Certified Annual Shareholder Report for Management Investment Companies (n-csr)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:	811-04413

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

Address of principal executive offices:	2005 Market Street
	Philadelphia, PA 19103

Name and address of agent for service:	David F. Connor, Esq.
	2005 Market Street
	Philadelphia, PA 19103

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

Date of fiscal year end:	September 30

Date of reporting period:	September 30, 2012

Item 1. Reports to Stockholders

Annual report

Delaware Smid Cap Growth Fund

September 30, 2012

U.S. growth equity mutual fund

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

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

Experience Delaware Investments

Delaware Investments is committed to the pursuit of consistently superior asset management and unparalleled client service. We believe in our investment processes, which seek to deliver consistent results, and in convenient services that help add value for our clients.

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

You can learn more about Delaware Investments or obtain a prospectus for Delaware Smid Cap Growth Fund at delawareinvestments.com.

Manage your investments online

24-hour access to your account information
Obtain share prices
Check your account balance and recent transactions
Request statements or literature
Make purchases and redemptions

Delaware Management Holdings, Inc. and its subsidiaries (collectively known by the marketing name of Delaware Investments) are wholly owned subsidiaries of Macquarie Group Limited, a global provider of banking, financial, advisory, investment and funds management services.

Investments in Delaware Smid Cap Growth Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Fund, the repayment of capital from the Fund, or any particular rate of return.

Table of contents
Portfolio management review	1
Performance summary	4
Disclosure of Fund expenses	8
Security type/sector allocation and
top 10 equity holdings	10
Statement of net assets	11
Statement of operations	15
Statements of changes in net assets	16
Financial highlights	18
Notes to financial statements	28
Report of independent registered
public accounting firm	40
Other Fund information	41
Board of trustees/directors and
officers addendum	46
About the organization	56

Unless otherwise noted, views expressed herein are current as of Sept. 30, 2012, and subject to change.

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

Mutual fund advisory services provided by Delaware Management Company, a series of Delaware Management Business Trust, which is a registered investment advisor. Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries, including the Fund’s distributor, Delaware Distributors, L.P. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.

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

Portfolio management review
Delaware Smid Cap Growth Fund		October 9, 2012

Performance preview (for the year ended September 30, 2012)
Delaware Smid Cap Growth Fund (Class A shares)	1-year return	+	22.54	%
Russell 2500™ Growth Index (benchmark)	1-year return	+	29.52	%

Past performance does not guarantee future results.
For complete, annualized performance for Delaware Smid Cap Growth Fund, please see the table on page 4.

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

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

When the Fund’s fiscal year began in October 2011, equity markets experienced significant volatility, generally characterized by opposing “up-down-up” months. Strong equity returns in December largely came on the back of optimistic economic indicators (in the United States, at least) that emerged at the end of 2011. For example, jobless claims recorded new lows, while manufacturing and consumer demand statistics firmed. Housing reports continued to reflect generally stable conditions, though at very weak levels. Amid the more optimistic news in the U.S., economic conditions in Europe slowed toward the end of 2011, as the euro zone initiated additional austerity measures. Investors’ waning confidence in a political solution for the broader problems plaguing the euro zone also generally hurt global equity returns.

As the Fund’s fiscal year progressed, major market indices continued to notch healthy returns as domestic investors were spared geopolitical or macroeconomic shocks and economic activity showed reasonably positive signs — U.S. consumer confidence, employment, and manufacturing data, for example, all showed considerable improvements.

In spring 2012, however, political and economic uncertainty combined to halt the strong rally in U.S. equity markets. This included speculation about a potential Greek exit from the euro, continuing evidence of deterioration within Spain’s banking sector, and uncertainty surrounding upcoming political policies and elections in countries across the euro zone and in the U.S. Also affecting market sentiment was a slowing global growth environment, along with persistently high rates of unemployment in the U.S. and J.P. Morgan’s disclosure that a “hedge” position had gone awry, which forced the company to sell a huge position it had amassed at a loss, and reportedly cost the bank up to $9 billion.

Later in the Fund’s fiscal year equity markets around the globe experienced a strong rally, helped in part by central bank asset purchase programs.

Economic activity was generally a mixed bag during the latter part of the Fund’s fiscal year. Within the U.S., for example, employment reports and manufacturing and consumer-demand statistics generally disappointed, though housing reports showed continued improvement, providing some encouragement for the broad U.S. economic outlook.

Portfolio management review
Delaware Smid Cap Growth Fund

Within the Fund

For its fiscal year ended Sept. 30, 2012, Delaware Smid Cap Growth Fund (Class A shares) returned +22.54% at net asset value and +15.51% at maximum offer price (both figures reflect all distributions reinvested). The Fund underperformed its benchmark, the Russell 2500 Growth Index, which advanced 29.52% for the same period. For the complete annualized performance of Delaware Smid Cap Growth Fund, please see the table on page 4.

Polycom , a key player in the videoconferencing industry, detracted from performance during the Fund’s fiscal year. The company continued to work through key personnel changes in important roles, such as the head of sales and distribution. These changes happened within a generally difficult environment in technology spending, as well as within a specific industry transformation from primarily hardware solutions in videoconferencing to an increasing portion of systems driven by software.

VeriFone Systems also lagged during the Fund’s fiscal year. The stock was generally hampered by investor concerns that emerging technologies in mobile payment solutions (for example, paying for goods and services via smartphones) may threaten this industry leader in payment terminals. In addition, the company released changes to past operating results due to reclassification of certain accounting items, a practice with which many investors seem to be growing impatient. Throughout the year, the company also increased its capital investment in new business areas, which created unease among some investors about the long-term growth trajectory and profitability of the company.

Lastly, Weight Watchers International was another detractor from performance. The stock has been relatively unchanged for almost two quarters after struggling with economic headwinds and a somewhat stale marketing program in the company’s core meetings attendance business. Additionally, the company has struggled relative to expectations due to an increase in marketing spending. We are encouraged that much of this increase was an incremental investment into the online business, which has been one of the key drivers of the company’s business in recent years.

