UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-04997
Delaware Group® Equity Funds V
(Exact name of registrant as specified in charter)
610 Market Street
Philadelphia, PA 19106
Registrant's telephone number, including area code:
(800) 523-1918
Date of fiscal year end:
November 30
Date of reporting period:
May 31, 2025
Item 1. Report to Stockholders.
(a) The registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Macquarie Logo
Macquarie Small Cap Core Fund
(formerly, Delaware Small Cap Core Fund)
Class A : DCCAX
Semiannual shareholder report | May 31, 2025
This semiannual shareholder report contains important information about Macquarie Small Cap Core Fund (Fund) for the period of December 1, 2024, to May 31, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Class A $48 1.04%
^
Annualized.
Fund statistics (as of May 31, 2025)
Fund net assets $6,921,756,725
Total number of portfolio holdings 127
Total advisory fees paid $22,696,897
Portfolio turnover rate 12%
Fund holdings (as of May 31, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Finance 19.84%
Healthcare 16.28%
Technology 13.22%
Capital Goods 12.90%
Real Estate Investment Trusts 6.69%
Basic Materials 5.68%
Business Services 4.82%
Consumer Discretionary 4.72%
Energy 3.86%
Consumer Staples 2.65%
Top 10 equity holdings
Federal Signal 1.72%
ExlService Holdings 1.49%
Q2 Holdings 1.49%
Old National Bancorp 1.45%
Construction Partners Class A 1.44%
Casella Waste Systems Class A 1.44%
SouthState 1.43%
Applied Industrial Technologies 1.43%
Prestige Consumer Healthcare 1.41%
Insmed 1.39%

Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(4612779)
TSSR-DCCAX-0725
Macquarie Logo
Macquarie Small Cap Core Fund
(formerly, Delaware Small Cap Core Fund)
Class C : DCCCX
Semiannual shareholder report | May 31, 2025
This semiannual shareholder report contains important information about Macquarie Small Cap Core Fund (Fund) for the period of December 1, 2024, to May 31, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Class C $82 1.79%
^
Annualized.
Fund statistics (as of May 31, 2025)
Fund net assets $6,921,756,725
Total number of portfolio holdings 127
Total advisory fees paid $22,696,897
Portfolio turnover rate 12%
Fund holdings (as of May 31, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Finance 19.84%
Healthcare 16.28%
Technology 13.22%
Capital Goods 12.90%
Real Estate Investment Trusts 6.69%
Basic Materials 5.68%
Business Services 4.82%
Consumer Discretionary 4.72%
Energy 3.86%
Consumer Staples 2.65%
Top 10 equity holdings
Federal Signal 1.72%
ExlService Holdings 1.49%
Q2 Holdings 1.49%
Old National Bancorp 1.45%
Construction Partners Class A 1.44%
Casella Waste Systems Class A 1.44%
SouthState 1.43%
Applied Industrial Technologies 1.43%
Prestige Consumer Healthcare 1.41%
Insmed 1.39%

Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(4612779)
TSSR-DCCCX-0725
Macquarie Logo
Macquarie Small Cap Core Fund
(formerly, Delaware Small Cap Core Fund)
Class R : DCCRX
Semiannual shareholder report | May 31, 2025
This semiannual shareholder report contains important information about Macquarie Small Cap Core Fund (Fund) for the period of December 1, 2024, to May 31, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Class R $59 1.29%
^
Annualized.
Fund statistics (as of May 31, 2025)
Fund net assets $6,921,756,725
Total number of portfolio holdings 127
Total advisory fees paid $22,696,897
Portfolio turnover rate 12%
Fund holdings (as of May 31, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Finance 19.84%
Healthcare 16.28%
Technology 13.22%
Capital Goods 12.90%
Real Estate Investment Trusts 6.69%
Basic Materials 5.68%
Business Services 4.82%
Consumer Discretionary 4.72%
Energy 3.86%
Consumer Staples 2.65%
Top 10 equity holdings
Federal Signal 1.72%
ExlService Holdings 1.49%
Q2 Holdings 1.49%
Old National Bancorp 1.45%
Construction Partners Class A 1.44%
Casella Waste Systems Class A 1.44%
SouthState 1.43%
Applied Industrial Technologies 1.43%
Prestige Consumer Healthcare 1.41%
Insmed 1.39%

Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(4612779)
TSSR-DCCRX-0725
Macquarie Logo
Macquarie Small Cap Core Fund
(formerly, Delaware Small Cap Core Fund)
Institutional Class : DCCIX
Semiannual shareholder report | May 31, 2025
This semiannual shareholder report contains important information about Macquarie Small Cap Core Fund (Fund) for the period of December 1, 2024, to May 31, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Institutional Class $36 0.79%
^
Annualized.
Fund statistics (as of May 31, 2025)
Fund net assets $6,921,756,725
Total number of portfolio holdings 127
Total advisory fees paid $22,696,897
Portfolio turnover rate 12%
Fund holdings (as of May 31, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Finance 19.84%
Healthcare 16.28%
Technology 13.22%
Capital Goods 12.90%
Real Estate Investment Trusts 6.69%
Basic Materials 5.68%
Business Services 4.82%
Consumer Discretionary 4.72%
Energy 3.86%
Consumer Staples 2.65%
Top 10 equity holdings
Federal Signal 1.72%
ExlService Holdings 1.49%
Q2 Holdings 1.49%
Old National Bancorp 1.45%
Construction Partners Class A 1.44%
Casella Waste Systems Class A 1.44%
SouthState 1.43%
Applied Industrial Technologies 1.43%
Prestige Consumer Healthcare 1.41%
Insmed 1.39%

Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(4612779)
TSSR-DCCIX-0725
Macquarie Logo
Macquarie Small Cap Core Fund
(formerly, Delaware Small Cap Core Fund)
Class R6 : DCZRX
Semiannual shareholder report | May 31, 2025
This semiannual shareholder report contains important information about Macquarie Small Cap Core Fund (Fund) for the period of December 1, 2024, to May 31, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Class R6 $31 0.68%
^
Annualized.
Fund statistics (as of May 31, 2025)
Fund net assets $6,921,756,725
Total number of portfolio holdings 127
Total advisory fees paid $22,696,897
Portfolio turnover rate 12%
Fund holdings (as of May 31, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Finance 19.84%
Healthcare 16.28%
Technology 13.22%
Capital Goods 12.90%
Real Estate Investment Trusts 6.69%
Basic Materials 5.68%
Business Services 4.82%
Consumer Discretionary 4.72%
Energy 3.86%
Consumer Staples 2.65%
Top 10 equity holdings
Federal Signal 1.72%
ExlService Holdings 1.49%
Q2 Holdings 1.49%
Old National Bancorp 1.45%
Construction Partners Class A 1.44%
Casella Waste Systems Class A 1.44%
SouthState 1.43%
Applied Industrial Technologies 1.43%
Prestige Consumer Healthcare 1.41%
Insmed 1.39%

Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(4612779)
TSSR-DCZRX-0725
Macquarie Logo
Macquarie Small Cap Value Fund
(formerly, Delaware Small Cap Value Fund)
Class A : DEVLX
Semiannual shareholder report | May 31, 2025
This semiannual shareholder report contains important information about Macquarie Small Cap Value Fund (Fund) for the period of December 1, 2024, to May 31, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Class A $52 1.10%
^
Annualized.
Fund statistics (as of May 31, 2025)
Fund net assets $3,979,435,641
Total number of portfolio holdings 107
Total advisory fees paid $13,610,405
Portfolio turnover rate 12%
Fund holdings (as of May 31, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation*
Financial Services 29.57%
Industrials 17.14%
Consumer Discretionary 9.44%
Real Estate Investment Trusts 8.95%
Technology 7.83%
Energy 6.13%
Materials 5.92%
Utilities 5.37%
Healthcare 3.45%
Consumer Staples 2.14%
Transportation 2.09%
Top 10 equity holdings
Axis Capital Holdings 2.11%
Hancock Whitney 1.91%
Webster Financial 1.79%
MasTec 1.78%
FNB 1.68%
ITT 1.67%
Synovus Financial 1.64%
Old National Bancorp 1.59%
Agree Realty 1.55%
TTM Technologies 1.52%
*  Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(4617056)
TSSR-DEVLX-0725
Macquarie Logo
Macquarie Small Cap Value Fund
(formerly, Delaware Small Cap Value Fund)
Class C : DEVCX
Semiannual shareholder report | May 31, 2025
This semiannual shareholder report contains important information about Macquarie Small Cap Value Fund (Fund) for the period of December 1, 2024, to May 31, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Class C $87 1.85%
^
Annualized.
Fund statistics (as of May 31, 2025)
Fund net assets $3,979,435,641
Total number of portfolio holdings 107
Total advisory fees paid $13,610,405
Portfolio turnover rate 12%
Fund holdings (as of May 31, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation*
Financial Services 29.57%
Industrials 17.14%
Consumer Discretionary 9.44%
Real Estate Investment Trusts 8.95%
Technology 7.83%
Energy 6.13%
Materials 5.92%
Utilities 5.37%
Healthcare 3.45%
Consumer Staples 2.14%
Transportation 2.09%
Top 10 equity holdings
Axis Capital Holdings 2.11%
Hancock Whitney 1.91%
Webster Financial 1.79%
MasTec 1.78%
FNB 1.68%
ITT 1.67%
Synovus Financial 1.64%
Old National Bancorp 1.59%
Agree Realty 1.55%
TTM Technologies 1.52%
*  Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(4617056)
TSSR-DEVCX-0725
Macquarie Logo
Macquarie Small Cap Value Fund
(formerly, Delaware Small Cap Value Fund)
Class R : DVLRX
Semiannual shareholder report | May 31, 2025
This semiannual shareholder report contains important information about Macquarie Small Cap Value Fund (Fund) for the period of December 1, 2024, to May 31, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Class R $63 1.35%
^
Annualized.
Fund statistics (as of May 31, 2025)
Fund net assets $3,979,435,641
Total number of portfolio holdings 107
Total advisory fees paid $13,610,405
Portfolio turnover rate 12%
Fund holdings (as of May 31, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation*
Financial Services 29.57%
Industrials 17.14%
Consumer Discretionary 9.44%
Real Estate Investment Trusts 8.95%
Technology 7.83%
Energy 6.13%
Materials 5.92%
Utilities 5.37%
Healthcare 3.45%
Consumer Staples 2.14%
Transportation 2.09%
Top 10 equity holdings
Axis Capital Holdings 2.11%
Hancock Whitney 1.91%
Webster Financial 1.79%
MasTec 1.78%
FNB 1.68%
ITT 1.67%
Synovus Financial 1.64%
Old National Bancorp 1.59%
Agree Realty 1.55%
TTM Technologies 1.52%
*  Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(4617056)
TSSR-DVLRX-0725
Macquarie Logo
Macquarie Small Cap Value Fund
(formerly, Delaware Small Cap Value Fund)
Institutional Class : DEVIX
Semiannual shareholder report | May 31, 2025
This semiannual shareholder report contains important information about Macquarie Small Cap Value Fund (Fund) for the period of December 1, 2024, to May 31, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Institutional Class $40 0.85%
^
Annualized.
Fund statistics (as of May 31, 2025)
Fund net assets $3,979,435,641
Total number of portfolio holdings 107
Total advisory fees paid $13,610,405
Portfolio turnover rate 12%
Fund holdings (as of May 31, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation*
Financial Services 29.57%
Industrials 17.14%
Consumer Discretionary 9.44%
Real Estate Investment Trusts 8.95%
Technology 7.83%
Energy 6.13%
Materials 5.92%
Utilities 5.37%
Healthcare 3.45%
Consumer Staples 2.14%
Transportation 2.09%
Top 10 equity holdings
Axis Capital Holdings 2.11%
Hancock Whitney 1.91%
Webster Financial 1.79%
MasTec 1.78%
FNB 1.68%
ITT 1.67%
Synovus Financial 1.64%
Old National Bancorp 1.59%
Agree Realty 1.55%
TTM Technologies 1.52%
*  Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(4617056)
TSSR-DEVIX-0725
Macquarie Logo
Macquarie Small Cap Value Fund
(formerly, Delaware Small Cap Value Fund)
Class R6 : DVZRX
Semiannual shareholder report | May 31, 2025
This semiannual shareholder report contains important information about Macquarie Small Cap Value Fund (Fund) for the period of December 1, 2024, to May 31, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Class R6 $33 0.71%
^
Annualized.
Fund statistics (as of May 31, 2025)
Fund net assets $3,979,435,641
Total number of portfolio holdings 107
Total advisory fees paid $13,610,405
Portfolio turnover rate 12%
Fund holdings (as of May 31, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation*
Financial Services 29.57%
Industrials 17.14%
Consumer Discretionary 9.44%
Real Estate Investment Trusts 8.95%
Technology 7.83%
Energy 6.13%
Materials 5.92%
Utilities 5.37%
Healthcare 3.45%
Consumer Staples 2.14%
Transportation 2.09%
Top 10 equity holdings
Axis Capital Holdings 2.11%
Hancock Whitney 1.91%
Webster Financial 1.79%
MasTec 1.78%
FNB 1.68%
ITT 1.67%
Synovus Financial 1.64%
Old National Bancorp 1.59%
Agree Realty 1.55%
TTM Technologies 1.52%
*  Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
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(4617056)
TSSR-DVZRX-0725
Macquarie Logo
Macquarie Wealth Builder Fund
(formerly, Delaware Wealth Builder Fund)
Class A : DDIAX
Semiannual shareholder report | May 31, 2025
This semiannual shareholder report contains important information about Macquarie Wealth Builder Fund (Fund) for the period of December 1, 2024, to May 31, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^,1
Class A $52 1.05%
^
Annualized.
1
Costs paid as a percentage of a $10,000 investment would have been 1.04% if tax expenses were not included.
Fund statistics (as of May 31, 2025)
Fund net assets $818,464,309
Total number of portfolio holdings 758
Total advisory fees paid $2,442,581
Portfolio turnover rate 57%
Fund holdings (as of May 31, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Portfolio composition
Common Stocks 53.97%
Corporate Bonds 15.15%
Exchange-Traded Funds 9.45%
Agency Mortgage-Backed Securities 9.00%
US Treasury Obligations 3.54%
Non-Agency Commercial Mortgage-Backed Securities 1.95%
Short-Term Investments 1.89%
Collateralized Loan Obligations 1.42%
Limited Liability Corporation 1.31%
Non-Agency Asset-Backed Securities 1.06%
Top 10 equity holdings
NVIDIA 2.93%
Apple 2.68%
Microsoft 2.51%
Exxon Mobil 1.16%
Meta Platforms Class A 0.98%
Cisco Systems 0.97%
Alphabet Class A 0.96%
Broadcom 0.96%
Merck & Co. 0.78%
AbbVie 0.72%

Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(4614230)
TSSR-DDIAX-0725
Macquarie Logo
Macquarie Wealth Builder Fund
(formerly, Delaware Wealth Builder Fund)
Class C : DDICX
Semiannual shareholder report | May 31, 2025
This semiannual shareholder report contains important information about Macquarie Wealth Builder Fund (Fund) for the period of December 1, 2024, to May 31, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^,1
Class C $88 1.80%
^
Annualized.
1
Costs paid as a percentage of a $10,000 investment would have been 1.79% if tax expenses were not included.
Fund statistics (as of May 31, 2025)
Fund net assets $818,464,309
Total number of portfolio holdings 758
Total advisory fees paid $2,442,581
Portfolio turnover rate 57%
Fund holdings (as of May 31, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Portfolio composition
Common Stocks 53.97%
Corporate Bonds 15.15%
Exchange-Traded Funds 9.45%
Agency Mortgage-Backed Securities 9.00%
US Treasury Obligations 3.54%
Non-Agency Commercial Mortgage-Backed Securities 1.95%
Short-Term Investments 1.89%
Collateralized Loan Obligations 1.42%
Limited Liability Corporation 1.31%
Non-Agency Asset-Backed Securities 1.06%
Top 10 equity holdings
NVIDIA 2.93%
Apple 2.68%
Microsoft 2.51%
Exxon Mobil 1.16%
Meta Platforms Class A 0.98%
Cisco Systems 0.97%
Alphabet Class A 0.96%
Broadcom 0.96%
Merck & Co. 0.78%
AbbVie 0.72%

Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(4614230)
TSSR-DDICX-0725
Macquarie Logo
Macquarie Wealth Builder Fund
(formerly, Delaware Wealth Builder Fund)
Class R : DDDRX
Semiannual shareholder report | May 31, 2025
This semiannual shareholder report contains important information about Macquarie Wealth Builder Fund (Fund) for the period of December 1, 2024, to May 31, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^,1
Class R $64 1.30%
^
Annualized.
1
Costs paid as a percentage of a $10,000 investment would have been 1.29% if tax expenses were not included.
Fund statistics (as of May 31, 2025)
Fund net assets $818,464,309
Total number of portfolio holdings 758
Total advisory fees paid $2,442,581
Portfolio turnover rate 57%
Fund holdings (as of May 31, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Portfolio composition
Common Stocks 53.97%
Corporate Bonds 15.15%
Exchange-Traded Funds 9.45%
Agency Mortgage-Backed Securities 9.00%
US Treasury Obligations 3.54%
Non-Agency Commercial Mortgage-Backed Securities 1.95%
Short-Term Investments 1.89%
Collateralized Loan Obligations 1.42%
Limited Liability Corporation 1.31%
Non-Agency Asset-Backed Securities 1.06%
Top 10 equity holdings
NVIDIA 2.93%
Apple 2.68%
Microsoft 2.51%
Exxon Mobil 1.16%
Meta Platforms Class A 0.98%
Cisco Systems 0.97%
Alphabet Class A 0.96%
Broadcom 0.96%
Merck & Co. 0.78%
AbbVie 0.72%

Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
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(4614230)
TSSR-DDDRX-0725
Macquarie Logo
Macquarie Wealth Builder Fund
(formerly, Delaware Wealth Builder Fund)
Institutional Class : DDIIX
Semiannual shareholder report | May 31, 2025
This semiannual shareholder report contains important information about Macquarie Wealth Builder Fund (Fund) for the period of December 1, 2024, to May 31, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^,1
Institutional Class $39 0.80%
^
Annualized.
1
Costs paid as a percentage of a $10,000 investment would have been 0.79% if tax expenses were not included.
Fund statistics (as of May 31, 2025)
Fund net assets $818,464,309
Total number of portfolio holdings 758
Total advisory fees paid $2,442,581
Portfolio turnover rate 57%
Fund holdings (as of May 31, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Portfolio composition
Common Stocks 53.97%
Corporate Bonds 15.15%
Exchange-Traded Funds 9.45%
Agency Mortgage-Backed Securities 9.00%
US Treasury Obligations 3.54%
Non-Agency Commercial Mortgage-Backed Securities 1.95%
Short-Term Investments 1.89%
Collateralized Loan Obligations 1.42%
Limited Liability Corporation 1.31%
Non-Agency Asset-Backed Securities 1.06%
Top 10 equity holdings
NVIDIA 2.93%
Apple 2.68%
Microsoft 2.51%
Exxon Mobil 1.16%
Meta Platforms Class A 0.98%
Cisco Systems 0.97%
Alphabet Class A 0.96%
Broadcom 0.96%
Merck & Co. 0.78%
AbbVie 0.72%

Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(4614230)
TSSR-DDIIX-0725
Macquarie Logo
Macquarie Wealth Builder Fund
(formerly, Delaware Wealth Builder Fund)
Class R6 : DDERX
Semiannual shareholder report | May 31, 2025
This semiannual shareholder report contains important information about Macquarie Wealth Builder Fund (Fund) for the period of December 1, 2024, to May 31, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^,1
Class R6 $36 0.74%
^
Annualized.
1
Costs paid as a percentage of a $10,000 investment would have been 0.73% if tax expenses were not included.
Fund statistics (as of May 31, 2025)
Fund net assets $818,464,309
Total number of portfolio holdings 758
Total advisory fees paid $2,442,581
Portfolio turnover rate 57%
Fund holdings (as of May 31, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Portfolio composition
Common Stocks 53.97%
Corporate Bonds 15.15%
Exchange-Traded Funds 9.45%
Agency Mortgage-Backed Securities 9.00%
US Treasury Obligations 3.54%
Non-Agency Commercial Mortgage-Backed Securities 1.95%
Short-Term Investments 1.89%
Collateralized Loan Obligations 1.42%
Limited Liability Corporation 1.31%
Non-Agency Asset-Backed Securities 1.06%
Top 10 equity holdings
NVIDIA 2.93%
Apple 2.68%
Microsoft 2.51%
Exxon Mobil 1.16%
Meta Platforms Class A 0.98%
Cisco Systems 0.97%
Alphabet Class A 0.96%
Broadcom 0.96%
Merck & Co. 0.78%
AbbVie 0.72%

Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
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(4614230)
TSSR-DDERX-0725

  (b)

Not applicable

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

 

  (a)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form.

 

  (b)

Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

  (a)

An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

The semi-annual financial statements are attached herewith.

 

  (b)

An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A.

The Financial Highlights are attached herewith.

Multi-asset mutual fund
Macquarie Wealth Builder Fund
(formerly, Delaware Wealth Builder Fund)
Financial statements and other information
For the six months ended May 31, 2025

 

Table of contents
 1
33
35
37
40
50
77
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
Form N-PORT and proxy voting information
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Fund’s most recent Form N-PORT are available without charge on the Fund’s website at macquarie.com/mam/literature.
Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at macquarie.com/mam/proxy; and (ii) on the SEC’s website at sec.gov.
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.

 

Table of Contents
Consolidated schedule of investments
Macquarie Wealth Builder Fund   May 31, 2025 (Unaudited)
    Principal
amount° 		Value (US $)
Agency Collateralized Mortgage Obligations — 0.05%
Fannie Mae REMIC
Series 2013-44 DI 3.00% 5/25/33 Σ, = 		    166,600 $     11,006
GNMA      
Series 2013-113 LY 3.00% 5/20/43      382,775      351,862
Series 2017-10 KZ 3.00% 1/20/47        1,195       1,057
Total Agency Collateralized Mortgage Obligations
(cost $411,407) 		    363,925
Agency Mortgage-Backed Securities — 9.00%
Fannie Mae
3.50% 10/1/42  		    281,837      259,439
Fannie Mae S.F. 15 yr      
2.00% 8/1/36      837,119      759,767
2.50% 8/1/36      502,328      464,268
4.50% 9/1/37       65,428       64,533
Fannie Mae S.F. 20 yr      
2.00% 3/1/41       82,958       70,190
2.00% 5/1/41      706,105      596,844
4.00% 8/1/42      402,479      379,066
4.00% 9/1/42      475,130      447,123
Fannie Mae S.F. 30 yr      
2.00% 6/1/50    2,473,345    1,942,753
2.00% 3/1/51    2,381,691    1,862,902
2.50% 8/1/50      521,319      432,280
2.50% 1/1/51      227,781      189,311
2.50% 8/1/51      249,985      206,338
2.50% 11/1/51      303,821      249,252
2.50% 2/1/52    2,320,605    1,914,792
2.50% 3/1/52    3,400,324    2,779,442
2.50% 4/1/52    2,202,268    1,809,850
3.00% 11/1/49      225,045      197,198
3.00% 3/1/50      319,513      277,670
3.00% 2/1/52      529,631      454,887
3.00% 5/1/52      960,606      825,042
3.00% 6/1/52      607,540      521,915
3.00% 7/1/52    2,741,936    2,336,418
3.50% 1/1/46       96,546       89,243
3.50% 12/1/47    4,147,857    3,750,250
3.50% 9/1/52    4,878,554    4,381,940
4.00% 6/1/48       72,299       67,473
4.00% 10/1/48      251,933      235,645
4.00% 5/1/51      373,563      348,306
    1

 

Table of Contents
Consolidated schedule of investments
Macquarie Wealth Builder Fund   
    Principal
amount° 		Value (US $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr      
4.00% 6/1/52      418,391 $    384,179
4.00% 9/1/52      732,361      671,115
4.50% 9/1/48      264,674      253,021
4.50% 1/1/50   1,201,472    1,177,340
4.50% 10/1/52      822,857      777,754
4.50% 2/1/53    1,323,471    1,251,026
5.00% 7/1/47     583,921      584,407
5.00% 7/1/49       58,575       57,793
5.00% 8/1/49      495,944      490,411
5.00% 8/1/53      900,253      873,445
5.50% 5/1/44     998,895    1,020,524
5.50% 8/1/52      344,903      344,335
5.50% 10/1/52       78,179       77,744
5.50% 2/1/55    2,631,104    2,605,548
6.00% 1/1/42      582,205      606,430
6.00% 5/1/53      311,787      315,479
6.00% 6/1/53      167,408      169,367
6.00% 9/1/53      833,810      843,184
6.00% 12/1/54    3,589,002    3,625,570
Freddie Mac S.F. 15 yr      
3.00% 3/1/35      398,310      379,809
4.50% 9/1/37      341,676      336,700
Freddie Mac S.F. 20 yr      
2.00% 8/1/42      900,211      757,579
2.50% 2/1/42      161,975      139,974
2.50% 3/1/42      640,574      553,129
2.50% 9/1/42      394,939      341,529
3.00% 9/1/40      146,918      135,962
3.00% 6/1/42      246,884      218,888
Freddie Mac S.F. 30 yr      
2.00% 3/1/52    1,576,089    1,228,143
2.50% 11/1/50      311,290      257,295
2.50% 5/1/51       90,999       75,629
3.00% 11/1/46      949,809      831,037
3.00% 12/1/50      323,295      280,856
3.00% 8/1/51      585,895      503,506
4.00% 9/1/49      880,152      819,404
4.00% 8/1/52      383,296      353,495
4.00% 9/1/52     655,517      602,432
4.00% 3/1/54    1,053,603      965,807
4.00% 4/1/54      962,839      882,608
2    

