Acquired Funds	Acquiring Funds
Delaware Equity Income Fund, a series of Delaware Group® Equity Funds IV	Delaware Growth and Income Fund, a series of Delaware Group Equity Funds IV
Delaware Total Return Fund, a series of Delaware Group Equity Funds IV	Delaware Wealth Builder Fund, a series of Delaware Group Equity Funds V
Delaware Strategic Allocation Fund, a series of Delaware Group Foundation® Funds	Delaware Wealth Builder Fund, a series of Delaware Group Equity Funds V
Delaware Mid Cap Value Fund, a series of Delaware Group Equity Funds I	Delaware Opportunity Fund, a series of Delaware Group Equity Funds IV

THE REORGANIZATIONS	4
COMPARISON OF INVESTMENT OBJECTIVES, STRATEGIES, RISKS, AND INVESTMENT RESTRICTIONS	4
How do the investment objectives, principal strategies, principal risks, and fundamental investment restrictions of the Acquired Funds compare against those of the Acquiring Funds?	4
INFORMATION ABOUT THE FUNDS	24
What are the fees and expenses of each Fund and what are the anticipated fees and expenses after the Reorganization?	24
How can I compare the costs of investing in Acquired Fund shares with the cost of investing in Acquiring Fund shares of the comparable class?	30
What are the general tax consequences of the Reorganizations?	33
Who manages the Funds?	33
How do the performance records of the Funds compare?	35
Where can I find more financial information about the Funds?	45
What are other key features of the Funds?	45
REASONS FOR THE REORGANIZATIONS	66
INFORMATION ABOUT THE REORGANIZATIONS AND THE PLAN	67
How will the Reorganizations be carried out?	67
Who will pay the expenses of the Reorganization?	68
What are the tax consequences of each Reorganization?	68
What should I know about shares of the Acquired Fund and Acquiring Fund?	71
What are the capitalizations of the Funds and what might the capitalization be after the Reorganizations?	73
Do the Trustees and Officers own shares of the Funds?	76
Who are the control persons and owners of record or beneficially 5% or more of any class of a Fund’s outstanding equity securities?	76
MORE INFORMATION ABOUT THE FUNDS	84
EXHIBITS TO PROSPECTUS/INFORMATION STATEMENT	87

Acquisition of the Assets of:

DELAWARE EQUITY INCOME FUND (a series of Delaware Group® Equity Funds IV)

By and in exchange for shares of:

DELAWARE GROWTH AND INCOME FUND (a series of Delaware Group Equity Funds IV)

Acquisition of the Assets of:

DELAWARE TOTAL RETURN FUND (a series of Delaware Group Equity Funds IV)

By and in exchange for shares of:

DELAWARE WEALTH BUILDER FUND (a series of Delaware Group Equity Funds V)

Acquisition of the Assets of:

DELAWARE STRATEGIC ALLOCATION FUND (a series of Delaware Group Foundation® Funds)

By and in exchange for shares of:

DELAWARE WEALTH BUILDER FUND (a series of Delaware Group Equity Funds V)

Acquisition of the Assets of:

DELAWARE MID CAP VALUE FUND (a series of Delaware Group Equity Funds I)

By and in exchange for shares of:

DELWARE OPPORTUNITY FUND (a series of Delaware Group Equity Funds IV)

Acquired Funds	Acquiring Funds
Delaware Equity Income Fund, a series of Delaware Group Equity Funds IV	Delaware Growth and Income Fund, a series of Delaware Group Equity Funds IV
Delaware Total Return Fund, a series of Delaware Group Equity Funds IV	Delaware Wealth Builder Fund, a series of Delaware Group Equity Funds V
Delaware Strategic Allocation Fund, a series of  Delaware Group Foundation Funds	Delaware Wealth Builder Fund, a series of Delaware Group Equity Funds V
Delaware Mid Cap Value Fund, a series of Delaware Group Equity Funds I	Delaware Opportunity Fund, a series of Delaware Group Equity Funds IV

Acquired Fund Prospectuses	Acquiring Fund Prospectuses
Delaware Equity Income Fund – dated Jan. 28, 2022 (1933 Act File No. 033-00442)	Delaware Growth and Income Fund – dated Jan. 28, 2022 (1933 Act File No. 033-00442)
Delaware Total Return Fund – dated Jan. 28, 2022 (1933 Act File No. 033-00442)	Delaware Wealth Builder Fund – dated March 30, 2022 (1933 Act File No. 033-11419)
Delaware Strategic Allocation Fund – dated July 29, 2022 (1933 Act File No. 333-38801)	Delaware Wealth Builder Fund – dated March 30, 2022 (1933 Act File No. 033-11419)

Delaware Mid Cap Value Fund – dated Feb. 25, 2022 (1933 Act File No. 002-10765)

Delaware Opportunity Fund – dated Jan. 28, 2022 (1933 Act File No. 033-00442)

Delaware Equity Income  Fund (Acquired Fund)	Delaware Growth and Income Fund (Acquiring Fund)
What is the Fund’s investment objective?   Delaware Equity Income Fund seeks total return.	What is the Fund’s investment objective?   Delaware Growth and Income Fund seeks long-term growth of capital and current income.

Delaware Equity Income Fund (Acquired Fund)

Delaware Growth and Income Fund (Acquiring Fund)

What are the Fund’s principal investment strategies?   The Fund invests, under normal circumstances, primarily in companies that the Fund believes are attractive in the market based on their view of long term potential. Under normal circumstances, the Fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in equities (80% policy). For purposes of this 80% policy, equities may include common stock, preferred stock, equity-based exchange-traded funds (ETFs) and instruments that are convertible into common stock, or other instruments that represent an equity position in an issuer. The Fund seeks to generate income by investing primarily in dividend paying companies. The Fund may also own convertible securities. Convertible securities are usually preferred stocks or corporate bonds

What are the Fund’s principal investment strategies?   The Fund primarily invests in common stocks that offer the potential for capital growth, current income or both. The Fund primarily invests in common stocks of large-size companies. The Fund may also invest in mid- and small-size companies. The Fund seeks to generate income by investing primarily in dividend paying companies. The Fund may also own convertible securities. Convertible securities are usually preferred stocks or corporate bonds that can be exchanged for a set number of shares of common stock at a predetermined price. These securities offer higher appreciation potential than nonconvertible bonds and greater income potential than nonconvertible preferred stocks. The Fund may also invest in real estate investment trusts (REITs) and income-generating equity

that can be exchanged for a set number of shares of common stock at a predetermined price. These securities offer higher appreciation potential than nonconvertible bonds and greater income potential than nonconvertible preferred stocks. The Fund may also invest in real estate investment trusts (REITs) and income-generating equity securities. REITs are pooled investment vehicles that invest primarily in income-producing real estate or real estate-related loans or interests. Macquarie Investment Management Global Limited (MIMGL), an affiliate of the Fund's investment manager, Delaware Management Company (Manager), serves as the Fund’s sub-advisor and manages the Fund’s assets. In addition, Macquarie Fund Management Hong Kong Limited, an affiliate of the Manager, may execute security trades for the Fund. Using a systematic bottom-up approach, the Fund seeks to select securities that have above-average yields coupled with a demonstrated business quality, as seen through superior profitability, balance sheet strength, earnings stability and corporate sustainability. Stocks also need to have reasonable company valuations relative to their current growth prospects, and their peer group. All of these factors give insight into the outlook for a company, and identify companies poised for sustainable growth. Sustainable growth, if it occurs, may result in price appreciation for the company’s stock.   The 80% policy is nonfundamental and may be changed without shareholder approval. Fund shareholders would be given at least 60 days’ notice prior to any such change.

securities. REITs are pooled investment vehicles that invest primarily in income-producing real estate or real estate-related loans or interests. Macquarie Investment Management Global Limited (MIMGL), an affiliate of the Fund's investment manager, Delaware Management Company (Manager), serves as the Fund’s sub-advisor and manages the Fund’s assets. In addition, Macquarie Fund Management Hong Kong Limited, an affiliate of the Manager, may execute security trades for the Fund. Using a systematic bottom-up approach, the Fund seeks to select securities that have above-average yields coupled with a demonstrated business quality, as seen through superior profitability, balance sheet strength, earnings stability and corporate sustainability. Stocks also need to have reasonable company valuations relative to their current growth prospects, and their peer group. All of these factors give insight into the outlook for a company, and identify companies poised for sustainable growth. Sustainable growth, if it occurs, may result in price appreciation for the company’s stock.   Under normal circumstances, the Fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in equities (80% policy).The 80% policy is non-fundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days’ notice before changing this 80% policy.

Acquired Fund	Acquiring Fund
Market risk	Market risk
Company size risk	Company size risk
Real estate industry risk	Real estate industry risk
Exchange-traded fund risk
Liquidity risk	Liquidity risk
IBOR risk	IBOR risk
Active management and selection risk	Active management and selection risk

Delaware Total Return Fund (Acquired Fund)	Delaware Wealth Builder Fund (Acquiring Fund)
What is the Fund’s investment objective?   Delaware Total Return Fund seeks to provide sustainable current income with potential for capital appreciation with moderate investment risk.	What is the Fund’s investment objective?   Delaware Wealth Builder Fund seeks to provide high current income and an investment that has the potential for capital appreciation.

Delaware Total Return Fund (Acquired Fund)

Delaware Wealth Builder Fund (Acquiring Fund)

What are the Fund’s principal investment strategies?   For the purposes of this section, a reference to the Manager may also include Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK” or the “Sub-advisor”), with respect to its role as sub-advisor of the Fund. The Fund allocates its assets among stocks (US and foreign companies), bonds and money market instruments. The Fund does not use a fixed formula for allocating investments between stocks and bonds. While the percentage of assets allocated to each asset class is flexible rather than fixed, the Fund normally invests at least 50% of its net assets in stocks, stock equivalents, and convertible securities with the remainder in bonds, cash and money market instruments. The percentage allocations within the above ranges may change due to, among other things, market fluctuations or

What are the Fund’s principal investment strategies?   For the purposes of this section, a reference to the Manager may also include Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK,” or the “Sub-advisor”), with respect to its role as sub-advisor of the Fund. The Fund invests primarily in income-generating securities (debt and equity), which may include equity securities of large, well-established companies, and debt securities, including high yield, high-risk corporate bonds, investment grade fixed income securities, and US government securities. Under normal circumstances, at least 50% of the Fund’s total assets will be invested in income-generating equity securities, including real estate investment trusts (REITs). While debt securities may comprise up to 50% of the Fund’s total assets, no more than 45% of the

reallocation decisions by the Sub-advisor. MIMAK’s dynamic asset-allocation framework will be used to determine the proportion of the Fund’s assets that will be allocated to the various asset classes, based on the market assessment and portfolio risk contribution for such asset classes. The framework is intended to reduce riskier assets in times of market volatility and provide additional downside protection. Reallocations outside of the above ranges are expected to occur infrequently. The Fund may also invest in high yield, below investment grade corporate bonds (commonly known as high yield or “junk bonds”). High yield bonds include bonds that are rated below Baa3 by Moody’s Investors Service, Inc. or below BBB- by Standard & Poor’s Financial Services LLC as well as unrated bonds that are determined by the Manager to be of equivalent quality. The Manager will consider ratings assigned by ratings agencies in selecting high yield bonds but relies principally on its own research and investment analysis. In managing its portion of the Fund, the Manager primarily focuses on investments it believes can generate attractive and consistent income. The Manager may sell a bond when it shows deteriorating fundamentals or it falls short of the Manager’s expectations. The Fund may invest in credit-linked securities, provided that no more than 10% of the Fund’s net assets are invested in credit-linked securities. The Fund may also invest in real estate related companies and real estate investment trusts (REITs).   In connection with its dynamic asset-allocation framework, MIMAK will also manage a tactical/completion sleeve and such sleeve will typically vary from 0% to 20% of the Fund’s total assets and primarily hold derivatives and exchange-traded funds (ETFs).   The Fund may use a wide range of derivative instruments, typically including forward foreign currency contracts, options, futures contracts, options on futures contracts, and credit default swaps. The Fund will use derivatives for both hedging and non-hedging purposes; as a substitute for purchasing or selling securities; and to manage the Fund’s portfolio characteristics. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; and credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return.   In addition, the Manager may seek investment advice and recommendations relating to fixed income securities from its affiliates: Macquarie Investment Management Europe Limited (MIMEL) and Macquarie Investment Management Global Limited (MIMGL). The Manager may also permit MIMGL, and Macquarie Funds Management Hong Kong Limited (MFMHKL) to execute equity Fund security trades on behalf of the Manager. The Manager may also permit MIMEL and MIMGL to exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to

Fund’s total assets will be invested in high yield, high-risk debt securities. No more than 25% of the Fund’s total assets will be invested in any one industry sector nor, as to 75% of the Fund’s total assets, will more than 5% be invested in securities of any one issuer. The Fund may invest up to 30% of its total assets in foreign equity and debt securities. The Fund will not, however, invest more than 10% of its total assets in securities of issuers principally located or principally operating in markets of emerging countries. MIMAK’s dynamic asset-allocation framework will be used to determine the proportion of the Fund’s assets that will be allocated to the various asset classes, based on the market assessment and portfolio risk contribution for such asset classes. The framework is intended to reduce riskier assets in times of market volatility and provide additional downside protection. It is expected that the proportion of the Fund’s total assets invested in income-generating equity securities and equity equivalent securities (including derivatives and exchange-traded funds (ETFs)) will vary from 50% to 100% of the Fund’s total assets. The proportion of the Fund’s total assets in debt securities and debt equivalent securities (including derivatives and ETFs) will correspondingly vary from 0% to 50% of the Fund’s total assets.   In connection with its dynamic asset-allocation framework, MIMAK will also manage a tactical / completion sleeve and such sleeve will typically vary from 0% to 20% of the Fund’s total assets and primarily hold derivatives and ETFs.   The Fund may use a wide range of derivative instruments, typically including forward foreign currency contracts, options, futures contracts, options on futures contracts, and credit default swaps. The Fund will use derivatives for both hedging and non-hedging purposes; as a substitute for purchasing or selling securities; and to manage the Fund’s portfolio characteristics. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; and credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return.   In addition, the Manager may seek investment advice and recommendations relating to fixed income securities from its affiliates: Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL). The Manager may also permit MIMGL and Macquarie Funds Management Hong Kong Limited (MFMHKL) to execute Fund equity security trades on behalf of the Manager. The Manager may also permit MIMEL and MIMGL to exercise investment discretion and perform trading for fixed income securities in certain markets where the Manager believes it will be beneficial to

utilize MIMEL’s or MIMGL’s specialized market knowledge, and the Manager may also seek quantitative support from MIMGL. MIMGL is also responsible for managing real estate investment trust securities and other equity asset classes to which the portfolio managers may allocate assets from time to time.

utilize MIMEL’s or MIMGL’s specialized market knowledge, and the Manager may also seek quantitative support from MIMGL. MIMGL is also responsible for managing real estate investment trust securities and other equity asset classes to which the portfolio managers may allocate assets from time to time.

Acquired Fund	Acquiring Fund
Fixed income related risks:	Fixed income related risks:
Credit risk	Credit risk
Interest rate risk	Interest rate risk
High yield (junk bond) risk	High yield (junk bond) risk
Mortgage-backed and asset-backed securities risk
General risks:	General risks:
Company size risk
Real estate industry risk	Real estate industry risk
Market risk	Market risk
Derivatives risk	Derivatives risk
	Leveraging risk
Foreign risk	Foreign risk
Exchange-traded fund risk	Exchange-traded fund risk
	Government and regulatory risk
Liquidity risk	Liquidity risk
IBOR risk	IBOR risk
Active management and selection risk	Active management and selection risk

Delaware Strategic Allocation Fund (Acquired Fund)	Delaware Wealth Builder Fund (Acquiring Fund)
What is the Fund’s investment objective?   Delaware Strategic Allocation Fund seeks capital appreciation with current income as a secondary objective.	What is the Fund’s investment objective?   Delaware Wealth Builder Fund seeks to provide high current income and an investment that has the potential for capital appreciation.

