ThZeal - The Zeal

N-CSRS 1 mimgef4329191-ncsrs.htm N-CSRS

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:	811-04413

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

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

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

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

Date of fiscal year end:	September 30

Date of reporting period:	March 31, 2024

Item 1. Reports to Stockholders

Semiannual report

Equity funds	Alternative/specialty funds

Delaware Global Equity Fund	Delaware Covered Call Strategy Fund

Delaware Growth and Income Fund	Delaware Hedged U.S. Equity Opportunities Fund

Delaware Opportunity Fund	Delaware Premium Income Fund

March 31, 2024

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

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

Table of Contents

Table of contents

Disclosure of Fund expenses	1
Security type / sector / country allocations and top 10 equity holdings	3
Schedules of investments	9
Statements of assets and liabilities	25
Statements of operations	27
Statements of changes in net assets	29
Financial highlights	34
Notes to financial statements	54
Other Fund information	73

Experience Delaware Funds by Macquarie^®

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

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

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

Manage your account online

● Check your account balance and transactions

● View statements and tax forms

● Make purchases and redemptions

Visit delawarefunds.com/account-access.

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is 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 Funds are advised by Delaware Management Company, a series of Macquarie Investment Management Business Trust (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 Funds are governed by US laws and regulations.

This semiannual report is for the information of Delaware Covered Call Strategy Fund, Delaware Global Equity Fund, Delaware Growth and Income Fund, Delaware Hedged U.S. Equity Opportunities Fund, Delaware Opportunity Fund, and Delaware Premium Income Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the applicable fund's current prospectus or summary prospectus. These documents are available at delawarefunds.com/ literature.

Unless otherwise noted, views expressed herein are current as of March 31, 2024, and subject to change for events occurring after such date. These views are not intended to be investment advice, to forecast future events, or to guarantee future results.

The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.

All third-party marks cited are the property of their respective owners.

Table of Contents

Disclosure of Fund expenses

For the six-month period from October 1, 2023 to March 31, 2024 (Unaudited)

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

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from October 1, 2023 to March 31, 2024.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

							Expenses
							Paid
	Beginning		Ending				During
	Account		Account		Annualized		Period
	Value		Value		Expense		10/1/23 to
	10/1/23		3/31/24		Ratio		3/31/24*
Actual Fund return^†
Class A		$ 1,000.00		$ 1,113.20		1.31%		$ 6.92
Institutional Class		1,000.00		1,114.40		1.06%		5.60
Class R6		1,000.00		1,115.50		0.98%		5.18
Hypothetical 5% return (5% return before expenses)
Class A		$ 1,000.00		$ 1,018.45		1.31%		$ 6.61
Institutional Class		1,000.00		1,019.70		1.06%		5.35
Class R6		1,000.00		1,020.10		0.98%		4.95

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

							Expenses
							Paid
	Beginning		Ending				During
	Account		Account		Annualized		Period
	Value		Value		Expense		10/1/23 to
	10/1/23		3/31/24		Ratio		3/31/24*
Actual Fund return^†
Class A		$ 1,000.00		$ 1,185.90		1.16%		$ 6.34
Institutional Class		1,000.00		1,187.00		0.91%		4.98
Class R6		1,000.00		1,186.10		0.85%		4.65
Hypothetical 5% return (5% return before expenses)
Class A		$ 1,000.00		$ 1,019.20		1.16%		$ 5.86
Institutional Class		1,000.00		1,020.45		0.91%		4.60
Class R6		1,000.00		1,020.75		0.85%		4.29

Table of Contents

Disclosure of Fund expenses

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

							Expenses
							Paid
	Beginning		Ending				During
	Account		Account		Annualized		Period
	Value		Value		Expense		10/1/23 to
	10/1/23		3/31/24		Ratio		3/31/24*
Actual Fund return^†
Class A		$ 1,000.00		$ 1,218.30		1.02%		$ 5.66
Institutional Class		1,000.00		1,219.40		0.77%		4.27
Class R6		1,000.00		1,219.40		0.70%		3.88
Hypothetical 5% return (5% return before expenses)
Class A		$ 1,000.00		$ 1,019.90		1.02%		$ 5.15
Institutional Class		1,000.00		1,021.15		0.77%		3.89
Class R6		1,000.00		1,021.50		0.70%		3.54

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

							Expenses
							Paid
	Beginning		Ending				During
	Account		Account		Annualized		Period
	Value		Value		Expense		10/1/23 to
	10/1/23		3/31/24		Ratio		3/31/24*
Actual Fund return^†
Class A		$ 1,000.00		$ 1,166.30		1.55%		$ 8.39
Institutional Class		1,000.00		1,167.90		1.30%		7.05
Class R6		1,000.00		1,168.50		1.23%		6.67
Hypothetical 5% return (5% return before expenses)
Class A		$ 1,000.00		$ 1,017.25		1.55%		$ 7.82
Institutional Class		1,000.00		1,018.50		1.30%		6.56
Class R6		1,000.00		1,018.85		1.23%		6.21

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

							Expenses
							Paid
	Beginning		Ending				During
	Account		Account		Annualized		Period
	Value		Value		Expense		10/1/23 to
	10/1/23		3/31/24		Ratio		3/31/24*
Actual Fund return^†
Class A		$ 1,000.00		$ 1,225.90		1.13%		$ 6.29
Class C		1,000.00		1,221.20		1.88%		10.44
Class R		1,000.00		1,224.40		1.38%		7.67
Institutional Class		1,000.00		1,227.40		0.88%		4.90
Class R6		1,000.00		1,228.20		0.78%		4.34
Hypothetical 5% return (5% return before expenses)
Class A		$ 1,000.00		$ 1,019.35		1.13%		$ 5.70
Class C		1,000.00		1,015.60		1.88%		9.47
Class R		1,000.00		1,018.10		1.38%		6.96
Institutional Class		1,000.00		1,020.60		0.88%		4.45
Class R6		1,000.00		1,021.10		0.78%		3.94

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

							Expenses
							Paid
	Beginning		Ending				During
	Account		Account		Annualized		Period
	Value		Value		Expense		10/1/23 to
	10/1/23		3/31/24		Ratio		3/31/24*
Actual Fund return^†
Class A		$ 1,000.00		$ 1,055.10		1.30%		$ 6.68
Institutional Class		1,000.00		1,056.70		1.05%		5.40
Class R6		1,000.00		1,056.90		0.98%		5.04
Hypothetical 5% return (5% return before expenses)
Class A		$ 1,000.00		$ 1,018.50		1.30%		$ 6.56
Institutional Class		1,000.00		1,019.75		1.05%		5.30
Class R6		1,000.00		1,020.10		0.98%		4.95

*“Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

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

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

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Covered Call Strategy Fund

As of March 31, 2024 (Unaudited)

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

	Percentage
Security type / sector	of net assets
Common Stocks		101.27	%
Communication Services		8.32	%
Consumer Discretionary		14.06	%
Consumer Staples		5.68	%
Energy		5.59	%
Financials		13.41	%
Healthcare		10.71	%
Industrials		8.07	%
Information Technology*		31.43	%
Real Estate		4.00	%
Short-Term Investments		3.49	%
Total Value of Securities Before Options Written		104.76	%
Options Written		(4.99	)%
Receivables and Other Assets Net of Liabilities		0.23	%
Total Net Assets		100.00	%

*To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of Computers, Semiconductors, and Software. As of March 31, 2024, such amounts, as a percentage of total net assets were 8.25%, 15.56%, and 7.62%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%.

Top 10 equity holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

	Percentage
Top 10 equity holdings	of net assets
Alphabet Class A		8.32	%
Apple		8.24	%
Microsoft		7.62	%
Home Depot		7.01	%
NVIDIA		7.00	%
UnitedHealth Group		6.43	%
Mastercard Class A		5.91	%
BlackRock		5.73	%
Costco Wholesale		5.67	%
Broadcom		5.23	%

Table of Contents

Security type / country and sector allocations

Delaware Global Equity Fund

As of March 31, 2024 (Unaudited)

	Percentage
Security type / country	of net assets
Common Stocks by Country		98.64	%
Austria		0.92	%
Brazil		2.42	%
Canada		4.15	%
China		1.67	%
Denmark		1.53	%
France		7.42	%
Germany		3.04	%
India		1.81	%
Japan		6.08	%
Netherlands		2.51	%
Switzerland		2.32	%
Taiwan		3.16	%
United Kingdom		3.58	%
United States		58.03	%
Short-Term Investments		0.45	%
Total Value of Securities		99.09	%
Receivables and Other Assets Net of Liabilities		0.91	%
Total Net Assets		100.00	%

	Percentage
Common stocks by sector	of net assets
Communication Services		8.86	%
Consumer Discretionary		5.34	%
Consumer Staples*		25.06	%
Energy		5.19	%
Financials		11.68	%
Healthcare		11.23	%
Industrials		6.35	%
Information Technology		24.01	%
Materials		0.92	%
Total		98.64	%

*The Fund has adopted a fundamental policy to concentrate its investments in the Consumer Staples Sector as described in the Fund’s Prospectus and Statement of Additional Information. The Consumer Staples Sector (as disclosed here for financial reporting purposes only) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Consumer Staples sector consisted of Beverages, Cosmetics/Personal Care, Food, Household Products/Wares, and Retail. As of March 31, 2024, such amounts, as a percentage of total net assets were 4.96%, 5.26%, 3.99%, 2.04%, and 8.81%, respectively.

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Growth and Income Fund

As of March 31, 2024 (Unaudited)

	Percentage
Security type / sector	of net assets
Common Stocks		99.49	%
Communication Services		10.98	%
Consumer Discretionary		9.47	%
Consumer Staples		4.47	%
Energy		11.35	%
Financials		23.89	%
Healthcare		18.73	%
Industrials		6.95	%
Information Technology		12.57	%
Real Estate		1.08	%
Short-Term Investments		0.46	%
Total Value of Securities		99.95	%
Receivables and Other Assets Net of Liabilities		0.05	%
Total Net Assets		100.00	%

Top 10 equity holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

	Percentage
Top 10 equity holdings	of net assets
Exxon Mobil		4.99	%
Merck & Co.		4.30	%
Cigna Group		3.64	%
Cisco Systems		3.51	%
Lowe's		3.34	%
CVS Health		3.08	%
Gilead Sciences		2.99	%
Philip Morris International		2.99	%
Marathon Petroleum		2.99	%
Bristol-Myers Squibb		2.98	%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Hedged U.S. Equity Opportunities Fund

As of March 31, 2024 (Unaudited)

	Percentage
Security type / sector	of net assets
Common Stocks		94.81	%
Communication Services		7.66	%
Consumer Discretionary		9.62	%
Consumer Staples		6.53	%
Energy		3.40	%
Financials		14.65	%
Healthcare		11.11	%
Industrials		12.08	%
Information Technology		21.44	%
Materials		3.88	%
Real Estate		3.10	%
Utilities		1.34	%
Warrants		0.00	%
Options Purchased		0.11	%
Short-Term Investments		5.34	%
Total Value of Securities Before Options Written		100.26	%
Options Written		(0.04	)%
Liabilities Net of Receivables and Other Assets		(0.22	)%
Total Net Assets		100.00	%

Top 10 equity holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

	Percentage
Top 10 equity holdings	of net assets
Microsoft		4.47	%
NVIDIA		3.45	%
Apple		2.99	%
Amazon.com		2.93	%
Alphabet Class A		2.06	%
Meta Platforms Class A		2.00	%
American Tower		1.51	%
UnitedHealth Group		1.41	%
Chubb		1.38	%
Danaher		1.31	%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Opportunity Fund

As of March 31, 2024 (Unaudited)

	Percentage
Security type / sector	of net assets
Common Stocks		98.45	%
Basic Industry		9.52	%
Consumer Discretionary		10.53	%
Consumer Staples		3.12	%
Energy		5.76	%
Financial Services		19.58	%
Healthcare		6.84	%
Industrials		19.38	%
Real Estate Investment Trusts		5.97	%
Technology		9.13	%
Transportation		1.53	%
Utilities		7.09	%
Short-Term Investments		1.38	%
Total Value of Securities		99.83	%
Receivables and Other Assets Net of Liabilities		0.17	%
Total Net Assets		100.00	%

Top 10 equity holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

	Percentage
Top 10 equity holdings	of net assets
Regal Rexnord		2.30	%
Hartford Financial Services Group		2.09	%
Quanta Services		1.98	%
Reinsurance Group of America		1.92	%
Parker-Hannifin		1.92	%
Marriott International Class A		1.87	%
DR Horton		1.86	%
KBR		1.78	%
ITT		1.65	%
East West Bancorp		1.57	%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Premium Income Fund

As of March 31, 2024 (Unaudited)

	Percentage
Security type / sector	of net assets
Common Stocks		123.81	%
Communication Services		10.09	%
Consumer Discretionary		12.83	%
Consumer Staples		8.12	%
Energy		4.44	%
Financials		20.77	%
Healthcare		11.37	%
Industrials		13.14	%
Information Technology*		38.65	%
Utilities		4.40	%
Total Value of Securities Before Options Written		123.81	%
Options Written		(28.38	)%
Receivables and Other Assets Net of Liabilities		4.57	%
Total Net Assets		100.00	%

*To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of Computers, Semiconductors, Software, and Telecommunications. As of March 31, 2024, such amounts, as a percentage of total net assets were 7.78%, 14.91%, 5.93%, and 10.03%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%.

Top 10 equity holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

	Percentage
Top 10 equity holdings	of net assets
BlackRock		7.26	%
Alphabet Class A		6.57	%
Broadcom		6.04	%
Booking Holdings		6.01	%
Microsoft		5.93	%
Cisco Systems		5.36	%
Bank of America		4.93	%
Boeing		4.80	%
Texas Instruments		4.76	%
Corning		4.67	%

Table of Contents

Schedules of investments

Delaware Covered Call Strategy Fund

March 31, 2024 (Unaudited)

	Number of shares		Value (US $)
Common Stocks — 101.27% t
Communication Services — 8.32%
Alphabet Class A ~, †		37,700	$	5,690,061
				5,690,061
Consumer Discretionary — 14.06%
Amazon.com ~, †		17,100		3,084,498
Home Depot ~		12,500		4,795,000
Tesla ~, †		9,900		1,740,321
				9,619,819
Consumer Staples — 5.68%
Costco Wholesale ~		5,300		3,882,939
				3,882,939
Energy — 5.59%
Chevron ~		15,100		2,381,874
Exxon Mobil ~		12,400		1,441,376
				3,823,250
Financials — 13.41%
Bank of America ~		32,000		1,213,440
BlackRock ~		4,700		3,918,390
Mastercard Class A ~		8,400		4,045,188
				9,177,018
Healthcare — 10.71%
Medtronic ~		33,600		2,928,240
UnitedHealth Group ~		8,900		4,402,830
				7,331,070
Industrials — 8.07%
Lockheed Martin ~		6,300		2,865,681
Union Pacific ~		10,800		2,656,044
				5,521,725
Information Technology — 31.43%
Apple ~		32,900		5,641,692
Broadcom ~		2,700		3,578,607
Microsoft ~		12,400		5,216,928
NVIDIA ~		5,300		4,788,868
Texas Instruments ~		13,100		2,282,151
				21,508,246
Real Estate — 4.00%
Digital Realty Trust ~		19,000		2,736,760
				2,736,760
Total Common Stocks
(cost $36,705,325)				69,290,888


Short-Term Investments — 3.49%
Money Market Mutual Funds — 3.49%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%)		597,200		597,200
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)		597,200		597,200
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%)		597,200		597,200
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)		597,199		597,199
Total Short-Term Investments
(cost $2,388,799)				2,388,799
Total Value of Securities Before Options Written—104.76%
(cost $39,094,124)				71,679,687

	Number of
	contracts
Options Written — (4.99%)
Equity Call Options — (4.99%)
Alphabet, strike price $145, expiration date 5/17/24, notional amount $(5,466,500)		(377	)	(404,332	)
Amazon.com, strike price $180, expiration date 4/19/24, notional amount $(3,078,000)		(171	)	(73,958	)
Apple, strike price $180, expiration date 5/17/24, notional amount $(5,922,000)		(329	)	(99,522	)
Bank of America, strike price $36, expiration date 5/17/24, notional amount $(1,152,000)		(320	)	(82,400	)
BlackRock, strike price $820, expiration date 5/17/24, notional amount $(3,854,000)		(47	)	(178,600	)

Table of Contents

	Number of
	contracts			Value (US $)
Options Written (continued)
Equity Call Options (continued)
Broadcom, strike price $1,320, expiration date 6/21/24, notional amount $(3,564,000)		(27	)	$	(269,460	)
Chevron, strike price $155, expiration date 4/19/24, notional amount $(2,340,500)		(151	)		(66,440	)
Costco Wholesale, strike price $685, expiration date 4/19/24, notional amount $(3,630,500)		(53	)		(264,205	)
Digital Realty Trust, strike price $145, expiration date 4/19/24, notional amount $(2,755,000)		(190	)		(68,400	)
Exxon Mobil, strike price $105, expiration date 4/19/24, notional amount $(1,302,000)		(124	)		(141,050	)
Home Depot, strike price $360, expiration date 4/19/24, notional amount $(4,500,000)		(125	)		(320,000	)
Lockheed Martin, strike price $450, expiration date 5/17/24, notional amount $(2,835,000)		(63	)		(97,650	)
Mastercard, strike price $480, expiration date 4/19/24, notional amount $(4,032,000)		(84	)		(71,190	)
Medtronic, strike price $87.5, expiration date 4/19/24, notional amount $(2,940,000)		(336	)		(40,488	)
Microsoft, strike price $400, expiration date 4/19/24, notional amount $(4,960,000)		(124	)		(288,920	)
NVIDIA, strike price $760, expiration date 4/19/24, notional amount $(4,028,000)		(53	)		(788,772	)
Tesla, strike price $210, expiration date 4/19/24, notional amount $(2,079,000)		(99	)		(14,405	)
Texas Instruments, strike price $170, expiration date 5/17/24, notional amount $(2,227,000)		(131	)		(121,830	)
Union Pacific, strike price $255, expiration date 4/19/24, notional amount $(2,754,000)		(108	)		(12,150	)
UnitedHealth Group, strike price $540, expiration date 4/19/24, notional amount $(4,806,000)		(89	)		(9,746	)
Total Options Written
(premium received $2,271,276)				$	(3,413,518	)

