruments ~		4,000			619,120
Visa Class A ~		6,500			1,154,725
					11,507,809
Materials – 1.99%
PPG Industries ~		7,300			808,037
					808,037
Utilities – 2.31%
NextEra Energy ~		12,000			940,920
					940,920
Total Common Stocks (cost $43,238,293)					44,135,079

Short-Term Investments – 7.67%
Money Market Mutual Funds – 7.67%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		780,622			780,622
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		780,622			780,622
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		780,622			780,622
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		780,623			780,623

Total Short-Term Investments (cost $3,122,489)					3,122,489
Total Value of Securities Before Options Written–116.13% (cost $46,360,782)					47,257,568

	Number of contracts
Options Written – (15.88%)
Equity Call Options – (15.88%)
Alphabet, strike price $115, expiration date 1/20/23, notional amount $(460,000)		(40	)		(8,080	)
Alphabet, strike price $95, expiration date 6/16/23, notional amount $(760,000)		(80	)		(111,600	)

Table of Contents

	Number of contracts			Value (US $)
Options Written (continued)
Equity Call Options (continued)
American Express, strike price $115, expiration date 6/16/23, notional amount $(1,069,500)		(93	)	$	(279,697	)
Amgen, strike price $210, expiration date 1/20/23, notional amount $(672,000)		(32	)		(74,960	)
Apple, strike price $145, expiration date 3/17/23, notional amount $(1,841,500)		(127	)		(149,225	)
Bank of America, strike price $25, expiration date 6/16/23, notional amount $(1,105,000)		(442	)		(313,820	)
BlackRock, strike price $510, expiration date 6/16/23, notional amount $(1,224,000)		(24	)		(219,960	)
BlackRock, strike price $590, expiration date 1/20/23, notional amount $(472,000)		(8	)		(23,480	)
Boeing, strike price $115, expiration date 3/17/23, notional amount $(632,500)		(55	)		(113,987	)
Boeing, strike price $140, expiration date 3/17/23, notional amount $(518,000)		(37	)		(35,428	)
Booking Holdings, strike price $1,520, expiration date 6/16/23, notional amount $(456,000)		(3	)		(100,680	)
Booking Holdings, strike price $2,100, expiration date 1/20/23, notional amount $(420,000)		(2	)		(6,700	)
Bristol-Myers Squibb, strike price $62.5, expiration date 1/20/23, notional amount $(1,106,250)		(177	)		(175,230	)
Broadcom, strike price $400, expiration date 6/16/23, notional amount $(1,600,000)		(40	)		(332,600	)
Broadcom, strike price $420, expiration date 6/16/23, notional amount $(1,680,000)		(40	)		(284,600	)
Chevron, strike price $130, expiration date 3/17/23, notional amount $(1,599,000)		(123	)		(274,290	)
Cisco Systems, strike price $37.5, expiration date 6/16/23, notional amount $(1,485,000)		(396	)		(224,730	)
Comcast, strike price $27.5, expiration date 6/16/23, notional amount $(759,000)		(276	)		(129,030	)
Constellation Brands, strike price $200, expiration date 1/20/23, notional amount $(1,280,000)		(64	)		(234,560	)
Corning, strike price $28, expiration date 5/19/23, notional amount $(1,349,600)		(482	)		(180,750	)
CSX, strike price $25, expiration date 6/16/23, notional amount $(1,480,000)		(592	)		(242,720	)
Darden Restaurants, strike price $115, expiration date 1/20/23, notional amount $(736,000)		(64	)		(107,200	)
Exxon Mobil, strike price $75, expiration date 6/16/23, notional amount $(1,117,500)		(149	)		(267,455	)
Home Depot, strike price $250, expiration date 6/16/23, notional amount $(1,475,000)		(59	)		(276,267	)
JPMorgan Chase & Co., strike price $105, expiration date 6/16/23, notional amount $(420,000)		(40	)		(44,600	)
JPMorgan Chase & Co., strike price $110, expiration date 6/16/23, notional amount $(935,000)		(85	)		(75,862	)

Table of Contents

Schedules of investments

Delaware Premium Income Fund

	Number of contracts			Value (US $)
Options Written (continued)
Equity Call Options (continued)
Lockheed Martin, strike price $360, expiration date 6/16/23, notional amount $(1,008,000)		(28	)	$	(152,740	)
Medtronic, strike price $77.5, expiration date 6/16/23, notional amount $(720,750)		(93	)		(96,255	)
Meta Platforms, strike price $120, expiration date 6/16/23, notional amount $(708,000)		(59	)		(195,585	)
Microsoft, strike price $225, expiration date 6/16/23, notional amount $(810,000)		(36	)		(120,600	)
Microsoft, strike price $235, expiration date 6/16/23, notional amount $(611,000)		(26	)		(72,800	)
Mondelez International, strike price $55, expiration date 6/16/23, notional amount $(1,248,500)		(227	)		(115,770	)
NextEra Energy, strike price $72.5, expiration date 6/16/23, notional amount $(870,000)		(120	)		(145,800	)
Pfizer, strike price $45, expiration date 6/16/23, notional amount $(1,845,000)		(410	)		(160,925	)
PPG Industries, strike price $95, expiration date 5/19/23, notional amount $(693,500)		(73	)		(167,170	)
Raytheon Technologies, strike price $80, expiration date 6/16/23, notional amount $(400,000)		(50	)		(49,625	)
Raytheon Technologies, strike price $85, expiration date 1/20/23, notional amount $(408,000)		(48	)		(20,880	)
Sysco, strike price $75, expiration date 11/18/22, notional amount $(232,500)		(31	)		(5,193	)
Texas Instruments, strike price $145, expiration date 6/16/23, notional amount $(580,000)		(40	)		(94,500	)
TJX, strike price $52.5, expiration date 1/20/23, notional amount $(882,000)		(168	)		(196,140	)
United Rentals, strike price $210, expiration date 3/17/23, notional amount $(651,000)		(31	)		(236,375	)
UnitedHealth Group, strike price $410, expiration date 1/20/23, notional amount $(410,000)		(10	)		(106,075	)
Verizon Communications, strike price $40, expiration date 6/16/23, notional amount $(532,000)		(133	)		(26,334	)
Visa, strike price $180, expiration date 6/16/23, notional amount $(828,000)		(46	)		(91,655	)
Visa, strike price $185, expiration date 6/16/23, notional amount $(351,500)		(19	)		(33,203	)
Whirlpool, strike price $140, expiration date 1/20/23, notional amount $(1,260,000)		(90	)		(89,100	)
Total Options Written (premium received $9,663,539)					(6,464,236	)


◆	Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting.
~	All or portion of the security has been pledged as collateral for outstanding options written.
†	Non-income producing security.

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

Table of Contents

Delaware Total Return Fund

September 30, 2022

	Principal amount^°		Value (US $)
Agency Mortgage-Backed Securities – 3.56%
Fannie Mae 4.50% 2/1/44		59,685	$	58,112
Fannie Mae S.F. 15 yr
2.00% 2/1/36		148,234		130,778
2.50% 7/1/36		296,470		269,412
Fannie Mae S.F. 20 yr
2.00% 3/1/41		63,361		53,083
2.50% 1/1/41		50,713		43,753
3.00% 3/1/33		323,846		298,400
4.00% 8/1/42		282,660		265,407
4.00% 9/1/42		258,468		242,692
Fannie Mae S.F. 30 yr
2.00% 12/1/50		62,362		50,815
2.00% 3/1/51		70,681		57,526
2.00% 3/1/51		659,622		537,194
2.00% 6/1/51		770,796		628,772
2.50% 10/1/50		165,412		140,003
2.50% 5/1/51		18,404		15,519
2.50% 8/1/51		230,220		194,714
2.50% 8/1/51		94,599		80,046
2.50% 11/1/51		111,141		93,616
2.50% 2/1/52		415,066		349,533
2.50% 4/1/52		423,765		356,438
3.00% 3/1/50		111,651		98,930
3.00% 5/1/51		11,977		10,529
3.50% 12/1/47		382,099		348,439
3.50% 1/1/48		233,559		213,543
3.50% 8/1/50		72,862		66,557
3.50% 1/1/52		794,378		716,882
3.50% 5/1/52		148,804		134,818
4.00% 3/1/47		207,292		196,492
4.50% 5/1/49		149,762		144,256
4.50% 1/1/50		586,576		574,722
5.00% 7/1/47		89,450		90,154
5.00% 6/1/52		170,661		166,471
5.00% 9/1/52		565,450		551,421
5.50% 8/1/52		509,172		508,176
5.50% 10/1/52		345,000		343,689
6.00% 5/1/36		27,682		28,164
6.00% 6/1/37		9,221		9,688
6.00% 7/1/37		12,992		13,656
6.00% 8/1/37		14,975		15,688
6.00% 10/1/40		104,289		109,744
6.50% 11/1/33		70,340		72,494
6.50% 6/1/36		12,415		12,795
7.00% 3/1/32		93,853		94,732
7.00% 8/1/32		78,943		78,965
Freddie Mac S.F. 15 yr
2.00% 12/1/35		97,107		85,917
3.00% 3/1/35		144,476		134,277
4.50% 9/1/37		280,251		275,861
Freddie Mac S.F. 20 yr
2.00% 3/1/41		72,904		61,070
2.50% 6/1/41		378,955		325,919
3.00% 9/1/40		114,548		101,581
3.00% 4/1/42		310,876		275,681
3.50% 9/1/35		304,648		286,225
Freddie Mac S.F. 30 yr
2.50% 10/1/50		51,973		44,068
2.50% 5/1/52		438,097		368,017
3.00% 11/1/46		60,077		53,445
3.00% 8/1/51		728,658		638,267
3.50% 8/1/49		308,461		280,597
4.00% 4/1/52		326,942		303,725
4.00% 8/1/52		112,794		104,957
4.50% 10/1/40		266,335		261,226
5.50% 9/1/52		229,000		230,246
5.50% 9/1/52		108,000		109,249
5.50% 10/1/52		305,000		304,122
GNMA I S.F. 30 yr
3.00% 8/15/45		277,874		247,966
GNMA II S.F. 30 yr
3.00% 12/20/51		117,779		104,311
3.00% 1/20/52		172,571		152,848
Total Agency Mortgage-Backed Securities (cost $14,753,655)				13,216,393

Collateralized Debt Obligations – 0.34%
Octagon Investment Partners 34 Series 2017-1A A1 144A 3.85% (LIBOR03M + 1.14%) 1/20/30 #, ●		1,000,000		982,951
Venture 34 CLO Series 2018-34A A 144A 3.742% (LIBOR03M + 1.23%, Floor 1.23%) 10/15/31 #, ●		300,000		291,917
Total Collateralized Debt Obligations (cost $1,298,140)				1,274,868

Convertible Bonds – 8.43%
Basic Industry – 0.14%
Ivanhoe Mines 144A 2.50% exercise price $7.43, maturity date 4/15/26 #		450,000		507,959
				507,959
Capital Goods – 0.26%
Kaman 3.25% exercise price $65.26, maturity date 5/1/24		1,013,000		955,766
				955,766

Table of Contents

Schedules of investments

Delaware Total Return Fund

	Principal amount^°		Value (US $)
Convertible Bonds (continued)
Communications – 1.01%
Cable One 1.125% exercise price $2,275.83, maturity date 3/15/28		1,400,000	$	1,015,000
DISH Network 3.375% exercise price $65.18, maturity date 8/15/26		1,397,000		964,628
Liberty Broadband 144A 1.25% exercise price $900.01, maturity date 9/30/50 #		1,442,000		1,369,900
Liberty Latin America 2.00% exercise price $20.65, maturity date 7/15/24		480,000		422,119
				3,771,647
Consumer Cyclical – 0.53%
Cheesecake Factory 0.375% exercise price $77.77, maturity date 6/15/26		1,566,000		1,218,544
Ford Motor 3.177% exercise price $17.03, maturity date 3/15/26 ^		825,000		758,587
				1,977,131
Consumer Non-Cyclical – 2.39%
BioMarin Pharmaceutical 0.599% exercise price $124.67, maturity date 8/1/24		422,000		419,186
Chefs’ Warehouse 1.875% exercise price $44.20, maturity date 12/1/24		1,389,000		1,368,165
Chegg 4.526% exercise price $107.55, maturity date 9/1/26 ^		1,287,000		983,247
Coherus Biosciences 1.50% exercise price $19.26, maturity date 4/15/26		790,000		625,087
Collegium Pharmaceutical 2.625% exercise price $29.19, maturity date 2/15/26		678,000		584,271
CONMED 144A 2.25% exercise price $145.33, maturity date 6/15/27 #		1,145,000		990,425
Integra LifeSciences Holdings 0.50% exercise price $73.67, maturity date 8/15/25		1,222,000		1,071,911
Ionis Pharmaceuticals 0.125% exercise price $83.28, maturity date 12/15/24		981,000		892,062
Jazz Investments I 2.00% exercise price $155.81, maturity date 6/15/26		523,000		562,225
Paratek Pharmaceuticals 4.75% exercise price $15.90, maturity date 5/1/24		1,540,000		1,377,684
				8,874,263
Electric – 0.60%
NextEra Energy Partners 144A 3.748% exercise price $75.96, maturity date 11/15/25 #, ^		455,000		456,346
NRG Energy 2.75% exercise price $43.77, maturity date 6/1/48		850,000		909,075
Ormat Technologies 144A 2.50% exercise price $90.27, maturity date 7/15/27 #		746,000		858,646
				2,224,067
Energy – 0.35%
Helix Energy Solutions Group 6.75% exercise price $6.97, maturity date 2/15/26		1,270,000		1,292,225
				1,292,225
Financials – 0.56%
FTI Consulting 2.00% exercise price $101.38, maturity date 8/15/23		722,000		1,194,621
Repay Holdings 144A 2.325% exercise price $33.60, maturity date 2/1/26 #, ^		1,277,000		906,670
				2,101,291
Industrials – 0.37%
Chart Industries 144A 1.00% exercise price $58.73, maturity date 11/15/24 #		394,000		1,240,233
Danimer Scientific 144A 3.25% exercise price $10.79, maturity date 12/15/26 #		234,000		124,020
				1,364,253

Table of Contents

	Principal amount^°		Value (US $)
Convertible Bonds (continued)
Real Estate Investment Trusts – 0.33%
Blackstone Mortgage Trust 4.75% exercise price $36.23, maturity date 3/15/23		922,000	$	918,574
Summit Hotel Properties 1.50% exercise price $11.94, maturity date 2/15/26		367,000		306,078
				1,224,652
Technology – 1.52%
Block 0.125% exercise price $121.01, maturity date 3/1/25		619,000		564,064
InterDigital 144A 3.50% exercise price $77.49, maturity date 6/1/27 #		1,383,000		1,208,742
ON Semiconductor 1.625% exercise price $20.72, maturity date 10/15/23		402,000		1,213,437
Palo Alto Networks 0.75% exercise price $88.78, maturity date 7/1/23		591,000		1,097,192
Quotient Technology 1.75% exercise price $17.36, maturity date 12/1/22		642,000		633,975
Vishay Intertechnology 2.25% exercise price $31.22, maturity date 6/15/25		486,000		452,903
Wolfspeed 144A 0.25% exercise price $127.22, maturity date 2/15/28 #		459,000		482,409
				5,652,722
Transportation – 0.37%
Seaspan 144A 3.75% exercise price $13.01, maturity date 12/15/25 #		423,000		495,121
Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26		1,018,000		871,917
				1,367,038
Total Convertible Bonds (cost $31,761,454)				31,313,014

Corporate Bonds – 12.94%
Automotive – 0.19%
Allison Transmission 144A 5.875% 6/1/29 #		400,000		362,624
Ford Motor Credit 4.542% 8/1/26		285,000		254,168
Goodyear Tire & Rubber 5.25% 7/15/31		135,000		108,165
				724,957
Banking – 1.59%
Ally Financial 4.70% 5/15/26 µ, Ψ		15,000		11,740
Banco Continental 144A 2.75% 12/10/25 #		200,000		174,749
Banco Nacional de Panama 144A 2.50% 8/11/30 #		205,000		150,690
Bank of America
2.482% 9/21/36 µ		405,000		293,137
2.551% 2/4/28 µ		190,000		165,485
2.972% 2/4/33 µ		5,000		3,915
4.948% 7/22/28 µ		100,000		96,187
6.125% 4/27/27 µ, Ψ		10,000		9,475
Bank of New York Mellon 4.70% 9/20/25 µ, Ψ		20,000		19,200
Barclays 5.20% 5/12/26		200,000		190,456
BBVA Bancomer 144A 1.875% 9/18/25 #		200,000		179,390
Citigroup 5.61% 9/29/26 µ		395,000		393,095
Corp. Financiera de Desarrollo 144A 2.40% 9/28/27 #		200,000		166,223
Credit Agricole 144A 2.811% 1/11/41 #		620,000		368,642
Credit Suisse Group 144A 2.593% 9/11/25 #, µ		250,000		227,605
Fifth Third Bancorp 4.337% 4/25/33 µ		10,000		8,879
Goldman Sachs Group
1.542% 9/10/27 µ		533,000		450,842
3.102% 2/24/33 µ		5,000		3,977
3.615% 3/15/28 µ		70,000		63,775
Huntington National Bank 4.552% 5/17/28 µ		250,000		240,941
JPMorgan Chase & Co.
1.764% 11/19/31 µ		150,000		109,790
1.953% 2/4/32 µ		480,000		355,738
3.328% 4/22/52 µ		5,000		3,309
4.60% 2/1/25 µ, Ψ		30,000		26,208
4.851% 7/25/28 µ		110,000		105,733
4.912% 7/25/33 µ		20,000		18,470
KeyCorp 4.789% 6/1/33 µ		10,000		9,183
Morgan Stanley
1.928% 4/28/32 µ		75,000		54,867
2.475% 1/21/28 µ		190,000		166,265
2.484% 9/16/36 µ		284,000		203,923
NBK SPC 144A 1.625% 9/15/27 #, µ		205,000		176,446

Table of Contents

Schedules of investments

Delaware Total Return Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
PNC Financial Services Group
2.60% 7/23/26		75,000	$	68,492
6.00% 5/15/27 µ, Ψ		5,000		4,650
6.20% 9/15/27 µ, Ψ		10,000		9,475
QNB Finance 2.625% 5/12/25		200,000		187,966
State Street 2.203% 2/7/28 µ		10,000		8,778
SVB Financial Group
1.80% 10/28/26		6,000		5,164
1.80% 2/2/31		15,000		10,754
4.00% 5/15/26 µ, Ψ		375,000		285,175
4.57% 4/29/33 µ		17,000		14,924
Toronto-Dominion Bank 4.108% 6/8/27		15,000		14,162
Truist Bank 2.636% 9/17/29 µ		275,000		256,423
Truist Financial
1.887% 6/7/29 µ		20,000		16,385
4.916% 7/28/33 µ		20,000		18,102
4.95% 9/1/25 µ, Ψ		30,000		28,899
US Bancorp
2.215% 1/27/28 µ		5,000		4,411
2.491% 11/3/36 µ		10,000		7,532
2.677% 1/27/33 µ		320,000		257,611
3.00% 7/30/29		290,000		249,755
Wells Fargo & Co.
4.611% 4/25/53 µ		15,000		12,209
4.808% 7/25/28 µ		15,000		14,321
				5,923,523
Basic Industry – 0.58%
AngloGold Ashanti Holdings 3.75% 10/1/30		200,000		155,421
Antofagasta 144A 5.625% 5/13/32 #		200,000		185,000
Avient 144A 5.75% 5/15/25 #		144,000		139,136
Celanese US Holdings
6.05% 3/15/25		5,000		4,889
6.165% 7/15/27		50,000		47,384
Chemours 144A 5.75% 11/15/28 #		260,000		213,255
First Quantum Minerals 144A 7.50% 4/1/25 #		365,000		351,782
FMG Resources August 2006 144A 5.875% 4/15/30 #		145,000		126,336
INEOS Quattro Finance 2 144A 3.375% 1/15/26 #		200,000		166,792
Newmont
2.25% 10/1/30		100,000		77,504
2.60% 7/15/32		45,000		34,367
2.80% 10/1/29		100,000		82,904
Novelis 144A 4.75% 1/30/30 #		425,000		349,575
OCP 144A 3.75% 6/23/31 #		200,000		152,440
Westlake 3.125% 8/15/51		105,000		64,834
				2,151,619
Brokerage – 0.05%
Charles Schwab 5.375% 6/1/25 µ, Ψ		25,000		24,438
Jefferies Group 2.625% 10/15/31		240,000		174,474
				198,912
Capital Goods – 0.47%
Boeing 3.25% 2/1/28		285,000		249,052
Eaton 4.15% 3/15/33		190,000		171,938
Lockheed Martin
3.90% 6/15/32		10,000		9,284
4.15% 6/15/53		10,000		8,394
Madison IAQ 144A 5.875% 6/30/29 #		180,000		125,690
Sealed Air 144A 5.00% 4/15/29 #		130,000		116,199
Teledyne Technologies
0.95% 4/1/24		115,000		107,463
2.25% 4/1/28		30,000		25,052
2.75% 4/1/31		310,000		244,931
Terex 144A 5.00% 5/15/29 #		260,000		223,665
TK Elevator US Newco 144A 5.25% 7/15/27 #		235,000		200,362
TransDigm 144A 6.25% 3/15/26 #		260,000		252,639
				1,734,669
Communications – 1.24%
Altice France 144A 5.50% 10/15/29 #		215,000		162,304
Altice France Holding 144A 6.00% 2/15/28 #		280,000		178,200
AT&T
1.70% 3/25/26		110,000		97,921
3.50% 6/1/41		84,000		60,679
3.50% 9/15/53		690,000		460,899
Cellnex Finance 144A 3.875% 7/7/41 #		250,000		156,846

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Charter Communications Operating
3.85% 4/1/61		125,000	$	73,297
4.40% 12/1/61		250,000		159,884
Comcast 3.20% 7/15/36		440,000		341,196
Consolidated Communications
144A 5.00% 10/1/28 #		110,000		76,710
144A 6.50% 10/1/28 #		110,000		82,500
Crown Castle 1.05% 7/15/26		485,000		410,262
Digicel International Finance 144A 8.75% 5/25/24 #		200,000		183,386
Discovery Communications 4.00% 9/15/55		240,000		142,028
Frontier Communications Holdings
144A 5.875% 10/15/27 #		370,000		332,449
144A 6.75% 5/1/29 #		110,000		91,002
Millicom International Cellular 144A 4.50% 4/27/31 #		200,000		143,044
Time Warner Cable 7.30% 7/1/38		110,000		104,869
Time Warner Entertainment 8.375% 3/15/23		55,000		55,778
T-Mobile USA
1.50% 2/15/26		15,000		13,182
2.55% 2/15/31		305,000		241,919
2.625% 4/15/26		120,000		108,887
3.00% 2/15/41		195,000		130,684
3.375% 4/15/29		120,000		103,860
3.50% 4/15/31		18,000		15,155
3.75% 4/15/27		40,000		36,966
Verizon Communications
2.355% 3/15/32		135,000		103,655
2.875% 11/20/50		10,000		6,142
3.40% 3/22/41		30,000		21,975
4.50% 8/10/33		245,000		221,179
Warnermedia Holdings
144A 3.755% 3/15/27 #		305,000		273,264
144A 4.279% 3/15/32 #		5,000		4,120
144A 5.141% 3/15/52 #		15,000		10,931
				4,605,173
Consumer Cyclical – 0.40%
Amazon.com
2.50% 6/3/50		15,000		9,411
3.60% 4/13/32		15,000		13,654
Aptiv
3.10% 12/1/51		323,000		181,518
3.25% 3/1/32		5,000		3,987
AutoNation 3.85% 3/1/32		5,000		3,958
B2W Digital 144A 4.375% 12/20/30 #		200,000		136,392
Ford Motor Credit 2.90% 2/16/28		350,000		275,588
General Motors
5.40% 10/2/23		15,000		15,008
5.40% 10/15/29		100,000		92,334
5.60% 10/15/32		5,000		4,470
6.125% 10/1/25		15,000		15,020
General Motors Financial 3.675% (SOFR + 0.76%) 3/8/24 ●		135,000		133,151
4.35% 4/9/25		75,000		72,503
5.25% 3/1/26		165,000		160,759
Hutama Karya Persero 144A 3.75% 5/11/30 #		400,000		355,944
VICI Properties 4.95% 2/15/30		10,000		9,058
				1,482,755
Consumer Goods – 0.18%
Pilgrim’s Pride 144A 4.25% 4/15/31 #		380,000		304,109
Post Holdings 144A 5.50% 12/15/29 #		418,000		361,997
				666,106
Consumer Non-Cyclical – 0.85%
1375209 BC 144A 9.00% 1/30/28 #		58,213		58,068
AbbVie
2.60% 11/21/24		30,000		28,571
4.05% 11/21/39		10,000		8,072
4.25% 11/21/49		30,000		24,121
Amgen 2.80% 8/15/41		295,000		202,080
BAT Capital 2.259% 3/25/28		40,000		31,878
BAT International Finance 1.668% 3/25/26		55,000		47,604
Bausch Health
144A 11.00% 9/30/28 #		103,489		83,826
144A 14.00% 10/15/30 #		20,698		11,384
Baxter International 3.132% 12/1/51		16,000		10,262
Biogen 3.15% 5/1/50		365,000		236,185
Bunge Finance 2.75% 5/14/31		400,000		315,140
Central American Bottling 144A 5.25% 4/27/29 #		200,000		173,767