Delaware Strategic Allocation Fund (Acquired Fund)

Delaware Wealth Builder Fund (Acquiring Fund)

What are the Fund’s principal investment strategies?   The Fund seeks to achieve its objectives by investing in a combination of underlying securities representing a variety of asset classes and investment styles. In striving to meet its objectives, the Fund will typically target about 60% of its net assets in equity securities and equity equivalent securities (including derivatives and exchange-traded funds (ETFs)) and about 40% of its net assets in fixed income securities and fixed income equivalent securities (including derivatives and ETFs). Allocations for the Fund may vary within the ranges shown in the table below. The Fund may invest 10% to 60% of net assets in foreign securities, inclusive of up to 15% of net assets in emerging market securities.   Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), one of the Fund’s sub-advisors, uses a dynamic asset-allocation framework to determine the proportion of the Fund’s assets that will be allocated to the various asset classes, based on the market assessment and portfolio risk contribution for such asset classes. The framework is intended to reduce riskier assets in times of market volatility and provide additional downside protection. Following are the strategic policy weights for the Fund’s net assets, as they may be invested in broad and narrow asset classes, and various investment styles, and the permitted range of variation around those weights.   Equity asset class: 60% policy weight (40-70% range) • US equity asset class: 30% policy weight (10-40% range)

What are the Fund’s principal investment strategies?   For the purposes of this section, a reference to the Manager may also include Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK,” or the “Sub-advisor”), with respect to its role as sub-advisor of the Fund.   The Fund invests primarily in income-generating securities (debt and equity), which may include equity securities of large, well-established companies, and debt securities, including high yield, high-risk corporate bonds, investment grade fixed income securities, and US government securities. Under normal circumstances, at least 50% of the Fund’s total assets will be invested in income-generating equity securities, including real estate investment trusts (REITs). While debt securities may comprise up to 50% of the Fund’s total assets, no more than 45% of the Fund’s total assets will be invested in high yield, high-risk debt securities. No more than 25% of the Fund’s total assets will be invested in any one industry sector nor, as to 75% of the Fund’s total assets, will more than 5% be invested in securities of any one issuer. The Fund may invest up to 30% of its total assets in foreign equity and debt securities. The Fund will not, however, invest more than 10% of its total assets in securities of issuers principally located or principally operating in markets of emerging countries.   MIMAK’s dynamic asset-allocation framework will be used to determine the proportion of the Fund’s assets that will be allocated to the various asset classes, based

• International equity asset class: 22.5% policy weight (10-40% range) • Global real estate equity asset class: 0% policy weight (0-15% range) • Emerging markets asset class: 7.5% policy weight (0-15% range)   Fixed income asset class: 40% policy weight (30-60% range) • Diversified fixed income asset class: 40% policy weight (30-60% range) • Diversified fixed income: 38% policy weight (20-50% range) • Money market/cash equivalents: 2% policy weight (0-15% range)   In connection with its dynamic asset-allocation framework, MIMAK will also manage a tactical / completion sleeve and such sleeve will typically vary from 0% to 20% of the Fund’s total assets and primarily hold derivatives and ETFs. If applicable, the derivatives and ETFs within the tactical / completion sleeve will also be counted towards the asset class ranges defined above.   The Fund may use a wide range of derivative instruments, typically including forward foreign currency contracts, options, futures contracts, options on futures contracts, and credit default swaps. The Fund will use derivatives for both hedging and non-hedging purposes; as a substitute for purchasing or selling securities; and to manage the Fund’s portfolio characteristics. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; and credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return.   As determined by MIMAK from time to time, Macquarie Investment Management Global Limited (MIMGL) is responsible for managing real estate investment trust securities and other equity asset classes to which MIMAK may allocate assets. In addition, MIMAK may seek investment advice and recommendations relating to fixed income securities from the Manager’s affiliates: Macquarie Investment Management Europe Limited (MIMEL) and MIMGL. MIMAK may also permit MIMGL and Macquarie Funds Management Hong Kong Limited (MFMHKL) to execute Fund equity security trades on behalf of MIMAK. MIMAK may also permit MIMEL and MIMGL to exercise investment discretion and perform trading for fixed income securities in certain markets where MIMAK believes it will be beneficial to utilize MIMEL’s or MIMGL’s specialized market knowledge, and MIMAK may also seek quantitative support from MIMGL.

on the market assessment and portfolio risk contribution for such asset classes. The framework is intended to reduce riskier assets in times of market volatility and provide additional downside protection. It is expected that the proportion of the Fund’s total assets invested in income-generating equity securities and equity equivalent securities (including derivatives and exchange-traded funds (ETFs)) will vary from 50% to 100% of the Fund’s total assets. The proportion of the Fund’s total assets in debt securities and debt equivalent securities (including derivatives and ETFs) will correspondingly vary from 0% to 50% of the Fund’s total assets.   In connection with its dynamic asset-allocation framework, MIMAK will also manage a tactical / completion sleeve and such sleeve will typically vary from 0% to 20% of the Fund’s total assets and primarily hold derivatives and ETFs.   The Fund may use a wide range of derivative instruments, typically including forward foreign currency contracts, options, futures contracts, options on futures contracts, and credit default swaps. The Fund will use derivatives for both hedging and non-hedging purposes; as a substitute for purchasing or selling securities; and to manage the Fund’s portfolio characteristics. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; and credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return.   In addition, the Manager may seek investment advice and recommendations relating to fixed income securities from its affiliates: Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL). The Manager may also permit MIMGL and Macquarie Funds Management Hong Kong Limited (MFMHKL) to execute Fund equity security trades on behalf of the Manager. The Manager may also permit MIMEL and MIMGL to exercise investment discretion and perform trading for fixed income securities in certain markets where the Manager believes it will be beneficial to utilize MIMEL’s or MIMGL’s specialized market knowledge, and the Manager may also seek quantitative support from MIMGL. MIMGL is also responsible for managing real estate investment trust securities and other equity asset classes to which the portfolio managers may allocate assets from time to time.

Acquired Fund	Acquiring Fund
Fixed income related risks:	Fixed income related risks:
Fixed income risk
Credit risk	Credit risk
Interest rate risk	Interest rate risk
	High yield (junk bond) risk
General risks:	General risks:
Market risk	Market risk
Company size risk
Foreign risk	Foreign risk
Forward foreign currency risk
Real estate industry risk	Real estate industry risk
Derivatives risk	Derivatives risk
Exchange-traded fund risk	Exchange-traded fund risk
Leveraging risk	Leveraging risk
Liquidity risk	Liquidity risk
Government and regulatory risk	Government and regulatory risk
IBOR risk	IBOR risk
Active management and selection risk	Active management and selection risk

Delaware Mid Cap Value Fund (Acquired Fund)	Delaware Opportunity Fund (Acquiring Fund)
What is the Fund’s investment objective?   Delaware Mid Cap Value Fund seeks capital appreciation.	What is the Fund’s investment objective?   Delaware Opportunity Fund seeks long-term capital growth.

Delaware Mid Cap Value Fund (Acquired Fund)

Delaware Opportunity Fund (Acquiring Fund)

What are the Fund’s principal investment strategies?   The Fund invests primarily in investments of medium-sized companies whose stock prices appear low relative to their underlying value or future potential. Among other factors, the Fund’s investment manager, Delaware Management Company (Manager), considers the financial strength of a company, its management, the prospects for its industry, and any anticipated changes within the company that might suggest a more favorable outlook going forward. The Manager focuses on free cash flow in its individual stock selection, seeking companies that it believes have a sustainable ability to buy back shares, lower debt, and/or increase or initiate dividends. Under normal circumstances, at least 80% of the Fund’s net assets, plus the amount of any borrowings for investment purposes, will be in investments of medium-sized companies (80% policy). The Fund considers medium-sized companies to be those companies whose market capitalizations fall within the range represented in the Russell Midcap® Value Index (Index) at the time of the Fund’s investment. As of May 7, 2021, the smallest company included in the Index had a market capitalization of $3.6 billion and the largest company included in the Index had a market capitalization of $46.4 billion. The market capitalization range for the Russell Midcap Value Index will change on a periodic basis. A company’s market capitalization is determined based on its current market capitalization. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.   The Fund may invest up to 20% of its net assets in real estate investment trusts (REITs).   The Manager may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited, to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.   The Fund’s 80% policy is nonfundamental and may be changed without shareholder approval. However, Fund shareholders would be given at least 60 days’ notice prior to any such change.

What are the Fund’s principal investment strategies?   The Fund invests primarily in mid-size companies that the Manager believes offer attractive valuation and quality characteristics. Companies with attractive valuations are those that have a lower valuation than the company’s historical average valuation and a lower valuation than the company’s competitors. Companies with quality characteristics will make shareholder friendly use of its cash flow, which would include, but is not limited to: dividend payments or increases, share repurchases, and repayment of debt.   The Fund also may invest in active or passive exchange-traded funds (ETFs) to gain exposure to such securities and up to 20% of its net assets in real estate investment trusts (REITs). The Fund may continue to hold stocks of companies that grow into larger companies and may also invest opportunistically in larger companies.   The Fund uses a “bottom-up” approach to selecting investments. The Fund uses fundamental research to search for companies that have one or more of the following: a strong balance sheet; experienced management; and stocks that are attractively priced. The Fund attempts to stay broadly diversified, but it may emphasize certain industry sectors based upon economic and market conditions.   The Fund may sell a stock if it becomes fully valued, its fundamentals have deteriorated, or alternative investments become more attractive. The Fund may also sell a stock if it grows into a large, well-established company, although it may also continue to hold such a stock irrespective of its size.   The Manager may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Fund Management Hong Kong Limited, to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

Acquired Fund	Acquiring Fund
Market risk	Market risk
Company size risk	Company size risk
Real estate industry risk	Real estate industry risk
Interest rate risk
	Exchange-traded fund risk
Active management and selection risk	Active management and selection risk
Liquidity risk	Liquidity risk
Government and regulatory risk
IBOR risk	IBOR risk

Acquired Fund

Fiscal Year Ended 9/30/22

Fiscal Year Ended 9/30/21

Delaware Equity Income Fund	23%	57%
Delaware Total Return Fund	57%	94%
	Fiscal Year Ended 3/31/22	Fiscal Year Ended 3/31/21
Delaware Strategic Allocation Fund	70%	77%
	Fiscal Year Ended 10/31/21	Fiscal Year Ended 10/31/20
Delaware Mid Cap Value Fund	19%	43%

Acquiring Fund	Fiscal Year Ended 9/30/22	Fiscal Year Ended 9/30/21
Delaware Growth and Income Fund	23%	51%
Delaware Opportunity Fund	17%	13%
	Fiscal Year Ended 11/30/21	Fiscal Year Ended 11/30/20
Delaware Wealth Builder Fund	89%	68%

Shareholder Fees (fees paid directly from your investment)			Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Class	Maximum Sales Charge (Load) Imposed on Purchases	Maximum Deferred Sales Charge (Load)		Management Fees	Distribution and/or Service (12b-1) Fees	Other Expenses	Acquired Fund Fees and Expenses	Total Annual Fund Operating Expenses	Fee Waiver and/or Expense Reimbursement	Recoupments	Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments
Delaware Equity Income Fund as of Sept. 30, 2022
Class A into Acquiring	5.75%	None		0.65%	0.25%	0.22%	None	1.12%	(0.07%)1	None	1.05%

Fund Class A
Inst. Class into Acquiring Fund Inst. Class	None	None		0.65%	None	0.22%	None	0.87%	(0.08%)1	None	0.79%
Class R6 into Acquiring Fund Class R6	None	None		0.65%	None	0.16%2	None	0.81%	(0.07%)1	None	0.74%
Delaware Growth and Income Fund as of Sept. 30, 2022
Class A	5.75%	None		0.62%	0.25%	0.19%	None	1.06%	(0.02%)3	None	1.04%
Inst. Class	None	None		0.62%	None	0.19%	None	0.81%	(0.03%)3	None	0.78%
Class R6	None	None		0.62%	None	0.12%2	None	0.74%	(0.01%)3	None	0.73%
Pro Forma Delaware Growth and Income Fund as of March 10, 2023
Class A	5.75%	None		0.61%	0.25%	0.18%	None	1.04%	(0.02%)4	None	1.02%
Inst. Class	None	None		0.61%	None	0.18%	None	0.79%	(0.02%)4	None	0.77%
Class R6	None	None		0.61%	None	0.11%2	None	0.72%	(0.02%)4	None	0.70%

Shareholder Fees (fees paid directly from your investment)
Class	Maximum Sales Charge (Load) Imposed on Purchases	Maximum Deferred Sales Charge (Load)		Management Fees		Distribution and/or Service (12b-1) Fees	Dividends on Short Sales and Interest Expense	Other Expenses	Total Annual Fund Operating Expenses	Fee Waiver and/or Expense Reimbursement	Recoupments	Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments
Delaware Total Return Fund as of Sept. 30, 2022
Class A into Acquiring Fund Class A	5.75%	None		0.65%		0.25%	--	0.25%	1.15%	(0.06%)1	None	1.09%
Inst. Class into Acquiring Fund Inst. Class	None	None		0.65%		None	--	0.25%	0.90%	(0.07%)1	None	0.83%
Class R6 into Acquiring Fund Class R6	None	None		0.65%		None	--	0.19%2	0.84%	(0.05%)1	None	0.79%
Delaware Wealth Builder Fund as of May 31, 2022
Class A	5.75%	None		0.65%		0.25%	0.00%	0.20%	1.10%	(0.02%)3	None	1.08%
Class C	None	1.003		0.65%		1.00%	0.00%	0.20%	1.85%	(0.02%)3	None	1.83%
Class R	None	None		0.65%		0.50%	0.00%	0.20%	1.35%	(0.02%)3	None	1.33%
Inst. Class	None	None		0.65%		None	0.00%	0.20%	0.85%	(0.02%)4	None	0.83%
Class R6	None	None		0.65%		None	0.00%	[___]%2	[___]%	([___]%)	None	[___]%
Pro Forma Delaware Wealth Builder Fund as of March 10, 2023
Class A	5.75%	None		0.62%		0.25%	0.00%	0.18%	1.05%	(0.01%)5	None	1.04%
Class C	None	1.003		0.62%		1.00%	0.00%	0.18%	1.80%	(0.01%)5	None	1.79%
Class R	None	None		0.62%		0.50%	0.00%	0.18%	1.30%	(0.01%)5	None	1.29%
Inst. Class	None	None		0.62%		None	0.00%	0.18%	0.80%	(0.01%)5	None	0.79%
Class R6	None	None		0.62%		None	0.00%	0.13%2	0.75%	(0.01%)5	None	0.74%

Shareholder Fees (fees paid directly from your investment)
Class	Maximum Sales Charge (Load) Imposed on Purchases	Maximum Deferred Sales Charge (Load)		Management Fees		Distribution and/or Service (12b-1) Fees	Dividends on Short Sales and Interest Expense	Other Expenses	Total Annual Fund Operating Expenses	Fee Waiver and/or Expense Reimbursement	Recoupments	Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments
Delaware Strategic Allocation Fund as of Sept. 30, 2022
Class A into Acquiring Fund Class A	5.75%	None		0.65%		0.24%	--	0.32%	1.21%	(0.16%)1	None	1.05%
Class C into Acquiring Fund Class C	None	1.00%2		0.65%		1.00%	--	0.32%	1.97%	(0.16%)1	None	1.81%
Class R into Acquiring Fund Class R	None	None		0.65%		0.50%	--	0.32%	1.47%	(0.16%)1	None	1.31%
Inst. Class into Acquiring Fund Inst. Class	None	None		0.65%		None	--	0.32%	0.97%	(0.16%)1	None	0.81%
Delaware Wealth Builder Fund as of May 31, 2022
Class A	5.75%	None		0.65%		0.25%	0.00%	0.20%	1.10%	(0.02%)3	None	1.08%
Class C	None	1.002		0.65%		1.00%	0.00%	0.20%	1.85%	(0.02%)3	None	1.83%
Class R	None	None		0.65%		0.50%	0.00%	0.20%	1.35%	(0.02%)3	None	1.33%
Inst. Class	None	None		0.65%		None	0.00%	0.20%	0.85%	(0.02%)3	None	0.83%
Pro Forma Delaware Wealth Builder Fund as of March 10, 2023
Class A	5.75%	None		0.62%		0.25%	0.00%	0.18%	1.05%	(0.01%)4	None	1.04%
Class C	None	1.002		0.62%		1.00%	0.00%	0.18%	1.80%	(0.01%)4	None	1.79%
Class R	None	None		0.62%		0.50%	0.00%	0.18%	1.30%	(0.01%)4	None	1.29%
Inst. Class	None	None		0.62%		None	0.00%	0.18%	0.80%	(0.01%)4	None	0.79%
Class R6	None	None		0.62%		None	0.00%	0.13%5	0.75%	(0.01%)4	None	0.74%