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

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

Table of Contents

Schedules of investments

Delaware Global Equity Fund

March 31, 2024 (Unaudited)

	Number of
	shares		Value (US $)
Common Stocks – 98.64%∆
Austria – 0.92%
Mondi		99,579	$	1,753,915
				1,753,915
Brazil – 2.42%
Banco do Brasil		290,248		3,280,149
Petroleo Brasileiro ADR		87,224		1,326,677
				4,606,826
Canada – 4.15%
Alimentation Couche-Tard		90,039		5,138,913
Canadian Natural Resources		36,247		2,765,053
				7,903,966
China – 1.67%
China Mengniu Dairy		1,484,000		3,185,322
				3,185,322
Denmark – 1.53%
Genmab †		9,736		2,919,132
				2,919,132
France – 7.42%
Airbus		27,437		5,053,381
BNP Paribas		52,242		3,711,954
L'Oreal		11,297		5,346,165
				14,111,500
Germany – 3.04%
Deutsche Telekom		151,551		3,678,768
Siemens		11,037		2,107,110
				5,785,878
India – 1.81%
ICICI Bank ADR		130,536		3,447,456
				3,447,456
Japan – 6.08%
Asahi Group Holdings		132,500		4,852,557
ITOCHU		56,100		2,395,497
Mitsubishi UFJ Financial Group		426,400		4,323,715
				11,571,769
Netherlands – 2.51%
Adyen 144A #, †		1,896		3,207,344
Shell		47,001		1,569,636
				4,776,980
Switzerland – 2.32%
Nestle		41,560		4,412,452
				4,412,452
Taiwan – 3.16%
Taiwan Semiconductor Manufacturing ADR		44,127		6,003,478
				6,003,478
United Kingdom – 3.58%
AstraZeneca		21,786		2,936,151
Reckitt Benckiser Group		68,125		3,879,597
				6,815,748
United States – 58.03%
Alphabet Class A †		38,374		5,791,788
Amazon.com †		37,601		6,782,468
Apple		27,651		4,741,594
Biogen †		3,521		759,233
Blue Owl Capital		111,809		2,108,718
Casey's General Stores		17,726		5,644,845
Coca-Cola		74,992		4,588,011
ConocoPhillips		20,868		2,656,079
Costco Wholesale		8,155		5,974,598
Danaher		8,602		2,148,091
Discover Financial Services		16,341		2,142,142
DraftKings Class A †		21,068		956,698
Eli Lilly & Co.		5,548		4,316,122
Home Depot		6,305		2,418,598
Ingersoll Rand		26,546		2,520,543
Intuit		5,052		3,283,800
KLA		4,806		3,357,327
Lam Research		2,518		2,446,413
Meta Platforms Class A		5,769		2,801,311
Microchip Technology		28,102		2,521,030
Microsoft		25,068		10,546,609
Netflix †		4,392		2,667,393
NVIDIA		7,004		6,328,534
Pinterest Class A †		55,491		1,923,873
Procter & Gamble		28,771		4,668,095
Salesforce		15,315		4,612,572
Schlumberger		28,488		1,561,427
Synopsys †		3,246		1,855,089
Thermo Fisher Scientific		3,708		2,155,127
UnitedHealth Group		5,803		2,870,744
Vertex Pharmaceuticals †		7,814		3,266,330
				110,415,202
Total Common Stocks
(cost $164,397,458)				187,709,624

Short-Term Investments – 0.45%
Money Market Mutual Funds – 0.45%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%)		211,832		211,832
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)		211,834		211,834
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%)		211,834		211,834

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 5.22%)		211,833	$	211,833
Total Short-Term Investments
(cost $847,333)				847,333
Total Value of Securities–99.09%
(cost $165,244,791)			$	188,556,957

∆	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 5 in “Security type / country and sector allocations.”
†	Non-income producing security.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2024, the aggregate value of Rule 144A securities was $3,207,344, which represents 1.69% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt

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

Table of Contents

Schedules of investments

Delaware Growth and Income Fund

March 31, 2024 (Unaudited)

	Number of
	shares		Value (US $)
Common Stocks — 99.49%
Communication Services — 10.98%
Alphabet Class A †		159,146	$	24,019,906
AT&T		1,191,940		20,978,144
Comcast Class A		833,572		36,135,346
Meta Platforms Class A		68,292		33,161,229
Verizon Communications		849,156		35,630,586
				149,925,211
Consumer Discretionary — 9.47%
AutoZone †		2,461		7,756,211
Booking Holdings		2,803		10,168,948
Ford Motor		237,795		3,157,918
General Motors		443,225		20,100,254
Kohl's		233,277		6,800,024
Lowe's		179,014		45,600,236
NIKE Class B		87,310		8,205,394
TJX		270,780		27,462,507
				129,251,492
Consumer Staples — 4.47%
Altria Group		463,933		20,236,757
Philip Morris International		445,829		40,846,853
				61,083,610
Energy — 11.35%
Chevron		104,001		16,405,118
ConocoPhillips		201,479		25,644,247
Exxon Mobil		586,489		68,173,481
Marathon Petroleum		202,643		40,832,564
Valero Energy		23,120		3,946,353
				155,001,763
Financials — 23.89%
American International Group		210,714		16,471,513
Bank of New York Mellon		264,914		15,264,345
Blackstone		28,513		3,745,753
Charles Schwab		122,701		8,876,190
Corebridge Financial		746,975		21,460,592
Evercore Class A		115,717		22,285,937
F&G Annuities & Life		24,807		1,005,924
Fidelity National Financial		244,371		12,976,100
Invesco		764,171		12,677,597
KeyCorp		321,439		5,081,951
Lincoln National		421,654		13,463,412
MetLife		351,564		26,054,408
Old Republic International		135,192		4,153,098
OneMain Holdings		380,988		19,464,677
PayPal Holdings †		298,116		19,970,791
PNC Financial Services Group		165,128		26,684,685
Rithm Capital		1,360,045		15,178,102
Synchrony Financial		767,356		33,088,391
TPG		94,572		4,227,368
Truist Financial		665,150		25,927,547
Western Union		1,296,400		18,123,672
				326,182,053
Healthcare — 18.73%
Bristol-Myers Squibb		751,594		40,758,942
Cigna Group		137,016		49,762,841
CVS Health		527,255		42,053,859
Gilead Sciences		558,201		40,888,223
McKesson		38,582		20,712,747
Merck & Co.		445,443		58,776,204
Pfizer		102,329		2,839,630
				255,792,446
Industrials — 6.95%
3M		185,865		19,714,701
Builders FirstSource †		112,369		23,434,555
Delta Air Lines		164,015		7,851,398
Emerson Electric		174,070		19,743,019
Honeywell International		117,878		24,194,459
				94,938,132
Information Technology — 12.57%
Broadcom		27,879		36,951,105
Cisco Systems		959,127		47,870,029
Cognizant Technology Solutions Class A		220,141		16,134,134
KLA		3,867		2,701,370
Lam Research		10,566		10,265,609
Motorola Solutions		53,999		19,168,565
QUALCOMM		227,791		38,565,016
				171,655,828
Real Estate — 1.08%
Medical Properties Trust		3,145,378		14,783,277
				14,783,277
Total Common Stocks
(cost $1,037,065,156)				1,358,613,812

Short-Term Investments — 0.46%
Money Market Mutual Funds — 0.46%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%)		1,568,074		1,568,074
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)		1,568,075		1,568,075
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%)		1,568,075		1,568,075

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 5.22%)		1,568,074	$	1,568,074
Total Short-Term Investments
(cost $6,272,298)				6,272,298
Total Value of Securities—99.95%
(cost $1,043,337,454)			$	1,364,886,110

†	Non-income producing security.

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

Table of Contents

Schedules of investments

Delaware Hedged U.S. Equity Opportunities Fund

March 31, 2024 (Unaudited)

	Number of
	shares		Value (US $)
Common Stocks — 94.81%
Communication Services — 7.66%
Alphabet Class A †		3,004	$	453,394
Alphabet Class C †		783		119,220
Cable One		25		10,578
Cargurus †		877		20,241
Electronic Arts		374		49,619
Liberty Media-Liberty Formula One Class C †		866		56,810
Live Nation Entertainment †		752		79,539
Meta Platforms Class A		909		441,392
Netflix †		158		95,958
Omnicom Group		70		6,773
Pinterest Class A †		2,131		73,882
Spotify Technology †		250		65,975
T-Mobile US		692		112,948
Verizon Communications		591		24,798
Walt Disney		636		77,821
				1,688,948
Consumer Discretionary — 9.62%
Amazon.com †		3,586		646,843
CarMax †		226		19,687
Choice Hotels International		199		25,144
Compass Group		775		22,723
Deckers Outdoor †		60		56,476
Denny's †		1,978		17,723
DraftKings Class A †		1,916		87,005
Floor & Decor Holdings Class A †		84		10,888
Garmin		53		7,890
Gentex		3,105		112,153
Genuine Parts		49		7,592
Goodyear Tire & Rubber †		1,763		24,206
Hasbro		46		2,600
Las Vegas Sands		1,322		68,347
Lululemon Athletica †		137		53,519
McDonald's		774		218,229
NIKE Class B		1,295		121,704
NVR †		11		89,099
On Holding Class A †		1,344		47,551
O'Reilly Automotive †		57		64,346
Ross Stores		256		37,570
Steven Madden		642		27,144
TJX		2,480		251,522
Wyndham Hotels & Resorts		1,159		88,953
Yum! Brands		99		13,726
				2,122,640
Consumer Staples — 6.53%
Campbell Soup		68		3,023
Celsius Holdings †		126		10,448
Church & Dwight		87		9,075
Coca-Cola		1,268		77,576
Colgate-Palmolive		1,893		170,465
Conagra Brands		169		5,009
Constellation Brands Class A		347		94,301
Costco Wholesale		21		15,385
Dollar Tree †		288		38,347
elf Beauty †		265		51,948
General Mills		205		14,344
Hershey		52		10,114
Hormel Foods		107		3,733
J M Smucker		37		4,657
Kellanova		95		5,443
Kenvue		4,624		99,231
Keurig Dr Pepper		1,537		47,140
Kraft Heinz		302		11,144
McCormick & Co.		88		6,759
Mondelez International Class A		322		22,540
Monster Beverage †		650		38,532
PepsiCo		1,053		184,285
Procter & Gamble		1,348		218,713
Sysco		907		73,630
Tyson Foods Class A		1,408		82,692
Unilever		1,583		79,430
US Foods Holding †		618		33,353
Walmart		495		29,784
				1,441,101
Energy — 3.40%
Canadian Natural Resources		1,307		99,750
Cheniere Energy		150		24,192
Chevron		123		19,402
ConocoPhillips		487		61,985
Diamondback Energy		499		98,887
Enbridge		1,645		59,446
Exxon Mobil		320		37,197
Halliburton		1,817		71,626
Marathon Oil		1,183		33,526
Schlumberger		2,681		146,946
Targa Resources		98		10,975
Williams		2,212		86,202
				750,134
Financials — 14.65%
Allstate		646		111,764
American Express		1,041		237,025
Arthur J Gallagher & Co.		76		19,003
Berkshire Hathaway Class B †		422		177,459
Block †		996		84,242
Brown & Brown		85		7,441
Cadence Bank		1,273		36,917

Table of Contents

	Number of
	shares		Value (US $)
Common Stocks (continued)
Financials (continued)
Cboe Global Markets		36	$	6,614
Charles Schwab		1,505		108,872
Chubb		1,173		303,959
CME Group		127		27,342
Corpay †		228		70,347
Credit Acceptance †		75		41,366
Equitable Holdings		1,563		59,410
Everest Group		314		124,815
First Citizens BancShares Class A		19		31,065
Fiserv †		11		1,758
Globe Life		612		71,218
Hamilton Lane Class A		8		902
Hanover Insurance Group		217		29,549
Intercontinental Exchange		199		27,349
Jack Henry & Associates		25		4,343
Kemper		814		50,403
KKR & Co.		415		41,741
M&T Bank		1,078		156,784
Markel Group †		33		50,209
MarketAxess Holdings		12		2,631
Marsh & McLennan		1,075		221,428
Mastercard Class A		236		113,651
MetLife		904		66,995
Moody's		36		14,149
Morgan Stanley		1,369		128,905
Morningstar		16		4,934
Progressive		250		51,705
Raymond James Financial		790		101,452
S&P Global		58		24,676
SEI Investments		39		2,804
SouthState		419		35,628
StepStone Group Class A		866		30,951
TPG		1,313		58,691
Tradeweb Markets Class A		1,003		104,483
Travelers		68		15,650
Visa Class A		888		247,823
Voya Financial		1,367		101,049
WEX †		46		10,926
Willis Towers Watson		36		9,900
				3,230,328
Healthcare — 11.11%
Abbott Laboratories		135		15,344
Agilent Technologies		619		90,071
agilon health †		478		2,916
Apellis Pharmaceuticals †		138		8,112
AstraZeneca ADR		1,484		100,541
Becton Dickinson and Co.		22		5,444
Bristol-Myers Squibb		329		17,842
Cencora		59		14,336
Centene †		1,249		98,021
Danaher		1,158		289,176
DENTSPLY SIRONA		820		27,216
Dexcom †		435		60,334
Eli Lilly & Co.		275		213,939
Encompass Health		489		40,382
Exact Sciences †		1,015		70,096
Humana		182		63,103
IDEXX Laboratories †		20		10,799
Integra LifeSciences Holdings †		731		25,914
Intuitive Surgical †		186		74,231
Johnson & Johnson		254		40,180
Medtronic		1,257		109,548
Merck & Co.		305		40,245
Mettler-Toledo International †		8		10,650
Novartis		629		60,937
Pfizer		4,430		122,932
PTC Therapeutics †		315		9,163
Quest Diagnostics		613		81,596
Sarepta Therapeutics †		62		8,027
Shockwave Medical †		189		61,544
Stryker		521		186,450
Teleflex		182		41,163
Thermo Fisher Scientific		22		12,787
Ultragenyx Pharmaceutical †		178		8,311
United Therapeutics †		236		54,214
UnitedHealth Group		629		311,166
Veeva Systems Class A †		44		10,194
Vertex Pharmaceuticals †		128		53,505
				2,450,429
Industrials — 12.08%
3M		149		15,804
AerCap Holdings †		1,088		94,558
Airbus		252		46,414
AMETEK		51		9,328
Automatic Data Processing		88		21,977
Axon Enterprise †		221		69,146
Builders FirstSource †		107		22,315
Canadian National Railway		242		31,867
CH Robinson Worldwide		40		3,046
Cintas		71		48,779
Copart †		1,962		113,639
Dayforce †		116		7,680
Delta Air Lines		1,688		80,805
Dover		513		90,898
Emerson Electric		473		53,648

Table of Contents

Schedules of investments

Delaware Hedged U.S. Equity Opportunities Fund

	Number of
	shares		Value (US $)
Common Stocks (continued)
Industrials (continued)
Expeditors International of Washington		376	$	45,710
Fastenal		457		35,253
Fortive		239		20,559
Fortune Brands Innovations		374		31,667
General Dynamics		345		97,459
Genpact		722		23,790
Graco		264		24,673
Honeywell International		970		199,092
IDEX		149		36,359
JB Hunt Transport Services		45		8,966
John Bean Technologies		264		27,691
Knight-Swift Transportation Holdings		1,984		109,160
Leidos Holdings		962		126,109
Lennox International		94		45,943
Lockheed Martin		173		78,693
Lumine Group †		95		2,512
Middleby †		466		74,928
Nordson		17		4,667
Northrop Grumman		483		231,193
PACCAR		665		82,387
Paychex		122		14,982
Rollins		82		3,794
RTX		783		76,366
Snap-on		13		3,851
Techtronic Industries		5,985		81,132
Toro		473		43,341
Uber Technologies †		857		65,980
U-Haul Holding		365		24,338
Union Pacific		364		89,519
United Parcel Service Class B		830		123,363
Waste Connections		41		7,052
Westinghouse Air Brake Technologies		661		96,294
WW Grainger		16		16,277
				2,663,004
Information Technology — 21.44%
Accenture Class A		629		218,018
Adobe †		162		81,745
Advanced Micro Devices †		139		25,088
Amphenol Class A		210		24,223
ANSYS †		30		10,415
Apple		3,844		659,169
Arista Networks †		48		13,919
Belden		257		23,801
Broadcom		97		128,565
Cadence Design Systems †		42		13,074
CDW		85		21,741
Cisco Systems		654		32,641
Cognizant Technology Solutions Class A		178		13,046
Coherent †		406		24,612
Constellation Software		32		87,409
Datadog Class A †		457		56,485
Dynatrace †		177		8,220
Enphase Energy †		396		47,908
First Solar †		341		57,561
Flex †		2,824		80,795
Gitlab Class A †		592		34,525
HP		197		5,953
HubSpot †		17		10,652
International Business Machines		171		32,654
Intuit		26		16,900
Micron Technology		1,329		156,676
Microsoft		2,343		985,747
MKS Instruments		297		39,501
MongoDB †		126		45,189
Monolithic Power Systems		13		8,806
NVIDIA		842		760,797
NXP Semiconductors		457		113,231
QUALCOMM		578		97,855
Rambus †		142		8,777
Roper Technologies		37		20,751
Rubicon Technologies †		134		54
Salesforce		388		116,858
Samsung Electronics GDR		26		32,656
Seagate Technology Holdings		854		79,465
ServiceNow †		128		97,587
Shopify Class A †		449		34,649
Silicon Motion Technology ADR		369		28,391
Snowflake Class A †		261		42,178
Synopsys †		58		33,147
Texas Instruments		1,177		205,045
Topicus.com		50		4,479
Tyler Technologies †		15		6,375
Workday Class A †		300		81,825
				4,729,158
Materials — 3.88%
Ball		302		20,343
Celanese		145		24,920
CRH		594		51,191
Element Solutions		947		23,656
FMC		1,264		80,517
Freeport-McMoRan		926		43,540
Huntsman		1,159		30,169