SBA Communications was the strongest contributor to the Fund’s performance during its fiscal year. The company reported strong earnings and growth projections which were helped by its key position as an infrastructure provider for wireless services. As owner of wireless towers in North America, SBA Communications appears poised to benefit if the strong secular growth of wireless devices (smartphones and tablets) continues.

Another strong contributor to Fund performance was VeriSign . The company reported strong operating metrics and gave investors confidence that its competitive position is less likely to be threatened as it continues to hold its status as sole provider of internet domain name registration services.

Finally, ABIOMED also contributed to performance during the fiscal year, as the company released strong earnings and also benefit ed from the release of healthcare guidelines on cardiac procedures that, in our opinion, may lead to increased usage of the company’s heart pump device. We believe this development could potentially lead to broader device use in hospitals and may positively impact market share.

Regardless of the economic outcome, we remain consistent in our long-term investment philosophy: We seek to hold stocks of strong secular-growth companies with solid business models and competitive positions that have the potential to grow market share and deliver shareholder value in a variety of market environments.

Performance summary
Delaware Smid Cap Growth Fund	September 30, 2012

The performance data quoted represent past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please obtain the performance data current for the most recent month end by calling 800 523-1918 or visiting our website at delawareinvestments.com/performance. Current performance may be lower or higher than the performance data quoted.

Fund performance ^1,2

Average annual total returns through September 30, 2012

	1 year	5 years	10 years	Lifetime
Class A (Est. March 27, 1986)
Excluding sales charge	+22.54%	+5.97%	+11.42%	n/a
Including sales charge	+15.51%	+4.72%	+10.77%	n/a
Class B (Est. Sept. 6, 1994)
Excluding sales charge	+21.65%	+5.26%	+10.81%	n/a
Including sales charge	+17.65%	+4.95%	+10.81%	n/a
Class C (Est. Nov. 29, 1995)
Excluding sales charge	+21.68%	+5.19%	+10.62%	n/a
Including sales charge	+20.68%	+5.19%	+10.62%	n/a
Class R (Est. June 2, 2003)
Excluding sales charge	+22.29%	+5.74%	n/a	+9.78%
Including sales charge	+22.29%	+5.74%	n/a	+9.78%
Institutional Class (Est. Nov. 9, 1992)
Excluding sales charge	+22.90%	+6.28%	+11.75%	n/a
Including sales charge	+22.90%	+6.28%	+11.75%	n/a

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

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund performance” chart. The current expenses for each class are listed on the “Fund expense ratios” table on page 5. Performance would have been lower had expense limitations not been in effect.

Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual distribution and service fee of 0.30% of average daily net assets. The fee has been voluntarily limited to 0.25% of average daily net assets since February 27, 2012. Furthermore, the Board has adopted a formula for calculating 12b-1 plan fees for the Fund’s Class A shares that went into effect on June 1, 1992. The Fund’s Class A shares are currently subject to a blended 12b-1 fee equal to the sum of: (i) 0.10% of average daily net assets representing shares acquired prior to June 1, 1992, and (ii) 0.30% (currently limited to 0.25%) of average daily net assets representing shares acquired on or after June 1, 1992. All Class A shares currently bear 12b-1 fees at the same rate, the blended rate, currently 0.27% of average daily net assets, based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of

the Board. Performance for Class A shares, excluding sales charges, assumes that no front-end sales-charge applied.

Class B shares may be purchased only through dividend reinvestment and certain permitted exchanges as described in the prospectus. Please see the prospectus for additional information on Class B shares. Class B shares have a contingent deferred sales charge that declines from 4.00% to zero depending on the period of time the shares are held. They are also subject to an annual distribution and service fee of 1.00% of average daily net assets. Class B shares will automatically convert to Class A shares on a quarterly basis approximately eight years after purchase. Ten-year and lifetime performance figures for Class B shares reflect conversion to Class A shares after approximately eight years.

Class C shares are sold with a contingent deferred sales charge of 1.00% if redeemed during the first 12 months. They are also subject to an annual distribution and service fee of 1.00% of average daily net assets.

Performance for Class B and C shares, excluding sales charges, assumes either that contingent deferred sales charges did not apply or that the investment was not redeemed.

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual distribution and service fee of 0.60% of average daily net assets, which has been limited contractually to 0.50% from Jan. 27, 2012, through Jan. 28, 2013.

Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible institutional accounts.

The “Fund performance” table and the “Performance of a $10,000 investment” graph do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

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

² The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table.

Fund expense ratios	Class A	Class B	Class C	Class R	Institutional Class
Total annual operating expenses	1.32%	2.02%	2.02%	1.62%	1.02%
(without fee waivers)
Net expenses	1.27%	2.02%	2.02%	1.52%	1.02%
(including fee waivers, if any)
Type of waiver	Voluntary	n/a	n/a	Contractual	n/a

Performance summary
Delaware Smid Cap Growth Fund

Performance of a $10,000 investment ¹ Average annual total returns from Sept. 30, 2002, through Sept. 30, 2012

For period beginning Sept. 30, 2002, through Sept. 30, 2012		Starting value	Ending value
	Russell 2500 Growth Index	$10,000	$28,999
	Delaware Smid Cap Growth Fund — Class A shares	$9,425	$27,797

¹ The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class A shares of the Fund on Sept. 30, 2002, and includes the effect of a 5.75% front-end sales charge and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Current expenses are listed in the “Fund expense ratios” table on page 5. Please note additional details on pages 4 through 6.

The chart also assumes $10,000 invested in the Russell 2500 Growth Index as of Sept. 30, 2002. The Russell 2500 Growth Index measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

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

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

	Nasdaq symbols	CUSIPs
Class A	DFCIX	245906102
Class B	DFBIX	245906300
Class C	DEEVX	245906409
Class R	DFRIX	245906508
Institutional Class	DFDIX	245906201

Disclosure of Fund expenses
For the six-month period from April 1, 2012 to September 30, 2012 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from April 1, 2012 to September 30, 2012.