 

Table of Contents
    Principal
amount° 		Value (US $)
Agency Mortgage-Backed Securities (continued)
Freddie Mac S.F. 30 yr      
4.50% 10/1/52    5,504,645 $  5,202,723
5.00% 7/1/52      490,628      481,549
5.00% 9/1/52    1,422,900    1,391,457
5.00% 11/1/52      131,481      127,664
5.00% 2/1/53    1,944,915    1,887,502
5.00% 6/1/53     568,640      552,099
5.50% 9/1/52     564,363      564,525
5.50% 10/1/52      475,856      472,296
5.50% 3/1/53      282,740      282,630
5.50% 6/1/53    2,696,663    2,673,933
5.50% 11/1/54      879,497      870,956
5.50% 3/1/55    2,669,892    2,643,959
6.00% 1/1/53      287,470      293,138
GNMA I S.F. 30 yr
3.00% 8/15/45  		    640,194      564,921
GNMA II S.F. 30 yr      
3.00% 12/20/51      485,275      423,040
5.50% 5/20/53    1,495,280   1,491,029
Total Agency Mortgage-Backed Securities
(cost $75,761,788) 		 73,630,012
Collateralized Loan Obligations — 1.42%
AGL CLO 17
Series 2022-17A AR 144A 5.219% (TSFR03M + 0.95%, Floor 0.95%) 1/21/35 #, • 		    450,000      447,810
AIMCO CLO 15
Series 2021-15A D1R 144A 7.034% (TSFR03M + 2.75%, Floor 2.75%) 4/17/38 #, • 		    290,000      287,463
AIMCO CLO 17
Series 2022-17A CR 144A 6.172% (TSFR03M + 1.90%, Floor 1.90%) 7/20/37 #, • 		    450,000      450,000
Bain Capital Credit CLO
Series 2021-7A A1R 144A 5.252% (TSFR03M + 0.98%, Floor 0.98%) 1/22/35 #, • 		    600,000      597,736
Ballyrock CLO 18
Series 2021-18A C1R 144A 6.071% (TSFR03M + 2.85%, Floor 2.85%) 4/15/38 #, • 		    300,000      296,777
Ballyrock CLO 27      
Series 2024-27A A1A 144A 5.632% (TSFR03M + 1.35%, Floor 1.35%) 10/25/37 #, •     500,000      501,118
    3

 

Table of Contents
Consolidated schedule of investments
Macquarie Wealth Builder Fund   
    Principal
amount° 		Value (US $)
Collateralized Loan Obligations (continued)
Ballyrock CLO 27      
Series 2024-27A B 144A 6.182% (TSFR03M + 1.90%, Floor 1.90%) 10/25/37 #, •     450,000 $    450,011
Barings CLO
Series 2018-2A CR 144A 6.356% (TSFR03M + 2.10%, Floor 1.95%) 7/15/36 #, • 		    450,000      451,769
Canyon Capital CLO
Series 2019-2A AR2 144A 5.266% (TSFR03M + 1.01%, Floor 1.01%) 10/15/34 #, • 		    250,000      249,588
Canyon CLO
Series 2020-2A AR2 144A 5.286% (TSFR03M + 1.03%, Floor 1.03%) 10/15/34 #, • 		    350,000      349,141
CBAMR
Series 2021-15A D1R 144A 7.204% (TSFR03M + 2.90%, Floor 2.90%) 1/20/38 #, • 		    150,000      149,506
CIFC Funding
Series 2025-1A D1 144A 6.746% (TSFR03M + 2.50%, Floor 2.50%) 4/23/38 #, • 		    150,000      148,837
Dryden 109 CLO
Series 2022-109A DR 144A 6.956% (TSFR03M + 2.70%, Floor 2.70%) 4/15/38 #, • 		    150,000      149,726
Elmwood CLO 22
Series 2023-1A D1R 144A 7.084% (TSFR03M + 2.80%, Floor 2.80%) 4/17/38 #, =, • 		    290,000      290,638
ICG US CLO
Series 2014-1A A1A2 144A 5.731% (TSFR03M + 1.46%, Floor 1.20%) 10/20/34 #, • 		    250,000      250,402
Madison Park Funding XXVII
Series 2018-27A D1R 144A 7.167% (TSFR03M + 2.85%, Floor 2.85%) 4/20/38 #, • 		    150,000      149,605
Magnetite Xlv
Series 2025-45A D1 144A 6.785% (TSFR03M + 2.50%, Floor 2.50%) 4/15/38 #, • 		    290,000      287,178
Neuberger Berman Loan Advisers CLO 42
Series 2021-42A AR 144A 5.211% (TSFR03M + 0.95%, Floor 0.95%) 7/16/35 #, • 		  1,200,000    1,196,183
Oaktree CLO
Series 2020-1A D1RR 144A 6.856% (TSFR03M + 2.60%, Floor 2.60%) 1/15/38 #, • 		    150,000      147,783
Octagon Investment Partners 51 
Series 2021-1A AR 144A 5.259% (TSFR03M + 0.99%, Floor 0.99%) 7/20/34 #, • 		  1,150,000    1,146,457
4    

 

Table of Contents
    Principal
amount° 		Value (US $)
Collateralized Loan Obligations (continued)
OFSI BSL XII
Series 2023-12A D1R 144A 7.469% (TSFR03M + 3.20%, Floor 3.20%) 1/20/38 #, • 		    150,000 $    148,324
OHA Credit Funding
Series 2022-11A CR 144A 6.169% (TSFR03M + 1.90%, Floor 1.90%) 7/19/37 #, • 		    350,000      349,998
OHA Credit Partners VII
Series 2012-7A D1R4 144A 6.822% (TSFR03M + 2.50%, Floor 2.50%) 2/20/38 #, • 		    200,000      200,892
Park Avenue Institutional Advisers CLO
Series 2021-1A A1A 144A 5.921% (TSFR03M + 1.65%, Floor 1.39%) 1/20/34 #, • 		    250,000      250,526
Signal Peak CLO 5
Series 2018-5A A1R 144A 5.832% (TSFR03M + 1.55%, Floor 1.55%) 4/25/37 #, • 		    250,000      250,746
TCW CLO      
Series 2019-2A D1R2 144A 7.317% (TSFR03M + 3.00%, Floor 3.00%) 1/20/38 #, •     200,000      195,320
Series 2024-2A C 144A 6.43% (TSFR03M + 2.15%, Floor 2.15%) 7/17/37 #, •     450,000      452,318
Venture 34 CLO
Series 2018-34A AR 144A 5.536% (TSFR03M + 1.28%, Floor 1.28%) 10/15/31 #, • 		    403,892      404,171
Venture 42 CLO
Series 2021-42A A1A 144A 5.648% (TSFR03M + 1.39%, Floor 1.13%) 4/15/34 #, • 		    250,000      250,047
Wellington Management CLO 4
Series 2025-4A D1 144A 6.829% (TSFR03M + 2.55%, Floor 2.55%) 4/18/38 #, • 		    400,000      394,939
Zais CLO 16
Series 2020-16A A1R2 144A 5.399% (TSFR03M + 1.13%, Floor 1.13%) 10/20/34 #, • 		    700,000     699,793
Total Collateralized Loan Obligations
(cost $11,623,892) 		 11,594,802
Corporate Bonds — 15.15%
Automotive — 0.22%
Allison Transmission      
144A 3.75% 1/30/31 #     255,000      231,678
144A 5.875% 6/1/29 #     205,000      205,957
Clarios Global      
144A 6.75% 2/15/30 #     136,000      138,619
144A 8.50% 5/15/27 #     125,000      125,774
    5

 

Table of Contents
Consolidated schedule of investments
Macquarie Wealth Builder Fund   
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Automotive (continued)
Dana 4.50% 2/15/32      135,000 $    126,391
Garrett Motion Holdings 144A 7.75% 5/31/32 #     257,000      262,484
Goodyear Tire & Rubber 5.25% 7/15/31      275,000      256,813
Phinia 144A 6.625% 10/15/32 #      89,000       88,559
Wand NewCo 3 144A 7.625% 1/30/32 #     177,000      184,255
ZF North America Capital 144A 6.75% 4/23/30 #     175,000     166,370
    1,786,900
Banking — 3.46%
Banco Santander 8.00% 2/1/34 μ, ψ     255,000      267,027
Bank of America      
1.922% 10/24/31 μ     560,000      482,203
2.884% 10/22/30 μ      20,000       18,535
2.972% 2/4/33 μ     240,000      211,617
3.194% 7/23/30 μ      55,000       51,827
5.518% 10/25/35 μ   2,002,000    1,965,829
6.204% 11/10/28 μ     280,000      289,953
6.625% 5/1/30 μ, ψ     185,000      188,394
Bank of Montreal 7.70% 5/26/84 μ     575,000      594,517
Bank of New York Mellon      
4.70% 9/20/25 μ, ψ     475,000      473,311
4.942% 2/11/31 μ     285,000      288,142
6.30% 3/20/30 μ, ψ     240,000      245,456
Barclays      
6.224% 5/9/34 μ     480,000      501,291
7.625% 3/15/35 μ, ψ     200,000      198,078
BNP Paribas 144A 4.792% 5/9/29 #, μ     210,000      209,708
Citibank      
5.488% 12/4/26      280,000      284,095
5.57% 4/30/34      250,000      256,074
Citigroup      
5.61% 9/29/26 μ     265,000      265,630
5.612% 3/4/56 μ     225,000      214,514
6.02% 1/24/36 μ     235,000      236,506
6.75% 2/15/30 μ, ψ   1,235,000    1,224,835
Citizens Financial Group      
2.85% 7/27/26      345,000      338,196
5.253% 3/5/31 μ     345,000      345,493
Credit Agricole 144A 5.222% 5/27/31 #, μ     275,000      277,512
6    

 

Table of Contents
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Deutsche Bank      
5.297% 5/9/31 μ     235,000 $    235,382
6.00% 10/30/25 μ, ψ     265,000      264,126
6.72% 1/18/29 μ     645,000      673,243
Fifth Third Bancorp 6.361% 10/27/28 μ     445,000      461,416
Goldman Sachs Group      
5.016% 10/23/35 μ   1,705,000    1,650,746
5.218% 4/23/31 μ     365,000      370,417
5.561% 11/19/45 μ   1,400,000    1,341,265
5.734% 1/28/56 μ     375,000      364,716
6.484% 10/24/29 μ     290,000      306,006
Huntington Bancshares 6.208% 8/21/29 μ     455,000      474,399
JPMorgan Chase & Co.      
3.109% 4/22/51 μ      30,000       19,548
5.012% 1/23/30 μ     380,000      384,601
5.103% 4/22/31 μ     310,000      314,575
5.14% 1/24/31 μ     856,000      869,551
5.572% 4/22/36 μ     405,000      412,211
KeyBank      
3.40% 5/20/26      500,000      493,441
4.15% 8/8/25      470,000      469,250
5.85% 11/15/27       30,000       30,780
KeyCorp 4.789% 6/1/33 μ       2,000        1,910
Morgan Stanley      
5.123% 2/1/29 μ      15,000       15,184
5.192% 4/17/31 μ     245,000      248,646
5.516% 11/19/55 μ   1,215,000    1,158,483
5.664% 4/17/36 μ     195,000      198,259
5.831% 4/19/35 μ     530,000      546,667
6.138% 10/16/26 μ     155,000      155,790
6.296% 10/18/28 μ     249,000      258,293
NatWest Markets 144A 5.538% 3/21/30 #     735,000      739,917
PNC Financial Services Group      
2.60% 7/23/26      355,000      348,355
4.899% 5/13/31 μ     155,000      155,193
5.575% 1/29/36 μ     190,000      191,335
Popular 7.25% 3/13/28      730,000      767,855
Regions Financial 5.722% 6/6/30 μ     645,000      659,818
    7

 

Table of Contents
Consolidated schedule of investments
Macquarie Wealth Builder Fund   
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Banking (continued)
State Street      
4.834% 4/24/30      170,000 $    171,508
6.123% 11/21/34 μ   1,115,000    1,165,906
Truist Bank 4.632% 9/17/29 μ     783,000      767,199
Truist Financial      
1.887% 6/7/29 μ      75,000       69,339
4.95% 9/1/25 μ, ψ      85,000       84,657
6.123% 10/28/33 μ      10,000       10,458
UBS Group 144A 5.58% 5/9/36 #, μ     200,000      200,212
US Bancorp      
2.491% 11/3/36 μ      65,000       54,125
3.00% 7/30/29      150,000      140,655
3.10% 4/27/26      210,000      207,286
5.046% 2/12/31 μ     285,000      287,108
5.424% 2/12/36 μ     150,000      149,701
5.727% 10/21/26 μ      59,000       59,228
US Bank 4.73% 5/15/28 μ     275,000      275,363
Wells Fargo & Co.      
5.244% 1/24/31 μ     215,000      218,275
5.605% 4/23/36 μ     415,000     420,006
   28,291,147
Basic Industry — 0.60%
Alumina Pty 144A 6.125% 3/15/30 #     200,000      200,446
Arsenal AIC Parent 144A 8.00% 10/1/30 #     165,000      173,478
Capstone Copper 144A 6.75% 3/31/33 #     224,000      224,149
Celanese US Holdings      
6.50% 4/15/30       13,000       13,111
6.75% 4/15/33      112,000      109,112
Cleveland-Cliffs 144A 7.00% 3/15/32 #     285,000      246,182
FMG Resources August 2006 144A 5.875% 4/15/30 #     290,000      290,002
Freeport-McMoRan 5.45% 3/15/43    1,135,000    1,048,883
K Hovnanian Enterprises 144A 11.75% 9/30/29 #     110,000      118,613
Novelis 144A 4.75% 1/30/30 #     420,000      399,569
Nucor 5.10% 6/1/35      340,000      333,915
Olin 144A 6.625% 4/1/33 #     130,000      124,594
Olympus Water US Holding 144A 9.75% 11/15/28 #     200,000      209,943
Quikrete Holdings 144A 6.75% 3/1/33 #     180,000      182,799
8    

 

Table of Contents
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
Rio Tinto Finance USA      
5.00% 3/14/32      180,000 $    180,807
5.25% 3/14/35      345,000      344,098
5.75% 3/14/55      361,000      351,276
Standard Building Solutions 144A 6.50% 8/15/32 #     185,000      188,007
Standard Industries 144A 3.375% 1/15/31 #     180,000     159,413
    4,898,397
Brokerage — 0.31%
Blackstone Reg Finance 5.00% 12/6/34    1,630,000    1,589,955
Jefferies Financial Group      
2.625% 10/15/31      355,000      303,012
4.15% 1/23/30      170,000      164,052
6.20% 4/14/34      355,000      362,628
6.45% 6/8/27       90,000       92,788
6.50% 1/20/43       70,000      70,587
    2,583,022
Capital Goods — 0.86%
Amcor Flexibles North America 144A 5.50% 3/17/35 #     190,000      188,128
Amentum Holdings 144A 7.25% 8/1/32 #     235,000      239,922
Amphenol 2.20% 9/15/31      930,000      806,200
Amsted Industries 144A 6.375% 3/15/33 #     125,000      126,975
Arcosa 144A 6.875% 8/15/32 #      90,000       92,350
Boeing      
2.196% 2/4/26      645,000      633,698
6.858% 5/1/54      685,000      731,101
Bombardier      
144A 7.25% 7/1/31 #      90,000       92,925
144A 8.75% 11/15/30 #     180,000      193,420
CACI International 144A 6.375% 6/15/33 #     230,000      234,759
Caterpillar      
5.20% 5/15/35      310,000      311,229
5.50% 5/15/55      120,000      117,153
Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 #     140,000      143,282
Enpro 144A 6.125% 6/1/33 #     195,000      196,938
Esab 144A 6.25% 4/15/29 #     190,000      193,439
Goat Holdco 144A 6.75% 2/1/32 #      85,000       84,734
Ingersoll Rand 5.70% 6/15/54      910,000      876,908
Manitowoc 144A 9.25% 10/1/31 #      95,000       99,107
    9

 

Table of Contents
Consolidated schedule of investments
Macquarie Wealth Builder Fund   
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
Mauser Packaging Solutions Holding      
144A 7.875% 4/15/27 #     120,000 $    121,288
144A 9.25% 4/15/27 #     110,000      108,452
Sealed Air      
144A 5.00% 4/15/29 #     260,000      255,463
144A 6.50% 7/15/32 #      65,000       66,622
Siemens Funding      
144A 4.60% 5/28/30 #     200,000      200,467
144A 4.90% 5/28/32 #     200,000      200,775
144A 5.20% 5/28/35 #     200,000      200,887
Terex 144A 6.25% 10/15/32 #     175,000      172,233
TransDigm 144A 6.625% 3/1/32 #     340,000     347,737
    7,036,192
Communications — 0.95%
AT&T      
1.70% 3/25/26      215,000      210,004
3.50% 9/15/53      620,000      412,426
4.35% 3/1/29      280,000      278,711
5.375% 8/15/35      125,000      125,779
6.05% 8/15/56      120,000      120,328
6.30% 1/15/38      375,000      399,760
Charter Communications Operating 3.85% 4/1/61      585,000      360,880
Comcast 6.05% 5/15/55    1,195,000    1,193,405
Meta Platforms      
3.85% 8/15/32    1,130,000    1,071,103
5.40% 8/15/54      255,000      242,245
Rogers Communications 5.30% 2/15/34      925,000      910,511
T-Mobile USA      
3.00% 2/15/41      440,000      314,938
3.75% 4/15/27      130,000      128,370
5.125% 5/15/32      105,000      105,942
5.75% 1/15/34      525,000      544,579
5.875% 11/15/55      110,000      107,213
Verizon Communications      
2.875% 11/20/50    1,665,000    1,011,679
5.25% 4/2/35      210,000     209,298
    7,747,171
10    

 

Table of Contents
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Consumer Cyclical — 0.40%
Ford Motor Credit      
6.80% 5/12/28      470,000 $    480,006
6.95% 6/10/26      290,000      293,373
General Motors Financial 5.95% 4/4/34      975,000      969,167
VICI Properties      
144A 4.625% 12/1/29 #     125,000      121,329
4.95% 2/15/30    1,325,000    1,315,524
5.625% 4/1/35      130,000     128,570
    3,307,969
Consumer Goods — 0.05%
Cerdia Finanz 144A 9.375% 10/3/31 #     200,000      206,005
Fiesta Purchaser      
144A 7.875% 3/1/31 #      87,000       91,392
144A 9.625% 9/15/32 #      80,000      83,890
      381,287
Consumer Non-Cyclical — 0.91%
Anheuser-Busch InBev Worldwide 5.55% 1/23/49    1,360,000    1,335,497
Bunge Limited Finance      
1.63% 8/17/25      150,000      148,984
2.75% 5/14/31      565,000      506,302
4.20% 9/17/29      290,000      286,290
Eli Lilly & Co.      
5.10% 2/12/35      285,000      286,864
5.50% 2/12/55      200,000      195,781
Gilead Sciences 4.80% 4/1/44    1,135,000    1,010,538
HCA      
5.45% 9/15/34      405,000      401,105
6.00% 4/1/54      775,000      736,015
Mars      
144A 4.80% 3/1/30 #   1,105,000    1,112,291
144A 5.20% 3/1/35 #     330,000      328,887
144A 5.65% 5/1/45 #     220,000      215,954
144A 5.70% 5/1/55 #     260,000      252,416
Royalty Pharma 3.35% 9/2/51      735,000      456,649
Sysco 5.10% 9/23/30      175,000     177,530
    7,451,103
Electric — 0.91%
AEP Transmission 5.40% 3/15/53        5,000        4,675
American Electric Power 5.699% 8/15/25    1,000,000    1,001,492
    11

 

Table of Contents
Consolidated schedule of investments
Macquarie Wealth Builder Fund   
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Electric (continued)
Appalachian Power 4.50% 8/1/32      285,000 $    273,317
Berkshire Hathaway Energy 2.85% 5/15/51      210,000      123,888
Calpine      
144A 4.625% 2/1/29 #      95,000       92,646
144A 5.125% 3/15/28 #      90,000       89,274
Constellation Energy Generation 5.75% 3/15/54      905,000      863,101
Dominion Energy      
Series A 6.875% 2/1/55 μ     515,000      533,779
Series B 7.00% 6/1/54 μ     590,000      621,462
Entergy Louisiana 4.00% 3/15/33       90,000       83,589
Entergy Mississippi 2.85% 6/1/28      150,000      143,759
Lightning Power 144A 7.25% 8/15/32 #     220,000      230,798
NextEra Energy Capital Holdings      
3.00% 1/15/52      905,000      547,435
5.65% 5/1/79 μ      55,000       53,699
6.375% 8/15/55 μ     100,000      100,374
6.50% 8/15/55 μ     125,000      126,203
NRG Energy 144A 6.25% 11/1/34 #     180,000      180,209
Oglethorpe Power      
3.75% 8/1/50      520,000      355,580
4.50% 4/1/47      225,000      178,935
6.20% 12/1/53      320,000      316,754
Pacific Gas & Electric      
2.10% 8/1/27       30,000       28,317
2.50% 2/1/31       45,000       38,714
3.25% 6/1/31       25,000       22,190
PacifiCorp      
2.90% 6/15/52      425,000      243,969
5.35% 12/1/53        5,000        4,397
Southwestern Electric Power 4.10% 9/15/28      165,000      162,400
Vistra      
144A 7.00% 12/15/26 #, μ, ψ     170,000      173,016
144A 8.00% 10/15/26 #, μ, ψ     200,000      205,387
Vistra Operations      
144A 4.30% 7/15/29 #     215,000      209,609
144A 6.95% 10/15/33 #     380,000     409,822
    7,418,790
12    

 

Table of Contents
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Energy — 1.32%
Archrock Partners 144A 6.625% 9/1/32 #     180,000 $    181,073
Aris Water Holdings 144A 7.25% 4/1/30 #     125,000      125,765
BP Capital Markets 4.875% 3/22/30 μ, ψ     200,000      192,574
BP Capital Markets America      
2.721% 1/12/32       80,000       70,342
4.812% 2/13/33       10,000        9,821
5.227% 11/17/34    1,540,000    1,533,941
Civitas Resources 144A 8.625% 11/1/30 #     200,000      197,411
ConocoPhillips 5.00% 1/15/35    1,250,000    1,221,445
Enbridge      
5.75% 7/15/80 μ     130,000      125,773
6.70% 11/15/53      420,000      440,649
7.20% 6/27/54 μ     420,000      422,983
Energy Transfer      
5.25% 4/15/29      170,000      172,645
5.75% 2/15/33      408,000      416,257
6.25% 4/15/49      190,000      181,055
6.50% 11/15/26 μ, ψ     445,000      444,991
Enterprise Products Operating      
3.20% 2/15/52      695,000      439,362
5.35% 1/31/33        5,000        5,099
Genesis Energy      
7.75% 2/1/28       90,000       90,844
7.875% 5/15/32       45,000       45,609
Gulfport Energy Operating 144A 6.75% 9/1/29 #     185,000      187,905
Hilcorp Energy I      
144A 6.00% 4/15/30 #     300,000      284,882
144A 6.00% 2/1/31 #      40,000       36,882
144A 6.25% 4/15/32 #      68,000       62,025
Kinder Morgan 5.95% 8/1/54      300,000      286,791
Matador Resources 144A 6.25% 4/15/33 #     130,000      125,546
Murphy Oil 6.00% 10/1/32       71,000       66,262
Nabors Industries      
144A 8.875% 8/15/31 #      75,000       51,391
144A 9.125% 1/31/30 #      70,000       63,844
NGL Energy Operating 144A 8.375% 2/15/32 #     180,000      170,357
Noble Finance II 144A 8.00% 4/15/30 #     135,000      134,625
NuStar Logistics      
5.625% 4/28/27      378,000      379,177
6.00% 6/1/26      117,000      117,772
    13

 

Table of Contents
Consolidated schedule of investments
Macquarie Wealth Builder Fund   
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Energy (continued)
ONEOK 5.70% 11/1/54      185,000 $    165,544
Permian Resources Operating 144A 7.00% 1/15/32 #     115,000      118,040
Rockies Express Pipeline 144A 6.75% 3/15/33 #     132,000      136,118
SM Energy      
144A 6.75% 8/1/29 #      65,000       63,741
144A 7.00% 8/1/32 #      78,000       74,952
Sunoco 144A 7.25% 5/1/32 #     105,000      109,241
Tennessee Gas Pipeline 144A 2.90% 3/1/30 #     365,000      333,242
Transocean      
144A 8.00% 2/1/27 #     251,000      245,596
144A 8.50% 5/15/31 #      85,000       73,127
USA Compression Partners      
6.875% 9/1/27      178,000      178,059
144A 7.125% 3/15/29 #      76,000       77,261
Venture Global LNG      
144A 7.00% 1/15/30 #      85,000       84,693
144A 8.375% 6/1/31 #     165,000      167,622
Venture Global Plaquemines LNG 144A 7.50% 5/1/33 #     170,000      177,707
Weatherford International 144A 8.625% 4/30/30 #     232,000      235,838
Woodside Finance      
4.90% 5/19/28       80,000       80,016
5.70% 5/19/32       85,000       84,901
6.00% 5/19/35      100,000      99,352
   10,790,148
Financials — 1.03%
AerCap Ireland Capital DAC      
3.00% 10/29/28      150,000      141,659
3.65% 7/21/27      505,000      494,026
4.45% 4/3/26      645,000      643,036
Air Lease      
2.875% 1/15/26      560,000      553,406
2.875% 1/15/32      300,000      263,043
3.00% 2/1/30      175,000      162,289
4.65% 6/15/26 μ, ψ     135,000      133,129
Apollo Debt Solutions 6.70% 7/29/31    1,260,000    1,295,704
Aviation Capital Group      
144A 1.95% 1/30/26 #     830,000      813,909
144A 3.50% 11/1/27 #     445,000      430,831
144A 6.25% 4/15/28 #      15,000       15,518
14    