Table of Contents

		Number of
		shares		Value (US $)
Common Stocks (continued)
Materials (continued)
Ingevity †			494	$	23,564
Linde			547		253,983
LyondellBasell Industries Class A			71		7,262
PPG Industries			448		64,915
Reliance			223		74,522
Rio Tinto ADR			1,255		79,994
Sherwin-Williams			98		34,038
Vulcan Materials			157		42,848
					855,462
Real Estate — 3.10%
American Tower			1,681		332,149
AvalonBay Communities			234		43,421
Brixmor Property Group			1,518		35,597
CoStar Group †			686		66,267
Equinix			81		66,852
Extra Space Storage			279		41,013
Gaming and Leisure Properties			630		29,024
Public Storage			44		12,763
UDR			1,537		57,499
					684,585
Utilities — 1.34%
Atmos Energy			151		17,949
Edison International			1,137		80,420
Exelon			2,894		108,728
Iberdrola			6,104		75,698
Vistra			174		12,119
					294,914
Total Common Stocks
(cost $17,099,006)					20,910,703

Warrants — 0.00%
Constellation Software =, †	CAD		197		0
Total Warrants
(cost $0)					0

	Number of
	contracts
Options Purchased — 0.11%
Equity Put Options — 0.11%
S&P 500 Index, strike price $4,075, expiration date 5/17/24, notional amount $2,037,500		5	1,175
S&P 500 Index, strike price $4,400, expiration date 6/21/24, notional amount $2,200,000		5	4,725
S&P 500 Index, strike price $4,700, expiration date 4/19/24, notional amount $1,410,000		3	713
S&P 500 Index, strike price $4,700, expiration date 7/19/24, notional amount $2,350,000		5	13,275
S&P 500 Index, strike price $4,825, expiration date 5/17/24, notional amount $1,447,500		3	3,255
Total Options Purchased
(cost $122,531)			23,143

	Number of
	shares
Short-Term Investments — 5.34%
Money Market Mutual Funds — 5.34%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%)		294,396	294,396
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)		294,396	294,396
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%)		294,396	294,396
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)		294,396	294,396
Total Short-Term Investments
(cost $1,177,584)			1,177,584
Total Value of Securities Before Options Written—100.26%
(cost $18,399,121)			22,111,430

Table of Contents

Schedules of investments

Delaware Hedged U.S. Equity Opportunities Fund

	Number of
	contracts			Value (US $)
Options Written — (0.04%)
Equity Put Options — (0.04%)
S&P 500 Index, strike price $3,675, expiration date 5/17/24, notional amount $(1,837,500)		(5	)	$	(675	)
S&P 500 Index, strike price $3,975, expiration date 6/21/24, notional amount $(1,987,500)		(5	)		(2,425	)
S&P 500 Index, strike price $4,250, expiration date 7/19/24, notional amount $(2,125,000)		(5	)		(5,950	)
Total Options Written
(premium received $39,950)				$	(9,050	)

†

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.”

The following futures contracts were outstanding at March 31, 2024:¹

Futures Contracts
Exchange-Traded

													Variation
													Margin
					Notional					Value/			Due from
		Notional			Cost			Expiration		Unrealized			(Due to)
Contracts to Buy (Sell)		Amount			(Proceeds)			Date		Depreciation			Brokers
(9)	E-Mini S&P 500 Index	$	(2,388,825	)	$	(2,351,474	)		6/21/24	$	(37,351	)	$	(112	)
(10)	EURO STOXX 50 Index		(544,280	)		(526,408	)		6/21/24		(17,872	)		(585	)
(3)	FTSE 100 Index		(302,461	)		(290,283	)		6/21/24		(12,178	)		(1,255	)
(2)	S&P/TSX 60 Index		(396,117	)		(389,350	)		6/20/24		(6,767	)		(1,045	)
Total Futures Contracts					$	(3,557,515	)			$	(74,168	)	$	(2,997	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the variation margin is reflected in the Fund’s net assets.

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

Summary of abbreviations:

ADR – American Depositary Receipt

FTSE – Financial Times Stock Exchange

GDR – Global Depositary Receipt

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

Summary of currencies:

CAD – Canadian Dollar

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

Table of Contents

Delaware Opportunity Fund

March 31, 2024 (Unaudited)

	Number of
	shares		Value (US $)
Common Stocks — 98.45%
Basic Industry — 9.52%
Berry Global Group		93,391	$	5,648,288
Celanese		48,740		8,376,456
Crown Holdings		57,490		4,556,657
Graphic Packaging Holding		192,290		5,611,022
Huntsman		167,460		4,358,984
Knife River †		41,285		3,347,388
Louisiana-Pacific		71,200		5,974,392
Olin		70,980		4,173,624
Reliance		20,420		6,823,956
Vulcan Materials		34,510		9,418,469
				58,289,236
Consumer Discretionary — 10.53%
Aptiv †		34,350		2,735,978
AutoZone †		2,232		7,034,483
Darden Restaurants		34,470		5,761,660
DR Horton		69,120		11,373,696
Electronic Arts		50,470		6,695,855
Interpublic Group		122,600		4,000,438
Marriott International Class A		45,470		11,472,536
Polaris		40,540		4,058,865
PulteGroup		32,850		3,962,367
Ross Stores		50,140		7,358,546
				64,454,424
Consumer Staples — 3.12%
Conagra Brands		147,990		4,386,424
Kellanova		97,830		5,604,681
Tyson Foods Class A		55,270		3,246,007
US Foods Holding †		108,050		5,831,458
				19,068,570
Energy — 5.76%
APA		134,230		4,614,827
Coterra Energy		271,050		7,556,874
Devon Energy		101,720		5,104,310
Marathon Oil		306,800		8,694,712
Valero Energy		54,400		9,285,536
				35,256,259
Financial Services — 19.58%
Affiliated Managers Group		37,070		6,208,113
Allstate		47,030		8,136,660
Ally Financial		212,560		8,627,810
Assurant		35,320		6,648,637
East West Bancorp		121,090		9,579,430
Fiserv †		25,130		4,016,277
Globe Life		51,035		5,938,943
Hartford Financial Services Group		124,010		12,779,231
KeyCorp		533,600		8,436,216
Raymond James Financial		73,870		9,486,385
Reinsurance Group of America		61,070		11,779,182
State Street		66,240		5,121,677
Synchrony Financial		108,420		4,675,070
Synovus Financial		156,190		6,256,971
Webster Financial		114,650		5,820,781
Willis Towers Watson		22,950		6,311,250
				119,822,633
Healthcare — 6.84%
Agilent Technologies		39,640		5,768,016
Avantor †		153,700		3,930,109
Cencora		34,620		8,412,314
Quest Diagnostics		43,580		5,800,934
STERIS		26,510		5,959,978
Teleflex		22,340		5,052,638
Zimmer Biomet Holdings		52,730		6,959,305
				41,883,294
Industrials — 19.38%
AECOM		88,680		8,697,734
AMETEK		46,260		8,460,954
CACI International Class A †		18,775		7,112,533
Curtiss-Wright		19,700		5,042,018
ITT		74,380		10,117,911
Johnson Controls International		50,358		3,289,385
KBR		171,260		10,902,412
NEXTracker Class A †		63,678		3,583,161
Oshkosh		56,840		7,088,516
Parker-Hannifin		21,100		11,727,169
Quanta Services		46,580		12,101,484
Regal Rexnord		78,200		14,083,820
United Rentals		9,555		6,890,206
WESCO International		55,402		9,489,255
				118,586,558
Real Estate Investment Trusts — 5.97%
American Homes 4 Rent Class A		157,360		5,787,701
Apartment Income REIT		158,066		5,132,403
Extra Space Storage		28,537		4,194,939
Host Hotels & Resorts		371,120		7,674,762
Kimco Realty		173,720		3,406,649
Realty Income		94,470		5,110,827
VICI Properties		174,837		5,208,394
				36,515,675
Technology — 9.13%
Akamai Technologies †		58,910		6,407,052
Ciena †		124,220		6,142,679
Flex †		264,940		7,579,933
Keysight Technologies †		39,225		6,134,005
ON Semiconductor †		75,460		5,550,083
Qorvo †		35,250		4,047,758
Synopsys †		11,960		6,835,140

Table of Contents

Schedules of investments

Delaware Opportunity Fund

	Number of
	shares		Value (US $)
Common Stocks (continued)
Technology (continued)
TD SYNNEX		43,350	$	4,902,885
Teradyne		73,570		8,300,903
				55,900,438
Transportation — 1.53%
JB Hunt Transport Services		25,530		5,086,853
Southwest Airlines		145,370		4,243,350
				9,330,203
Utilities — 7.09%
CMS Energy		124,990		7,541,896
Edison International		92,020		6,508,575
MDU Resources Group		165,190		4,162,788
NRG Energy		110,610		7,487,191
Public Service Enterprise Group		122,210		8,161,184
WEC Energy Group		55,620		4,567,514
Xcel Energy		92,520		4,972,950
				43,402,098
Total Common Stocks
(cost $392,210,018)				602,509,388

Short-Term Investments — 1.38%
Money Market Mutual Funds — 1.38%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%)		2,117,945		2,117,945
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)		2,117,952		2,117,952
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%)		2,117,952		2,117,952
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)		2,117,951		2,117,951
Total Short-Term Investments
(cost $8,471,800)				8,471,800
Total Value of Securities—99.83%
(cost $400,681,818)			$	610,981,188

† Non-income producing security.

Summary of abbreviations:

REIT – Real Estate Investment Trust

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

Table of Contents

Delaware Premium Income Fund

March 31, 2024 (Unaudited)

	Number of
	shares		Value (US $)
Common Stocks — 123.81%t
Communication Services — 10.09%
Alphabet Class A ~, †		10,500	$	1,584,765
Comcast Class A ~		19,600		849,660
				2,434,425
Consumer Discretionary — 12.83%
Booking Holdings ~		400		1,451,152
Home Depot ~		2,700		1,035,720
Whirlpool ~		5,100		610,113
				3,096,985
Consumer Staples — 8.12%
Kimberly-Clark ~		4,500		582,075
Mondelez International Class A ~		4,600		322,000
PepsiCo ~		4,300		752,543
Philip Morris International ~		3,300		302,346
				1,958,964
Energy — 4.44%
Chevron ~		6,800		1,072,632
				1,072,632
Financials — 20.77%
Bank of America ~		31,400		1,190,688
BlackRock ~		2,100		1,750,770
JPMorgan Chase & Co. ~		4,900		981,470
Visa Class A ~		3,900		1,088,412
				5,011,340
Healthcare — 11.37%
Bristol-Myers Squibb ~		12,600		683,298
Medtronic ~		1,900		165,585
Pfizer ~		29,100		807,525
UnitedHealth Group ~		2,200		1,088,340
				2,744,748
Industrials — 13.14%
Boeing ~, †		6,000		1,157,940
CSX ~		17,200		637,604
Lockheed Martin ~		2,400		1,091,688
RTX ~		2,900		282,837
				3,170,069
Information Technology — 38.65%
Apple ~		6,500		1,114,620
Broadcom ~		1,100		1,457,951
Cisco Systems ~		25,900		1,292,669
Corning ~		34,200		1,127,232
International Business Machines ~		4,000		763,840
Micron Technology ~		8,400		990,276
Microsoft ~		3,400		1,430,448
Texas Instruments ~		6,600		1,149,786
				9,326,822
Utilities — 4.40%
NextEra Energy ~		16,600		1,060,906
				1,060,906
Total Common Stocks
(cost $22,640,844)				29,876,891
Total Value of Securities Before Options Written—123.81%
(cost $22,640,844)				29,876,891

	Number of
	contracts
Options Written — (28.38%)
Equity Call Options — (28.38%)
Alphabet, strike price $115, expiration date 9/20/24, notional amount $(1,207,500)		(105	)	(421,050	)
Apple, strike price $145, expiration date 9/20/24, notional amount $(667,000)		(46	)	(143,865	)
Apple, strike price $165, expiration date 6/21/24, notional amount $(313,500)		(19	)	(25,175	)
Bank of America, strike price $30, expiration date 8/16/24, notional amount $(942,000)		(314	)	(265,330	)
BlackRock, strike price $680, expiration date 10/18/24, notional amount $(1,428,000)		(21	)	(367,185	)
Boeing, strike price $155, expiration date 9/20/24, notional amount $(852,500)		(55	)	(247,637	)
Boeing, strike price $200, expiration date 6/21/24, notional amount $(100,000)		(5	)	(4,825	)
Booking Holdings, strike price $2,550, expiration date 6/21/24, notional amount $(1,020,000)		(4	)	(443,600	)
Bristol-Myers Squibb, strike price $50, expiration date 6/21/24, notional amount $(630,000)		(126	)	(60,795	)
Broadcom, strike price $710, expiration date 6/21/24, notional amount $(781,000)		(11	)	(688,160	)

Table of Contents

Schedules of investments

Delaware Premium Income Fund

	Number of
	contracts			Value (US $)
Options Written (continued)
Equity Call Options (continued)
Chevron, strike price $125, expiration date 9/20/24, notional amount $(850,000)		(68	)	$	(232,900	)
Cisco Systems, strike price $45, expiration date 6/21/24, notional amount $(1,165,500)		(259	)		(143,098	)
Comcast, strike price $37.5, expiration date 6/21/24, notional amount $(735,000)		(196	)		(124,950	)
Corning, strike price $26, expiration date 5/17/24, notional amount $(889,200)		(342	)		(212,040	)
CSX, strike price $27.5, expiration date 1/17/25, notional amount $(473,000)		(172	)		(184,900	)
Home Depot, strike price $250, expiration date 6/21/24, notional amount $(675,000)		(27	)		(366,727	)
International Business Machines, strike price $150, expiration date 9/20/24, notional amount $(600,000)		(40	)		(175,100	)
JPMorgan Chase & Co., strike price $130, expiration date 6/21/24, notional amount $(637,000)		(49	)		(347,532	)
Kimberly-Clark, strike price $100, expiration date 6/21/24, notional amount $(450,000)		(45	)		(137,025	)
Lockheed Martin, strike price $390, expiration date 7/19/24, notional amount $(234,000)		(6	)		(42,330	)
Lockheed Martin, strike price $400, expiration date 1/17/25, notional amount $(720,000)		(18	)		(129,150	)
Medtronic, strike price $77.5, expiration date 6/21/24, notional amount $(147,250)		(19	)		(20,188	)
Micron Technology, strike price $72.5, expiration date 6/21/24, notional amount $(609,000)		(84	)		(388,500	)
Microsoft, strike price $320, expiration date 7/19/24, notional amount $(256,000)		(8	)		(85,900	)
Microsoft, strike price $350, expiration date 8/16/24, notional amount $(910,000)		(26	)		(209,950	)
Mondelez International, strike price $65, expiration date 9/20/24, notional amount $(299,000)		(46	)		(34,730	)
NextEra Energy, strike price $47.5, expiration date 1/17/25, notional amount $(218,500)		(46	)		(81,305	)
NextEra Energy, strike price $50, expiration date 6/21/24, notional amount $(600,000)		(120	)		(174,000	)
PepsiCo, strike price $135, expiration date 6/21/24, notional amount $(229,500)		(17	)		(70,848	)
PepsiCo, strike price $140, expiration date 6/21/24, notional amount $(364,000)		(26	)		(96,330	)
Pfizer, strike price $25, expiration date 9/20/24, notional amount $(727,500)		(291	)		(102,578	)
Philip Morris International, strike price $80, expiration date 1/17/25, notional amount $(264,000)		(33	)		(45,705	)
RTX, strike price $80, expiration date 9/20/24, notional amount $(232,000)		(29	)		(55,245	)
Texas Instruments, strike price $140, expiration date 6/21/24, notional amount $(560,000)		(40	)		(142,100	)
Texas Instruments, strike price $150, expiration date 9/20/24, notional amount $(390,000)		(26	)		(73,645	)
UnitedHealth Group, strike price $410, expiration date 6/21/24, notional amount $(328,000)		(8	)		(72,060	)

Table of Contents

	Number of
	contracts			Value (US $)
Options Written (continued)
Equity Call Options (continued)
UnitedHealth Group, strike price $470, expiration date 6/21/24, notional amount $(658,000)		(14	)	$	(53,235	)
Visa, strike price $215, expiration date 6/21/24, notional amount $(838,500)		(39	)		(261,007	)
Whirlpool, strike price $100, expiration date 9/20/24, notional amount $(510,000)		(51	)		(117,045	)
Total Options Written
(premium received $5,107,442)				$	(6,847,745	)

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

All or a portion of the security has been pledged as collateral for outstanding options written.

†

Non-income producing security.