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

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

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

Delaware Smid Cap Growth Fund
Expense analysis of an investment of $1,000

	Beginning			Ending				Expenses
	Account Value			Account Value			Annualized	Paid During Period
	4/1/12			9/30/12			Expense Ratio	4/1/12 to 9/30/12*
Actual Fund return
Class A		$	1,000.00		$	962.90	1.21%		$	5.94
Class B			1,000.00			959.60	1.96%			9.60
Class C			1,000.00			959.60	1.96%			9.60
Class R			1,000.00			962.00	1.46%			7.16
Institutional Class			1,000.00			964.40	0.96%			4.71
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,018.95	1.21%		$	6.11
Class B			1,000.00			1,015.20	1.96%			9.87
Class C			1,000.00			1,015.20	1.96%			9.87
Class R			1,000.00			1,017.70	1.46%			7.36
Institutional Class			1,000.00			1,020.20	0.96%			4.85

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

Security type/sector allocation and
top 10 equity holdings

Delaware Smid Cap Growth Fund

As of September 30, 2012 (Unaudited)

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

Security type/sector	Percentage of net assets
Common Stock	98.71	%
Consumer Discretionary	19.68	%
Consumer Staples	3.23	%
Energy	5.28	%
Financial Services	17.77	%
Healthcare	12.78	%
Producer Durables	11.71	%
Technology	23.51	%
Utilities	4.75	%
Short-Term Investments	1.86	%
Securities Lending Collateral	14.41	%
Total Value of Securities	114.98	%
Obligations to Return Securities Lending Collateral	(14.52	%)
Other Liabilities Net of Receivables and Other Assets	(0.46	%)
Total Net Assets	100.00	%

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

Top 10 equity holdings	Percentage of net assets
SBA Communications Class A	5.44	%
Weight Watchers International	5.34	%
Core Laboratories	5.28	%
Affiliated Managers Group	5.21	%
Graco	4.98	%
VeriSign	4.79	%
Techne	4.79	%
j2 Global	4.75	%
NeuStar Class A	4.58	%
Heartland Payment Systems	4.34	%

Statement of net assets

Delaware Smid Cap Growth Fund

September 30, 2012

		Number of shares		Value
Common Stock – 98.71%
Consumer Discretionary – 19.68%
†	DineEquity		945,554	$	52,951,024
	Gentex		1,844,925		31,382,174
	Interval Leisure Group		1,345,197		25,464,579
*†	K12		1,996,052		40,320,250
*	Strayer Education		464,050		29,861,618
	Weight Watchers International		1,269,566		67,033,085
					247,012,730
Consumer Staples – 3.23%
*†	Peet’s Coffee & Tea		553,711		40,609,165
					40,609,165
Energy – 5.28%
	Core Laboratories		545,939		66,320,670
					66,320,670
Financial Services – 17.77%
†	Affiliated Managers Group		531,700		65,399,100
	Heartland Payment Systems		1,720,729		54,512,695
†	IntercontinentalExchange		383,775		51,199,423
†	MSCI Class A		1,452,376		51,980,537
					223,091,755
Healthcare – 12.78%
*†	ABIOMED		1,541,596		32,358,100
*†	athenahealth		274,241		25,167,097
	Perrigo		367,875		42,736,039
	Techne		836,250		60,159,824
					160,421,060
Producer Durables – 11.71%
	Expeditors International of Washington		1,326,061		48,215,578
	Graco		1,242,849		62,490,447
*	Ritchie Brothers Auctioneers		1,885,577		36,259,646
					146,965,671
Technology – 23.51%
	Blackbaud		1,586,901		37,958,672
†	NeuStar Class A		1,436,668		57,509,820
†	Polycom		2,721,054		26,856,803
†	SBA Communications Class A		1,086,100		68,315,689

Statement of net assets
Delaware Smid Cap Growth Fund

		Number of shares			Value
Common Stock (continued)
Technology (continued)
†	VeriFone Systems			1,590,875	$	44,305,869
†	VeriSign			1,236,175		60,189,361
						295,136,214
Utilities – 4.75%
*	j2 Global			1,817,802		59,660,262
						59,660,262
Total Common Stock (cost $996,906,843)						1,239,217,527

		Principal amount
Short-Term Investments – 1.86%
≠ Discount Notes – 0.44%
	Federal Home Loan Bank
	0.05% 10/26/12		$	3,039,636		3,039,615
	0.095% 11/28/12			2,436,184		2,436,106
						5,475,721
Repurchase Agreements – 0.68%
	Bank of America 0.13%, dated 9/28/12,
	to be repurchased on 10/1/12, repurchase
	price $6,805,228 (collateralized by U.S.
	government obligations 0.625%-0.75%
	12/15/13-6/30/17; market value $6,941,258)			6,805,154		6,805,154
	BNP Paribas 0.17%, dated 9/28/12,
	to be repurchased on 10/1/12, repurchase
	price $1,779,056 (collateralized by U.S.
	government obligations 0.875% 2/28/17;
	market value $1,814,612)			1,779,031		1,779,031
						8,584,185
≠U.S. Treasury Obligations – 0.74%
	U.S. Treasury Bills
	0.042% 10/25/12			3,629,416		3,629,281
	0.05% 11/15/12			2,093,802		2,093,620
	0.10% 10/4/12			3,557,997		3,557,983
						9,280,884
Total Short-Term Investments (cost $23,340,479)						23,340,790

Total Value of Securities Before Securities
	Lending Collateral – 100.57% (cost $1,020,247,322)					1,262,558,317

		Number of shares		Value
**Securities Lending Collateral – 14.41%
	Investment Companies
	Delaware Investments Collateral Fund No. 1		180,915,424	$	180,915,424
	@†Mellon GSL Reinvestment Trust II		1,427,165		0
Total Securities Lending Collateral
	(cost $182,342,589)				180,915,424