Shareholder Fees (fees paid directly from your investment)
Class	Maximum Sales Charge (Load) Imposed on Purchases	Maximum Deferred Sales Charge (Load)		Management Fees	Distribution and/or Service (12b-1) Fees	Other Expenses	Total Annual Fund Operating Expenses	Fee Waiver and/or Expense Reimbursement	Recoupments	Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments
Delaware Mid Cap Value Fund as of Apr. 30, 2022
Class A into Acquiring Fund Class A	5.75%	None		0.75%	0.25%	0.41%	1.41%	(0.27%)1	None	1.14%
Class C into Acquiring Fund Class C	None	1.00%2		0.75%	1.00%	0.41%	2.16%	(0.27%)1	None	1.89%
Class R into Acquiring Fund Class R	None	None		0.75%	0.50%	0.41%	1.66%	(0.27%)1	None	1.39%
Inst. Class into Acquiring Fund Inst. Class	None	None		0.75%	None	0.41%	1.16%	(0.27%)1	None	0.89%
Delaware Opportunity Fund as of Sept. 30, 2022
Class A	5.75%	None		0.74%	0.25%	0.21%	1.20%	(0.04%)4	None	1.16%
Class C	None	1.00%2		0.74%	[    ]%	[___]3%	[___]%	([__]%)4	None	[__]%
Class R	None	None		0.74%	[    ]%	[___]3%	[___]%	([__]%)4	None	[__]%
Inst. Class	None	None		0.74%	None	0.21%	0.95%	(0.05%)	None	0.90%
Class R6	None	None		0.74%	None	0.13%6	0.87%	(0.09%)5	None	0.78%
Pro Forma Delaware Opportunity Fund as of March 10, 2023
Class A	5.75%	None		0.74%	0.25%	0.21%	1.20%	(0.08%)5	None	1.12%

Class C	None	1.00%2		0.74%	1.00%	0.21%	1.95%	(0.08%)5	None	1.87%
Class R	None	None		0.74%	0.50%	0.21%	1.45%	(0.08%)5	None	1.37%
Inst. Class	None	None		0.74%	None	0.21%	0.95%	(0.08%)5	None	0.87%
Class R6	None	None		0.74%	None	0.13%6	0.87%	(0.12%)5	None	0.75%

Class A	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$  676	$  904	$   1,150	$  1,854
Acquiring Fund	$  675	$  891	$  1,124	$  1,793
Pro forma Acquiring Fund (after the Reorganization)	$  673	$  885	$   1,114	$  1,771
Inst. Class	1 Year	3 Years	5 Years	10 Years

Acquired Fund	$  81	$  270	$  474	$ 1,065
Acquiring Fund	$  80	$  256	$  447	$     999
Pro forma Acquiring Fund (after the Reorganization)	$  79	$  250	$  437	$     976
Class R6	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$  76	$  252	$  443	$  995
Acquiring Fund	$  75	$  236	$  410	$  917
Pro forma Acquiring Fund (after the Reorganization)	$  72	$  228	$  399	$   893

Class A	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$  680	$  914	$   1,166	$  1,887
Acquiring Fund	$  679	$  903	$  1,145	$   1,836
Pro forma Acquiring Fund (after the Reorganization)	$  675	$   889	$  1,120	$  1,783
Class C
Acquired Fund	$ [    ]	$  [   ]	$  [    ]	$  [    ]
Acquiring Fund	$  186	$  580	$  999	$  2,168
Pro forma Acquiring Fund (after the Reorganization)	$  182	$  565	$  974	$  2,115
Class R	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$  [   ]	$  [   ]	$  [   ]	$  [    ]
Acquiring Fund	$  135	$  426	$  737	$  1,622
Pro forma Acquiring Fund (after the Reorganization)	$  131	$  411	$   712	$ 1,567
Inst. Class	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$  85	$  280	$   492	$  1,101
Acquiring Fund	$   85	$  269	$   469	$  1,047
Pro forma Acquiring Fund (after the Reorganization)	$  81	$  254	$  443	$  989
Class R6
Acquired Fund	$  81	$  263	$  461	$  1,033
Acquiring Fund	$  [   ]	$  [   ]	$  [   ]	$  [    ]
Pro forma Acquiring Fund (after the Reorganization)	$  76	$ 239	$  416	$  929

Class A	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$676	$922	$1,187	$1,943
Acquiring Fund	$679	$903	$1,145	$1,836

Pro forma Acquiring Fund (after the Reorganization)	$675	$889	$ 1,120	$  1,783
Class C	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$  184	$  603	$  1,048	$  2,283
Acquiring Fund	$  186	$ 580	$   999	$  2,168
Pro forma Acquiring Fund (after the Reorganization)	$   182	$  565	$   974	$  2,115
Class R	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$  133	$  449	$  788	$ 1,744
Acquiring Fund	$  135	$  426	$  737	$ 1,622
Pro forma Acquiring Fund (after the Reorganization)	$  131	$  411	$  712	$ 1,567
Inst. Class	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$   83	$  293	$   521	$ 1,175
Acquiring Fund	$  85	$   269	$  469	$ 1,047
Pro forma Acquiring Fund (after the Reorganization)	$   81	$   254	$  443	$    989
Class R6	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$ [    ]	$  [   ]	$  [    ]	$  [    ]
Acquiring Fund	$ [    ]	$  [   ]	$  [    ]	$  [    ]
Pro forma Acquiring Fund (after the Reorganization)	$   76	$   239	$  416	$    929

Class A	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$  685	$  971	$  1,278	$   2,147
Acquiring Fund	$  686	$  930	$  1,193	$  1,943
Pro forma Acquiring Fund (after the Reorganization)	$   683	$  927	$  1,189	$  1,939
Class C	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$   192	$  650	$   1,135	$  2,472
Acquiring Fund	$ [    ]	$  [   ]	$[    ]	$  [    ]
Pro forma Acquiring Fund (after the Reorganization)	$ 190	$  604	$   1,045	$  2,268
Class R	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$  142	$  497	$  877	$   1,943
Acquiring Fund	$ [    ]	$  [   ]	$[    ]	$  [    ]
Pro forma Acquiring Fund (after the Reorganization)	$  139	$  451	$   785	$  1,728
Inst. Class	1 Year	3 Years	5 Years	10 Years

Acquired Fund	$   91	$   342	$   612	$   1,385
Acquiring Fund	$  92	$  298	$   521	$   1,162
Pro forma Acquiring Fund (after the Reorganization)	$   89	$  295	$  518	$  1,159
Class R6
Acquired Fund	$ [    ]	$  [   ]	$  [    ]	$  [    ]
Acquiring Fund	$  80	$  269	$  473	$  1,064
Pro forma Acquiring Fund (after the Reorganization)	$  77	$   266	$   470	$  1,061

Fund	Aggregate Fee
Delaware Growth and Income Fund	0.64%
Delaware Wealth Builder Fund	0.39%
Delaware Opportunity Fund	0.62%

	1 year	5 years	10 Years or lifetime
Class A return before taxes	14.38%	7.96%	9.68%
Class A return after taxes on distributions	10.47%	4.22%	7.28%
Class A return after taxes on distributions and sale of Fund shares	10.79%	5.65%	7.49%
Institutional Class return before taxes (lifetime: 4/1/13-12/31/21)	21.69%	9.57%	9.71%
Class R6 return before taxes (lifetime: 4/1/13- 12/31/21)	21.68%	9.66%	9.81%
Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes)	25.16%	11.16%	12.97%

	1 year	5 years	10 years or lifetime
Class A return before taxes	14.49%	8.64%	10.62%
Class A return after taxes on distributions	11.33%	4.51%	7.96%
Class A return after taxes on distributions and sale of Fund shares	10.49%	6.08%	8.21%
Institutional Class return before taxes (lifetime: 4/1/13-12/31/21)	21.86%	10.29%	10.02%
Class R6 return before taxes (lifetime: 4/1/13-12/31/21)	21.91%	10.36%	10.08%
Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes)	25.16%	11.16%	12.97%

			1 year			5 years			10 years or lifetime
Class A return before taxes			9.88%			6.58%			7.46%
Class A return after taxes on distributions			6.18%			3.80%			5.52%
Class A return after taxes on distributions and sale of Fund shares			8.15%			4.62%			5.58%
Institutional Class return before taxes (lifetime: 4/1/13-12/31/21)			16.90%			8.17%			7.33%
Class R6 return before taxes (lifetime: 4/1/13-12/31/21)			17.06%			8.27%			7.43%
S&P/LSTA Leveraged Loan Index (reflects the deduction of foreign withholding taxes on dividends)			28.71%			18.47%			16.55%
60% S&P 500® Index / 40% Bloomberg Barclays US Aggregate Index (reflects no deduction for fees, expenses or taxes)			15.89%			12.81%			11.24%
Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes)			-1.54%			3.57%			2.09%

1 year

5 years

10 years

Class A return before taxes	11.09%	6.27%	7.78%
Class A return after taxes on distributions	8.78%	4.81%	6.66%
Class A return after taxes on distributions and sale of Fund shares	7.24%	4.48%	5.95%
Class C return before taxes	15.95%	6.72%	7.60%
Class R return before taxes	17.60%	7.26%	8.15%
Institutional Class return before taxes	18.13%	7.79%	8.68%
60% S&P 500 Index/40% Bloomberg Barclays US Aggregate Index (reflects no deduction for fees, expenses, or taxes).	15.89%	12.81%	11.24%

			1 year				5 years			Lifetime or lifetime
Class A return before taxes			4.06%				7.01%			6.84%
Class A return after taxes on distributions			1.20%				5.11%			5.12%
Class A return after taxes on distributions and sale of Fund shares			3.69%				5.07%			5.04%
Class C return before taxes			8.70%				7.48%			6.66%
Class R return before taxes			10.30%				8.05%			7.21%
Institutional Class return before taxes			10.80%				8.58%			7.74%
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)			28.71%				18.47%			16.55%
Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes)			-1.54%				3.57%			2.90%

	1 year	5 years	10 years
Class A return before taxes	11.09%	6.27%		7.78%
Class A return after taxes on distributions	8.78%	4.81%		6.66%
Class A return after taxes on distributions and sale of Fund shares	7.24%	4.48%		5.95%
Class C return before taxes	15.95%	6.72%		7.60%
Class R return before taxes	17.60%	7.26%		8.15%
Institutional Class return before taxes	18.13%	7.79%		8.68%
60% S&P 500 Index / 40% Bloomberg Barclays US Aggregate Index (reflects no deduction for fees, expenses, or taxes).	15.89%	12.81%		11.24%

	1 year	5 years	10 years
Class A return before taxes	23.61%	9.37%		11.16%
Class A return after taxes on distributions	23.14%	8.97%		8.58%
Class A return after taxes on distributions and sale of Fund shares	14.29%	7.32%		8.15%
Class C return before taxes	28.97%	9.81%		10.96%
Class R return before taxes	30.62%	10.38%		11.51%
Institutional Class return before taxes	31.25%	10.93%		12.08%
Russell Midcap Value Index (reflects no deductions for fees, expenses, or taxes)	28.34%	11.22%		13.44%

	1 year	5 years	10 years or lifetime
Class A return before taxes	23.52%	9.85%		11.89%
Class A return after taxes on distributions	21.88%	7.06%		9.71%
Class A return after taxes on distributions and sale of Fund shares	15.00%	7.19%		9.29%
Institutional Class return before taxes (lifetime: 4/1/13-12/31/21)	31.40%	11.50%		11.16%
Class R6 return before taxes (lifetime: 4/1/13-12/31/21)	31.61%	11.63%		11.31%
Russell  Midcap® Value Index (reflects no deduction for fees, expenses, or taxes)	28.34%	11.22%		13.44%

Investment Advisory Fee

0.65% on the first $500 million 0.60% on the next $500 million 0.55% on next $1.5 billion 0.50% on assets in excess of $2.5 billion

Investment Advisory Fee

0.65% on the first $500 million 0.60% on the next $500 million 0.55% on next $1.5 billion 0.50% on assets in excess of $2.5 billion

Investment Advisory Fee

0.65% on the first $500 million 0.60% on the next $500 million 0.55% on next $1.5 billion 0.50% on average daily net assets in excess of $2.5 billion

•

Class A shares have an upfront sales charge that you pay when you buy the shares of up to 5.75%.

•

If you invest $50,000 or more, your front-end sales charge will be reduced.

•

You may qualify for other reduced sales charges and, under certain circumstances, the sales charge may be waived, as described in “How to reduce your sales charge” below.

•

Class A shares are also subject to an annual 12b-1 fee no greater than 0.25% of average daily net assets. See “Dealer compensation” below for further information. For Delaware Strategic Allocation Fund, the Board has adopted a formula for calculating 12b-1 plan expenses for the Class A shares of the Fund. The total 12b-1 fee to be paid by Class A shareholders of the Fund will be the sum of 0.10% of the average daily net assets representing the shares that were acquired prior to June 1, 1992 and 0.25% of the average daily net assets representing the shares that were acquired on or after June 1, 1992. All Class A shareholders will bear the Class A 12b-1 fee at the same rate, the blended rate based upon the allocation of the 0.10% and 0.25% described above.

•

Class A shares generally are not subject to a CDSC, except in the limited circumstances described in the table below.

•

Because of the higher 12b-1 fee, Class A shares have higher expenses and any dividends paid on these shares are generally lower than dividends on Institutional Class.

•

In addition, you may have received Class A shares as the result of a merger or reorganization of a predecessor fund.

•

You may qualify for other reduced sales charges and, under certain circumstances, the sales charge may be waived, as described in “How to reduce your sales charge” below.

Amount of purchase	Sales charge as a % of offering price			Sales charge as a % of net amount invested
Less than $50,000		5.75%			6.54%
$50,000 but less than $100,000		4.75%			5.41%
$100,000 but less than $250,000		3.75%			4.31%
$250,000 but less than $500,000		2.50%			3.00%
$500,000 but less than $1 million		2.00%			2.44%
$1 million or more		none*			none*

•

Institutional Class shares have no upfront sales charge, so the full amount of your purchase is invested in a Fund.

•

Institutional Class shares are not subject to a CDSC.

•

Institutional Class shares do not assess a 12b-1 fee.

•

Institutional Class shares are available for purchase only by the following:

o

retirement plans or certain other programs that are maintained on platforms sponsored by financial intermediary firms, provided the financial intermediary firms or their trust companies (or entities performing similar trading/clearing functions) have entered into an agreement with the Distributor (or its affiliate) related to such plans or programs;

o

tax-exempt employee benefit plans of the Manager, its affiliates, and securities dealers that have a selling agreement with the Distributor;

o

a bank, trust company, or similar financial institution investing for its own account or for the account of its trust customers for whom the financial institution is exercising investment discretion in purchasing Institutional Class shares, except where the investment is part of a program that requires payment to the financial institution of a Rule 12b-1 Plan fee;

o

registered investment advisors (RIAs) investing on behalf of clients that consist solely of institutions and high net worth individuals whose assets are entrusted to an RIA for investment purposes for accounts requiring Institutional Class shares (use of the Institutional Class shares is restricted to RIAs who are not affiliated or associated with a broker or dealer and who derive compensation for their services exclusively from their advisory clients);

o

programs sponsored by, controlled by, and/or clearing transactions submitted through a financial intermediary where: (1) such programs allow or require the purchase of Institutional Class shares; (2) a financial intermediary has entered into an agreement with the Distributor and/or the transfer agent allowing certain purchases of Institutional Class shares; and (3) a financial intermediary (i) charges clients an ongoing fee for advisory, investment consulting or similar services, or (ii) offers the Institutional Class shares through a no-commission network or platform;

o

through a brokerage program of a financial intermediary that has entered into a written agreement with the Distributor and/or the transfer agent specifically allowing purchases of Institutional Class shares in such programs;

o

private investment vehicles, including, but not limited to, foundations and endowments; or

o

(i) current and former officers, Trustees/Directors, and employees of any Delaware Fund, the Manager, any of the Manager’s current affiliates and those that may in the future be created, or any predecessor fund to a Delaware Fund, including the funds formerly advised by Foresters Investment Management Company, Inc., Ivy Investment Management Company, Waddell & Reed, or any other fund families acquired or merged into the Delaware Funds; (ii) current employees of legal counsel to Delaware Funds; and (iii) registered representatives, employees, officers, and directors of broker/dealers who have entered into dealer’s agreements with the Distributor. At the direction of such persons, their family members (regardless of age), and any employee benefit plan, trust, or other entity directly owned by, controlled by, or established by any of the foregoing individuals identified in this paragraph may also purchase Institutional Class shares.

•

In addition, you may have received Institutional Class shares as the result of a merger or reorganization of a predecessor fund.

•

A shareholder transacting in Institutional Class shares through a broker or other financial intermediary may be required to pay a commission and/or other forms of compensation to the financial intermediary.

•

Class R6 shares have no upfront sales charge, so the full amount of your purchase is invested in the Fund. Class R6 shares are not subject to a CDSC.

•

Class R6 shares do not assess a 12b-1 fee.

•

Class R6 shares do not pay any service fees, sub-accounting fees, and/or subtransfer agency fees to any brokers, dealers, or other financial intermediaries.

•

Class R6 shares are generally available to certain employer-sponsored retirement plans, such as 401(k) plans, 457 plans, 403(b) plans, profit-sharing plans and money purchase pension plans, defined benefit plans, employer-sponsored benefit plans, and non-qualified deferred compensation plans. In addition, for these employer-sponsored retirement plans, Class R6 shares must be held through plan level or omnibus accounts held on the books of the Fund, and Class R6 shares are only available for purchase through financial intermediaries who have the appropriate agreement with the Distributor (or its affiliates) related to Class R6.