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

Table of Contents

Statements of assets and liabilities

Delaware Group^®Equity Funds IV (Trust)

March 31, 2024 (Unaudited)

							Delaware
	Delaware						Hedged
	Covered Call		Delaware		Delaware		U.S. Equity		Delaware		Delaware
	Strategy		Global Equity		Growth and		Opportunities		Opportunity		Premium
	Fund		Fund		Income Fund		Fund		Fund		Income Fund
Assets:
Investments, at value*	$	71,679,687	$	188,556,957	$	1,364,886,110	$	22,111,430	$	610,981,188	$	29,876,891
Foreign currencies, at value^Δ		—		68,685		1,190		327		—		—
Cash		63,458		15,995		753,657		17,287		234,228		—
Cash collateral due from brokers		—		—		—		189,184		—		—
Receivable for securities sold		1,428,611		945,869		—		32,015		1,216,072		2,775,627
Receivable for fund shares sold		122,861		236,311		1,225,740		66,810		667,075		52,532
Dividends receivable		39,262		181,507		1,988,872		31,493		734,278		28,221
Prepaid expenses		24,770		25,872		55,492		23,549		50,128		25,583
Foreign tax reclaims receivable		5,796		814,282		—		4,101		9,707		328
Other assets		897		1,594		9,299		489		5,215		344
Total Assets		73,365,342		190,847,072		1,368,920,360		22,476,685		613,897,891		32,759,526
Liabilities:
Options written, at value^Σ		3,413,518		—		—		9,050		—		6,847,745
Due to custodian		—		—		—		—		—		1,296,706
Payable for fund shares redeemed		1,383,888		275,407		1,776,707		304,109		1,056,950		429,989
Other accrued expenses		64,346		120,994		548,113		61,085		328,543		27,897
Investment management fees payable to affiliates		52,236		106,097		679,555		21,759		328,305		13,427
Administration expenses payable to affiliates		13,173		16,085		73,237		11,047		53,972		9,930
Distribution fees payable to affiliates		12,103		39,919		269,133		4,534		118,832		2,581
Payable for securities purchased		—		—		—		7,767		—		—
Variation margin due to broker on futures contracts		—		—		—		2,997		—		—
Total Liabilities		4,939,264		558,502		3,346,745		422,348		1,886,602		8,628,275
Total Net Assets	$	68,426,078	$	190,288,570	$	1,365,573,615	$	22,054,337	$	612,011,289	$	24,131,251

Net Assets Consist of:
Paid-in capital	$	28,573,560	$	166,496,530	$	997,051,128	$	13,520,722	$	382,609,770	$	24,561,451
Total distributable earnings (loss)		39,852,518		23,792,040		368,522,487		8,533,615		229,401,519		(430,200	)
Total Net Assets	$	68,426,078	$	190,288,570	$	1,365,573,615	$	22,054,337	$	612,011,289	$	24,131,251

Table of Contents

										Delaware
	Delaware									Hedged
	Covered Call			Delaware			Delaware			U.S. Equity			Delaware			Delaware
	Strategy			Global Equity			Growth and			Opportunities			Opportunity			Premium
	Fund			Fund			Income Fund			Fund			Fund			Income Fund
Net Asset Value

Class A:
Net assets	$	46,943,169		$	186,910,463		$	1,309,401,269		$	16,703,385		$	563,104,606		$	8,788,136
Shares of beneficial interest outstanding, unlimited authorization, no par		3,519,855			27,446,656			83,688,309			1,818,049			16,254,613			768,803
Net asset value per share	$	13.34		$	6.81		$	15.65		$	9.19		$	34.64		$	11.43
Sales charge		5.75	%		5.75	%		5.75	%		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	14.15		$	7.23		$	16.60		$	9.75		$	36.75		$	12.13

Class C:
Net assets	$	—		$	—		$	—		$	—		$	2,212,852		$	—
Shares of beneficial interest outstanding, unlimited authorization, no par		—			—			—			—			60,803			—
Net asset value per share	$	—		$	—		$	—		$	—		$	36.39		$	—

Class R:
Net assets	$	—		$	—		$	—		$	—		$	356,053		$	—
Shares of beneficial interest outstanding, unlimited authorization, no par		—			—			—			—			9,783			—
Net asset value per share	$	—		$	—		$	—		$	—		$	36.40		$	—

Institutional Class:
Net assets	$	21,444,349		$	3,271,301		$	55,111,156		$	5,336,752		$	33,706,134		$	15,330,523
Shares of beneficial interest outstanding, unlimited authorization, no par		1,613,336			449,311			3,523,696			560,265			922,858			1,339,345
Net asset value per share	$	13.29		$	7.28		$	15.64		$	9.53		$	36.52		$	11.45

Class R6:
Net assets	$	38,560		$	106,806		$	1,061,190		$	14,200		$	12,631,644		$	12,592
Shares of beneficial interest outstanding, unlimited authorization, no par		2,919			14,424			67,185			1,485			343,258			2,368
Net asset value per share	$	13.21		$	7.40		$	15.79		$	9.57		$	36.80		$	5.32

*Investments, at cost	$	39,094,124		$	165,244,791		$	1,043,337,454		$	18,399,121		$	400,681,818		$	22,640,844
^ΔForeign currencies, at cost		—			67,143			1,165			854			—			—
^ΣOptions written, premium received		(2,271,276	)		—			—			(39,950	)		—			(5,107,442	)

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

Table of Contents

Statements of operations

Delaware Group^®Equity Funds IV (Trust)

Six months ended March 31, 2024 (Unaudited)

										Delaware
	Delaware									Hedged
	Covered Call			Delaware			Delaware			U.S. Equity			Delaware			Delaware
	Strategy			Global Equity			Growth and			Opportunities			Opportunity			Premium
	Fund			Fund			Income Fund			Fund			Fund			Income Fund
Investment Income:
Dividends	$	944,121		$	1,230,841		$	20,121,444		$	439,561		$	5,223,181		$	625,725
Foreign tax withheld		—			(67,465	)		—			(2,904	)		—			—
		944,121			1,163,376			20,121,444			436,657			5,223,181			625,725

Expenses:
Management fees		393,557			775,985			3,749,762			303,459			2,106,399			165,021
Distribution expenses — Class A		83,054			224,015			1,488,044			34,093			650,120			20,010
Distribution expenses — Class C		—			—			—			—			12,861			—
Distribution expenses — Class R		—			—			—			—			708			—
Dividend disbursing and transfer agent fees and expenses		65,134			122,230			708,353			31,167			363,393			22,617
Accounting and administration expenses		24,881			33,918			152,370			20,468			85,980			18,799
Registration fees		23,631			23,451			31,386			23,175			47,761			24,160
Audit and tax fees		18,717			16,227			18,302			18,999			18,351			17,960
Reports and statements to shareholders expenses		9,990			16,005			64,324			6,553			45,217			6,136
Legal fees		2,719			7,772			40,006			1,962			41,748			1,387
Trustees’ fees and expenses		2,707			5,305			33,710			1,592			15,484			1,118
Custodian fees		121			11,450			18,811			10,484			4,387			908
Other		10,603			22,254			64,487			9,635			44,881			6,980
		635,114			1,258,612			6,369,555			461,587			3,437,290			285,096
Less expenses waived		(30,325	)		(203,166	)		(156,268	)		(84,329	)		(289,154	)		(48,412	)
Less expenses paid indirectly		(287	)		(703	)		(2,673	)		(129	)		(1,495	)		(88	)
Total operating expenses		604,502			1,054,743			6,210,614			377,129			3,146,641			236,596
Net Investment Income (Loss)		339,619			108,633			13,910,830			59,528			2,076,540			389,129

Table of Contents

									Delaware
	Delaware								Hedged
	Covered Call			Delaware			Delaware		U.S. Equity			Delaware		Delaware
	Strategy			Global Equity			Growth and		Opportunities			Opportunity		Premium
	Fund			Fund			Income Fund		Fund			Fund		Income Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	18,626,182		$	1,743,263		$	57,731,343	$	8,578,621		$	19,795,500	$	7,728,525
Foreign currencies		—			(40,346	)		—		(828	)		—		—
Forward foreign currency exchange contracts		—			—			—		(9,827	)		—		—
Futures contracts		—			—			—		(938,092	)		—		—
Options purchased		—			—			—		(650,000	)		—		—
Options written		(6,161,064	)		—			—		133,417			—		(1,774,934	)
Net realized gain (loss)		12,465,118			1,702,917			57,731,343		7,113,291			19,795,500		5,953,591

Net change in unrealized appreciation (depreciation) on:
Investments		213,182			29,377,302			176,341,239		1,324,638			94,891,891		(304,331	)
Foreign currencies		—			15,635			4		(10	)		—		—
Forward foreign currency exchange contracts		—			—			—		(12,495	)		—		—
Futures contracts		—			—			—		(373,270	)		—		—
Options purchased		—			—			—		77,943			—		—
Options written		(2,700,755	)		—			—		23,406			—		(3,851,679	)
Net change in unrealized appreciation (depreciation)		(2,487,573	)		29,392,937			176,341,243		1,040,212			94,891,891		(4,156,010	)
Net Realized and Unrealized Gain (Loss)		9,977,545			31,095,854			234,072,586		8,153,503			114,687,391		1,797,581
Net Increase (Decrease) in Net Assets Resulting from Operations	$	10,317,164		$	31,204,487		$	247,983,416	$	8,213,031		$	116,763,931	$	2,186,710

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

Table of Contents

Statements of changes in net assets

Delaware Group^®Equity Funds IV (Trust)

	Delaware
	Covered Call						Delaware
	Strategy						Global Equity
	Fund						Fund
	Six months						Six months
	ended						ended
	3/31/24			Year ended			3/31/24			Year ended
	(Unaudited)			9/30/23			(Unaudited)			9/30/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	339,619		$	777,987		$	108,633		$	2,120,294
Net realized gain (loss)		12,465,118			2,875,081			1,702,917			3,432,741
Net change in unrealized appreciation (depreciation)		(2,487,573	)		13,130,446			29,392,937			29,032,757
Net increase (decrease) in net assets resulting from operations		10,317,164			16,783,514			31,204,487			34,585,792

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(3,039,400	)		(7,776,981	)		(3,314,609	)		(3,648,968	)
Institutional Class		(1,556,840	)		(3,333,907	)		(50,765	)		(118,916	)
Class R6		(1,742	)		(5,051	)		(2,011	)		(355	)
		(4,597,982	)		(11,115,939	)		(3,367,385	)		(3,768,239	)

Capital Share Transactions (See Note 4):
Proceeds from shares sold:
Class A		1,300,304			2,073,255			2,002,841			6,740,504
Institutional Class		6,130,765			2,887,452			956,102			3,499,435
Class R6		15			—			227			91,191

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		3,031,943			7,742,451			3,289,843			3,628,491
Institutional Class		1,466,942			3,119,607			50,693			118,816
Class R6		1,742			5,051			2,011			355
		11,931,711			15,827,816			6,301,717			14,078,792
Cost of shares redeemed:
Class A		(29,421,914	)		(15,566,446	)		(15,927,232	)		(26,650,538	)
Institutional Class		(16,710,511	)		(6,958,028	)		(1,711,445	)		(2,517,146	)
Class R6		(414	)		(15,612	)		(7,102	)		(12,555	)
		(46,132,839	)		(22,540,086	)		(17,645,779	)		(29,180,239	)
Decrease in net assets derived from capital share transactions		(34,201,128	)		(6,712,270	)		(11,344,062	)		(15,101,447	)
Net Increase (Decrease) in Net Assets		(28,481,946	)		(1,044,695	)		16,493,040			15,716,106

Net Assets:
Beginning of period		96,908,024			97,952,719			173,795,530			158,079,424
End of period	$	68,426,078		$	96,908,024		$	190,288,570		$	173,795,530

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

Table of Contents

							Delaware
							Hedged
	Delaware						U.S. Equity
	Growth and						Opportunities
	Income Fund						Fund
	Six months						Six months
	ended						ended
	3/31/24			Year ended			3/31/24		Year ended
	(Unaudited)			9/30/23			(Unaudited)		9/30/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	13,910,830		$	27,240,985		$	59,528	$	25,935
Net realized gain (loss)		57,731,343			51,873,467			7,113,291		(361,370	)
Net change in unrealized appreciation (depreciation)		176,341,243			105,697,289			1,040,212		6,809,852
Net increase (decrease) in net assets resulting from operations		247,983,416			184,811,741			8,213,031		6,474,417

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(69,391,053	)		(70,427,531	)		—		(2,751,128	)
Institutional Class		(2,633,098	)		(674,277	)		—		(2,238,906	)
Class R6		(47,607	)		(4,940	)		—		(1,095	)
		(72,071,758	)		(71,106,748	)		—		(4,991,129	)

Capital Share Transactions (See Note 4):
Proceeds from shares sold:
Class A		26,704,260			34,211,621			428,714		1,232,916
Institutional Class		41,790,580			7,892,212			4,096,345		6,886,360
Class R6		894,266			153,809			49		—

Net assets from reorganization:¹
Class A		—			248,356,990			—		—
Institutional Class		—			6,292,640			—		—
Class R6		—			39,466			—		—

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		69,111,970			70,154,687			—		2,748,192
Institutional Class		2,633,098			674,277			—		2,238,906
Class R6		47,606			4,940			—		1,095
		141,181,780			367,780,642			4,525,108		13,107,469

Table of Contents

Statements of changes in net assets

Delaware Group^®Equity Funds IV (Trust)

							Delaware
							Hedged
	Delaware						U.S. Equity
	Growth and						Opportunities
	Income Fund						Fund
	Six months						Six months
	ended						ended
	3/31/24			Year ended			3/31/24			Year ended
	(Unaudited)			9/30/23			(Unaudited)			9/30/23
Capital Share Transactions (See Note 4) (continued):
Cost of shares redeemed:
Class A	$	(100,631,747	)	$	(178,971,980	)	$	(16,227,834	)	$	(7,761,035	)
Institutional Class		(8,054,206	)		(7,330,750	)		(28,938,766	)		(9,816,551	)
Class R6		(123,328	)		(98,970	)		(1,618	)		(825	)
		(108,809,281	)		(186,401,700	)		(45,168,218	)		(17,578,411	)
Increase (decrease) in net assets derived from capital share transactions		32,372,499			181,378,942			(40,643,110	)		(4,470,942	)
Net Increase (Decrease) in Net Assets		208,284,157			295,083,935			(32,430,079	)		(2,987,654	)

Net Assets:
Beginning of period		1,157,289,458			862,205,523			54,484,416			57,472,070
End of period	$	1,365,573,615		$	1,157,289,458		$	22,054,337		$	54,484,416

See Note 5 in “Notes to financial statements.”

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

Table of Contents

	Delaware						Delaware
	Opportunity						Premium
	Fund						Income Fund
	Six months						Six months
	ended						ended
	3/31/24			Year ended			3/31/24			Year ended
	(Unaudited)			9/30/23			(Unaudited)			9/30/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	2,076,540		$	4,368,328		$	389,129		$	684,534
Net realized gain (loss)		19,795,500			7,244,800			5,953,591			(980,282	)
Net change in unrealized appreciation (depreciation)		94,891,891			41,894,197			(4,156,010	)		5,555,665
Net increase (decrease) in net assets resulting from operations		116,763,931			53,507,325			2,186,710			5,259,917

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(10,859,281	)		(44,800,864	)		(213,825	)		(284,757	)
Class C		(42,678	)		—			—			—
Class R		(5,389	)		—			—			—
Institutional Class		(730,641	)		(243,257	)		(334,950	)		(399,126	)
Class R6		(281,379	)		(569,615	)		(586	)		(552	)
		(11,919,368	)		(45,613,736	)		(549,361	)		(684,435	)

Capital Share Transactions (See Note 4):
Proceeds from shares sold:
Class A		6,781,606			13,737,067			1,347,645			3,615,472
Class C		11,848			24,873			—			—
Class R		63,044			52,459			—			—
Institutional Class		2,809,132			4,563,946			4,172,006			5,851,454
Class R6		278,542			7,052,255			—			—

Net assets from reorganization:¹
Class A		—			14,608,817			—			—
Class C		—			3,162,250			—			—
Class R		—			194,570			—			—
Institutional Class		—			37,475,287			—			—

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		10,819,329			44,689,108			209,823			281,656
Class C		42,678			—			—			—
Class R		5,388			—			—			—
Institutional Class		730,419			243,257			322,674			387,609
Class R6		157,917			569,615			583			552
		21,699,903			126,373,504			6,052,731			10,136,743

Table of Contents

Statements of changes in net assets

Delaware Group^®Equity Funds IV (Trust)

	Delaware						Delaware
	Opportunity						Premium
	Fund						Income Fund
	Six months						Six months
	ended						ended
	3/31/24			Year ended			3/31/24			Year ended
	(Unaudited)			9/30/23			(Unaudited)			9/30/23
Capital Share Transactions (See Note 4) (continued):
Cost of shares redeemed:
Class A	$	(47,504,121	)	$	(86,785,274	)	$	(10,762,253	)	$	(5,360,004	)
Class C		(967,939	)		(528,295	)		—			—
Class R		(3,267	)		(9,818	)		—			—
Institutional Class		(5,356,897	)		(15,890,142	)		(14,201,547	)		(8,639,543	)
Class R6		(883,583	)		(3,107,250	)		—			—
		(54,715,807	)		(106,320,779	)		(24,963,800	)		(13,999,547	)
Increase (decrease) in net assets derived from capital share transactions		(33,015,904	)		20,052,725			(18,911,069	)		(3,862,804	)
Net Increase (Decrease) in Net Assets		71,828,659			27,946,314			(17,273,720	)		712,678

Net Assets:
Beginning of period		540,182,630			512,236,316			41,404,971			40,692,293
End of period	$	612,011,289		$	540,182,630		$	24,131,251		$	41,404,971

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

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

Table of Contents

Financial highlights

Delaware Covered Call Strategy Fund Class A

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

	Six months
	ended
	3/31/24¹			Year ended
	(Unaudited)			9/30/23			9/30/22			9/30/21			9/30/20²			9/30/19
Net asset value, beginning of period	$	12.54		$	11.91		$	13.12		$	10.99		$	11.81		$	11.83

Income (loss) from investment operations:
Net investment income³		0.04			0.09			0.05			0.06			0.13			0.12
Net realized and unrealized gain (loss)		1.35			1.94			(1.21	)		2.14			(0.82	)		(0.02	)
Total from investment operations		1.39			2.03			(1.16	)		2.20			(0.69	)		0.10

Less dividends and distributions from:
Net investment income		(0.05	)		(0.09	)		(0.05	)		(0.07	)		(0.13	)		(0.12	)
Net realized gain		(0.54	)		(1.31	)		—			—			—			—
Total dividends and distributions		(0.59	)		(1.40	)		(0.05	)		(0.07	)		(0.13	)		(0.12	)

Net asset value, end of period	$	13.34		$	12.54		$	11.91		$	13.12		$	10.99		$	11.81

Total return⁴		11.32	%		18.27	%		(8.88	)%		20.11	%		(5.75	)%		0.97	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	46,943		$	68,079		$	69,714		$	95,583		$	121,566		$	211,777
Ratio of expenses to average net assets⁵		1.31	%		1.31	%		1.31	%		1.31	%		1.32	%		1.30	%
Ratio of expenses to average net assets prior to fees waived⁵		1.37	%		1.32	%		1.36	%		1.35	%		1.37	%		1.28	%
Ratio of net investment income to average net assets		0.61	%		0.71	%		0.35	%		0.51	%		1.15	%		1.11	%
Ratio of net investment income to average net assets prior to fees waived		0.55	%		0.70	%		0.30	%		0.47	%		1.10	%		1.13	%
Portfolio turnover		3	%		10	%		12	%		41	%		49	%		34	%

Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

Calculated using average shares outstanding.