Total Value of Securities – 114.98%
	(cost $1,202,589,911)				1,443,473,741		©
**Obligation to Return Securities
	Lending Collateral – (14.52%)				(182,342,589		)
Other Liabilities Net of Receivables
	and Other Assets – (0.46%)				(5,779,255		)
Net Assets Applicable to 50,227,742
	Shares Outstanding – 100.00%			$	1,255,351,897

Net Asset Value – Delaware Smid Cap Growth Fund
	Class A ($931,398,303 / 37,359,834 Shares)					$24.93
Net Asset Value – Delaware Smid Cap Growth Fund
	Class B ($5,927,450 / 307,777 Shares)					$19.26
Net Asset Value – Delaware Smid Cap Growth Fund
	Class C ($88,316,320 / 4,422,292 Shares)					$19.97
Net Asset Value – Delaware Smid Cap Growth Fund
	Class R ($11,763,712 / 484,284 Shares)					$24.29
Net Asset Value – Delaware Smid Cap Growth Fund
	Institutional Class ($217,946,112 / 7,653,555 Shares)					$28.48

Components of Net Assets at September 30, 2012:
Shares of beneficial interest (unlimited authorization – no par)				$	944,633,779
Accumulated net realized gain on investments					69,834,288
Net unrealized appreciation of investments					240,883,830
Total net assets				$	1,255,351,897

Statement of net assets
Delaware Smid Cap Growth Fund


†	Non income producing security.
*	Fully or partially on loan.
≠	The rate shown is the effective yield at the time of purchase.
**	See Note 10 in “Notes to financial statements” for additional information on securities lending collateral.
@	Illiquid security. At September 30, 2012, the aggregate value of illiquid securities was $0, which represented 0.00% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
©	Includes $175,675,289 of securities loaned.

Net Asset Value and Offering Price Per Share –
Delaware Smid Cap Growth Fund
Net asset value Class A (A)	$	24.93
Sales charge (5.75% of offering price) (B)		1.52
Offering price	$	26.45

(A)	Net asset value per share, as illustrated, is the amount that would be paid upon redemption or repurchase of shares.
(B)	See the current prospectus for purchases of $50,000 or more.

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

Statement of operations

Delaware Smid Cap Growth Fund

Year Ended September 30, 2012

Investment Income:
Dividends	$	9,605,347
Securities lending income		1,972,375
Interest		83,322
Foreign tax withheld		(168,045	)	$	11,492,999

Expenses:
Management fees		8,782,428
Distribution expense – Class A		2,708,698
Distribution expense – Class B		86,447
Distribution expense – Class C		839,408
Distribution expense – Class R		75,905
Dividend disbursing and transfer agent fees and expenses		1,840,046
Accounting and administration expenses		483,540
Registration fees		175,742
Reports and statements to shareholders		171,602
Legal fees		111,224
Audit and tax		77,981
Trustees’ fees		57,895
Custodian fees		21,860
Insurance fees		19,076
Dues and services		13,899
Consulting fees		10,317
Trustees’ expenses		3,160
Pricing fees		2,728			15,481,956
Less waived distribution expenses – Class A					(279,353	)
Less waived distribution expenses – Class R					(12,651	)
Less expense paid indirectly					(1,288	)
Total operating expenses					15,188,664
Net Investment Loss					(3,695,665	)

Net Realized and Unrealized Gain:
Net realized gain on investments					80,190,842
Net change in unrealized appreciation (depreciation) of investments					140,142,997
Net Realized and Unrealized Gain					220,333,839

Net Increase in Net Assets Resulting from Operations				$	216,638,174

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

Statements of changes in net assets
Delaware Smid Cap Growth Fund

	Year Ended
	9/30/12			9/30/11
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(3,695,665	)	$	5,875,082
Net realized gain		80,190,842			51,756,935
Net change in unrealized appreciation (depreciation)		140,142,997			12,184,050
Net increase in net assets resulting from operations		216,638,174			69,816,067

Dividends and Distributions to Shareholders from:
Net investment income:
Class A		—			(6,292,738	)
Class B		—			(91,503	)
Class C		—			(283,227	)
Class R		—			(28,282	)
Institutional Class		—			(781,713	)

Net realized gain on investments:
Class A		(33,933,675	)		(27,689,857	)
Class B		(547,623	)		(875,491	)
Class C		(3,465,559	)		(2,494,268	)
Class R		(441,120	)		(156,511	)
Institutional Class		(6,143,095	)		(2,666,948	)
		(44,531,072	)		(41,360,538	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		274,633,779			221,148,702
Class B		167,866			320,888
Class C		31,490,531			24,153,643
Class R		13,806,887			4,065,346
Institutional Class		197,572,438			118,773,572

Net asset value of shares issued upon reinvestment
of dividends and distributions:
Class A		32,503,153			32,240,961
Class B		531,681			926,848
Class C		3,303,587			2,654,947
Class R		266,723			184,789
Institutional Class		4,834,252			2,950,042

	Year Ended
	9/30/12			9/30/11
Capital Share Transactions (continued):
Net assets from merger*
Class A	$	—		$	332,752,015
Class B		—			11,688,184
Class C		—			37,930,093
Class R		—			2,263,649
Institutional Class		—			21,241,986
		559,110,897			813,295,665

Cost of shares redeemed:
Class A		(214,077,438	)		(167,464,754	)
Class B		(6,153,140	)		(7,791,162	)
Class C		(16,411,949	)		(12,207,681	)
Class R		(8,617,732	)		(2,771,753	)
Institutional Class		(146,228,336	)		(39,698,112	)
		(391,488,595	)		(229,933,462	)
Increase in net assets derived from capital share transactions		167,622,302			583,362,203
Net Increase in Net Assets		339,729,404			611,817,732

Net Assets:
Beginning of year		915,622,493			303,804,761
End of year (there was no undistributed
net investment income at either year end)	$	1,255,351,897		$	915,622,493

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

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

Financial highlights
Delaware Smid Cap Growth Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income (loss) ¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return ²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income (loss) to average net assets

prior to fees waived

Portfolio turnover

1 The average shares outstanding method has been applied for per share information.

2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during some of the periods shown reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver not been in effect.