•

Class R6 shares are also available for purchase through certain programs, platforms, or accounts that are maintained or sponsored by financial intermediary firms (including but not limited to, brokers, dealers, banks, trust companies, or entities performing trading/clearing functions), provided that the financial intermediary firm has entered into an agreement with the Distributor (or its affiliates) related to Class R6 for such programs, platforms or accounts.

•

In addition to the foregoing list of eligible investors, Class R6 shares are generally available to certain institutional investors and high net worth individuals who make a minimum initial investment directly in the Fund’s Class R6 shares of $1,000,000 or more and who have completed an application and been approved by the Fund for such investment. These institutional investors and high net worth individuals must retain Class R6 shares directly in their names and will not be permitted to hold such shares through an omnibus account or other similar arrangements.

•

Class R6 shares may not be available through certain financial intermediaries.

•

In addition, you may have received Class R6 shares as the result of a merger or reorganization of a predecessor fund.

Commission (%)	Class A1
Investment less than $50,000		5.00%
$50,000 but less than $100,000		4.00%
$100,000 but less than $250,000		3.00%
$250,000 but less than $500,000		2.00%
$500,000 but less than $1 million		1.60%
$1 million but less than $5 million		1.00%
$5 million but less than $25 million		0.50%
$25 million or more		0.25%
12b-1 fee to dealer		0.25%

	Class A1			Class C2			Class R3
Commission (%)		—			1.00%			—

Investment less than $50,000		5.00%			—			—
$50,000 but less than $100,000		4.00%			—			—
$100,000 but less than $250,000		3.00%			—			—
$250,000 but less than $500,000		2.00%			—			—
$500,000 but less than $1 million		1.60%			—			—
$1 million but less than $5 million		1.00%			—			—
$5 million but less than $25 million		0.50%			—			—
$25 million or more		0.25%			—			—
12b-1 fee to dealer		0.25%			1.00%			0.50%

Class A	Class C
Available.	Although the letter of intent does not apply to the purchase of Class C shares, you can combine your purchase of Class C shares with your purchase of Class A shares to fulfill your letter of intent. Although the rights of accumulation do not apply to the purchase of Class C shares, you can combine the value of your Class C shares with the value of your Class A shares to receive a reduced sales charge.

Class A	Class C
Available.	Not available.

Class A	Class C
Available.	Although the letter of intent does not apply to the purchase of Class C shares, you can combine your purchase of Class C shares with your purchase of Class A shares to fulfill your letter of intent. Although the rights of accumulation do not apply to the purchase of Class C shares, you can combine the value of your Class C shares with the value of your Class A shares to receive a reduced sales charge.

•

Shares purchased under the Delaware Funds dividend reinvestment plan and, under certain circumstances, the exchange privilege and the 90-day reinvestment privilege.

•

Purchases by: (i) current and former officers, Trustees/Directors, and employees of any Delaware Fund, the Manager, any of the Manager's current affiliates and those that may in the future be created, or any predecessor fund to a Delaware Fund, including the funds formerly advised by Foresters Investment Management Company, Inc., Ivy Investment Management Company (IICO), Waddell & Reed, or any other fund families acquired or merged into the Delaware Funds; (ii) current employees of legal counsel to Delaware Funds; and (iii) registered representatives, employees, officers, and directors of broker/dealers who have entered into dealer's agreements with the Distributor. At the direction of such persons, their family members (regardless of age), and any employee benefit plan, trust, or other entity directly owned by, controlled by, or established by any of the foregoing may also purchase shares at NAV.

•

Purchases by bank employees who provide services in connection with agreements between the bank and unaffiliated brokers or dealers concerning sales of shares of Delaware Funds.

•

Purchases by certain officers, trustees, and key employees of institutional clients of the Manager or any of its affiliates.

•

Purchases by programs sponsored by, controlled by, and/or clearing transactions submitted through a financial intermediary where: (i) such programs allow or require the purchase of Class A shares; (ii) a financial intermediary has entered into an agreement with the Distributor and/or the transfer agent allowing certain purchases of Class A shares; and (iii) a financial intermediary (1) charges clients an ongoing fee for advisory, investment consulting, or similar services, or (2) offers the Class A shares through a no-commission network or platform. Investors may be charged a fee by their financial intermediary when effecting transactions in Class A shares through a financial intermediary that offers these programs.

•

Purchases for the benefit of the clients of brokers, dealers, and other financial intermediaries if such brokers, dealers, or other financial intermediaries have entered into an agreement with the Distributor providing for the purchase of Class A shares at NAV through self-directed brokerage service platforms

•

Purchases by financial institutions investing for the accounts of their trust customers if they are not eligible to purchase shares of a Fund’s Institutional Class, if applicable.

•

Purchases by retirement plans or certain other programs that are maintained or sponsored by financial intermediary firms, provided the financial intermediary firms or their trust companies (or entities performing similar trading/clearing functions) have entered into an agreement with the Distributor (or its affiliates) related to such plans or programs.

•

Purchases by certain legacy bank-sponsored retirement plans and certain legacy retirement assets that meet requirements set forth in the SAI.

•

Investments made by plan level and/or participant retirement accounts that are for the purpose of repaying a loan taken from such accounts.

•

Purchases by certain participants in defined contribution plans and members of their households whose plan assets will be rolled over into IRA accounts (IRA Program) where the financial intermediary has entered into an agreement specifically relating to such IRA Program with the Distributor and/or the transfer agent.

•

Purchases by certain participants of particular group retirement plans as described in the SAI.

•

Additional purchases by existing shareholders whose accounts were eligible for purchasing shares at NAV under a predecessor fund’s eligibility requirements set by the predecessor fund’s company.

•

Redemptions in accordance with a systematic withdrawal plan: Redemptions in accordance with a systematic withdrawal plan, provided the annual amount selected to be withdrawn under the plan does not exceed 12% of the value of the account on the date that the systematic withdrawal plan was established or modified.

•

Redemptions that result from the right to liquidate a shareholder’s account: Redemptions that result from the right to liquidate a shareholder’s account if the aggregate NAV of the shares held in the account is less than the then-effective minimum account size.

•

Distributions from an account of a redemption resulting from death or disability: Distributions from an account of a redemption resulting from the death or disability (as defined in Section 72(t)(2)(A) of the Internal Revenue Code) of a registered owner or a registered joint owner occurring after the purchase of the shares being redeemed. In the case of accounts established under the Uniform Gifts to Minors Act or Uniform Transfers to Minors Act or trust accounts, the waiver applies upon the death of all beneficial owners.

•

Redemptions in connection with a fund liquidation: Redemptions subsequent to the fund liquidation notice to shareholders.

•

By check — Sent to your address of record, provided there has not been an address change in the last 30 days.

•

By wire — Sent directly to your bank by wire, if you redeem at least $1,000 of shares. If you request a wire transfer, a bank wire fee may be deducted from your proceeds.

•

By ACH — Sent via Automated Clearing House (ACH), subject to a $25 minimum.

•

Bank information must be on file before you request a wire or ACH redemption. Your bank may charge a fee for these services.

•

Each Acquiring Fund and its corresponding Acquired Fund share similar investment objectives, principal investment strategies and principal risks, and materially identical fundamental investment restrictions.

•

Each Acquiring Fund and its corresponding Acquired Fund have a high degree of portfolio holding overlap and the same portfolio management teams, which should minimize transaction costs due to the Reorganization.

•

Each Acquiring Fund’s overall total expense ratios are 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.

•

Each Acquiring Fund’s expense limitation agreements will remain in place for a minimum of twelve months following the Reorganization.

•

Each Acquiring Fund’s assets will increase as a result of the Reorganization which may result in increased economies of scale and lower operating expenses for shareholders.

•

The comparative performance of the Acquired Funds and Acquiring Funds over various time periods, including (i) longer performance track records of the Acquiring Funds and (ii) favorable performance across 1-year, 5-year and 10-year periods of each of the Acquiring Funds with the exception of the Delaware Opportunity Fund, which underperformed its corresponding Acquired Fund for the 1 and 5 year periods, but outperformed for the 10-year period.

•

The reduced number of substantially similar Funds should benefit distribution efforts and shelf space eligibility.

•

The Reorganization will be effected on the basis of each Fund’s net asset value per share and will not result in the dilution of the interests of shareholders of any Fund.

•

With respect to each Reorganization except for the Reorganization of the Delaware Mid Cap Value Fund into the Delaware Opportunity Fund, the applicable Acquired Fund, its corresponding Acquiring Fund and DMC will each pay one-third of the costs associated with such Reorganization. For the Reorganization of the Delaware Mid Cap Value Fund into the Delaware Opportunity Fund, the Acquired Fund and its corresponding Acquiring Fund will each pay one-quarter of the costs associated with such Reorganization and DMC will pay half of the costs associated with the Reorganization.

•

Each Reorganization will be effected on a tax-free basis.

•

That Acquired Fund shareholders who do not wish to become shareholders of the Acquiring Fund will have an opportunity to sell their Acquired Fund shares before the Reorganization.

	Delaware Equity Income Fund as of 9/30/2022	Delaware Growth and Income Fund as of 9/30/2022
Aggregate Capital Loss Carryovers	($0)	($0)
Net Unrealized Appreciation/(Depreciation) on a Tax Basis	$-2,065,619	$19,138,272
Net Assets	$236,916,796	$ 862,205,523
Approximate Annual Limitation for Capital Losses*	N/A	$ 28,366,561

	Delaware Total Return Fund as of 9/30/2022	Delaware Wealth Builder Fund as of 5/31/2022
Aggregate Capital Loss Carryovers	($0)	($0)

Net Unrealized Appreciation/(Depreciation) on a Tax Basis	($25,014,660)	$18,428,292
Net Assets	$371,335,472	$383,386,862
Approximate Annual Limitation for Capital Losses*	N/A	$12,613,427

	Delaware Strategic Allocation Fund as of 9/30/2022	Delaware Wealth Builder Fund as of 5/31/2022
Aggregate Capital Loss Carryovers	($0)	($0)
Net Unrealized Appreciation/(Depreciation) on a Tax Basis	($180,789)	$18,428,292
Net Assets	$173,623,224	$383,386,862
Approximate Annual Limitation for Capital Losses*	N/A	$12,613,427

	Delaware Mid Cap Value Fund as of  4/30/2022	Delaware Opportunity Fund as of 9/30/2022
Aggregate Capital Loss Carryovers	($0)	($0)
Net Unrealized Appreciation/(Depreciation) on a Tax Basis	$ 19,406,942	$57,611,071
Net Assets	$ 58,658,703	$512,236,316
Approximate Annual Limitation for Capital Losses*	N/A	$16,852,575

•

receive a greater amount of taxable distributions than they would have had if a Reorganization had not occurred if the combined fund’s unrealized appreciation as a percentage of net asset value is greater than the Acquired Fund’s;

•

receive a lesser amount of taxable distributions than they would have had if a Reorganization had not occurred if the combined fund’s unrealized appreciation as a percentage of net asset value is lesser than the Acquired Fund’s;

•

receive a greater amount of taxable distributions than they would have had if a Reorganization had not occurred if the combined fund’s unrealized depreciation as a percentage of net asset value is lesser than the Acquired Fund’s; or

•

receive a lesser amount of taxable distributions than they would have had if a Reorganization had not occurred if the combined fund’s unrealized depreciation as a percentage of net asset value is greater than the Acquired Fund’s.

Acquired Fund Name	Unrealized Appreciation or (Depreciation) as a % of NAV	Acquiring Fund Name	Unrealized Appreciation or (Depreciation) as a % of NAV	Approximate Unrealized Appreciation or (Depreciation) as a % of NAV on a combined basis
Delaware Equity Income Fund	-0.87% as of 9/30/2022	Delaware Growth and Income Fund	2.22% as of 9/30/2022	1.55%
Delaware Total Return Fund	-6.74% as of 9/30/2022	Delaware Wealth Builder Fund	4.81% as of 5/31/2022	-0.87%
Delaware Strategic Allocation Fund	-0.10% as of 9/30/2022	Delaware Wealth Builder Fund	4.81% as of 5/31/2022	3.28%
Delaware Mid Cap Value Fund	33.08% as of 4/30/2022	Delaware Opportunity Fund	11.25% as of 9/30/2022	13.49%

Acquired Fund/Classes	Acquiring Fund/Classes
Delaware Equity Income Fund, a series of Delaware Group Equity Funds IV	Delaware Growth and Income Fund, a series of Delaware Group Equity Funds IV
Class A	Class A
Class R6	Class R6
Institutional Class	Institutional Class
Delaware Total Return Fund, a series of Delaware Group Equity Funds IV	Delaware Wealth Builder Fund, a series of Delaware Group Equity Funds V
Class A	Class A
Class R6	Class R6
Institutional  Class	Institutional Class
Delaware Strategic Allocation Fund, a series of Delaware Group Foundation Funds	Delaware Wealth Builder Fund, a series of Delaware Group Equity Funds V
Class A	Class A
Class C	Class C
Class R	Class R

Institutional  Class	Institutional Class
Delaware Mid Cap Value Fund, a series of Delaware Group Equity Funds I	Delaware Opportunity Fund, a series of Delaware Group Equity Funds IV
Class A	Class A
Institutional Class	Institutional Class
Class C	Class C
Class R	Class R

	Acquired Fund	Acquiring Fund	Pro Forma Adjustments to Capitalization1,2	Acquiring Fund after Reorganization1
	(unaudited)	(unaudited)		(estimated)
				(unaudited)
Net assets (all classes)	$268,116,424.89	$978,000,341.30	$268,116,424.89	$1,246,116,766.19
Total shares outstanding	38,281,757.04	69,887,866.27	19,164,302.27	89,052,168.53
Class A net assets	$264,531,944.47	$972,661,746.52	$264,531,944.47	$1,237,193,690.99
Class A shares outstanding	37,774,655.360	69,507,031.075	18,908,645.07	88,415,676.15
Class A net asset value per share	$7.00	$13.99		$13.99
Class R6 net assets	$21,383.87	$30,797.56	$21,383.87	$52,181.43
Class R6 shares outstanding	3,056.737	2,179.527	1,513.37	3,692.90
Class R6 net asset value per share	$ 7.00	$14.13		$14.13
Institutional Class net assets	$3,563,096.55	$5,307,797.22	$3,563,096.55	$8,870,893.77
Institutional Class shares outstanding	504,044.940	378,655.663	254,143.83	632,799.49
Institutional Class net asset value per share	$7.07	$14.02		$14.02
1 Reflects the conversion of Acquired Fund shares for Acquiring Fund shares as a result of the Reorganization. 2 Adjustments reflect the costs of the Reorganization incurred by each Fund.