⁴

Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

⁵

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

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

Table of Contents

Financial highlights

Delaware Covered Call Strategy Fund Institutional Class

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

	Six months
	ended
	3/31/24¹			Year ended
	(Unaudited)			9/30/23			9/30/22			9/30/21			9/30/20²			9/30/19
Net asset value, beginning of period	$	12.49		$	11.87		$	13.08		$	10.96		$	11.78		$	11.80

Income (loss) from investment operations:
Net investment income³		0.06			0.12			0.08			0.09			0.15			0.16
Net realized and unrealized gain (loss)		1.34			1.93			(1.21	)		2.14			(0.81	)		(0.02	)
Total from investment operations		1.40			2.05			(1.13	)		2.23			(0.66	)		0.14

Less dividends and distributions from:
Net investment income		(0.06	)		(0.12	)		(0.08	)		(0.11	)		(0.16	)		(0.16	)
Net realized gain		(0.54	)		(1.31	)		—			—			—			—
Total dividends and distributions		(0.60	)		(1.43	)		(0.08	)		(0.11	)		(0.16	)		(0.16	)

Net asset value, end of period	$	13.29		$	12.49		$	11.87		$	13.08		$	10.96		$	11.78

Total return⁴		11.44	%		18.56	%		(8.67	)%		20.40	%		(5.54	)%		1.25	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	21,444		$	28,794		$	28,195		$	34,606		$	37,887		$	66,252
Ratio of expenses to average net assets⁵		1.06	%		1.06	%		1.06	%		1.07	%		1.10	%		1.00	%
Ratio of expenses to average net assets prior to fees waived⁵		1.12	%		1.06	%		1.11	%		1.10	%		1.12	%		0.96	%
Ratio of net investment income to average net assets		0.86	%		0.96	%		0.61	%		0.75	%		1.38	%		1.41	%
Ratio of net investment income to average net assets prior to fees waived		0.80	%		0.96	%		0.56	%		0.72	%		1.36	%		1.45	%
Portfolio turnover		3	%		10	%		12	%		41	%		49	%		34	%

Ratios have been annualized and total return and portfolio turnover have not been annualized.

On October 4, 2019, Advisor Class shares of the predecessor fund First Investors Covered Call Strategy Fund were reorganized into Institutional Class shares of Delaware Covered Call Strategy Fund. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Advisor Class shares.

Calculated using average shares outstanding.

⁴

Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

⁵

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

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

Table of Contents

Delaware Covered Call Strategy Fund Class R6

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

	Six months
	ended
	3/31/24¹			Year ended
	(Unaudited)			9/30/23			9/30/22			9/30/21			9/30/20²			9/30/19
Net asset value, beginning of period	$	12.43		$	11.82		$	13.03		$	10.91		$	11.69		$	11.72

Income (loss) from investment operations:
Net investment income³		0.06			0.12			0.11			0.12			0.18			0.17
Net realized and unrealized gain (loss)		1.34			1.93			(1.21	)		2.12			(0.81	)		(0.02	)
Total from investment operations		1.40			2.05			(1.10	)		2.24			(0.63	)		0.15

Less dividends and distributions from:
Net investment income		(0.08	)		(0.13	)		(0.11	)		(0.12	)		(0.15	)		(0.18	)
Net realized gain		(0.54	)		(1.31	)		—			—			—			—
Total dividends and distributions		(0.62	)		(1.44	)		(0.11	)		(0.12	)		(0.15	)		(0.18	)

Net asset value, end of period	$	13.21		$	12.43		$	11.82		$	13.03		$	10.91		$	11.69

Total return⁴		11.55	%		18.60	%		(8.51	)%		20.57	%		(5.30	)%		1.42	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	39		$	35		$	44		$	48		$	236		$	1,477
Ratio of expenses to average net assets⁵		0.98	%		0.98	%		0.88	%		0.88	%		0.89	%		0.87	%
Ratio of expenses to average net assets prior to fees waived⁵		1.04	%		0.99	%		1.03	%		1.02	%		1.07	%		0.90	%
Ratio of net investment income to average net assets		0.94	%		1.02	%		0.80	%		1.02	%		1.64	%		1.54	%
Ratio of net investment income to average net assets prior to fees waived		0.88	%		1.01	%		0.65	%		0.88	%		1.46	%		1.51	%
Portfolio turnover		3	%		10	%		12	%		41	%		49	%		34	%

Ratios have been annualized and total return and portfolio turnover have not been annualized.

On October 4, 2019, Institutional Class shares of the predecessor fund First Investors Covered Call Strategy Fund were reorganized into Class R6 shares of Delaware Covered Call Strategy Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Institutional Class shares.

Calculated using average shares outstanding.

⁴

⁵

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

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

Table of Contents

Financial highlights

Delaware Global Equity Fund Class A

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

	Six months
	ended
	3/31/24¹			Year ended
	(Unaudited)			9/30/23			9/30/22			9/30/21			9/30/20²			9/30/19
Net asset value, beginning of period	$	5.85		$	4.92		$	7.13		$	6.67		$	7.50		$	8.81

Income (loss) from investment operations:
Net investment income³		—	⁴		0.07			0.06			0.07			0.06			0.04
Net realized and unrealized gain (loss)		1.08			0.97			(1.39	)		0.73			0.23			(0.35	)
Total from investment operations		1.08			1.04			(1.33	)		0.80			0.29			(0.31	)

Less dividends and distributions from:
Net investment income		(0.08	)		(0.03	)		(0.07	)		(0.07	)		(0.08	)		—
Net realized gain		(0.04	)		(0.08	)		(0.81	)		(0.27	)		(1.04	)		(1.00	)
Total dividends and distributions		(0.12	)		(0.11	)		(0.88	)		(0.34	)		(1.12	)		(1.00	)

Net asset value, end of period	$	6.81		$	5.85		$	4.92		$	7.13		$	6.67		$	7.50

Total return⁵		18.59	%⁶		21.40	%⁶		(21.35	)%⁶		12.11	%		3.89	%⁶		(1.48	)%⁶

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	186,911		$	170,255		$	156,157		$	233,850		$	271,088		$	344,592
Ratio of expenses to average net assets⁷		1.16	%		1.19	%		1.30	%		1.36	%		1.41	%		1.44	%
Ratio of expenses to average net assets prior to fees waived⁷		1.39	%		1.30	%		1.39	%		1.36	%		1.42	%		1.46	%
Ratio of net investment income to average net assets		0.11	%		1.13	%		1.00	%		0.94	%		0.86	%		0.55	%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.12	)%		1.02	%		0.91	%		0.94	%		0.85	%		0.53	%
Portfolio turnover		19	%		119	%⁸		30	%		34	%		128	%		119	%

Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

Calculated using average shares outstanding.

⁴

Amount is less than $0.005 per share.

⁵

⁶

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 Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2023 due to a change in the Fund’s portfolio managers and associated repositioning.

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

Table of Contents

Delaware Global Equity Fund Institutional Class

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

	Six months ended 3/31/24¹(Unaudited)			Year ended
	Six months ended 3/31/24¹(Unaudited)			9/30/23			9/30/22			9/30/21			9/30/20²			9/30/19
Net asset value, beginning of period	$	6.24		$	5.26		$	7.48		$	6.97		$	7.74		$	9.03

Income (loss) from investment operations:
Net investment income³		0.01			0.09			0.07			0.09			0.07			0.07
Net realized and unrealized gain (loss)		1.15			1.05			(1.48	)		0.77			0.25			(0.36	)
Total from investment operations		1.16			1.14			(1.41	)		0.86			0.32			(0.29	)

Less dividends and distributions from:
Net investment income		(0.08	)		(0.08	)		—			(0.08	)		(0.05	)		—
Net realized gain		(0.04	)		(0.08	)		(0.81	)		(0.27	)		(1.04	)		(1.00	)
Total dividends and distributions		(0.12	)		(0.16	)		(0.81	)		(0.35	)		(1.09	)		(1.00	)

Net asset value, end of period	$	7.28		$	6.24		$	5.26		$	7.48		$	6.97		$	7.74

Total return⁴		18.70	%		21.83	%		(21.24	)%		12.54	%		4.24	%		(1.20	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	3,271		$	3,444		$	1,906		$	15,345		$	17,475		$	75,077
Ratio of expenses to average net assets⁵		0.91	%		0.94	%		1.03	%		1.07	%		1.09	%		1.09	%
Ratio of expenses to average net assets prior to fees waived⁵		1.14	%		1.05	%		1.12	%		1.11	%		1.18	%		1.11	%
Ratio of net investment income to average net assets		0.36	%		1.39	%		1.08	%		1.24	%		0.93	%		0.95	%
Ratio of net investment income to average net assets prior to fees waived		0.13	%		1.28	%		0.99	%		1.20	%		0.84	%		0.93	%
Portfolio turnover		19	%		119	%⁶		30	%		34	%		128	%		119	%

Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

Calculated using average shares outstanding.

⁴

⁵

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

⁶

The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2023 due to a change in the Fund’s portfolio managers and associated repositioning.

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

Table of Contents

Financial highlights

Delaware Global Equity Fund Class R6

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

	Six months ended 3/31/24¹(Unaudited)			Year ended
	Six months ended 3/31/24¹(Unaudited)			9/30/23			9/30/22			9/30/21			9/30/20²			9/30/19
Net asset value, beginning of period	$	6.37		$	5.33		$	7.58		$	6.98		$	7.80		$	9.08

Income (loss) from investment operations:
Net investment income³		0.01			0.13			0.07			0.02			0.08			0.07
Net realized and unrealized gain (loss)		1.16			1.04			(1.50	)		0.85			0.25			(0.35	)
Total from investment operations		1.17			1.17			(1.43	)		0.87			0.33			(0.28	)

Less dividends and distributions from:
Net investment income		(0.10	)		(0.05	)		(0.01	)		—			(0.11	)		—
Net realized gain		(0.04	)		(0.08	)		(0.81	)		(0.27	)		(1.04	)		(1.00	)
Total dividends and distributions		(0.14	)		(0.13	)		(0.82	)		(0.27	)		(1.15	)		(1.00	)

Net asset value, end of period	$	7.40		$	6.37		$	5.33		$	7.58		$	6.98		$	7.80

Total return⁴		18.61	%		22.04	%		(21.21	)%		12.61	%		4.32	%		(1.08	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	107		$	97		$	16		$	138		$	1,317		$	1,946
Ratio of expenses to average net assets⁵		0.85	%		0.86	%		0.98	%		1.02	%		1.03	%		1.02	%
Ratio of expenses to average net assets prior to fees waived⁵		1.08	%		0.91	%		1.05	%		1.05	%		1.13	%		1.04	%
Ratio of net investment income to average net assets		0.42	%		1.99	%		0.97	%		0.31	%		1.21	%		0.95	%
Ratio of net investment income to average net assets prior to fees waived		0.19	%		1.94	%		0.90	%		0.28	%		1.11	%		0.93	%
Portfolio turnover		19	%		119	%⁶		30	%		34	%		128	%		119	%

Ratios have been annualized and total return and portfolio turnover have not been annualized.

On October 4, 2019, Institutional Class shares of the predecessor fund First Investors Global Fund were reorganized into Class R6 shares of Delaware Global Equity Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Institutional Class shares.

Calculated using average shares outstanding.

⁴

⁵

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

⁶

The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2023 due to a change in the Fund’s portfolio managers and associated repositioning.

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

Table of Contents

Delaware Growth and Income Fund Class A

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

	Six months ended 3/31/24¹(Unaudited)			Year ended
	Six months ended 3/31/24¹(Unaudited)			9/30/23			9/30/22			9/30/21			9/30/20²			9/30/19
Net asset value, beginning of period	$	13.62		$	12.21		$	14.62		$	11.94		$	19.85		$	24.41

Income (loss) from investment operations:
Net investment income³		0.16			0.34			0.30			0.25			0.23			0.27
Net realized and unrealized gain (loss)		2.72			2.04			(0.99	)		3.34			(0.95	)		(0.54	)
Total from investment operations		2.88			2.38			(0.69	)		3.59			(0.72	)		(0.27	)

Less dividends and distributions from:
Net investment income		(0.17	)		(0.33	)		(0.37	)		(0.21	)		(0.25	)		(0.27	)
Net realized gain		(0.68	)		(0.64	)		(1.35	)		(0.70	)		(6.94	)		(4.02	)
Total dividends and distributions		(0.85	)		(0.97	)		(1.72	)		(0.91	)		(7.19	)		(4.29	)

Net asset value, end of period	$	15.65		$	13.62		$	12.21		$	14.62		$	11.94		$	19.85

Total return⁴		21.83	%⁵		19.74	%⁵		(5.81	)%⁵		30.89	%		(7.99	)%		2.02	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,309,402		$	1,144,700		$	857,819		$	1,037,062		$	1,023,821		$	1,464,393
Ratio of expenses to average net assets⁶		1.02	%		1.02	%		1.04	%		1.07	%		1.10	%		1.13	%
Ratio of expenses to average net assets prior to fees waived⁶		1.04	%		1.02	%		1.06	%		1.07	%		1.10	%		1.13	%
Ratio of net investment income to average net assets		2.26	%		2.50	%		2.13	%		1.82	%		1.71	%		1.37	%
Ratio of net investment income to average net assets prior to fees waived		2.24	%		2.50	%		2.10	%		1.82	%		1.71	%		1.37	%
Portfolio turnover		17	%		26	%		23	%		51	%		113	%⁷		55	%

Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

Calculated using average shares outstanding.

⁴

⁵

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.

⁶

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

⁷

The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

Table of Contents

Financial highlights

Delaware Growth and Income Fund Institutional Class

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

	Six months ended 3/31/24¹(Unaudited)			Year ended
	Six months ended 3/31/24¹(Unaudited)			9/30/23			9/30/22			9/30/21			9/30/20²			9/30/19
Net asset value, beginning of period	$	13.63		$	12.23		$	14.64		$	11.99		$	19.87		$	24.58

Income (loss) from investment operations:
Net investment income³		0.18			0.38			0.34			0.29			0.30			0.33
Net realized and unrealized gain (loss)		2.71			2.03			(0.99	)		3.34			(0.98	)		(0.55	)
Total from investment operations		2.89			2.41			(0.65	)		3.63			(0.68	)		(0.22	)

Less dividends and distributions from:
Net investment income		(0.20	)		(0.37	)		(0.41	)		(0.28	)		(0.26	)		(0.47	)
Net realized gain		(0.68	)		(0.64	)		(1.35	)		(0.70	)		(6.94	)		(4.02	)
Total dividends and distributions		(0.88	)		(1.01	)		(1.76	)		(0.98	)		(7.20	)		(4.49	)

Net asset value, end of period	$	15.64		$	13.63		$	12.23		$	14.64		$	11.99		$	19.87

Total return⁴		21.94	%⁵		20.01	%⁵		(5.54	)%⁵		31.19	%		(7.68	)%⁵		2.26	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	55,111		$	12,448		$	4,360		$	4,804		$	4,063		$	21,597
Ratio of expenses to average net assets⁶		0.77	%		0.77	%		0.78	%		0.82	%		0.85	%		0.83	%
Ratio of expenses to average net assets prior to fees waived⁶		0.79	%		0.77	%		0.81	%		0.82	%		0.86	%		0.83	%
Ratio of net investment income to average net assets		2.51	%		2.81	%		2.41	%		2.08	%		1.98	%		1.66	%
Ratio of net investment income to average net assets prior to fees waived		2.49	%		2.81	%		2.38	%		2.08	%		1.97	%		1.66	%
Portfolio turnover		17	%		26	%		23	%		51	%		113	%⁷		55	%

Ratios have been annualized and total return and portfolio turnover have not been annualized.

On October 4, 2019, Advisor Class shares of the predecessor fund First Investors Growth & Income Fund were reorganized into Institutional Class shares of Delaware Growth and Income Fund. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Advisor Class shares.

Calculated using average shares outstanding.