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

Year Ended
9/30/12		9/30/11		9/30/10		9/30/09		9/30/08
$21.180		$19.650		$15.560		$17.860		$26.290


(0.070	)	0.158		(0.094	)	(0.078	)	(0.125	)
4.766		2.515		4.184		(0.530	)	(5.553	)
4.696		2.673		4.090		(0.608	)	(5.678	)


—		(0.205	)	—		—		—
(0.946	)	(0.938	)	—		(1.692	)	(2.752	)
(0.946	)	(1.143	)	—		(1.692	)	(2.752	)

$24.930		$21.180		$19.650		$15.560		$17.860

22.54%		13.57%		26.29%		0.06%		(24.03%	)


$931,398		$706,442		$256,981		$226,575		$261,003
1.22%		1.32%		1.50%		1.44%		1.42%
1.25%		1.32%		1.53%		1.76%		1.52%
(0.29%	)	0.68%		(0.54%	)	(0.61%	)	(0.58%	)

(0.32%	)	0.68%		(0.57%	)	(0.93%	)	(0.68%	)
20%		21%		139%		106%		101%

Financial highlights
Delaware Smid Cap Growth Fund Class B

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment loss ¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return ²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment loss to average net assets

prior to fees waived

Portfolio turnover

1 The average shares outstanding method has been applied for per share information.

2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

Year Ended
9/30/12		9/30/11		9/30/10		9/30/09		9/30/08
$16.670		$15.700		$12.520		$14.880		$22.510


(0.191	)	(0.003	)	(0.171	)	(0.143	)	(0.241	)
3.727		2.013		3.351		(0.525	)	(4.637	)
3.536		2.010		3.180		(0.668	)	(4.878	)


—		(0.102	)	—		—		—
(0.946	)	(0.938	)	—		(1.692	)	(2.752	)
(0.946	)	(1.040	)	—		(1.692	)	(2.752	)

$19.260		$16.670		$15.700		$12.520		$14.880

21.65%		12.82%		25.40%		(0.40%	)	(24.56%	)


$5,928		$9,956		$3,394		$4,007		$6,800
1.95%		2.02%		2.20%		2.14%		2.12%
1.95%		2.02%		2.23%		2.46%		2.22%
(1.02%	)	(0.02%	)	(1.24%	)	(1.31%	)	(1.28%	)

(1.02%	)	(0.02%	)	(1.27%	)	(1.63%	)	(1.38%	)
20%		21%		139%		106%		101%

Financial highlights
Delaware Smid Cap Growth Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment loss ¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return ²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment loss to average net assets

prior to fees waived

Portfolio turnover

1 The average shares outstanding method has been applied for per share information.

2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

Year Ended
9/30/12		9/30/11		9/30/10		9/30/09		9/30/08
$17.250		$16.210		$12.930		$15.350		$23.130


(0.198	)	(0.003	)	(0.177	)	(0.147	)	(0.246	)
3.864		2.083		3.457		(0.581	)	(4.782	)
3.666		2.080		3.280		(0.728	)	(5.028	)


—		(0.102	)	—		—		—
(0.946	)	(0.938	)	—		(1.692	)	(2.752	)
(0.946	)	(1.040	)	—		(1.692	)	(2.752	)

$19.970		$17.250		$16.210		$12.930		$15.350

21.68%		12.77%		25.37%		(0.79%	)	(24.55%	)


$88,316		$59,513		$6,329		$5,534		$6,445
1.95%		2.02%		2.20%		2.14%		2.12%
1.95%		2.02%		2.23%		2.46%		2.22%
(1.02%	)	(0.02%	)	(1.24%	)	(1.31%	)	(1.28%	)

(1.02%	)	(0.02%	)	(1.27%	)	(1.63%	)	(1.38%	)
20%		21%		139%		106%		101%

Financial highlights
Delaware Smid Cap Growth Fund Class R

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income (loss) ¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return ²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income (loss) to average net assets

prior to fees waived

Portfolio turnover

1 The average shares outstanding method has been applied for per share information.

2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

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

Year Ended
9/30/12		9/30/11		9/30/10		9/30/09		9/30/08
$20.700		$19.240		$15.270		$17.590		$25.990


(0.123	)	0.109		(0.125	)	(0.103	)	(0.166	)
4.659		2.455		4.095		(0.525	)	(5.482	)
4.536		2.564		3.970		(0.628	)	(5.648	)


—		(0.166	)	—		—		—
(0.946	)	(0.938	)	—		(1.692	)	(2.752	)
(0.946	)	(1.104	)	—		(1.692	)	(2.752	)

$24.290		$20.700		$19.240		$15.270		$17.590

22.29%		13.29%		26.00%		(0.12%	)	(24.16%	)


$11,764		$4,737		$889		$783		$601
1.45%		1.52%		1.70%		1.64%		1.62%
1.55%		1.62%		1.83%		2.06%		1.82%
(0.52%	)	0.48%		(0.74%	)	(0.81%	)	(0.78%	)

(0.62%	)	0.38%		(0.87%	)	(1.23%	)	(0.98%	)
20%		21%		139%		106%		101%

Financial highlights
Delaware Smid Cap Growth Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income (loss) ¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return ²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income (loss) to average net assets

prior to fees waived

Portfolio turnover

1 The average shares outstanding method has been applied for per share information.

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

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

Year Ended
9/30/12		9/30/11		9/30/10		9/30/09		9/30/08
$24.010		$22.130		$17.470		$19.710		$28.650


(0.006	)	0.257		(0.049	)	(0.039	)	(0.060	)
5.422		2.824		4.709		(0.509	)	(6.128	)
5.416		3.081		4.660		(0.548	)	(6.188	)


—		(0.263	)	—		—		—
(0.946	)	(0.938	)	—		(1.692	)	(2.752	)
(0.946	)	(1.201	)	—		(1.692	)	(2.752	)

$28.480		$24.010		$22.130		$17.470		$19.710

22.90%		13.90%		26.67%		0.39%		(23.81%	)