Table of Contents

Schedules of investments

Delaware Total Return Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
CSL Finance
144A 4.05% 4/27/29 #		5,000	$	4,612
144A 4.75% 4/27/52 #		10,000		8,639
CVS Health
2.70% 8/21/40		295,000		194,334
3.25% 8/15/29		280,000		245,288
3.75% 4/1/30		15,000		13,362
4.78% 3/25/38		290,000		254,806
Gilead Sciences 4.15% 3/1/47		30,000		23,903
HCA 144A 3.125% 3/15/27 #		340,000		301,472
InRetail Consumer 144A 3.25% 3/22/28 #		200,000		166,770
JBS USA LUX 144A 3.00% 2/2/29 #		230,000		188,475
Regeneron Pharmaceuticals 1.75% 9/15/30		15,000		11,375
Royalty Pharma
1.20% 9/2/25		285,000		252,216
1.75% 9/2/27		190,000		157,295
Viatris
1.65% 6/22/25		5,000		4,451
2.30% 6/22/27		5,000		4,089
2.70% 6/22/30		115,000		85,591
4.00% 6/22/50		10,000		6,007
				3,153,643
Electric – 0.50%
CenterPoint Energy 1.45% 6/1/26		345,000		302,369
Duke Energy 4.875% 9/16/24 µ, Ψ		245,000		220,192
Entergy Mississippi 2.85% 6/1/28		90,000		78,551
Entergy Texas 3.55% 9/30/49		185,000		130,621
Evergy Kansas Central 3.45% 4/15/50		35,000		24,904
Eversource Energy 2.90% 3/1/27		10,000		9,089
NextEra Energy Capital Holdings 3.00% 1/15/52		415,000		265,833
Pacific Gas and Electric
3.25% 6/1/31		5,000		3,822
3.30% 8/1/40		270,000		173,408
4.95% 7/1/50		43,000		31,593
Southern California Edison
3.45% 2/1/52		137,000		92,481
4.00% 4/1/47		35,000		25,596
4.20% 3/1/29		150,000		138,910
4.875% 3/1/49		90,000		75,548
UEP Penonome II 144A 6.50% 10/1/38 #		189,725		164,112
Vistra Operations 144A 5.125% 5/13/25 #		118,000		114,399
				1,851,428
Energy – 1.85%
Ascent Resources Utica Holdings
144A 5.875% 6/30/29 #		195,000		173,901
144A 7.00% 11/1/26 #		95,000		91,692
BP Capital Markets America
2.721% 1/12/32		15,000		12,199
3.06% 6/17/41		430,000		307,691
Callon Petroleum 144A 8.00% 8/1/28 #		175,000		161,783
CNX Midstream Partners 144A 4.75% 4/15/30 #		75,000		58,990
CNX Resources 144A 6.00% 1/15/29 #		165,000		150,938
ConocoPhillips 3.80% 3/15/52		255,000		195,683
Continental Resources 144A 2.875% 4/1/32 #		115,000		84,370
Crestwood Midstream Partners
144A 5.625% 5/1/27 #		66,000		59,872
144A 6.00% 2/1/29 #		171,000		153,278
Devon Energy 4.75% 5/15/42		5,000		4,083
Diamondback Energy
3.125% 3/24/31		200,000		162,524
4.25% 3/15/52		5,000		3,663
Enbridge
2.50% 8/1/33		310,000		232,727
3.128% (SOFR + 0.40%) 2/17/23 ●		160,000		159,663
Energy Transfer
5.25% 4/15/29		50,000		47,088
6.25% 4/15/49		55,000		48,955
6.50% 11/15/26 µ, Ψ		180,000		157,249
Enterprise Products Operating
3.20% 2/15/52		360,000		230,470
3.30% 2/15/53		5,000		3,266
EQM Midstream Partners 144A 4.75% 1/15/31 #		235,000		187,083
Genesis Energy
7.75% 2/1/28		340,000		296,205
8.00% 1/15/27		235,000		206,499

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Hilcorp Energy I
144A 6.00% 4/15/30 #		150,000	$	131,064
144A 6.00% 2/1/31 #		20,000		17,403
144A 6.25% 4/15/32 #		75,000		66,545
KazTransGas JSC 144A 4.375% 9/26/27 #		579,000		492,150
MPLX
1.75% 3/1/26		15,000		13,141
4.125% 3/1/27		290,000		270,794
Murphy Oil 6.375% 7/15/28		385,000		364,381
NuStar Logistics
5.625% 4/28/27		205,000		179,031
6.00% 6/1/26		39,000		35,782
Occidental Petroleum
6.45% 9/15/36		65,000		65,160
6.60% 3/15/46		160,000		165,169
6.625% 9/1/30		55,000		55,957
PDC Energy 5.75% 5/15/26		280,000		259,413
PTTEP Treasury Center 144A 2.587% 6/10/27 #		200,000		177,061
Qatar Energy 144A 2.25% 7/12/31 #		200,000		161,556
Sabine Pass Liquefaction
5.625% 3/1/25		40,000		40,004
5.75% 5/15/24		275,000		276,154
Southwestern Energy
5.375% 2/1/29		20,000		18,178
5.375% 3/15/30		95,000		85,804
7.75% 10/1/27		144,000		146,677
Targa Resources Partners 5.00% 1/15/28		10,000		9,272
Tengizchevroil Finance Co. International 144A 2.625% 8/15/25 #		200,000		166,500
Tennessee Gas Pipeline 144A 2.90% 3/1/30 #		150,000		123,000
Valero Energy 3.65% 12/1/51		400,000		273,428
Weatherford International 144A 8.625% 4/30/30 #		85,000		74,218
				6,857,714
Finance Companies – 0.21%
AerCap Ireland Capital DAC 4.45% 4/3/26		345,000		322,245
Air Lease
2.875% 1/15/26		195,000		174,744
2.875% 1/15/32		175,000		132,148
3.00% 2/1/30		45,000		35,690
3.375% 7/1/25		15,000		13,990
4.125% 12/15/26 µ, Ψ		10,000		6,887
Avolon Holdings Funding
144A 3.25% 2/15/27 #		10,000		8,387
144A 3.95% 7/1/24 #		75,000		71,006
				765,097
Financial Services – 0.17%
Ally Financial 8.00% 11/1/31		35,000		36,746
Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 #		200,000		170,353
Hightower Holding 144A 6.75% 4/15/29 #		135,000		110,394
Midcap Financial Issuer Trust 144A 5.625% 1/15/30 #		200,000		153,454
MSCI 144A 3.625% 11/1/31 #		200,000		160,722
				631,669
Financials – 0.27%
Aviation Capital Group 144A 1.95% 1/30/26 #		465,000		390,744
Banco del Estado de Chile 144A 2.704% 1/9/25 #		280,000		262,455
Development Bank of Kazakhstan 144A 10.95% 5/6/26 #	KZT	100,000,000		171,594
MAF Sukuk 3.933% 2/28/30		200,000		183,163
				1,007,956
Healthcare – 0.41%
Cheplapharm Arzneimittel 144A 5.50% 1/15/28 #		200,000		165,448
CHS 144A 4.75% 2/15/31 #		105,000		70,754
DaVita 144A 4.625% 6/1/30 #		195,000		151,360
Encompass Health 4.75% 2/1/30		30,000		24,728
Hadrian Merger Sub 144A 8.50% 5/1/26 #		295,000		270,984
HCA
5.375% 2/1/25		215,000		212,682
5.875% 2/1/29		250,000		243,422
ModivCare Escrow Issuer 144A 5.00% 10/1/29 #		135,000		109,954
Tenet Healthcare 144A 6.125% 10/1/28 #		295,000		258,923
				1,508,255
Insurance – 0.61%
Aon 2.90% 8/23/51		230,000		142,896
Arthur J Gallagher & Co. 3.50% 5/20/51		440,000		300,066

Table of Contents

Schedules of investments

Delaware Total Return Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Insurance (continued)
Athene Global Funding 144A 1.00% 4/16/24 #		95,000	$	88,675
Athene Holding 3.95% 5/25/51		340,000		227,231
Brighthouse Financial
3.85% 12/22/51		265,000		160,976
5.625% 5/15/30		15,000		14,081
Brown & Brown
2.375% 3/15/31		3,000		2,245
4.95% 3/17/52		7,000		5,693
GA Global Funding Trust 144A 1.00% 4/8/24 #		470,000		437,277
HUB International 144A 5.625% 12/1/29 #		190,000		159,025
Jackson Financial
3.125% 11/23/31		10,000		7,548
4.00% 11/23/51		10,000		6,272
NFP
144A 6.875% 8/15/28 #		145,000		113,340
144A 7.50% 10/1/30 #		55,000		52,261
USI 144A 6.875% 5/1/25 #		585,000		563,057
				2,280,643
Leisure – 0.42%
Boyd Gaming
4.75% 12/1/27		185,000		164,095
144A 4.75% 6/15/31 #		44,000		35,696
Caesars Entertainment 144A 6.25% 7/1/25 #		410,000		395,822
Carnival
144A 5.75% 3/1/27 #		310,000		217,860
144A 7.625% 3/1/26 #		300,000		228,455
Royal Caribbean Cruises 144A 5.50% 4/1/28 #		394,000		276,911
Scientific Games International 144A 7.25% 11/15/29 #		115,000		107,180
Six Flags Entertainment 144A 4.875% 7/31/24 #		150,000		143,067
				1,569,086
Media – 0.69%
AMC Networks 4.25% 2/15/29		410,000		304,083
CCO Holdings
4.50% 5/1/32		65,000		49,690
144A 5.375% 6/1/29 #		335,000		293,962
CMG Media 144A 8.875% 12/15/27 #		200,000		153,060
CSC Holdings
144A 3.375% 2/15/31 #		495,000		349,760
144A 5.00% 11/15/31 #		280,000		185,473
Cumulus Media New Holdings 144A 6.75% 7/1/26 #		115,000		97,136
Directv Financing 144A 5.875% 8/15/27 #		135,000		116,691
Gray Escrow II 144A 5.375% 11/15/31 #		30,000		23,597
Gray Television 144A 4.75% 10/15/30 #		125,000		93,865
Nielsen Finance
144A 4.50% 7/15/29 #		55,000		54,895
144A 4.75% 7/15/31 #		185,000		181,637
Sirius XM Radio 144A 4.00% 7/15/28 #		600,000		511,614
VZ Secured Financing 144A 5.00% 1/15/32 #		200,000		149,788
				2,565,251
Natural Gas – 0.13%
ENN Energy Holdings 144A 4.625% 5/17/27 #		200,000		195,046
Infraestructura Energetica Nova 144A 3.75% 1/14/28 #		275,000		237,633
Southern Co. Gas Capital 5.15% 9/15/32		65,000		62,222
				494,901
Real Estate – 0.09%
VICI Properties
144A 3.875% 2/15/29 #		345,000		290,147
144A 5.75% 2/1/27 #		35,000		33,055
				323,202
Retail – 0.34%
Asbury Automotive Group
144A 4.625% 11/15/29 #		70,000		56,132
4.75% 3/1/30		85,000		66,520
Bath & Body Works
6.875% 11/1/35		245,000		205,260
6.95% 3/1/33		169,000		136,190
CP Atlas Buyer 144A 7.00% 12/1/28 #		70,000		52,235
Levi Strauss & Co. 144A 3.50% 3/1/31 #		213,000		166,436
LSF9 Atlantis Holdings 144A 7.75% 2/15/26 #		180,000		160,878
Murphy Oil USA 144A 3.75% 2/15/31 #		225,000		181,289
PetSmart 144A 7.75% 2/15/29 #		250,000		223,885
				1,248,825

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Services – 0.32%
Iron Mountain 144A 5.25% 3/15/28 #		375,000	$	329,462
NESCO Holdings II 144A 5.50% 4/15/29 #		130,000		108,520
Prime Security Services Borrower 144A 5.75% 4/15/26 #		298,000		280,819
United Rentals North America 5.25% 1/15/30		220,000		199,417
Univar Solutions USA 144A 5.125% 12/1/27 #		230,000		205,176
White Cap Buyer 144A 6.875% 10/15/28 #		65,000		53,168
White Cap Parent 144A 8.25% 3/15/26 #, «		2,000		1,698
				1,178,260
Technology – 0.63%
Autodesk 2.40% 12/15/31		25,000		19,488
Broadcom
144A 3.137% 11/15/35 #		4,000		2,811
144A 3.419% 4/15/33 #		11,000		8,416
144A 3.469% 4/15/34 #		355,000		266,989
CDW
2.67% 12/1/26		5,000		4,346
3.276% 12/1/28		15,000		12,546
Fidelity National Information Services
1.65% 3/1/28		470,000		386,507
4.70% 7/15/27		5,000		4,820
Fiserv 3.20% 7/1/26		315,000		290,473
KLA 4.95% 7/15/52		15,000		13,663
Microchip Technology
0.972% 2/15/24		345,000		325,297
0.983% 9/1/24		125,000		115,162
Micron Technology 2.703% 4/15/32		10,000		7,291
NXP
3.125% 2/15/42		10,000		6,392
3.25% 5/11/41		90,000		59,227
4.875% 3/1/24		285,000		281,845
PayPal Holdings
2.65% 10/1/26		440,000		404,292
3.90% 6/1/27		5,000		4,796
4.40% 6/1/32		10,000		9,330
Workday
3.70% 4/1/29		5,000		4,490
3.80% 4/1/32		140,000		121,680
				2,349,861
Technology & Electronics – 0.17%
Entegris Escrow
144A 4.75% 4/15/29 #		20,000		17,662
144A 5.95% 6/15/30 #		165,000		150,965
Go Daddy Operating 144A 3.50% 3/1/29 #		235,000		192,774
Sensata Technologies 144A 4.00% 4/15/29 #		55,000		45,633
SS&C Technologies 144A 5.50% 9/30/27 #		240,000		219,428
				626,462
Transportation – 0.35%
American Airlines 144A 5.75% 4/20/29 #		25,000		21,857
Burlington Northern Santa Fe
2.875% 6/15/52		15,000		9,836
4.45% 1/15/53		15,000		13,054
Canadian Pacific Railway 2.45% 12/2/31		5,000		4,008
Delta Air Lines 7.375% 1/15/26		131,000		132,638
Laredo Petroleum 144A 7.75% 7/31/29 #		120,000		110,804
Mileage Plus Holdings 144A 6.50% 6/20/27 #		327,750		321,405
Rutas 2 and 7 Finance 144A 3.08% 9/30/36 #, ^		291,933		176,920
Seaspan 144A 5.50% 8/1/29 #		200,000		154,492
United Airlines
144A 4.375% 4/15/26 #		80,000		71,539
144A 4.625% 4/15/29 #		95,000		78,847
VistaJet Malta Finance 144A 6.375% 2/1/30 #		266,000		218,113
				1,313,513
Utilities – 0.23%
Calpine
144A 4.50% 2/15/28 #		95,000		83,902
144A 5.00% 2/1/31 #		220,000		175,121
144A 5.25% 6/1/26 #		71,000		67,019
PG&E 5.25% 7/1/30		130,000		110,920
Sociedad de Transmision Austral 144A 4.00% 1/27/32 #		200,000		162,513

Table of Contents

Schedules of investments

Delaware Total Return Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Utilities (continued) Vistra
144A 7.00% 12/15/26 #, µ, Ψ		175,000	$	153,170
144A 8.00% 10/15/26 #, µ, Ψ		105,000		96,720
				849,365
Total Corporate Bonds (cost $58,176,603)				48,062,845

Non-Agency Asset-Backed Securities – 0.30%
Diamond Infrastructure Funding Series 2021-1A A 144A 1.76% 4/15/49 #		150,000		123,131
Domino’s Pizza Master Issuer Series 2021-1A A2I 144A 2.662% 4/25/51 #		148,125		121,979
Enterprise Fleet Financing Series 2022-2 A2 144A 4.65% 5/21/29 #		150,000		148,774
Taco Bell Funding Series 2021-1A A2I 144A 1.946% 8/25/51 #		267,975		223,851
Trafigura Securitisation Finance Series 2021-1A A2 144A 1.08% 1/15/25 #		300,000		267,779
Volkswagen Auto Lease Trust Series 2022-A A3 3.44% 7/21/25		240,000		235,400
Total Non-Agency Asset-Backed Securities (cost $1,256,056)				1,120,914

Non-Agency Commercial Mortgage-Backed Securities – 1.48%
BANK
Series 2019-BN21 A5 2.851% 10/17/52		100,000		85,602
Series 2020-BN25 A5 2.649% 1/15/63		500,000		420,109
Series 2021-BN36 A5 2.47% 9/15/64		776,000		623,460
Series 2022-BNK40 A4 3.507% 3/15/64 ●		500,000		434,303
Benchmark Mortgage Trust
Series 2020-B17 A5 2.289% 3/15/53		500,000		407,841
Series 2020-B20 A5 2.034% 10/15/53		400,000		315,635
Benchmark Mortgage Trust Series 2022-B33 A5 3.458% 3/15/55		500,000		437,054
Cantor Commercial Real Estate Lending Series 2019-CF2 A5 2.874% 11/15/52		350,000		300,279
Citigroup Commercial Mortgage Trust Series 2019- C7 A4 3.102% 12/15/72		500,000		433,699
GS Mortgage Securities Trust
Series 2017-GS5 A4 3.674% 3/10/50		350,000		326,628
Series 2017-GS6 A3 3.433% 5/10/50		350,000		322,959
Series 2019-GC42 A4 3.00% 9/1/52		500,000		433,670
JPM-DB Commercial Mortgage Securities Trust Series 2017-C7 A5 3.409% 10/15/50		350,000		320,956
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C29 A4 3.325% 5/15/49		350,000		326,797
Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 A3 2.652% 8/15/49		350,000		316,249
Total Non-Agency Commercial Mortgage- Backed Securities (cost $6,666,613)				5,505,241

Sovereign Bonds – 1.58%Δ
Albania – 0.03%
Albania Government International Bond 3.50% 11/23/31	EUR	171,000		123,218
				123,218
Angola – 0.04%
Angolan Government International Bond 9.375% 5/8/48		200,000		136,032
				136,032

Table of Contents

	Principal amount^°		Value (US $)
Sovereign BondsΔ (continued)
Armenia – 0.04%
Republic of Armenia International Bond 144A 3.60% 2/2/31 #		200,000	$	136,220
				136,220
Bermuda – 0.10%
Bermuda Government International Bond 144A 5.00% 7/15/32 #		400,000		380,799
				380,799
Chile – 0.14%
Chile Government International Bond 4.34% 3/7/42		665,000		528,249
				528,249
Colombia – 0.07%
Colombia Government International Bonds
4.125% 2/22/42		217,000		123,921
5.20% 5/15/49		200,000		124,058
				247,979
Dominican Republic – 0.20%
Dominican Republic International Bond 144A 4.50% 1/30/30 #		913,000		722,061
				722,061
Egypt – 0.04%
Egypt Government International Bond 5.25% 10/6/25		200,000		156,292
				156,292
Honduras – 0.04%
Honduras Government International Bond 144A 5.625% 6/24/30 #		200,000		145,454
				145,454
Indonesia – 0.05%
Indonesia Government International Bond 4.65% 9/20/32		200,000		188,086
				188,086
Ivory Coast – 0.10%
Ivory Coast Government International Bonds
144A 4.875% 1/30/32 #	EUR	200,000		131,965
144A 6.125% 6/15/33 #		234,000		179,010
144A 6.875% 10/17/40 #	EUR	100,000		61,753
				372,728
Morocco – 0.13%
Morocco Government International Bonds
144A 1.375% 3/30/26 #	EUR	270,000		233,957
144A 2.375% 12/15/27 #		300,000		247,223
				481,180
Paraguay – 0.22%
Paraguay Government International Bonds
144A 4.95% 4/28/31 #		742,000		662,935
5.60% 3/13/48		200,000		151,022
				813,957
Peru – 0.07%
Peruvian Government International Bond 2.392% 1/23/26		300,000		272,648
				272,648
Republic of North Macedonia – 0.02%
North Macedonia Government International Bond 144A 3.675% 6/3/26 #	EUR	100,000		86,094
				86,094
Romania – 0.01%
Romanian Government International Bond 144A 2.625% 12/2/40 #	EUR	100,000		50,396
				50,396
Senegal – 0.04%
Senegal Government International Bond 144A 6.25% 5/23/33 #		200,000		150,907
				150,907
South Africa – 0.11%
Republic of South Africa Government International Bond 5.65% 9/27/47		600,000		387,392
				387,392
Uzbekistan – 0.13%
Republic of Uzbekistan International Bond 144A 4.75% 2/20/24 #		374,000		353,241

Table of Contents

Schedules of investments

Delaware Total Return Fund

	Principal amount^°		Value (US $)
Sovereign BondsΔ (continued)
Uzbekistan (continued)
Republic of Uzbekistan International Bonds 144A 3.90% 10/19/31 #		200,000	$	140,900
				494,141
Total Sovereign Bonds (cost $7,585,947)				5,873,833

Supranational Banks – 0.22%
Banque Ouest Africaine de Developpement 144A 4.70% 10/22/31 #		306,000		247,432
Central American Bank for Economic Integration 144A 2.00% 5/6/25 #		400,000		371,006
European Investment Bank 5.50% 1/23/23	MXN	3,931,000		190,250
Total Supranational Banks (cost $895,490)				808,688

US Treasury Obligations – 10.42%
United States Treasury Floating Rate Notes 3.405% (USBMMY3M + 0.04%) 7/31/24 ●		665,000		664,245
US Treasury Bonds
1.875% 11/15/51		155,000		102,572
2.25% 8/15/46		1,035,000		746,211
2.25% 2/15/52		540,000		392,512
2.375% 2/15/42		105,000		80,505
2.875% 5/15/52		545,000		457,204
3.25% 5/15/42		230,000		204,197
4.375% 2/15/38		780,000		830,578
US Treasury Notes
0.125% 4/30/23		5,000,000		4,888,224
1.375% 8/31/23		24,500,000		23,861,672
2.625% 7/31/29		1,185,000		1,089,182
2.75% 5/15/25		1,450,000		1,395,568
2.75% 8/15/32		2,335,000		2,135,431
2.875% 4/30/29		1,260,000		1,176,525
2.875% 5/15/32		175,000		161,834
3.125% 8/31/27		210,000		201,469
3.25% 6/30/27		170,000		163,871
3.25% 6/30/29		5,000		4,780
US Treasury Strip Principal 2.23% 5/15/44 ^		335,000		138,034
Total US Treasury Obligations (cost $40,392,238)				38,694,614