⁴

Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

⁵

Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

⁶

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

⁷

The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

Table of Contents

Delaware Growth and Income Fund Class R6

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

	Six months ended 3/31/24¹(Unaudited)			Year ended
	Six months ended 3/31/24¹(Unaudited)			9/30/23			9/30/22			9/30/21			9/30/20²			9/30/19
Net asset value, beginning of period	$	13.76		$	12.33		$	14.72		$	12.01		$	19.92		$	24.52

Income (loss) from investment operations:
Net investment income³		0.19			0.38			0.37			0.30			0.29			0.35
Net realized and unrealized gain (loss)		2.73			2.07			(1.01	)		3.35			(0.96	)		(0.56	)
Total from investment operations		2.92			2.45			(0.64	)		3.65			(0.67	)		(0.21	)

Less dividends and distributions from:
Net investment income		(0.21	)		(0.38	)		(0.40	)		(0.24	)		(0.30	)		(0.37	)
Net realized gain		(0.68	)		(0.64	)		(1.35	)		(0.70	)		(6.94	)		(4.02	)
Total dividends and distributions		(0.89	)		(1.02	)		(1.75	)		(0.94	)		(7.24	)		(4.39	)

Net asset value, end of period	$	15.79		$	13.76		$	12.33		$	14.72		$	12.01		$	19.92

Total return⁴		21.94	%⁵		20.13	%		(5.45	)%⁵		31.25	%⁵		(7.63	)%⁵		2.34	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,061		$	141		$	27		$	192		$	2,710		$	5,597
Ratio of expenses to average net assets⁶		0.70	%		0.71	%		0.73	%		0.75	%		0.76	%		0.75	%
Ratio of expenses to average net assets prior to fees waived⁶		0.72	%		0.71	%		0.73	%		0.76	%		0.81	%		0.75	%
Ratio of net investment income to average net assets		2.58	%		2.79	%		2.57	%		2.29	%		2.07	%		1.75	%
Ratio of net investment income to average net assets prior to fees waived		2.56	%		2.79	%		2.57	%		2.28	%		2.02	%		1.75	%
Portfolio turnover		17	%		26	%		23	%		51	%		113	%⁷		55	%

Ratios have been annualized and total return and portfolio turnover have not been annualized.

On October 4, 2019, Institutional Class shares of the predecessor fund First Investors Growth & Income Fund were reorganized into Class R6 shares of Delaware Growth and Income Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Institutional Class shares.

Calculated using average shares outstanding.

⁴

Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

⁵

Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

⁶

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

⁷

The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

Table of Contents

Financial highlights

Delaware Hedged U.S. Equity Opportunities Fund Class A

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

	Six months ended 3/31/24¹(Unaudited)			Year ended
	Six months ended 3/31/24¹(Unaudited)			9/30/23			9/30/22			9/30/21			9/30/20²			9/30/19
Net asset value, beginning of period	$	7.88		$	7.74		$	10.20		$	11.61		$	12.36		$	11.90

Income (loss) from investment operations:
Net investment loss³		—	⁴		(0.01	)		(0.04	)		(0.05	)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss)		1.31			0.87			(1.35	)		1.55			1.23			0.68
Total from investment operations		1.31			0.86			(1.39	)		1.50			1.21			0.67

Less dividends and distributions from:
Net investment income		—			—			—			—			(0.05	)		—
Net realized gain		—			(0.72	)		(1.07	)		(2.91	)		(1.91	)		(0.21	)
Total dividends and distributions		—			(0.72	)		(1.07	)		(2.91	)		(1.96	)		(0.21	)

Net asset value, end of period	$	9.19		$	7.88		$	7.74		$	10.20		$	11.61		$	12.36

Total return⁵		16.63	%		11.45	%		(15.48	)%		14.35	%		10.91	%		5.92	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	16,703		$	28,285		$	31,348		$	45,084		$	55,603		$	78,297
Ratio of expenses to average net assets⁶		1.55	%		1.55	%		1.58	%		1.64	%		1.66	%		1.75	%
Ratio of expenses to average net assets prior to fees waived⁶		1.87	%		1.75	%		1.83	%		1.80	%		1.85	%		1.68	%
Ratio of net investment income (loss) to average net assets		0.10	%		(0.07	)%		(0.41	)%		(0.48	)%		(0.14	)%		(0.05	)%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.22	)%		(0.27	)%		(0.66	)%		(0.64	)%		(0.33	)%		0.02	%
Portfolio turnover		28	%		50	%		70	%		60	%		109	%		124	%

Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

Calculated using average shares outstanding.

⁴

Amount is less than $0.005 per share.

⁵

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.

Table of Contents

Delaware Hedged U.S. Equity Opportunities Fund Institutional Class

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

	Six months ended 3/31/24¹(Unaudited)			Year ended
	Six months ended 3/31/24¹(Unaudited)			9/30/23			9/30/22			9/30/21			9/30/20²			9/30/19
Net asset value, beginning of period	$	8.16		$	7.98		$	10.45		$	11.79		$	12.48		$	11.99

Income (loss) from investment operations:
Net investment income (loss)³		0.02			0.01			(0.01	)		(0.02	)		0.02			0.03
Net realized and unrealized gain (loss)		1.35			0.89			(1.39	)		1.59			1.25			0.67
Total from investment operations		1.37			0.90			(1.40	)		1.57			1.27			0.70

Less dividends and distributions from:
Net investment income		—			—			—			—			(0.05	)		—	⁴
Net realized gain		—			(0.72	)		(1.07	)		(2.91	)		(1.91	)		(0.21	)
Total dividends and distributions		—			(0.72	)		(1.07	)		(2.91	)		(1.96	)		(0.21	)

Net asset value, end of period	$	9.53		$	8.16		$	7.98		$	10.45		$	11.79		$	12.48

Total return⁵		16.79	%		11.62	%		(15.17	)%		14.79	%		11.28	%		6.14	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	5,337		$	26,185		$	26,111		$	24,625		$	19,229		$	44,543
Ratio of expenses to average net assets⁶		1.30	%		1.30	%		1.30	%		1.30	%		1.33	%		1.42	%
Ratio of expenses to average net assets prior to fees waived⁶		1.62	%		1.50	%		1.59	%		1.56	%		1.62	%		1.39	%
Ratio of net investment income (loss) to average net assets		0.35	%		0.18	%		(0.10	)%		(0.15	)%		0.21	%		0.27	%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.03	%		(0.02	)%		(0.39	)%		(0.41	)%		(0.08	)%		0.30	%
Portfolio turnover		28	%		50	%		70	%		60	%		109	%		124	%

Ratios have been annualized and total return and portfolio turnover have not been annualized.

On October 4, 2019, Advisor Class shares of the predecessor fund First Investors Hedged U.S. Equity Opportunities Fund were reorganized into Institutional Class shares of Delaware Hedged U.S. Equity Opportunities Fund. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Advisor Class shares.

Calculated using average shares outstanding.

⁴

Amount is less than $0.005 per share.

⁵

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.

Table of Contents

Financial highlights

Delaware Hedged U.S. Equity Opportunities Fund Class R6

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

	Six months ended 3/31/24¹(Unaudited)			Year ended
	Six months ended 3/31/24¹(Unaudited)			9/30/23			9/30/22			9/30/21			9/30/20²			9/30/19
Net asset value, beginning of period	$	8.19		$	8.00		$	10.47		$	11.80		$	12.53		$	12.01

Income (loss) from investment operations:
Net investment income³		0.02			0.02			—	⁴		—	⁴		0.04			0.04
Net realized and unrealized gain (loss)		1.36			0.89			(1.40	)		1.58			1.24			0.69
Total from investment operations		1.38			0.91			(1.40	)		1.58			1.28			0.73

Less dividends and distributions from:
Net investment income		—			—			—			—			(0.10	)		—	⁴
Net realized gain		—			(0.72	)		(1.07	)		(2.91	)		(1.91	)		(0.21	)
Total dividends and distributions		—			(0.72	)		(1.07	)		(2.91	)		(2.01	)		(0.21	)

Net asset value, end of period	$	9.57		$	8.19		$	8.00		$	10.47		$	11.80		$	12.53

Total return⁵		16.85	%		11.73	%		(15.14	)%		14.92	%		11.41	%		6.39	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	14		$	14		$	13		$	17		$	91		$	341
Ratio of expenses to average net assets⁶		1.23	%		1.24	%		1.20	%		1.20	%		1.23	%		1.31	%
Ratio of expenses to average net assets prior to fees waived⁶		1.55	%		1.45	%		1.49	%		1.49	%		1.57	%		1.30	%
Ratio of net investment income (loss) to average net assets		0.42	%		0.23	%		(0.02	)%		(0.05	)%		0.31	%		0.37	%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.10	%		0.02	%		(0.31	)%		(0.34	)%		(0.03	)%		0.38	%
Portfolio turnover		28	%		50	%		70	%		60	%		109	%		124	%

Ratios have been annualized and total return and portfolio turnover have not been annualized.

On October 4, 2019, Institutional Class shares of the predecessor fund First Investors Hedged U.S. Equity Opportunities Fund were reorganized into Class R6 shares of Delaware Hedged U.S. Equity Opportunities Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Institutional Class shares.

Calculated using average shares outstanding.

⁴

Amount is less than $0.005 per share.

⁵

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.

Table of Contents

Delaware Opportunity Fund Class A

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

	Six months ended 3/31/24¹(Unaudited)			Year ended
	Six months ended 3/31/24¹(Unaudited)			9/30/23			9/30/22			9/30/21			9/30/20²			9/30/19
Net asset value, beginning of period	$	28.84		$	28.57		$	33.94		$	23.26		$	37.79		$	42.06

Income (loss) from investment operations:
Net investment income³		0.11			0.23			0.25			0.43			0.16			0.12
Net realized and unrealized gain (loss)		6.34			2.66			(3.64	)		10.48			(3.01	)		(0.60	)
Total from investment operations		6.45			2.89			(3.39	)		10.91			(2.85	)		(0.48	)

Less dividends and distributions from:
Net investment income		(0.26	)		(0.20	)		(0.39	)		(0.23	)		(0.24	)		(0.38	)
Net realized gain		(0.39	)		(2.42	)		(1.59	)		—			(11.44	)		(3.41	)
Total dividends and distributions		(0.65	)		(2.62	)		(1.98	)		(0.23	)		(11.68	)		(3.79	)

Net asset value, end of period	$	34.64		$	28.84		$	28.57		$	33.94		$	23.26		$	37.79

Total return⁴		22.59	%⁵		10.08	%⁵		(10.87	)%⁵		47.10	%⁵		(13.31	)%⁵		0.80	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	563,104		$	496,660		$	502,949		$	660,973		$	599,543		$	915,339
Ratio of expenses to average net assets⁶		1.13	%		1.14	%		1.16	%		1.20	%		1.21	%		1.20	%
Ratio of expenses to average net assets prior to fees waived⁶		1.23	%		1.18	%		1.20	%		1.20	%		1.24	%		1.20	%
Ratio of net investment income to average net assets		0.72	%		0.76	%		0.73	%		1.40	%		0.62	%		0.32	%
Ratio of net investment income to average net assets prior to fees waived		0.62	%		0.72	%		0.69	%		1.40	%		0.59	%		0.32	%
Portfolio turnover		7	%		11	%		17	%		13	%		120	%⁷		47	%

Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

Calculated using average shares outstanding.

⁴

⁵

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.

⁶

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

⁷

The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

Table of Contents

Financial highlights

Delaware Opportunity Fund Class C

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

	Six months ended 3/31/24² (Unaudited)			2/28/23¹ to 9/30/23
Net asset value, beginning of period	$	30.25		$	32.05

Income (loss) from investment operations:
Net investment loss³		(0.01	)⁴		(0.01	)
Net realized and unrealized gain (loss)		6.65			(1.79	)
Total from investment operations		6.64			(1.80	)

Less dividends and distributions from:
Net investment income		(0.11	)		—
Net realized gain		(0.39	)		—
Total dividends and distributions		(0.50	)		—

Net asset value, end of period	$	36.39		$	30.25

Total return⁵		22.12	%⁶		(5.62	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,213		$	2,660
Ratio of expenses to average net assets⁷		1.88	%		1.89	%
Ratio of expenses to average net assets prior to fees waived		1.98	%		1.89	%
Ratio of net investment loss to average net assets⁷		(0.03	)%		(0.03	)%
Ratio of net investment loss to average net assets prior to fees waived		(0.13	)%		(0.03	)%
Portfolio turnover		7	%		11	%⁸

Date of commencement of operations; ratios have been annualized and total return has not been annualized.

Ratios have been annualized and total return and portfolio turnover have not been annualized.

Calculated using average shares outstanding.

⁴

The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses.

⁵

⁶

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

Portfolio turnover is representative of the Fund for the period ended September 30, 2023.

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

Table of Contents

Delaware Opportunity Fund Class R

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

	Six months
	ended			2/28/23¹
	3/31/24²			to
	(Unaudited)			9/30/23
Net asset value, beginning of period	$	30.34		$	32.05

Income (loss) from investment operations:
Net investment income³		0.08			0.09
Net realized and unrealized gain (loss)		6.66			(1.80	)
Total from investment operations		6.74			(1.71	)

Less dividends and distributions from:
Net investment income		(0.29	)		—
Net realized gain		(0.39	)		—
Total dividends and distributions		(0.68	)		—

Net asset value, end of period	$	36.40		$	30.34

Total return⁴		22.44	%⁵		(5.34	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	356		$	237
Ratio of expenses to average net assets⁶		1.38	%		1.39	%
Ratio of expenses to average net assets prior to fees waived⁶		1.48	%		1.39	%
Ratio of net investment income to average net assets		0.47	%		0.50	%
Ratio of net investment income to average net assets prior to fees waived		0.37	%		0.50	%
Portfolio turnover		7	%		11	%⁷

Date of commencement of operations; ratios have been annualized and total return has not been annualized.

Ratios have been annualized and total return and portfolio turnover have not been annualized.

Calculated using average shares outstanding.

⁴

Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

⁵

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.

⁶

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

⁷

Portfolio turnover is representative of the Fund for the period ended September 30, 2023.

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

Table of Contents

Financial highlights

Delaware Opportunity Fund Institutional Class

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

	Six months ended 3/31/24¹(Unaudited)			Year ended
	Six months ended 3/31/24¹(Unaudited)			9/30/23			9/30/22			9/30/21			9/30/20²			9/30/19
Net asset value, beginning of period	$	30.43		$	29.98		$	35.58		$	24.37		$	38.75		$	42.91

Income (loss) from investment operations:
Net investment income³		0.16			0.31			0.35			0.52			0.24			0.23
Net realized and unrealized gain (loss)		6.68			2.81			(3.80	)		10.99			(3.18	)		(0.58	)
Total from investment operations		6.84			3.12			(3.45	)		11.51			(2.94	)		(0.35	)

Less dividends and distributions from:
Net investment income		(0.36	)		(0.25	)		(0.56	)		(0.30	)		—			(0.40	)
Net realized gain		(0.39	)		(2.42	)		(1.59	)		—			(11.44	)		(3.41	)
Total dividends and distributions		(0.75	)		(2.67	)		(2.15	)		(0.30	)		(11.44	)		(3.81	)

Net asset value, end of period	$	36.52		$	30.43		$	29.98		$	35.58		$	24.37		$	38.75

Total return⁴		22.74	%⁵		10.40	%⁵		(10.61	)%⁵		47.50	%⁵		(13.04	)%⁵		1.14	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	33,706		$	29,676		$	2,925		$	4,083		$	2,490		$	10,325
Ratio of expenses to average net assets⁶		0.88	%		0.89	%		0.90	%		0.90	%		0.95	%		0.92	%
Ratio of expenses to average net assets prior to fees waived⁶		0.98	%		0.90	%		0.95	%		0.95	%		1.04	%		0.92	%
Ratio of net investment income to average net assets		0.97	%		1.01	%		0.99	%		1.59	%		0.83	%		0.62	%
Ratio of net investment income to average net assets prior to fees waived		0.87	%		1.00	%		0.94	%		1.54	%		0.74	%		0.62	%
Portfolio turnover		7	%		11	%		17	%		13	%		120	%⁷		47	%

Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

Calculated using average shares outstanding.

⁴

Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

⁵

Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

⁶

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

⁷

The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

Table of Contents

Delaware Opportunity Fund Class R6

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

	Six months ended 3/31/24¹(Unaudited)			Year ended
	Six months ended 3/31/24¹(Unaudited)			9/30/23			9/30/22			9/30/21			9/30/20²			9/30/19
Net asset value, beginning of period	$	30.69		$	30.43		$	35.51		$	24.04		$	38.71		$	42.87

Income (loss) from investment operations:
Net investment income³		0.17			0.36			0.59			0.54			0.28			0.27
Net realized and unrealized gain (loss)		6.75			2.84			(4.08	)		10.93			(3.11	)		(0.59	)
Total from investment operations		6.92			3.20			(3.49	)		11.47			(2.83	)		(0.32	)

Less dividends and distributions from:
Net investment income		(0.42	)		(0.52	)		—			—			(0.40	)		(0.43	)
Net realized gain		(0.39	)		(2.42	)		(1.59	)		—			(11.44	)		(3.41	)
Total dividends and distributions		(0.81	)		(2.94	)		(1.59	)		—			(11.84	)		(3.84	)

Net asset value, end of period	$	36.80		$	30.69		$	30.43		$	35.51		$	24.04		$	38.71

Total return⁴		22.82	%⁵		10.49	%⁵		(10.50	)%⁵		47.71	%⁵		(12.93	)%⁵		1.23	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	12,632		$	10,950		$	6,362		$	227		$	1,029		$	2,338
Ratio of expenses to average net assets⁶		0.78	%		0.78	%		0.78	%		0.78	%		0.79	%		0.78	%
Ratio of expenses to average net assets prior to fees waived⁶		0.88	%		0.83	%		0.95	%		0.88	%		0.95	%		0.78	%
Ratio of net investment income to average net assets		1.07	%		1.15	%		1.84	%		1.75	%		1.00	%		0.73	%
Ratio of net investment income to average net assets prior to fees waived		0.97	%		1.10	%		1.67	%		1.65	%		0.84	%		0.73	%
Portfolio turnover		7	%		11	%		17	%		13	%		120	%⁷		47	%

Ratios have been annualized and total return and portfolio turnover have not been annualized.

On October 4, 2019, Institutional Class shares of the predecessor fund First Investors Opportunity Fund were reorganized into Class R6 shares of Delaware Opportunity Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Institutional Class shares.

Calculated using average shares outstanding.