$217,946		$134,974		$36,212		$4,649		$4,697
0.95%		1.02%		1.20%		1.14%		1.12%
0.95%		1.02%		1.23%		1.46%		1.22%
(0.02%	)	0.98%		(0.24%	)	(0.31%	)	(0.28%	)

(0.02%	)	0.98%		(0.27%	)	(0.63%	)	(0.38%	)
20%		21%		139%		106%		101%

Notes to financial statements
Delaware Smid Cap Growth Fund	September 30, 2012

Delaware Group ^® Equity Funds IV (Trust) is organized as a Delaware statutory trust and offers two series: Delaware Healthcare Fund and Delaware Smid Cap Growth Fund. These financial statements and the related notes pertain to Delaware Smid Cap Growth Fund (Fund). The Trust is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended, and offers Class A, Class B, Class C, Class R and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 5.75%. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) of 1% if redeemed during the first year and 0.50% during the second year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class B shares may be purchased only through dividend reinvestment and certain permitted exchanges. Prior to June 1, 2007, Class B shares were sold with a CDSC that declined from 4% to zero depending upon the period of time the shares were held. Class B shares will automatically convert to Class A shares on a quarterly basis approximately eight years after purchase. Class C shares are sold with a CDSC of 1% if redeemed during the first twelve months. Class R and Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

The investment objective of the Fund is to seek long-term capital appreciation.

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by the Fund.

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market, Inc. (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices will be used, which approximates fair value. U.S. government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Investment company securities are valued at net asset value per share, as reported by the underlying investment company. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Fund’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may frequently value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

Federal Income Taxes — No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund’s financial statements.

Class Accounting — Investment income, common expenses and realized and unrealized gain (loss) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements — The Fund may purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Fund’s custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on September 28, 2012.

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

Other — Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Investments ^® Family of Funds are generally allocated among such funds on the basis of average net assets. Management fees and some other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all non-rebatable tax withholdings. Withholding taxes on foreign dividends have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund declares and pays dividends from net

Notes to financial statements
Delaware Smid Cap Growth Fund

1. Significant Accounting Policies (continued)

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

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commission to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement accorded the order, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the year ended September 30, 2012.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custody fees. There were no earnings credits for the year ended September 30, 2012.

The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which are used to offset transfer agent fees. The expense paid under this arrangement is included in dividend disbursing and transfer agent fees and expenses on the statement of operations with the corresponding expense offset shown as “expense paid indirectly.” For the year ended September 30, 2012, the Fund earned $1,288 under this agreement.

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

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

Prior to January 31, 2012, DMC had contractually agreed to waive that portion, if any, of its management fee and reimburse the Fund to the extent necessary to ensure that total annual operating expenses (excluding any 12b-1 plan expenses and certain other expenses) did not exceed 1.12% of average daily net assets of the Fund. For purposes of this waiver and reimbursement, nonroutine expenses may also include such additional costs and expenses as may be agreed upon from time to time by the Fund’s Board and DMC. This expense waiver and reimbursement applied only to expenses paid directly by the Fund.

fees payable to DSC under the service agreement described above are allocated among all Funds in the Delaware Investments ^® Family of Funds on a relative net asset value basis. For the year ended September 30, 2012, the Fund was charged $60,682 for these services.

DSC also provides dividend disbursing and transfer agency services. The Fund pays DSC a monthly asset-based fee for these services.

Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual distribution and service fee of 0.30% of the average daily net assets of the Class A shares, 1.00% of the average daily net assets of the Class B and Class C shares, and 0.60% of the average daily net assets of the Class R shares. Institutional Class shares pay no distribution and service expenses. DDLP has contracted to limit distribution and service fees through January 28, 2013 for Class R shares’ 12b-1 fees to 0.50% of average daily net assets.

In connection with the merger of Delaware Trend Fund, effective October 11, 2010, the Fund assumed the blended rate 12b-1 fee for the Class A shares that Delaware Trend Fund had in place. The total 12b-1 fees to be paid by Class A shareholders of the Fund is the sum of: (i) 0.10% of the average daily net assets representing shares that were acquired prior to June 1, 1992 and (ii) 0.30% of the average daily net assets representing shares that were acquired on or after June 1, 1992. All Class A shareholders bear 12b-1 fees at the same rate, the blended rate, currently 0.27% of average daily net assets, based upon the allocation of the rates described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board. Effective February 27, 2012, 12b-1 fees for Class A shares of the Fund are voluntarily capped at 0.25% of average daily net assets.

At September 30, 2012, the Fund had liabilities payable to affiliates as follows:

Investment management fees payable to DMC	$	743,199
Dividend disbursing, transfer agent and fund accounting
oversight fees and other expenses payable to DSC		28,771
Distribution fees payable to DDLP		276,622
Other expenses payable to DMC and affiliates*		41,842

*DMC, as part of its administrative services, pays operating expenses on behalf of the Fund and is reimbursed on a periodic basis. Expenses include items such as printing of shareholder reports, fees for audit, legal and tax services, registration fees and trustees’ fees.

As provided in the investment management agreement, the Fund bears the cost of certain legal and tax services, including internal legal and tax services provided to the Fund by DMC and/or its affiliates’ employees. For the year ended September 30, 2012, the Fund was charged $33,351 for internal legal and tax services provided by DMC and/or its affiliates’ employees.

For the year ended September 30, 2012, DDLP earned $114,771 for commissions on sales of the Fund’s Class A shares. For the year ended September 30, 2012, DDLP received gross CDSC commissions of $68,946, $1,951 and $18,380 on redemption of the Fund’s Class A, Class B and Class C shares, respectively, and these commissions were entirely used to offset up-front commissions previously paid by DDLP to broker/dealers on sales of those shares.

Notes to financial statements
Delaware Smid Cap Growth Fund

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

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

3. Investments

For the year ended September 30, 2012, the Fund made purchases of $389,115,949 and sales of $231,909,050 of investment securities other than short-term investments.

At September 30, 2012, the cost of investments for federal income tax purposes was $1,204,002,615. At September 30, 2012, the net unrealized appreciation was $239,471,126, of which $313,628,094 related to unrealized appreciation of investments and $74,156,968 related to unrealized depreciation of investments.