Common Stocks – 51.34%
Communication Services – 2.33%
Alphabet Class A †		3,937		376,574
Alphabet Class C †		4,000		384,600
AT&T		39,877		611,713
Comcast Class A		52,667		1,544,723
Interpublic Group		8,136		208,281
KDDI		8,400		245,585
Orange		27,880		252,162
Publicis Groupe		6,250		296,142
Verizon Communications		82,502		3,132,601
Walt Disney †		16,913		1,595,403
				8,647,784
Consumer Discretionary – 6.69%
adidas AG		4,150		477,089
Amazon.com †		4,406		497,878
APA		24,200		827,398
Bath & Body Works		32,498		1,059,435
Best Buy		17,815		1,128,402
Dollar General		7,707		1,848,601
Dollar Tree †		13,200		1,796,520
eBay		14,404		530,211
H & M Hennes & Mauritz Class B		27,650		255,627
Home Depot		9,246		2,551,341
Lowe’s		11,190		2,101,594
Macy’s		55,362		867,523
NIKE Class B		12,779		1,062,190
PulteGroup		3,220		120,750
Ross Stores		17,728		1,493,939
Sodexo		8,280		621,831
Starbucks		4,469		376,558
Sturm Ruger & Co.		5,633		286,100
Swatch Group		3,280		736,683
Tesla †		1,272		337,398
TJX		63,100		3,919,772
Tractor Supply		9,409		1,748,945
Ulta Beauty †		478		191,769
				24,837,554
Consumer Staples – 3.34%
Altria Group		43,456		1,754,753
Archer-Daniels-Midland		21,900		1,761,855
Asahi Group Holdings		5,400		168,351
Conagra Brands		55,600		1,814,228
Danone		11,370		537,634
Diageo		20,540		864,601
Essity Class B		24,110		476,336
Kao		15,600		634,770
Koninklijke Ahold Delhaize		33,520		853,803
Nestle		8,650		935,561
Philip Morris International		23,276		1,932,141
Seven & i Holdings		5,600		224,952

Table of Contents

	Number of shares		Value (US $)
Common Stocks (continued)
Consumer Staples (continued)
Unilever		10,430	$	458,293
				12,417,278
Energy – 3.71%
Chevron		7,847		1,127,379
ConocoPhillips		31,807		3,255,128
Coterra Energy		27,628		721,643
Devon Energy		20,717		1,245,713
EOG Resources		6,278		701,441
Exxon Mobil		34,770		3,035,769
Kinder Morgan		83,005		1,381,203
Marathon Petroleum		19,601		1,946,967
Viper Energy Partners		12,931		370,603
				13,785,846
Financials – 6.64%
American Financial Group		14,298		1,757,653
American International Group		35,700		1,695,036
Ameriprise Financial		5,162		1,300,566
BlackRock		2,834		1,559,494
Blackstone		16,320		1,365,984
Carlyle Group		27,107		700,445
Diamond Hill Investment Group		1,149		189,585
Discover Financial Services		24,970		2,270,272
Evercore Class A		2,383		196,002
Fidelity National Financial		11,927		431,757
Invesco		58,795		805,491
MetLife		60,756		3,692,750
Moelis & Co. Class A		14,096		476,586
Principal Financial Group		25,644		1,850,215
Prudential Financial		20,045		1,719,460
Rithm Capital		45,881		335,849
Synchrony Financial		32,417		913,835
Truist Financial		39,700		1,728,538
US Bancorp		41,200		1,661,184
				24,650,702
Healthcare – 7.70%
AbbVie		17,601		2,362,230
AmerisourceBergen		13,094		1,772,011
Amgen		1,815		409,101
Baxter International		31,600		1,701,976
Bristol-Myers Squibb		31,256		2,221,989
Cigna		6,700		1,859,049
CVS Health		19,300		1,840,641
Fresenius Medical Care AG & Co.		10,810		304,550
Gilead Sciences		9,766		602,465
Hologic †		27,907		1,800,560
Johnson & Johnson		32,056		5,236,668
Merck & Co.		47,635		4,102,326
Novo Nordisk Class B		7,810		778,015
Pfizer		30,973		1,355,379
Roche Holding		1,970		641,300
Smith & Nephew		66,330		765,633
UnitedHealth Group		1,661		838,871
				28,592,764
Industrials – 2.62%
Boise Cascade		14,627		869,721
Dover		14,653		1,708,247
Honeywell International		9,884		1,650,331
Intertek Group		9,160		375,826
Knorr-Bremse		6,800		292,014
Lockheed Martin		1,060		409,467
Makita		16,800		326,010
Northrop Grumman		3,800		1,787,216
Raytheon Technologies		20,832		1,705,308
Robert Half International		2,773		212,135
Securitas Class B		58,780		408,053
				9,744,328
Information Technology – 12.62%
Amadeus IT Group †		17,480		810,419
Apple		69,974		9,670,407
Applied Materials		6,838		560,237
Broadcom		8,571		3,805,610
Cisco Systems		78,707		3,148,280
Cognizant Technology Solutions Class A		29,545		1,697,065
Dell Technologies Class C		12,872		439,836
Fidelity National Information Services		20,481		1,547,749
HP		60,413		1,505,492
KLA		2,296		694,838
Lam Research		3,397		1,243,302
Microchip Technology		3,783		230,876
Micron Technology		13,022		652,402
Microsoft		32,935		7,670,562
Monolithic Power Systems		4,028		1,463,775
Motorola Solutions		7,806		1,748,310
NetApp		23,981		1,483,225
NVIDIA		12,943		1,571,151
Oracle		24,800		1,514,536
Paychex		17,212		1,931,359
QUALCOMM		14,195		1,603,751
SAP		7,360		599,804
Western Union		92,659		1,250,897
				46,843,883
Materials – 1.23%
Air Liquide		6,390		730,371
CF Industries Holdings		10,192		980,980
Dow		21,716		953,984

Table of Contents

Schedules of investments

Delaware Total Return Fund

	Number of shares		Value (US $)
Common Stocks (continued)
Materials (continued)
DuPont de Nemours		32,800	$	1,653,120
Ryerson Holding		9,979		256,860
				4,575,315
REIT Diversified – 0.53%
Digital Realty Trust		2,868		284,448
Equinix		840		477,826
LXP Industrial Trust		8,661		79,335
VICI Properties		37,918		1,131,852
				1,973,461
REIT Healthcare – 0.27%
Alexandria Real Estate Equities		2,281		319,773
CareTrust REIT		3,374		61,103
Healthcare Realty Trust		4,953		103,270
Healthpeak Properties		1,784		40,889
Medical Properties Trust		859		10,188
Omega Healthcare Investors		318		9,378
Ventas		2,126		85,401
Welltower		5,502		353,889
				983,891
REIT Hotel – 0.18%
Apple Hospitality REIT		12,469		175,314
Chatham Lodging Trust †		6,105		60,256
Gaming and Leisure Properties		4,452		196,956
Host Hotels & Resorts		10,428		165,597
Park Hotels & Resorts		6,602		74,339
				672,462
REIT Industrial – 0.42%
Duke Realty		6,957		335,328
Plymouth Industrial REIT		1,919		32,258
Prologis		9,729		988,467
Rexford Industrial Realty		1,918		99,736
Terreno Realty		2,161		114,511
				1,570,300
REIT Mall – 0.06%
Simon Property Group		2,610		234,247
				234,247
REIT Manufactured Housing – 0.07%
Equity LifeStyle Properties		1,663		104,503
Sun Communities		1,042		141,014
				245,517
REIT Multifamily – 0.87%
American Homes 4 Rent Class A		3,515		115,327
AvalonBay Communities		1,499		276,101
Camden Property Trust		1,552		185,386
Equity Residential		30,128		2,025,204
Essex Property Trust		1,363		330,160
Independence Realty Trust		5,792		96,900
Mid-America Apartment Communities		1,006		156,001
NexPoint Residential Trust		99		4,575
UDR		592		24,692
				3,214,346
REIT Office – 0.12%
Boston Properties		372		27,889
City Office REIT		1,024		10,209
Cousins Properties		4,885		114,065
Douglas Emmett		1,227		22,000
Highwoods Properties		4,312		116,251
Kilroy Realty		1,578		66,450
Piedmont Office Realty Trust Class A		7,360		77,722
				434,586
REIT Self-Storage – 0.39%
CubeSmart		1,148		45,989
Extra Space Storage		2,296		396,542
Life Storage		2,415		267,485
National Storage Affiliates Trust		2,695		112,058
Public Storage		2,187		640,376
				1,462,450
REIT Shopping Center – 0.27%
Agree Realty		1,382		93,396
Brixmor Property Group		10,268		189,650
Kimco Realty		8,182		150,631
Kite Realty Group Trust		2,834		48,801
Phillips Edison & Co.		4,514		126,618
Regency Centers		3,141		169,143
Retail Opportunity Investments		10,323		142,044
SITE Centers		6,130		65,652
				985,935
REIT Single Tenant – 0.17%
Four Corners Property Trust		1,944		47,025
Realty Income		4,814		280,175
Spirit Realty Capital		4,375		158,200
STORE Capital		4,367		136,818
				622,218
REIT Specialty – 0.36%
EPR Properties		1,883		67,524
Essential Properties Realty Trust		4,954		96,355
Invitation Homes		11,425		385,822
Iron Mountain		13,614		598,608
Lamar Advertising Class A		908		74,901
Outfront Media		4,849		73,656
WP Carey		627		43,765
				1,340,631

Table of Contents

	Number of shares		Value (US $)
Common Stocks (continued)
Utilities – 0.75%
Edison International		28,300	$	1,601,214
Vistra		56,574		1,188,054
				2,789,268
Total Common Stocks (cost $202,659,568)				190,624,766

Convertible Preferred Stock – 1.56%
2020 Mandatory Exchangeable Trust 144A 6.50% exercise price $47.09, maturity date 5/16/23 #		506		390,789
Algonquin Power & Utilities 7.75% exercise price $18.00, maturity date 6/15/24		7,926		300,158
AMG Capital Trust II 5.15% exercise price $195.47, maturity date 10/15/37		8,156		398,910
Bank of America 7.25% exercise price $50.00 ω		569		667,437
El Paso Energy Capital Trust I 4.75% exercise price $34.49, maturity date 3/31/28		25,525		1,170,832
Elanco Animal Health 5.00% exercise price $38.40, maturity date 2/1/23		11,606		242,681
Lyondellbasell Advanced Polymers 6.00% exercise price $52.33 ω		744		628,680
RBC Bearings 5.00% exercise price $226.60, maturity date 10/15/24		7,231		751,952
UGI 7.25% exercise price $52.57, maturity date 6/1/24		10,146		809,143
Wells Fargo & Co. 7.50% exercise price $156.71 ω		356		428,624
Total Convertible Preferred Stock (cost $6,791,189)				5,789,206

Exchange-Traded Funds – 2.56%
iShares MSCI EAFE ETF		130		7,281
iShares Trust iShares ESG Aware MSCI EAFE ETF		2,270		127,415
Vanguard FTSE Developed Markets ETF		310		11,272
Vanguard Russell 2000 ETF		140,152		9,338,328
Total Exchange-Traded Funds (cost $11,146,408)				9,484,296

Rights – 0.03%
Securitas†		235,120		98,093
Total Rights (cost $162,987)				98,093

Limited Liability Corporation – 2.75%
Sc Hixson Pp<<, =, †, π		7,200,000		10,211,760
Total Limited Liability Corporation (cost $6,273,000)				10,211,760

Short-Term Investments – 2.05%
Money Market Mutual Funds – 2.05%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		1,907,862		1,907,862
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		1,907,862		1,907,862
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		1,907,862		1,907,862
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		1,907,862		1,907,862
Total Short-Term Investments (cost $7,631,448)				7,631,448
Total Value of Securities–99.56% (cost $397,450,796)			$	369,709,979


°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2022, the aggregate value of Rule 144A securities was $39,491,676, which represents 10.64% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”

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Schedules of investments

Delaware Total Return Fund

●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2022. Rate will reset at a future date.
Ψ	Perpetual security. Maturity date represents next call date.
«	PIK. The first payment of cash and/or principal will be made after September 30, 2022.
Δ	Securities have been classified by country of risk.
†	Non-income producing security.
ω	Perpetual security with no stated maturity date.
<<	Affiliated company. See Note 2 in “Notes to financial statements.”
=	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.”
π	Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At September 30, 2022, the aggregate value of restricted securities was $10,211,760, which represented 2.75% of the Fund’s net assets. See table below for additional details on restricted securities.

Restricted Securities

Investments		Date of Acquisition		Cost			Value
Sc Hixson Pp		1/7/20		$	6,273,000		$	8,470,080

The following foreign currency exchange contracts and futures contracts were outstanding at September 30, 2022:¹

Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)		In Exchange For		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
BNYM	EUR	(9,882)	USD	9,653	10/3/22	$	–	$	(34	)
BNYM	GBP	(10,186)	USD	11,243	10/3/22		–		(130	)
JPMCB	EUR	(845,934)	USD	851,882	11/18/22		19,918		–
JPMCB	MXN	(3,941,954)	USD	192,610	11/18/22		–		(1,313	)
Total Foreign Currency Exchange Contracts						$	19,918	$	(1,477	)

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
8	US Treasury 5 yr Notes	$	860,062		$	889,745		12/30/22	$	–	$	(29,683	)	$	(2,125	)
	US Treasury 10 yr
(2)	Notes		(224,125	)		(235,730	)	12/20/22		11,605		–			781
	US Treasury 10 yr Ultra
(4)	Notes		(473,938	)		(501,692	)	12/20/22		27,754		–			2,000
	US Treasury Ultra
(2)	Bonds		(274,000	)		(300,276	)	12/20/22		26,276		–			3,250
Total Futures Contracts					$	(147,953	)		$	65,635	$	(29,683	)	$	3,906

¹See Note 8 in “Notes to financial statements”.

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total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) and variation margin is reflected in the Fund’s net assets.

Summary of abbreviations:

AG – Aktiengesellschaft

BNYM – Bank of New York Mellon

CLO – Collateralized Loan Obligation

DAC – Designated Activity Company

DB – Deutsche Bank

EAFE – Europe, Australasia, and Far East

ESG – Environmental, Social, and Governance

ETF – Exchange-Traded Fund

FTSE – Financial Times Stock Exchange

GNMA – Government National Mortgage Association

GS – Goldman Sachs

ICE – Intercontinental Exchange, Inc.

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

REIT – Real Estate Investment Trust

S.F. – Single Family

SOFR – Secured Overnight Financing Rate

USBMMY3M – US Treasury 3 Month Bill Money Market Yield

yr – Year

Summary of currencies:

EUR – European Monetary Unit

GBP – British Pound Sterling

KZT – Kazakhstani Tenge

MXN – Mexican Peso

USD – US Dollar

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

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Statements of assets and liabilities

Delaware Group^®Equity Funds IV (Trust)

September 30, 2022

	Delaware Equity Income Fund		Delaware Growth and Income Fund		Delaware Opportunity Fund		Delaware Global Equity Fund
Assets:
Investments, at value*	$	237,066,165	$	862,142,231	$	512,855,805	$	156,996,118
Cash		10		6		32		—
Foreign currencies, at value^D		—		—		—		104,739
Dividends and interest receivable		560,738		2,050,379		735,015		313,242
Receivable for fund shares sold		200,615		635,012		333,514		70,846
Prepaid expenses		27,074		11,382		27,912		26,308
Foreign tax reclaims receivable		—		—		—		1,094,818
Other assets		2,015		7,284		4,766		1,594
Total Assets		237,856,617		864,846,294		513,957,044		158,607,665
Liabilities:
Payable for fund shares redeemed		490,480		1,184,754		697,881		96,402
Other accrued expenses		274,751		809,602		587,902		298,175
Investment management fees payable to affiliates		109,384		423,990		295,923		88,927
Distribution fees payable to affiliates		51,317		187,950		112,777		33,974
Administration expenses payable to affiliates		13,889		34,475		26,245		10,088
Payable for securities purchased		—		—		—		675
Total Liabilities		939,821		2,640,771		1,720,728		528,241
Total Net Assets	$	236,916,796	$	862,205,523	$	512,236,316	$	158,079,424

Net Assets Consist of:
Paid-in capital	$	224,733,537	$	795,902,396	$	409,049,586	$	192,942,039
Total distributable earnings (loss)		12,183,259		66,303,127		103,186,730		(34,862,615	)
Total Net Assets	$	236,916,796	$	862,205,523	$	512,236,316	$	158,079,424

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	Delaware Equity Income Fund			Delaware Growth and Income Fund			Delaware Opportunity Fund			Delaware Global Equity Fund
Net Asset Value

Class A:
Net assets	$	233,996,490		$	857,818,998		$	502,948,596		$	156,157,326
Shares of beneficial interest outstanding, unlimited authorization, no par		38,306,374			70,256,368			17,603,431			31,767,564
Net asset value per share	$	6.11		$	12.21		$	28.57		$	4.92
Sales charge		5.75	%		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	6.48		$	12.95		$	30.31		$	5.22

Institutional Class:
Net assets	$	2,904,055		$	4,359,656		$	2,925,368		$	1,906,352
Shares of beneficial interest outstanding, unlimited authorization, no par		471,060			356,534			97,584			362,390
Net asset value per share	$	6.16		$	12.23		$	29.98		$	5.26

Class R6:
Net assets	$	16,251		$	26,869		$	6,362,352		$	15,746
Shares of beneficial interest outstanding, unlimited authorization, no par		2,664			2,180			209,079			2,952
Net asset value per share	$	6.10		$	12.33		$	30.43		$	5.33

*Investments, at cost	$	237,874,170		$	842,590,608		$	453,964,879		$	192,004,635
^DForeign currencies, at cost		—			—			—			102,872

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

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Statements of assets and liabilities

Delaware Group^®Equity Funds IV (Trust)

	Delaware Covered Call Strategy Fund		Delaware Hedged U.S. Equity Opportunities Fund			Delaware Premium Income Fund			Delaware Total Return Fund
Assets:
Investments, at value*	$	99,699,853	$	56,873,982		$	47,257,568		$	359,498,219
Investments of affiliated issuers, at value**		—		—			—			10,211,760
Cash		60,236		470,691			—			737,096
Cash collateral due from brokers		—		520,862			—			22,220
Foreign currencies, at value^D		—		3,631			—			21,177
Dividends and interest receivable		64,712		50,517			18,271			1,502,318
Receivable for fund shares sold		37,044		103,905			88,068			65,235
Prepaid expenses		26,270		30,577			26,873			28,386
Receivable for securities sold		—		1,096,767			—			220,194
Foreign tax reclaims receivable		—		1,757			—			168,042
Variation margin due from broker on futures contracts		—		44,133			—			3,906
Unrealized appreciation on foreign currency exchange contracts		—		51,532			—			19,918
Other assets		897		489			345			3,373
Total Assets		99,889,012		59,248,843			47,391,125			372,501,844
Liabilities:
Options written, at value^Σ		1,588,729		386,655			6,464,236			—
Other accrued expenses		167,266		150,979			105,497			528,607
Payable for fund shares redeemed		96,517		94,416			101,631			358,265
Investment management fees payable to affiliates		60,842		39,150			18,490			166,912
Distribution fees payable to affiliates		15,354		6,823			3,603			80,318
Administration expenses payable to affiliates		7,585		6,013			5,375			17,464
Payable for securities purchased		—		1,092,737			—			13,329
Unrealized depreciation on foreign currency exchange contracts		—		—			—			1,477
Total Liabilities		1,936,293		1,776,773			6,698,832			1,166,372
Total Net Assets	$	97,952,719	$	57,472,070		$	40,692,293		$	371,335,472

Net Assets Consist of:
Paid-in capital	$	69,486,958	$	58,666,931		$	47,335,324		$	389,324,392
Total distributable earnings (loss)		28,465,761		(1,194,861	)		(6,643,031	)		(17,988,920	)
Total Net Assets	$	97,952,719	$	57,472,070		$	40,692,293		$	371,335,472

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	Delaware Covered Call Strategy Fund			Delaware Hedged U.S. Equity Opportunities Fund			Delaware Premium Income Fund			Delaware Total Return Fund
Net Asset Value

Class A:
Net assets	$	69,714,190		$	31,348,199		$	16,845,999		$	369,405,141
Shares of beneficial interest outstanding, unlimited authorization, no par		5,853,388			4,047,622			1,707,211			28,184,920
Net asset value per share	$	11.91		$	7.74		$	9.87		$	13.11
Sales charge		5.75	%		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	12.64		$	8.21		$	10.47		$	13.91

Institutional Class:
Net assets	$	28,194,910		$	26,110,863		$	23,835,820		$	1,900,703
Shares of beneficial interest outstanding, unlimited authorization, no par		2,374,626			3,272,443			2,414,356			144,325
Net asset value per share	$	11.87		$	7.98		$	9.87		$	13.17

Class R6:
Net assets	$	43,619		$	13,008		$	10,474		$	29,628
Shares of beneficial interest outstanding, unlimited authorization, no par		3,689			1,626			2,152			2,242
Net asset value per share	$	11.82		$	8.00		$	4.87		$	13.21

*Investments, at cost	$	81,147,637		$	61,901,758		$	46,360,782		$	391,177,796
**Investments of affiliated issuers, at cost		—			—			—			6,273,000
^DForeign currencies, at cost		—			4,105			—			22,790
^ΣOptions written, premium received		(3,836,961	)		(262,615	)		(9,663,539	)		—

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

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Statement of operations

Delaware Group^®Equity Funds IV (Trust)

Year ended September 30, 2022

	Delaware Equity Income Fund				Delaware Growth and Income Fund				Delaware Opportunity Fund				Delaware Global Equity Fund
Investment Income:
Dividends		$	8,878,156			$	32,110,418			$	12,039,861			$	5,222,410
Foreign tax withheld			—				—				—				(438,307	)
			8,878,156				32,110,418				12,039,861				4,784,103

Expenses:
Management fees			1,825,582				6,331,764				4,697,316				1,768,489
Distribution expenses — Class A			696,638				2,529,407				1,577,644				512,806
Dividend disbursing and transfer agent fees and expenses			382,255				1,378,555				945,453				340,620
Accounting and administration expenses			82,038				182,741				136,428				68,919
Reports and statements to shareholders expenses			42,768				123,056				103,129				46,100
Audit and tax fees			29,042				29,041				29,598				30,782
Legal fees			20,997				69,839				41,429				14,598
Registration fees			15,597				17,096				15,897				15,297
Trustees’ fees and expenses			11,203				40,188				25,355				8,199
Custodian fees			11,173				40,785				24,961				50,467
Other			23,011				59,389				39,451				24,414
			3,140,304				10,801,861				7,636,661				2,880,691
Less expenses waived			(182,784	)			(282,669	)			(250,366	)			(181,757	)
Less expenses paid indirectly			(1,632	)			(5,120	)			(3,476	)			(1,525	)
Total operating expenses			2,955,888				10,514,072				7,382,819				2,697,409
Net Investment Income (Loss)			5,922,268				21,596,346				4,657,042				2,086,694

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments			15,647,783				48,422,557				51,411,929				5,044,342
Foreign currencies			—				—				—				(48,664	)
Foreign currency exchange contracts			—				—				—				(125,330	)
Net realized gain (loss)			15,647,783				48,422,557				51,411,929				4,870,348

Net change in unrealized appreciation (depreciation) on:
Investments			(34,318,225	)			(116,688,551	)			(115,048,742	)			(51,491,478	)
Foreign currencies			—				—				—				(120,715	)
Foreign currency exchange contracts			—				—				—				285
Net change in unrealized appreciation (depreciation)			(34,318,225	)			(116,688,551	)			(115,048,742	)			(51,611,908	)
Net Realized and Unrealized Gain (Loss)			(18,670,442	)			(68,265,994	)			(63,636,813	)			(46,741,560	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(12,748,174	)		$	(46,669,648	)		$	(58,979,771	)		$	(44,654,866	)

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

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	Delaware Covered Call Strategy Fund				Delaware Hedged U.S. Equity Opportunities Fund				Delaware Premium Income Fund				Delaware Total Return Fund
Investment Income:
Dividends		$	1,991,256			$	801,539			$	1,177,102			$	8,074,731
Interest			—				—				—				4,413,430
Foreign tax withheld			—				(7,932	)			—				(86,473	)
			1,991,256				793,607				1,177,102				12,401,688