 

Table of Contents
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Financials (continued)
Avolon Holdings Funding 144A 4.95% 1/15/28 #     150,000 $    149,639
Azorra Finance 144A 7.75% 4/15/30 #     185,000      185,687
Blackstone Private Credit Fund 5.60% 11/22/29      755,000      751,113
Block 6.50% 5/15/32      135,000      138,053
Blue Owl Credit Income 6.60% 9/15/29      225,000      229,991
California Buyer 144A 6.375% 2/15/32 #     150,000      148,410
Focus Financial Partners 144A 6.75% 9/15/31 #     178,000      180,195
Fortress Transportation and Infrastructure Investors 144A 7.00% 6/15/32 #     185,000      189,260
Jefferies Finance      
144A 5.00% 8/15/28 #     200,000      189,657
144A 6.625% 10/15/31 #     200,000      198,187
OneMain Finance      
6.625% 5/15/29      123,000      124,525
7.125% 9/15/32       42,000       42,314
PennyMac Financial Services      
144A 6.875% 5/15/32 #      85,000       85,476
144A 6.875% 2/15/33 #     125,000      125,827
Shift4 Payments 144A 6.75% 8/15/32 #     265,000      270,544
UBS Group      
144A 6.85% 9/10/29 #, μ, ψ     200,000      199,913
144A 7.00% 2/10/30 #, μ, ψ     200,000      198,506
UWM Holdings 144A 6.625% 2/1/30 #      46,000      45,137
    8,398,984
Healthcare — 0.25%
Acadia Healthcare 144A 7.375% 3/15/33 #     175,000      178,534
AthenaHealth Group 144A 6.50% 2/15/30 #      55,000       53,040
Cheplapharm Arzneimittel 144A 5.50% 1/15/28 #     405,000      386,175
CHS 144A 4.75% 2/15/31 #     245,000      209,917
DaVita      
144A 3.75% 2/15/31 #     140,000      124,093
144A 4.625% 6/1/30 #     115,000      107,533
Grifols 144A 4.75% 10/15/28 #     200,000      190,389
Medline Borrower 144A 5.25% 10/1/29 #     128,000      125,187
Opal Bidco 144A 6.50% 3/31/32 #     200,000      199,967
Owens & Minor 144A 10.00% 4/15/30 #     120,000      125,488
Raven Acquisition Holdings 144A 6.875% 11/15/31 #     140,000      139,715
Surgery Center Holdings 144A 7.25% 4/15/32 #     190,000     189,871
    2,029,909
    15

 

Table of Contents
Consolidated schedule of investments
Macquarie Wealth Builder Fund   
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Insurance — 1.30%
200 Park Funding Trust 144A 5.74% 2/15/55 #     230,000 $    221,991
Aon 5.00% 9/12/32      755,000      758,967
Ardonagh Finco 144A 7.75% 2/15/31 #     320,000      331,112
Arthur J Gallagher & Co. 5.55% 2/15/55      670,000      621,907
Athene Global Funding 144A 1.985% 8/19/28 #      55,000       50,322
Athene Holding      
3.95% 5/25/51      780,000      530,816
6.625% 10/15/54 μ     635,000      626,009
6.625% 5/19/55      255,000      254,200
Beacon Funding Trust 144A 6.266% 8/15/54 #   1,165,000    1,117,849
Howden UK Refinance      
144A 7.25% 2/15/31 #     200,000      205,475
144A 8.125% 2/15/32 #     200,000      205,337
HUB International      
144A 5.625% 12/1/29 #     135,000      133,994
144A 7.375% 1/31/32 #     120,000      125,307
Jones Deslauriers Insurance Management 144A 8.50% 3/15/30 #     235,000      246,940
Marsh & McLennan 5.35% 11/15/44    1,520,000    1,451,537
Metropolitan Life Global Funding I 144A 4.90% 1/9/30 #   1,325,000    1,345,768
New York Life Global Funding 144A 5.45% 9/18/26 #     575,000      582,992
Panther Escrow Issuer 144A 7.125% 6/1/31 #     185,000      191,499
Pine Street Trust III 144A 6.223% 5/15/54 #   1,140,000    1,100,663
Prudential Financial 5.20% 3/14/35      390,000      388,136
USI 144A 7.50% 1/15/32 #     155,000     162,666
   10,653,487
Leisure — 0.27%
Boyd Gaming 144A 4.75% 6/15/31 #     250,000      234,298
Caesars Entertainment      
144A 6.00% 10/15/32 #     180,000      172,784
144A 6.50% 2/15/32 #     135,000      136,171
144A 7.00% 2/15/30 #     310,000      318,294
Carnival      
144A 5.75% 3/1/27 #      80,000       80,250
144A 6.00% 5/1/29 #     160,000      160,522
144A 6.125% 2/15/33 #     131,000      131,405
Life Time 144A 6.00% 11/15/31 #     180,000      180,522
Royal Caribbean Cruises 144A 5.50% 4/1/28 #     544,000      545,657
Scientific Games Holdings 144A 6.625% 3/1/30 #     125,000      118,592
16    

 

Table of Contents
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Leisure (continued)
Six Flags Entertainment 144A 6.625% 5/1/32 #     120,000 $    122,416
    2,200,911
Media — 0.44%
Advantage Sales & Marketing 144A 6.50% 11/15/28 #     100,000       76,470
AMC Networks 4.25% 2/15/29      290,000      222,137
CCO Holdings      
144A 4.50% 8/15/30 #     335,000      314,341
4.50% 5/1/32      110,000      100,196
144A 5.375% 6/1/29 #     330,000      325,647
Cimpress 144A 7.375% 9/15/32 #     150,000      140,005
CMG Media 144A 8.875% 6/18/29 #     200,000      184,500
CSC Holdings      
144A 4.50% 11/15/31 #     200,000      135,385
144A 5.00% 11/15/31 #     200,000       91,142
Cumulus Media New Holdings 144A 8.00% 7/1/29 #     213,000       59,108
Gray Media      
144A 4.75% 10/15/30 #     238,000      172,847
144A 5.375% 11/15/31 #     285,000      203,738
McGraw-Hill Education 144A 7.375% 9/1/31 #     215,000      221,360
Midcontinent Communications 144A 8.00% 8/15/32 #     175,000      181,204
Sirius XM Radio 144A 4.00% 7/15/28 #     680,000      645,795
Snap 144A 6.875% 3/1/33 #     180,000      182,508
Stagwell Global 144A 5.625% 8/15/29 #     190,000      178,805
Univision Communications 144A 7.375% 6/30/30 #     185,000     173,079
    3,608,267
Real Estate — 0.12%
Forestar Group 144A 6.50% 3/15/33 #      90,000       89,336
Iron Mountain      
144A 4.50% 2/15/31 #     320,000      300,149
144A 5.25% 3/15/28 #     380,000      376,070
RHP Hotel Properties 144A 6.50% 6/15/33 #     175,000      178,117
Starwood Property Trust 144A 6.50% 7/1/30 #      57,000      57,851
    1,001,523
Retail — 0.22%
Asbury Automotive Group      
144A 4.625% 11/15/29 #      65,000       61,848
4.75% 3/1/30      170,000      161,614
    17

 

Table of Contents
Consolidated schedule of investments
Macquarie Wealth Builder Fund   
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Retail (continued)
Bath & Body Works      
6.875% 11/1/35      435,000 $    438,789
6.95% 3/1/33      111,000      112,098
Carvana      
PIK 144A 9.00% 6/1/30 #, >      69,225       73,058
PIK 144A 9.00% 6/1/31 #, >>      68,694       79,727
Magnera 144A 7.25% 11/15/31 #     125,000      114,464
Murphy Oil USA 144A 3.75% 2/15/31 #     395,000      358,355
PetSmart 144A 7.75% 2/15/29 #     250,000      243,667
Victra Holdings 144A 8.75% 9/15/29 #     140,000     143,117
    1,786,737
Services — 0.19%
Avis Budget Car Rental
144A 5.75% 7/15/27 # 		     53,000       52,360
Herc Holdings Escrow      
144A 7.00% 6/15/30 #      55,000       56,697
144A 7.25% 6/15/33 #      40,000       41,196
Prime Security Services Borrower 144A 5.75% 4/15/26 #     335,000      336,170
Resideo Funding 144A 6.50% 7/15/32 #     157,000      158,487
Staples 144A 10.75% 9/1/29 #     180,000      163,851
United Rentals North America 3.875% 2/15/31      191,000      176,390
Waste Pro USA 144A 7.00% 2/1/33 #      90,000       92,504
White Cap Buyer 144A 6.875% 10/15/28 #     340,000      333,583
Williams Scotsman 144A 6.625% 4/15/30 #     175,000     179,503
    1,590,741
Technology — 0.62%
Accenture Capital      
4.25% 10/4/31      770,000      756,401
4.50% 10/4/34      665,000      639,150
Broadcom      
144A 3.187% 11/15/36 #     945,000      768,984
5.05% 7/12/29       35,000       35,635
CDW 3.276% 12/1/28      390,000      369,389
Foundry JV Holdco 144A 6.10% 1/25/36 #     295,000      299,943
Leidos      
5.40% 3/15/32      490,000      493,722
5.50% 3/15/35      485,000      483,643
Marvell Technology 2.45% 4/15/28      520,000      490,392
Oracle 6.00% 8/3/55      395,000      383,225
18    

 

Table of Contents
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Technology (continued)
Synopsys      
5.15% 4/1/35      230,000 $    227,417
5.70% 4/1/55      175,000     167,184
    5,115,085
Technology & Electronics — 0.15%
Beacon Roofing Supply 144A 6.75% 4/30/32 #      43,000       44,198
Cloud Software Group 144A 6.50% 3/31/29 #     290,000      289,916
CommScope 144A 8.25% 3/1/27 #     122,000      121,787
CommScope Technologies 144A 5.00% 3/15/27 #      55,000       53,197
Entegris 144A 5.95% 6/15/30 #     335,000      335,507
Seagate HDD Cayman 5.75% 12/1/34      125,000      122,841
Sensata Technologies 144A 4.00% 4/15/29 #     255,000      239,624
Zebra Technologies 144A 6.50% 6/1/32 #      50,000      50,931
    1,258,001
Telecommunications — 0.30%
Connect Finco 144A 9.00% 9/15/29 #     275,000      262,449
Consolidated Communications      
144A 5.00% 10/1/28 #     215,000      217,344
144A 6.50% 10/1/28 #     270,000      276,160
Frontier Communications Holdings      
5.875% 11/1/29       80,000       80,904
144A 6.00% 1/15/30 #     345,000      349,831
144A 6.75% 5/1/29 #     185,000      187,688
Iliad Holding 144A 8.50% 4/15/31 #     200,000      211,242
Rogers Communications 7.125% 4/15/55 μ     150,000      150,293
Sable International Finance 144A 7.125% 10/15/32 #     200,000      196,687
Vmed O2 UK Financing I 144A 4.75% 7/15/31 #     405,000      372,241
VZ Secured Financing 144A 5.00% 1/15/32 #     200,000     173,016
    2,477,855
Transportation — 0.27%
Babcock International Group 1.375% 9/13/27 ■ EUR   200,000      220,437
CSX      
4.75% 5/30/42      320,000      285,429
4.90% 3/15/55      665,000      580,305
Genesee & Wyoming 144A 6.25% 4/15/32 #     270,000      274,550
    19

 

Table of Contents
Consolidated schedule of investments
Macquarie Wealth Builder Fund   
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Transportation (continued)
Union Pacific      
5.10% 2/20/35      265,000 $    265,583
5.60% 12/1/54      585,000     567,098
    2,193,402
Total Corporate Bonds
(cost $125,626,726) 		124,007,028
Municipal Bonds — 0.05%
Bay Area, California Toll Authority Revenue
(Build America Bonds) Series S-3 6.907% 10/1/50  		    185,000      203,111
New Jersey Turnpike Authority Revenue
(Build America Bonds) Series A 7.102% 1/1/41  		    105,000      117,432
South Carolina Public Service Authority Revenue
Series D 4.77% 12/1/45  		     60,000      50,717
Total Municipal Bonds
(cost $482,906) 		    371,260
Non-Agency Asset-Backed Securities — 1.06%
Chase Issuance Trust
Series 2024-A1 A 4.60% 1/16/29  		    880,000      884,419
Diamond Infrastructure Funding
Series 2021-1A A 144A 1.76% 4/15/49 # 		    250,000      236,622
Domino's Pizza Master Issuer
Series 2021-1A A2I 144A 2.662% 4/25/51 # 		    243,125      225,572
Enterprise Fleet Financing
Series 2022-2 A2 144A 4.65% 5/21/29 # 		      8,091        8,082
GMF Floorplan Owner Revolving Trust
Series 2023-1 A1 144A 5.34% 6/15/28 # 		    150,000      151,160
GreatAmerica Leasing Receivables
Series 2024-1 A3 144A 4.98% 1/18/28 # 		  1,600,000    1,609,298
Hyundai Auto Lease Securitization Trust
Series 2024-C A3 144A 4.62% 4/17/28 # 		    500,000      501,197
JPMorgan Fixed Income Pass Through Trust Auction
Series 2007-B 144A 0.255% 1/15/87 #, =, ♦ 		  1,300,000          130
Nissan Master Owner Trust Receivables
Series 2024-B A 144A 5.05% 2/15/29 # 		  1,000,000    1,006,428
PFS Financing
Series 2024-B A 144A 4.95% 2/15/29 # 		  1,600,000    1,610,950
Porsche Innovative Lease Owner Trust
Series 2024-1A A3 144A 4.67% 11/22/27 # 		    505,000      506,006
20    

 

Table of Contents
    Principal
amount° 		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Santander Drive Auto Receivables Trust
Series 2025-1 D 5.43% 3/17/31  		    420,000 $    423,689
Taco Bell Funding
Series 2021-1A A2I 144A 1.946% 8/25/51 # 		    461,775      437,463
Toyota Auto Loan Extended Note Trust
Series 2022-1A A 144A 3.82% 4/25/35 # 		    100,000       98,814
Toyota Auto Receivables Owner Trust
Series 2024-A A3 4.83% 10/16/28  		    190,000      190,888
Wheels Fleet Lease Funding 1
Series 2024-3A A1 144A 4.80% 9/19/39 # 		    810,000     811,215
Total Non-Agency Asset-Backed Securities
(cost $9,825,176) 		  8,701,933
Non-Agency Collateralized Mortgage Obligations — 0.54%
Connecticut Avenue Securities Trust      
Series 2023-R08 1M1 144A 5.822% (SOFR + 1.50%) 10/25/43 #, •     674,606      677,136
Series 2025-R01 1M2 144A 5.821% (SOFR + 1.50%) 1/25/45 #, •     510,000      509,842
Series 2025-R02 1M2 144A 5.921% (SOFR + 1.60%) 2/25/45 #, •     980,000      980,920
Series 2025-R03 2M1 144A 5.922% (SOFR + 1.60%) 3/25/45 #, •     227,423      228,876
Freddie Mac Structured Agency Credit Risk REMIC
Trust 		     
Series 2023-HQA3 A1 144A 6.172% (SOFR + 1.85%) 11/25/43 #, •     274,028      277,170
Series 2024-DNA3 M2 144A 5.772% (SOFR + 1.45%) 10/25/44 #, •     780,000      780,149
Series 2025-DNA2 M2 144A 5.831% (SOFR + 1.50%) 5/25/45 #, •     180,000      180,112
JPMorgan Mortgage Trust      
Series 2014-2 B1 144A 3.406% 6/25/29 #, •      42,372       40,480
Series 2014-2 B2 144A 3.406% 6/25/29 #, •      42,373       40,328
Series 2015-4 B1 144A 3.509% 6/25/45 #, •      76,786       70,887
Series 2015-4 B2 144A 3.509% 6/25/45 #, •      76,786       70,654
Series 2021-10 A3 144A 2.50% 12/25/51 #, •      38,574       30,815
JPMorgan Trust      
Series 2015-5 B2 144A 5.869% 5/25/45 #, •      28,580       28,587
Series 2015-6 B1 144A 3.501% 10/25/45 #, •      64,812       62,007
Series 2015-6 B2 144A 3.501% 10/25/45 #, •      64,812       61,214
    21

 

Table of Contents
Consolidated schedule of investments
Macquarie Wealth Builder Fund   
    Principal
amount° 		Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
Morgan Stanley Residential Mortgage Loan Trust
Series 2021-4 A3 144A 2.50% 7/25/51 #, • 		     74,316 $     59,370
Sequoia Mortgage Trust
Series 2015-1 B2 144A 3.937% 1/25/45 #, • 		     14,574       13,968
Towd Point Mortgage Trust
Series 2018-1 A1 144A 3.00% 1/25/58 #, • 		      6,906        6,806
WST Trust
Series 2019-1 A 4.848% (BBSW1M + 1.08%) 8/18/50 • 		AUD   467,950     302,814
Total Non-Agency Collateralized Mortgage Obligations
(cost $4,464,168) 		  4,422,135
Non-Agency Commercial Mortgage-Backed Securities — 1.95%
BANK      
Series 2017-BNK5 B 3.896% 6/15/60 •      95,000       90,949
Series 2019-BN20 A3 3.011% 9/15/62      250,000      229,727
Series 2019-BN21 A5 2.851% 10/17/52      725,000      662,029
Series 2020-BN25 A5 2.649% 1/15/63      850,000      766,870
Series 2020-BN26 A4 2.403% 3/15/63      650,000      579,455
Series 2022-BNK40 A4 3.391% 3/15/64 •   1,000,000      905,367
Bank of America Merrill Lynch Commercial Mortgage Trust
Series 2017-BNK3 B 3.879% 2/15/50 • 		    340,000      328,547
Benchmark Mortgage Trust      
Series 2020-B17 A5 2.289% 3/15/53      850,000      743,052
Series 2020-B18 A5 1.925% 7/15/53    1,000,000      859,516
Series 2020-B19 A5 1.85% 9/15/53      455,000      389,291
Series 2020-B21 A5 1.978% 12/17/53      925,000      790,546
Series 2021-B24 A5 2.584% 3/15/54      260,000      224,779
Series 2021-B25 A5 2.577% 4/15/54    1,450,000    1,257,472
Series 2022-B33 A5 3.458% 3/15/55    1,000,000      901,988
Series 2022-B34 A5 3.786% 4/15/55 •     350,000      317,422
Series 2022-B35 A5 4.443% 5/15/55 •     145,000      137,974
Cantor Commercial Real Estate Lending
Series 2019-CF2 A5 2.874% 11/15/52  		    350,000      321,900
CD Mortgage Trust
Series 2019-CD8 A4 2.912% 8/15/57  		    250,000      227,421
CFCRE Commercial Mortgage Trust
Series 2016-C7 A3 3.838% 12/10/54  		    100,000       98,457
22    

 

Table of Contents
    Principal
amount° 		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
FREMF Mortgage Trust
Series 2020-K737 B 144A 3.328% 1/25/53 #, • 		  2,000,000 $  1,953,316
Grace Trust
Series 2020-GRCE A 144A 2.347% 12/10/40 # 		    100,000       86,672
GS Mortgage Securities Trust      
Series 2017-GS5 A4 3.674% 3/10/50      350,000      341,030
Series 2017-GS6 A3 3.433% 5/10/50      515,000      499,387
Series 2019-GC39 A4 3.567% 5/10/52      580,000      543,912
Series 2019-GC42 A4 3.00% 9/10/52    1,280,000    1,184,732
Series 2020-GC47 A5 2.377% 5/12/53      250,000      223,328
JPM-BB Commercial Mortgage Securities Trust
Series 2015-C33 A4 3.77% 12/15/48  		    150,000      149,119
JPM-DB Commercial Mortgage Securities Trust
Series 2017-C7 A5 3.409% 10/15/50  		    350,000      337,573
Wells Fargo Commercial Mortgage Trust
Series 2016-BNK1 A3 2.652% 8/15/49  		    835,000     810,465
Total Non-Agency Commercial Mortgage-Backed Securities
(cost $17,203,237) 		 15,962,296
US Treasury Obligations — 3.54%
US Treasury Bonds      
4.125% 8/15/44     735,000      660,725
4.625% 11/15/44     595,000      571,665
4.75% 2/15/45   1,985,000    1,938,167
4.75% 5/15/55   5,840,000    5,691,263
US Treasury Floating Rate Notes
4.461% (USBMMY3M + 0.16%) 4/30/27 • 		  6,475,000    6,479,312
US Treasury Notes      
3.75% 4/15/28   2,500,000    2,492,285
3.875% 4/30/30   6,150,000    6,126,457
3.875% 8/15/34     850,000      819,104
4.50% 12/31/31   2,115,000    2,158,663
5.00% 9/30/25   2,065,000   2,069,162
Total US Treasury Obligations
(cost $29,083,742) 		 29,006,803
    23

 

Table of Contents
Consolidated schedule of investments
Macquarie Wealth Builder Fund   
    Number of
shares 		Value (US $)
Common Stocks — 53.97%
Communication Services — 4.60%
Alphabet Class A     45,803 $  7,866,207
Alphabet Class C     18,349    3,171,625
AT&T    183,810    5,109,918
Electronic Arts     22,529    3,239,220
Interpublic Group     25,688      615,484
KDDI     16,800      291,763
Meta Platforms Class A     12,384    8,018,516
Publicis Groupe      4,060      442,000
Verizon Communications    117,686    5,173,477
Walt Disney     32,813   3,709,181
   37,637,391
Consumer Discretionary — 5.22%
adidas      1,379      343,690
Amadeus IT Group     13,177    1,097,899
Best Buy     43,670    2,894,447
Booking Holdings        788    4,348,917
Buckle     53,972    2,299,747
eBay     33,537    2,453,902
Genuine Parts     24,901    3,150,474
H & M Hennes & Mauritz Class B     21,661      310,219
Home Depot      8,255    3,040,234
Kering      1,359      265,965
Lowe's     14,256    3,218,007
LVMH Moet Hennessy Louis Vuitton      1,271      690,190
NIKE Class B     79,181    4,797,577
PulteGroup     35,687    3,498,397
Ross Stores     24,805    3,474,932
Sodexo     10,817      747,369
Starbucks     17,322    1,454,182
TJX     36,380   4,616,622
   42,702,770
Consumer Staples — 3.06%
Altria Group     76,139    4,614,785
Anheuser-Busch InBev     13,245      933,022
Asahi Group Holdings     15,700      207,959
Conagra Brands    125,798    2,879,516
Diageo     31,647      860,040
Hershey     19,349    3,109,191
Kao     15,400      706,991
Kenvue    144,700    3,453,989
24    

 

Table of Contents
    Number of
shares 		Value (US $)
Common Stocks (continued)
Consumer Staples (continued)
Koninklijke Ahold Delhaize     20,141 $    850,273
Nestle      5,344      569,464
Philip Morris International     32,080    5,793,327
Seven & i Holdings     16,500      249,515
Unilever     13,222     838,536
   25,066,608
Energy — 2.04%
Chevron     32,339    4,420,741
EOG Resources      8,114      880,937
Expand Energy     16,498    1,915,913
Exxon Mobil     92,950   9,508,785
   16,726,376
Financials — 10.78%
Allstate     17,101    3,588,987
Ally Financial     54,034    1,891,190
American Financial Group     30,532    3,785,357
Ameriprise Financial      7,822    3,983,275
Artisan Partners Asset Management Class A     38,684    1,558,965
Bank of America     83,100    3,667,203
Bank of New York Mellon     48,664    4,312,117
Blackrock      4,990    4,889,651
Blackstone     24,187    3,356,188
Charles Schwab     48,800    4,310,992
Citizens Financial Group    102,834    4,149,352
Corebridge Financial    119,482    3,896,308
Fidelity National Financial     54,908    3,007,311
Fidelity National Information Services     45,594    3,629,738
Fifth Third Bancorp     52,413    2,001,652
Huntington Bancshares    170,317    2,662,055
JPMorgan Chase & Co.      1,225      323,400
KeyCorp    240,166    3,809,033
MetLife     52,322    4,111,463
MNSN Holdings =, †       115          489
Pluxee     19,677      442,377
PNC Financial Services Group     13,250    2,302,983
Principal Financial Group     49,970    3,892,163
Prudential Financial     10,652    1,106,636
Regions Financial     57,096    1,224,138
Sberbank of Russia PJSC =    52,870            0
State Street     29,819    2,870,973
    25

 

Table of Contents
Consolidated schedule of investments
Macquarie Wealth Builder Fund   
    Number of
shares 		Value (US $)
Common Stocks (continued)
Financials (continued)
Synchrony Financial     66,932 $  3,858,630
Travelers     14,407    3,972,010
Truist Financial     80,628    3,184,806
Western Union    260,392   2,416,438
   88,205,880
Healthcare — 6.77%
AbbVie     31,596    5,880,332
Baxter International    110,800    3,379,400
Bristol-Myers Squibb     78,245    3,777,669
Cardinal Health     26,357    4,070,575
Cencora     14,353    4,180,168
Cigna Group     10,882    3,445,676
Coloplast Class B      6,087      591,782
Gilead Sciences     44,969    4,950,187
Johnson & Johnson     22,781    3,535,839
McKesson      5,975    4,299,072
Merck & Co.     82,967    6,375,184
Novo Nordisk Class B     14,190    1,008,169
OmniAb 12.5 =, †       363            0
OmniAb 15 =, †       363            0
Pfizer    164,305    3,859,524
Roche Holding      2,704      872,311
SIGA Technologies    237,310    1,419,114
Smith & Nephew     53,042      767,904
Thermo Fisher Scientific      7,441   2,997,384
   55,410,290
Industrials — 4.61%
Amentum Holdings †         1           18
Atlas Copco Class B     15,664      223,107
CSX    112,400    3,550,716
Dover     18,134    3,223,319
DSV      2,998      705,983
Expeditors International of Washington     28,422    3,204,012
Intertek Group     10,374      668,959
Jacobs Solutions     27,515    3,475,144
Knorr-Bremse      6,249      631,493
Kone Class B      9,722      605,370
Lockheed Martin      2,926    1,411,444
Makita     21,800      673,566
Masco     52,684    3,288,535
26    