⁴

Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

⁵

Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

⁶

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

⁷

The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

Table of Contents

Financial highlights

Delaware Premium Income Fund Class A

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

	Six months ended 3/31/24¹(Unaudited)			Year ended
	Six months ended 3/31/24¹(Unaudited)			9/30/23			9/30/22			9/30/21			9/30/20²			9/30/19
Net asset value, beginning of period	$	11.02		$	9.87		$	10.32		$	9.36		$	10.14		$	10.26

Income (loss) from investment operations:
Net investment income³		0.10			0.16			0.12			0.16			0.21			0.18
Net realized and unrealized gain (loss)		0.50			1.15			(0.44	)		0.96			(0.65	)		0.05
Total from investment operations		0.60			1.31			(0.32	)		1.12			(0.44	)		0.23

Less dividends and distributions from:
Net investment income		(0.19	)		(0.16	)		(0.13	)		(0.16	)		(0.21	)		(0.17	)
Net realized gain		—			—			—			—			(0.13	)		(0.18	)
Total dividends and distributions		(0.19	)		(0.16	)		(0.13	)		(0.16	)		(0.34	)		(0.35	)

Net asset value, end of period	$	11.43		$	11.02		$	9.87		$	10.32		$	9.36		$	10.14

Total return⁴		5.51	%		13.37	%		(3.18	)%		11.96	%		(4.24	)%		2.33	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	8,788		$	17,367		$	16,846		$	22,015		$	31,472		$	60,830
Ratio of expenses to average net assets⁵		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%
Ratio of expenses to average net assets prior to fees waived⁵		1.53	%		1.41	%		1.50	%		1.49	%		1.44	%		1.35	%
Ratio of net investment income to average net assets		1.73	%		1.51	%		1.20	%		1.55	%		2.19	%		1.74	%
Ratio of net investment income to average net assets prior to fees waived		1.50	%		1.40	%		1.00	%		1.36	%		2.05	%		1.69	%
Portfolio turnover		7	%		22	%		23	%		16	%		32	%		63	%

Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

Calculated using average shares outstanding.

⁴

⁵

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

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

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Delaware Premium Income Fund Institutional Class

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

	Six months ended 3/31/24¹(Unaudited)			Year ended
	Six months ended 3/31/24¹(Unaudited)			9/30/23			9/30/22			9/30/21			9/30/20²			9/30/19
Net asset value, beginning of period	$	11.03		$	9.87		$	10.33		$	9.37		$	10.16		$	10.26

Income (loss) from investment operations:
Net investment income³		0.11			0.19			0.15			0.18			0.23			0.20
Net realized and unrealized gain (loss)		0.51			1.16			(0.46	)		0.96			(0.65	)		0.07
Total from investment operations		0.62			1.35			(0.31	)		1.14			(0.42	)		0.27

Less dividends and distributions from:
Net investment income		(0.20	)		(0.19	)		(0.15	)		(0.18	)		(0.24	)		(0.19	)
Net realized gain		—			—			—			—			(0.13	)		(0.18	)
Total dividends and distributions		(0.20	)		(0.19	)		(0.15	)		(0.18	)		(0.37	)		(0.37	)

Net asset value, end of period	$	11.45		$	11.03		$	9.87		$	10.33		$	9.37		$	10.16

Total return⁴		5.67	%		13.73	%		(3.03	)%		12.27	%		(4.05	)%		2.67	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	15,330		$	24,026		$	23,836		$	26,233		$	32,769		$	67,844
Ratio of expenses to average net assets⁵		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
Ratio of expenses to average net assets prior to fees waived⁵		1.28	%		1.16	%		1.26	%		1.24	%		1.19	%		1.10	%
Ratio of net investment income to average net assets		1.98	%		1.76	%		1.45	%		1.80	%		2.45	%		1.98	%
Ratio of net investment income to average net assets prior to fees waived		1.75	%		1.65	%		1.24	%		1.61	%		2.31	%		1.93	%
Portfolio turnover		7	%		22	%		23	%		16	%		32	%		63	%

Ratios have been annualized and total return and portfolio turnover have not been annualized.

On October 4, 2019, Advisor Class shares of the predecessor fund First Investors Premium Income Fund were reorganized into Institutional Class shares of Delaware Premium Income Fund. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Advisor Class shares.

Calculated using average shares outstanding.

⁴

⁵

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

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

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Financial highlights

Delaware Premium Income Fund Class R6

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

	Six months ended 3/31/24¹(Unaudited)			Year ended
	Six months ended 3/31/24¹(Unaudited)			9/30/23			9/30/22			9/30/21			9/30/20²			9/30/19
Net asset value, beginning of period	$	5.28		$	4.87		$	5.23		$	4.87		$	5.53		$	10.16

Income (loss) from investment operations:
Net investment income³		0.06			0.10			0.08			0.10			0.13			0.20
Net realized and unrealized gain (loss)		0.24			0.56			(0.22	)		0.50			(0.37	)		(0.27	)
Total from investment operations		0.30			0.66			(0.14	)		0.60			(0.24	)		(0.07	)

Less dividends and distributions from:
Net investment income		(0.26	)		(0.25	)		(0.22	)		(0.24	)		(0.29	)		(4.38	)
Net realized gain		—			—			—			—			(0.13	)		(0.18	)
Total dividends and distributions		(0.26	)		(0.25	)		(0.22	)		(0.24	)		(0.42	)		(4.56	)

Net asset value, end of period	$	5.32		$	5.28		$	4.87		$	5.23		$	4.87		$	5.53

Total return⁴		5.69	%		13.76	%		(2.88	)%		12.54	%		(3.95	)%		2.90	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	13		$	12		$	10		$	16		$	34		$	29
Ratio of expenses to average net assets⁵		0.98	%		0.98	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of expenses to average net assets prior to fees waived⁵		1.21	%		1.12	%		1.16	%		1.17	%		1.13	%		1.05	%
Ratio of net investment income to average net assets		2.05	%		1.85	%		1.59	%		1.95	%		2.63	%		2.06	%
Ratio of net investment income to average net assets prior to fees waived		1.82	%		1.71	%		1.33	%		1.68	%		2.40	%		1.91	%
Portfolio turnover		7	%		22	%		23	%		16	%		32	%		63	%

Ratios have been annualized and total return and portfolio turnover have not been annualized.

On October 4, 2019, Institutional Class shares of the predecessor fund First Investors Premium Income Fund were reorganized into Class R6 shares of Delaware Premium Income Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Institutional Class shares.

Calculated using average shares outstanding.

⁴

⁵

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

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

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

March 31, 2024 (Unaudited)

Delaware Group Equity Funds IV (Trust) is organized as a Delaware statutory trust and offers 9 funds. These financial statements and the related notes pertain to 6 funds listed below (each, a Fund or collectively, the Funds). The Trust is an open-end investment company. The Funds are considered diversified under the Investment Company Act of 1940, as amended (1940 Act). A Fund may offer 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

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

Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and the ask prices, which approximates fair value. Futures contracts are valued at the daily quoted settlement prices. 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. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by Delaware Management Company (DMC). Subject to the oversight of the Trust's Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. The Funds may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Funds value their securities, generally as of 4:00pm ET. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities and private placements are valued at fair value.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended March 31, 2024, and for all open tax years (years ended September 30, 2020–September 30, 2023), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. In regard to foreign taxes only, each Fund has open tax years in certain foreign countries in which it invests that may date back to the inception of each Fund. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended March 31, 2024, the Funds did not incur any interest or tax penalties.

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

1. Significant Accounting Policies (continued)

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

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Funds generally do not bifurcate that portion of realized gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices. These realized gains and losses are included on the “Statements of operations” under “Net realized gain (loss) on investments.” Each 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 Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds intend to use either 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 Funds 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 Funds under derivative contracts, if any, will be reported separately on the “Statements of assets and liabilities” as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the “Schedules of investments.”

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

Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Delaware Funds by Macquarie^®(Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Income and capital gain distributions from any investment companies (Underlying Funds) in which each Fund invests are recorded on the ex-dividend date. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, 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 Funds are aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends and interest have been recorded in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Certain Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Each 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 “Statements of operations” include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. Delaware Covered Call Strategy Fund, Delaware

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Growth and Income Fund, and Delaware Premium Income Fund declare and pay dividends quarterly. Delaware Global Equity Fund, Delaware Hedged U.S. Equity Opportunities Fund, and Delaware Opportunity Fund declare and pay dividends annually. Each Fund declares and pays distributions from net realized gain on investments, if any, at least annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

Each 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 “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.”

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

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

Fund		Management Fee (annual rate as a percentage of average daily net assets)
Delaware Covered Call Strategy Fund		0.800% of net assets up to $300 million;
		0.750% of net assets over $300 million and up to $500 million;
		0.700% of net assets over $500 million and up to $1 billion;
		0.650% of net assets over $1 billion and up to $2 billion;
		0.600% of net assets over $2 billion and up to $3 billion;
		0.550% of net assets over $3 billion.

Delaware Global Equity Fund		0.850% of net assets up to $500 million;
		0.800% of net assets over $500 million and up to $1 billion;
		0.750% of net assets over $1 billion and up to $2.5 billion;
		0.700% of net assets over $2.5 billion.

Delaware Growth and Income Fund		0.650% of net assets up to $500 million;
		0.600% of net assets over $500 million and up to $1 billion;
		0.550% of net assets over $1 billion and up to $2.5 billion;
		0.500% of net assets over $2.5 billion.

Delaware Hedged U.S. Equity Opportunities Fund		1.150% of net assets up to $100 million;
		1.100% of net assets over $100 million and up to $500 million;
		1.050% of net assets over $500 million and up to $1 billion;
		1.000% of net assets over $1 billion and up to $2 billion;
		0.950% of net assets over $2 billion and up to $3 billion;
		0.900% of net assets over $3 billion.

Delaware Opportunity Fund		0.750% of net assets up to $500 million;
		0.700% of net assets over $500 million and up to $1 billion;
		0.650% of net assets over $1 billion and up to $2.5 billion;
		0.600% of net assets over $2.5 billion.

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

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

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

percentages of each Fund’s average daily net assets from October 1, 2023 (except as noted) through January 28, 2025. These waivers and reimbursements may only be terminated by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.

Fund	Operating expense limitation as a percentage of average daily net assets all share classes other than Class R6	Operating expense limitation as a percentage of average daily net assets Class R6
Delaware Covered Call Strategy Fund	1.06%	0.98%
Delaware Global Equity Fund	0.91%	0.84%*
Delaware Growth and Income Fund	0.77%	0.70%**
Delaware Hedged U.S. Equity Opportunities Fund	1.30%	1.23%***
Delaware Opportunity Fund	0.86%****	0.78%
Delaware Premium Income Fund	1.05%	0.98%

Effective January 29, 2024. Prior to January 29, 2024, the expense limitation in effect for Class R6 shares was 0.85%.

Effective January 29, 2024. Prior to January 29, 2024, the expense limitation in effect for Class R6 shares was 0.71%.

***

Effective January 29, 2024. Prior to January 29, 2024, the expense limitation in effect for Class R6 shares was 1.24%.

****

Effective January 29, 2024. Prior to January 29, 2024, the expense limitation in effect for all share classes other than Class R6 shares was 0.89%.

After consideration of class specific expenses, including 12b-1 fees, the class level operating expense limitation as a percentage of average daily net assets from October 1, 2023 (except as noted) through January 28, 2025, unless terminated by agreement of DMC and the Fund, is as follows:

	Operating expense limitation as a percentage of average daily net assets
Fund	Class A	Class C	Class R	Institutional Class	Class R6
Delaware Covered Call Strategy Fund	1.31%	n/a	n/a	1.06%	0.98%
Delaware Global Equity Fund	1.16%	n/a	n/a	0.91%	0.84%*
Delaware Growth and Income Fund	1.02%	n/a	n/a	0.77%	0.70%**
Delaware Hedged U.S. Equity Opportunities Fund	1.55%	n/a	n/a	1.30%	1.23%***
Delaware Opportunity Fund	1.11%****	1.86%****	1.36%****	0.86%****	0.78%
Delaware Premium Income Fund	1.30%	n/a	n/a	1.05%	0.98%

Effective January 29, 2024. Prior to January 29, 2024, the expense limitation in effect for Class R6 shares was 0.85%.

Effective January 29, 2024. Prior to January 29, 2024, the expense limitation in effect for Class R6 shares was 0.71%.

***

Effective January 29, 2024. Prior to January 29, 2024, the expense limitation in effect for Class R6 shares was 1.24%.

****

Effective January 29, 2024. Prior to January 29, 2024, the expense limitation in effect for Class A, Class C, Class R, and Institutional Class shares was 1.14%, 1.89%, 1.39%, and 0.89%, respectively.

DMC may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited (together, the Affiliated Sub-Advisors). DMC may also permit these Affiliated Sub-Advisors to execute Fund security trades on its behalf and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Funds, pays each Affiliated Sub-Advisor a portion of its investment management fee.

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Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.0050% 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 Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended March 31, 2024, each Fund paid for these services as follows:

Fund	Fees
Delaware Covered Call Strategy Fund	$	4,074
Delaware Global Equity Fund		5,856
Delaware Growth and Income Fund		27,944
Delaware Hedged U.S. Equity Opportunities Fund		3,111
Delaware Opportunity Fund		13,966
Delaware Premium Income Fund		2,868

DIFSC is also the transfer agent and dividend disbursing agent of each Fund. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended March 31, 2024, each Fund paid for these services as follows:

Fund	Fees
Delaware Covered Call Strategy Fund	$	3,248
Delaware Global Equity Fund		6,019
Delaware Growth and Income Fund		40,435
Delaware Hedged U.S. Equity Opportunities Fund		1,744
Delaware Opportunity Fund		18,658
Delaware Premium Income Fund		1,363

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to each Fund. Sub-transfer agency fees are paid by the Funds and are also included on the “Statements 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, each 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, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Funds. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended March 31, 2024, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Delaware Covered Call Strategy Fund	$	2,928
Delaware Global Equity Fund		8,820
Delaware Growth and Income Fund		13,812
Delaware Hedged U.S. Equity Opportunities Fund		2,414
Delaware Opportunity Fund		6,409
Delaware Premium Income Fund		2,264

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

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

For the six months ended March 31, 2024, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Class A
Delaware Covered Call Strategy Fund	$	2,638
Delaware Global Equity Fund		5,098
Delaware Growth and Income Fund		36,572
Delaware Hedged U.S. Equity Opportunities Fund		1,624
Delaware Opportunity Fund		19,621
Delaware Premium Income Fund		722

For the six months ended March 31, 2024, DDLP received gross CDSC commissions on redemptions of certain Funds' Class A and Class C shares, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

Fund	Class A		Class C
Delaware Global Equity Fund	$	9	$	—
Delaware Growth and Income Fund		127		—
Delaware Opportunity Fund		1,263		10

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

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

3. Investments

For the six months ended March 31, 2024, each Fund made purchases and sales of investment securities other than short-term investments and US government securities as follows:

Fund	Purchases		Sales
Delaware Covered Call Strategy Fund	$	2,705,605	$	48,980,566
Delaware Global Equity Fund		34,344,682		49,018,531
Delaware Growth and Income Fund		213,707,940		241,707,209
Delaware Hedged U.S. Equity Opportunities Fund		13,600,826		55,083,128
Delaware Opportunity Fund		38,599,995		84,820,156
Delaware Premium Income Fund		3,430,081		28,665,271

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At March 31, 2024, 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 March 31, 2024, the cost and unrealized appreciation (depreciation) of investments and derivatives for each Fund were as follows:

			Aggregate		Aggregate			Net unrealized
			unrealized		unrealized			appreciation
	Cost of		appreciation		depreciation			(depreciation)
	investments		of investments		of investments			of investments
Fund	and derivatives		and derivatives		and derivatives			and derivatives
Delaware Covered Call Strategy Fund	$	36,822,848	$	33,567,610	$	(2,124,289	)	$	31,443,321
Delaware Global Equity Fund		165,244,791		29,036,271		(5,724,105	)		23,312,166
Delaware Growth and Income Fund		1,043,337,454		355,356,287		(33,807,631	)		321,548,656
Delaware Hedged U.S. Equity Opportunities Fund		18,439,071		4,067,599		(478,458	)		3,589,141
Delaware Opportunity Fund		400,681,818		220,389,967		(10,090,597	)		210,299,370
Delaware Premium Income Fund		17,533,402		8,223,537		(2,727,793	)		5,495,744

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At September 30, 2023, certain Funds had capital loss carryforwards available to offset future realized capital gains as follows:

	Loss carryforward character
	Short-term		Long-term		Total
Delaware Hedged U.S. Equity Opportunities Fund	$	577,630	$	—	$	577,630
Delaware Premium Income Fund		6,858,987		—		6,858,987

US GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. Each Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)

Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, 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 each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

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

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

3. Investments (continued)

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of March 31, 2024:

	Delaware
	Covered Call
	Strategy Fund
	Level 1
Securities
Assets:
Common Stocks	$	69,290,888
Short-Term Investments		2,388,799
Total Value of Securities Before Options Written	$	71,679,687
Liabilities:
Options Written	$	(3,413,518	)

	Delaware Global Equity Fund
	Level 1		Level 2		Total
Securities
Assets:
Common Stocks	$	184,790,492	$	2,919,132	$	187,709,624
Short-Term Investments		847,333		—		847,333
Total Value of Securities	$	185,637,825	$	2,919,132	$	188,556,957


	Delaware
	Growth and
	Income Fund
	Level 1
Securities
Assets:
Common Stocks	$	1,358,613,812
Short-Term Investments		6,272,298
Total Value of Securities	$	1,364,886,110

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	Delaware Hedged U.S. Equity Opportunities Fund
	Level 1			Level 3			Total
Securities
Assets:
Common Stocks	$	20,910,703		$	—		$	20,910,703
Warrants		—			—	¹		—
Options Purchased		23,143			—			23,143
Short-Term Investments		1,177,584			—			1,177,584
Total Value of Securities Before Options Written	$	22,111,430		$	—		$	22,111,430
Liabilities:
Options Written	$	(9,050	)	$	—		$	(9,050	)

Derivatives²
Liabilities:
Futures Contracts	$	(74,168	)	$	—		$	(74,168	)

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

²Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

	Delaware
	Opportunity
	Fund
	Level 1
Securities
Assets:
Common Stocks	$	602,509,388
Short-Term Investments		8,471,800
Total Value of Securities	$	610,981,188

	Delaware
	Premium
	Income Fund
	Level 1
Securities
Assets:
Common Stocks	$	29,876,891
Total Value of Securities Before Options Written	$	29,876,891
Liabilities:
Options Written	$	(6,847,745	)

As a result of utilizing international fair value pricing at March 31, 2024, a portion of Delaware Global Equity Fund’s common stock investments was categorized as Level 2.