Expenses:
Management fees			958,572				772,121				376,565				2,931,888
Distribution expenses — Class A			217,009				98,786				49,675				1,121,088
Dividend disbursing and transfer agent fees and expenses			205,586				118,961				89,256				696,832
Accounting and administration expenses			58,247				48,629				45,758				103,559
Audit and tax fees			34,545				35,889				33,137				56,599
Reports and statements to shareholders expenses			24,757				21,286				12,062				80,421
Registration fees			14,399				14,699				13,798				15,897
Legal fees			7,285				4,270				3,201				37,656
Custodian fees			4,916				27,732				2,050				51,897
Trustees’ fees and expenses			4,779				2,628				1,855				17,959
Other			14,002				16,947				13,188				43,982
			1,544,097				1,161,948				640,545				5,157,778
Less expenses waived			(56,242	)			(176,473	)			(96,102	)			(262,482	)
Less expenses paid indirectly			(931	)			(407	)			(289	)			(2,812	)
Total operating expenses			1,486,924				985,068				544,154				4,892,484
Net Investment Income (Loss)			504,332				(191,461	)			632,948				7,509,204

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Statement of operations

Delaware Group^®Equity Funds IV (Trust)

	Delaware Covered Call Strategy Fund				Delaware Hedged U.S. Equity Opportunities Fund				Delaware Premium Income Fund				Delaware Total Return Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		$	11,643,730			$	3,602,183			$	2,797,667			$	7,894,943
Foreign currencies			—				(9,129	)			—				(173,942	)
Foreign currency exchange contracts			—				167,001				—				163,644
Futures contracts			—				918,997				—				292,811
Options purchased			—				(429,810	)			—				—
Options written			2,707,383				519,902				2,822,360				—
Swap contracts			—				—				—				(62	)
Net realized gain (loss)			14,351,113				4,769,144				5,620,027				8,177,394

Net change in unrealized appreciation (depreciation) on:
Investments			(25,347,657	)			(15,616,652	)			(9,924,422	)			(67,977,542	)
Affiliated investments			—				—				—				3,938,760
Foreign currencies			—				(592	)			—				(24,123	)
Foreign currency exchange contracts			—				18,676				—				12,474
Futures contracts			—				555,325				—				(865	)
Options purchased			—				436,940				—				—
Options written			1,147,607				(250,516	)			2,446,904				—
Swap contracts			—				—				—				4,782
Net change in unrealized appreciation (depreciation)			(24,200,050	)			(14,856,819	)			(7,477,518	)			(64,046,514	)
Net Realized and Unrealized Gain (Loss)			(9,848,937	)			(10,087,675	)			(1,857,491	)			(55,869,120	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(9,344,605	)		$	(10,279,136	)		$	(1,224,543	)		$	(48,359,916	)

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

100

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Statements of changes in net assets

Delaware Group^®Equity Funds IV (Trust)

	Delaware Equity Income Fund						Delaware Growth and Income Fund
	Year ended						Year ended
	9/30/22			9/30/21			9/30/22			9/30/21
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	5,922,268		$	6,009,095		$	21,596,346		$	19,925,283
Net realized gain (loss)		15,647,783			40,762,390			48,422,557			123,986,437
Net change in unrealized appreciation (depreciation)		(34,318,225	)		37,952,856			(116,688,551	)		150,039,410
Net increase (decrease) in net assets resulting from operations		(12,748,174	)		84,724,341			(46,669,648	)		293,951,130

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(39,986,710	)		(24,457,751	)		(118,622,279	)		(71,056,321	)
Institutional Class		(263,538	)		(110,899	)		(537,143	)		(340,754	)
Class R6		(2,860	)		(6,268	)		(5,005	)		(17,294	)
		(40,253,108	)		(24,574,918	)		(119,164,427	)		(71,414,369	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		15,352,553			8,476,289			41,409,588			31,810,651
Institutional Class		2,124,928			1,040,174			2,075,344			2,213,795

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		39,818,488			24,369,427			118,201,561			70,843,149
Institutional Class		263,538			110,899			537,143			340,033
Class R6		2,862			6,268			5,005			17,294
		57,562,369			34,003,057			162,228,641			105,224,922
Cost of shares redeemed:
Class A		(58,870,950	)		(107,437,014	)		(173,844,829	)		(310,857,682	)
Institutional Class		(775,551	)		(533,493	)		(2,234,427	)		(2,772,085	)
Class R6		(3,576	)		(697,843	)		(168,044	)		(2,667,596	)
		(59,650,077	)		(108,668,350	)		(176,247,300	)		(316,297,363	)
Decrease in net assets derived from capital share transactions		(2,087,708	)		(74,665,293	)		(14,018,659	)		(211,072,441	)
Net Increase (Decrease) in Net Assets		(55,088,990	)		(14,515,870	)		(179,852,734	)		11,464,320

Net Assets:
Beginning of year		292,005,786			306,521,656			1,042,058,257			1,030,593,937
End of year	$	236,916,796		$	292,005,786		$	862,205,523		$	1,042,058,257

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

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Statements of changes in net assets

Delaware Group^®Equity Funds IV (Trust)

	Delaware Opportunity Fund						Delaware Global Equity Fund
	Year ended						Year ended
	9/30/22			9/30/21			9/30/22			9/30/21
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	4,657,042		$	9,698,314		$	2,086,694		$	2,665,084
Net realized gain (loss)		51,411,929			41,816,533			4,870,348			23,291,280
Net change in unrealized appreciation (depreciation)		(115,048,742	)		209,856,575			(51,611,908	)		7,659,377
Net increase (decrease) in net assets resulting from operations		(58,979,771	)		261,371,422			(44,654,866	)		33,615,741

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(37,289,149	)		(5,426,910	)		(27,926,187	)		(12,688,395	)
Institutional Class		(253,207	)		(29,402	)		(308,721	)		(805,368	)
Class R6		(2,855	)		—			(2,753	)		(2,751	)
		(37,545,211	)		(5,456,312	)		(28,237,661	)		(13,496,514	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		17,239,804			20,796,944			4,454,122			6,700,103
Institutional Class		772,501			1,949,558			461,517			1,481,082
Class R6		7,313,941			26,918			4,931			118,387

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		37,209,160			5,409,732			27,811,296			12,628,543
Institutional Class		253,207			29,402			308,721			805,368
Class R6		2,855			—			2,753			2,751
		62,791,468			28,212,554			33,043,340			21,736,234
Cost of shares redeemed:
Class A		(117,419,214	)		(219,420,050	)		(37,938,828	)		(75,417,284	)
Institutional Class		(1,607,411	)		(1,476,289	)		(13,341,218	)		(5,681,192	)
Class R6		(286,568	)		(1,010,135	)		(124,180	)		(1,304,516	)
		(119,313,193	)		(221,906,474	)		(51,404,226	)		(82,402,992	)
Decrease in net assets derived from capital share transactions		(56,521,725	)		(193,693,920	)		(18,360,886	)		(60,666,758	)
Net Increase (Decrease) in Net Assets		(153,046,707	)		62,221,190			(91,253,413	)		(40,547,531	)

Net Assets:
Beginning of year		665,283,023			603,061,833			249,332,837			289,880,368
End of year	$	512,236,316		$	665,283,023		$	158,079,424		$	249,332,837

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

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	Delaware Covered Call Strategy Fund						Delaware Hedged U.S. Equity Opportunities Fund
	Year ended						Year ended
	9/30/22			9/30/21			9/30/22			9/30/21
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	504,332		$	837,226		$	(191,461	)	$	(279,735	)
Net realized gain (loss)		14,351,113			23,594,739			4,769,144			9,961,474
Net change in unrealized appreciation (depreciation)		(24,200,050	)		3,327,270			(14,856,819	)		790,346
Net increase (decrease) in net assets resulting from operations		(9,344,605	)		27,759,235			(10,279,136	)		10,472,085

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(293,225	)		(677,582	)		(4,567,062	)		(12,646,227	)
Institutional Class		(200,734	)		(320,034	)		(2,718,430	)		(4,921,276	)
Class R6		(389	)		(978	)		(1,592	)		(22,403	)
		(494,348	)		(998,594	)		(7,287,084	)		(17,589,906	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		4,018,636			5,000,427			2,831,905			6,493,969
Institutional Class		2,261,053			2,882,027			14,149,641			16,845,480
Class R6		2,437			42,113			—			38,668

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		291,899			673,593			4,536,813			12,579,722
Institutional Class		188,105			296,723			2,718,430			4,921,276
Class R6		389			787			1,592			22,403
		6,762,519			8,895,670			24,238,381			40,901,518
Cost of shares redeemed:
Class A		(23,196,926	)		(52,033,124	)		(10,596,993	)		(24,132,677	)
Institutional Class		(6,008,529	)		(12,821,056	)		(8,328,161	)		(14,722,965	)
Class R6		(2,510	)		(253,701	)		(1,294	)		(125,139	)
		(29,207,965	)		(65,107,881	)		(18,926,448	)		(38,980,781	)
Increase (decrease) in net assets derived from capital share transactions		(22,445,446	)		(56,212,211	)		5,311,933			1,920,737
Net Decrease in Net Assets		(32,284,399	)		(29,451,570	)		(12,254,287	)		(5,197,084	)

Net Assets:
Beginning of year		130,237,118			159,688,688			69,726,357			74,923,441
End of year	$	97,952,719		$	130,237,118		$	57,472,070		$	69,726,357

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

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Statements of changes in net assets

Delaware Group^®Equity Funds IV (Trust)

	Delaware Premium Income Fund						Delaware Total Return Fund
	Year ended						Year ended
	9/30/22			9/30/21			9/30/22			9/30/21
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	632,948		$	896,675		$	7,509,204		$	8,052,340
Net realized gain (loss)		5,620,027			(6,008,017	)		8,177,394			66,531,942
Net change in unrealized appreciation (depreciation)		(7,477,518	)		11,534,361			(64,046,514	)		33,743,111
Net increase (decrease) in net assets resulting from operations		(1,224,543	)		6,423,019			(48,359,916	)		108,327,393

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(235,057	)		(403,701	)		(66,753,234	)		(10,186,083	)
Institutional Class		(393,307	)		(491,110	)		(193,053	)		(25,842	)
Class R6		(501	)		(1,540	)		(5,008	)		(3,194	)
		(628,865	)		(896,351	)		(66,951,295	)		(10,215,119	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		863,393			947,867			16,574,089			19,064,709
Institutional Class		5,356,097			5,013,875			1,503,765			1,197,743
Class R6		—			—			1,249			1,596

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		233,351			399,834			66,447,123			10,098,032
Institutional Class		383,963			459,186			193,053			25,842
Class R6		501			1,412			5,008			3,194
		6,837,305			6,822,174			84,724,287			30,391,116
Cost of shares redeemed:
Class A		(5,518,580	)		(13,596,508	)		(87,505,956	)		(188,287,340	)
Institutional Class		(7,031,768	)		(14,741,378	)		(783,363	)		(790,311	)
Class R6		(4,866	)		(22,568	)		(29,804	)		(735,529	)
		(12,555,214	)		(28,360,454	)		(88,319,123	)		(189,813,180	)
Decrease in net assets derived from capital share transactions		(5,717,909	)		(21,538,280	)		(3,594,836	)		(159,422,064	)
Net Decrease in Net Assets		(7,571,317	)		(16,011,612	)		(118,906,047	)		(61,309,790	)

Net Assets:
Beginning of year		48,263,610			64,275,222			490,241,519			551,551,309
End of year	$	40,692,293		$	48,263,610		$	371,335,472		$	490,241,519

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

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Financial highlights

Delaware Equity Income Fund Class A

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

	Year ended
	9/30/22			9/30/21			9/30/20¹			9/30/19			9/30/18
Net asset value, beginning of period	$	7.52		$	6.24		$	9.68		$	11.09		$	10.71

Income (loss) from investment operations:
Net investment income²		0.15			0.14			0.11			0.15			0.26
Net realized and unrealized gain (loss)		(0.48	)		1.69			(0.51	)		(0.16	)		0.65
Total from investment operations		(0.33	)		1.83			(0.40	)		(0.01	)		0.91

Less dividends and distributions from:
Net investment income		(0.20	)		(0.10	)		(0.13	)		(0.26	)		(0.17	)
Net realized gain		(0.88	)		(0.45	)		(2.91	)		(1.14	)		(0.36	)
Total dividends and distributions		(1.08	)		(0.55	)		(3.04	)		(1.40	)		(0.53	)

Net asset value, end of period	$	6.11		$	7.52		$	6.24		$	9.68		$	11.09

Total return³		(5.81%	)⁴		30.49%	⁴		(7.89%	)		1.83%			8.68%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	233,997		$	290,191		$	304,917		$	468,634		$	545,810
Ratio of expenses to average net assets⁵		1.05%			1.12%			1.16%			1.19%			1.20%
Ratio of expenses to average net assets prior to fees waived⁵		1.12%			1.13%			1.16%			1.19%			1.20%
Ratio of net investment income to average net assets		2.11%			1.90%			1.56%			1.58%			2.42%
Ratio of net investment income to average net assets prior to fees waived		2.04%			1.89%			1.56%			1.58%			2.42%
Portfolio turnover		23%			57%			114%	⁶		39%			35%


¹	On October 4, 2019, Class A shares of the predecessor fund First Investors Equity Income Fund were reorganized into Class A shares of Delaware Equity Income Fund. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Class A shares.
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	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁶	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

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Financial highlights

Delaware Equity Income Fund Institutional Class

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

	Year ended
	9/30/22			9/30/21			9/30/20¹			9/30/19			9/30/18
Net asset value, beginning of period	$	7.58		$	6.28		$	9.73		$	11.16		$	10.77

Income (loss) from investment operations:
Net investment income²		0.18			0.16			0.13			0.20			0.31
Net realized and unrealized gain (loss)		(0.50	)		1.71			(0.53	)		(0.20	)		0.65
Total from investment operations		(0.32	)		1.87			(0.40	)		—			0.96

Less dividends and distributions from:
Net investment income		(0.22	)		(0.12	)		(0.14	)		(0.29	)		(0.21	)
Net realized gain		(0.88	)		(0.45	)		(2.91	)		(1.14	)		(0.36	)
Total dividends and distributions		(1.10	)		(0.57	)		(3.05	)		(1.43	)		(0.57	)

Net asset value, end of period	$	6.16		$	7.58		$	6.28		$	9.73		$	11.16

Total return³		(5.64%	)⁴		30.91%	⁴		(7.72%	)⁴		1.97%			9.09%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,904		$	1,794		$	926		$	1,786		$	80,387
Ratio of expenses to average net assets⁵		0.79%			0.85%			0.89%			0.86%			0.85%
Ratio of expenses to average net assets prior to fees waived⁵		0.87%			0.88%			0.94%			0.86%			0.85%
Ratio of net investment income to average net assets		2.48%			2.21%			1.86%			2.08%			2.79%
Ratio of net investment income to average net assets prior to fees waived		2.40%			2.18%			1.81%			2.08%			2.79%
Portfolio turnover		23%			57%			114%	⁶		39%			35%


¹	On October 4, 2019, Advisor Class shares of the predecessor fund First Investors Equity Income Fund were reorganized into Institutional Class shares of Delaware Equity Income Fund. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Advisor Class shares.
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	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁶	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

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Delaware Equity Income Fund Class R6

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

	Year ended
	9/30/22			9/30/21			9/30/20¹			9/30/19			9/30/18
Net asset value, beginning of period	$	7.51		$	6.23		$	9.67		$	11.12		$	10.72

Income (loss) from investment operations:
Net investment income²		0.17			0.16			0.14			0.19			0.31
Net realized and unrealized gain (loss)		(0.48	)		1.69			(0.52	)		(0.17	)		0.66
Total from investment operations		(0.31	)		1.85			(0.38	)		0.02			0.97

Less dividends and distributions from:
Net investment income		(0.22	)		(0.12	)		(0.15	)		(0.33	)		(0.21	)
Net realized gain		(0.88	)		(0.45	)		(2.91	)		(1.14	)		(0.36	)
Total dividends and distributions		(1.10	)		(0.57	)		(3.06	)		(1.47	)		(0.57	)

Net asset value, end of period	$	6.10		$	7.51		$	6.23		$	9.67		$	11.12

Total return³		(5.50%	)⁴		30.91%	⁴		(7.54%	)⁴		2.18%			9.21%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	16		$	21		$	679		$	1,411		$	2,499
Ratio of expenses to average net assets⁵		0.74%			0.81%			0.82%			0.81%			0.80%
Ratio of expenses to average net assets prior to fees waived⁵		0.80%			0.82%			0.88%			0.81%			0.80%
Ratio of net investment income to average net assets		2.43%			2.46%			1.92%			1.94%			2.81%
Ratio of net investment income to average net assets prior to fees waived		2.37%			2.45%			1.86%			1.94%			2.81%
Portfolio turnover		23%			57%			114%	⁶		39%			35%


¹	On October 4, 2019, Institutional Class shares of the predecessor fund Delaware Equity Income Fund were reorganized into Class R6 shares of Delaware Equity Income Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Institutional Class shares.
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	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁶	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

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Financial highlights

Delaware Growth and Income Fund Class A

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

	Year ended
	9/30/22			9/30/21			9/30/20¹			9/30/19			9/30/18
Net asset value, beginning of period	$	14.62		$	11.94		$	19.85		$	24.41		$	23.30

Income (loss) from investment operations:
Net investment income²		0.30			0.25			0.23			0.27			0.26
Net realized and unrealized gain (loss)		(0.99	)		3.34			(0.95	)		(0.54	)		2.11
Total from investment operations		(0.69	)		3.59			(0.72	)		(0.27	)		2.37

Less dividends and distributions from:
Net investment income		(0.37	)		(0.21	)		(0.25	)		(0.27	)		(0.32	)
Net realized gain		(1.35	)		(0.70	)		(6.94	)		(4.02	)		(0.94	)
Total dividends and distributions		(1.72	)		(0.91	)		(7.19	)		(4.29	)		(1.26	)

Net asset value, end of period	$	12.21		$	14.62		$	11.94		$	19.85		$	24.41

Total return³		(5.81%	)⁴		30.89%			(7.99%	)		2.02%			10.35%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	857,819		$	1,037,062		$	1,023,821		$	1,464,393		$	1,653,563
Ratio of expenses to average net assets⁵		1.04%			1.07%			1.10%			1.13%			1.14%
Ratio of expenses to average net assets prior to fees waived⁵		1.06%			1.07%			1.10%			1.13%			1.14%
Ratio of net investment income to average net assets		2.13%			1.82%			1.71%			1.37%			1.08%
Ratio of net investment income to average net assets prior to fees waived		2.10%			1.82%			1.71%			1.37%			1.08%
Portfolio turnover		23%			51%			113%	⁶		55%			34%


¹	On October 4, 2019, Class A shares of the predecessor fund First Investors Growth & Income Fund were reorganized into Class A shares of Delaware Growth and Income Fund. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Class A shares.
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	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁶	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

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Delaware Growth and Income Fund Institutional Class

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

	Year ended
	9/30/22			9/30/21			9/30/20¹			9/30/19			9/30/18
Net asset value, beginning of period	$	14.64		$	11.99		$	19.87		$	24.58		$	23.46

Income (loss) from investment operations:
Net investment income²		0.34			0.29			0.30			0.33			0.35
Net realized and unrealized gain (loss)		(0.99	)		3.34			(0.98	)		(0.55	)		2.11
Total from investment operations		(0.65	)		3.63			(0.68	)		(0.22	)		2.46

Less dividends and distributions from:
Net investment income		(0.41	)		(0.28	)		(0.26	)		(0.47	)		(0.40	)
Net realized gain		(1.35	)		(0.70	)		(6.94	)		(4.02	)		(0.94	)
Total dividends and distributions		(1.76	)		(0.98	)		(7.20	)		(4.49	)		(1.34	)

Net asset value, end of period	$	12.23		$	14.64		$	11.99		$	19.87		$	24.58

Total return³		(5.54%	)⁴		31.19%			(7.68%	)⁴		2.26%			10.73%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4,360		$	4,804		$	4,063		$	21,597		$	142,220
Ratio of expenses to average net assets⁵		0.78%			0.82%			0.85%			0.83%			0.79%
Ratio of expenses to average net assets prior to fees waived⁵		0.81%			0.82%			0.86%			0.83%			0.79%
Ratio of net investment income to average net assets		2.41%			2.08%			1.98%			1.66%			1.44%
Ratio of net investment income to average net assets prior to fees waived		2.38%			2.08%			1.97%			1.66%			1.44%
Portfolio turnover		23%			51%			113%	⁶		55%			34%


¹	On October 4, 2019, Advisor Class shares of the predecessor fund First Investors Growth & Income Fund were reorganized into Institutional Class shares of Delaware Growth and Income Fund. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Advisor Class shares.
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	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁶	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

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Table of Contents

Financial highlights

Delaware Growth and Income Fund Class R6

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

	Year ended
	9/30/22			9/30/21			9/30/20¹			9/30/19			9/30/18
Net asset value, beginning of period	$	14.72		$	12.01		$	19.92		$	24.52		$	23.39

Income (loss) from investment operations:
Net investment income²		0.37			0.30			0.29			0.35			0.36
Net realized and unrealized gain (loss)		(1.01	)		3.35			(0.96	)		(0.56	)		2.12
Total from investment operations		(0.64	)		3.65			(0.67	)		(0.21	)		2.48

Less dividends and distributions from:
Net investment income		(0.40	)		(0.24	)		(0.30	)		(0.37	)		(0.41	)
Net realized gain		(1.35	)		(0.70	)		(6.94	)		(4.02	)		(0.94	)
Total dividends and distributions		(1.75	)		(0.94	)		(7.24	)		(4.39	)		(1.35	)

Net asset value, end of period	$	12.33		$	14.72		$	12.01		$	19.92		$	24.52

Total return³		(5.45%	)		31.25%	⁴		(7.63%	)⁴		2.34%			10.85%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	27		$	192		$	2,710		$	5,597		$	11,067
Ratio of expenses to average net assets⁵		0.73%			0.75%			0.76%			0.75%			0.74%
Ratio of expenses to average net assets prior to fees waived⁵		0.73%			0.76%			0.81%			0.75%			0.74%
Ratio of net investment income to average net assets		2.57%			2.29%			2.07%			1.75%			1.49%
Ratio of net investment income to average net assets prior to fees waived		2.57%			2.28%			2.02%			1.75%			1.49%
Portfolio turnover		23%			51%			113%	⁶		55%			34%


¹	On October 4, 2019, Institutional Class shares of the predecessor fund First Investors Growth & Income Fund were reorganized into Class R6 shares of Delaware Growth and Income Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Institutional Class shares.
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	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁶	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

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Table of Contents

Delaware Opportunity Fund Class A

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

	Year ended
	9/30/22			9/30/21			9/30/20¹			9/30/19			9/30/18
Net asset value, beginning of period	$	33.94		$	23.26		$	37.79		$	42.06		$	41.86

Income (loss) from investment operations:
Net investment income²		0.25			0.43			0.16			0.12			0.39
Net realized and unrealized gain (loss)		(3.64	)		10.48			(3.01	)		(0.60	)		2.31
Total from investment operations		(3.39	)		10.91			(2.85	)		(0.48	)		2.70

Less dividends and distributions from:
Net investment income		(0.39	)		(0.23	)		(0.24	)		(0.38	)		(0.12	)
Net realized gain		(1.59	)		—			(11.44	)		(3.41	)		(2.38	)
Total dividends and distributions		(1.98	)		(0.23	)		(11.68	)		(3.79	)		(2.50	)