	Acquired Fund	Acquired Fund	Acquiring Fund	Pro Forma Adjustments to Capitalization1,2	Acquiring Fund after Reorganization1
					(estimated)
					(unaudited)
	(unaudited)	(unaudited)	(unaudited)
Net assets (all classes)	$180,061,331.33	$389,671,459.29	$349,719,914.45	$569,732,790.62	$919,452,705.07
Total shares outstanding	18,684,805.43	28,009,749.90	25,349,692.27	41,313,861.87	66,663,554.14
Class A net assets	$152,376,670.92	$387,665,403.26	$224,944,364.65	$540,042,074.18	$764,986,438.83
Class A shares outstanding	15,812,943.988	27,866,248.505	16,306,296.677	39,161,861.797	55,468,158.47
Class A net asset value per share	$9.64	$13.91	$13.79		$13.79
Class C net assets	$4,895,359.88	N/A	$20,876,403.85	$4,895,359.88	$25,771,763.73
Class C shares outstanding	508,145.509	N/A	1,509,051.231	353,966.730	1,863,017.96
Class C net asset value per share	$9.63	N/A	$13.83		$13.83
Class R net assets	$657,916.56	N/A	$987,703.70	$657,916.56	$1,645,620.26
Class R shares outstanding	68,612.659	N/A	71,560.477	47,675.113	119,235.59
Class R net asset value per share	$9.59	N/A	$13.80		$13.80
Institutional Class net assets	$22,131,383.97	$1,974,478.14	$102,911,442.25	$24,105,862.11	$127,017,304.36
Institutional Class shares outstanding	2,295,103.278	141,249.965	7,462,783.882	1,748,068.318	9,210,852.20

Institutional Class net asset value per share	$9.64	$13.98	$13.79		$13.79
R6 Class net assets	N/A	$31,577.89	N/A	$31,577.89	$31,577.89
R6 Class shares outstanding	N/A	2,251.432	N/A	2,289.912	2,289.91
R6 Class net asset value per share	N/A	$14.03	N/A		$13.79

	Acquired Fund	Acquiring Fund	Pro Forma Adjustments to Capitalization1,2	Acquiring Fund after Reorganization1
	(unaudited)	(unaudited)		(estimated)
				(unaudited)
Net assets (all classes)	$55,628,567.89	$562,851,686.23	$55,628,567.89	$618,480,254.12
Total shares outstanding	7,321,333.86	17,703,770.69	1,690,708.64	19,394,479.33
Class A net assets	$14,620,746.34	$552,799,479.21	$14,620,746.34	$567,420,225.55
Class A shares outstanding	1,912,861.096	17,405,331.335	460,350.955	17,865,682.29
Class A net asset value per share	$7.64	$31.76		$31.76
Class C net assets	$3,686,403.12	N/A	$3,686,403.12	$3,686,403.12
Class C shares outstanding	531,329.501	N/A	110,603.154	110,603.15
Class C net asset value per share	$6.94	N/A		$33.33
Class R net assets	$154,816.41	N/A	$154,816.41	$154,816.41

Class R shares outstanding	20,308.478	N/A	4,644.957	4,644.96
Class R net asset value per share	$7.62	N/A		$33.33
Class R6 net assets	N/A	$7,004,464.42	N/A	$7,004,464.42
Class R6 shares outstanding	N/A	207,001.886	N/A	207,001.89
Class R6 net asset value per share	N/A	$33.84		$33.84
Institutional Class net assets	$37,166,602.02	$3,047,742.60	$37,166,602.02	$40,214,344.62
Institutional Class shares outstanding	4,856,834.788	91,437.467	1,115,109.57	1,206,547.04
Institutional Class net asset value per share	$7.65	$33.33		$33.33

Fund Name	Name and Address of Account	Percentage
DELAWARE EQUITY INCOME FUND CLASS A	MATRIX TRUST COMPANY CUST. FBO PEN SERV DELAWARE/FORESTERS 717 17TH STREET SUITE 1300 DENVER CO 80202	19.49%
DELAWARE EQUITY INCOME FUND CLASS A	CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA  94105	5.36%
DELAWARE EQUITY INCOME FUND INSTITUTIONAL CLASS	LPL FINANCIAL 4707 EXECUTIVE DR SAN DIEGO CA 9212	61.56%

DELAWARE EQUITY INCOME FUND INSTITUTIONAL CLASS	PERSHING LLC 1 PERSHING PLAZA JERSEY CITY, NJ 07399	15.19%
DELAWARE EQUITY INCOME FUND INSTITUTIONAL CLASS	CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105	7.54%
DELAWARE EQUITY INCOME FUND INSTITUTIONAL CLASS	SEI PRIVATE TRUST COMPANY C/O GWP US ADVISORS 1 FREEDOM VALLEY DR OAKS PA 19456-9989	7.31%
DELAWARE EQUITY INCOME FUND CLASS R6	CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105	25.30%
DELAWARE EQUITY INCOME FUND CLASS R6	MACQUARIE INVESTMENT MANAGEMENT ADVISORS 100 INDEPENDENCE 610 MARKET STREET 7TH FLOOR PHILADELPHIA, PA 19106-2354	61.85%
DELAWARE EQUITY INCOME FUND CLASS R6	ASCENSUS TRUST COMPANY FBO BRADY-BUILT, INC. 401(K) PLAN P.O. BOX 10758	12.85%
DELAWARE GROWTH AND INCOME FUND CLASS A	MATRIX TRUST COMPANY CUST. FBO PEN SERV DELAWARE/FORESTERS 717 17TH ST STE 1300 DENVER CO 80202-3304	25.86%
DELAWARE GROWTH AND INCOME FUND INSTITUTIONAL CLASS	CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105	16.92%
DELAWARE GROWTH AND INCOME FUND INSTITUTIONAL CLASS	LPL FINANCIAL 4707 EXECUTIVE DR SAN DIEGO CA 92121	21.88%
DELAWARE GROWTH AND INCOME FUND INSTITUTIONAL CLASS	NATIONAL FINANCIAL SERVICES LLC (FBO) OUR CUSTOMERS ATTN MUTUAL FUNDS DEPARTMENT 4TH FLOOR 499 WASHINGTON BLVD JERSEY CITY NJ 07310	10.00%
DELAWARE GROWTH AND INCOME FUND INSTITUTIONAL CLASS	PERSHING LLC 1 PERSHING PLAZA JERSEY CITY NJ 07399-0002	34.98%
DELAWARE GROWTH AND INCOME FUND INSTITUTIONAL CLASS	RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS 880 CARILLON PARKWAY ST PETERSBURG FL 33713	6.48%

DELAWARE GROWTH AND INCOME FUND CLASS R6	CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105	56.95%
DELAWARE GROWTH AND INCOME FUND CLASS R6	MACQUARIE INVESTMENT MANAGEMENT ADVISORS 100 INDEPENDENCE 610 MARKET STREET 7TH FLOOR PHILADELPHIA, PA 19106-2354	42.05%
DELAWARE TOTAL RETURN FUND CLASS A	MATRIX TRUST COMPANY CUST. FBO PEN SERV DELAWARE/FORESTERS 717 17TH ST STE 1300 DENVER CO 80202-3304	21.09%
DELAWARE TOTAL RETURN FUND INSTITUTIONAL CLASS	LPL FINANCIAL 4707 EXECUTIVE DR SAN DIEGO CA 92121	70.10%
DELAWARE TOTAL RETURN FUND INSTITUTIONAL CLASS	SEI PRIVATE TRUST COMPANY C/O GWP US ADVISORS 1 FREEDOM VALLEY DRIVE OAKS PA 19456	9.11%
DELAWARE TOTAL RETURN FUND INSTITUTIONAL CLASS	NATIONAL FINANCIAL SERVICES LLC (FBO) OUR CUSTOMERS ATTN MUTUAL FUNDS DEPARTMENT 4TH FLOOR 499 WASHINGTON BLVD JERSEY CITY NJ 07310	7.36%
DELAWARE TOTAL RETURN FUND INSTITUTIONAL CLASS	RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS 880 CARILLON PARKWAY ST PETERSBURG FL  33713	6.65%%
DELAWARE TOTAL RETURN FUND CLASS R6	CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105	27.47%
DELAWARE TOTAL RETURN FUND CLASS R6	MACQUARIE INVESTMENT MANAGEMENT ADVISORS 100 INDEPENDENCE 610 MARKET STREET 7TH FLOOR PHILADELPHIA, PA 19106-2354	35.05%
DELAWARE TOTAL RETURN FUND CLASS R6	MATRIX TRUST COMPANY AS AGENT FOR ADVISOR TRUST, INC. WOOSTER CITY SCHOOL DISTRICT 403(B) 717 17TH STREET, SUITE 1300 DENVER CO 80202	37.47%

DELAWARE WEALTH BUILDER FUND CLASS A	LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN LINDSAY OTOOLE 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121	7.11%
DELAWARE WEALTH BUILDER FUND CLASS A	MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION: FUND ADMIN SEC 4800 DEER LAKE DRIVE EAST, 2ND FL JACKSONVILLE FL 32246-6484	12.24%
DELAWARE WEALTH BUILDER FUND CLASS A	MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS 1 NEW YORK PLAZA FL 12 NEW YORK NY  10004-1901	10.52%
DELAWARE WEALTH BUILDER FUND CLASS A	NATIONAL FINANCIAL SERVICES LLC FBO OUR CUSTOMERS ATTN MUTUAL FUNDS DEPARTMENT 499 WASHINGTON BLVD FL4 JERSEY CITY NJ 07310	8.38%
DELAWARE WEALTH BUILDER FUND CLASS A	WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523	11.13%
DELAWARE WEALTH BUILDER FUND CLASS C	AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVESOUTH MINNEAPOLIS MN 55402-2405	13.35%
DELAWARE WEALTH BUILDER FUND CLASS C	CHARLES SCHWAB & CO INC SPEC CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1905	9.93%
DELAWARE WEALTH BUILDER FUND CLASS C	LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN LINDSAY OTOOLE 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121	11.49%
DELAWARE WEALTH BUILDER FUND CLASS C	MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMIN SEC 4800 DEER LAKE DR E FL2 JACKSONVILLE FL 32246	5.09%
DELAWARE WEALTH BUILDER FUND CLASS C	UBS WM USA SPECIAL CUSTODY A/C EXL BEN CUSTOMERS OF UBSFSI 1000 HARBOR BLVD WEEHAWKEN NJ 07086	6.02%

DELAWARE WEALTH BUILDER FUND CLASS C	WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523	25.38%
DELAWARE WEALTH BUILDER FUND CLASS R	ASCENSUS TRUST COMPANY FBO FINISH LINE TECHNLOGIES 401K PLAN ASCENSUS TRUST COMPANY PO BOX 10577 FARGO, ND 58106	6.39%
DELAWARE WEALTH BUILDER FUND CLASS R	EMPOWER TRUST FBO EMPOWER BENEFIT GRAND FATHERED PLAN 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111	18.86%
DELAWARE WEALTH BUILDER FUND CLASS R	EMPOWER TRUST FBO EMPOWER BENEFIT GRAND FATHERED PLAN 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111	7.43%
DELAWARE WEALTH BUILDER FUND CLASS R	MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMIN SEC 4800 DEER LAKE DR E FL2 JACKSONVILLE FL 32246	7.06%
DELAWARE WEALTH BUILDER FUND CLASS R	JAMES CHOI FBO ADULT & PEDIATRIC UROLOGY OF 401(K) 5 WALTER FORAN BLVD FLEMINGTON, NJ 08822	18.76%
DELAWARE WEALTH BUILDER FUND CLASS R	MID ATLANTIC TRUST COMPANY FBO PETTERSEN & SILBERMAN DENTAL 1251 WATERFRONT PLACE STE 525 PITTSBURGH PA 15222	5.15%
DELAWARE WEALTH BUILDER FUND CLASS R	MID ATLANTIC TRUST COMPANY FBO PMALLIANCE INC 1251 WATERFRONT PLACE STE 525 PITTSBURGH PA 15222	18.84%
DELAWARE WEALTH BUILDER FUND INSTITUTIONAL CLASS	LINCOLN RETIREMENT SERVICES COMPANY FBO MMH INC EMPLOYEES PO BOX 7876 FORT WAYNE IN  46801-7876	5.45%
DELAWARE WEALTH BUILDER FUND INSTITUTIONAL CLASS	LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN LINDSAY OTOOLE 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121	7.69%
DELAWARE WEALTH BUILDER FUND INSTITUTIONAL CLASS	MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN: FUND ADMIN 4800 DEER LAKE DR E FL2 JACKSONVILLE FL 32246	22.05%

DELAWARE WEALTH BUILDER FUND INSTITUTIONAL CLASS	MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS 1 NEW YORK PLAZA FL 12 NEW YORK NY 10004-1901	9.24%
DELAWARE WEALTH BUILDER FUND INSTITUTIONAL CLASS	NATIONAL FINANCIAL SERVICES LLC FBO OUR CUSTOMERS ATTN MUTUAL FUNDS DEPARTMENT 499 WASHINGTON BLVD FL4 JERSEY CITY NJ 07310	19.23%
DELAWARE WEALTH BUILDER FUND INSTITUTIONAL CLASS	RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33713	6.83%
DELAWARE WEALTH BUILDER FUND INSTITUTIONAL CLASS	UBS WM USA SPECIAL CUSTODY A/C EXL BEN CUSTOMERS OF UBSFSI 1000 HARBOR BLVD WEEHAWKEN NJ 07086	5.09%
DELAWARE WEALTH BUILDER FUND INSTITUTIONAL CLASS	WELLS FARGO CLEARING SVCS LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523	5.61%
DELAWARE STRATEGIC ALLOCATION FUND CLASS A	LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN LINDSAY OTOOLE 4707 EXECUTIVE DRIVE SAN DIEGO CA  92121	7.03%
DELAWARE STRATEGIC ALLOCATION FUND CLASS C	AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE SOUTH MINNEAPOLIS MN 55402-2405	19.73%
DELAWARE STRATEGIC ALLOCATION FUND CLASS C	LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN LINDSAY OTOOLE 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121	14.93%
DELAWARE STRATEGIC ALLOCATION FUND CLASS C	NATIONAL FINANCIAL SERVICES LLC (FBO) OUR CUSTOMERS ATTN MUTUAL FUNDS DEPARTMENT 4TH FLOOR 499 WASHINGTON BLVD JERSEY CITY NJ 07310	11.04%
DELAWARE STRATEGIC ALLOCATION FUND CLASS C	PERSHING LLC 1 PERSHING PLAZA JERSEY CITY NJ 07399-0002	6.73%
DELAWARE STRATEGIC ALLOCATION FUND CLASS C	WELLS FARGO CLEARING SVCS LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523	6.25%

DELAWARE STRATEGIC ALLOCATION FUND CLASS R	DR. TENCZA FBO TENCZA DENTAL ASSOCIATES P C EASTON, PA 18042	49.62%
DELAWARE STRATEGIC ALLOCATION FUND CLASS R	JOHN SWIDWINSKI FBO P A C FEDERAL CREDIT UNION 401(K) P TROY, MI 48083	12.29%
DELAWARE STRATEGIC ALLOCATION FUND CLASS R	MID ATLANTIC TRUST COMPANY FBO INDUSTRIAL PHYSICAL CAPABILITY 1251 WATERFRONT PLACE, SUITE 525 PITTSBURGH, PA 15222	24.55%
DELAWARE STRATEGIC ALLOCATION FUND INSTITUTIONAL CLASS	LINCOLN RETIREMENT SERVICES CO LINCOLN RETIREMENT SERVICES COMPANY FBO MMH INC EMPLOYEES SAV AND 401K P.O. BOX 7876 FORT WAYNE IN 46801-7876	33.99%
DELAWARE STRATEGIC ALLOCATION FUND INSTITUTIONAL CLASS	LINCOLN RETIREMENT SERVICES COMPANY FBO MMH INC RETIREMENT PLAN P.O. BOX 7876 FORT WAYNE IN 46801-7876	23.24%
DELAWARE STRATEGIC ALLOCATION FUND INSTITUTIONAL CLASS	LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN LINDSAY OTOOLE 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121	5.27%
DELAWARE STRATEGIC ALLOCATION FUND INSTITUTIONAL CLASS	NATIONAL FINANCIAL SERVICES LLC (FBO) OUR CUSTOMERS ATTN MUTUAL FUNDS DEPARTMENT 4TH FLOOR 499 WASHINGTON BLVD JERSEY CITY NJ  07310	5.85%
DELAWARE MID CAP VALUE FUND CLASS A	PERSHING LLC 1 PERSHING PLAZA JERSEY CITY NJ 07399-0002	23.64%
DELAWARE MID CAP VALUE FUND CLASS A	LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN LINDSAY OTOOLE 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121	8.31%
DELAWARE MID CAP VALUE FUND CLASS C	NATIONAL FINANCIAL SERVICES LLC (FBO) OUR CUSTOMERS ATTN MUTUAL FUNDS DEPARTMENT 4TH FLOOR 499 WASHINGTON BLVD JERSEY CITY NJ  07310	11.37%
DELAWARE MID CAP VALUE FUND CLASS C	AMERICAN ENTERPRISE INVESTMENT SERVICES 707 2ND AVE SOUTH MINNEAPOLIS MN 55402-2405	8.17%

DELAWARE MID CAP VALUE FUND CLASS C	RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33713	32.17%
DELAWARE MID CAP VALUE FUND CLASS C	PERSHING LLC 1 PERSHING PLAZA JERSEY CITY NJ 07399-0002	24.41%
DELAWARE MID CAP VALUE FUND CLASS R	MID ATLANTIC TRUST COMPANY FBO JARVIS LAND SURVEY INC 401(K) PROFIT SHARING PLAN 1251 WATERFRONT PLACE STE 525 PITTSBURGH PA 15222	47.45%
DELAWARE MID CAP VALUE FUND CLASS R	MATRIX TRUST COMPANY AS AGENT FOR NEWPORT TRUST COMPANY FRITCHER CONSTRUCTION 401(K) PLAN 35 IRON POINT CIRCLE FOLSOM CA 95630	40.12%
DELAWARE MID CAP VALUE FUND INSTITUTIONAL CLASS	BOND STREET CUSTODIANS LIMITED ACF MACQUARIE ASSET MANAGEMENT HOLDINGS P/L MACQUARIE BANK C/O INTERNATIONAL OPERATION SHELLEY STREET NO 1 SYDNEY NSW 2000 AUSTRALIA	6.25%
DELAWARE MID CAP VALUE FUND INSTITUTIONAL CLASS	CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FOR THE EXCLUJSIVE BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1905	42.31%
DELAWARE MID CAP VALUE FUND INSTITUTIONAL CLASS	LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN LINDSAY OTOOLE 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121	18.14%
DELAWARE MID CAP VALUE FUND INSTITUTIONAL CLASS	NATIONAL FINANCIAL SERVICES LLC (FBO) OUR CUSTOMERS ATTN MUTUAL FUNDS DEPARTMENT 4TH FLOOR 499 WASHINGTON BLVD JERSEY CITY NJ 07310	6.37%
DELAWARE MID CAP VALUE FUND INSTITUTIONAL CLASS	RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33746	8.75%
DELAWARE OPPORTUNITY FUND CLASS A	SAMMONS RETIREMENT SOLUTION 4546 CORPORATE DR. STE 100 WEST DES MOINES, IA 50266	9.17%
DELAWARE OPPORTUNITY FUND CLASS A	MATRIX TRUST COMPANY CUST. FBO PEN SERV DELAWARE/FORESTERS	24.26%