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

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

Level 2 –	other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)

Level 3 –

inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs, which may include prior transaction prices (acquisition cost) that did not occur during the period, financial or news information released by the company, and other relevant information for the investment to determine the fair value of the investment. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3			Total
Common Stock	$	1,239,217,527	$	—		$	—	$	1,239,217,527
Short-Term Investments		—		23,340,790			—		23,340,790
Securities Lending Collateral		—		180,915,424			—		180,915,424
Total	$	1,239,217,527	$	204,256,214		$	—	$	1,443,473,741

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning, interim or end of period in relation to net assets.

During the year ended September 30, 2012, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

Management has determined not to provide additional disclosure under ASU No. 2011-04 since the Level 3 investments are not considered material to the Fund’s net assets at the end of the period.

Notes to financial statements
Delaware Smid Cap Growth Fund

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended September 30, 2012 and 2011 was as follows:

	Year Ended
	9/30/12		9/30/11
Ordinary income	$	23,346,442	$	31,751,905
Long-term capital gain		21,184,630		9,608,633
Total	$	44,531,072	$	41,360,538

5. Components of Net Assets on a Tax Basis

As of September 30, 2012, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	944,633,779
Undistributed ordinary income		10,377,155
Undistributed long-term capital gains		60,869,837
Unrealized appreciation		239,471,126
Net assets	$	1,255,351,897

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales.

Qualified late year losses represent losses realized on investment transactions from November 1, 2011 through September 30, 2012 that, in accordance with federal income tax regulations, the Fund has elected to defer and treat as having arisen in the following fiscal year.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of net operating losses. Results of operations and net assets were not affected by these reclassifications. For the year ended September 30, 2012, the Fund recorded the following reclassifications.

Accumulated net investment loss	$	3,695,665
Undistributed net realized gain		(3,695,665	)

6. Capital Shares

Transactions in capital shares were as follows:

	Year Ended
	9/30/12		9/30/11
Shares sold:
Class A	11,517,924		9,304,746
Class B	8,856		18,238
Class C	1,645,953		1,240,934
Class R	604,956		178,439
Institutional Class	7,217,291		4,453,317

Shares issued upon reinvestment of dividends and distributions:
Class A	1,412,565		1,502,346
Class B	29,736		54,809
Class C	178,186		151,678
Class R	11,875		8,809
Institutional Class	184,373		121,363

Shares from merger:*
Class A	—		16,799,718
Class B	—		739,010
Class C	—		2,321,303
Class R	—		116,719
Institutional Class	—		952,128
	22,811,715		37,963,557

Shares redeemed:
Class A	(8,931,778	)	(7,322,632	)
Class B	(328,188	)	(430,952	)
Class C	(852,068	)	(654,022	)
Class R	(361,362	)	(121,344	)
Institutional Class	(5,370,795	)	(1,540,170	)
	(15,844,191	)	(10,069,120	)
Net increase	6,967,524		27,894,437

*See Note 7.

For the years ended September 30, 2012 and 2011, 160,986 Class B shares were converted to 124,831 Class A shares valued at $3,009,631 and 246,764 Class B shares were converted to 194,571 Class A shares valued at $4,480,797, respectively. The respective amounts are included in Class B redemptions and Class A subscriptions in the table above and the statements of changes in net assets.

Notes to financial statements
Delaware Smid Cap Growth Fund

7. Fund Merger

On October 11, 2010, the Fund acquired all of the assets of Delaware Trend Fund (Acquired Fund), an open-end investment company, in exchange for the shares of the Fund (Acquiring Fund) pursuant to a Plan and Agreement of Reorganization (Reorganization). The shareholders of the Acquired Fund received shares of the respective class of the Acquiring Fund equal to the aggregate net asset value of their share in the Acquired Fund prior to the Reorganization, shown as in the following table:

	Acquiring	Acquired
	Fund	Fund
	Shares	Shares	Value
Class A	16,799,718	20,273,559	$	332,752,015
Class B	739,010	878,979		11,688,184
Class C	2,321,303	2,770,976		37,930,093
Class R	116,719	141,203		2,263,649
Institutional Class	952,128	1,182,789		21,241,986

The Reorganization was treated as a non-taxable event and, accordingly, the Acquired Fund’s basis in securities acquired reflected historical cost basis as of the date of transfer. The net assets, accumulated net realized loss and net unrealized appreciation of the Acquired Fund as of the close of business on October 8, 2010, were as follows:

Net assets	$	405,875,927
Accumulated net realized loss		(271,403	)
Net unrealized appreciation		54,615,730

The net assets of the Acquiring Fund before the acquisition were $306,191,952. The net assets of the Acquiring Fund immediately following the acquisition were $712,067,879.

Assuming that the acquisition had been completed on October 1, 2010, the beginning of the Acquiring Fund’s reporting period, the Acquiring Fund’s pro forma results of operations for the year ended September 30, 2011, are as follows:

Net investment income	$	5,838,525
Net realized gain on investments		51,756,958
Change in unrealized appreciation		15,441,882
Net increase in net assets resulting from operations		73,037,365

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Fund’s statement of operations since October 11, 2010.

8. Fund Closed to New Investors

The Fund closed to new investors after the close of business on February 24, 2012. Existing shareholders of the Fund and certain eligible investors, as set forth below, may continue to purchase additional shares in existing or new accounts, including purchases through reinvestment of dividends or capital gains distributions and exchanges. Eligible investors include shareholders of the Fund as of the closing date; certain retirement plans and IRA transfers and rollovers from these plans; and certain advisory or fee based programs sponsored by and/or controlled by financial intermediaries where the financial intermediary has entered into an arrangement with the Fund’s distributor or transfer agent (mutual fund wrap accounts).