Net asset value, end of period	$	28.57		$	33.94		$	23.26		$	37.79		$	42.06

Total return³		(10.87%	)⁴		47.10%	⁴		(13.31%	)⁴		0.80%			6.49%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	502,949		$	660,973		$	599,543		$	915,339		$	1,010,312
Ratio of expenses to average net assets⁵		1.16%			1.20%			1.21%			1.20%			1.20%
Ratio of expenses to average net assets prior to fees waived⁵		1.20%			1.20%			1.24%			1.20%			1.20%
Ratio of net investment income to average net assets		0.73%			1.40%			0.62%			0.32%			0.93%
Ratio of net investment income to average net assets prior to fees waived		0.69%			1.40%			0.59%			0.32%			0.93%
Portfolio turnover		17%			13%			120%	⁶		47%			35%


¹	On October 4, 2019, Class A shares of the predecessor fund First Investors Opportunity Fund were reorganized into Class A shares of Delaware Opportunity Fund. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Class A shares.
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	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁶	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

111

Table of Contents

Financial highlights

Delaware Opportunity Fund Institutional Class

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

	Year ended
	9/30/22			9/30/21			9/30/20¹			9/30/19			9/30/18
Net asset value, beginning of period	$	35.58		$	24.37		$	38.75		$	42.91		$	42.56

Income (loss) from investment operations:
Net investment income²		0.35			0.52			0.24			0.23			0.61
Net realized and unrealized gain (loss)		(3.80	)		10.99			(3.18	)		(0.58	)		2.27
Total from investment operations		(3.45	)		11.51			(2.94	)		(0.35	)		2.88

Less dividends and distributions from:
Net investment income		(0.56	)		(0.30	)		—			(0.40	)		(0.15	)
Net realized gain		(1.59	)		—			(11.44	)		(3.41	)		(2.38	)
Total dividends and distributions		(2.15	)		(0.30	)		(11.44	)		(3.81	)		(2.53	)

Net asset value, end of period	$	29.98		$	35.58		$	24.37		$	38.75		$	42.91

Total return³		(10.61%	)⁴		47.50%	⁴		(13.04%	)⁴		1.14			6.82%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,925		$	4,083		$	2,490		$	10,325		$	149,481
Ratio of expenses to average net assets⁵		0.90%			0.90%			0.95%			0.92%			0.89%
Ratio of expenses to average net assets prior to fees waived⁵		0.95%			0.95%			1.04%			0.92%			0.89%
Ratio of net investment income to average net assets		0.99%			1.59%			0.83%			0.62%			1.42%
Ratio of net investment income to average net assets prior to fees waived		0.94%			1.54%			0.74%			0.62%			1.42%
Portfolio turnover		17%			13%			120%	⁶		47%			35%


¹	On October 4, 2019, Advisor Class shares of the predecessor fund First Investors Opportunity Fund were reorganized into Institutional Class shares of Delaware Opportunity Fund. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Advisor Class shares.
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	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁶	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

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Table of Contents

Delaware Opportunity Fund Class R6

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

	Year ended
	9/30/22			9/30/21			9/30/20¹			9/30/19			9/30/18
Net asset value, beginning of period	$	35.51		$	24.04		$	38.71		$	42.87		$	42.49

Income (loss) from investment operations:
Net investment income²		0.59			0.54			0.28			0.27			0.59
Net realized and unrealized gain (loss)		(4.08	)		10.93			(3.11	)		(0.59	)		2.33
Total from investment operations		(3.49	)		11.47			(2.83	)		(0.32	)		2.92

Less dividends and distributions from:
Net investment income		—			—			(0.40	)		(0.43	)		(0.16	)
Net realized gain		(1.59	)		—			(11.44	)		(3.41	)		(2.38	)
Total dividends and distributions		(1.59	)		—			(11.84	)		(3.84	)		(2.54	)

Net asset value, end of period	$	30.43		$	35.51		$	24.04		$	38.71		$	42.87

Total return³		(10.50%	)⁴		47.71%	⁴		(12.93%	)⁴		1.23%			6.95%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	6,362		$	227		$	1,029		$	2,338		$	5,793
Ratio of expenses to average net assets⁵		0.78%			0.78%			0.79%			0.78%			0.77%
Ratio of expenses to average net assets prior to fees waived⁵		0.95%			0.88%			0.95%			0.78%			0.77%
Ratio of net investment income to average net assets		1.84%			1.75%			1.00%			0.73%			1.38%
Ratio of net investment income to average net assets prior to fees waived		1.67%			1.65%			0.84%			0.73%			1.38%
Portfolio turnover		17%			13%			120%	⁶		47%			35%


¹	On October 4, 2019, Institutional Class shares of the predecessor fund First Investors Opportunity Fund were reorganized into Class R6 shares of Delaware Opportunity Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Institutional Class shares.
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	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁶	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

113

Table of Contents

Financial highlights

Delaware Global Equity Fund Class A

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

	Year ended
	9/30/22			9/30/21			9/30/20¹			9/30/19			9/30/18
Net asset value, beginning of period	$	7.13		$	6.67		$	7.50		$	8.81		$	8.60

Income (loss) from investment operations:
Net investment income (loss)²		0.06			0.07			0.06			0.04			(0.01	)
Net realized and unrealized gain (loss)		(1.39	)		0.73			0.23			(0.35	)		0.89
Total from investment operations		(1.33	)		0.80			0.29			(0.31	)		0.88

Less dividends and distributions from:
Net investment income		(0.07	)		(0.07	)		(0.08	)		—			(0.04	)
Net realized gain		(0.81	)		(0.27	)		(1.04	)		(1.00	)		(0.63	)
Total dividends and distributions		(0.88	)		(0.34	)		(1.12	)		(1.00	)		(0.67	)

Net asset value, end of period	$	4.92		$	7.13		$	6.67		$	7.50		$	8.81

Total return³		(21.35%	)⁴		12.11%			3.89%	⁴		(1.48%	)⁴		10.69%	⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	156,157		$	233,850		$	271,088		$	344,592		$	393,697
Ratio of expenses to average net assets⁵		1.30%			1.36%			1.41%			1.44%			1.43%
Ratio of expenses to average net assets prior to fees waived⁵		1.39%			1.36%			1.42%			1.46%			1.48%
Ratio of net investment income (loss) to average net assets		1.00%			0.94%			0.86%			0.55%			(0.16%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.91%			0.94%			0.85%			0.53%			(0.21%	)
Portfolio turnover		30%			34%			128%			119%			132%


¹	On October 4, 2019, Class A shares of the predecessor fund First Investors Global Fund were reorganized into Class A shares of Delaware Global Equity Fund. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Class A shares.
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	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.

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Delaware Global Equity Fund Institutional Class

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

	Year ended
	9/30/22			9/30/21			9/30/20¹			9/30/19			9/30/18
Net asset value, beginning of period	$	7.48		$	6.97		$	7.74		$	9.03		$	8.78

Income (loss) from investment operations:
Net investment income²		0.07			0.09			0.07			0.07			0.02
Net realized and unrealized gain (loss)		(1.48	)		0.77			0.25			(0.36	)		0.91
Total from investment operations		(1.41	)		0.86			0.32			(0.29	)		0.93

Less dividends and distributions from:
Net investment income		—			(0.08	)		(0.05	)		—			(0.05	)
Net realized gain		(0.81	)		(0.27	)		(1.04	)		(1.00	)		(0.63	)
Total dividends and distributions		(0.81	)		(0.35	)		(1.09	)		(1.00	)		(0.68	)

Net asset value, end of period	$	5.26		$	7.48		$	6.97		$	7.74		$	9.03

Total return³		(21.24%	)		12.54%			4.24%			(1.20%	)		11.03%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,906		$	15,345		$	17,475		$	75,077		$	228,234
Ratio of expenses to average net assets⁴		1.03%			1.07%			1.09%			1.09%			1.05%
Ratio of expenses to average net assets prior to fees waived⁴		1.12%			1.11%			1.18%			1.11%			1.10%
Ratio of net investment income to average net assets		1.08%			1.24%			0.93%			0.95%			0.25%
Ratio of net investment income to average net assets prior to fees waived		0.99%			1.20%			0.84%			0.93%			0.20%
Portfolio turnover		30%			34%			128%			119%			132%


¹	On October 4, 2019, Advisor Class shares of the predecessor fund First Investors Global Fund were reorganized into Institutional Class shares of Delaware Global Equity Fund. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Advisor Class shares.
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 waiver not been in effect.
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.

115

Table of Contents

Financial highlights

Delaware Global Equity Fund Class R6

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

	Year ended
	9/30/22			9/30/21			9/30/20¹			9/30/19			9/30/18
Net asset value, beginning of period	$	7.58		$	6.98		$	7.80		$	9.08		$	8.82

Income (loss) from investment operations:
Net investment income²		0.07			0.02			0.08			0.07			0.03
Net realized and unrealized gain (loss)		(1.50	)		0.85			0.25			(0.35	)		0.91
Total from investment operations		(1.43	)		0.87			0.33			(0.28	)		0.94

Less dividends and distributions from:
Net investment income		(0.01	)		—			(0.11	)		—			(0.05	)
Net realized gain		(0.81	)		(0.27	)		(1.04	)		(1.00	)		(0.63	)
Total dividends and distributions		(0.82	)		(0.27	)		(1.15	)		(1.00	)		(0.68	)

Net asset value, end of period	$	5.33		$	7.58		$	6.98		$	7.80		$	9.08

Total return³		(21.21%	)		12.61%			4.32%			(1.08%	)		11.12%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	16		$	138		$	1,317		$	1,946		$	4,419
Ratio of expenses to average net assets⁴		0.98%			1.02%			1.03%			1.02%			1.00%
Ratio of expenses to average net assets prior to fees waived⁴		1.05%			1.05%			1.13%			1.04%			1.05%
Ratio of net investment income to average net assets		0.97%			0.31%			1.21%			0.95%			0.29%
Ratio of net investment income to average net assets prior to fees waived		0.90%			0.28%			1.11%			0.93%			0.24%
Portfolio turnover		30%			34%			128%			119%			132%


¹	On October 4, 2019, Institutional Class shares of the predecessor fund First Investors Global Fund were reorganized into Class R6 shares of Delaware Global Equity Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Institutional Class shares.
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 waiver not been in effect.
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.

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Delaware Covered Call Strategy Fund Class A

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

	Year ended
	9/30/22			9/30/21			9/30/20¹			9/30/19			9/30/18
Net asset value, beginning of period	$	13.12		$	10.99		$	11.81		$	11.83		$	11.18

Income (loss) from investment operations:
Net investment income²		0.05			0.06			0.13			0.12			0.11
Net realized and unrealized gain (loss)		(1.21	)		2.14			(0.82	)		(0.02	)		0.64
Total from investment operations		(1.16	)		2.20			(0.69	)		0.10			0.75

Less dividends and distributions from:
Net investment income		(0.05	)		(0.07	)		(0.13	)		(0.12	)		(0.10	)
Total dividends and distributions		(0.05	)		(0.07	)		(0.13	)		(0.12	)		(0.10	)

Net asset value, end of period	$	11.91		$	13.12		$	10.99		$	11.81		$	11.83

Total return³		(8.88%	)		20.11%			(5.75%	)		0.97%			6.79%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	69,714		$	95,583		$	121,566		$	211,777		$	237,103
Ratio of expenses to average net assets⁴		1.31%			1.31%			1.32%			1.30%			1.30%
Ratio of expenses to average net assets prior to fees waived⁴		1.36%			1.35%			1.37%			1.28%			1.28%
Ratio of net investment income to average net assets		0.35%			0.51%			1.15%			1.11%			0.95%
Ratio of net investment income to average net assets prior to fees waived		0.30%			0.47%			1.10%			1.13%			0.97%
Portfolio turnover		12%			41%			49%			34%			107%


¹	On October 4, 2019, Class A shares of the predecessor fund First Investors Covered Call Strategy Fund were reorganized into Class A shares of Delaware Covered Call Strategy Fund. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Class A shares.
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. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waiver not been in effect.
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.

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Financial highlights

Delaware Covered Call Strategy Fund Institutional Class

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

	Year ended
	9/30/22			9/30/21			9/30/20¹			9/30/19			9/30/18
Net asset value, beginning of period	$	13.08		$	10.96		$	11.78		$	11.80		$	11.16

Income (loss) from investment operations:
Net investment income²		0.08			0.09			0.15			0.16			0.14
Net realized and unrealized gain (loss)		(1.21	)		2.14			(0.81	)		(0.02	)		0.64
Total from investment operations		(1.13	)		2.23			(0.66	)		0.14			0.78

Less dividends and distributions from:
Net investment income		(0.08	)		(0.11	)		(0.16	)		(0.16	)		(0.14	)
Total dividends and distributions		(0.08	)		(0.11	)		(0.16	)		(0.16	)		(0.14	)

Net asset value, end of period	$	11.87		$	13.08		$	10.96		$	11.78		$	11.80

Total return³		(8.67%	)		20.40%			(5.54%	)		1.25%			7.09%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	28,195		$	34,606		$	37,887		$	66,252		$	114,275
Ratio of expenses to average net assets⁴		1.06%			1.07%			1.10%			1.00%			0.97%
Ratio of expenses to average net assets prior to fees waived⁴		1.11%			1.10%			1.12%			0.96%			1.03%
Ratio of net investment income to average net assets		0.61%			0.75%			1.38%			1.41%			1.25%
Ratio of net investment income to average net assets prior to fees waived		0.56%			0.72%			1.36%			1.45%			1.19%
Portfolio turnover		12%			41%			49%			34%			107%


¹	On October 4, 2019, Advisor Class shares of the predecessor fund First Investors Covered Call Strategy Fund were reorganized into Institutional Class shares of Delaware Covered Call Strategy Fund. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Advisor Class shares.
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 waiver not been in effect.
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.

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Delaware Covered Call Strategy Fund Class R6

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

	Year ended
	9/30/22			9/30/21			9/30/20¹			9/30/19			9/30/18
Net asset value, beginning of period	$	13.03		$	10.91		$	11.69		$	11.72		$	11.17

Income (loss) from investment operations:
Net investment income²		0.11			0.12			0.18			0.17			0.16
Net realized and unrealized gain (loss)		(1.21	)		2.12			(0.81	)		(0.02	)		0.63
Total from investment operations		(1.10	)		2.24			(0.63	)		0.15			0.79

Less dividends and distributions from:
Net investment income		(0.11	)		(0.12	)		(0.15	)		(0.18	)		(0.24	)
Total dividends and distributions		(0.11	)		(0.12	)		(0.15	)		(0.18	)		(0.24	)

Net asset value, end of period	$	11.82		$	13.03		$	10.91		$	11.69		$	11.72

Total return³		(8.51%	)		20.57%			(5.30%	)		1.42%			7.19%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	44		$	48		$	236		$	1,477		$	2,913
Ratio of expenses to average net assets⁴		0.88%			0.88%			0.89%			0.87%			0.84%
Ratio of expenses to average net assets prior to fees waived⁴		1.03%			1.02%			1.07%			0.90%			0.89%
Ratio of net investment income to average net assets		0.80%			1.02%			1.64%			1.54%			1.38%
Ratio of net investment income to average net assets prior to fees waived		0.65%			0.88%			1.46%			1.51%			1.33%
Portfolio turnover		12%			41%			49%			34%			107%


¹	On October 4, 2019, Institutional Class shares of the predecessor fund First Investors Covered Call Strategy Fund were reorganized into Class R6 shares of Delaware Covered Call Strategy Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Institutional Class shares.
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 waiver not been in effect.
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.

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Financial highlights

Delaware Hedged U.S. Equity Opportunities Fund Class A

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

	Year ended
	9/30/22			9/30/21			9/30/20¹			9/30/19			9/30/18
Net asset value, beginning of period	$	10.20		$	11.61		$	12.36		$	11.90		$	10.77

Income (loss) from investment operations:
Net investment loss²		(0.04	)		(0.05	)		(0.02	)		(0.01	)		(0.03	)
Net realized and unrealized gain (loss)		(1.35	)		1.55			1.23			0.68			1.16
Total from investment operations		(1.39	)		1.50			1.21			0.67			1.13

Less dividends and distributions from:
Net investment income		—			—			(0.05	)		—			—
Net realized gain		(1.07	)		(2.91	)		(1.91	)		(0.21	)		—
Total dividends and distributions		(1.07	)		(2.91	)		(1.96	)		(0.21	)		—

Net asset value, end of period	$	7.74		$	10.20		$	11.61		$	12.36		$	11.90

Total return³		(15.48%	)		14.35%			10.91%			5.92%			10.49%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	31,348		$	45,084		$	55,603		$	78,297		$	66,746
Ratio of expenses to average net assets⁴		1.58%			1.64%			1.66%			1.75%			1.75%
Ratio of expenses to average net assets prior to fees waived⁴		1.83%			1.80%			1.85%			1.68%			1.76%
Ratio of net investment loss to average net assets		(0.41%	)		(0.48%	)		(0.14%	)		(0.05%	)		(0.22%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.66%	)		(0.64%	)		(0.33%	)		0.02%			(0.23%	)
Portfolio turnover		70%			60%			109%			124%			56%


¹	On October 4, 2019, Class A shares of the predecessor fund First Investors Hedged U.S. Equity Opportunities Fund were reorganized into Class A shares of Delaware Hedged U.S. Equity Opportunities Fund. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Class A shares.
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. Total return does not reflect the purchase reimbursement fee and redemption reimbursement fee.
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.

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Delaware Hedged U.S. Equity Opportunities Fund Institutional Class

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

	Year ended
	9/30/22			9/30/21			9/30/20¹			9/30/19			9/30/18
Net asset value, beginning of period	$	10.45		$	11.79		$	12.48		$	11.99		$	10.81

Income (loss) from investment operations:
Net investment income (loss)²		(0.01	)		(0.02	)		0.02			0.03			0.02
Net realized and unrealized gain (loss)		(1.39	)		1.59			1.25			0.67			1.16
Total from investment operations		(1.40	)		1.57			1.27			0.70			1.18

Less dividends and distributions from:
Net investment income		—			—			(0.05	)		—	³		—
Net realized gain		(1.07	)		(2.91	)		(1.91	)		(0.21	)		—
Total dividends and distributions		(1.07	)		(2.91	)		(1.96	)		(0.21	)		—

Net asset value, end of period	$	7.98		$	10.45		$	11.79		$	12.48		$	11.99

Total return⁴		(15.17%	)		14.79%			11.28%			6.14%			10.92%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	26,111		$	24,625		$	19,229		$	44,543		$	94,955
Ratio of expenses to average net assets⁵		1.30%			1.30%			1.33%			1.42%			1.42%
Ratio of expenses to average net assets prior to fees waived⁵		1.59%			1.56%			1.62%			1.39%			1.40%
Ratio of net investment income (loss) to average net assets		(0.10%	)		(0.15%	)		0.21%			0.27%			0.16%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.39%	)		(0.41%	)		(0.08%	)		0.30%			0.18%
Portfolio turnover		70%			60%			109%			124%			56%


¹	On October 4, 2019, Advisor Class shares of the predecessor fund First Investors Hedged U.S. Equity Opportunities Fund were reorganized into Institutional Class shares of Delaware Hedged U.S. Equity Opportunities Fund. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Advisor Class shares.
²	Calculated using average shares outstanding.
³	Amount is less than $0.005 per share.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waiver not been in effect.
⁵	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.

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Financial highlights

Delaware Hedged U.S. Equity Opportunities Fund Class R6

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

	Year ended
	9/30/22			9/30/21			9/30/20¹			9/30/19			9/30/18
Net asset value, beginning of period	$	10.47		$	11.80		$	12.53		$	12.01		$	10.82

Income (loss) from investment operations:
Net investment income²		—	³		—	³		0.04			0.04			0.02
Net realized and unrealized gain (loss)		(1.40	)		1.58			1.24			0.69			1.17
Total from investment operations		(1.40	)		1.58			1.28			0.73			1.19

Less dividends and distributions from:
Net investment income		—			—			(0.10	)		—	³		—
Net realized gain		(1.07	)		(2.91	)		(1.91	)		(0.21	)		—
Total dividends and distributions		(1.07	)		(2.91	)		(2.01	)		(0.21	)		—

Net asset value, end of period	$	8.00		$	10.47		$	11.80		$	12.53		$	12.01

Total return⁴		(15.14%	)		14.92%			11.41%			6.39%			11.00%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	13		$	17		$	91		$	341		$	574
Ratio of expenses to average net assets⁵		1.20%			1.20%			1.23%			1.31%			1.31%
Ratio of expenses to average net assets prior to fees waived		1.49%			1.49%			1.57%			1.30%			1.39%
Ratio of net investment income (loss) to average net assets		(0.02%	)		(0.05%	)		0.31%			0.37%			0.21%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.31%	)		(0.34%	)		(0.03%	)		0.38%			0.13%
Portfolio turnover		70%			60%			109%			124%			56%


¹	On October 4, 2019, Institutional Class shares of the predecessor fund First Investors Hedged U.S. Equity Opportunities Fund were reorganized into Class R6 shares of Delaware Hedged U.S. Equity Opportunities Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Institutional Class shares.
²	Calculated using average shares outstanding.
³	Amount is less than $0.005 per share.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waiver not been in effect.
⁵	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.

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Delaware Premium Income Fund Class A

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

	Year ended												4/2/18¹ to
	9/30/22			9/30/21			9/30/20²			9/30/19			9/30/18
Net asset value, beginning of period	$	10.32		$	9.36		$	10.14		$	10.26		$	10.00

Income (loss) from investment operations:
Net investment income³		0.12			0.16			0.21			0.18			0.08
Net realized and unrealized gain (loss)		(0.44	)		0.96			(0.65	)		0.05			0.23
Total from investment operations		(0.32	)		1.12			(0.44	)		0.23			0.31

Less dividends and distributions from:
Net investment income		(0.13	)		(0.16	)		(0.21	)		(0.17	)		(0.05	)
Net realized gain		—			—			(0.13	)		(0.18	)		—
Total dividends and distributions		(0.13	)		(0.16	)		(0.34	)		(0.35	)		(0.05	)

Net asset value, end of period	$	9.87		$	10.32		$	9.36		$	10.14		$	10.26

Total return⁴		(3.18%	)		11.96%			(4.24%	)		2.33%			3.06%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	16,846		$	22,015		$	31,472		$	60,830		$	41,688
Ratio of expenses to average net assets⁵		1.30%			1.30%			1.30%			1.30%			1.30%
Ratio of expenses to average net assets prior to fees waived⁵		1.50%			1.49%			1.44%			1.35%			2.07%
Ratio of net investment income to average net assets		1.20%			1.55%			2.19%			1.74%			1.57%
Ratio of net investment income to average net assets prior to fees waived		1.00%			1.36%			2.05%			1.69%			0.80%
Portfolio turnover		23%			16%			32%			63%			77%


¹	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
²	On October 4, 2019, Class A shares of the predecessor fund First Investors Premium Income Fund were reorganized into Class A shares of Delaware Premium Income Fund. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Class A shares.
³	Calculated using average shares outstanding.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. 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	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.

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Financial highlights

Delaware Premium Income Fund Institutional Class

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

	Year ended												4/2/18¹ to
	9/30/22			9/30/21			9/30/20²			9/30/19			9/30/18
Net asset value, beginning of period	$	10.33		$	9.37		$	10.16		$	10.26		$	10.00

Income (loss) from investment operations:
Net investment income³		0.15			0.18			0.23			0.20			0.10
Net realized and unrealized gain (loss)		(0.46	)		0.96			(0.65	)		0.07			0.22
Total from investment operations		(0.31	)		1.14			(0.42	)		0.27			0.32

Less dividends and distributions from:
Net investment income		(0.15	)		(0.18	)		(0.24	)		(0.19	)		(0.06	)
Net realized gain		—			—			(0.13	)		(0.18	)		—
Total dividends and distributions		(0.15	)		(0.18	)		(0.37	)		(0.37	)		(0.06	)

Net asset value, end of period	$	9.87		$	10.33		$	9.37		$	10.16		$	10.26

Total return⁴		(3.03%	)		12.27%			(4.05%	)		2.67%			3.18%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	23,836		$	26,233		$	32,769		$	67,844		$	34,170
Ratio of expenses to average net assets⁵		1.05%			1.05%			1.05%			1.05%			1.02%
Ratio of expenses to average net assets prior to fees waived⁵		1.26%			1.24%			1.19%			1.10%			1.52%
Ratio of net investment income to average net assets		1.45%			1.80%			2.45%			1.98%			1.86%
Ratio of net investment income to average net assets prior to fees waived		1.24%			1.61%			2.31%			1.93%			1.36%
Portfolio turnover		23%			16%			32%			63%			77%


¹	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
²	On October 4, 2019, Advisor Class shares of the predecessor fund First Investors Premium Income Fund were reorganized into Institutional Class shares of Delaware Premium Income Fund. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Advisor Class shares.
³	Calculated using average shares outstanding.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. 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	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.