	717 17TH ST STE 1300 DENVER CO 80202-3304
DELAWARE OPPORTUNITY FUND INSTITUTIONAL CLASS	CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105	29.38%
DELAWARE OPPORTUNITY FUND INSTITUTIONAL CLASS	NATIONAL FINANCIAL SERVICES LLC (FBO) OUR CUSTOMERS ATTN MUTUAL FUNDS DEPARTMENT 4TH FLOOR 499 WASHINGTON BLVD JERSEY CITY NJ 07310	11.72%
DELAWARE OPPORTUNITY FUND INSTITUTIONAL CLASS	LPL FINANCIAL 4707 EXECUTIVE DR SAN DIEGO CA 92121	24.43%
DELAWARE OPPORTUNITY FUND INSTITUTIONAL CLASS	PERSHING LLC 1 PERSHING PLAZA JERSEY CITY, NJ 07399	13.99%
DELAWARE OPPORTUNITY FUND INSTITUTIONAL CLASS	SEI PRIVATE TRUST COMPANY C/O GWP US ADVISORS 1 FREEDOM VALLEY DR OAKS PA 19456-9989	13.68%
DELAWARE OPPORTUNITY FUND CLASS R6	BANK OF NEW YORK - MELLON CUST IVY WILSHIRE GLOBAL ALLOCATION MASTER ACCOUNT ATTN ADAM DEITZ 100 INDEPENDENCE 610 MARKET STREET 7TH FLOOR PHILADELPHIA PA 19103	99.29%

•

Transfer Agent: Delaware Investments® Fund Services Company (DIFSC), an affiliate of the Manager, is located at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, and serves as the Funds’ shareholder servicing, dividend disbursing, and transfer agent (the “Transfer Agent”) pursuant to a Shareholder Services Agreement. The Transfer Agent is an indirect subsidiary of MMHI and, therefore, of Macquarie. The Transfer Agent also acts as shareholder servicing, dividend disbursing, and transfer agent for the other Delaware Funds. The Transfer Agent is paid a fee by the Fund for providing these services consisting of an asset-based fee and certain out-of-pocket expenses. The Transfer Agent will bill, and the Fund will pay, such compensation monthly. Omnibus and networking fees charged by financial intermediaries and subtransfer agency fees are passed on to and paid directly by the Fund. The Transfer Agent’s compensation is fixed each year and approved by the Board, including a majority of the Independent Trustees.

•

Subtransfer Agent: BNY Mellon Investment Servicing (US) Inc. (BNYMIS) provides subtransfer agency services to the Funds.

•

Fund Accountants: The Bank of New York Mellon (BNY Mellon), 240 Greenwich Street, New York, NY 10286-0001, provides fund accounting and financial administration services to the Funds. Those services include performing functions related to calculating the Funds’ NAVs and providing financial reporting information, regulatory compliance testing, and other related accounting services. For these services, the Funds pay BNY Mellon an asset-based fee, subject to certain fee minimums plus certain

•

Custodian: BNY Mellon is the custodian of each Fund’s securities and cash. As custodian for the Funds, BNY Mellon maintains a separate account or accounts for each Fund; receives, holds, and releases portfolio securities on account of each Fund; receives and disburses money on behalf of each Fund; and collects and receives income and other payments and distributions on account of each Fund’s portfolio securities. BNY Mellon also serves as the Funds' custodian for their investments in foreign securities.

•

Legal Counsel: Stradley Ronon Stevens & Young, LLP serves as the Trusts’ legal counsel.

•

Independent Registered Public Accountants: PricewaterhouseCoopers LLP serves as the independent registered public accounting firm for each Trust.

•

Securities Lending Agent: BNY Mellon serves as the Funds’ securities lending agent.

A	Form of Agreement and Plan of Reorganization
B	Financial Highlights

1.	DESCRIPTION OF THE REORGANIZATIONS

2.

VALUATION

3.	CLOSING AND CLOSING DATE

4.	REPRESENTATIONS AND WARRANTIES

5.	COVENANTS OF THE ACQUIRING FUND AND THE TARGET FUND

6.	CONDITIONS PRECEDENT TO OBLIGATIONS OF THE TARGET FUND

7.	CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING FUND

8.	FURTHER CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING

9.

EXPENSES

10.	FINAL TAX RETURNS AND FORMS 1099 OF THE TARGET FUND

11.	ENTIRE AGREEMENT; SURVIVAL OF WARRANTIES AND COVENANTS

12.	TERMINATION

13.	AMENDMENTS

14.	HEADINGS; GOVERNING LAW; COUNTERPARTS; ASSIGNMENT; LIMITATION OF LIABILITY

Delaware Group Equity Funds IV Delaware Group Foundation Funds Delaware Group Equity Funds I, each on behalf of its respective series    identified on Exhibit A hereto			Delaware Group Equity Funds IV Delaware Group Equity Funds V, each on behalf of its respective series    identified on Exhibit A hereto
By:			By:
	Name:			Name:
	Title:			Title:
			With respect to Section 9.1 only, Delaware Management Company, a series of Macquarie Investment Management Business Trust
			By:
				Name:
				Title:

TARGET FUND (AND TARGET SHARE CLASSES) AND TARGET ENTITY	ACQUIRING FUND (AND SHARE CLASSES) AND ACQUIRING ENTITY		CLOSING DATE
Delaware Equity Income Fund, a series of Delaware Group Equity Funds IV	Delaware Growth and Income Fund, a series of Delaware Group Equity Funds IV		Feb. [__], 2023
Class A	Class A
Class R6	Class R6
Institutional	Institutional Class
Delaware Total Return Fund, a series of Delaware Group Equity Funds IV	Delaware Wealth Builder Fund, a series of Delaware Group Equity Funds V		Feb. [__], 2023
Class A	Class A
Class R6	Class R6
Institutional	Institutional Class
Delaware Strategic Allocation Fund, a series of Delaware Group Foundation Funds	Delaware Wealth Builder Fund, a series of Delaware Group Equity Funds V		Feb. [__], 2023
Class A	Class A
Class C	Class C
Class R	Class R
Institutional	Institutional Class
Delaware Mid Cap Value Fund, a series of Delaware Group Equity Funds I	Delaware Opportunity Fund, a series of Delaware Group Equity Funds IV	Feb. [__], 2023
Class A	Class A
Institutional	Institutional Class
Class C	Class C
Class R	Class R

			Year ended
			9/30/22				9/30/21				9/30/201				9/30/19				9/30/18
Net asset value, beginning of period			$	7.52			$	6.24			$	9.68			$	11.09			$	10.71
Income (loss) from investment operations:
Net investment income2				0.15				0.14				0.11				0.15				0.26
Net realized and unrealized gain (loss)				(0.48	)			1.69				(0.51	)			(0.16	)			0.65
Total from investment operations				(0.33	)			1.83				(0.40	)			(0.01	)			0.91
Less dividends and distributions from:
Net investment income				(0.20	)			(0.10	)			(0.13	)			(0.26	)			(0.17	)
Net realized gain				(0.88	)			(0.45	)			(2.91	)			(1.14	)			(0.36	)
Total dividends and distributions				(1.08	)			(0.55	)			(3.04	)			(1.40	)			(0.53	)
Net asset value, end of period			$	6.11			$	7.52			$	6.24			$	9.68			$	11.09
Total return3				(5.81%	)4			30.49%	4			(7.89%	)			1.83%				8.68%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	233,997			$	290,191			$	304,917			$	468,634			$	545,810
Ratio of expenses to average net assets5				1.05%				1.12%				1.16%				1.19%				1.20%
Ratio of expenses to average net assets prior to fees waived5				1.12%				1.13%				1.16%				1.19%				1.20%
Ratio of net investment income to average net assets				2.11%				1.90%				1.56%				1.58%				2.42%
Ratio of net investment income to average net assets prior to fees waived				2.04%				1.89%				1.56%				1.58%				2.42%
Portfolio turnover				23%				57%				114%	6			39%				35%
1	On October 4, 2019, Class A shares of the predecessor fund First Investors Equity Income Fund were reorganized into Class A shares of Delaware Equity Income Fund. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Class A shares.
2	Calculated using average shares outstanding.

3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

			Year ended
			9/30/22				9/30/21				9/30/201				9/30/19				9/30/18
Net asset value, beginning of period			$	7.58			$	6.28			$	9.73			$	11.16			$	10.77
Income (loss) from investment operations:
Net investment income2				0.18				0.16				0.13				0.20				0.31
Net realized and unrealized gain (loss)				(0.50	)			1.71				(0.53	)			(0.20	)			0.65
Total from investment operations				(0.32	)			1.87				(0.40	)			—				0.96
Less dividends and distributions from:
Net investment income				(0.22	)			(0.12	)			(0.14	)			(0.29	)			(0.21	)
Net realized gain				(0.88	)			(0.45	)			(2.91	)			(1.14	)			(0.36	)
Total dividends and distributions				(1.10	)			(0.57	)			(3.05	)			(1.43	)			(0.57	)
Net asset value, end of period			$	6.16			$	7.58			$	6.28			$	9.73			$	11.16
Total return3				(5.64%	)4			30.91%	4			(7.72%	)4			1.97%				9.09%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	2,904			$	1,794			$	926			$	1,786			$	80,387
Ratio of expenses to average net assets5				0.79%				0.85%				0.89%				0.86%				0.85%
Ratio of expenses to average net assets prior to fees waived5				0.87%				0.88%				0.94%				0.86%				0.85%
Ratio of net investment income to average net assets				2.48%				2.21%				1.86%				2.08%				2.79%
Ratio of net investment income to average net assets prior to fees waived				2.40%				2.18%				1.81%				2.08%				2.79%
Portfolio turnover				23%				57%				114%	6			39%				35%
1	On October 4, 2019, Advisor Class shares of the predecessor fund First Investors Equity Income Fund were reorganized into Institutional Class shares of Delaware Equity Income Fund. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Advisor Class shares.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.

4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

			Year ended
			9/30/22				9/30/21				9/30/201				9/30/19				9/30/18
Net asset value, beginning of period			$	7.51			$	6.23			$	9.67			$	11.12			$	10.72
Income (loss) from investment operations:
Net investment income2				0.17				0.16				0.14				0.19				0.31
Net realized and unrealized gain (loss)				(0.48	)			1.69				(0.52	)			(0.17	)			0.66
Total from investment operations				(0.31	)			1.85				(0.38	)			0.02				0.97
Less dividends and distributions from:
Net investment income				(0.22	)			(0.12	)			(0.15	)			(0.33	)			(0.21	)
Net realized gain				(0.88	)			(0.45	)			(2.91	)			(1.14	)			(0.36	)
Total dividends and distributions				(1.10	)			(0.57	)			(3.06	)			(1.47	)			(0.57	)
Net asset value, end of period			$	6.10			$	7.51			$	6.23			$	9.67			$	11.12
Total return3				(5.50%	)4			30.91%	4			(7.54%	)4			2.18%				9.21%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	16			$	21			$	679			$	1,411			$	2,499
Ratio of expenses to average net assets5				0.74%				0.81%				0.82%				0.81%				0.80%
Ratio of expenses to average net assets prior to fees waived5				0.80%				0.82%				0.88%				0.81%				0.80%
Ratio of net investment income to average net assets				2.43%				2.46%				1.92%				1.94%				2.81%
Ratio of net investment income to average net assets prior to fees waived				2.37%				2.45%				1.86%				1.94%				2.81%
Portfolio turnover				23%				57%				114%	6			39%				35%
1	On October 4, 2019, Institutional Class shares of the predecessor fund Delaware Equity Income Fund were reorganized into Class R6 shares of Delaware Equity Income Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Institutional Class shares.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

			Year ended
			9/30/22				9/30/21				9/30/201				9/30/19				9/30/18
Net asset value, beginning of period			$	14.62			$	11.94			$	19.85			$	24.41			$	23.30
Income (loss) from investment operations:
Net investment income2				0.30				0.25				0.23				0.27				0.26
Net realized and unrealized gain (loss)				(0.99	)			3.34				(0.95	)			(0.54	)			2.11
Total from investment operations				(0.69	)			3.59				(0.72	)			(0.27	)			2.37
Less dividends and distributions from:
Net investment income				(0.37	)			(0.21	)			(0.25	)			(0.27	)			(0.32	)
Net realized gain				(1.35	)			(0.70	)			(6.94	)			(4.02	)			(0.94	)
Total dividends and distributions				(1.72	)			(0.91	)			(7.19	)			(4.29	)			(1.26	)
Net asset value, end of period			$	12.21			$	14.62			$	11.94			$	19.85			$	24.41
Total return3				(5.81%	)4			30.89%				(7.99%	)			2.02%				10.35%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	857,819			$	1,037,062			$	1,023,821			$	1,464,393			$	1,653,563
Ratio of expenses to average net assets5				1.04%				1.07%				1.10%				1.13%				1.14%
Ratio of expenses to average net assets prior to fees waived5				1.06%				1.07%				1.10%				1.13%				1.14%
Ratio of net investment income to average net assets				2.13%				1.82%				1.71%				1.37%				1.08%
Ratio of net investment income to average net assets prior to fees waived				2.10%				1.82%				1.71%				1.37%				1.08%
Portfolio turnover				23%				51%				113%	6			55%				34%
1	On October 4, 2019, Class A shares of the predecessor fund First Investors Growth & Income Fund were reorganized into Class A shares of Delaware Growth and Income Fund. The Class A shares’

			Year ended
			9/30/22				9/30/21				9/30/201				9/30/19				9/30/18
Net asset value, beginning of period			$	14.64			$	11.99			$	19.87			$	24.58			$	23.46
Income (loss) from investment operations:
Net investment income2				0.34				0.29				0.30				0.33				0.35
Net realized and unrealized gain (loss)				(0.99	)			3.34				(0.98	)			(0.55	)			2.11
Total from investment operations				(0.65	)			3.63				(0.68	)			(0.22	)			2.46
Less dividends and distributions from:
Net investment income				(0.41	)			(0.28	)			(0.26	)			(0.47	)			(0.40	)
Net realized gain				(1.35	)			(0.70	)			(6.94	)			(4.02	)			(0.94	)
Total dividends and distributions				(1.76	)			(0.98	)			(7.20	)			(4.49	)			(1.34	)
Net asset value, end of period			$	12.23			$	14.64			$	11.99			$	19.87			$	24.58
Total return3				(5.54%	)4			31.19%				(7.68%	)4			2.26%				10.73%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	4,360			$	4,804			$	4,063			$	21,597			$	142,220
Ratio of expenses to average net assets5				0.78%				0.82%				0.85%				0.83%				0.79%
Ratio of expenses to average net assets prior to fees waived5				0.81%				0.82%				0.86%				0.83%				0.79%
Ratio of net investment income to average net assets				2.41%				2.08%				1.98%				1.66%				1.44%
Ratio of net investment income to average net assets prior to fees waived				2.38%				2.08%				1.97%				1.66%				1.44%
Portfolio turnover				23%				51%				113%	6			55%				34%
1	On October 4, 2019, Advisor Class shares of the predecessor fund First Investors Growth & Income Fund were reorganized into Institutional Class shares of Delaware Growth and Income Fund. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Advisor Class shares.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