 

Table of Contents
    Number of
shares 		Value (US $)
Common Stocks (continued)
Industrials (continued)
Northrop Grumman      7,183 $  3,482,103
Otis Worldwide     38,035    3,626,637
Paychex     27,392    4,325,471
REV Group     81,091    3,040,102
Securitas Class B     73,917    1,092,916
Wolters Kluwer      2,773     492,127
   37,721,022
Information Technology — 15.26%
Accenture Class A     10,322    3,270,216
Analog Devices     17,145    3,668,687
Apple    109,036   21,898,010
Applied Materials     16,275    2,551,106
ASML Holding        828      614,766
Broadcom     32,469    7,859,771
CDW     18,545    3,344,776
Cisco Systems    125,703    7,924,317
Dell Technologies Class C     30,161    3,356,015
HP    117,648    2,929,435
Lam Research     47,950    3,873,881
Microsoft     44,692   20,574,409
Monolithic Power Systems      4,822    3,191,682
NetApp     34,669    3,437,778
NVIDIA    177,195   23,944,360
QUALCOMM     27,502    3,993,290
SAP      3,979    1,201,324
Seagate Technology Holdings     31,831    3,754,148
Teledyne Technologies †     7,094   3,538,913
  124,926,884
Materials — 0.74%
Air Liquide      5,274    1,092,277
Dow     63,561    1,763,182
DuPont de Nemours     47,571   3,177,743
    6,033,202
Real Estate — 0.47%
Equity Residential     54,955    3,854,544
Spirit MTA REIT =, †, π       677           0
    3,854,544
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Table of Contents
Consolidated schedule of investments
Macquarie Wealth Builder Fund   
    Number of
shares 		Value (US $)
Common Stocks (continued)
Utilities — 0.42%
Duke Energy     29,329 $  3,452,610
    3,452,610
Total Common Stocks
(cost $356,295,495) 		441,737,577
Preferred Stocks — 0.09%
Consumer Staples — 0.08%      
Henkel AG & Co. 2.90%  ω       8,680     694,630
          694,630
Financials — 0.01%      
SVB Financial Trust 11/7/32 †         133      70,823
           70,823
Total Preferred Stocks
(cost $775,836) 		    765,453
Exchange-Traded Funds — 9.45%
iShares iBoxx High Yield Corporate Bond ETF    97,679    7,772,318
iShares US Treasury Bond ETF   820,829   18,682,068
Vanguard Russell 1000 Value ETF   614,651  50,899,249
Total Exchange-Traded Funds
(cost $75,407,340) 		 77,353,635
Limited Liability Corporation — 1.31%
SC Hixson <<, =, π 7,200,000  10,741,680
Total Limited Liability Corporation
(cost $4,221,000) 		 10,741,680
Short-Term Investments — 1.89%
Money Market Mutual Funds — 1.89%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.21%)   3,866,675    3,866,675
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.19%)   3,866,675    3,866,675
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.27%)   3,866,675    3,866,675
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Table of Contents
    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 4.22%)   3,866,675 $  3,866,675
Total Short-Term Investments
(cost $15,466,700) 		 15,466,700
Total Value of Securities—99.47%
(cost $726,649,413) 		    $814,125,239
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
Σ Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security.
= 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 consolidated financial statements.”
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At May 31, 2025, the aggregate value of Rule 144A securities was $66,567,770, which represents 8.13% of the Fund’s net assets. See Note 8 in “Notes to consolidated financial statements.”
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at May 31, 2025. 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. SOFR01M, SOFR03M, 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.
μ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at May 31, 2025. Rate will reset at a future date.
ψ Perpetual security. Maturity date represents next call date.
> PIK. 100% of the income received was in the form of cash.
>> PIK. 100% of the income received was in the form of principal.
■ Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933, as amended.
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Table of Contents
Consolidated schedule of investments
Macquarie Wealth Builder Fund   
♦ Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.
† Non-income producing security.
<< Affiliated company. See Note 2 in “Notes to consolidated 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 May 31, 2025, the aggregate value of restricted securities was $10,741,680, which represented 1.31% of the Fund’s net assets. See Note 8 in “Notes to consolidated financial statements” and the following table for additional details on restricted securities.
ω Perpetual security with no stated maturity date.
Restricted Securities            
Investments   Date of Acquisition   Cost   Value
SC Hixson   1/7/20   $4,221,000   $10,741,680
Spirit MTA REIT   1/2/20   0   0
Total       $4,221,000   $10,741,680
The following futures contracts were outstanding at May 31, 2025:1
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
110 US Treasury 2 yr Notes   $22,818,125   $22,794,323   9/30/25   $23,802   $—   $9,453
98 US Treasury 5 yr Notes   10,602,375   10,564,327   10/5/25   38,048   —   8,422
62 US Treasury 10 yr Notes   6,866,500   6,827,845   9/19/25   38,655   —   3,875
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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
29 US Treasury 10 yr Ultra Notes   $3,263,860   $3,268,917   9/19/25   $—   $(5,057)   $—
193 US Treasury Long Bonds   21,766,781   21,483,812   9/19/25   282,969   —   (6,031)
(86) US Treasury Ultra Bonds   (9,981,375)   (9,932,404)   9/19/25   —   (48,971)   13,437
Total Futures Contracts   $55,006,820       $383,474   $(54,028)   $29,156
The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the consolidated financial statements. The 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 6 in “Notes to consolidated financial statements.”
Summary of abbreviations:
AG – Aktiengesellschaft
BBSW1M – Bank Bill Swap Rate 1 Month
CLO – Collateralized Loan Obligation
DAC – Designated Activity Company
DB – Deutsche Bank
ETF – Exchange-Traded Fund
FREMF – Freddie Mac Multifamily
GNMA – Government National Mortgage Association
GS – Goldman Sachs
LNG – Liquefied Natural Gas
PIK – Payment-in-kind
PJSC – Private Joint Stock Company
    31

 

Table of Contents
Consolidated schedule of investments
Macquarie Wealth Builder Fund   
Summary of abbreviations: (continued)
REIT – Real Estate Investment Trust
REMIC – Real Estate Mortgage Investment Conduit
S.F. – Single Family
SOFR – Secured Overnight Financing Rate
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
TSFR03M – 3 Month Term Secured Overnight Financing Rate
USBMMY3M – US Treasury 3 Month Bill Money Market Yield
yr – Year
Summary of currencies:
AUD – Australian Dollar
EUR – European Monetary Unit
USD – US Dollar
See accompanying notes, which are  an integral part of the consolidated financial statements.
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Consolidated statement of assets and liabilities
Macquarie Wealth Builder Fund  May 31, 2025 (Unaudited) 
Assets:  
Investments, at value* $803,383,559
Investments of affiliated issuers, at value** 10,741,680
Foreign currencies, at valueΔ 224,594
Cash 3,491,314
Cash collateral due from brokers 958,007
Dividends and interest receivable 2,908,804
Receivable for fund shares sold 795,865
Foreign tax reclaims receivable 416,785
Prepaid expenses 47,513
Receivable for securities sold 44,448
Variation margin due from broker on futures contracts 29,156
Excise tax prepaid 21,037
Other assets 26,714
Total Assets 823,089,476
Liabilities:  
Deferred tax liability (See Note 1) 2,034,003
Payable for fund shares redeemed 1,276,687
Payable for securities purchased 786,096
Investment management fees payable to affiliates 373,265
Distribution fees payable to affiliates 155,116
Total Liabilities 4,625,167
Total Net Assets $818,464,309
Net Assets Consist of:  
Paid-in capital $715,984,238
Total distributable earnings (loss) 102,480,071
Total Net Assets $818,464,309
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Table of Contents
Consolidated statement of assets and liabilities
Macquarie Wealth Builder Fund  
Net Asset Value  
Class A:  
Net assets $690,342,666
Shares of beneficial interest outstanding, unlimited authorization, no par 46,902,408
Net asset value per share $14.72
Sales charge 5.75%
Offering price per share, equal to net asset value per share / (1 - sales charge) $15.62
Class C:  
Net assets $9,912,451
Shares of beneficial interest outstanding, unlimited authorization, no par 671,481
Net asset value per share $14.76
Class R:  
Net assets $1,203,376
Shares of beneficial interest outstanding, unlimited authorization, no par 81,673
Net asset value per share $14.73
Institutional Class:  
Net assets $92,812,556
Shares of beneficial interest outstanding, unlimited authorization, no par 6,305,069
Net asset value per share $14.72
Class R6:  
Net assets $24,193,260
Shares of beneficial interest outstanding, unlimited authorization, no par 1,643,663
Net asset value per share $14.72
*Investments, at cost 		$722,428,413
**Investments of affiliated issuers, at cost 4,221,000
ΔForeign currencies, at cost 209,451
See accompanying notes, which are an  integral part of the consolidated financial statements.
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Consolidated statement of operations
Macquarie Wealth Builder Fund Six months ended May 31, 2025 (Unaudited)
Investment Income:  
Dividends $6,953,071
Interest 6,762,996
Foreign tax withheld (47,374)
  13,668,693
Expenses:  
Management fees 2,644,266
Tax expense 45,000
Distribution expenses — Class A 882,330
Distribution expenses — Class C 57,432
Distribution expenses — Class R 3,472
Dividend disbursing, transfer agent fees and sub-transfer agents fees and expenses 442,472
Legal fees 113,262
Accounting and administration expenses 92,185
Reports and statements to shareholders expenses 52,516
Registration fees 44,152
Audit and tax fees 30,428
Excise tax 28,739
Investment interest expense 21,024
Trustees’ fees 20,689
Custodian fees 16,509
Other 58,121
  4,552,597
Less expenses waived (201,685)
Less expenses paid indirectly (17,547)
Total operating expenses 4,333,365
Net Investment Income (Loss) 9,335,328
    35

 

Table of Contents
Consolidated statement of operations
Macquarie Wealth Builder Fund 
Net Realized and Unrealized Gain (Loss):  
Net realized gain (loss) on:  
Investments $13,915,901
Foreign currencies (299,119)
Forward foreign currency exchange contracts 93,786
Futures contracts (586,252)
Swap contracts (100,496)
Net increase from payment by affiliates1 8,090
Net realized gain (loss) 13,031,910
Net change in unrealized appreciation (depreciation) on:  
Investments (46,462,453)
Affiliated investments 902,880
Foreign currencies 45,877
Forward foreign currency exchange contracts (80,126)
Futures contracts 90,281
Swap contracts 103,125
Deferred tax liability 15,167
Net change in unrealized appreciation (depreciation) (45,385,249)
Net Realized and Unrealized Gain (Loss) (32,353,339)
Net Increase (Decrease) in Net Assets Resulting from Operations $(23,018,011)
1 See Note 2 in “Notes to consolidated financial statements.”
See accompanying notes, which are an  integral part of the consolidated financial statements.
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Table of Contents
Consolidated statements of changes in net assets
Macquarie Wealth Builder Fund
  Six months
ended
5/31/25
(Unaudited) 		  Year ended
11/30/24
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $9,335,328   $24,761,9291
Net realized gain (loss) 13,023,8202   35,139,4612
Payment by affiliates —    (1,233,320) 3
Payment by service provider —   (1,500,000)4
Net increase from payment by affiliates 8,0903   213,9363
Net change in unrealized appreciation (depreciation) (45,385,249)   105,944,216
Net increase (decrease) in net assets resulting from operations (23,018,011)   163,326,222
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Class A (35,016,133)   (30,235,521)
Class C (559,808)   (567,118)
Class R (70,238)   (70,785)
Institutional Class (6,123,591)   (5,393,846)
Class R6 (114,742)   (96,658)
  (41,884,512)   (36,363,928)
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Class A 8,445,1895   31,386,4915
Class C 494,6505   2,452,6045
Class R 163,3775   221,3385
Institutional Class 3,743,3405   11,869,5645
Class R6 22,144,4745   86,4005
    37

 

Table of Contents
Consolidated statements of changes in net assets
Macquarie Wealth Builder Fund 
  Six months
ended
5/31/25
(Unaudited) 		  Year ended
11/30/24
 
Capital Share Transactions (See Note 4) (continued):      
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Class A $34,023,550   $29,300,120
Class C 559,549   566,282
Class R 69,630   70,318
Institutional Class 5,772,034   5,070,983
Class R6 114,742   96,658
  75,530,535   81,120,758
Cost of shares redeemed:      
Class A (54,797,192)   (125,741,969)
Class C (3,488,921)   (8,022,028)
Class R (493,653)   (775,614)
Institutional Class (36,359,403)   (25,688,865)
Class R6 (294,440)   (190,143)
  (95,433,609)   (160,418,619)
Decrease in net assets derived from capital share transactions (19,903,074)   (79,297,861)
Net Increase (Decrease) in Net Assets (84,805,597)   47,664,433
Net Assets:      
Beginning of period 903,269,906   855,605,473
End of period $818,464,309   $903,269,906
1 Excludes payment by affiliates and payment by service provider.
2 Excludes net increase from payment by affiliates.
3 See Note 2 in “Notes to consolidated financial statements.”
4 See Note 1 in “Notes to consolidated financial statements.”
5 Amount includes capital contributions by affiliates. See Note 2 in “Notes to consolidated financial statements.”
See accompanying notes, which are an  integral part of the consolidated financial statements.
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Table of Contents
Consolidated financial highlights
Macquarie Wealth Builder Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Payment by service provider
Total from investment operations
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
Capital contribution by affiliates
Net asset value, end of period
Total return6
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets7
Ratio of expenses to average net assets prior to fees waived7
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
φ Financial highlights are not consolidated for the years indicated.
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Amount includes non-recurring payments for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.07%.
4 Payment by affiliates and capital contributions by affiliates are less than $0.005 per share and 0.01% on total return. See Note 2 in "Notes to financial statements."
5 Amounts include the following non-recurring payments received by the Fund towards its payment of the tax liability recorded as of November 30, 2023: payment by affiliates, capital contributions by affiliates and payment by service provider. Excluding the impact of these payments, the total return would have been lower by 0.44%, the expense ratio would have been higher by 0.30% and the net investment income ratio would have been lower by 0.30%. See Note 1 and Note 2 in “Notes to consolidated financial statements.”
6 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
7 Expense ratios do not include expenses of any investment companies in which the Fund invests.
8 The impact of the tax expense on the ratios of expenses to average net assets is 0.01%, 0.81%, and 0.18% for the six months ended May 31, 2025 and the years ended November 30, 2023 and 2022, respectively.
9 The impact of the interest and tax penalties on the ratios of expenses to average net assets is 0.05% for the year ended November 30, 2024.
See accompanying notes, which are an integral part of the consolidated financial statements.
40    

 

Table of Contents
Six months ended
5/31/251
(Unaudited) 		  Year ended
11/30/24   11/30/23φ   11/30/22φ   11/30/21φ   11/30/20φ
$15.85   $13.74   $14.38   $15.71   $13.71   $14.01
 
                     
0.16   0.30   0.19   0.22   0.21   0.25
(0.55)   2.34   0.243   (0.47)   2.06   (0.09)
—4   0.045   —   —   —   —
—   0.025   —   —   —   —
(0.39)   2.70   0.43   (0.25)   2.27   0.16
                     
(0.13)   (0.29)   (0.31)   (0.25)   (0.27)   (0.27)
(0.61)   (0.30)   (0.76)   (0.83)   —   (0.19)
(0.74)   (0.59)   (1.07)   (1.08)   (0.27)   (0.46)
—4   —   —   —   —   —
$14.72   $15.85   $13.74   $14.38   $15.71   $13.71
(2.53%)4   20.14%5   3.36%3   (1.78%)   16.63%   1.30%
 
                     
$690,343   $757,052   $716,481   $235,618   $259,143   $230,168
1.05%8   0.79%5,9   1.86%8   1.26%8   1.08%   1.09%
1.10%8   1.12%9   1.86%8   1.30%8   1.11%   1.12%
2.20%   2.44%5,9   1.44%8   1.51%8   1.37%   1.91%
2.15%   2.11%9   1.44%8   1.47%8   1.34%   1.88%
57%   66%   51%   65%   89%   68%
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Table of Contents
Consolidated financial highlights
Macquarie Wealth Builder Fund Class C 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Payment by service provider
Total from investment operations
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
Capital contribution by affiliates
Net asset value, end of period
Total return6
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets7
Ratio of expenses to average net assets prior to fees waived7
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
φ Financial highlights are not consolidated for the years indicated.
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Amount includes non-recurring payments for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.07%.
4 Payment by affiliates and capital contributions by affiliates are less than $0.005 per share and 0.01% on total return. See Note 2 in "Notes to financial statements."
5 Amounts include the following non-recurring payments received by the Fund towards its payment of the tax liability recorded as of November 30, 2023: payment by affiliates, capital contributions by affiliates and payment by service provider. Excluding the impact of these payments, the total return would have been lower by 0.44%, the expense ratio would have been higher by 0.30% and the net investment income ratio would have been lower by 0.30%. See Note 1 and Note 2 in “Notes to consolidated financial statements.”
6 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
7 Expense ratios do not include expenses of any investment companies in which the Fund invests.
8 The impact of the tax expense on the ratios of expenses to average net assets is 0.01%, 1.33%, and 0.18% for the six months ended May 31, 2025 and the years ended November 30, 2023 and 2022, respectively.
9 The impact of the interest and tax penalties on the ratios of expenses to average net assets is 0.05% for the year ended November 30, 2024.
See accompanying notes, which are an integral part of the consolidated financial statements.
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Six months ended
5/31/251
(Unaudited) 		  Year ended
11/30/24   11/30/23φ   11/30/22φ   11/30/21φ   11/30/20φ
$15.88   $13.66   $14.42   $15.75   $13.73   $14.04
 
                     
0.11   0.19   0.02   0.11   0.09   0.15
(0.55)   2.46   0.183   (0.47)   2.08   (0.10)
—4   0.045   —   —   —   —
—   0.025   —   —   —   —
(0.44)   2.71   0.20   (0.36)   2.17   0.05
                     
(0.07)   (0.19)   (0.20)   (0.14)   (0.15)   (0.17)
(0.61)   (0.30)   (0.76)   (0.83)   —   (0.19)
(0.68)   (0.49)   (0.96)   (0.97)   (0.15)   (0.36)
—4   —   —   —   —   —
$14.76   $15.88   $13.66   $14.42   $15.75   $13.73
(2.85%)4   20.23%5   1.65%3   (2.53%)   15.84%   0.47%
 
                     
$9,912   $13,300   $16,058   $21,167   $31,157   $52,258
1.80%8   1.54%5,9   3.13%8   2.01%8   1.83%   1.84%
1.85%8   1.87%9   3.13%8   2.05%8   1.86%   1.87%
1.46%   1.69%5,9   0.20%8   0.76%8   0.62%   1.16%
1.41%   1.36%9   0.20%8   0.72%8   0.59%   1.13%
57%   66%   51%   65%   89%   68%
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Consolidated financial highlights
Macquarie Wealth Builder Fund Class R 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Payment by service provider
Total from investment operations
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
Capital contribution by affiliates
Net asset value, end of period
Total return6
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets7
Ratio of expenses to average net assets prior to fees waived7
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
φ Financial highlights are not consolidated for the years indicated.
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Amount includes non-recurring payments for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.07%.
4 Payment by affiliates and capital contributions by affiliates are less than $0.005 per share and 0.01% on total return. See Note 2 in "Notes to financial statements."
5 Amounts include the following non-recurring payments received by the Fund towards its payment of the tax liability recorded as of November 30, 2023: payment by affiliates, capital contributions by affiliates and payment by service provider. Excluding the impact of these payments, the total return would have been lower by 0.44%, the expense ratio would have been higher by 0.30% and the net investment income ratio would have been lower by 0.30%. See Note 1 and Note 2 in “Notes to consolidated financial statements.”
6 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
7 Expense ratios do not include expenses of any investment companies in which the Fund invests.
8 The impact of the tax expense on the ratios of expenses to average net assets is 0.01%, 1.29%, and 0.18% for the six months ended May 31, 2025 and the years ended November 30, 2023 and 2022, respectively.
9 The impact of the interest and tax penalties on the ratios of expenses to average net assets is 0.05% for the year ended November 30, 2024.
See accompanying notes, which are an integral part of the consolidated financial statements.
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Six months ended
5/31/251
(Unaudited) 		  Year ended
11/30/24   11/30/23φ   11/30/22φ   11/30/21φ   11/30/20φ
$15.86   $13.68   $14.39   $15.71   $13.71   $14.02
 
                     
0.14   0.27   0.10   0.18   0.17   0.21
(0.55)   2.40   0.223   (0.46)   2.06   (0.09)
—4   0.045   —   —   —   —
—   0.025   —   —   —   —
(0.41)   2.73   0.32   (0.28)   2.23   0.12
                     
(0.11)   (0.25)   (0.27)   (0.21)   (0.23)   (0.24)
(0.61)   (0.30)   (0.76)   (0.83)   —   (0.19)
(0.72)   (0.55)   (1.03)   (1.04)   (0.23)   (0.43)
—4   —   —   —   —   —
$14.73   $15.86   $13.68   $14.39   $15.71   $13.71
(2.67%)4   20.42%5   2.58%3   (1.98%)   16.32%   0.99%
 
                     
$1,203   $1,578   $1,806   $1,028   $1,203   $1,069
1.30%8   1.04%5,9   2.59%8   1.51%8   1.33%   1.34%
1.35%8   1.37%9   2.59%8   1.55%8   1.36%   1.37%
1.97%   2.19%5,9   0.72%8   1.26%8   1.12%   1.66%
1.92%   1.86%9   0.72%8   1.22%8   1.09%   1.63%
57%   66%   51%   65%   89%   68%
45    

 

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Consolidated financial highlights
Macquarie Wealth Builder Fund Institutional Class 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Payment by service provider
Total from investment operations
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
Capital contribution by affiliates
Net asset value, end of period
Total return6
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets7
Ratio of expenses to average net assets prior to fees waived7
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
φ Financial highlights are not consolidated for the years indicated.
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Amount includes non-recurring payments for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.07%.
4 Payment by affiliates and capital contributions by affiliates are less than $0.005 per share and 0.01% on total return. See Note 2 in "Notes to financial statements."
5 Amounts include the following non-recurring payments received by the Fund towards its payment of the tax liability recorded as of November 30, 2023: payment by affiliates, capital contributions by affiliates and payment by service provider. Excluding the impact of these payments, the total return would have been lower by 0.44%, the expense ratio would have been higher by 0.30% and the net investment income ratio would have been lower by 0.30%. See Note 1 and Note 2 in “Notes to consolidated financial statements.”
6 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 presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
7 Expense ratios do not include expenses of any investment companies in which the Fund invests.
8 The impact of the tax expense on the ratios of expenses to average net assets is 0.01%, 1.27%, and 0.18% for the six months ended May 31, 2025 and the years ended November 30, 2023 and 2022, respectively.
9 The impact of the interest and tax penalties on the ratios of expenses to average net assets is 0.05% for the year ended November 30, 2024.
See accompanying notes, which are an integral part of the consolidated financial statements.
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Six months ended
5/31/251
(Unaudited) 		  Year ended
11/30/24   11/30/23φ   11/30/22φ   11/30/21φ   11/30/20φ
$15.85   $13.66   $14.38   $15.70   $13.70   $14.01
 
                     
0.18   0.34   0.17   0.25   0.25   0.28
(0.55)   2.42   0.213   (0.45)   2.05   (0.10)
—4   0.045   —   —   —   —
—   0.025   —   —   —   —
(0.37)   2.82   0.38   (0.20)   2.30   0.18
                     
(0.15)   (0.33)   (0.34)   (0.29)   (0.30)   (0.30)
(0.61)   (0.30)   (0.76)   (0.83)   —   (0.19)
(0.76)   (0.63)   (1.10)   (1.12)   (0.30)   (0.49)
—4   —   —   —   —   —
$14.72   $15.85   $13.66   $14.38   $15.70   $13.70
(2.41%)4   21.16%5   3.00%3   (1.47%)   16.93%   1.50%
 
                     
$92,813   $128,936   $119,151   $108,827   $116,626   $116,589
0.80%8   0.54%5,9   2.07%8   1.01%8   0.83%   0.84%
0.85%8   0.87%9   2.07%8   1.05%8   0.86%   0.87%
2.45%   2.69%5,9   1.26%8   1.76%8   1.62%   2.16%
2.40%   2.36%9   1.26%8   1.72%8   1.59%   2.13%
57%   66%   51%   65%   89%   68%
47    

 