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Table of Contents

Delaware Premium Income Fund Class R6

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

	Year ended												4/2/18¹ to
	9/30/22			9/30/21			9/30/20²			9/30/19			9/30/18
Net asset value, beginning of period	$	5.23		$	4.87		$	5.53		$	10.16		$	10.00

Income (loss) from investment operations:
Net investment income³		0.08			0.10			0.13			0.20			0.10
Net realized and unrealized gain (loss)		(0.22	)		0.50			(0.37	)		(0.27	)		0.23
Total from investment operations		(0.14	)		0.60			(0.24	)		(0.07	)		0.33

Less dividends and distributions from:
Net investment income		(0.22	)		(0.24	)		(0.29	)		(4.38	)		(0.17	)
Net realized gain		—			—			(0.13	)		(0.18	)		—
Total dividends and distributions		(0.22	)		(0.24	)		(0.42	)		(4.56	)		(0.17	)

Net asset value, end of period	$	4.87		$	5.23		$	4.87		$	5.53		$	10.16

Total return⁴		(2.88%	)		12.54%			(3.95%	)		2.90%			3.27%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	10		$	16		$	34		$	29		$	3,877
Ratio of expenses to average net assets⁵		0.90%			0.90%			0.90%			0.90%			0.89%
Ratio of expenses to average net assets prior to fees waived⁵		1.16%			1.17%			1.13%			1.05%			1.88%
Ratio of net investment income to average net assets		1.59%			1.95%			2.63%			2.06%			1.88%
Ratio of net investment income to average net assets prior to fees waived		1.33%			1.68%			2.40%			1.91%			0.89%
Portfolio turnover		23%			16%			32%			63%			77%


¹	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
²	On October 4, 2019, Institutional Class shares of the predecessor fund First Investors Premium Income Fund were reorganized into Class R6 shares of Delaware Premium Income Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Institutional Class shares.
³	Calculated using average shares outstanding.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. 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	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.

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Financial highlights

Delaware Total Return Fund Class A

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

	Year ended
	9/30/22			9/30/21			9/30/20¹			9/30/19			9/30/18
Net asset value, beginning of period	$	17.17		$	14.37		$	19.03		$	20.22		$	19.88

Income (loss) from investment operations:
Net investment income²		0.26			0.24			0.29			0.28			0.31
Net realized and unrealized gain (loss)		(1.90	)		2.87			(0.88	)		0.39			0.74
Total from investment operations		(1.64	)		3.11			(0.59	)		0.67			1.05

Less dividends and distributions from:
Net investment income		(0.27	)		(0.31	)		(0.33	)		(0.34	)		(0.36	)
Net realized gain		(2.15	)		—			(3.73	)		(1.52	)		(0.35	)
Return of capital		—			—			(0.01	)		—			—
Total dividends and distributions		(2.42	)		(0.31	)		(4.07	)		(1.86	)		(0.71	)

Net asset value, end of period	$	13.11		$	17.17		$	14.37		$	19.03		$	20.22

Total return³		(11.57%	)⁴		21.77%			(4.48%	)⁴		4.58%			5.32%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	369,405		$	488,792		$	550,020		$	800,910		$	889,473
Ratio of expenses to average net assets⁵		1.09%			1.13%			1.16%			1.17%			1.18%
Ratio of expenses to average net assets prior to fees waived⁵		1.14%			1.13%			1.17%			1.17%			1.18%
Ratio of net investment income to average net assets		1.67%			1.50%			1.89%			1.50%			1.55%
Ratio of net investment income to average net assets prior to fees waived		1.62%			1.50%			1.88%			1.50%			1.55%
Portfolio turnover		57%			94%			151%	⁶		59%			53%


¹	On October 4, 2019, Class A shares of the predecessor fund First Investors Total Return Fund were reorganized into Class A shares of Delaware Total Return Fund. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Class A shares.
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	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁶	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

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Delaware Total Return Fund Institutional Class

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

	Year ended
	9/30/22			9/30/21			9/30/20¹			9/30/19			9/30/18
Net asset value, beginning of period	$	17.24		$	14.43		$	19.10		$	20.32		$	19.98

Income (loss) from investment operations:
Net investment income²		0.30			0.28			0.33			0.34			0.37
Net realized and unrealized gain (loss)		(1.91	)		2.88			(0.90	)		0.40			0.75
Total from investment operations		(1.61	)		3.16			(0.57	)		0.74			1.12

Less dividends and distributions from:
Net investment income		(0.31	)		(0.35	)		(0.36	)		(0.44	)		(0.43	)
Net realized gain		(2.15	)		—			(3.73	)		(1.52	)		(0.35	)
Return of capital		—			—			(0.01	)		—			—
Total dividends and distributions		(2.46	)		(0.35	)		(4.10	)		(1.96	)		(0.78	)

Net asset value, end of period	$	13.17		$	17.24		$	14.43		$	19.10		$	20.32

Total return³		(11.36%	)⁴		22.06%			(4.29%	)		4.93%			5.69%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,901		$	1,388		$	769		$	1,166		$	1,006
Ratio of expenses to average net assets⁵		0.83%			0.88%			0.90%			0.85%			0.84%
Ratio of expenses to average net assets prior to fees waived⁵		0.90%			0.88%			0.90%			0.85%			0.84%
Ratio of net investment income to average net assets		1.98%			1.68%			2.12%			1.80%			1.83%
Ratio of net investment income to average net assets prior to fees waived		1.91%			1.68%			2.12%			1.80%			1.83%
Portfolio turnover		57%			94%			151%	⁶		59%			53%


¹	On October 4, 2019, Advisor Class shares of the predecessor fund First Investors Total Return Fund were reorganized into Institutional Class shares of Delaware Total Return Fund. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Advisor Class shares.
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	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁶	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

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Financial highlights

Delaware Total Return Fund Class R6

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

	Year ended
	9/30/22			9/30/21			9/30/20¹			9/30/19			9/30/18
Net asset value, beginning of period	$	17.29		$	14.47		$	19.14		$	20.38		$	20.05

Income (loss) from investment operations:
Net investment income²		0.30			0.34			0.35			0.35			0.40
Net realized and unrealized gain (loss)		(1.92	)		2.85			(0.90	)		0.41			0.74
Total from investment operations		(1.62	)		3.19			(0.55	)		0.76			1.14

Less dividends and distributions from:
Net investment income		(0.31	)		(0.37	)		(0.39	)		(0.48	)		(0.46	)
Net realized gain		(2.15	)		—			(3.73	)		(1.52	)		(0.35	)
Return of capital		—			—			—	³		—			—
Total dividends and distributions		(2.46	)		(0.37	)		(4.12	)		(2.00	)		(0.81	)

Net asset value, end of period	$	13.21		$	17.29		$	14.47		$	19.14		$	20.38

Total return⁴		(11.36%	)⁵		22.23%	⁵		(4.17%	)⁵		5.06%			5.77%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	29		$	62		$	762		$	1,976		$	34,555
Ratio of expenses to average net assets⁶		0.79%			0.79%			0.81%			0.79%			0.77%
Ratio of expenses to average net assets prior to fees waived⁶		0.83%			0.82%			0.89%			0.79%			0.77%
Ratio of net investment income to average net assets		1.92%			2.16%			2.23%			1.86%			1.96%
Ratio of net investment income to average net assets prior to fees waived		1.88%			2.13%			2.15%			1.86%			1.96%
Portfolio turnover		57%			94%			151%	⁷		59%			53%


¹	On October 4, 2019, Institutional Class shares of the predecessor fund First Investors Total Return Fund were reorganized into Class R6 shares of Delaware Total Return Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Institutional Class shares.
²	Calculated using average shares outstanding.
³	Amount is less than $0.005 per share.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
⁵	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁷	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

September 30, 2022

Delaware Group Equity Funds IV (Trust) is organized as a Delaware statutory trust and offers 11 series. These financial statements and the related notes pertain to eight funds listed below (each a Fund, or collectively, the Funds). The Trust is an open-end investment company. The Funds, except for Delaware Global Equity Fund, are considered diversified under the Investment Company Act of 1940, as amended (1940 Act). Delaware Global Equity Fund is considered nondiversified. The Funds offer Class A, Institutional Class and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.75%. There is no front-end sales charge when you purchase $1,000,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares purchased prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem these shares within the second year; or for shares purchased on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase; unless a specific waiver of the Limited CDSC applies. 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

Each 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 Funds.

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 and credit default swap (CDS) contracts are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Open-end investment companies are valued at their published net asset value (NAV). Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations (CMOs), commercial mortgage securities, and US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. 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. Futures contracts are valued at the daily quoted settlement prices. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the oversight of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. On behalf of the Fund, Delaware Management Company (DMC, and the Fund’s investment manager) may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Funds value their securities, generally as of 4:00pm ET. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, DMC (on behalf of the Funds) may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities are valued at fair value by DMC using procedures approved by the Board.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each 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. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

1. Significant Accounting Policies (continued)

each 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 each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the year ended September 30, 2022, and for all open tax years (years ended September 30, 2019-September 30, 2021), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. In regard to foreign taxes only, each Fund has open tax years in certain foreign countries in which it invests that may date back to the inception of each Fund. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the year ended September 30, 2022, the Funds 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 each 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.

To Be Announced Trades (TBA) — Delaware Total Return 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 Funds generally bifurcate 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), which is due to changes in foreign exchange rates, is included on the “Statements of operations” under “Net realized gain (loss) on foreign currencies.” For foreign equity securities, the realized gains and losses are included on the “Statements of operations” under “Net realized gain (loss) on investments.” The Funds report certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

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

Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Delaware Funds by Macquarie^®(Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Income and capital gain distributions from any investment companies (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. Distributions received from investments in master limited partnerships are recorded as return of capital on investments on the ex-dividend date. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Funds are aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends and interest have been recorded in accordance with the Funds’

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understanding of the applicable country’s tax rules and rates. Delaware Total Return Fund declares and pays dividends monthly. Delaware Equity Income Fund, Delaware Growth and Income Fund, Delaware Covered Call Strategy Fund, and Delaware Premium Income Fund declare and pay dividends quarterly. Delaware Opportunity Fund, Delaware Global Equity Fund, and Delaware Hedged U.S. Equity Opportunities Fund declare and pay dividends annually. Each Fund declares and pays distributions from net realized gain on investments, if any, annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

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

In accordance with the terms of its respective investment management agreement, each Fund pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly, based on each Fund’s average daily net assets as follows:

	On the first $500 million	On the next $500 million	On the next $1.5 billion	In excess of $2.5 billion
Delaware Equity Income Fund	0.650%	0.600%	0.550%	0.500%
Delaware Growth and Income Fund	0.650%	0.600%	0.550%	0.500%
Delaware Opportunity Fund	0.750%	0.700%	0.650%	0.600%
Delaware Global Equity Fund	0.850%	0.800%	0.750%	0.700%
Delaware Total Return Fund	0.650%	0.600%	0.550%	0.500%


	On the first $300 million	On the next $200 million	On the next $500 million	On the next $1 billion	On the next $1 billion	In excess $3 billion
Delaware Covered Call Strategy Fund	0.8000%	0.7500%	0.7000%	0.6500%	0.600%	0.550%
Delaware Hedged U.S. Equity Opportunities Fund	1.1500%	1.1000%	1.0500%	1.0000%	0.950%	0.900%

Delaware Premium Income Fund pays 0.80% of the Fund’s average daily net assets.

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 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 the following percentages of each Fund’s average daily net assets from January 28, 2022 through September 30, 2022.* These waivers and reimbursements may only be terminated by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

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

Fund	Operating expense limitation as a percentage of average daily net assets Class A**	Operating expense limitation as a percentage of average daily net assets Institutional Class**	Operating expense limitation as a percentage of average daily net assets Class R6**
Delaware Equity Income Fund	1.02%	0.77%	0.71%
Delaware Growth and Income Fund	1.02%	0.77%	0.75%
Delaware Opportunity Fund	1.15%	0.90%	0.78%
Delaware Global Equity Fund	1.26%	1.01%	0.95%
Delaware Covered Call Strategy Fund	1.31%	1.06%	0.88%
Delaware Hedged U.S. Equity Opportunities Fund	1.55%	1.30%	1.20%
Delaware Premium Income Fund	1.30%	1.05%	0.90%
Delaware Total Return Fund	1.06%	0.81%	0.79%

*The aggregate contractual waiver period covering this report is from January 28, 2022 through January 28, 2023.

**	From October 1, 2021 through January 27, 2022, the operating expense limitations were as follows:

Fund	Operating expense limitation as a percentage of average daily net assets Class A	Operating expense limitation as a percentage of average daily net assets Institutional Class	Operating expense limitation as a percentage of average daily net assets Class R6
Delaware Equity Income Fund	1.12%	0.85%	0.81%
Delaware Growth and Income Fund	1.08%	0.82%	0.75%
Delaware Opportunity Fund	1.21%	0.90%	0.78%
Delaware Global Equity Fund	1.37%	1.07%	1.02%
Delaware Covered Call Strategy Fund	1.31%	1.06%	0.88%
Delaware Hedged U.S. Equity Opportunities Fund	1.64%	1.30%	1.20%
Delaware Premium Income Fund	1.30%	1.05%	0.90%
Delaware Total Return Fund	1.15%	0.91%	0.79%

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 (together, the “Affiliated Sub-Advisors”). DMC may also permit these Affiliated Sub-Advisors to execute Fund security trades on its behalf 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. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not a Fund, pays each Affiliated Sub-Advisor a portion of its investment management fee.

Although the DMC has principal responsibility for DMC’s portion of Delaware Equity Income Fund, Delaware Global Equity Fund, Delaware Growth and Income Fund, Delaware Opportunity Fund, and Delaware Total Return Fund, DMC may permit Macquarie Funds Management Hong Kong Limited to execute Fund security trades on behalf of the DMC.

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Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Funds. 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. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the year ended September 30, 2022, each Fund paid for these services as follows:

Fund	Fees
Delaware Equity Income Fund	$	13,170
Delaware Growth and Income Fund		36,900
Delaware Opportunity Fund		24,805
Delaware Global Equity Fund		11,936
Delaware Covered Call Strategy Fund		8,198
Delaware Hedged U.S. Equity Opportunities Fund		7,033
Delaware Premium Income Fund		5,932
Delaware Total Return Fund		32,859

Effective June 27, 2022, 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. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.”

For the year ended September 30, 2022, each Fund paid for these services as follows:

Fund	Fees
Delaware Equity Income Fund	$	18,042
Delaware Growth and Income Fund		64,451
Delaware Opportunity Fund		41,379
Delaware Global Equity Fund		14,040
Delaware Covered Call Strategy Fund		8,609
Delaware Hedged U.S. Equity Opportunities Fund		4,820
Delaware Premium Income Fund		4,227
Delaware Total Return Fund		29,588

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 each Fund. Sub-transfer agency fees are paid by each Fund and are also included on the “Statements 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, each Fund pays DDLP, the distributor and an affiliate of DMC, annual distribution and service (12b-1) fees of 0.25% of the average daily net assets of the Class A shares. The fees are calculated daily and paid monthly. Institutional Class and Class R6 shares do not pay 12b-1 fees.

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

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

As provided in the investment management agreement, each 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 each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the year ended September 30, 2022, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Delaware Equity Income Fund	$	7,638
Delaware Growth and Income Fund		27,472
Delaware Opportunity Fund		17,374
Delaware Global Equity Fund		6,043
Delaware Covered Call Strategy Fund		2,897
Delaware Hedged U.S. Equity Opportunities Fund		1,731
Delaware Premium Income Fund		1,214
Delaware Total Return Fund		12,527

For the year ended September 30, 2022, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Class A
Delaware Equity Income Fund	$	17,604
Delaware Growth and Income Fund		76,532
Delaware Opportunity Fund		54,531
Delaware Global Equity Fund		12,757
Delaware Covered Call Strategy Fund		13,278
Delaware Hedged U.S. Equity Opportunities Fund		8,060
Delaware Premium Income Fund		2,531
Delaware Total Return Fund		46,539

For the year ended September 30, 2022, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A shares, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

Fund	Class A
Delaware Equity Income Fund	$	43
Delaware Growth and Income Fund		103
Delaware Opportunity Fund		167
Delaware Global Equity Fund		140
Delaware Covered Call Strategy Fund		91
Delaware Hedged U.S. Equity Opportunities Fund		5
Delaware Premium Income Fund		—
Delaware Total Return Fund		28

Trustees’ fees include expenses accrued by each 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 Funds.

In addition to the management fees and other expenses of a Fund, a Fund indirectly bears the investment management fees and other expenses of any Underlying Funds in which it invests. The amount of these fees and expenses incurred indirectly by a 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.

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A summary of the transactions in affiliated companies during the year ended September 30, 2022 as follows:

	Value, beginning of period	Gross additions	Gross reductions⁽¹⁾	Net realized gain (loss) on affiliated securities	Net change in unrealized appreciation (depreciation) on affiliated securities	Value, end of period	Shares
Delaware Total Return Fund
Limited Liability Corporation– 2.8%
Sc Hixson Pp^=,†,π	$8,470,080	$—	$(495,000)	$—	$2,236,680	$10,211,760	7,200,000

¹	The amount shown included return of capital.
^†	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.
^π	Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity.

3. Investments

For the year ended September 30, 2022, each Fund made purchases and sales of investment securities other than short-term investments as follows:

Fund	Purchases other than US government securities		Purchases of US government securities		Sales other than US government securities		Sales of US government securities
Delaware Equity Income Fund	$	63,543,407	$	—	$	100,285,991	$	—
Delaware Growth and Income Fund		225,381,008		—		338,154,990		—
Delaware Opportunity Fund		103,792,387		—		194,966,521		—
Delaware Global Equity Fund		61,447,093		—		105,757,766		—
Delaware Covered Call Strategy Fund		14,047,012		—		33,952,378		—
Delaware Hedged U.S. Equity Opportunities Fund		44,798,849		—		44,856,981		—
Delaware Premium Income Fund		12,839,242		—		18,110,805		—
Delaware Total Return Fund		140,612,846		105,146,639		217,616,154		79,973,179

The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation), which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At September 30, 2022, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for each Fund were as follows:

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

3. Investments (continued)

Fund	Cost of investments and derivatives		Aggregate unrealized appreciation of investments and derivatives		Aggregate unrealized depreciation of investments and derivatives			Net unrealized appreciation (depreciation) of investments and derivatives
Delaware Equity Income Fund	$	239,131,784	$	26,498,738	$	(28,564,357	)	$	(2,065,619	)
Delaware Growth and Income Fund		843,003,959		114,836,521		(95,698,249	)		19,138,272
Delaware Opportunity Fund		455,244,734		96,197,796		(38,586,725	)		57,611,071
Delaware Global Equity Fund		194,727,578		9,735,239		(47,466,699	)		(37,731,460	)
Delaware Covered Call Strategy Fund		79,061,477		25,978,634		(6,928,987	)		19,049,647
Delaware Hedged U.S. Equity Opportunities Fund		63,619,169		3,165,246		(9,326,109	)		(6,160,863	)
Delaware Premium Income Fund		39,951,427		6,407,864		(5,565,959	)		841,905
Delaware Total Return Fund		394,779,032		23,113,407		(48,128,067	)		(25,014,660	)

US GAAP defines fair value as the price that each 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. Each 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 each 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. Each 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 tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of September 30, 2022:

	Delaware Equity Income Fund
	Level 1
Securities
Assets:
Common Stocks		$	235,748,647
Short-Term Investments			1,317,518
Total Value of Securities		$	237,066,165

	Delaware Growth and Income Fund
	Level 1
Securities
Assets:
Common Stocks		$	857,418,066
Short-Term Investments			4,724,165
Total Value of Securities		$	862,142,231

	Delaware Opportunity Fund
	Level 1
Securities
Assets:
Common Stocks		$	507,714,757
Short-Term Investments			5,141,048
Total Value of Securities		$	512,855,805


	Delaware Global Equity Fund
	Level 1		Level 2		Total
Securities
Assets:
Common Stocks	$	52,509,397	$	102,317,081	$	154,826,478
Exchange-Traded Fund		1,293,502		—		1,293,502
Rights		712,454		—		712,454
Short-Term Investments		163,684		—		163,684
Total Value of Securities	$	54,679,037	$	102,317,081	$	156,996,118

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

3. Investments (continued)

	Delaware Covered Call Strategy Fund
	Level 1
Securities
Assets:
Common Stocks		$	94,663,142
Short-Term Investments			5,036,711
Total Value of Securities Before Options Written		$	99,699,853
Liabilities:
Options Written		$	(1,588,729)


	Delaware Hedged U.S. Equity Opportunities Fund
	Level 1		Level 2			Total
Securities
Assets:
Common Stocks
Communication Services	$	3,706,101	$	—		$	3,706,101
Consumer Discretionary		6,497,419		123,238			6,620,657
Consumer Staples		2,851,518		212,757			3,064,275
Energy		1,665,150		—			1,665,150
Financials		8,053,661		—			8,053,661
Healthcare		7,823,515		96,135			7,919,650
Industrials		6,556,099		184,803			6,740,902
Information Technology		10,584,036		62,339			10,646,375
Materials		2,427,272		143,736			2,571,008
Real Estate		1,698,336		—			1,698,336
Utilities		987,993		147,042			1,135,035
Exchange-Traded Fund		290,142		—			290,142
Options Purchased		—		1,115,385			1,115,385
Short-Term Investments		1,647,305		—			1,647,305
Total Value of Securities Before Options Written	$	54,788,547	$	2,085,435		$	56,873,982
Liabilities:
Options Written	$	—	$	(386,655	)	$	(386,655	)

Derivatives¹
Assets:
Foreign Currency Exchange Contracts	$	—	$	51,532		$	51,532
Futures Contracts		919,447		—			919,447

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	Delaware Premium Income Fund
	Level 1
Securities
Assets:
Common Stocks		$	44,135,079
Short-Term Investments			3,122,489
Total Value of Securities Before Options Written		$	47,257,568
Liabilities:
Options Written		$	(6,464,236	)


	Delaware Total Return Fund
	Level 1			Level 2			Level 3		Total
Securities
Assets:
Agency Mortgage-Backed
Securities	$	—		$	13,216,393		$	—	$	13,216,393
Collateralized Debt Obligations		—			1,274,868			—		1,274,868
Common Stocks		176,553,351			14,071,415			—		190,624,766
Convertible Bonds		—			31,313,014			—		31,313,014
Convertible Preferred Stock		5,789,206			—			—		5,789,206
Corporate Bonds		—			48,062,845			—		48,062,845
Exchange-Traded Funds		9,484,296			—			—		9,484,296
Limited Liability Corporation		—			—			10,211,760		10,211,760
Non-Agency Asset-Backed
Securities		—			1,120,914			—		1,120,914
Non-Agency Commercial
Mortgage-Backed Securities		—			5,505,241			—		5,505,241
Rights		98,093			—			—		98,093
Sovereign Bonds		—			5,873,833			—		5,873,833
Supranational Banks		—			808,688			—		808,688
US Treasury Obligations		—			38,694,614			—		38,694,614
Short-Term Investments		7,631,448			—			—		7,631,448
Total Value of Securities	$	199,556,394		$	159,941,825		$	10,211,760	$	369,709,979

Derivatives
Assets:
Foreign Currency Exchange Contracts	$	—		$	19,918		$	—	$	19,918
Futures Contracts		65,635			—			—		65,635
Liabilities:
Futures Contracts	$	(29,683	)	$	—		$	—	$	(29,683	)
Foreign Currency Exchange Contracts		—			(1,477	)		—		(1,477	)

During the year ended September 30, 2022, there were no transfers into or out of Level 3 investments. Each 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.