			Year ended
			9/30/22				9/30/21				9/30/201				9/30/19				9/30/18
Net asset value, beginning of period			$	14.72			$	12.01			$	19.92			$	24.52			$	23.39
Income (loss) from investment operations:
Net investment income2				0.37				0.30				0.29				0.35				0.36
Net realized and unrealized gain (loss)				(1.01	)			3.35				(0.96	)			(0.56	)			2.12
Total from investment operations				(0.64	)			3.65				(0.67	)			(0.21	)			2.48
Less dividends and distributions from:
Net investment income				(0.40	)			(0.24	)			(0.30	)			(0.37	)			(0.41	)
Net realized gain				(1.35	)			(0.70	)			(6.94	)			(4.02	)			(0.94	)
Total dividends and distributions				(1.75	)			(0.94	)			(7.24	)			(4.39	)			(1.35	)
Net asset value, end of period			$	12.33			$	14.72			$	12.01			$	19.92			$	24.52
Total return3				(5.45%	)			31.25%	4			(7.63%	)4			2.34%				10.85%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	27			$	192			$	2,710			$	5,597			$	11,067
Ratio of expenses to average net assets5				0.73%				0.75%				0.76%				0.75%				0.74%
Ratio of expenses to average net assets prior to fees waived5				0.73%				0.76%				0.81%				0.75%				0.74%
Ratio of net investment income to average net assets				2.57%				2.29%				2.07%				1.75%				1.49%
Ratio of net investment income to average net assets prior to fees waived				2.57%				2.28%				2.02%				1.75%				1.49%
Portfolio turnover				23%				51%				113%	6			55%				34%
1	On October 4, 2019, Institutional Class shares of the predecessor fund First Investors Growth & Income Fund were reorganized into Class R6 shares of Delaware Growth and Income Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Institutional Class shares.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

			Year ended
			9/30/22				9/30/21				9/30/201				9/30/19				9/30/18
Net asset value, beginning of period			$	33.94			$	23.26			$	37.79			$	42.06			$	41.86
Income (loss) from investment operations:
Net investment income2				0.25				0.43				0.16				0.12				0.39
Net realized and unrealized gain (loss)				(3.64	)			10.48				(3.01	)			(0.60	)			2.31
Total from investment operations				(3.39	)			10.91				(2.85	)			(0.48	)			2.70
Less dividends and distributions from:
Net investment income				(0.39	)			(0.23	)			(0.24	)			(0.38	)			(0.12	)
Net realized gain				(1.59	)			—				(11.44	)			(3.41	)			(2.38	)
Total dividends and distributions				(1.98	)			(0.23	)			(11.68	)			(3.79	)			(2.50	)
Net asset value, end of period			$	28.57			$	33.94			$	23.26			$	37.79			$	42.06
Total return3				(10.87%	)4			47.10%	4			(13.31%	)4			0.80%				6.49%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	502,949			$	660,973			$	599,543			$	915,339			$	1,010,312
Ratio of expenses to average net assets5				1.16%				1.20%				1.21%				1.20%				1.20%
Ratio of expenses to average net assets prior to fees waived5				1.20%				1.20%				1.24%				1.20%				1.20%
Ratio of net investment income to average net assets				0.73%				1.40%				0.62%				0.32%				0.93%
Ratio of net investment income to average net assets prior to fees waived				0.69%				1.40%				0.59%				0.32%				0.93%
Portfolio turnover				17%				13%				120%	6			47%				35%
1	On October 4, 2019, Class A shares of the predecessor fund First Investors Opportunity Fund were reorganized into Class A shares of Delaware Opportunity Fund. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Class A shares.

2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

			Year ended
			9/30/22				9/30/21				9/30/201				9/30/19				9/30/18
Net asset value, beginning of period			$	35.58			$	24.37			$	38.75			$	42.91			$	42.56
Income (loss) from investment operations:
Net investment income2				0.35				0.52				0.24				0.23				0.61
Net realized and unrealized gain (loss)				(3.80	)			10.99				(3.18	)			(0.58	)			2.27
Total from investment operations				(3.45	)			11.51				(2.94	)			(0.35	)			2.88
Less dividends and distributions from:
Net investment income				(0.56	)			(0.30	)			—				(0.40	)			(0.15	)
Net realized gain				(1.59	)			—				(11.44	)			(3.41	)			(2.38	)
Total dividends and distributions				(2.15	)			(0.30	)			(11.44	)			(3.81	)			(2.53	)
Net asset value, end of period			$	29.98			$	35.58			$	24.37			$	38.75			$	42.91
Total return3				(10.61%	)4			47.50%	4			(13.04%	)4			1.14				6.82%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	2,925			$	4,083			$	2,490			$	10,325			$	149,481
Ratio of expenses to average net assets5				0.90%				0.90%				0.95%				0.92%				0.89%
Ratio of expenses to average net assets prior to fees waived5				0.95%				0.95%				1.04%				0.92%				0.89%
Ratio of net investment income to average net assets				0.99%				1.59%				0.83%				0.62%				1.42%
Ratio of net investment income to average net assets prior to fees waived				0.94%				1.54%				0.74%				0.62%				1.42%
Portfolio turnover				17%				13%				120%	6			47%				35%
1	On October 4, 2019, Advisor Class shares of the predecessor fund First Investors Opportunity Fund were reorganized into Institutional Class shares of Delaware Opportunity Fund. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Advisor Class shares.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

			Year ended
			9/30/22				9/30/21				9/30/201				9/30/19				9/30/18
Net asset value, beginning of period			$	35.51			$	24.04			$	38.71			$	42.87			$	42.49
Income (loss) from investment operations:
Net investment income2				0.59				0.54				0.28				0.27				0.59
Net realized and unrealized gain (loss)				(4.08	)			10.93				(3.11	)			(0.59	)			2.33
Total from investment operations				(3.49	)			11.47				(2.83	)			(0.32	)			2.92
Less dividends and distributions from:
Net investment income				—				—				(0.40	)			(0.43	)			(0.16	)
Net realized gain				(1.59	)			—				(11.44	)			(3.41	)			(2.38	)
Total dividends and distributions				(1.59	)			—				(11.84	)			(3.84	)			(2.54	)
Net asset value, end of period			$	30.43			$	35.51			$	24.04			$	38.71			$	42.87
Total return3				(10.50%	)4			47.71%	4			(12.93%	)4			1.23%				6.95%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	6,362			$	227			$	1,029			$	2,338			$	5,793
Ratio of expenses to average net assets5				0.78%				0.78%				0.79%				0.78%				0.77%
Ratio of expenses to average net assets prior to fees waived5				0.95%				0.88%				0.95%				0.78%				0.77%
Ratio of net investment income to average net assets				1.84%				1.75%				1.00%				0.73%				1.38%
Ratio of net investment income to average net assets prior to fees waived				1.67%				1.65%				0.84%				0.73%				1.38%
Portfolio turnover				17%				13%				120%	6			47%				35%
1	On October 4, 2019, Institutional Class shares of the predecessor fund First Investors Opportunity Fund were reorganized into Class R6 shares of Delaware Opportunity Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Institutional Class shares.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

5	Expense ratios do not include expenses of any investment companies in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

			Year ended
			9/30/22				9/30/21				9/30/201				9/30/19				9/30/18
Net asset value, beginning of period			$	17.17			$	14.37			$	19.03			$	20.22			$	19.88
Income (loss) from investment operations:
Net investment income2				0.26				0.24				0.29				0.28				0.31
Net realized and unrealized gain (loss)				(1.90	)			2.87				(0.88	)			0.39				0.74
Total from investment operations				(1.64	)			3.11				(0.59	)			0.67				1.05
Less dividends and distributions from:
Net investment income				(0.27	)			(0.31	)			(0.33	)			(0.34	)			(0.36	)
Net realized gain				(2.15	)			—				(3.73	)			(1.52	)			(0.35	)
Return of capital				—				—				(0.01	)			—				—
Total dividends and distributions				(2.42	)			(0.31	)			(4.07	)			(1.86	)			(0.71	)
Net asset value, end of period			$	13.11			$	17.17			$	14.37			$	19.03			$	20.22
Total return3				(11.57%	)4			21.77%				(4.48%	)4			4.58%				5.32%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	369,405			$	488,792			$	550,020			$	800,910			$	889,473
Ratio of expenses to average net assets5				1.09%				1.13%				1.16%				1.17%				1.18%
Ratio of expenses to average net assets prior to fees waived5				1.14%				1.13%				1.17%				1.17%				1.18%
Ratio of net investment income to average net assets				1.67%				1.50%				1.89%				1.50%				1.55%
Ratio of net investment income to average net assets prior to fees waived				1.62%				1.50%				1.88%				1.50%				1.55%
Portfolio turnover				57%				94%				151%	6			59%				53%
1	On October 4, 2019, Class A shares of the predecessor fund First Investors Total Return Fund were reorganized into Class A shares of Delaware Total Return Fund. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Class A shares.
2	Calculated using average shares outstanding.

3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

			Year ended
			9/30/22				9/30/21				9/30/201				9/30/19				9/30/18
Net asset value, beginning of period			$	17.24			$	14.43			$	19.10			$	20.32			$	19.98
Income (loss) from investment operations:
Net investment income2				0.30				0.28				0.33				0.34				0.37
Net realized and unrealized gain (loss)				(1.91	)			2.88				(0.90	)			0.40				0.75
Total from investment operations				(1.61	)			3.16				(0.57	)			0.74				1.12
Less dividends and distributions from:
Net investment income				(0.31	)			(0.35	)			(0.36	)			(0.44	)			(0.43	)
Net realized gain				(2.15	)			—				(3.73	)			(1.52	)			(0.35	)
Return of capital				—				—				(0.01	)			—				—
Total dividends and distributions				(2.46	)			(0.35	)			(4.10	)			(1.96	)			(0.78	)
Net asset value, end of period			$	13.17			$	17.24			$	14.43			$	19.10			$	20.32
Total return3				(11.36%	)4			22.06%				(4.29%	)			4.93%				5.69%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	1,901			$	1,388			$	769			$	1,166			$	1,006
Ratio of expenses to average net assets5				0.83%				0.88%				0.90%				0.85%				0.84%
Ratio of expenses to average net assets prior to fees waived5				0.90%				0.88%				0.90%				0.85%				0.84%
Ratio of net investment income to average net assets				1.98%				1.68%				2.12%				1.80%				1.83%
Ratio of net investment income to average net assets prior to fees waived				1.91%				1.68%				2.12%				1.80%				1.83%
Portfolio turnover				57%				94%				151%	6			59%				53%
1	On October 4, 2019, Advisor Class shares of the predecessor fund First Investors Total Return Fund were reorganized into Institutional Class shares of Delaware Total Return Fund. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Advisor Class shares.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

			Year ended
			9/30/22				9/30/21				9/30/201				9/30/19				9/30/18
Net asset value, beginning of period			$	17.29			$	14.47			$	19.14			$	20.38			$	20.05
Income (loss) from investment operations:
Net investment income2				0.30				0.34				0.35				0.35				0.40
Net realized and unrealized gain (loss)				(1.92	)			2.85				(0.90	)			0.41				0.74
Total from investment operations				(1.62	)			3.19				(0.55	)			0.76				1.14
Less dividends and distributions from:
Net investment income				(0.31	)			(0.37	)			(0.39	)			(0.48	)			(0.46	)
Net realized gain				(2.15	)			—				(3.73	)			(1.52	)			(0.35	)
Return of capital				—				—				—	3			—				—
Total dividends and distributions				(2.46	)			(0.37	)			(4.12	)			(2.00	)			(0.81	)
Net asset value, end of period			$	13.21			$	17.29			$	14.47			$	19.14			$	20.38
Total return4				(11.36%	)5			22.23%	5			(4.17%	)5			5.06%				5.77%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	29			$	62			$	762			$	1,976			$	34,555
Ratio of expenses to average net assets6				0.79%				0.79%				0.81%				0.79%				0.77%
Ratio of expenses to average net assets prior to fees waived6				0.83%				0.82%				0.89%				0.79%				0.77%
Ratio of net investment income to average net assets				1.92%				2.16%				2.23%				1.86%				1.96%
Ratio of net investment income to average net assets prior to fees waived				1.88%				2.13%				2.15%				1.86%				1.96%
Portfolio turnover				57%				94%				151%	7			59%				53%
1	On October 4, 2019, Institutional Class shares of the predecessor fund First Investors Total Return Fund were reorganized into Class R6 shares of Delaware Total Return Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Institutional Class shares.
2	Calculated using average shares outstanding.
3	Amount is less than $0.005 per share.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

5	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

Class A shares	3/31/22	3/31/21	3/31/20	3/31/19	3/31/18
Net asset value, beginning of period	$12.13	$9.12	$10.94	$11.46	$11.42
Income (loss) from investment operations:
Net investment income1	0.09	0.07	0.18	0.22	0.21
Net realized and unrealized gain (loss)	0.11	3.14	(1.13)	(0.05)	0.71
Total from investment operations	0.20	3.21	(0.95)	0.17	0.92
Less dividends and distributions from:
Net investment income	(0.16)	(0.11)	(0.19)	(0.20)	(0.21)
Net realized gain	(1.10)	(0.09)	(0.68)	(0.49)	(0.67)
Total dividends and distributions	(1.26)	(0.20)	(0.87)	(0.69)	(0.88)
Net asset value, end of period	$11.07	$12.13	$9.12	$10.94	$11.46
Total return2	1.32%	35.37%	(9.55%)	1.63%	8.35%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$182,899	$198,448	$156,436	$195,484	$172,750
Ratio of expenses to average net assests3	1.09%	1.14%	1.13%	1.16%	1.14%
Ratio of expenses to average net assets prior to fees waived3	1.18%	1.18%	1.18%	1.22%	1.17%
Ratio of net investment income to average net assets	0.78%	0.67%	1.66%	2.00%	1.79%
Ratio of net investment income to average net assets prior to fees waived	0.69%	0.63%	1.61%	1.94%	1.76%
Portfolio turnover	70%	77%	103%	97%	93%

Class C shares	3/31/22	3/31/21	3/31/20	3/31/19	3/31/18
Net asset value, beginning of period	$12.12	$9.13	$10.94	$11.46	$11.42
Income (loss) from investment operations:
Net investment income (loss)1	-	(0.01)	0.10	0.14	0.12
Net realized and unrealized gain (loss)	0.11	3.13	(1.12)	(0.05)	0.71
Total from investment operations	0.11	3.12	(1.02)	0.09	0.83
Less dividends and distributions from:
Net investment income	(0.06)	(0.04)	(0.11)	(0.12)	(0.12)
Net realized gain	(1.10)	(0.09)	(0.68)	(0.49)	(0.67)
Total dividends and distributions	(1.16)	(0.13)	(0.79)	(0.61)	(0.79)
Net asset value, end of period	$11.07	$12.12	$9.13	$10.94	$11.46
Total return2	0.60%	34.26%	(10.19%)	0.82%	7.53%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$7,366	$11,063	$17,822	$27,275	$21,096
Ratio of expenses to average net assests3	1.85%	1.90%	1.89%	1.92%	1.90%
Ratio of expenses to average net assets prior to fees waived3	1.94%	1.94%	1.94%	1.98%	1.93%
Ratio of net investment income (loss) to average net assets	0.02%	(0.09%)	0.90%	1.24%	1.03%
Ratio of net investment income (loss) to average net assets prior to fees waived	(0.07%)	(0.13%)	0.85%	1.18%	1.00%
Portfolio turnover	70%	77%	103%	97%	93%

Class R shares	3/31/22	3/31/21	3/31/20	3/31/19	3/31/18
Net asset value, beginning of period	$12.07	$9.08	$10.90	$11.40	$11.37
Income (loss) from investment operations:
Net investment income1	0.06	0.04	0.15	0.19	0.18
Net realized and unrealized gain (loss)	0.11	3.12	(1.12)	(0.03)	0.70
Total from investment operations	0.17	3.16	(0.97)	0.16	0.88
Less dividends and distributions from:
Net investment income	(0.12)	(0.08)	(0.17)	(0.17)	(0.18)
Net realized gain	(1.10)	(0.09)	(0.68)	(0.49)	(0.67)
Total dividends and distributions	(1.22)	(0.17)	(0.85)	(0.66)	(0.85)
Net asset value, end of period	$11.02	$12.07	$9.08	$10.90	$11.40
Total return2	1.14%	34.94%	(9.82%)	1.54%	8.01%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$810	$1,509	$1,564	$1,986	$1,580
Ratio of expenses to average net assests3	1.35%	1.40%	1.39%	1.42%	1.40%
Ratio of expenses to average net assets prior to fees waived3	1.44%	1.44%	1.44%	1.48%	1.43%
Ratio of net investment income (loss) to average net assets	0.52%	0.41%	1.40%	1.74%	1.53%
Ratio of net investment income (loss) to average net assets prior to fees waived	0.43%	0.37%	1.35%	1.68%	1.50%
Portfolio turnover	70%	77%	103%	97%	93%