During the six months ended March 31, 2024, there were no transfers into or out of Level 3 investments. Each Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

3. Investments (continued)

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to that 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 Delaware Hedged U.S. Equity Opportunities 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 Delaware Hedged U.S. Equity Opportunities Fund’s net assets at the end of the period. As of March 31, 2024, Delaware Covered Call Strategy Fund, Delaware Global Equity Fund, Delaware Growth and Income Fund, Delaware Opportunity Fund, and Delaware Premium Income Fund had no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

	Delaware												Delaware
	Covered Call						Delaware						Growth and
	Strategy Fund						Global Equity Fund						Income Fund
	Six months						Six months						Six months
	ended			Year ended			ended			Year ended			ended			Year ended
	3/31/24			9/30/23			3/31/24			9/30/23			3/31/24			9/30/23
Shares sold:
Class A		100,843			170,434			315,366			1,176,520			1,852,951			2,493,665
Institutional Class		474,074			237,031			147,667			569,286			2,980,355			572,540
Class R6		1			—			35			14,059			62,065			11,792

Shares from reorganization:¹
Class A		—			—			—			—			—			19,192,196
Institutional Class		—			—			—			—			—			485,464
Class R6		—			—			—			—			—			3,018

Shares issued upon reinvestment of dividends and distributions:
Class A		238,478			681,289			527,218			651,435			4,885,482			5,262,678
Institutional Class		115,882			275,164			7,600			20,037			185,965			50,684
Class R6		138			448			297			59			3,325			368
		929,416			1,364,366			998,183			2,431,396			9,970,143			28,072,405

Shares redeemed:
Class A		(2,249,312	)		(1,275,265	)		(2,496,018	)		(4,495,429	)		(7,076,855	)		(13,178,176	)
Institutional Class		(1,281,712	)		(581,729	)		(258,005	)		(399,664	)		(555,751	)		(552,095	)
Class R6		(32	)		(1,325	)		(1,091	)		(1,887	)		(8,429	)		(7,134	)
		(3,531,056	)		(1,858,319	)		(2,755,114	)		(4,896,980	)		(7,641,035	)		(13,737,405	)
Net increase (decrease)		(2,601,640	)		(493,953	)		(1,756,931	)		(2,465,584	)		2,329,108			14,335,000

¹ See Note 5.

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	Delaware
	Hedged U.S. Equity						Delaware						Delaware
	Opportunities Fund						Opportunity Fund						Premium Income Fund
	Six months						Six months						Six months
	ended			Year ended			ended			Year ended			ended			Year ended
	3/31/24			9/30/23			3/31/24			9/30/23			3/31/24			9/30/23
Shares sold:
Class A		50,455			154,882			217,672			459,048			120,877			344,520
Class C		—			—			368			715			—			—
Class R		—			—			1,902			1,698			—			—
Institutional Class		483,150			847,957			87,105			145,409			375,544			537,730
Class R6		6			—			8,969			225,291			—			—

Shares from reorganization:¹
Class A		—			—			—			508,806			—			—
Class C		—			—			—			104,619			—			—
Class R		—			—			—			6,436			—			—
Institutional Class		—			—			—			1,239,450			—			—

Shares issued upon reinvestment of dividends and distributions:
Class A		—			362,558			344,017			1,540,473			18,514			26,291
Class C		—			—			1,289			—			—			—
Class R		—			—			163			—			—			—
Institutional Class		—			285,575			22,047			7,968			28,461			36,053
Class R6		—			139			4,731			18,506			110			106
		533,611			1,651,111			688,263			4,258,419			543,506			944,700

Shares redeemed:
Class A		(1,823,182	)		(974,286	)		(1,525,842	)		(2,892,992	)		(946,085	)		(502,525	)
Class C		—			—			(28,775	)		(17,413	)		—			—
Class R		—			—			(99	)		(317	)		—			—
Institutional Class		(3,132,259	)		(1,196,601	)		(161,424	)		(515,281	)		(1,242,297	)		(810,502	)
Class R6		(185	)		(101	)		(27,186	)		(96,132	)		—			—
		(4,955,626	)		(2,170,988	)		(1,743,326	)		(3,522,135	)		(2,188,382	)		(1,313,027	)
Net increase (decrease)		(4,422,015	)		(519,877	)		(1,055,063	)		736,284			(1,644,876	)		(368,327	)

¹See Note 5.

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 tables above and on the previous page and on the “Statements of changes in net assets.” For the six months ended March 31, 2024 and the year ended September 30, 2023, each Fund had the following exchange transactions:

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

4. Capital Shares (continued)

	Exchange Redemptions				Exchange Subscriptions
			Institutional		Institutional
	Class A		Class		Class		Class R6
	Shares		Shares		Shares		Shares		Value

Delaware Covered Call Strategy Fund
Six months ended
3/31/24		401		—		403		—	$	5,098
Year ended
9/30/23		202		—		203		—		2,365

Delaware Global Equity Fund
Six months ended
3/31/24		6,090		—		5,696		—		38,337
Year ended
9/30/23		—		12,585		—		12,349		79,159

Delaware Growth and Income Fund
Six months ended
3/31/24		13,299		—		1,090		12,088		200,055
Year ended
9/30/23		15,291		3,026		15,273		2,997		242,051

Delaware Hedged U.S. Equity Opportunities Fund
Year ended
9/30/23		119		—		115		—		946

Delaware Opportunity Fund
Six months ended
3/31/24		303		—		288		—		10,085
Year ended
9/30/23		1,921		1,267		1,823		1,257		96,138

Delaware Premium Income Fund
Six months ended
3/31/24		6,627		—		6,621		—		74,569
Year ended
9/30/23		21,207		—		21,169		—		234,663

Delaware Hedged U.S. Equity Opportunities Fund did not have any exchange transactions for the six months ended March 31, 2024.

5. Reorganization

On November 10, 2022, the Board approved a proposal to reorganize Delaware Equity Income Fund, a series of the Trust (the “Acquired Fund I”) with and into Delaware Growth and Income Fund (the “Acquiring Fund I”) and a proposal to reorganize Delaware Mid Cap Value Fund, a series of Delaware Group Equity Funds I, (the “Acquired Fund II”, and together with Acquired Fund I, the "Acquired Funds") with and into Delaware Opportunity Fund (the “Acquiring Fund II”, and together with Acquiring Fund I, the "Acquiring Funds"), (the “Reorganizations”). Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property, assets, and goodwill of Acquired Fund I and Acquired Fund II were acquired by the Acquiring Fund I and Acquiring Fund II, respectively, and (ii) the Trust, on behalf of Acquiring Fund I and Acquiring Fund II, assumed the liabilities of Acquired Fund I and Acquired Fund II, in exchange for shares of Acquiring Fund I and Acquiring Fund II,

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respectively. In accordance with the Plan, Acquired Fund I and Acquiring Fund II liquidated and dissolved following the Reorganizations. In approving the Reorganizations, the Board considered various factors, including that each Acquiring Fund and its corresponding Acquired Fund share similar investment objectives, principal investment strategies and principal risks, and materially identical fundamental investment restrictions and that each Acquiring Fund's overall total expense ratio is expected to be equal to or lower than the corresponding Acquired Fund's total expense ratio following the Reorganizations taking into account applicable expense limitation arrangements. The Reorganizations were accomplished by a tax-free exchange of shares on March 10, 2023. For financial reporting purposes, assets received and shares issued by Acquiring Fund I and Acquiring Fund II were recorded at fair value; however, the cost basis of the investments received from Acquired Fund I and Acquired Fund II was carried forward to align ongoing reporting of Acquiring Fund I and Acquiring Fund II’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the Reorganization are as follows:

					Shares
	Acquired		Acquired		Converted		Acquiring
	Fund I		Fund I Shares		to Acquiring		Fund I		Conversion
	Net Assets		Outstanding		Fund I		Net Assets		Ratio
	Delaware Equity Income Fund				Delaware Growth and Income Fund
Class A	$	248,356,990		39,433,257		19,192,196	$	912,825,415		0.4867
Institutional Class		6,292,640		989,897		485,464		8,521,827		0.4904
Class R6		39,466		6,280		3,018		30,050		0.4806

					Shares
	Acquired		Acquired		Converted		Acquiring
	Funds II		Fund II Shares		to Acquiring		Fund II		Conversion
	Net Assets		Outstanding		Fund II		Net Assets		Ratio
	Delaware Mid Cap Value Fund				Delaware Opportunity Fund
Class A	$	14,608,817		2,064,343		508,806	$	520,544,373		0.2465
Class C		3,162,250		491,477		104,619		9,431		0.2129
Class R		194,570		27,474		6,436		9,432		0.2343
Institutional Class		37,475,287		5,301,037		1,239,450		3,659,006		0.2338

The net assets of Acquired Fund I and Acquired Fund II before the Reorganizations were as follows:

	Net Assets
Delaware Equity Income Fund	$	254,689,096
Delaware Mid Cap Value Fund		55,440,924

The net assets of Acquiring Fund I and Acquiring Fund II immediately following the Reorganizations were as follows:

	Net Assets
Delaware Growth and Income Fund	$	1,176,066,388
Delaware Opportunity Fund		585,570,406

Assuming the Reorganizations had been completed on October 1, 2022, Acquiring Fund I and Acquiring Fund II's pro forma results of operations for the year ended September 30, 2023, would have been as follows:

	Delaware		Delaware
	Growth and		Opportunity
	Income Fund		Fund
Net investment income	$	30,108,598	$	5,028,155
Net realized gain on investments		56,230,876		7,635,146
Net change in unrealized appreciation (depreciation)		126,463,820		40,056,087
Net increase (decrease) in net assets resulting from operations	$	212,803,294	$	52,719,388

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

6. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $355,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on October 30, 2023.

On October 30, 2023, each Fund, along with the other Participants, entered into an amendment to the Agreement for a $335,000,000 revolving line of credit to be used as described above. It operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 28, 2024.

Each Fund had no amounts outstanding as of March 31, 2024, or at any time during the period then ended.

7. Derivatives

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

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

The use of 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, each Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. Each Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between each Fund and the counterparty and by the posting of collateral by the counterparty to the Funds to cover each Fund’s exposure to the counterparty. No forward foreign currency exchange contracts were outstanding at March 31, 2024.

During the six months ended March 31, 2024, Delaware Hedged U.S. Equity Opportunities Bond Fund used 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 Funds may use futures contracts in the normal course of pursuing its investment objective. The Funds may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Funds deposit cash or pledge US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Funds as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect

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correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Funds because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Delaware Hedged U.S. Equity Opportunities Fund posted $189,184 as cash collateral as margin for open futures contracts, which is presented as “Cash collateral due from brokers” on the “Statements of assets and liabilities.” Open futures contracts, if any, are disclosed on the “Schedules of investments.”

During the six months ended March 31, 2024, Delaware Hedged U.S. Equity Opportunities Bond Fund invested in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

Options Contracts — Each Fund may enter into options contracts in the normal course of pursuing its investment objective. A Fund may buy or write options contracts for any number of reasons, including without limitation: to manage a Fund’s exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting a Fund’s overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. A Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When a Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When a Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by a Fund on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether a Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by a Fund. A Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, a Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. At March 31, 2024, Delaware Covered Call Strategy Fund and Delaware Premium Income Fund posted $69,290,888 and $29,876,891, respectively, in security collateral for open options contracts, which is included on the “Schedules of investments.”

During the six months ended March 31, 2024, Delaware Covered Call Strategy Fund, Delaware Hedged U.S. Equity Opportunities Fund, and Delaware Premium Income Fund used options contracts to manage the Funds’ exposure to changes in securities prices caused by interest rates or market conditions. In addition, Delaware Covered Call Strategy Fund and Delaware Premium Income Fund used options contracts to receive premiums for writing options and to protect the value of portfolio securities.

Fair values of derivative instruments as of March 31, 2024 were as follows:

		Delaware
		Hedged
		U.S. Equity
		Opportunities
		Fund
		Asset
		Derivatives Fair
		Value
Statements of Assets and		Equity
Liabilities Location		Contracts
Options purchased, at value*		$23,143

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

7. Derivatives (continued)

	Delaware
	Hedged
	U.S. Equity
	Opportunities
	Fund
	Liability
	Derivatives Fair
	Value
Statements of Assets and	Equity
Liabilities Location	Contracts
Variation margin due to broker on futures contracts**	$	(74,168	)
Options written, at value		(9,050	)
Total	$	(83,218	)

*Included with Investments, at value.

**Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through March 31, 2024. Only current day variation margin is reported on the Fund’s “Statements of assets and liabilities.”

The effect of derivative instruments on Delaware Hedged U.S. Equity Opportunities Fund's “Statements of operations” for the six months ended March 31, 2024 was as follows:

	Net Realized Gain (Loss) on:
	Forward
	Foreign
	Currency
	Exchange			Futures			Options			Options
	Contracts			Contracts			Purchased			Written		Total
Currency contracts	$	(9,827	)	$	—		$	—		$	—	$	(9,827	)
Equity contracts		—			(938,092	)		(650,000	)		133,417		(1,454,675	)
Total	$	(9,827	)	$	(938,092	)	$	(650,000	)	$	133,417	$	(1,464,502	)

	Net Change in Unrealized Appreciation (Depreciation) on:
	Forward
	Foreign
	Currency
	Exchange			Futures			Options		Options
	Contracts			Contracts			Purchased		Written		Total
Currency contracts	$	(12,495	)	$	—		$	—	$	—	$	(12,495	)
Equity contracts		—			(373,270	)		77,943		23,406		(271,921	)
Total	$	(12,495	)	$	(373,270	)	$	77,943	$	23,406	$	(284,416	)

During the six months ended March 31, 2024, Delaware Covered Call Strategy Fund and Delaware Premium Income Fund experienced net realized and unrealized gains or losses attributable to options contracts, which are disclosed on the “Statements of assets and liabilities” and/or “Statements of operations.”

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The tables below summarize the average daily balance of derivative holdings by certain Funds during the six months ended March 31, 2024:

	Long Derivative Volume
	Delaware
	Hedged
	U.S. Equity
	Opportunities
	Fund
Forward foreign currency exchange contracts (average notional value)	$	164,981
Options contracts (average notional value)*		124,505

	Short Derivative Volume
			Delaware
	Delaware		Hedged
	Covered Call		U.S. Equity		Delaware
	Strategy		Opportunities		Premium
	Fund		Fund		Income Fund
Forward foreign currency exchange contracts (average notional value)	$	—	$	1,607,466	$	—
Futures contracts (average notional value)		—		8,894,064		—
Options contracts (average notional value)*		4,145,837		42,034		10,124,502

8. Securities Lending

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

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

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

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Notes to financial statements

Delaware Group^®Equity Funds IV (Trust)

8. Securities Lending (continued)

earnings from the collateral investments are shared among each Fund, the security lending agent, and the borrower. Each Fund records security lending income net of allocations to the security lending agent and the borrower.

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

At March 31, 2024, each Fund had no securities out on loan.

9. Credit and Market Risks

The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen.

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 each Fund invests will cause the NAV of each Fund to fluctuate.

Some countries in which the Funds may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the US. Consequently, acquisition and disposition of securities by the Funds may be inhibited. In addition, a significant portion of the aggregate market value of securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Funds.

Certain Funds may invest in REITs and are subject to the risks associated with that industry. If a Fund holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended March 31, 2024. The Funds’ REIT holdings are also affected by interest rate changes, particularly if the REITs they hold use floating rate debt to finance their ongoing operations. The Funds also invest in real estate acquired as a result of ownership of securities or other instruments, including issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein. These instruments may include interests in private equity limited partnerships or limited liability companies that hold real estate investments (Real Estate Limited Partnerships). The Funds will limit their investments in Real Estate Limited Partnerships to 5% of their total assets at the time of purchase.

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 “Statements 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).

Certain Funds may invest in small- and mid-sized companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small- and mid-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.

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of

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determining whether individual securities are liquid for purposes of the Funds’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Funds’ 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedules of investments.”

10. Contractual Obligations

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

11. Subsequent Events

On January 16, 2024, the Board approved the reorganization of the Fund below into and with a substantially similar fund and class of another Delaware Fund (the “Reorganization”) as shown in the table below:

Acquired Fund		Acquiring Fund

Delaware Global Equity Fund, a series of the Trust		Delaware Ivy Global Growth Fund, a series of Ivy Funds

Acquired Fund shareholders approved the reorganization at a special shareholder meeting held on March 25, 2024.

The results of the voting at the special shareholder meeting were as follows:

Proposal

For

Against

Abstain

Reorganization

11,307,087

783,728

2,348,251

The Reorganization occurred on May 3, 2024.

On January 16, 2024, the Board unanimously voted to approve a proposal to liquidate and dissolve Delaware Covered Call Strategy Fund, Delaware Hedged U.S. Equity Opportunities Fund, and Delaware Premium Income. Each Fund liquidation and dissolution occurred on April 19, 2024.

Management has determined that no other material events or transactions occurred subsequent to March 31, 2024, that would require recognition or disclosure in the Funds’ financial statements.

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Other Fund information (Unaudited)

Delaware Group^®Equity Funds IV (Trust)

Form N-PORT and proxy voting information

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

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

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

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

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

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

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

Not applicable.

Item 13. Recovery of Erroneously Awarded Compensation

Not applicable.

Item 14. Exhibits

(a)

(1) Code of Ethics

Not applicable.

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

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

Not applicable.

(b)

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

SIGNATURES

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

DELAWARE GROUP^® EQUITY FUNDS IV

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	June 3, 2024

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:	June 3, 2024

/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	June 3, 2024