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

3. Investments (continued)

A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning or end of the year in relation to each Fund’s net assets. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to each Fund’s net assets at the end of the year except for Delaware Total Return Fund. There were no Level 3 investments during the year ended September 30, 2022 for Delaware Equity Income Fund, Delaware Growth and Income Fund, Delaware Opportunity Fund, Delaware Global Equity Fund, Delaware Covered Call Strategy Fund, Delaware Hedged U.S. Equity Opportunities Fund and Delaware Premium Income Fund.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for the Delaware Total Return Fund:

	Limited Liability Corporation
Balance as of 9/30/21		$	8,470,080
Return of capital			(495,000	)
Net change in unrealized appreciation/depreciation			2,236,680
Balance as of 9/30/22		$	10,211,760
Net change in unrealized appreciation (depreciation) from Level 3 investments still held as of 9/30/22		$	1,741,680

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 Delaware Management Company’s 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 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.

A significant change to the inputs may result in a significant change to the valuation. Quantitative information about Level 3 fair value measurements for Delaware Total Return Fund is as follows:

Assets	Value		Valuation Techniques	Unobservable Inputs	Input Value
Limited Liability Corporation	$	10,211,760	Market Cap rate method (using trailing 12 month NOI adjusted for assets and liabilities)	Liquidity discount	5%
				Cap rate	6.15%

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4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended September 30, 2022 and 2021 were as follows:

	Ordinary income		Long-term capital gains		Total
Year ended September 30, 2022:
Delaware Equity Income Fund	$	12,807,046	$	27,446,062	$	40,253,108
Delaware Growth and Income Fund		40,489,170		78,675,257		119,164,427
Delaware Opportunity Fund		8,238,455		29,306,756		37,545,211
Delaware Global Equity Fund		5,394,085		22,843,576		28,237,661
Delaware Covered Call Strategy Fund		494,348		—		494,348
Delaware Hedged U.S. Equity Opportunities Fund		3,058,637		4,228,447		7,287,084
Delaware Premium Income Fund		628,865		—		628,865
Delaware Total Return Fund		10,467,354		56,483,941		66,951,295

Year ended September 30, 2021:
Delaware Equity Income Fund		4,215,684		20,359,234		24,574,918
Delaware Growth and Income Fund		15,448,086		55,966,283		71,414,369
Delaware Opportunity Fund		5,456,312		—		5,456,312
Delaware Global Equity Fund		9,437,631		4,058,883		13,496,514
Delaware Covered Call Strategy Fund		998,594		—		998,594
Delaware Hedged U.S. Equity Opportunities Fund		5,100,892		12,489,014		17,589,906
Delaware Premium Income Fund		896,351		—		896,351
Delaware Total Return Fund		10,215,119		—		10,215,119

5. Components of Net Assets on a Tax Basis

As of September 30, 2022, the components of net assets on a tax basis were as follows:

	Delaware Equity Income Fund				Delaware Growth and Income Fund			Delaware Opportunity Fund
Shares of beneficial interest		$	224,733,537			$	795,902,396		$	409,049,586
Undistributed ordinary income			—				3,816			6,168,804
Undistributed long-term capital gains			14,248,878				47,161,039			39,406,855
Unrealized appreciation (depreciation) of investments, foreign currencies, and derivatives			(2,065,619	)			19,138,272			57,611,071
Net assets		$	236,916,796			$	862,205,523		$	512,236,316


	Delaware Global Equity Fund				Delaware Covered Call Strategy Fund			Delaware Hedged U.S. Equity Opportunities Fund
Shares of beneficial interest		$	192,942,039			$	69,486,958		$	58,666,931
Undistributed ordinary income			226,211				9,984			—
Undistributed long-term capital gains			2,642,634				9,406,130			4,990,413
Qualified late year loss deferrals			—				—			(24,411	)
Unrealized appreciation (depreciation) of investments, foreign currencies, and derivatives			(37,731,460	)			19,049,647			(6,160,863	)
Net assets		$	158,079,424			$	97,952,719		$	57,472,070

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

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

	Delaware Premium Income Fund				Delaware Total Return Fund
Shares of beneficial interest		$	47,335,324			$	389,324,392
Undistributed ordinary income			148,401				—
Undistributed long-term capital gains			—				8,964,662
Qualified late year loss deferrals			—				(1,938,922	)
Capital loss carryforwards			(7,633,337	)			—
Unrealized appreciation (depreciation) of investments, foreign currencies, and derivatives			841,905				(25,014,660	)
Net assets		$	40,692,293			$	371,335,472

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, tax deferral of losses on straddles, mark-to-market of foreign currency exchange contracts, mark-to-market of futures contracts, tax recognition of unrealized gain on passive foreign investment companies, tax treatment of swap contracts, contingent payment debt instruments, amortization of premium on convertible securities, trust preferred securities, partnership interest and deemed dividend income.

Qualified late year losses represent ordinary losses realized from January 1, 2022 through September 30, 2022 and capital losses realized from November 1, 2021 through September 30, 2022, that in accordance with federal income tax regulations, the Fund has elected to defer and treat as having arisen in the following fiscal year.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of partnership non-deductible expenses, gain (loss) on foreign currency transactions, tax treatment of partnerships, amortization of premium on convertible securities, swap contracts, deemed dividend income, contingent payment on debt instruments, trust preferred securities, paydown gains (losses) of asset- and mortgage-backed securities and earnings and profits distributed to shareholders on the redemption of shares. Results of operations and net assets were not affected by these reclassifications. For the year ended September 30, 2022, the Funds recorded the following reclassifications:

	Delaware Opportunity Fund			Delaware Covered Call Strategy Fund			Delaware Hedged U.S. Equity Opportunities Fund
Paid-in capital	$	3,788,206		$	499,973		$	416,559
Total distributable earnings (loss)		(3,788,206	)		(499,973	)		(416,559	)

	Delaware Total Return Fund
Paid-in capital	$	20,257
Total distributable earnings (loss)		(20,257	)

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At September 30, 2022, the Funds utilized the following capital loss carryforwards:

Delaware Covered Call Strategy Fund		$	4,342,920
Delaware Premium Income Fund			4,238,534

At September 30, 2022, capital loss carryforwards available to offset future realized capital gains are as follows:

	Loss carryforward character
	Short-term		Long-term		Total
Delaware Premium Income Fund		$7,633,337		$—	$	7,633,337

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6. Capital Shares

Transactions in capital shares were as follows:

	Delaware Equity Income Fund						Delaware Growth and Income Fund						Delaware Opportunity Fund
	Year ended						Year ended						Year ended
	9/30/22			9/30/21			9/30/22			9/30/21			9/30/22			9/30/21
Shares sold:
Class A		2,224,874			1,187,812			2,990,440			2,296,732			515,466			675,704
Institutional Class		307,516			149,781			148,531			164,457			21,861			58,698
Class R6		—			—			—			—			210,878			820

Shares issued upon reinvestment of dividends and distributions:
Class A		5,802,719			3,596,638			8,643,164			5,357,405			1,102,820			192,380
Institutional Class		38,245			16,098			39,285			25,619			7,168			1,000
Class R6		418			937			362			1,300			80			—
		8,373,772			4,951,266			11,821,782			7,845,513			1,858,273			928,602

Shares redeemed:
Class A		(8,313,731	)		(15,059,596	)		(12,335,093	)		(22,458,779	)		(3,491,824	)		(7,165,676	)
Institutional Class		(111,374	)		(76,607	)		(159,503	)		(200,804	)		(46,191	)		(47,140	)
Class R6		(512	)		(107,145	)		(11,223	)		(214,008	)		(8,285	)		(37,232	)
		(8,425,617	)		(15,243,348	)		(12,505,819	)		(22,873,591	)		(3,546,300	)		(7,250,048	)
Net decrease		(51,845	)		(10,292,082	)		(684,037	)		(15,028,078	)		(1,688,027	)		(6,321,446	)

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

6. Capital Shares (continued)

	Delaware Global Equity Fund						Delaware Covered Call Strategy Fund						Delaware Hedged U.S. Equity Opportunities Fund
	Year ended						Year ended						Year ended
	9/30/22			9/30/21			9/30/22			9/30/21			9/30/22			9/30/21
Shares sold:
Class A		738,993			946,910			305,084			401,971			313,481			622,730
Institutional Class		76,063			199,494			172,516			229,299			1,539,754			1,607,817
Class R6		643			15,026			183			3,426			—			3,398

Shares issued upon reinvestment of dividends and distributions:
Class A		4,414,491			1,838,216			23,076			55,398			481,104			1,304,950
Institutional Class		45,872			112,012			14,759			24,119			280,541			499,622
Class R6		404			378			31			65			164			2,274
		5,276,466			3,112,036			515,649			714,278			2,615,044			4,040,791

Shares redeemed:
Class A		(6,198,048	)		(10,641,883	)		(1,762,408	)		(4,228,881	)		(1,167,238	)		(2,298,036	)
Institutional Class		(1,812,164	)		(765,692	)		(458,772	)		(1,062,528	)		(904,434	)		(1,381,471	)
Class R6		(16,324	)		(186,007	)		(191	)		(21,461	)		(122	)		(11,818	)
		(8,026,536	)		(11,593,582	)		(2,221,371	)		(5,312,870	)		(2,071,794	)		(3,691,325	)
Net increase (decrease)		(2,750,070	)		(8,481,546	)		(1,705,722	)		(4,598,592	)		543,250			349,466

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	Delaware Premium Income Fund						Delaware Total Return Fund
	Year ended						Year ended
	9/30/22			9/30/21			9/30/22			9/30/21
Shares sold:
Class A		83,192			95,024			1,088,423			1,170,029
Institutional Class		515,979			492,556			102,623			74,433
Class R6		—			—			81			97

Shares issued upon reinvestment of dividends and distributions:
Class A		22,639			39,818			4,280,886			623,661
Institutional Class		37,236			45,614			12,427			1,569
Class R6		97			274			320			205
		659,143			673,286			5,484,760			1,869,994

Shares redeemed:
Class A		(530,939	)		(1,364,201	)		(5,657,920	)		(11,589,622	)
Institutional Class		(678,230	)		(1,496,072	)		(51,229	)		(48,752	)
Class R6		(907	)		(4,319	)		(1,724	)		(49,418	)
		(1,210,076	)		(2,864,592	)		(5,710,873	)		(11,687,792	)
Net decrease		(550,933	)		(2,191,306	)		(226,113	)		(9,817,798	)

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 tables above and on the previous pages and on the “Statements of changes in net assets.” For the years ended September 30, 2022 and 2021, each Fund had the following exchange transactions:

	Exchange Redemptions		Exchange Subscriptions
	Class A Shares		Institutional Class Shares		Class R6 Shares		Value
Delaware Equity Income Fund
Year ended
9/30/21		58,398		57,973		—	$	405,726

Delaware Growth and Income Fund
Year ended
9/30/22		1,124		1,121		—		16,639

Year ended
9/30/21		26,269		26,225		—		354,306

Delaware Opportunity Fund
Year ended
9/30/21		15,046		14,200		179		457,032

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

6. Capital Shares (continued)

	Exchange Redemptions		Exchange Subscriptions
	Class A Shares		Institutional Class Shares		Class R6 Shares		Value
Delaware Global Equity Fund
Year ended
9/30/22		1,324		1,262		—	$	9,454
Year ended
9/30/21		16,796		16,032		—		118,179

Delaware Covered Call Strategy Fund
Year ended
9/30/21		2,664		2,671		—		29,519

Delaware Hedged U.S. Equity Opportunities Fund
Year ended
9/30/21		2,822		2,777		—		32,901

Delaware Premium Income Fund
Year ended
9/30/21		8,332		8,323		—		81,653

Delaware Total Return Fund
Year ended
9/30/22		7,937		7,900		—		112,953
Year ended
9/30/21		41,036		40,859		—		652,541

Delaware Equity Income Fund, Delaware Opportunity Fund, Delaware Covered Call Strategy Fund, Delaware Hedged U.S. Equity Opportunities Fund and Delaware Premium Income Fund did not have any exchange transactions for the year ended September 30, 2022.

7. Line of Credit

Each 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 were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was 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, 2022.

Each Fund had no amounts outstanding as of September 30, 2022, or at any time during the period then ended.

8. Derivatives

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

Foreign Currency Exchange Contracts – Each Fund may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. Each 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. Each Fund may also enter into these contracts to hedge the US dollar value of securities it already owns that are denominated in

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foreign currencies. In addition, each 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, each Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. Each 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 each Fund and the counterparty and by the posting of collateral by the counterparty to the Funds to cover each Fund’s exposure to the counterparty.

During the year ended, September 30, 2022 Delaware Global Equity Fund entered into foreign currency exchange contracts and foreign cross currency contracts in order to fix the US dollar value of a security between the trade date and settlement date. Delaware Hedged U.S. Equity Opportunities Bond Fund, and Delaware Total Return Fund entered into foreign currency exchange contracts and foreign cross currency contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies to increase/decrease exposure to foreign currencies. Delaware Total Return Fund also entered into foreign currency contracts and foreign cross currency contracts 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 Funds may use futures in the normal course of pursuing its investment objective. The Funds may invest in futures contracts to hedge its existing portfolio securities against fluctuations in fair value caused by changes in prevailing market interest rates. Upon entering into a futures contract, the Funds deposit cash or pledge 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 Funds as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Funds record 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 Funds because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Delaware Hedged U.S. Equity Opportunities Fund and Delaware Total Return Fund posted $520,862 and $22,200, respectively as cash collateral as margin for open futures contracts, which is presented as “Cash collateral due from brokers” on the “Statements of assets and liabilities.” Open futures contracts, if any, are disclosed on the “Schedules of investments.” During the year ended September 30, 2022, Delaware Hedged U.S. Equity Opportunities Bond Fund and Delaware Total Return Fund invested in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

Options Contracts — Each Fund may enter into options contracts in the normal course of pursuing its investment objective. Each Fund may buy or write options contracts for any number of reasons, including without limitation: to manage each Fund’s exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting each Fund’s overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. Each Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When each Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When each Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by each Fund on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether each Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by each Fund. Each Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

8. Derivatives (continued) option. When writing options, each Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change.

During the year ended September 30, 2022, Delaware Covered Call Strategy Fund, Delaware Hedged U.S. Equity Opportunities Fund, and Delaware Premium Income Fund used options contracts to manage the Funds’ exposure to changes in securities prices caused by interest rates or market conditions. In addition, Delaware Covered Call Strategy Fund and Delaware Premium Income Fund used options contracts to receive premiums for writing options and to protect the value of portfolio securities.

Swap Contracts — Delaware Total Return Fund enters into CDS contracts in the normal course of pursuing its investment objective. The Fund will not be permitted to enter into any swap transactions unless, at the time of entering into such transactions, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by Standard & Poor’s Financial Services LLC (S&P) or Baa3 by Moody’s Investors Service, Inc. (Moody’s) or is determined to be of equivalent credit quality by DMC.

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

During the year ended September 30, 2022, Delaware Total Return Fund entered into CDS contracts as a purchaser of protection. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. For the year ended September 30, 2022, the Fund did not enter into any contracts as a seller of protection. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty.

CDS contracts may involve greater risks than if Delaware Total Return Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

During the year ended September 30, 2022, Delaware Total Return Fund used CDS contracts to hedge against credit events.

Swaps Generally. For centrally cleared swaps, payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded by Delaware Total Return Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, Delaware Total Return Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The value of open swaps may differ from that which would be realized in the event Delaware Total Return Fund terminated its position in the contract on a given day. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the “Schedules of investments.”

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Fair values of derivative instruments as of September 30, 2022 were as follows:

		Delaware Hedged U.S. Equity Opportunities Fund Asset Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency Contracts			Equity Contracts		Total
Unrealized appreciation on foreign currency exchange contracts		$	51,532	$	—		$	51,532
Variation margin due from broker on futures contracts*			—		919,447			919,447
Options purchased**			—		1,115,385			1,115,385
Total		$	51,532	$	2,034,832		$	2,086,364

						Delaware Hedged U.S. Equity Opportunities Fund Liability Derivatives Fair Value
Statements of Assets and Liabilities Location						Equity Contracts
Options written, at value							$	(386,655)


		Delaware Total Return Fund Asset Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency Contracts			Interest Rate Contracts			Total
Unrealized appreciation on foreign currency exchange contracts		$	19,918		$	—		$	19,918
Variation margin due from broker on futures contracts*			—			65,635			65,635
Total		$	19,918		$	65,635		$	85,553

		Delaware Total Return Fund Liability Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency Contracts			Interest Rate Contracts				Total
Unrealized depreciation on foreign currency exchange contracts		$(1,477	)		$	—			$	(1,477	)
Variation margin due to broker on futures contracts*		—				(29,683	)			(29,683	)
Total		$(1,477	)		$	(29,683	)		$	(31,160	)

*Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through September 30, 2022. Only current day variation margin is reported on the Fund’s “Statements of assets and liabilities.”

**Included with Investments, at value.

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

8. Derivatives (continued)

The effect of derivative instruments on Delaware Hedged U.S. Equity Opportunities Fund’s “Statements of operations” for the year ended September 30, 2022 was as follows:

	Net Realized Gain (Loss) on:
	Foreign Currency Exchange Contracts			Futures Contracts			Options Purchased				Options Written			Total
Currency contracts		$	167,001		$	—		$	—			$	—		$	167,001
Equity contracts			—			918,997			(429,810	)			519,902			1,009,089
Total		$	167,001		$	918,997		$	(429,810	)		$	519,902		$	1,176,090

	Net Change in Unrealized Appreciation (Depreciation) on:
	Foreign Currency Exchange Contracts			Futures Contracts			Options Purchased			Options Written
Currency contracts		$	18,676		$	—		$	—		$	—
Interest rate contracts			—			555,325			436,940			(250,516	)
Total		$	18,676		$	555,325		$	436,940		$	(250,516	)

The effect of derivative instruments on Delaware Total Return Fund’s “Statements of operations” for the year ended September 30, 2022 was as follows:

	Net Realized Gain (Loss) on:
	Foreign Currency Exchange Contracts			Futures Contracts			Swap Contracts				Total
Currency contracts		$	163,644		$	—		$	—			$	163,644
Interest rate contracts			—			292,811			—				292,811
Credit contracts			—			—			(62	)			(62	)
Total		$	163,644		$	292,811		$	(62	)		$	456,393

	Net Change in Unrealized Appreciation (Depreciation) on:
		Foreign Currency Exchange Contracts			Futures Contracts				Swap Contracts			Total
Currency contracts			$	12,474		$	—			$	—		$	12,474
Interest rate contracts				—			(865	)			—			(865	)
Credit contracts				—			—				4,782			4,782
Total			$	12,474		$	(865	)		$	4,782		$	16,391

During the year ended September 30, 2022, Delaware Global Equity Fund experienced net realized and unrealized gains or losses attributable to foreign currency exchange contracts, which are disclosed on the “Statements of assets and liabilities” and/or “Statements of operations.”

During the year ended September 30, 2022, Delaware Covered Call Strategy Fund and Delaware Premium Income Fund experienced net realized and unrealized gains or losses attributable to options contracts, which are disclosed on the “Statements of assets and liabilities” and/or “Statements of operations.”

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The table below summarizes the average daily balance of derivative holdings by certain Funds during the year ended September 30, 2022:

	Long Derivative Volume
	Delaware Global Equity Fund			Delaware Hedged U.S. Equity Opportunities Fund			Delaware Total Return Fund
Foreign currency exchange contracts (average notional value)		$	124,169		$	129,754		$	459,292
Futures contracts (average notional value)			—			—			528,190
Options contracts (average notional value)*			—			686,901			—

	Short Derivative Volume
	Delaware Global Equity Fund			Delaware Covered Call Strategy Fund			Delaware Hedged U.S. Equity Opportunities Fund
Foreign currency exchange contracts (average notional value)		$	255,272		$	—		$	1,979,435
Futures contracts (average notional value)			—			—			12,083,601
Options contracts (average notional value)*			—			3,373,866			331,437

	Short Derivative Volume
	Delaware Premium Income Fund		Delaware Total Return Fund
Foreign currency exchange contracts (average notional value)	$	—	$	1,464,246
Futures contracts (average notional value)		—		2,372,211
Options contracts (average notional value)*		10,396,936		—

* Long represents purchased options and short represents written options.

9. Offsetting

Each 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 each Fund mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each 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, certain Funds does not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statements of assets and liabilities.”

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

9. Offsetting (continued)

At September 30, 2022, each Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Delaware
Hedged U.S. Equity
Opportunities Fund

Counterparty	Gross Value of Derivative Asset			Gross Value of Derivative Liability		Net Position
Bank of New York Mellon		$	10		$—		$	10
State Street Bank			3		$—			3
TD Bank			51,513		$—			51,513
UBS Securities			6		$—			6
Total		$	51,532		$—		$	51,532

Counterparty	Net Position			Fair Value of Non-Cash Collateral Received		Cash Collateral Received		Fair Value of Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Exposure
Bank of New York		$	10		$—		$—		$—		$—		$	10
State Street Bank			3		$—		$—		$—		$—			3
TD Bank			51,513		$—		$—		$—		$—			51,513
UBS Securities			6		$—		$—		$—		$—			6
Total		$	51,532		$—		$—		$—		$—			51,532

Delaware Total Return Fund

Counterparty	Gross Value of Derivative Asset			Gross Value of Derivative Liability				Net Position
Bank of New York Mellon		$	–		$	(164	)		$	(164	)
JPMorgan Chase Bank			19,918			(1,313	)			18,605
Total		$	19,918		$	(1,477	)		$	18,441


Counterparty	Net Position				Fair Value of Non-Cash Collateral Received		Cash Collateral Received		Fair Value of Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Exposure^(a)
Bank of New York Mellon		$	(164	)		$—		$—		$—		$—		$	(164	)
JPMorgan Chase Bank			18,605			—		—		—		—			18,605
Total		$	18,441			$—		$—		$—		$—		$	18,441


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

10. Securities Lending

Each 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

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

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

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

During the year ended September 30, 2022, the Funds had no securities out on loan.

11. Credit and Market Risk

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has 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 COVID-19 outbreak and its effects cannot be determined with certainty.

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 Funds’ performance.

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

11. Credit and Market Risk (continued)

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 Funds invest will cause the NAV of the Funds to fluctuate.

Some countries in which the Funds 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 United States. Consequently, acquisition and disposition of securities by the Funds may be inhibited. In addition, a significant portion of the aggregate market value of 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 Funds.

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

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

Delaware Total Return Fund invests a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by S&P and lower than 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.

Delaware Total Return 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 a Fund’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

Delaware Total Return Fund invests in bank loans and other securities that may subject them 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 non-payment 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 each 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 each 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

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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 Delaware Total Return 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.

Delaware Total Return 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 Funds will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

Delaware Opportunity Fund, Delaware Hedged U.S. Equity Opportunities Fund, and Delaware Total Return Fund may invest in REITs and are subject to the risks associated with that industry. If a 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 year ended September 30, 2022. The Funds’ REIT holdings are also affected by interest rate changes, particularly if the REITs they hold use floating rate debt to finance their ongoing operations. The Funds also invest in real estate acquired as a result of ownership of securities or other instruments, including issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein. These instruments may include interests in private equity limited partnerships or limited liability companies that hold real estate investments (Real Estate Limited Partnerships). The Funds will limit their investments in Real Estate Limited Partnerships to 5% of their total assets at the time of purchase.

Each 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 each 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 Funds’ 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 Funds’ 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedules of investments.”

12. Contractual Obligations

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

13. Recent Accounting Pronouncements

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

14. Subsequent Events

On October 31, 2022, each Fund, along with the other Participants, entered into an amendment to the agreement for a $355,000,000 revolving line of credit to be used as described in Note 7 and to be operated in substantially the same manner as the agreement described in Note 7.

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

14. Subsequent Events (continued)

Under the amendment to 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 line of credit available under the agreement expires on October 30, 2023.