Institutional Class shares	3/31/22	3/31/21	3/31/20	3/31/19	3/31/18
Net asset value, beginning of period	$12.13	$9.13	$10.95	$11.46	$11.42
Income (loss) from investment operations:
Net investment income1	0.12	0.10	0.20	0.25	0.24
Net realized and unrealized gain (loss)	0.11	3.12	(1.12)	(0.04)	0.71
Total from investment operations	0.23	3.22	(0.92)	0.21	0.95
Less dividends and distributions from:
Net Invest income	(0.19)	(0.13)	(0.22)	(0.23)	(0.24)
Net realized gain	(1.10)	(0.09)	(0.68)	(0.49)	(0.67)
Total dividends and distributions	(1.29)	(0.22)	(0.90)	(0.72)	(0.91)
Net asset value, end of period	$11.07	$12.13	$9.13	$10.95	$11.46
Total return2	1.57%	35.54%	(9.29%)	1.96%	8.60%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$38,825	$40,579	$34,392	$47,910	$63,346
Ratio of expenses to average net assests3	0.85%	0.90%	0.89%	0.92%	0.90%
Ratio of expenses to average net assets prior to fees waived3	0.94%	0.94%	0.94%	0.98%	0.93%
Ratio of net investment income (loss) to average net assets	1.02%	0.91%	1.90%	2.24%	2.03%
Ratio of net investment income (loss) to average net assets prior to fees waived	0.93%	0.87%	1.85%	2.18%	2.00%
Portfolio turnover	70%	77%	103%	97%	93%

Class A	Six months ended 4/30/221 (Unaudited)	10/31/21	10/31/20	10/31/19	10/31/18	10/31/17
Net asset value, beginning of period	$ 8.23	$ 5.48	$ 6.27	$ 5.94	$ 6.23	$ 5.09
Income (loss) from investment operations:
Net investment income2	0.03	0.11	0.05	0.02	0.03	0.02
Net realized and unrealized gain (loss)	(0.29)	2.69	(0.83)	0.52	(0.24)	1.20
Total from investment operations	(0.26)	2.80	(0.78)	0.54	(0.21)	1.22
Less dividends and distributions from: Net investment income	(0.13)	(0.05)	(0.01)	(0.02)	(0.02)	(0.03)
Net realized gain	—	—	—	(0.19)	(0.06)	(0.05)
Total dividends and distributions	(0.13)	(0.05)	(0.01)	(0.21)	(0.08)	(0.08)
Net asset value, end of period	$ 7.84	$ 8.23	$ 5.48	$ 6.27	$ 5.94	$ 6.23
Total return3	(3.19)%	51.43%	(12.53%)	9.99%	(3.45%)	24.17%
Ratios and supplemental data: Net assets, end of period (000 omitted)	$14,543	$14,036	$6,913	$ 9,758	$10,377	$7,887
Ratio of expenses to average net assets4	1.14%	1.14%	1.14%	1.17%	1.25%	1.25%
Ratio of expenses to average net assets prior to fees waived4	1.46%	1.41%	1.45%	2.06%	2.34%	2.86%
Ratio of net investment income to average net assets	0.80%	1.39%	0.86%	0.39%	0.40%	0.42%
Ratio of net investment income to average net
assets prior to fees waived	0.48%	1.12%	0.55%	(0.50%)	(0.69%)	(1.19%)
Portfolio turnover	9%	19%	43%	12%	20%	24%

Class C		Six months ended 4/30/221 (Unaudited)		10/31/21		10/31/20		10/31/19		10/31/18		10/31/17
Net asset value, beginning of period		$ 7.51		$ 5.01		$ 5.78		$ 5.51		$ 5.81		$ 4.76
Income (loss) from investment operations:
Net investment income2		---3		0.04		0.01		(0.02)		(0.02)		(0.02)
Net realized and unrealized gain (loss)		(0.26)		2.47		(0.78)		0.48		(0.22)		1.12
Total from investment operations		(0.26)		2.51		(0.77)		0.46		(0.24)		1.10
Less dividends and distributions from:
Net investment income		(0.11)		(0.01)		---		---		---		---
Net realized gain		---		---		---		(0.19)		(0.06)		(0.05)
Total dividends and distributions		(0.11)		(0.01)		---		(0.19)		(0.06)		(0.05)
Net asset value, end of period		$7.14		$7.51		$5.01		$5.78		$5.51		$5.81
Total return4		(3.54%)		50.25%		(13.32%)		9.25%		(4.26%)		23.30%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$ 3,993		$ 4,186		$ 1,454		$ 1,994		$ 1,837		$ 1,619
Ratio of expenses to average net assets5		1.89%		1.89%		1.89%		1.92%		2.00%		2.00%
Ratio of expenses to average net assets prior to fees waived5		2.21%		2.16%		2.20%		2.81%		3.09%		3.61%
Ratio of net investment income to average net assets		0.05%		0.64%		0.11%		(0.36%)		(0.35%)		(0.33%)
Ratio of net investment income to average net		(0.27%)		0.37%		(0.20%)		(1.25%)		(1.44%)		(1.94%)
assets prior to fees waived
Portfolio turnover		9%		19%		43%		12%		20%		24%

												Year Ended
Class R		Six months ended 4/30/221 (Unaudited)		10/31/21		10/31/20		10/31/19		10/31/18		10/31/17
Net asset value, beginning of period		$ 8.17		$ 5.44		$ 6.25		$ 5.93		$ 6.22		$ 5.08
Income (loss) from investment operations:
Net investment income2		0.02		0.08		0.03		0.01		0.01		0.01
Net realized and unrealized gain (loss)		(0.29)		2.70		(0.84)		0.51		(0.23)		1.20
Total from investment operations		(0.27)		2.78		(0.81)		0.52		(0.22)		1.21
Less dividends and distributions from:
Net investment income		(0.07)		(0.05)		---		(0.01)		(0.01)		(0.02)
Net realized gain		---		---		---		(0.19)		(0.06)		(0.05)
Total dividends and distributions		(0.07)		(0.05)		---		(0.20)		(0.07)		(0.07)
Net asset value, end of period		$7.83		$8.17		$5.44		$6.25		$5.93		$6.22
Total return3		(3.31%)		51.25%		(12.96%)		9.69%		(3.66%)		23.96%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$ 242		$ 202		$ 283		$ 225		$ 49		$ 31
Ratio of expenses to average net assets4		1.39%		1.39%		1.39%		1.42%		1.50%		1.50%
Ratio of expenses to average net assets prior to fees waived4		1.71%		1.66%		1.70%		2.31%		2.59%		3.11%
Ratio of net investment income to average net assets		0.55%		1.14%		0.61%		0.14%		0.15%		0.17%
Ratio of net investment income to average net assets prior to fees waived		0.23%		0.87%		0.30%		(0.75%)		(0.94%)		(1.44%)
Portfolio turnover		9%		19%		43%		12%		20%		24%

Institutional Class		Six months ended 4/30/221 (Unaudited)		10/31/21		10/31/20		10/31/19		10/31/18		10/31/17
Net asset value, beginning of period		$ 8.23		$ 5.48		$ 6.28		$ 5.95		$ 6.24		$ 5.10
Income (loss) from investment operations:
Net investment income2		0.04		0.12		0.06		0.04		0.04		0.04
Net realized and unrealized gain (loss)		(0.28)		2.70		(0.84)		0.51		(0.23)		1.19
Total from investment operations		(0.24)		2.82		(0.78)		0.55		(0.19)		1.23
Less dividends and distributions from:
Net investment income		(0.15)		(0.07)		(0.02)		(0.03)		(0.04)		(0.04)
Net realized gain		---		---		---		(0.19)		(0.06)		(0.05)
Total dividends and distributions		(0.15)		(0.07)		0.02		(0.22)		(0.10)		(0.09)
Net asset value, end of period		$7.84		$8.23		$5.48		$6.28		$5.95		$6.24
Total return3		(2.99%)		51.85%		(12.46%)		10.29%		(3.21%)		24.42%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$ 39,881		$ 45,434		$ 64,314		$ 16,190		$ 9,804		$ 3,159
Ratio of expenses to average net assets4		0.89%		0.89%		0.89%		0.92%		1.00%		1.00%
Ratio of expenses to average net assets prior to fees waived4		1.21%		1.16%		1.20%		1.81%		2.09%		2.61%
Ratio of net investment income to average net assets		1.05%		1.64%		1.11%		0.64%		0.65%		0.67%
Ratio of net investment income to average net assets prior to fees waived		0.73%		1.37%		0.80%		(0.25%)		(0.44%)		(0.94%)
Portfolio turnover		9%		19%		43%		12%		20%		24%

Class A		Six months ended 5/31/221 (Unaudited)		11/30/21		11/30/20		11/30/19		11/30/18		11/30/17
Net asset value, beginning of period		$ 15.71		$ 13.71		$ 14.01		$ 14.15		$ 14.62		$ 13.64
Income (loss) from investment operations:
Net investment income2		0.11		0.21		0.25		0.53		0.35		0.36
Net realized and unrealized gain (loss)		(0.22)		2.06		(0.09)		0.50		(0.43)		0.98
Total from investment operations		(0.11)		2.27		0.16		1.03		(0.08)		1.34
Less dividends and distributions from:
Net investment income		(0.13)		(0.27)		(0.27)		(0.35)		(0.34)		(0.36)
Net realized gain		(0.83)		---		(0.19)		(0.82)		(0.05)		___
Total dividends and distributions		(0.96)		(0.27)		(0.46)		(1.17)		(0.39)		(0.36)
Net asset value, end of period		$14.64		$15.71		$13.71		$14.01		$14.15		$14.62
Total return3		(0.89%)4		16.63%4		(1.30%)4		8.30%5		(0.56%)		9.90%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$ 244,933		$ 259,143		$ 230,168		$ 259,283		$ 273,384		$ 256,157
Ratio of expenses to average net assets6,7		1.08%		1.08%		1.09%		1.09%		1.09%		1.09%
Ratio of expenses to average net assets prior to fees waived6		1.11%		1.11%		1.12%		1.09%		1.09%		1.09%
Ratio of net investment income to average net assets8		1.48%		1.37%		1.91%		3.91%		2.41%		2.51%
Ratio of net investment income to average net assets prior to fees waived		1.45%		1.34%		1.88%		3.91%		2.41%		2.51%
Portfolio turnover		38%		89%		68%		91%		57%		81%

Class C		Six months ended 5/31/221 (Unaudited)		11/30/21		11/30/20		11/30/19		11/30/18		11/30/17
Net asset value, beginning of period		$ 15.75		$ 13.73		$ 14.04		$ 14.18		$ 14.65		$ 13.66
Income (loss) from investment operations:
Net investment income2		0.05		0.09		0.15		0.43		0.24		0.25
Net realized and unrealized gain (loss)		(0.22)		2.08		(0.10)		0.49		(0.43)		0.99
Total from investment operations		(0.17)		2.17		0.05		0.92		(0.19)		1.24
Net investment income		(0.07)		(0.15)		(0.17)		(0.24)		(0.23)		(0.25)
Net realized gain		(0.83)		—		(0.19)		(0.82)		(0.05)		—
Total dividends and distributions		(0.90)		(0.15)		(0.36)		(1.06)		(0.28)		(0.25)
Net asset value, end of period		$ 14.68		$ 15.75		$ 13.73		$ 14.04		$ 14.18		$ 14.65
Total return3		(1.27%)4		15.84%4		0.47%4		7.46%5		(1.34%)		9.13%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$ 25,338		$ 31,157		$ 52,258		$ 95,672		$ 137,403		$ 225,604
Ratio of expenses to average net assets6,7		1.83%		1.83%		1.84%		1.84%		1.84%		1.84%
Ratio of expenses to average net assets prior to fees waived6		1.86%		1.86%		1.87%		1.84%		1.84%		1.84%
Ratio of net investment income to average net assets8		0.73%		0.62%		1.16%		3.17%		1.66%		1.76%
Ratio of net investment income to average net assets prior to fees waived		0.70%		0.59%		1.13%		3.17%		1.66%		1.76%
Portfolio turnover		38%		89%		68%		91%		57%		81%

Class R		Six months ended 5/31/221 (Unaudited)		11/30/21		11/30/20		11/30/19		11/30/18		11/30/17
Net asset value, beginning of period		$ 15.71		$ 13.71		$ 14.02		$ 14.16		$ 14.62		$ 13.63
Income (loss) from investment operations:
Net investment income2		0.09		0.17		0.21		0.49		0.31		0.32
Net realized and unrealized gain (loss)		(0.21)		2.06		(0.09)		0.50		(0.42)		0.99
Total from investment operations		(0.12)		2.23		0.12		0.99		(0.11)		1.31
Less dividends and distributions from:
Net investment income		(0.11)		(0.23)		(0.24)		(0.31)		(0.30)		(0.32)
Net realized gain		(0.83)		—		(0.19)		(0.82)		(0.05)		—
Total dividends and distributions		(0.94)		(0.23)		(0.43)		(1.13)		(0.35)		(0.32)
Net asset value, end of period		$ 14.65		$ 15.71		$ 13.71		$ 14.02		$ 14.16		$ 14.62
Total return3		(0.95%)4		16.32%4		0.99%4		8.02%5		(0.78%)		9.70%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$ 1,150		$ 1,203		$ 1,069		$ 1,288		$ 1,968		$ 2,320
Ratio of expenses to average net assets6,7		1.33%		1.33%		1.34%		1.34%		1.34%		1.34%
Ratio of expenses to average net assets prior to fees waived6		1.36%		1.36%		1.37%		1.34%		1.34%		1.34%
Ratio of net investment income to average net assets8		1.23%		1.12%		1.66%		3.66%		2.16%		2.26%
Ratio of net investment income to average net assets prior to fees waived		1.20%		1.09%		1.63%		3.66%		2.16%		2.26%
Portfolio turnover		38%		89%		68%		91%		57%		81%

		Year Ended
	Six Months ended 5/31/221 (Unaudited)	11/30/21	11/30/20	11/30/19	11/30/18	11/30/17
Net asset value, beginning of period	$ 15.70	$ 13.70	$ 14.01	$ 14.15	$ 14.63	$ 13.64
Income (loss) from investment operations:
Net investment income2	0.13	0.25	0.28	0.56	0.38	0.39
Net realized and unrealized gain (loss)	(0.21)	2.05	(0.10)	0.50	(0.43)	0.99
Total from investment operations	(0.08)	2.30	0.18	1.06	(0.05)	1.38
Less dividends and distributions from:
Net investment income	(0.15)	(0.30)	(0.30)	(0.38)	(0.38)	(0.39)
Net realized gain	(0.83)	--	(0.19)	(0.82)	(0.05)	--
Total dividends and distributions	(0.98)	(0.30)	(0.49)	(1.20)	(0.43)	(0.39)
Net asset value, end of period	$14.64	$15.70	$13.70	$14.01	$14.15	$14.63
Total return3	(0.70%)4	16.93%4	1.50%4	8.59%5	(0.37%)	10.24%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$111,966	$116,626	$116,589	$ 155,525	$185,720	$201,285
Ratio of expenses to average net assets6,7	0.83%	0.83%	0.84%	0.84%	0.84%	0.84%
Ratio of expenses to average net assets prior to fees waived6	0.86%	0.86%	0.87%	0.84%	0.84%	0.84%
Ratio of net investment income to average net assets8	1.73%	1.62%	2.16%	4.16%	2.66%	2.76%

Ratio of net investment income to average net assets prior to fees waived	1.70%	1.59%	2.13%	4.16%	2.66%	2.76%
Portfolio Turnover	38%	89%	68%	91%	57%	81%

		Year Ended
	Six Months ended 5/31/221 (Unaudited)	11/30/21	11/30/20	11/30/19	11/30/18	11/30/17
Net asset value, beginning of period	$ 15.70	$ 13.70	$ 14.02	$ 14.01	$ 14.15	$ 13.64
Income (loss) from investment operations:
Net investment income2	0.13	0.25	0.28	0.56	0.38	0.39
Net realized and unrealized gain (loss)	(0.21)	2.05	(0.10)	0.50	(0.43)	0.99
Total from investment operations	(0.08)	2.30	0.18	1.06	(0.05)	1.38
Less dividends and distributions from:
Net investment income	(0.15)	(0.30)	(0.30)	(0.38)	(0.38)	(0.39)
Net realized gain	(0.83)	--	(0.19)	(0.82)	(0.05)	--
Total dividends and distributions	(0.98)	(0.30)	(0.49)	(1.20)	(0.43)	(0.39)
Net asset value, end of period	$14.64	$15.70	$13.70	$14.01	$14.15	$14.63
Total return3	(0.70%)4	16.93%4	1.50%4	8.59%5	(0.37%)	10.24%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$111,966	$116,626	$116,589	$ 155,525	$185,720	$201,285
Ratio of expenses to average net assets6,7	0.83%	0.83%	0.84%	0.84%	0.84%	0.84%
Ratio of expenses to average net assets prior to fees waived6	0.86%	0.86%	0.87%	0.84%	0.84%	0.84%
Ratio of net investment income to average net assets8	1.73%	1.62%	2.16%	4.16%	2.66%	2.76%

Ratio of net investment income to average net assets prior to fees waived	1.70%	1.59%	2.13%	4.16%	2.66%	2.76%
Portfolio Turnover	38%	89%	68%	91%	57%	81%