Table of Contents
Consolidated financial highlights
Macquarie Wealth Builder Fund Class R6 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income3
Net realized and unrealized gain (loss)
Payment by affiliates
Payment by service provider
Total from investment operations
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
Capital contribution by affiliates
Net asset value, end of period
Total return7
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets8
Ratio of expenses to average net assets prior to fees waived8
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
φ Financial highlights are not consolidated for the years indicated.
1 Date of commencement of operations; ratios have been annualized and total return has not been annualized.
2 Ratios have been annualized and total return and portfolio turnover have not been annualized.
3 Calculated using average shares outstanding.
4 Amount includes a non-recurring payments for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.07%.
5 Payment by affiliates and capital contributions by affiliates are less than $0.005 per share and 0.01% on total return. See Note 2 in "Notes to financial statements."
6 Amounts include the following non-recurring payments received by the Fund towards its payment of the tax liability recorded as of November 30, 2023: payment by affiliates, capital contributions by affiliates and payment by service provider. Excluding the impact of these payments, the total return would have been lower by 0.44%, the expense ratio would have been higher by 0.30% and the net investment income ratio would have been lower by 0.30%. See Note 1 and Note 2 in “Notes to consolidated financial statements.”
7 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 presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
8 Expense ratios do not include expenses of any investment companies in which the Fund invests.
9 The impact of the tax expense on the ratios of expenses to average net assets is 0.01% and 0.05% for the six months ended May 31, 2025 and the period ended November 30, 2023, respectively.
10 The impact of the interest and tax penalties on the ratios of expenses to average net assets is 0.05% for the year ended November 30, 2024.
11 Portfolio turnover is representative of the Fund for the period ended November 30, 2023.
See accompanying notes, which are an integral part of the consolidated financial statements.
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Six months ended
5/31/252
(Unaudited) 		  Year ended
11/30/24 		  2/28/231
to
11/30/23φ
$15.85   $13.83   $13.35
 
         
0.20   0.35   0.34
(0.57)   2.25   0.384
—5   0.046   —
—   0.026   —
(0.37)   2.66   0.72
         
(0.15)   (0.34)   (0.24)
(0.61)   (0.30)   —
(0.76)   (0.64)   (0.24)
—5   —   —
$14.72   $15.85   $13.83
(2.38%)5   19.78%6   5.49%4
 
         
$24,193   $2,404   $2,109
0.74%9   0.47%6,10   0.77%9
0.78%9   0.81%10   0.80%9
2.99%   2.76%6,10   2.55%9
2.95%   2.42%10   2.52%9
57%   66%   51%11
49    

 

Table of Contents
Notes to consolidated financial statements
Macquarie Wealth Builder Fund May 31, 2025 (Unaudited)
Delaware Group® Equity Funds V (Trust) is organized as a Delaware statutory trust and offers three series: Macquarie Small Cap Core Fund (formerly, Delaware Small Cap Core Fund through December 30, 2024), Macquarie Small Cap Value Fund (formerly, Delaware Small Cap Value Fund through December 30, 2024), and Macquarie Wealth Builder Fund (formerly, Delaware Wealth Builder Fund through December 30, 2024). These consolidated financial statements and the related notes pertain to Macquarie Wealth Builder Fund (Fund). The Trust is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offers Class A, Class C, Class R, Institutional Class, and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.75%. There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, Institutional Class, and Class R6 shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.
1. Significant Accounting Policies
The Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Fund.
Basis of Consolidation — Chattanooga Opportunities LLC (the Subsidiary), a Delaware limited liability company, was incorporated as a wholly owned company acting as an investment vehicle for the Fund. The Subsidiary acts as an investment vehicle for the Fund in order to effect certain investments for the Fund consistent with the Fund’s investment objectives and policies as specified in its prospectus and statement of additional information. The Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Fund and its Subsidiary. The consolidated financial statements include the accounts of the Fund and its Subsidiary. All inter-company transactions and balances have been eliminated. The date of incorporation of the Subsidiary was June 3, 2024. As of May 31, 2025, the net assets held by the Subsidiary are $8,742,479, or approximately 1.07%, of the Fund's net assets.
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 (NYSE) 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
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ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Fixed income securities and credit default swap (CDS) contracts are generally priced based upon valuations provided by an independent pricing service or broker/counterparty in accordance with methodologies included within Delaware Management Company (DMC)'s Pricing Policy (Policy). Fixed income security and CDS contracts valuations are then reviewed by DMC as part of its duties as the Fund’s valuation designee (Valuation Designee) and, to the extent required by the Policy and applicable regulation, fair valued consistent with the Policy. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. US government and agency securities are valued at the mean between the bid and the ask prices, which approximates fair value. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations (CMOs), commercial mortgage securities, and certain 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. An adjustment factor may be applied to the daily vendor provided price for certain security/instrument types to arrive at a fair value for the applicable positions. The adjustment factor is determined by comparing the prices of trades with vendor prices over a time period deemed reasonable by DMC, calculating the weighted average differences, and using that difference to adjust vendor 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. Forward foreign currency exchange contracts are valued at the mean between the bid and the ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement prices. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated DMC to perform the fair value determination relating to all applicable Fund investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board’s oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market
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Notes to consolidated financial statements
Macquarie Wealth Builder Fund 
1. Significant Accounting Policies (continued)
and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.
Federal and Foreign Income Taxes — The Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken or expected to be taken on the Fund’s federal income tax returns through the six months ended May 31, 2025, and for all open tax years (years ended November 30, 2021–November 30, 2024), and has concluded that except for the provision related to the consolidated subsidiary discussed below, no other provision for federal income tax is required in the Fund’s consolidated financial statements. In regard to foreign taxes only, the Fund has open tax years in certain foreign countries in which it invests that may date back to the inception of the Fund. If applicable, the Fund recognizes interest and tax penalties on unrecognized tax benefits in “Interest and tax penalties” on the “Consolidated statement of operations.” During the six months ended May 31, 2025, the Fund did not incur any interest or tax penalties.
Consolidated Subsidiary. The Fund holds an investment through a wholly-owned subsidiary (Subsidiary), which is subject to federal and state income taxes.
This taxable entity is not consolidated for income tax purposes and may generate income tax assets or liabilities that reflect the net tax effect of temporary differences between the carrying amount of the assets and liabilities for financial reporting and tax purposes and tax loss carryforwards. There are no closed tax year ends for the Subsidiary. At six months ending May 31, 2025, any estimated tax liability for this investment is presented as "Deferred tax liability" in the "Consolidated statement of assets and liabilities" and included in "Net change in net unrealized appreciation (depreciation) on deferred tax expense" in the "Consolidated statement of operations." The tax liability incurred may differ materially depending on conditions when the investment is disposed.
The Subsidiary's income tax expense (benefit) is comprised of the following current and deferred income tax expense (benefit):
Tax Expense/(Benefit):
  Current   Deferred   Total
Federal $ —    $2,034,003   $2,034,003
State  —     —     — 
Valuation allowance  —     —     — 
Total Tax Expense/(Benefit) $ —    $2,034,003   $2,034,003
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Components of the Subsidiary's deferred tax assets and liabilities as of May 31, 2025 are as follows:
Deferred Tax Assets/(Liabilities):
Basis in partnerships $(2,034,003)
Net operating loss  — 
Other  — 
Total net deferred tax asset/(liability) before valuation allowance (2,034,003)
Less: valuation allowance  — 
Net deferred tax asset/(liability) $(2,034,003)
The difference between the statutory income tax rate, 21%, and the actual effective tax rate, as reported for the six months ended May 31, 2025, is as follows:
The Subsidiary's pre-tax income None
Pre-tax income/(loss) at the statutory rate  — 
Adjustment to prior year deferred taxes including inherited tax amounts $2,034,003
State income tax expense, net of federal benefit  — 
Less: valuation allowance  — 
Total income tax expense/(benefit) $2,034,003
The Subsidiary recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Subsidiary tax positions, and has concluded that a liability for unrecognized tax benefits should be recorded related to uncertain tax positions of the Subsidiary as shown. The Subsidiary is not aware of any other tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. Class R6 shares will not be allocated any expenses related to service fees, sub-accounting fees, and/or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.
Underlying Funds — The Fund may invest in other investment companies (Underlying Funds) to the extent permitted by the 1940 Act. The Underlying Funds in which the Fund may invest include ETFs. The Fund will indirectly bear the investment management fees and other expenses of the Underlying Funds.
To Be Announced Trades (TBA)  — The Fund may contract to purchase or sell securities for a fixed price at a transaction date beyond the customary settlement period (examples: when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund’s ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or
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Notes to consolidated financial statements
Macquarie Wealth Builder Fund 
1. Significant Accounting Policies (continued)
yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered or the transaction is completed; however, the market value may change prior to delivery.
Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally bifurcates that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange rates from that which is due to changes in market prices of debt securities. That portion of realized gains (losses), attributable to changes in foreign exchange rates, is included on the “Consolidated statement of operations” under “Net realized gain (loss) on foreign currencies.” The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.
Derivative Financial Instruments — The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, forward foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Fund intends to either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk.
Segregation and Collateralization — In certain cases, based on requirements and agreements with certain exchanges and third-party broker-dealers, the Fund may deliver or receive collateral in connection with certain investments (e.g., futures contracts, forward foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps). Certain countries require that cash reserves be held while investing in companies incorporated in that country. Cash collateral that has been pledged/received to cover obligations of the Fund under derivative contracts, if any, will be reported separately on the “Consolidated statement of assets and liabilities” as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the “Consolidated schedule of investments.”
Use of Estimates — The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of
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investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.
Other — Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Macquarie Funds are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Income and capital gain distributions from any Underlying Funds in which the Fund invests are recorded on the ex-dividend date. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. When a loan agreement is purchased, the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by the borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, which are estimated, subject to reclassification upon notice of the character of such distributions by the issuer. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The “Consolidated statement of operations” includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. The Fund declares and pays dividends from net investment income monthly and distributions from net realized gain on investments, if any, at least annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
In November 2023, FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing consolidated financial statement users to better
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Notes to consolidated financial statements
Macquarie Wealth Builder Fund 
1. Significant Accounting Policies (continued)
understand the components of a segment's profit or loss and assess potential future cash flows for the reportable segment and the entity as a whole thereby enabling better understanding of how an entity's segments impact overall performance. DMC, the Fund's investment adviser, acts as the Fund's chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment since the Fund has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on the Fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Fund's consolidated financial statements. Adoption of the new standard impacted the Fund's consolidated financial statements note disclosures only, and did not affect the Fund's financial position or the results of its operations.
The Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Consolidated statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended May 31, 2025, the Fund earned $14,939 under this arrangement.
The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Consolidated statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended May 31, 2025, the Fund earned $2,608 under this arrangement.
During the year ended November 30, 2024, a third party service provider reimbursed the Fund $1,500,000 toward its tax liability payment. This amount is included on the "Consolidated statements of changes in net assets" under “Payment by service provider.”
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its investment management agreement, the Fund pays DMC, a series of Macquarie Investment Management Business Trust (MIMBT) and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 0.65% on the first $500 million of average daily net assets of the Fund, 0.60% on the next $500 million, 0.55% on the next $1.5 billion, and 0.50% on average daily net assets in excess of $2.5 billion.
DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or
pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent
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total annual fund operating expenses from exceeding 0.79% of the Fund's Class A, Class C, Class R, and Institutional Class shares' average daily net assets from December 1, 2024 through March 31, 2026, and 0.72% of the Fund's Class R6 shares' average daily net assets from April 1, 2025 through March 31, 2026. From April 1, 2024 through March 31, 2025, DMC contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses in order to prevent total annual fund operating expenses from exceeding 0.79% of the Fund's Class A, Class C, Class R, and Institutional Calss shares' average daily net assets and 0.73% of the Fund's Class R6 shares' average daily net assets. These waivers and reimbursements may only be terminated by agreement of DMC and the Fund. The waivers and reimbursements are accrued daily and received monthly.
After consideration of class specific expenses, including 12b-1 fees (but excluding acquired fund fees and expenses), the class level operating expense limitation as a percentage of average daily net assets from December 1, 2024 (except as noted) through March 31, 2026, unless terminated by agreement of DMC and the Fund, is as follows:
  Operating expense limitation as a percentage of average daily net assets
  Class A   Class C   Class R   Institutional
Class 		  Class R6
  1.04%   1.79%   1.29%   0.79%   0.72%*
* Effective April 1, 2025. Prior to April 1, 2025, the amount for Class R6 shares was 0.73%.
Each of Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL) and Macquarie Investment Management Global Limited (MIMGL) are a part of Macquarie Asset Management (MAM) and an affiliate of DMC (the Affiliated Sub-Advisors). MAM is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited. 
DMC and MIMAK are primarily responsible for the day-to-day management of the Fund. DMC and MIMAK may seek investment advice and recommendations relating to fixed income securities from MIMEL and MIMGL. DMC and MIMAK may also permit MIMGL to execute Fund equity security trades on behalf of DMC. DMC and MIMAK may also permit MIMEL and MIMGL to exercise investment discretion and perform trading for fixed income securities, as applicable, in certain markets where they believe it will be beneficial to utilize MIMEL’s or MIMGL’s specialized market knowledge, and DMC and MIMAK may also seek quantitative support from MIMGL. MIMGL is also responsible for managing real estate investment trust securities and other equity asset classes to which the portfolio managers may allocate assets from time to time.
Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, may pay each Affiliated Sub-Advisor a portion of its investment management fee.
Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of
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Notes to consolidated financial statements
Macquarie Wealth Builder Fund 
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
all funds within the Macquarie Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Macquarie Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Consolidated statement of operations” under “Accounting and administration expenses.” For the six months ended May 31, 2025, the Fund paid $21,077 for these services.
DIFSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Macquarie 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 Macquarie Funds on a relative NAV basis. This amount is included on the "Consolidated statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended May 31, 2025, the Fund paid $28,477 for  these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYIS), BNYIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are paid by the Fund and are also included on the “Consolidated statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices on a monthly or quarterly basis.
Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25%, 1.00%, and 0.50% of the average daily net assets of the Class A, Class C, and Class R shares, respectively. The fees are calculated daily and paid monthly. Institutional Class and Class R6 shares do not pay 12b-1 fees.
As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Fund. For the six months ended May 31, 2025, the Fund paid $124,720 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Consolidated statement of operations” under “Legal fees.”
For the six months ended May 31, 2025, DDLP earned $17,000 for commissions on sales of the Fund’s Class A shares. For the six months ended May 31, 2025, DDLP received gross CDSC commissions of $112 and $148 on redemptions of the Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.
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Trustees’ fees include expenses accrued by the Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Fund.
In addition to the management fees and other expenses of the Fund, the Fund indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by the Fund will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.
An affiliated issuer includes any company in which the Fund held 5% or more of a company’s outstanding voting shares at any point during the period, as well as other circumstances where an investment adviser or subadviser to the Fund is deemed to exercise, directly or indirectly, a certain level of control over the company. A summary of the transactions in affiliated companies six months ended May 31, 2025 was as follows:
  Value,
beginning
of period 		  Gross
additions 		  Gross
reductions 		  Net
realized
gain (loss)
on
affiliated
investments 		  Net change in
unrealized
appreciation
(depreciation)
on affiliated
investments
Limited Liability Corporation—1.31%                  
SC Hixson $10,288,800   $—   $(450,000)1   $—   $902,880
  Value,
end of
period 		  Shares   Dividends
Limited Liability Corporation—1.31%          
SC Hixson $10,741,680   7,200,000   $—
1The amount shown included return of capital.
During the year ended November 30, 2024, DMC reimbursed the Fund $1,861,521 for tax liability payment and deferred tax expense estimate. An amount of $1,233,320 is included on the “Consolidated statements of changes in net assets” under "Payment by affiliates" and an amount of $628,201 under “Proceeds from shares sold.”
MIMBT, of which DMC is a series, entered into a settlement agreement on September 19, 2024 with the US Securities and Exchange Commission (SEC) consenting to an order (Settlement Order) relating to a legacy investment strategy, the Absolute Return Mortgage-Backed Securities Strategy (ARMBS Strategy). MIMBT no longer offers the ARMBS Strategy. MIMBT agreed to the Settlement Order without admitting or denying the SEC’s findings. The Settlement Order does not impact MIMBT’s ability to continue to provide services to the Fund. In connection with the findings in the Settlement Order, MIMBT made a payment to the Fund on October 25, 2024, in the amount of $272,511. An amount of $213,936 is included on the “Consolidated statements of changes in net assets” under “Net increase from payment by affiliates” and an amount of $58,575 is under “Proceeds from shares sold.”
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Notes to consolidated financial statements
Macquarie Wealth Builder Fund 
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
During the six months ended May 31, 2025, DMC reimbursed the Fund $8,090 in connection with trade errors and $71,045 for tax liability payment and deferred tax expense estimate. An amount of $8,090 is included on the “Consolidated statements of changes in net assets” under "Net increase from payment by affiliates" and an amount of $71,045 under “Proceeds from shares sold.”
3. Investments
For the six months ended May 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:
Purchases other than US government securities $269,147,217
Purchases of US government securities 200,906,157
Sales other than US government securities 315,117,180
Sales of US government securities 187,759,981
At May 31, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At May 31, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Fund were as follows:
Cost of investments and derivatives $726,213,068
Aggregate unrealized appreciation of investments and derivatives $118,685,037
Aggregate unrealized depreciation of investments and derivatives (30,443,420)
Net unrealized appreciation of investments and derivatives $88,241,617
US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement
date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Fund’s
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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, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3  − Significant unobservable inputs, including the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)
Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of May 31, 2025:
    Level 1   Level 2   Level 3 Total  
Securities                
Assets:                
Agency Collateralized Mortgage Obligations   $—   $352,919   $11,006 $363,925  
Agency Mortgage-Backed Securities   —   73,630,012   — 73,630,012  
Collateralized Loan Obligations   —   11,594,802   — 11,594,802  
Common Stocks                
Communication Services   37,637,391   —   — 37,637,391  
Consumer Discretionary   42,702,770   —   — 42,702,770  
Consumer Staples   25,066,608   —   — 25,066,608  
Energy   16,726,376   —   — 16,726,376  
Financials   88,205,391   —   4891,2 88,205,880  
Healthcare   53,810,339   1,599,951   —2 55,410,290  
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Notes to consolidated financial statements
Macquarie Wealth Builder Fund 
3. Investments (continued)
    Level 1   Level 2   Level 3   Total  
Industrials   $37,015,039   $705,983   $—   $37,721,022  
Information Technology   124,926,884   —   —   124,926,884  
Materials   6,033,202   —   —   6,033,202  
Real Estate   3,854,544   —   —2   3,854,544  
Utilities   3,452,610   —   —   3,452,610  
Corporate Bonds   —   124,007,028   —   124,007,028  
Exchange-Traded Funds   77,353,635   —   —   77,353,635  
Limited Liability Corporation   —   —   10,741,680   10,741,680  
Municipal Bonds   —   371,260   —   371,260  
Non-Agency Asset-Backed Securities   —   8,701,803   130   8,701,933  
Non-Agency Collateralized Mortgage Obligations   —   4,422,135   —   4,422,135  
Non-Agency Commercial Mortgage-Backed Securities   —   15,962,296   —   15,962,296  
Preferred Stocks   694,630   70,823   —   765,453  
US Treasury Obligations   —   29,006,803   —   29,006,803  
Short-Term Investments   15,466,700   —   —   15,466,700  
Total Value of Securities   $532,946,119   $270,425,815   $10,753,305   $814,125,239  
Derivatives3                  
Assets:                  
Futures Contracts   $383,474   $—   $—   $383,474  
Liabilities:                  
Futures Contracts   $(54,028)   $—   $—   $(54,028)  
 