Management has determined that no other material events or transactions occurred subsequent to September 30, 2022, that would require recognition or disclosure in the Funds’ financial statements.

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Report of independent
registered public accounting firm

To the Board of Trustees of Delaware Group^®Equity Funds IV and Shareholders of Delaware Equity Income Fund, Delaware Growth and Income Fund, Delaware Opportunity Fund, Delaware Global Equity Fund, Delaware Covered Call Strategy Fund, Delaware Hedged U.S. Equity Opportunities Fund, Delaware Premium Income Fund and Delaware Total Return Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Delaware Equity Income Fund, Delaware Growth and Income Fund, Delaware Opportunity Fund, Delaware Global Equity Fund, Delaware Covered Call Strategy Fund, Delaware Hedged U.S. Equity Opportunities Fund, Delaware Premium Income Fund and Delaware Total Return Fund (eight of the funds constituting Delaware Group^®Equity Funds IV, hereafter collectively referred to as the “Funds”) as of September 30, 2022, the related statements of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022, including the related notes, and the financial highlights for each of the three years in the period ended September 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2022 and each of the financial highlights for each of the three years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Funds as of and for the year ended September 30, 2019 and the financial highlights for each of the periods ended on or prior to September 30, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated November 26, 2019, expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agents, brokers and portfolio company investees; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
November 30, 2022

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

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Other Fund information (Unaudited)

Delaware Group^®Equity Funds IV (Trust)

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 Funds have 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 each 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 each Fund’s net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting each Fund’s acquisition of Illiquid investments if, immediately after the acquisition, each 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 each Fund’s holdings of Illiquid assets exceed 15% of each 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 each Fund’s liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) each 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 Funds during both normal and reasonably foreseeable stressed conditions; and (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements. Classification of each 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. Each Fund primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

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

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Tax Information

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

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

For the fiscal year ended September 30, 2022, each Fund reports distributions paid during the year as follows:

	(A) Long-Term Capital Gains Distributions (Tax Basis)			(B) Ordinary Income Distributions* (Tax Basis)			Total Distributions (Tax Basis)			(C) Qualifying Dividends¹
Delaware Equity Income Fund		68.18	%		31.82	%		100.00	%		69.65	%
Delaware Growth and Income Fund		66.02	%		33.98	%		100.00	%		79.68	%
Delaware Opportunity Fund		78.06	%		21.94	%		100.00	%		100.00	%
Delaware Global Equity Fund		80.90	%		19.10	%		100.00	%		29.78	%
Delaware Covered Call Strategy Fund		—			100.00	%		100.00	%		100.00	%
Delaware Hedged U.S. Equity Opportunities Fund		58.03	%		41.97	%		100.00	%		19.69	%
Delaware Premium Income Fund		—			100.00	%		100.00	%		100.00	%
Delaware Total Return Fund		84.37	%		15.63	%		100.00	%		65.06	%

(A) and (B) are based on a percentage of each Fund’s total distributions.

¹Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

*For the fiscal year ended September 30, 2022, certain dividends paid by the Funds may be subject to a maximum tax rate of 20%. The percentage of dividends paid by the Funds from ordinary income reported as qualified income are as reported in the following table. Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV

Delaware Equity Income Fund			Delaware Growth and Income Fund			Delaware Opportunity Fund
	69.35	%		79.35	%		100.00	%

Delaware Global Equity Fund				Delaware Covered Call Strategy Fund			Delaware Hedged U.S. Equity Opportunities Fund
	90.60	%		100.00	%		24.06	%

Delaware Premium Income Fund				Delaware Total Return Fund
	100.00	%			72.14	%

Delaware Global Equity Fund intends to pass through foreign tax credits in the maximum amount of $307,566. The gross foreign source income earned during the fiscal year 2022 by the Fund was $5,222,857.

For the fiscal year ended September 30, 2022, certain distributions paid by the Funds, determined to be Qualified Short- Term Capital Gains may be subject to relief from US tax withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004; the Tax Relief

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Other Fund information (Unaudited)

Delaware Group^®Equity Funds IV (Trust)

Tax Information (continued)

Unemployment Insurance Reauthorization, and Job Creations Act of 2010; and as extended by the American Taxpayer Relief Act of 2012. For the fiscal year ended September 30, 2022, Delaware Total Return Fund has reported maximum distributions of Qualified Short-Term Capital Gains of $903,715.

Board consideration of Investment Management and Sub-Advisory Agreements at a meeting held August 9-11, 2022

Delaware Covered Call Strategy Fund
Delaware Equity Income Fund
Delaware Global Equity Fund
Delaware Growth and Income Fund
Delaware Hedged U.S. Equity Opportunities Fund
Delaware Opportunity Fund
Delaware Premium Income Fund
Delaware Total Return Fund

At a meeting held on August 9-11, 2022 (the “Annual Contract Renewal Meeting”), the Board of Trustees (the “Board”), including a majority of Trustees each of whom is not an “interested person” as defined under the Investment Company Act of 1940 (the “Independent Trustees”), approved the renewal of the Delaware Covered Call Strategy Fund, Delaware Equity Income Fund, Delaware Global Equity Fund, Delaware Growth and Income Fund, Delaware Hedged U.S. Equity Opportunities Fund, Delaware Opportunity Fund, Delaware Premium Income Fund, Delaware Growth Equity Fund and Delaware Total Return Fund (each, a “Fund” and together, the “Funds”) Investment Management Agreement with Delaware Management Company (“DMC”); the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”), Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”), Macquarie Funds Management Hong Kong Limited (“MFMHKL”) (together, the “Affiliated Sub-Advisers”); and Wellington Management Company, LLP (“Wellington”), Ziegler Capital Management, LLC (“Ziegler”) and Smith Group Asset Management LLC (“Smith” and together with Wellington, Ziegler and the Affiliated Sub-Advisers, the “Sub-Advisers”).

Prior to the Meeting, including at a Board meeting held in May 2022, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the applicable Investment Committee, with each Investment Committee assisting the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2022. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Funds’ Investment Management Agreement and the Sub-Advisory Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC (“JDL”).

The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Investment Management Agreement and the Sub-Advisory Agreements for a one-year term. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approval.

Nature, extent, and quality of services. The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Funds by DMC under its Investment Management Agreement. The Board’s review included consideration

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of DMC’s investment process and oversight and research and analysis capabilities, and its ability to attract and retain qualified investment professionals. The Board considered information regarding DMC’s programs for risk management, including investment, operational, liquidity, valuation, and compliance risks. The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates. The Board also considered non-advisory services that DMC and its affiliates provide to the Delaware Funds, including third party oversight, transfer agent, internal audit, valuation, portfolio trading, and legal and compliance. The Board took into account the benefits to shareholders of investing in a Fund that is part of a family of funds managed by an affiliate of Macquarie Group Ltd. (“Macquarie”), the parent company of DMC, and the resources available to DMC as part of Macquarie’s global asset management business.

The Board received and considered various information with respect to the services provided by the Sub-Advisers under the Sub-Advisory Agreements and the credentials and experience of the officers and employees of the Sub-Advisers who provide these services, including a Fund’s portfolio managers. The Board considered the division of responsibilities between DMC and the Sub-Advisers and the oversight provided by DMC. The Board noted the expertise of the Sub-Advisers with respect to certain asset classes and/or investment styles. The Affiliated Sub-Advisers are part of Macquarie’s global investment platform that has offices and personnel that are located around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research, investment and trading analysis on the markets and economies of various countries in which the Funds may invest, make recommendations regarding securities and assist with security trades, as applicable. The Board took into account that the Sub-Advisory Agreements may benefit the Funds and their shareholders by permitting DMC to use the resources and talents of the Sub-Advisers in managing the Funds.

The Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Funds by DMC and the Sub-Advisers.

Investment performance. The Board received and considered information with respect to the investment performance of the Funds, including performance reports and discussions with portfolio managers at meetings of the Board’s Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, an independent investment company data provider (“Broadridge”), furnished for the Annual Contract Renewal Meeting. The Broadridge reports prepared for each Fund showed its investment performance in comparison to a group of similar funds (the “Performance Universe”). The Board received a description of the methodology used by Broadridge to select the funds in the Performance Universe. Comparative annualized performance for each Fund was shown for the past 1-, 3-, 5-, 10-year periods and since inception, as applicable, ended December 31, 2021.

Delaware Equity Income Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional equity income funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, and 5-year periods was in the fourth quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark for the 1-, 3- and 5-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of January 2021. The Board noted the explanations from DMC and MIMGL concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark for the various periods.

Delaware Growth and Income Fund – The Performance Universe for the Fund consisted of the Fund all retail and institutional equity income funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1- and 3-year periods was in the fourth quartile and for the 5-year period was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark for the 1-, 3- and 5-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of January 2021. The Board noted the explanations from DMC and MIMGL concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark for the various periods.

Delaware Growth Equity Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional multi-cap growth funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the first quartile and for the 3- and 5-year periods was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was above the median of its Performance Universe. The Board also noted that the Fund overperformed its benchmark for the 1-year period and underperformed its

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Delaware Group^®Equity Funds IV (Trust)

Board consideration of Investment Management and Sub-Advisory Agreements at a meeting held August 9-11, 2022 (continued)

benchmark for the 3- and 5-year periods. The Board noted that the Fund is generally performing in line with its Performance Universe and benchmark during the periods under review.

Delaware Opportunity Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional mid-cap value funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, and 5-year periods was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was above the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark for the 1-, 3- and 5-year periods. The Board noted that the Fund is generally performing in line with its Performance Universe and benchmark during the periods under review.

Delaware Global Equity Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional global multi-cap value funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1- and 3-year periods was in the fourth quartile and for the 5-year period was in third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark for the 1-, 3- and 5-year periods. The Board noted the explanations from DMC concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark for the various periods.

Delaware Covered Call Strategy Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional alternative long/short equity funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1- and 3-year periods was in the fourth quartile and for the 5-year period was in third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was above the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark for the 1- and 3-year periods and underperformed the benchmark for the 5-year period. The Board noted the explanation from DMC and Ziegler concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark for the various periods.

Delaware Hedged U.S. Equity Opportunities Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional alternative long/short equity funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the third quartile and for the 3- and 5-year periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was below the median and for the 3- and 5-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark for the 1-, 3- and 5-year periods. The Board noted the explanations from DMC and Wellington concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark for the various periods.

Delaware Premium Income Fund – The Performance Universe for the Fund consisted of the Fund consisted of the Fund and all retail and institutional alternative long/short equity funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year and since inception periods was in the third quartile and for the 3-year period was in the fourth quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-year and since inception periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark for the 1-, 3- and 5-year periods. The Board noted the explanations from the DMC and Ziegler concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark for the various periods.

Delaware Total Return Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional mixed-asset target allocation moderate funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the first quartile and for the 3- and 5-year periods was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was above the median and for the 3- and 5-year period was below the median of its Performance Universe. The Board noted that the Fund underperformed the S&P 500 for the 1-, 3- and 5-year periods and outperformed the 60% S&P/40% Bloomberg Barclays US Aggregate Index for the 1-year period and underperformed for the 3- and 5-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of May 2022. The Board noted the explanations from the DMC and MIMAK concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmarks for the various periods.

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Comparative expenses. The Board received and considered expense data for the Funds. Management provided the Board with information on pricing levels and fee structures for each Fund as of its most recently completed fiscal year. The Board also considered on the comparative analysis of contractual management fees and actual total expense ratios of each Fund versus contractual management fees and actual total expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, each Fund’s contractual management fee and the actual management fee incurred by each Fund were compared with the contractual management fees (assuming all funds were similar in size to each Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers, with a Fund’s expense universe, which is comprised of the Fund, its Expense Group and all other similar institutional funds, excluding outliers (the “Expense Universe”). Each Fund’s total expenses were also compared with those of its Expense Universe. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Institutional Class shares and comparative total expenses including 12b-1 and non-12b-1 service fees.

Delaware Equity Income Fund – The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below the median of its Expense Group average.

Delaware Growth and Income Fund – The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were above the median of its Expense Group average.

Delaware Growth Equity Fund – The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were above the median of its Expense Group average.

Delaware Opportunity Fund – The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below the median of its Expense Group average.

Delaware Global Equity Fund – The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above the median of its Expense Group average.

Delaware Covered Call Strategy Fund – The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below the median of its Expense Group average.

Delaware Hedged U.S. Equity Opportunities Fund – The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below the median of its Expense Group average.

Delaware Premium Income Fund – The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below the median of its Expense Group average.

Delaware Total Return Fund – The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above the median of its Expense Group average.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Funds. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.

The Board noted that DMC, and not the Funds, pays the sub-advisory fees to the Sub-Advisers and, accordingly, that the retention of the Sub-Advisers does not increase the fees and expenses incurred by the Funds.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and the Sub-Advisers under the Sub-Advisory Agreements was reasonable.

Economies of scale. received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the Delaware Funds complex. The Board noted that, as of March 31, 2022,

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Other Fund information (Unaudited)

Delaware Group^®Equity Funds IV (Trust)

Board consideration of Investment Management and Sub-Advisory Agreements at a meeting held August 9-11, 2022 (continued)

the Delaware Growth Equity Fund and the Delaware Opportunity Funds’ net assets exceeded their respective first breakpoint level and the Delaware Growth and Income Fund exceeded its second breakpoint level. The Board also noted that breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints schedule are exceeded. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC’s investment in its business, including investments in business infrastructure, technology and cybersecurity.

Management profitability. The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each Fund and the Delaware Funds as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC’s profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC’s profitability in such context with representatives from JDL. Based on its review, the Board determined that DMC’s profitability was not excessive in light of the nature, extent and quality of the services provided to each Fund.

Ancillary benefits. The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the Delaware Funds; the benefits from allocation of fund brokerage to improve trading efficiencies; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the Delaware Funds. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Funds.

Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Funds and the ongoing commitment of DMC and its affiliates to the Funds, the Board did not find that any ancillary benefits received by DMC and its affiliates were unreasonable.

Conclusion. Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, approved the continuation of DMC’s Investment Management Agreement and of the Sub-Advisers’ Sub-Advisory agreements for an additional one-year period.

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Board of trustees / directors and officers addendum

Delaware Funds by Macquarie^®

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

Name,
Address,
and Birth Date

Position(s)
Held with
the Trust

Length of Time
Served¹

Number of
Funds in Fund
Complex Overseen
by Trustee

Principal
Occupation(s)
During the
Past Five Years

Other
Directorships
Held by Trustee
During the
Past Five Years

Interested Trustee

Shawn K. Lytle²
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
February 1970

President, Chief Executive Officer, and Trustee

President and Chief Executive Officer since August 2015

Trustee since
September 2015

128

Macquarie Asset Management³(2015–Present)
-Global Head of Macquarie Asset Management Public Investments (2019–Present)
-Head of Americas of Macquarie Group (2017–Present)
-Deputy Global Head of Macquarie Asset Management (2017–2019)
-Head of Macquarie Asset Management Americas (2015–2017)

None

Independent Trustees

Jerome D. Abernathy
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
July 1959

Trustee

Since January 2019

128

Stonebrook Capital Management, LLC (financial technology: macro factors and databases)
-Managing Member (1993-Present)

None

Thomas L. Bennett
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
October 1947

Trustee

Trustee since March 2005 Chair from March 2015 to August 2022

128

Private Investor (2004–Present)

None

Ann D. Borowiec
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
November 1958

Trustee

Since March 2015

128

J.P. Morgan Chase & Co. (1987-2013)
-Chief Executive Officer, Private Wealth Management (2011–2013)

Banco Santander International (2016–2019)
Santander Bank, N.A. (2016-2019)

Joseph W. Chow
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
January 1953

Trustee

Since January 2013

128

Private Investor (2011–Present)

None

165

Table of Contents

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie^®

Name,
Address,
and Birth Date

Position(s)
Held with
the Trust

Length of Time
Served¹

Number of
Funds in Fund
Complex Overseen
by Trustee

Principal
Occupation(s)
During the
Past Five Years

Other
Directorships
Held by Trustee
During the
Past Five Years

H. Jeffrey Dobbs
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
May 1955

Trustee

Since April 2019⁴

128

KPMG LLP (2002-2015)
-Global Sector Chairman, Industrial Manufacturing (2010-2015)

TechAccel LLC (2015–Present) PatientsVoices, Inc. (2018–Present) Valparaiso University Board (2012-Present)
Ivy Funds Complex (2019-2021)

John A. Fry
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
May 1960

Trustee

Since January 2001

128

Drexel University
-President (2010–Present)

Federal Reserve Bank of Philadelphia (2020–Present)
FS Credit Real Estate Income Trust, Inc. (2018–Present)
vTv Therapeutics Inc. (2017–Present) Community Health Systems (2004–Present)
Drexel Morgan & Co. (2015–2019)

Joseph Harroz, Jr.
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
January 1967

Trustee

Since November 1998⁴

128

University of Oklahoma
-President (2020–Present)
-Interim President (2019–2020)
-Vice President and Dean, College of Law (2010–2019) Brookhaven Investments LLC (commercial enterprises)
-Managing Member (2019–Present) St. Clair, LLC (commercial enterprises)
-Managing Member (2019–Present)

OU Medicine, Inc. (2020–Present)
Big 12 Athletic Conference (2019-Present)
Valliance Bank (2007–Present)
Ivy Funds Complex (1998-2021)

166

Table of Contents

Name,
Address,
and Birth Date

Position(s)
Held with
the Trust

Length of Time
Served¹

Number of
Funds in Fund
Complex Overseen
by Trustee

Principal
Occupation(s)
During the
Past Five Years

Other
Directorships
Held by Trustee
During the
Past Five Years

Sandra A.J. Lawrence
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
September 1957

Trustee

Since April 2019⁴

128

Children’s Mercy Hospitals and Clinics (2005–2019)
-Chief Administrative Officer (2016–2019)

Brixmor Property Group Inc. (2021-Present) Sera Prognostics Inc. (biotechnology) (2021-Present) Recology (resource recovery) (2021-Present) Evergy, Inc., Kansas City Power & Light Company, KCP&L Greater Missouri Operations Company, Westar Energy, Inc. and Kansas Gas and Electric Company (related utility companies) (2018-Present)
National Association of Corporate Directors (2017-Present)
Ivy Funds Complex (2019-2021) American Shared Hospital Services (medical device) (2017-2021) Westar Energy (utility) (2004-2018)

Frances A.
Sevilla-Sacasa
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
January 1956

Trustee

Since September 2011

128

Banco Itaú International
-Chief Executive Officer (2012–2016)

Florida Chapter of National Association of Corporate Directors (2021-Present) Callon Petroleum Company (2019-Present)
Camden Property Trust (2011-Present) New Senior Investment Group Inc. (2021)
Carrizo Oil & Gas, Inc. (2018-2019)

Thomas K. Whitford
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
March 1956

Chair and Trustee

Since January 2013 Chair since August 2022

128

PNC Financial Services Group (1983–2013)
-Vice Chairman (2009- 2013)

HSBC USA Inc. (2014–2022) HSBC North America Holdings Inc. (2013–2022) HSBC Finance Corporation (2013–2018)

Christianna Wood
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
August 1959

Trustee

Since January 2019

128

Gore Creek Capital, Ltd.
-Chief Executive Officer and President (2009–Present)

The Merger Fund (2013–2021),
The Merger Fund VL (2013–2021),
WCM Alternatives: Event- Driven Fund (2013–2021), and WCM Alternatives: Credit Event Fund (2017–2021) Grange Insurance (2013–Present) H&R Block Corporation (2008–Present)

167

Table of Contents

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie^®

Name,
Address,
and Birth Date

Position(s)
Held with
the Trust

Length of Time
Served¹

Number of
Funds in Fund
Complex Overseen
by Trustee

Principal
Occupation(s)
During the
Past Five Years

Other
Directorships
Held by Trustee
During the
Past Five Years

Janet L. Yeomans
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
July 1948

Trustee

Since April 1999

128

3M Company (1995-2012)
-Vice President and Treasurer (2006–2012)

Okabena Company (2009–2017)

Officers

David F. Connor
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
December 1963

Senior Vice President, General Counsel, and Secretary

Senior Vice President, since May 2013; General Counsel since May 2015; Secretary since October 2005

128

David F. Connor has served in various capacities at different times at Macquarie Asset Management.

None⁵

Daniel V. Geatens
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
October 1972

Senior Vice President and Treasurer

Senior Vice President and Treasurer since October 2007

128

Daniel V. Geatens has served in various capacities at different times at Macquarie Asset Management.

None⁵

Richard Salus
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
October 1963

Senior Vice President and Chief Financial Officer

Senior Vice President and Chief Financial Officer since November 2006

128

Richard Salus has served in various capacities at different times at Macquarie Asset Management.

None

¹“Length of Time Served” refers to the time since the Trustee or officer began serving one or more of the Trusts in the Delaware Funds complex.

²Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Funds investment advisor.

³Macquarie Asset Management is the marketing name for certain companies comprising the asset management division of Macquarie Group, including the Funds’ investment advisor, principal underwriter, and transfer agent.

⁴Includes time served on the Board of Ivy Funds prior to the date when Ivy Funds joined the Delaware Funds complex.

⁵David F. Connor serves as Senior Vice President and Secretary, and Daniel V. Geatens serves as Senior Vice President, Treasurer, and Chief Financial Officer, for the six portfolios of the Optimum Fund Trust, which have the same investment manager, principal underwriter, and transfer agent as the Funds. Mr. Geatens also serves as the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which has the same investment manager as the Funds.

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

168

Table of Contents

About the organization

Board of directors/trustees

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

Jerome D. Abernathy
Managing Member
Stonebrook Capital Management, LLC

Thomas L. Bennett
Private Investor

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

Joseph W. Chow
Private Investor

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

John A. Fry
President
Drexel University

Joseph Harroz, Jr.
President
University of Oklahoma

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

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

Thomas K. Whitford
Chairman of the Board
Delaware Funds by Macquarie
Former Vice Chairman
PNC Financial Services Group

Christianna Wood
Chief Executive Officer and President
Gore Creek Capital, Ltd.

Janet L. Yeomans
Former Vice President and Treasurer
3M Company

Affiliated officers

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

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

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

This annual report is for the information of Delaware Equity Income Fund, Delaware Growth and Income Fund, Delaware Opportunity Fund, Delaware Global Equity Fund, Delaware Covered Call Strategy Fund, Delaware Hedged U.S. Equity Opportunities Fund, Delaware Premium Income Fund, and Delaware Total Return 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.

Each 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. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedules of Investments included in the Funds’ most recent Forms N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature.

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

169

Item 2. Code of Ethics

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

Item 3. Audit Committee Financial Expert

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

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

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

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

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

e. An understanding of audit committee functions.

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

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

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

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

d. Other relevant experience.

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

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

H. Jeffrey Dobbs
John A. Fry
Sandra A.J. Lawrence
Frances Sevilla-Sacasa, Chair

Item 4. Principal Accountant Fees and Services

(a) Audit fees.

The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $238,883 for the fiscal year ended September 30, 2022.

The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $243,387 for the fiscal year ended September 30, 2021.

(b) Audit-related fees.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended September 30, 2022.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $2,050,189 for the registrant’s fiscal year ended September 30, 2022. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year-end audit procedures; group reporting and subsidiary statutory audits.

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

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $45,138 for the fiscal year ended September 30, 2022. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended September 30, 2022. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $48,255 for the fiscal year ended September 30, 2021. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

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

(d) All other fees.

The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended September 30, 2022.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended September 30, 2022. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

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

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

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

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

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

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

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s independent auditors for services rendered to the registrant and to its investment adviser and other service providers under common control with the adviser were $9,044,000 and $9,044,000 for the registrant’s fiscal years ended September 30, 2022 and September 30, 2021, respectively.

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

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits

(a) (1) Code of Ethics

Not applicable.

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

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

Not applicable.

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

SIGNATURES

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

DELAWARE GROUP^®EQUITY FUNDS IV

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	December 8, 2022

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

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	December 8, 2022


/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	December 8, 2022

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

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

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

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

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

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

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

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

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

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

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

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

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