1The value represents valuations of Russian securities for which management has determined include significant unobservable inputs as of May 31, 2025. 
2The security that has been valued at zero on the “Consolidated schedule of investments” is considered to be a Level 3 investment in this table. 
3Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end. 
The Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.
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The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for the Fund:
  Agency
Collateralized
Mortgage
Obligations 		  Common
Stocks 		  Limited
Liability
Corporation 		  Non-Agency
Asset-Backed
Securities 		  Total
Balance as of
11/30/24 		$12,731   $76,2341   $10,288,800   $130   $10,377,895
Sales —   —2   —   —   —
Net realized gain
(loss) 		—   (11)   —   —   (11)
Amortization (3,021)   —   —   —   (3,021)
Return of capital —   —   (450,000)   —   (450,000)
Corporate actions —   (8,394)   —   —   (8,394)
Transfer out of level 3 —   (67,250)   —   —   (67,250)
Net change
in unrealized
appreciation
(depreciation) 		1,296   (90)   902,880   —   904,086
Balance as of
 5/31/25 		$11,006     $4891   $10,741,680   $130   $10,753,305
Net change
in unrealized
appreciation
(depreciation)
from Level 3
investments
still held as of
5/31/25 		$1,296     $(257)   $902,880   $—   $903,919
1Includes securities valued at zero on the “Consolidated schedule of investments."
2Rounds to less than $1.
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Notes to consolidated financial statements
Macquarie Wealth Builder Fund 
3. Investments (continued)
A significant change to the inputs may result in a significant change to the valuation. Quantitative information about Level 3 fair value measurements for the Fund is as follows:
Assets   Value   Valuation
Techniques 		  Unobservable
Inputs 		  Input
Value
Agency
Collateralized
Mortgage
Obligations 		  $11,006   Option adjusted spread (OAS) model   Discount rate   8.58%
Limited
Liability
Corporation 		  10,741,680   Market cap rate method (using trailing 12 month NOI adjusted for assets and liabilities)   Liquidity discount   5.00%
Non-Agency Asset-Backed Securities   130   Market approach   Broker quotes   N/A
Fair valued securities currently priced at zero on the "Consolidated schedule of investments" are excluded from the table above.
Level 3 securities with a total value of $489 on the "Consolidated schedule of investments", have been valued using third party pricing information without adjustment and are excluded from the table above.
When market quotations are not readily available for one or more portfolio securities, the Fund’s NAV shall be calculated by using the “fair value” of the securities as determined by the Pricing Committee. Such “fair value” is the amount that the Fund might reasonably expect to receive for the security (or asset) upon its current sale. Each such determination should be based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: (i) the type of security, (ii) the size of the holding, (iii) the initial cost of the security, (iv) the existence of any contractual restrictions of the security’s disposition, (v) the price and extent of public trading in similar securities of the issuer or of comparable companies, (vi) quotations or evaluated prices from broker/dealers and/or pricing services, (vii) information obtained from the issuer, analysts, and/or appropriate stock exchange (for exchange-traded securities), (viii) an analysis of the company’s financial statements, and (ix) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
The Pricing Committee, or its delegate, employs various methods for calibrating these valuation approaches, including due diligence of the Fund’s pricing vendors and periodic back-testing of the prices that are fair valued under these procedures and reviews of any market related activity.
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The pricing of all securities fair valued by the Pricing Committee is subsequently reported to and approved by the Board on a quarterly basis.
4. Capital Shares
Transactions in capital shares were as follows:
  Six months
ended 		  Year ended
  5/31/25   11/30/24
Shares sold:
Class A 569,714   2,097,323
Class C 33,247   167,797
Class R 11,156   14,815
Institutional Class 252,815   796,423
Class R6 1,504,128   5,478
Shares issued upon reinvestment of dividends and distributions:
Class A 2,271,071   2,038,583
Class C 37,147   39,630
Class R 4,639   4,903
Institutional Class 385,436   352,112
Class R6 7,664   6,702
  5,077,017   5,523,766
Shares redeemed:
Class A (3,712,115)   (8,500,737)
Class C (236,202)   (545,606)
Class R (33,673)   (52,171)
Institutional Class (2,468,724)   (1,737,633)
Class R6 (19,822)   (13,022)
  (6,470,536)   (10,849,169)
Net decrease (1,393,519)   (5,325,403)
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Notes to consolidated financial statements
Macquarie Wealth Builder Fund 
4. Capital Shares (continued)
Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included in shares sold and shares redeemed in the table above and on the “Consolidated statements of changes in net assets.” For the six months ended May 31, 2025 and the year ended November 30, 2024, the Fund had the following exchange transactions:
    Exchange Redemptions   Exchange Subscriptions    
    Class A
Shares 		  Class C
Shares 		  Institutional
Class
Shares 		  Class A
Shares 		  Institutional
Class
Shares 		Value  
Six months ended  
5/31/25   10,060   11,310   —   10,686   10,712 $312,950  
Year ended  
11/30/24   50,577   39,455   564   40,113   50,567 1,338,996  
5. Line of Credit
The Fund, along with certain other funds in the Macquarie Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 27, 2025.
The Fund had no amounts outstanding as of May 31, 2025, or at any time during the period then ended.
6. Derivatives
US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity’s results of operations and financial position.
Forward Foreign Currency Exchange Contracts — The Fund may enter into forward foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the US dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. The Fund may also enter into these contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies. In addition, the Fund may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. The change in value is recorded as an unrealized gain or loss. When the contract is closed, a
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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 forward foreign 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 forward foreign currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Open forward foreign currency exchange contracts, if any, are disclosed on the “Consolidated schedule of investments.” No forward foreign currency exchange contracts were outstanding at May 31, 2025.
During the six months ended May 31, 2025, the Fund entered into forward foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to decrease exposure to foreign currencies.
Futures Contracts —  A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Fund may use futures contracts in the normal course of pursuing its investment objective. The Fund may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Fund deposits cash or pledges US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At May 31, 2025, the Fund posted $958,007 in cash as collateral for open futures contracts, which is included in “Cash collateral due from brokers” on the “Consolidated statement of assets and liabilities.” Open futures contracts, if any, are disclosed on the “Consolidated schedule of investments.”
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Notes to consolidated financial statements
Macquarie Wealth Builder Fund 
6. Derivatives (continued)
During the six months ended May 31, 2025, the 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.
Swap Contracts — The Fund may enter into CDS contracts in the normal course of pursuing its investment objective. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets. Swap contracts are bilaterally negotiated agreements between a Fund and counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over-the-counter market (OTC swaps). If the OTC swap entered is one of the swaps identified by a relevant regulator as a swap that is required to be cleared, then it will be cleared through a third party, known as a central counterparty or derivatives clearing organization (centrally cleared swaps).
Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.
During the six months ended May 31, 2025, the Fund entered into CDS contracts as a purchaser of protection, as a hedge against credit events. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty. During the six months ended May 31, 2025, the Fund did not enter into any CDS contracts as a seller of protection.
CDS contracts may involve greater risks than if the Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by
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(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. Open swap contracts, if any, are disclosed on the “Schedule of investments.” No CDS contracts were outstanding at May 31, 2025.
During the six months ended May 31, 2025, the Fund entered into CDS contracts to hedge against credit events.
Fair values of derivative instruments as of May 31, 2025 were as follows:
    Asset Derivatives Fair Value
Consolidated statement
of assets and
liabilities location 		  Interest
Rate
Contracts
Variation margin due from broker on futures contracts*   $383,474
    Liability Derivatives Fair Value
Consolidated statement
of assets and
liabilities location 		  Interest
Rate
Contracts
Variation margin due from broker on futures contracts*   $(54,028)
*Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through May 31, 2025. Only current day variation margin is reported on the Fund’s “Consolidated statement of assets and liabilities.” 
The effect of derivative instruments on the “Consolidated statement of operations” for the six months ended May 31, 2025 was as follows: 
  Net Realized Gain (Loss) on:
  Forward
Foreign
Currency
Exchange
Contracts 		  Futures
Contracts 		  Swap
Contracts 		  Total
Currency contracts $93,786   $—   $—   $93,786
Interest rate contracts —   (586,252)   —   (586,252)
Credit contracts —   —   (71,275)   (71,275)
Total $93,786   $(586,252)   $(71,275)   $(563,741)
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Notes to consolidated financial statements
Macquarie Wealth Builder Fund 
6. Derivatives (continued)
  Net Change in Unrealized Appreciation (Depreciation) on:
  Forward
Foreign
Currency
Exchange
Contracts 		  Futures
Contracts 		  Swap
Contracts 		  Total
Currency contracts $(80,126)   $—   $—   $(80,126)
Interest rate contracts —   90,281   —   90,281
Credit contracts —   —   103,125   103,125
Total $(80,126)   $90,281   $103,125   $113,280
The table below summarizes the average daily balance of derivative holdings by the Fund during the six months ended May 31, 2025:
  Long Derivative
Volume 		  Short Derivative
Volume
Forward foreign currency exchange contracts (average contract amount) $ 118,292   $ —
Futures contracts (average notional amount)   $46,184,331     $10,965,198
CDS contracts (average notional amount)*   498,240     —
*Long represents buying protection and short represents selling protection.
7. Securities Lending
The Fund, along with other funds in the Macquarie Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY). 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 must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.
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Cash collateral received by the Fund is generally invested in an individual separate account. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. The Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.
In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent, and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.
The Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Fund’s cash collateral account may be less than the amount the Fund would be required to return to the borrowers of the securities and the Fund would be required to make up for this shortfall.
During the six months ended May 31, 2025, the Fund had no securities out on loan.
8. Credit and Market Risks
The Subsidiary is not registered, nor subject to the investor protections, under the 1940 Act, and does not benefit from all the investor protections that apply to 1940 Act-registered funds. Changes in applicable tax laws could result in the inability of the Fund and/or the Subsidiary to operate as described herein, which could adversely affect the Fund and its shareholders.
As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or armed conflict in a geographic region has the potential to adversely impact the Funds' investments. Such conflicts and other corresponding events could result in increased volatility, reduced liquidity, and overall uncertainty. The negative impacts may be particularly
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Notes to consolidated financial statements
Macquarie Wealth Builder Fund 
8. Credit and Market Risks (continued)
acute in certain sectors or in markets for certain securities and commodities. Such conflicts also may result in a negative impact on the Funds' investments, even beyond any direct investment exposure a Fund may have to issuers located in or with significant exposure to an impacted country or geographic region.
Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests will cause the NAV of the Fund to fluctuate.
When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations. Interest rate changes are influenced by a number of factors, such as government
policy, monetary policy, inflation expectations, and the supply and demand of bonds. A Fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.
Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.
The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the US. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.
The Fund invests a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s Financial Services LLC and Baa3 by Moody’s Investors Service, Inc., similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.
The Fund invests in fixed income securities whose value is derived from an underlying pool of mortgages or consumer loans. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are CMOs. CMOs are debt securities issued by US government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the
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obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on the Fund’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.
The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended May 31, 2025. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations. The Fund also invests in real estate acquired as a result of ownership of securities or other instruments, including issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein. These instruments may include interests in private equity limited partnerships or limited liability companies that hold real estate investments (Real Estate Limited Partnerships).
The Fund invests in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. The Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of the security.
The Fund may invest in mortgage-backed and asset-backed securities. Mortgage-backed and asset-backed securities, like other fixed income securities, are subject to credit risk and interest rate risk, and may also be subject to prepayment risk and extension risk. Mortgage-backed and asset-backed securities can be highly sensitive to interest rate changes. As a result, small movements in interest rates can substantially impact the value and liquidity of these securities. Prepayment risk is the risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value of the securities and may cause the Fund to reinvest the proceeds in lower yielding securities. Extension risk is the risk that principal on mortgage-backed or asset-backed securities will be repaid more slowly than expected, which may reduce the proceeds available for reinvestment in higher yielding securities and may cause the security to experience greater volatility due to the extended maturity of the security. When interest rates rise, the value of mortgage-backed and asset-backed securities can be expected to decline. When interest rates go down, however, the value of these securities may not increase as much as other fixed income securities due to borrowers refinancing their loans at lower interest rates or prepaying their loans. In addition, mortgage-backed and asset-backed securities may decline in value, become more volatile, face difficulties in valuation, or experience
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Notes to consolidated financial statements
Macquarie Wealth Builder Fund 
8. Credit and Market Risks (continued)
reduced liquidity due to changes in general economic conditions. During periods of economic downturn, for example, underlying borrowers may not make timely payments on their loans and the value of property that secures the loans may decline in value such that it is worth less than the amount of the associated loans. If the collateral securing a mortgage-backed or asset-backed security is insufficient to repay the loan, the Fund could sustain a loss. Such risks generally will be heightened where a mortgage-backed or asset-backed security includes “subprime” loans. Although mortgage-backed securities are often supported by government guarantees or private insurance, there can be no guarantee that those obligations will be met. Furthermore, in certain economic conditions, loan servicers, loan originators and other participants in the market for mortgage-backed and other asset-backed securities may be unable to receive sufficient funding, impairing their ability to perform their obligations on the loans. Certain mortgage-backed or asset-backed securities may be more susceptible to these risks than other mortgage-backed, asset-backed, or fixed-income securities. For example, the Fund’s investments in CMOs, real estate mortgage investment conduits (REMICs), and stripped mortgage-backed securities are generally highly susceptible to interest rate risk, prepayment risk, and extension risk. At times, these investments may be difficult to value and/or illiquid. Some classes of CMOs and REMICs may have preference in receiving principal or interest payments relative to more junior classes. The market prices and yields of these junior classes will generally be more volatile than more senior classes and will be more susceptible to interest rate risk, prepayment risk, and extension risk than more senior classes. Stripped mortgage-backed securities that receive only payments of interest (IOs) will generally decrease in value if interest rates decline or prepayment rates increase. Stripped mortgage-backed securities that receive only payments of principal (POs) will generally decrease in value if interest rates increase or prepayment rates decrease. These changes in value can be substantial and could cause the Fund to lose the entire value of its investment in CMOs, REMICs, and stripped mortgage-backed securities.
The Fund invests in bank loans and other securities that may subject it to direct indebtedness risk, the risk that the Fund will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer the Fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Fund may involve revolving credit facilities or other standby financing commitments that obligate the Fund to pay additional cash on a certain date or on demand. These commitments may require the Fund to increase its investment in a company at a time when the Fund might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that the Fund is committed to advance additional funds, it will at all times hold and maintain cash or other high grade debt obligations in an amount sufficient to meet such commitments.
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As the Fund may be required to rely upon another lending institution to collect and pass on to the Fund amounts payable with respect to the loan and to enforce the Fund’s rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Fund from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Fund. There were no unfunded loan commitments at the six months ended May 31, 2025.
Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss, which may exceed amounts disclosed on the “Consolidated statement of assets and liabilities”, if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a Fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).
The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 15% limit on investments in illiquid securities. Rule 144A and restricted securities have been identified on the “Consolidated schedule of investments.”
9. Contractual Obligations
The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.
10. Recent Accounting Pronouncements
In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to
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Notes to consolidated financial statements
Macquarie Wealth Builder Fund 
10. Recent Accounting Pronouncements (continued)
provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management expects that adoption of the guidance will not have a material impact on the Fund’s consolidated financial statements.
11. Subsequent Events
On April 21, 2025, Macquarie Group Limited, the parent company of DMC, together with certain of its affiliates, and Nomura Holding America Inc. (Nomura), announced that they had entered into an agreement for Nomura to acquire Macquarie Asset Management’s US and European public investments business. The transaction is subject to customary closing conditions, including the receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of these conditions, the transaction is expected to close by the end of October 2025. This is subject to change.
Management has determined that no other material events or transactions occurred subsequent to May 31, 2025, that would require recognition or disclosure in the Fund’s consolidated financial statements.
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Other Fund information (Unaudited)
Macquarie Wealth Builder Fund
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.
Statement Regarding Basis of Approval for Investment Advisory Contract
Not applicable.
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Contact information
Shareholder assistance by phone
800 523-1918, weekdays from 8:30am to
6:00pm ET
For securities dealers and financial
institutions representatives only
800 362-7500
Regular mail
Macquarie Funds
P.O. Box 534437
Pittsburgh, PA 15253-4437
Overnight courier service
Macquarie Funds
Attention: 534437
500 Ross Street, 154-0520
Pittsburgh, PA 15262
Macquarie Asset Management • 610 Market Street • Philadelphia, PA 19106-2354
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions. 
The Fund is advised by Delaware Management Company, a series of MIMBT, a US registered investment adviser, and distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
The Fund is governed by US laws and regulations.
(4614230)
SA-129-0725
This page is not part of the Financial statements and other information.

US equity mutual fund
Macquarie Small Cap Core Fund
(formerly, Delaware Small Cap Core Fund)
Financial statements and other information
For the six months ended May 31, 2025

 

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This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
Form N-PORT and proxy voting information
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Fund’s most recent Form N-PORT are available without charge on the Fund’s website at macquarie.com/mam/literature.
Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at macquarie.com/mam/proxy; and (ii) on the SEC’s website at sec.gov.
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.

 

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Schedule of investments
Macquarie Small Cap Core Fund   May 31, 2025 (Unaudited)
    Number of
shares 		Value (US $)
Common Stocks — 99.14%
Basic Materials — 5.68%
Arcosa       663,335 $   57,225,910
Boise Cascade       615,420     53,467,690
Kaiser Aluminum       753,354     54,685,967
Minerals Technologies     1,317,139     74,787,152
Quaker Chemical       306,017     33,184,483
Tecnoglass       897,177     76,825,267
Worthington Enterprises       732,603    43,157,643
    393,334,112
Business Services — 4.82%
ABM Industries     1,429,639     75,270,493
ASGN †    1,126,259     59,477,738
Casella Waste Systems Class A †      850,466     99,683,120
First Advantage †    1,592,671     27,266,527
FTAI Aviation       358,725     42,024,634
Montrose Environmental Group †    1,536,737    30,012,474
    333,734,986
Capital Goods — 12.90%
Alamo Group       217,068     42,988,147
Applied Industrial Technologies       437,519     99,106,804
Atkore       272,480     17,738,448
Chart Industries †      445,578     69,893,365
Columbus McKinnon <<    1,694,868     24,677,278
Construction Partners Class A †      954,649     99,942,204
ESCO Technologies       421,964     76,476,755
Federal Signal     1,268,040    119,284,523
H&E Equipment Services       354,356     33,536,252
Kadant       241,772     75,894,648
Modine Manufacturing †      649,688     58,991,670
MYR Group †      494,240     77,521,544
SPX Technologies †      181,041     27,534,526
Zurn Elkay Water Solutions     1,915,959    69,338,556
    892,924,720
Consumer Discretionary — 4.72%
Kontoor Brands       962,689     66,040,465
Life Time Group Holdings †      616,815     17,640,909
Malibu Boats Class A †      788,761     23,773,257
Sonic Automotive Class A       703,880     49,222,328
Steven Madden     1,577,077     38,874,948
Urban Outfitters †    1,328,126     92,836,008
    1

 

Table of Contents
Schedule of investments
Macquarie Small Cap Core Fund   
    Number of
shares 		Value (US $)
Common Stocks (continued)
Consumer Discretionary (continued)
Warby Parker Class A †    1,813,900 $   38,400,263
    326,788,178
Consumer Services — 1.72%
Brinker International †      434,307     74,974,417
OneSpaWorld Holdings     2,327,339    43,893,614
    118,868,031
Consumer Staples — 2.65%
J & J Snack Foods       527,072     60,702,882
Prestige Consumer Healthcare †    1,137,637     97,461,362
YETI Holdings †      816,155    24,941,697
    183,105,941
Credit Cyclicals — 1.93%
KB Home       681,543     35,153,988
La-Z-Boy       870,105     36,448,698
Taylor Morrison Home †    1,099,125    61,858,755
    133,461,441
Energy — 3.86%
Liberty Energy     2,618,321     30,346,340
Magnolia Oil & Gas Class A     3,048,255     65,537,483
Patterson-UTI Energy     7,277,675     40,172,766
Permian Resources     6,596,256     83,178,788
SM Energy     2,047,531    47,953,176
    267,188,553
Finance — 19.84%
Associated Banc-Corp     3,686,847     85,424,245
Baldwin Insurance Group †    1,978,951     76,248,982
City Holding       443,030     52,228,807
CNO Financial Group     2,034,754     77,239,262
Enterprise Financial Services       880,205     46,598,053
Essent Group     1,348,430     78,208,940
First Bancorp      1,013,771     41,939,706
First Financial Bancorp     2,081,344     50,285,271
First Interstate BancSystem Class A     1,812,552     49,210,787
Hamilton Lane Class A       263,695     39,290,555
Independent Bank       823,564     50,649,186
NMI Holdings †    1,817,221     72,180,018
Old National Bancorp     4,811,769    100,373,501
Pacific Premier Bancorp     1,974,918     41,868,261
Perella Weinberg Partners       937,178     16,278,782
2    

 

Table of Contents
    Number of
shares 		Value (US $)
Common Stocks (continued)
Finance (continued)
PJT Partners Class A       141,288 $   21,286,450
Renasant     1,823,847     63,925,837
Selective Insurance Group       888,699     78,223,286
SouthState     1,130,715     99,276,777
United Community Banks     1,963,424     56,428,806
Valley National Bancorp     5,314,742     46,663,435
WesBanco     1,769,583     54,467,765
WSFS Financial     1,420,102    75,109,195
  1,373,405,907
Healthcare — 16.28%
Agios Pharmaceuticals †    1,537,387     49,334,749
Amicus Therapeutics †    5,003,336     30,370,250
Ardelyx †    9,260,034     33,984,325
Artivion <<, †    2,356,186     69,695,982
AtriCure †    2,031,299     70,222,006
Axsome Therapeutics †      700,859     73,702,332
Blueprint Medicines †      912,639     92,495,963
Bridgebio Pharma †      615,753     21,089,540
CONMED       768,029     43,585,646
Halozyme Therapeutics †    1,414,101     79,288,643
Insmed †    1,379,013     96,158,576
Lantheus Holdings †      713,928     53,944,400
Ligand Pharmaceuticals †      684,554     69,954,573
Merit Medical Systems †      856,491     81,392,340
NeoGenomics †    3,881,183     28,255,012
OmniAb 12.5 =, †      221,566              0
OmniAb 15 =, †      221,566              0
Omnicell †      952,181     28,917,737
Supernus Pharmaceuticals †    2,082,994     66,030,910
TransMedics Group †      663,885     84,393,061
Travere Therapeutics †    3,613,712    54,277,954
  1,127,093,999
Media — 1.10%
IMAX <<, †    2,724,616    75,880,556
     75,880,556
Real Estate Investment Trusts — 6.69%
Cushman & Wakefield †    5,097,235     51,125,267
DiamondRock Hospitality     5,132,544     39,212,636
Essential Properties Realty Trust     1,716,628     55,790,410
Four Corners Property Trust     1,730,796     47,787,277
    3

 

Table of Contents
Schedule of investments
Macquarie Small Cap Core Fund   
    Number of
shares 		Value (US $)
Common Stocks (continued)
Real Estate Investment Trusts (continued)
Independence Realty Trust     3,250,207 $   60,421,348
Kite Realty Group Trust     3,484,264     77,071,920
LXP Industrial Trust     4,905,722     42,091,095
Phillips Edison & Co.     1,089,969     38,650,301
Terreno Realty       903,509    50,975,978
    463,126,232
Technology — 13.22%
Box Class A †      973,127     36,803,663
Clearwater Analytics Holdings Class A †    1,372,068     31,694,771
Credo Technology Group Holding †      438,252     26,715,842
ExlService Holdings †    2,237,293    102,893,105
Hinge Health Class A †      252,797      9,818,635
Ichor Holdings <<, †    2,166,745     34,191,236
Progress Software       669,093     41,189,365
Q2 Holdings †    1,175,239    102,856,917
Rapid7 †    1,704,198     39,111,344
Rubrik Class A †      183,537     17,500,253
Semtech †    2,175,896     81,226,198
Silicon Laboratories †      655,790     79,042,369
SPS Commerce †      482,828     67,962,869
Varonis Systems †    1,875,673     89,432,089
Verint Systems †    1,841,237     32,295,297
WNS Holdings †      916,576     53,152,242
Workiva †      624,688     42,035,256
Yelp †      701,207    26,765,071
    914,686,522
Transportation — 1.33%
ArcBest       258,638     16,214,016
Hub Group Class A       775,639     26,146,790
International Seaways       789,560     29,253,198
RXO †      193,241      3,001,033
Werner Enterprises       676,744    17,561,507
     92,176,544
Utilities — 2.40%
Black Hills     1,003,123     58,652,602
Northwestern Energy Group     1,039,819     57,533,185
4    

 

Table of Contents
    Number of
shares 		Value (US $)
Common Stocks (continued)
Utilities (continued)
Spire       665,459 $   50,095,754
    166,281,541
Total Common Stocks (cost $5,578,673,587) 6,862,057,263
Short-Term Investments — 0.82%
Money Market Mutual Funds — 0.82%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.21%)   14,231,649     14,231,649
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.19%)   14,231,649     14,231,649
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.27%)   14,231,649     14,231,649
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.22%)   14,231,648    14,231,648
Total Short-Term Investments (cost $56,926,595)    56,926,595
Total Value of Securities—99.96%
(cost $5,635,600,182) 		    $6,918,983,858
† Non-income producing security.
= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
<< Affiliated company. See Note 2 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
    5

 

Table of Contents
Statement of assets and liabilities
Macquarie Small Cap Core Fund  May 31, 2025 (Unaudited) 
Assets:  
Investments, at value* $6,714,538,806
Investments of affiliated issuers, at value** 204,445,052
Receivable for securities sold 8,672,152
Receivable for fund shares sold 8,632,453
Dividends receivable 2,601,568
Prepaid expenses 218,059
Other assets 52,780
Total Assets 6,939,160,870
Liabilities:  
Payable for fund shares redeemed 11,643,060
Investment management fees payable to affiliates 3,693,143
Sub-transfer agent fees and expenses payable 1,712,676
Other accrued expenses 252,115
Distribution fees payable to affiliates 103,151
Total Liabilities 17,404,145
Total Net Assets $6,921,756,725
Net Assets Consist of:  
Paid-in capital $5,582,726,263
Total distributable earnings (loss) 1,339,030,462
Total Net Assets $6,921,756,725
6

 

Table of Contents
Net Asset Value  
Class A:  
Net assets $248,888,657
Shares of beneficial interest outstanding, unlimited authorization, no par 9,130,066
Net asset value per share $27.26
Sales charge 5.75%
Offering price per share, equal to net asset value per share / (1 - sales charge) $28.92
Class C:  
Net assets $47,819,437
Shares of beneficial interest outstanding, unlimited authorization, no par 2,117,020
Net asset value per share $22.59
Class R:  
Net assets $20,965,721
Shares of beneficial interest outstanding, unlimited authorization, no par 808,853
Net asset value per share $25.92
Institutional Class:  
Net assets $5,246,932,453
Shares of beneficial interest outstanding, unlimited authorization, no par 186,520,020
Net asset value per share $28.13
Class R6:  
Net assets $1,357,150,457
Shares of beneficial interest outstanding, unlimited authorization, no par 48,171,893
Net asset value per share $28.17
*Investments, at cost 		$5,414,451,791
**Investments of affiliated issuers, at cost 221,148,391
See accompanying notes, which are an integral part of the financial statements.
    7

 

Table of Contents
Statement of operations
Macquarie Small Cap Core Fund Six months ended May 31, 2025 (Unaudited)
Investment Income:  
Dividends $45,111,987
Dividends from affiliated investments 233,909
  45,345,896
Expenses:  
Management fees 22,696,897
Distribution expenses — Class A 340,692
Distribution expenses — Class C 278,340
Distribution expenses — Class R 57,265
Dividend disbursing, transfer agent fees and sub-transfer agents fees and expenses 3,698,162
Accounting and administration expenses 581,960
Reports and statements to shareholders expenses 328,102
Legal fees 186,546
Trustees’ fees 179,567
Registration fees 128,439
Custodian fees 48,650
Audit and tax fees 24,595
Other 94,680
  28,643,895
Less expenses paid indirectly (49,429)
Total operating expenses 28,594,466
Net Investment Income (Loss) 16,751,430
Net Realized and Unrealized Gain (Loss):  
Net realized gain (loss) on investments 161,897,267
Net change in unrealized appreciation (depreciation) on:  
Investments (1,332,075,665)
Affiliated investments (53,328,467)
Net change in unrealized appreciation (depreciation) (1,385,404,132)
Net Realized and Unrealized Gain (Loss) (1,223,506,865)
Net Increase (Decrease) in Net Assets Resulting from Operations $(1,206,755,435)
See accompanying notes, which are an integral part of the financial statements.
8

 

Table of Contents
Statements of changes in net assets
Macquarie Small Cap Core Fund
  Six months
ended
5/31/25
(Unaudited) 		  Year ended
11/30/24
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $16,751,430   $33,754,029
Net realized gain (loss) 161,897,267   21,009,102
Net increase from payment by affiliates —   5,5511
Net change in unrealized appreciation (depreciation) (1,385,404,132)   2,080,828,030
Net increase (decrease) in net assets resulting from operations (1,206,755,435)   2,135,596,712
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Class A (2,896,402)   (9,431,868)
Class C (443,997)   (2,842,258)
Class R (183,211)   (901,880)
Institutional Class (64,747,832)   (189,750,332)
Class R6 (20,120,548)   (61,006,607)
  (88,391,990)   (263,932,945)
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Class A 35,512,974   65,756,065
Class C 1,985,229   6,255,655
Class R 1,316,734   3,816,618
Institutional Class 822,824,557   1,484,012,274
Class R6 120,458,139   228,008,769
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Class A 2,624,586   8,678,944
Class C 436,089   2,797,805
Class R 183,181   901,802
Institutional Class 48,805,137   155,651,188
Class R6 18,419,897   55,892,453
  1,052,566,523   2,011,771,573
    9

 

Table of Contents
Statements of changes in net assets
Macquarie Small Cap Core Fund 
  Six months
ended
5/31/25
(Unaudited) 		  Year ended
11/30/24
 
Capital Share Transactions (See Note 4) (continued):      
Cost of shares redeemed:      
Class A $(56,728,511)   $(83,250,001)
Class C (12,647,165)   (29,711,438)
Class R (2,927,505)   (10,359,541)
Institutional Class (744,642,828)   (1,914,546,264)
Class R6 (234,809,837)   (497,899,357)
  (1,051,755,846)   (2,535,766,601)
Increase (decrease) in net assets derived from capital share transactions 810,677   (523,995,028)
Net Increase (Decrease) in Net Assets (1,294,336,748)   1,347,668,739
Net Assets:      
Beginning of period 8,216,093,473   6,868,424,734
End of period $6,921,756,725   $8,216,093,473
1 See Note 2 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
10    

 

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Table of Contents
Financial highlights
Macquarie Small Cap Core Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income (loss)2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return5
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets6
Ratio of expenses to average net assets prior to fees waived6
Ratio of net investment income (loss) to average net assets
Ratio of net investment income (loss) to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."
4 During the year ended November 30, 2023, DMC reimbursed the Fund  $24,946 for loss related to a trade error. Payment by affiliates is less than $0.005 per share and 0.005% on total return.
5 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.
6 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.
12    

 

Table of Contents
Six months ended
5/31/251
(Unaudited) 		  Year ended
11/30/24   11/30/23   11/30/22   11/30/21   11/30/20
$32.35   $25.23   $27.21   $31.14   $24.79   $23.20
 
                     
0.03   0.05   0.08   0.05   (0.02)    0.02
(4.83)   8.01   (1.16)   (2.05)   6.56   1.99
—   —3   —4   —   —   —
(4.80)   8.06   (1.08)   (2.00)   6.54   2.01
 
                     
(0.12)   (0.10)   (0.06)   —   —   (0.04)
(0.17)   (0.84)   (0.84)   (1.93)   (0.19)   (0.38)
(0.29)   (0.94)   (0.90)   (1.93)   (0.19)   (0.42)
 
$27.26   $32.35   $25.23   $27.21   $31.14   $24.79
 
(14.93%)   32.74%3   (3.86%)4   (6.87%)   26.50%   8.81%
 
                     
$248,889   $316,921   $254,990   $295,128   $312,223   $264,888
1.04%   1.06%   1.09%   1.05%   1.06%   1.10%
1.04%   1.06%   1.09%   1.05%   1.06%   1.10%
0.22%   0.20%   0.30%   0.20%   (0.06%)   0.09%
0.22%   0.20%   0.30%   0.20%   (0.06%)   0.09%
12%   23%   26%   23%   24%   37%
13    

 

Table of Contents
Financial highlights
Macquarie Small Cap Core Fund Class C 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment loss2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
 
Less dividends and distributions from:
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return6
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets7
Ratio of expenses to average net assets prior to fees waived7
Ratio of net investment loss to average net assets
Ratio of net investment loss to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of operations due to class specific expenses.
4 Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."
5 During the year ended November 30, 2023, DMC reimbursed the Fund  $24,946 for loss related to a trade error. Payment by affiliates is less than $0.005 per share and 0.005% on total return.
6 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.
7 Expense ratios do not include expenses of any investment companies in which the Fund invests.
See accompanying notes, which are an integral part of the financial statements.
14    

 

Table of Contents
Six months ended
5/31/251
(Unaudited) 		  Year ended
11/30/24   11/30/23   11/30/22   11/30/21   11/30/20
$26.83   $21.14   $23.05   $26.86   $21.57   $20.35
 
                     
(0.06) 3   (0.13)    (0.10)    (0.13)    (0.21)    (0.12) 
(4.01)   6.66   (0.97)   (1.75)   5.69   1.72
—   —4   —5   —   —   —
(4.07)   6.53   (1.07)   (1.88)   5.48   1.60
 
                     
(0.17)   (0.84)   (0.84)   (1.93)   (0.19)   (0.38)
(0.17)   (0.84)   (0.84)   (1.93)   (0.19)   (0.38)
 
$22.59   $26.83   $21.14   $23.05   $26.86   $21.57
 
(15.23%)   31.71%4   (4.57%)5   (7.57%)   25.54%   8.00%
 
                     
$47,819   $68,394   $72,867   $100,445   $132,294   $117,251
1.79%   1.81%   1.84%   1.80%   1.81%   1.85%
1.79%   1.81%   1.84%   1.80%   1.81%   1.85%
(0.52%)   (0.56%)   (0.45%)   (0.55%)   (0.81%)   (0.66%)
(0.52%)   (0.56%)   (0.45%)   (0.55%)   (0.81%)   (0.66%)
12%   23%   26%   23%   24%   37%
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Financial highlights
Macquarie Small Cap Core Fund Class R 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income (loss)2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return6
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets7
Ratio of expenses to average net assets prior to fees waived7
Ratio of net investment income (loss) to average net assets
Ratio of net investment income (loss) to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Amount is less than $0.005 per share.
4 Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."
5 During the year ended November 30, 2023, DMC reimbursed the Fund  $24,946 for loss related to a trade error. Payment by affiliates is less than $0.005 per share and 0.005% on total return.
6 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.
7 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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Six months ended
5/31/251
(Unaudited) 		  Year ended
11/30/24   11/30/23   11/30/22   11/30/21   11/30/20
$30.73   $24.01   $25.93   $29.84   $23.82   $22.33
 
                     
—3   (0.01)   0.01   (0.01)   (0.09)   (0.03)
(4.60)   7.61   (1.09)   (1.97)   6.30   1.90
—   —4   —5   —   —   —
(4.60)   7.60   (1.08)   (1.98)   6.21   1.87
 
                     
(0.04)   (0.04)   —   —   —   —
(0.17)   (0.84)   (0.84)   (1.93)   (0.19)   (0.38)
(0.21)   (0.88)   (0.84)   (1.93)   (0.19)   (0.38)
 
$25.92   $30.73   $24.01   $25.93   $29.84   $23.82
 
(15.05%)   32.41%4   (4.09%)5   (7.12%)   26.19%   8.51%
 
                     
$20,966   $26,477   $25,703   $34,289   $44,366   $36,065
1.29%   1.31%   1.34%   1.30%   1.31%   1.35%
1.29%   1.31%   1.34%   1.30%   1.31%   1.35%
(0.04%)   (0.05%)   0.05%   (0.05%)   (0.31%)   (0.16%)
(0.04%)   (0.05%)   0.05%   (0.05%)   (0.31%)   (0.16%)
12%   23%   26%   23%   24%   37%
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Financial highlights
Macquarie Small Cap Core Fund Institutional Class 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return5
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets6
Ratio of expenses to average net assets prior to fees waived6
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."
4 During the year ended November 30, 2023, DMC reimbursed the Fund  $24,946 for loss related to a trade error. Payment by affiliates is less than $0.005 per share and 0.005% on total return.
5 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.
6 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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Six months ended
5/31/251
(Unaudited) 		  Year ended
11/30/24   11/30/23   11/30/22   11/30/21   11/30/20
$33.40   $26.02   $28.02   $32.00   $25.46   $23.81
 
                     
0.07   0.13   0.14   0.13   0.06   0.07
(4.99)   8.25   (1.17)   (2.12)   6.72   2.06
—   —3   —4   —   —   —
(4.92)   8.38   (1.03)   (1.99)   6.78   2.13
 
                     
(0.18)   (0.16)   (0.13)   (0.06)   (0.05)   (0.10)
(0.17)   (0.84)   (0.84)   (1.93)   (0.19)   (0.38)
(0.35)   (1.00)   (0.97)   (1.99)   (0.24)   (0.48)
 
$28.13   $33.40   $26.02   $28.02   $32.00   $25.46
 
(14.84%)   33.06%3   (3.59%)4   (6.65%)   26.80%   9.09%
 
                     
$5,246,932   $6,078,311   $4,976,768   $5,455,486   $5,743,601   $4,632,204
0.79%   0.81%   0.84%   0.80%   0.81%   0.85%
0.79%   0.81%   0.84%   0.80%   0.81%   0.85%
0.46%   0.45%   0.55%   0.45%   0.19%   0.34%
0.46%   0.45%   0.55%   0.45%   0.19%   0.34%
12%   23%   26%   23%   24%   37%
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Financial highlights
Macquarie Small Cap Core Fund Class R6 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return5
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets6
Ratio of expenses to average net assets prior to fees waived6
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."
4 During the year ended November 30, 2023, DMC reimbursed the Fund  $24,946 for loss related to a trade error. Payment by affiliates is less than $0.005 per share and 0.005% on total return.
5 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.
6 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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Six months ended
5/31/251
(Unaudited) 		  Year ended
11/30/24   11/30/23   11/30/22   11/30/21   11/30/20
$33.46   $26.07   $28.08   $32.06   $25.51   $23.85
 
                     
0.09   0.16   0.17   0.16   0.10   0.10
(4.99)   8.27   (1.18)   (2.11)   6.72   2.06
—   —3   —4   —   —   —
(4.90)   8.43   (1.01)   (1.95)   6.82   2.16
 
                     
(0.22)   (0.20)   (0.16)   (0.10)   (0.08)   (0.12)
(0.17)   (0.84)   (0.84)   (1.93)   (0.19)   (0.38)
(0.39)   (1.04)   (1.00)   (2.03)   (0.27)   (0.50)
 
$28.17   $33.46   $26.07   $28.08   $32.06   $25.51
 
(14.78%)   33.22%3   (3.49%)4   (6.52%)   26.92%   9.24%
 
                     
$1,357,151   $1,725,990   $1,538,097   $1,386,235   $1,325,213   $894,120
0.68%   0.68%   0.72%   0.69%   0.69%   0.71%
0.68%   0.68%   0.72%   0.69%   0.69%   0.71%
0.58%   0.58%   0.67%   0.57%   0.31%   0.48%
0.58%   0.58%   0.67%   0.57%   0.31%   0.48%
12%   23%   26%   23%   24%   37%
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Notes to financial statements
Macquarie Small Cap Core Fund       May 31, 2025 (Unaudited)
Delaware Group® Equity Funds V (Trust) is organized as a Delaware statutory trust and offers three series: Macquarie Small Cap Core Fund (formerly, Delaware Small Cap Core Fund through December 30, 2024), Macquarie Small Cap Value Fund (formerly, Delaware Small Cap Value Fund through December 30, 2024), and Macquarie Wealth Builder Fund (formerly, Delaware Wealth Builder Fund through December 30, 2024). These financial statements and the related notes pertain to Macquarie Small Cap Core Fund (Fund). The Trust is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offers Class A, Class C, Class R, Institutional Class, and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.75%. There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, Institutional Class, and Class R6 shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.
1. Significant Accounting Policies
The Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Fund.
Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated Delaware Management Company (DMC) as part of its duties as the Fund's valuation designee (Valuation Designee) to perform the fair value determination relating to all applicable Fund investments. DMC has established a Pricing Committee to assist
22    

 

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with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board's oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.
Federal Income Taxes — No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken or expected to be taken on the Fund’s federal income tax returns through the six months ended May 31, 2025, and for all open tax years (years ended November 30, 2021–November 30, 2024), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. If applicable, the Fund recognizes interest and tax penalties on unrecognized tax benefits in "Interest and tax penalties" on the "Statement of operations." During the six months ended May 31, 2025, the Fund did not incur any interest or tax penalties.
Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. Class R6 shares will not be allocated any expenses related to service fees, sub-accounting fees, and/or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.  
Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.
Other — Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Macquarie 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
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Notes to financial statements
Macquarie Small Cap Core Fund       
1. Significant Accounting Policies (continued)
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. Income and capital gain distributions from any investment companies (Underlying Funds), in which the Fund invests are recorded on the ex-dividend date. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, which are estimated, subject to reclassification upon notice of the character of such distributions by the issuer. The Fund declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, at least annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
In November 2023, FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for the reportable segment and the entity as a whole thereby enabling better understanding of how an entity's segments impact overall performance. DMC, the Fund's investment adviser, acts as the Fund's chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment since the Fund has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on the Fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statements note disclosures only, and did not affect the Fund's financial position or the results of its operations.
The Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended May 31, 2025, the Fund earned $48,497 under this arrangement.
The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended May 31, 2025, the Fund earned $932 under this arrangement.
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2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its investment management agreement, the Fund pays DMC, a series of Macquarie Investment Management Business Trust (MIMBT) and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 0.75% on the first $500 million of average daily net assets of the Fund, 0.70% on the next $500 million, 0.65% on the next $1.5 billion, 0.60% on the next $5.5 billion, and 0.575% on average daily net assets in excess of $8 billion.
DMC entered into a Sub-Advisory Agreement on behalf of the Fund with Macquarie Investment Management Global Limited, which is an affiliate of DMC (Affiliated Sub-Advisor). Pursuant to the terms of the Sub-Advisory Agreement, the investment sub-advisory fee is paid by DMC to the Affiliated Sub-Advisor based on the extent to which the Affiliated Sub-Advisor provides services to the Fund.
Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Macquarie Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Macquarie Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended May 31, 2025, the Fund paid $166,357 for these services.
DIFSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Macquarie 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 Macquarie Funds on a relative NAV basis. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended May 31, 2025, the Fund paid $245,039 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYIS), BNYIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are paid by the Fund and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices on a monthly or quarterly basis.
Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual distribution and service (12b-1) fee of 0.25%, 1.00%, and
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Notes to financial statements
Macquarie Small Cap Core Fund       
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
0.50% of the average daily net assets of the Class A, Class C, and Class R shares, respectively. The fees are calculated daily and paid monthly. Institutional Class and Class R6 shares do not pay 12b-1 fees.
As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Fund. For the six months ended May 31, 2025, the Fund paid $78,446 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”
For the six months ended May 31, 2025, DDLP earned $2,673 for commissions on sales of the Fund’s Class A shares. For the six months ended May 31, 2025, DDLP received gross CDSC commissions of $1,310 and $1,642 on redemptions of the Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.
Trustees’ fees include expenses accrued by the Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Fund.
In addition to the management fees and other expenses of the Fund, the Fund indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by the Fund will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.
During the year ended November 30, 2024, DMC reimbursed the Fund $5,551 for commissions related to a trade error. The amount is included in “Net increase from payment by affiliates” in the "Statements of changes in net assets." Payment by affiliates had no impact on total return.
An affiliated issuer includes any company in which the Fund held 5% or more of a company’s outstanding voting shares at any point during the period, as well as other circumstances where an investment adviser or subadviser to the Fund is deemed to exercise, directly or indirectly, a certain level of control over the company. A summary of the transactions in affiliated companies
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during the six months ended May 31, 2025 was as follows:
  Value,
beginning
of period 		  Gross
additions 		  Gross
reductions 		  Net
realized
gain (loss)
on
affiliated
investments 		  Net change in
unrealized
appreciation
(depreciation)
on affiliated
investments(1)
Common Stocks—2.95%                  
Artivion $66,639,393   $2,393,871   $—   $—   $662,718
Columbus McKinnon 64,698,686   872,103   —   —   (40,893,511)
Ichor Holdings(2) 46,934,892   22,080,352   —   —   (34,824,008)
IMAX(2) 68,501,538   3,046,020   —   —   4,332,998
Total $246,774,509   $28,392,346   $—   $—   $(70,721,803)
  Value,
end of
period 		  Shares   Dividends
Common Stocks—2.95%          
Artivion $69,695,982   2,356,186   $—
Columbus McKinnon 24,677,278   1,694,868   233,909
Ichor Holdings(2) 34,191,236   2,166,745   —
IMAX(2) 75,880,556   2,724,616   —
Total $204,445,052       $233,909
(1) Does not tie to Net change in unrealized appreciation (depreciation) on affiliated investments on the "Statement of operations" as a result of previously unaffiliated securities moving to affiliated.
(2) Issuer was not an affiliated investment of the Fund at November 30, 2024.
3. Investments
For the six months ended May 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments and US government securities as follows:
Purchases $848,298,026
Sales 940,992,576
At May 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At May 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Fund were as follows:
Cost of investments $5,635,600,182
Aggregate unrealized appreciation of investments $1,871,506,144
Aggregate unrealized depreciation of investments (588,122,468)
Net unrealized appreciation of investments $1,283,383,676
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Notes to financial statements
Macquarie Small Cap Core Fund       
3. Investments (continued)
US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement
date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:
Level 1  − Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2  − Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3  − Significant unobservable inputs, including the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)
Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
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The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of May 31, 2025:
    Level 1   Level 3 Total  
Securities            
Assets:            
Common Stocks            
Basic Materials   $393,334,112   $— $393,334,112  
Business Services   333,734,986   — 333,734,986  
Capital Goods   892,924,720   — 892,924,720  
Consumer Discretionary   326,788,178   — 326,788,178  
Consumer Services   118,868,031   — 118,868,031  
Consumer Staples   183,105,941   — 183,105,941  
Credit Cyclicals   133,461,441   — 133,461,441  
Energy   267,188,553   — 267,188,553  
Finance   1,373,405,907   — 1,373,405,907  
Healthcare   1,127,093,999   —1 1,127,093,999  
Media   75,880,556   — 75,880,556  
Real Estate Investment Trusts   463,126,232   — 463,126,232  
Technology   914,686,522   — 914,686,522  
Transportation   92,176,544   — 92,176,544  
Utilities   166,281,541   — 166,281,541  
Short-Term Investments   56,926,595   — 56,926,595  
Total Value of Securities   $6,918,983,858   $— $6,918,983,858  
 
1The security that has been valued at zero on the “Schedule of investments” is considered to be Level 3 investment in this table. 
During the six months ended May 31, 2025, there were no transfers into or out of Level 3 investments. The Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to the Fund’s net assets at the beginning or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to the Fund’s net assets at the end of the period.
    29

 

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Notes to financial statements
Macquarie Small Cap Core Fund       
4. Capital Shares
Transactions in capital shares were as follows:
  Six months
ended 		  Year ended
  5/31/25   11/30/24
Shares sold:
Class A 1,242,055   2,382,841
Class C 82,496   271,854
Class R 49,266   146,119
Institutional Class 28,765,534   52,318,979
Class R6 4,104,239   7,976,473
Shares issued upon reinvestment of dividends and distributions:
Class A 84,664   326,153
Class C 16,922   125,857
Class R 6,207   35,602
Institutional Class 1,527,547   5,680,700
Class R6 575,982   2,038,383
  36,454,912   71,302,961
Shares redeemed:
Class A (1,992,560)   (3,017,875)
Class C (531,225)   (1,296,004)
Class R (108,297)   (390,509)
Institutional Class (25,778,817)   (67,290,724)
Class R6 (8,087,557)   (17,437,393)
  (36,498,456)   (89,432,505)
Net decrease (43,544)   (18,129,544)
Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included in shares sold and shares redeemed in the table above and on the “Statements of changes in net assets.” For the six months ended May 31, 2025 and the year ended November 30, 2024, the Fund had the following exchange transactions:
  Exchange Redemptions   Exchange Subscriptions    
  Class A
Shares 		  Class C
Shares 		  Institutional
Class
Shares 		  Class R6
Shares 		  Class A
Shares 		  Institutional
Class
Shares 		  Class R6
Shares 		  Value
Six months ended
5/31/25 2,286   16,852   14,229   2,988   311   7,392   25,271   $956,798
Year ended
11/30/24 167,987   9,023   213,454   12,834   8,883   152,871   234,756   11,492,548
30    

 

Table of Contents
5. Line of Credit
The Fund, along with certain other funds in the Macquarie Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 27, 2025.
The Fund had no amounts outstanding as of May 31, 2025, or at any time during the period then ended.
6. Securities Lending
The Fund, along with other funds in the Macquarie Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY). 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 must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.
Cash collateral received by the Fund is generally invested in an individual separate account. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational
    31

 

Table of Contents
Notes to financial statements
Macquarie Small Cap Core Fund       
6. Securities Lending (continued)
organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. The Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.
In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent, and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.
The Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Fund’s cash collateral account may be less than the amount the Fund would be required to return to the borrowers of the securities and the Fund would be required to make up for this shortfall.
During the six months ended May 31, 2025, the Fund had no securities out on loan.
7. Credit and Market Risks
Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests will cause the NAV of the Fund to fluctuate.
The Fund invests a significant portion of its assets in small companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small-sized companies may be more volatile than investments in larger companies for a number of reasons, which include limited financial resources or a dependence on narrow product lines.
The Fund is subject to the risk that the securities it holds will decrease in value if interest rates rise. The risk is generally associated with bonds; however, because small- and medium-sized companies and companies in the real estate sector often borrow money to finance their operations, they may be adversely affected by rising interest rates. The Fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.
32    

 

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The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended May 31, 2025. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.
The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 15% limit on investments in illiquid securities. As of May 31, 2025, there were no Rule 144A securities held by the Fund.
8. Contractual Obligations
The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.
9. Recent Accounting Pronouncements
In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management expects that adoption of the guidance will not have a material impact on the Fund’s financial statements.
10. Subsequent Events
On April 21, 2025, Macquarie Group Limited, the parent company of DMC, together with certain of its affiliates, and Nomura Holding America Inc. (Nomura), announced that they had entered into an agreement for Nomura to acquire Macquarie Asset Management’s US and European public investments business. The transaction is subject to customary closing conditions, including the receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of these conditions, the transaction is expected to close by the end of October 2025. This is subject to change.
    33

 

Table of Contents
Notes to financial statements
Macquarie Small Cap Core Fund       
10. Subsequent Events (continued)
Management has determined that no other material events or transactions occurred subsequent to May 31, 2025, that would require recognition or disclosure in the Fund’s financial statements.
34    

 

Table of Contents
Other Fund information (Unaudited)
Macquarie Small Cap Core Fund
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.
Statement Regarding Basis of Approval for Investment Advisory Contract
Not applicable.
    35

 

Table of Contents
Contact information
Shareholder assistance by phone
800 523-1918, weekdays from 8:30am to
6:00pm ET
For securities dealers and financial
institutions representatives only
800 362-7500
Regular mail
Macquarie Funds
P.O. Box 534437
Pittsburgh, PA 15253-4437
Overnight courier service
Macquarie Funds
Attention: 534437
500 Ross Street, 154-0520
Pittsburgh, PA 15262
Macquarie Asset Management • 610 Market Street • Philadelphia, PA 19106-2354
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions. 
The Fund is advised by Delaware Management Company, a series of MIMBT, a US registered investment adviser, and distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
The Fund is governed by US laws and regulations.
(4612779)
SA-480-0725
This page is not part of the Financial statements and other information.

US equity mutual fund
Macquarie Small Cap Value Fund
(formerly, Delaware Small Cap Value Fund)
Financial statements and other information
For the six months ended May 31, 2025

 

Table of contents
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5
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10
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31
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
Form N-PORT and proxy voting information
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Fund’s most recent Form N-PORT are available without charge on the Fund’s website at macquarie.com/mam/literature.
Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at macquarie.com/mam/proxy; and (ii) on the SEC’s website at sec.gov.
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.

 

Table of Contents
Schedule of investments
Macquarie Small Cap Value Fund   May 31, 2025 (Unaudited)
    Number of
shares 		Value (US $)
Common Stocks — 98.03%♦
Consumer Discretionary — 9.44%
Acushnet Holdings       416,450 $   28,418,548
Boyd Gaming       453,600     34,006,392
Choice Hotels International       174,600     22,118,328
Columbia Sportswear       276,000     17,603,280
Crocs †      148,900     15,187,800
Group 1 Automotive       128,060     54,287,195
KB Home       638,800     32,949,304
M/I Homes †      242,750     25,879,578
Meritage Homes       625,500     39,788,055
Patrick Industries       317,325     27,245,525
Steven Madden       841,375     20,739,894
Texas Roadhouse       144,650     28,237,126
UniFirst       155,358    29,294,304
    375,755,329
Consumer Staples — 2.14%
Flowers Foods       239,380      4,045,522
J & J Snack Foods       330,500     38,063,685
Performance Food Group †      477,722    42,784,782
     84,893,989
Energy — 6.13%
Gulfport Energy †      279,550     53,533,825
International Seaways       704,750     26,110,987
Kinetik Holdings       737,350     32,841,569
Kodiak Gas Services     1,089,900     38,484,369
Liberty Energy     1,126,400     13,054,976
Magnolia Oil & Gas Class A     1,496,100     32,166,150
Matador Resources       750,300     32,270,403
Noble       628,000    15,555,560
    244,017,839
Financial Services — 29.57%
Amalgamated Financial       656,750     19,846,985
Assurant       219,700     44,594,706
Axis Capital Holdings       807,550     83,823,690
Bank of NT Butterfield & Son       991,300     41,793,208
Bread Financial Holdings       562,750     28,835,310
Cadence Bank     1,204,250     36,488,775
Columbia Banking System     2,581,161     60,347,544
Comerica       726,800     41,493,012
East West Bancorp       641,143     58,472,242
Essent Group       881,900     51,150,200
    1

 

Table of Contents
Schedule of investments
Macquarie Small Cap Value Fund   
    Number of
shares 		Value (US $)
Common Stocks♦ (continued)
Financial Services (continued)
First Financial Bancorp     1,485,000 $   35,877,600
FNB     4,826,050     66,937,313
Hancock Whitney     1,387,300     75,843,691
Hanover Insurance Group       327,350     57,607,053
Hope Bancorp     3,453,440     34,672,538
Merchants Bancorp       620,450     19,866,809
Old National Bancorp     3,041,000     63,435,260
P10 Class A     2,075,421     22,539,072
Selective Insurance Group       352,356     31,014,375
Stewart Information Services       351,800     21,227,612
Stifel Financial       609,800     57,455,356
Synovus Financial     1,365,400     65,307,082
Valley National Bancorp     6,799,850     59,702,683
WaFd       957,100     27,200,782
Webster Financial     1,382,460    71,169,041
  1,176,701,939
Healthcare — 3.45%
Globus Medical Class A †      135,870      8,040,787
ICU Medical †      195,750     26,398,845
Integer Holdings †      361,600     42,943,616
Merit Medical Systems †      275,500     26,180,765
Prestige Consumer Healthcare †      394,050    33,758,263
    137,322,276
Industrials — 17.14%
Atkore       279,400     18,188,940
CACI International Class A †      128,750     55,105,000
Centuri Holdings †    1,092,756     22,816,745
Everus Construction Group †      535,275     30,997,775
Gates Industrial †    1,470,950     31,110,593
Griffon       577,000     39,668,750
Herc Holdings       224,200     27,800,800
Huron Consulting Group †      198,350     28,330,331
ITT       441,830     66,513,088
KBR       732,372     38,222,495
Leonardo DRS       939,050     39,721,815
MasTec †      453,079     70,648,608
NEXTracker Class A †      609,594     34,557,884
Regal Rexnord       247,039     32,964,884
Terex       941,250     42,365,662
Timken       570,150     39,049,574
2    

 

Table of Contents
    Number of
shares 		Value (US $)
Common Stocks♦ (continued)
Industrials (continued)
WESCO International       180,900 $   30,371,301
Zurn Elkay Water Solutions       931,300    33,703,747
    682,137,992
Materials — 5.92%
Ashland       381,700     18,897,967
Avient       974,150     35,196,039
Constellium †    1,553,350     18,857,669
HB Fuller       501,250     27,979,775
Huntsman     1,137,500     12,671,750
Knife River †      309,550     29,128,655
Louisiana-Pacific       527,800     47,538,946
Ryerson Holding       717,750     14,900,490
Silgan Holdings       549,000    30,233,430
    235,404,721
Real Estate Investment Trusts — 8.95%
Agree Realty       820,400     61,776,120
Apple Hospitality REIT     3,241,450     37,568,405
Centerspace       426,200     27,170,250
Community Healthcare Trust       724,050     11,830,977
Independence Realty Trust     2,972,840     55,265,096
Kite Realty Group Trust     2,081,714     46,047,514
LXP Industrial Trust     5,586,450     47,931,741
National Health Investors       709,200     51,424,092
Plymouth Industrial REIT     1,063,200    17,223,840
    356,238,035
Technology — 7.83%
ACI Worldwide †      675,150     31,232,439
Allegro MicroSystems †    1,555,200     39,424,320
Belden       389,661     41,381,998
Cirrus Logic †      106,950     10,519,602
Diodes †      589,000     26,151,600
Flex †      823,860     34,849,278
RingCentral Class A †    1,088,200     28,217,026
TD SYNNEX       323,400     39,241,356
TTM Technologies †    2,032,102    60,678,566
    311,696,185
Transportation — 2.09%
Kirby †      348,800     38,591,232
Saia †       35,550      9,399,776
    3

 

Table of Contents
Schedule of investments
Macquarie Small Cap Value Fund   
    Number of
shares 		Value (US $)
Common Stocks♦ (continued)
Transportation (continued)
Werner Enterprises     1,354,800 $   35,157,060
     83,148,068
Utilities — 5.37%
Black Hills       640,040     37,423,139
MDU Resources Group     2,361,800     40,599,342
New Jersey Resources       613,600     28,158,104
OGE Energy     1,311,200     58,309,064
Southwest Gas Holdings       683,100    49,067,073
    213,556,722
Total Common Stocks (cost $2,778,293,241) 3,900,873,095
Short-Term Investments — 2.02%
Money Market Mutual Funds — 2.02%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.21%)   20,095,730     20,095,730
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.19%)   20,095,729     20,095,729
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.27%)   20,095,728     20,095,728
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.22%)   20,095,728    20,095,728
Total Short-Term Investments (cost $80,382,915)    80,382,915
Total Value of Securities—100.05%
(cost $2,858,676,156) 		    $3,981,256,010
♦ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.
† Non-income producing security.
Summary of abbreviations:
REIT – Real Estate Investment Trust
See accompanying notes, which are an integral part of the financial statements.
4    

 

Table of Contents
Statement of assets and liabilities
Macquarie Small Cap Value Fund  May 31, 2025 (Unaudited) 
Assets:  
Investments, at value* $3,981,256,010
Dividends receivable 4,816,235
Receivable for fund shares sold 3,110,614
Prepaid expenses 113,250
Foreign tax reclaims receivable 7,799
Other assets 47,973
Total Assets 3,989,351,881
Liabilities:  
Payable for fund shares redeemed 5,919,596
Investment management fees payable to affiliates 2,205,045
Sub-transfer agent fees and expenses payable 1,269,530
Other accrued expenses 361,512
Distribution fees payable to affiliates 160,557
Total Liabilities 9,916,240
Total Net Assets $3,979,435,641
Net Assets Consist of:  
Paid-in capital $2,507,551,024
Total distributable earnings (loss) 1,471,884,617
Total Net Assets $3,979,435,641
    5

 

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Statement of assets and liabilities
Macquarie Small Cap Value Fund  
Net Asset Value  
Class A:  
Net assets $606,011,563
Shares of beneficial interest outstanding, unlimited authorization, no par 9,796,842
Net asset value per share $61.86
Sales charge 5.75%
Offering price per share, equal to net asset value per share / (1 - sales charge) $65.63
Class C:  
Net assets $19,083,133
Shares of beneficial interest outstanding, unlimited authorization, no par 418,526
Net asset value per share $45.60
Class R:  
Net assets $33,783,275
Shares of beneficial interest outstanding, unlimited authorization, no par 572,051
Net asset value per share $59.06
Institutional Class:  
Net assets $2,247,471,294
Shares of beneficial interest outstanding, unlimited authorization, no par 33,453,633
Net asset value per share $67.18
Class R6:  
Net assets $1,073,086,376
Shares of beneficial interest outstanding, unlimited authorization, no par 15,946,077
Net asset value per share $67.29
*Investments, at cost 		$2,858,676,156
See accompanying notes, which are an integral part of the financial statements.
6    

 

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Statement of operations
Macquarie Small Cap Value Fund Six months ended May 31, 2025 (Unaudited)
Investment Income:  
Dividends $41,034,462
Expenses:  
Management fees 13,610,405
Distribution expenses — Class A 816,601
Distribution expenses — Class C 107,006
Distribution expenses — Class R 87,708
Dividend disbursing, transfer agent fees and sub-transfer agents fees and expenses 2,560,206
Accounting and administration expenses 366,208
Reports and statements to shareholders expenses 182,726
Legal fees 115,647
Trustees’ fees 105,354
Registration fees 65,214
Audit and tax fees 24,579
Custodian fees 12,347
Other 71,941
  18,125,942
Less expenses paid indirectly (2,674)
Total operating expenses 18,123,268
Net Investment Income (Loss) 22,911,194
Net Realized and Unrealized Gain (Loss):  
Net realized gain (loss) on investments 351,973,743
Net change in unrealized appreciation (depreciation) on investments (947,995,368)
Net Realized and Unrealized Gain (Loss) (596,021,625)
Net Increase (Decrease) in Net Assets Resulting from Operations $(573,110,431)
See accompanying notes, which are an integral part of the financial statements.
    7

 

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Statements of changes in net assets
Macquarie Small Cap Value Fund
  Six months
ended
5/31/25
(Unaudited) 		  Year ended
11/30/24
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $22,911,194   $53,071,809
Net realized gain (loss) 351,973,743   509,045,866
Net change in unrealized appreciation (depreciation) (947,995,368)   800,656,771
Net increase (decrease) in net assets resulting from operations (573,110,431)   1,362,774,446
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Class A (78,506,734)   (55,610,737)
Class C (3,449,576)   (2,411,236)
Class R (4,265,238)   (2,920,972)
Institutional Class (266,039,544)   (185,607,901)
Class R6 (127,934,581)   (91,924,381)
  (480,195,673)   (338,475,227)
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Class A 24,720,443   58,046,201
Class C 875,312   2,429,820
Class R 2,441,809   5,561,619
Institutional Class 180,729,656   343,875,635
Class R6 117,333,566   277,753,002
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Class A 77,596,193   55,051,074
Class C 3,440,544   2,404,261
Class R 4,265,237   2,920,972
Institutional Class 255,719,917   178,120,777
Class R6 122,716,395   87,656,861
  789,839,072   1,013,820,222
8

 

Table of Contents
  Six months
ended
5/31/25
(Unaudited) 		  Year ended
11/30/24
 
Capital Share Transactions (See Note 4) (continued):      
Cost of shares redeemed:      
Class A $(89,985,391)   $(232,824,927)
Class C (5,132,452)   (10,069,402)
Class R (4,431,447)   (13,469,474)
Institutional Class (340,342,894)   (994,759,501)
Class R6 (184,479,234)   (593,111,051)
  (624,371,418)   (1,844,234,355)
Increase (decrease) in net assets derived from capital share transactions 165,467,654   (830,414,133)
Net Increase (Decrease) in Net Assets (887,838,450)   193,885,086
Net Assets:      
Beginning of period 4,867,274,091   4,673,389,005
End of period $3,979,435,641   $4,867,274,091
See accompanying notes, which are an integral part of the financial statements.
    9

 

Table of Contents
Financial highlights
Macquarie Small Cap Value Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return3
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets4
Ratio of expenses to average net assets prior to fees waived4
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4 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.
10    

 

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Six months ended
5/31/251
(Unaudited) 		  Year ended
11/30/24   11/30/23   11/30/22   11/30/21   11/30/20
$78.83   $63.73   $71.35   $75.49   $55.68   $61.58
 
                     
0.27   0.61   0.60   0.47   0.28   0.39
(9.08)   19.39   (5.42)   (1.23)   19.94   (3.67)
(8.81)   20.00   (4.82)   (0.76)   20.22   (3.28)
 
                     
(0.79)   (0.91)   (0.49)   (0.28)   (0.41)   (0.58)
(7.37)   (3.99)   (2.31)   (3.10)   —   (2.04)
(8.16)   (4.90)   (2.80)   (3.38)   (0.41)   (2.62)
 
$61.86   $78.83   $63.73   $71.35   $75.49   $55.68
 
(12.07%)   33.14%   (6.74%)   (1.10%)   36.52%   (5.70%)
 
                     
$606,012   $762,879   $726,870   $896,355   $1,016,518   $551,442
1.10%   1.10%   1.11%   1.11%   1.11%   1.14%
1.10%   1.10%   1.11%   1.11%   1.11%   1.14%
0.85%   0.89%   0.93%   0.67%   0.38%   0.80%
0.85%   0.89%   0.93%   0.67%   0.38%   0.80%
12%   19%   27%   19%   14%   23%
11    

 

Table of Contents
Financial highlights
Macquarie Small Cap Value Fund Class C 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income (loss)2
Net realized and unrealized gain (loss)
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return3
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets4
Ratio of expenses to average net assets prior to fees waived4
Ratio of net investment income (loss) to average net assets
Ratio of net investment income (loss) to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4 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.
12    

 

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Six months ended
5/31/251
(Unaudited) 		  Year ended
11/30/24   11/30/23   11/30/22   11/30/21   11/30/20
$60.28   $49.83   $56.36   $60.49   $44.71   $49.95
 
                     
0.03   0.07   0.09   (0.05)    (0.21)    0.02
(6.80)   14.95   (4.27)   (0.98)   16.06   (3.00)
(6.77)   15.02   (4.18)   (1.03)   15.85   (2.98)
 
                     
(0.54)   (0.58)   (0.04)   —   (0.07)   (0.22)
(7.37)   (3.99)   (2.31)   (3.10)   —   (2.04)
(7.91)   (4.57)   (2.35)   (3.10)   (0.07)   (2.26)
 
$45.60   $60.28   $49.83   $56.36   $60.49   $44.71
 
(12.40%)   32.15%   (7.43%)   (1.84%)   35.48%   (6.38%)
 
                     
$19,083   $26,557   $26,959   $39,409   $51,078   $46,463
1.85%   1.85%   1.86%   1.86%   1.86%   1.89%
1.85%   1.85%   1.86%   1.86%   1.86%   1.89%
0.12%   0.14%   0.18%   (0.08%)   (0.37%)   0.05%
0.12%   0.14%   0.18%   (0.08%)   (0.37%)   0.05%
12%   19%   27%   19%   14%   23%
13    

 

Table of Contents
Financial highlights
Macquarie Small Cap Value Fund Class R 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return3
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets4
Ratio of expenses to average net assets prior to fees waived4
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4 Expense ratios do not include expenses of any investment companies in which the Fund invests.
See accompanying notes, which are an integral part of the financial statements.
14    

 

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Six months ended
5/31/251
(Unaudited) 		  Year ended
11/30/24   11/30/23   11/30/22   11/30/21   11/30/20
$75.58   $61.33   $68.74   $72.83   $53.74   $59.52
 
                     
0.18   0.42   0.42   0.28   0.09   0.26
(8.69)   18.63   (5.21)   (1.20)   19.28   (3.56)
(8.51)   19.05   (4.79)   (0.92)   19.37   (3.30)
 
                     
(0.64)   (0.81)   (0.31)   (0.07)   (0.28)   (0.44)
(7.37)   (3.99)   (2.31)   (3.10)   —   (2.04)
(8.01)   (4.80)   (2.62)   (3.17)   (0.28)   (2.48)
 
$59.06   $75.58   $61.33   $68.74   $72.83   $53.74
 
(12.18%)   32.81%   (6.96%)   (1.34%)   36.18%   (5.92%)
 
                     
$33,783   $40,557   $37,411   $43,983   $54,481   $43,823
1.35%   1.35%   1.36%   1.36%   1.36%   1.39%
1.35%   1.35%   1.36%   1.36%   1.36%   1.39%
0.59%   0.64%   0.68%   0.42%   0.13%   0.55%
0.59%   0.64%   0.68%   0.42%   0.13%   0.55%
12%   19%   27%   19%   14%   23%
15    

 

Table of Contents
Financial highlights
Macquarie Small Cap Value Fund Institutional Class 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return3
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets4
Ratio of expenses to average net assets prior to fees waived4
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4 Expense ratios do not include expenses of any investment companies in which the Fund invests.
See accompanying notes, which are an integral part of the financial statements.
16    

 

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Six months ended
5/31/251
(Unaudited) 		  Year ended
11/30/24   11/30/23   11/30/22   11/30/21   11/30/20
$84.94   $68.20   $76.15   $80.31   $59.19   $65.28
 
                     
0.38   0.83   0.82   0.68   0.48   0.55
(9.84)   20.86   (5.78)   (1.30)   21.18   (3.86)
(9.46)   21.69   (4.96)   (0.62)   21.66   (3.31)
 
                     
(0.93)   (0.96)   (0.68)   (0.44)   (0.54)   (0.74)
(7.37)   (3.99)   (2.31)   (3.10)   —   (2.04)
(8.30)   (4.95)   (2.99)   (3.54)   (0.54)   (2.78)
 
$67.18   $84.94   $68.20   $76.15   $80.31   $59.19
 
(11.97%)   33.48%   (6.50%)   (0.85%)   36.84%   (5.43%)
 
                     
$2,247,471   $2,739,784   $2,639,183   $3,833,425   $3,958,855   $3,115,293
0.85%   0.85%   0.86%   0.86%   0.86%   0.89%
0.85%   0.85%   0.86%   0.86%   0.86%   0.89%
1.10%   1.14%   1.18%   0.92%   0.63%   1.05%
1.10%   1.14%   1.18%   0.92%   0.63%   1.05%
12%   19%   27%   19%   14%   23%
17    

 

Table of Contents
Financial highlights
Macquarie Small Cap Value Fund Class R6 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return3
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets4
Ratio of expenses to average net assets prior to fees waived4
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4 Expense ratios do not include expenses of any investment companies in which the Fund invests.
See accompanying notes, which are an integral part of the financial statements.
18    

 

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Six months ended
5/31/251
(Unaudited) 		  Year ended
11/30/24   11/30/23   11/30/22   11/30/21   11/30/20
$85.12   $68.41   $76.38   $80.53   $59.32   $65.41
 
                     
0.43   0.95   0.92   0.81   0.61   0.64
(9.85)   20.89   (5.79)   (1.31)   21.21   (3.85)
(9.42)   21.84   (4.87)   (0.50)   21.82   (3.21)
 
                     
(1.04)   (1.14)   (0.79)   (0.55)   (0.61)   (0.84)
(7.37)   (3.99)   (2.31)   (3.10)   —   (2.04)
(8.41)   (5.13)   (3.10)   (3.65)   (0.61)   (2.88)
 
$67.29   $85.12   $68.41   $76.38   $80.53   $59.32
 
(11.91%)   33.67%   (6.35%)   (0.69%)   37.08%   (5.28%)
 
                     
$1,073,087   $1,297,497   $1,242,966   $1,547,942   $1,602,565   $928,618
0.71%   0.70%   0.71%   0.70%   0.69%   0.72%
0.71%   0.70%   0.71%   0.70%   0.69%   0.72%
1.24%   1.29%   1.33%   1.08%   0.80%   1.22%
1.24%   1.29%   1.33%   1.08%   0.80%   1.22%
12%   19%   27%   19%   14%   23%
19    

 

Table of Contents
Notes to financial statements
Macquarie Small Cap Value Fund May 31, 2025 (Unaudited)
Delaware Group® Equity Funds V (Trust) is organized as a Delaware statutory trust and offers three series: Macquarie Small Cap Core Fund (formerly, Delaware Small Cap Core Fund through December 30, 2024), Macquarie Small Cap Value Fund (formerly, Delaware Small Cap Value Fund through December 30, 2024), and Macquarie Wealth Builder Fund (formerly, Delaware Wealth Builder Fund through December 30, 2024). These financial statements and the related notes pertain to Macquarie Small Cap Value Fund (Fund). The Trust is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offers Class A, Class C, Class R, Institutional Class, and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.75%. There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, Institutional Class, and Class R6 shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.
1. Significant Accounting Policies
The Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Fund.
Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated Delaware Management Company (DMC) as part of its duties as the Fund’s valuation designee (Valuation Designee) to perform the fair value determination relating to all applicable Fund investments. DMC has established a Pricing Committee to assist
20    

 

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with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board’s oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.
Federal Income Taxes — No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken or expected to be taken on the Fund’s federal income tax returns through the six months ended May 31, 2025, and for all open tax years (years ended November 30, 2021–November 30, 2024), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. If applicable, the Fund recognizes interest and tax penalties on unrecognized tax benefits in “Interest and tax penalties” on the “Statement of operations.” During the six months ended May 31, 2025, the Fund did not incur any interest or tax penalties.
Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. Class R6 shares will not be allocated any expenses related to service fees, sub-accounting fees, and/or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.  
Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.
Other — Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Macquarie 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
    21

 

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Notes to financial statements
Macquarie Small Cap Value Fund 
1. Significant Accounting Policies (continued)
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. Income and capital gain distributions from any investment companies (Underlying Funds), in which the Fund invests are recorded on the ex-dividend date. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, which are estimated, subject to reclassification upon notice of the character of such distributions by the issuer. The Fund declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, at least annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
In November 2023, FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for the reportable segment and the entity as a whole thereby enabling better understanding of how an entity's segments impact overall performance. DMC, the Fund's investment adviser, acts as the Fund's chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment since the Fund has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on the Fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statements note disclosures only, and did not affect the Fund's financial position or the results of its operations.
The Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended May 31, 2025, the Fund earned $65 under this arrangement.
The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended May 31, 2025, the Fund earned $2,609 under this arrangement.
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2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its investment management agreement, the Fund pays DMC, a series of Macquarie Investment Management Business Trust (MIMBT) and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 0.75% on the first $500 million of average daily net assets of the Fund, 0.70% on the next $500 million, 0.65% on the next $1.5 billion, 0.60% on the next $5.5 billion, and 0.575% on average daily net assets in excess of $8 billion.
DMC entered into a Sub-Advisory Agreement on behalf of the Fund with Macquarie Investment Management Global Limited, which is an affiliate of DMC (Affiliated Sub-Advisor). Pursuant to the terms of the Sub-Advisory Agreement, the investment sub-advisory fee is paid by DMC to the Affiliated Sub-Advisor based on the extent to which the Affiliated Sub-Advisor provides services to the Fund.
Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Macquarie Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Macquarie Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended May 31, 2025, the Fund paid $97,529 for these services.
DIFSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Macquarie 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 Macquarie Funds on a relative NAV basis. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended May 31, 2025, the Fund paid $142,386 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYIS), BNYIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are paid by the Fund and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices on a monthly or quarterly basis.
Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual distribution and service (12b-1) fee of 0.25%, 1.00%, and
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Notes to financial statements
Macquarie Small Cap Value Fund 
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
0.50% of the average daily net assets of the Class A, Class C, and Class R shares, respectively. The fees are calculated daily and paid monthly. Institutional Class and Class R6 shares do not pay 12b-1 fees.
As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Fund. For the six months ended May 31, 2025, the Fund paid $45,171 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”
For the six months ended May 31, 2025, DDLP earned $12,957 for commissions on sales of the Fund’s Class A shares. For the six months ended May 31, 2025, DDLP received gross CDSC commissions of $189 and $211 on redemptions of the Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.
Trustees’ fees include expenses accrued by the Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Fund.
In addition to the management fees and other expenses of the Fund, the Fund indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by the Fund will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.
3. Investments
For the six months ended May 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments and US government securities as follows:
Purchases $483,771,119
Sales 793,328,109
At May 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At May 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Fund were as follows:
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Cost of investments $2,858,676,156
Aggregate unrealized appreciation of investments $1,289,599,619
Aggregate unrealized depreciation of investments (167,019,765)
Net unrealized appreciation of investments $1,122,579,854
US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement
date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:
Level 1  − Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2  − Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3  − Significant unobservable inputs, including the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)
Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
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Notes to financial statements
Macquarie Small Cap Value Fund 
3. Investments (continued)
The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of May 31, 2025:
  Level 1
Securities  
Assets:  
Common Stocks $3,900,873,095
Short-Term Investments 80,382,915
Total Value of Securities $3,981,256,010
During the six months ended May 31, 2025, there were no transfers into or out of Level 3 investments. The Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets. As of May 31, 2025, there were no Level 3 investments.
4. Capital Shares
Transactions in capital shares were as follows:
  Six months
ended 		  Year ended
  5/31/25   11/30/24
Shares sold:
Class A 387,475   851,552
Class C 18,205   45,620
Class R 41,344   85,445
Institutional Class 2,642,419   4,681,422
Class R6 1,682,013   3,800,552
Shares issued upon reinvestment of dividends and distributions:
Class A 1,145,839   856,560
Class C 68,687   48,581
Class R 65,893   47,296
Institutional Class 3,480,603   2,578,471
Class R6 1,668,703   1,268,000
  11,201,181   14,263,499
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  Six months
ended 		  Year ended
  5/31/25   11/30/24
Shares redeemed:
Class A (1,413,621)   (3,435,725)
Class C (108,951)   (194,629)
Class R (71,801)   (206,070)
Institutional Class (4,925,185)   (13,701,299)
Class R6 (2,647,529)   (7,996,075)
  (9,167,087)   (25,533,798)
Net increase (decrease) 2,034,094   (11,270,299)
Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included in shares sold and shares redeemed in the table above and on the previous page and on the “Statements of changes in net assets.” For the six months ended May 31, 2025 and the year ended November 30, 2024, the Fund had the following exchange transactions:
    Exchange Redemptions   Exchange Subscriptions    
    Class A
Shares 		  Class C
Shares 		  Institutional
Class
Shares 		  Class R6
Shares 		  Class A
Shares 		  Institutional
Class
Shares 		  Class R6
Shares 		Value  
Six months ended  
5/31/25   451   2,766   77   381   517   2,282   — $194,982  
Year ended  
11/30/24   54,275   1,725   4,128   2,225   5,178   51,932   1,287 4,189,171  
5. Line of Credit
The Fund, along with certain other funds in the Macquarie Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 27, 2025.
The Fund had no amounts outstanding as of May 31, 2025, or at any time during the period then ended.
6. Securities Lending
The Fund, along with other funds in the Macquarie Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY). At
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Notes to financial statements
Macquarie Small Cap Value Fund 
6. Securities Lending (continued)
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 must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.
Cash collateral received by the Fund is generally invested in an individual separate account. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. The Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.
In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are
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shared among the Fund, the security lending agent, and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.
The Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Fund’s cash collateral account may be less than the amount the Fund would be required to return to the borrowers of the securities and the Fund would be required to make up for this shortfall.
During the six months ended May 31, 2025, the Fund had no securities out on loan.
7. Credit and Market Risks
Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests will cause the NAV of the Fund to fluctuate.
The Fund invests a significant portion of its assets in small companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small-sized companies may be more volatile than investments in larger companies for a number of reasons, which include limited financial resources or a dependence on narrow product lines.
The Fund is subject to the risk that the securities it holds will decrease in value if interest rates rise. The risk is generally associated with bonds; however, because small- and medium-sized companies and companies in the real estate sector often borrow money to finance their operations, they may be adversely affected by rising interest rates. The Fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.
The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended May 31, 2025. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.
The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 15% limit on investments in illiquid securities. As of May 31, 2025, there were no Rule 144A securities held by the Fund.
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Notes to financial statements
Macquarie Small Cap Value Fund 
8. Contractual Obligations
The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.
9. Recent Accounting Pronouncements
In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management expects that adoption of the guidance will not have a material impact on the Fund’s financial statements.
10. Subsequent Events
On April 21, 2025, Macquarie Group Limited, the parent company of DMC, together with certain of its affiliates, and Nomura Holding America Inc. (Nomura), announced that they had entered into an agreement for Nomura to acquire Macquarie Asset Management’s US and European public investments business. The transaction is subject to customary closing conditions, including the receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of these conditions, the transaction is expected to close by the end of October 2025. This is subject to change.
Management has determined that no other material events or transactions occurred subsequent to May 31, 2025, that would require recognition or disclosure in the Fund’s financial statements.
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Other Fund information (Unaudited)
Macquarie Small Cap Value Fund
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.
Statement Regarding Basis of Approval for Investment Advisory Contract
Not applicable.
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Contact information
Shareholder assistance by phone
800 523-1918, weekdays from 8:30am to
6:00pm ET
For securities dealers and financial
institutions representatives only
800 362-7500
Regular mail
Macquarie Funds
P.O. Box 534437
Pittsburgh, PA 15253-4437
Overnight courier service
Macquarie Funds
Attention: 534437
500 Ross Street, 154-0520
Pittsburgh, PA 15262
Macquarie Asset Management • 610 Market Street • Philadelphia, PA 19106-2354
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions. 
The Fund is advised by Delaware Management Company, a series of MIMBT, a US registered investment adviser, and distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
The Fund is governed by US laws and regulations.
(4617056)
SA-021-0725
This page is not part of the Financial statements and other information.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

This information is included as part of materials filed under Item 7 of this form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 16. Controls and Procedures.

 

  (a)

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

 

  (b)

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

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

 

(a)(1)

    Not applicable.

(a)(2)

    Not applicable.

(a)(3)

    Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit [99.CERT].

(a)(4)

    There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(5)

    There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b)

    Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto as Exhibit 99.906 CERT.

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.

Name of Registrant: Delaware Group® Equity Funds V

 

/s/ SHAWN K. LYTLE

By:   Shawn K. Lytle
Title:   President and Chief Executive Officer
Date:   July 31, 2025

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:   July 31, 2025

 

/s/ RICHARD SALUS

By:   Richard Salus
Title:   Chief Financial Officer
Date:   July 31, 2025