9. Line of Credit

The Fund, along with certain other funds in the Delaware Investments ^® Family of Funds (Participants), was a participant in a $100,000,000 revolving line of credit to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants were charged an annual commitment fee, which was allocated across the Participants on the basis of each Participant’s allocation of the entire facility. The Participants were permitted to borrow up to a maximum of one third of their net assets under the agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit under the agreement expired on November 15, 2011.

On November 15, 2011, the Fund, along with the other Participants, entered into an amendment to the agreement for a $125,000,000 revolving line of credit. The agreement is to be used as described above and operates in substantially the same manner as the original agreement. The agreement expired on November 13, 2012.

On November 13, 2012, the Fund, along with the other Participants, entered into an amendment to the agreement for a $125,000,000 revolving line of credit. The agreement is to be used as described above and operates in substantially the same manner as the original agreement. The agreement expires on November 12, 2013. The Fund had no amounts outstanding as of September 30, 2012 or at any time during the year then ended.

10. Securities Lending

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

Notes to financial statements
Delaware Smid Cap Growth Fund

10. Securities Lending (continued)

securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security may be temporarily more or less than the value of the security on loan.

Cash collateral received is generally invested in the Delaware Investments Collateral Fund No. 1 (Collective Trust) established by BNY Mellon for the purpose of investment on behalf of funds managed by DMC that participate in BNY Mellon’s securities lending program. The Collective Trust may invest in U.S. government securities and high quality corporate debt, asset-backed and other money market securities and in repurchase agreements collateralized by such securities, provided that the Collective Trust will generally have a dollar-weighted average portfolio maturity of 60 days or less. In October 2008, BNY Mellon transferred certain distressed securities from the previous collateral investment pool into the Mellon GSL Reinvestment Trust II. The Fund can also accept U.S. government securities and letters of credit (non-cash collateral) in connection with securities loans. In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Collective Trust used for the investment of cash collateral received from borrowers of securities seeks to maintain a net asset value per unit of $1.00, but there can be no assurance that it will always be able to do so. The Fund may incur investment losses as a result of investing securities lending collateral in the Collective Trust or another collateral investment pool. This could occur if an investment in a collateral investment pool defaulted or if it were necessary to liquidate assets in the collateral investment pool to meet returns on outstanding security loans at a time when the collateral investment pool’s net asset value per unit was less than $1.00. Under those circumstances, the Fund may not receive an amount from the collateral investment pool that is equal in amount to the collateral the Fund would be required to return to the borrower of the securities and the Fund would be required to make up for this shortfall.

At September 30, 2012, the value of securities on loan was $175,675,289, for which cash collateral was received and invested in accordance with the Lending Agreement. At September 30, 2012, the value of invested collateral was $180,915,424. These investments are presented on the statement of net assets under the caption “Securities Lending Collateral.”

11. Credit and Market Risk

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

The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund’s Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 15% limit on investments in illiquid securities. As of September 30, 2012, there were no Rule 144A securities. Illiquid securities have been identified on the statement of net assets.

12. Contractual Obligations

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

13. Subsequent Events

Except as described in Note 9, management has determined that no material events or transactions occurred subsequent to September 30, 2012 that would require recognition or disclosure in the Fund’s financial statements.

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware Group ^® Equity Funds IV
and the Shareholders of Delaware Smid Cap Growth Fund:

In our opinion, the accompanying statement of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Delaware Smid Cap Growth Fund (one of the series constituting Delaware Group Equity Funds IV, hereafter referred to as the “Fund”) at September 30, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2012 by correspondence with the custodian, provide a reasonable basis for our opinion. The financial highlights for each of the two years in the period ended September 30, 2009 were audited by other independent accountants whose report dated November 19, 2009 expressed an unqualified opinion on those statements.

PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
November 21, 2012

Other Fund information
(Unaudited)
Delaware Smid Cap Growth Fund

Board consideration of Delaware Smid Cap Growth Fund Investment Advisory Agreement

At a meeting held on August 21–23, 2012 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory Agreement for the Delaware Smid Cap Growth Fund (the “Fund”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Fund performance, investment strategies and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Advisory Agreement with Delaware Management Company (“DMC”) included materials provided by DMC and its affiliates (“Delaware Investments”) concerning, among other things, the nature, extent and quality of services provided to the Fund, the costs of such services to the Fund, economies of scale and the financial condition and profitability of Delaware Investments. In addition, in connection with the Annual Meeting, reports were provided in May 2012 and included independent historical and comparative reports provided by Lipper, Inc., an independent statistical compilation organization (“Lipper”). The Lipper reports compared the Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Lipper reports with independent legal counsel to the Independent Trustees. The Board requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; the investment manager’s profitability; comparative client fee information; and any constraints or limitations on the availability of securities in certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, DMC’s ability to invest fully in accordance with Fund policies.

In considering information relating to the approval of the Fund’s advisory agreement, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees. Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, Extent and Quality of Service. The Board considered the services provided by Delaware Investments to the Fund and its shareholders. In reviewing the nature, extent and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Fund, compliance of portfolio managers with the investment policies, strategies and restrictions for the Fund, compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Investments ^® Family of Funds complex and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Fund’s investment advisor and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of several industry distinctions. The Board gave favorable consideration to DMC’s efforts to control expenditures while maintaining service levels committed to fund matters. The Board noted

Other Fund information
(Unaudited)
Delaware Smid Cap Growth Fund

Board consideration of Delaware Smid Cap Growth Fund Investment Advisory Agreement (continued)

that in July 2011 Management implemented measures to reduce overall costs and improve transfer agent and shareholder servicing functions through outsourcing. The Board noted the benefits provided to Fund shareholders through each shareholder’s ability to exchange an investment in one Delaware Investments ^® fund for the same class of shares in another Delaware Investments fund without a sales charge, to reinvest Fund dividends into additional shares of the Fund or into additional shares of other Delaware Investments funds and the privilege to combine holdings in other Delaware Investments funds to obtain a reduced sales charge. The Board was satisfied with the nature, extent and quality of the overall services provided by Delaware Investments.

Investment Performance. The Board placed significant emphasis on the investment performance of the Fund in view of the importance of investment performance to shareholders. Although the Board gave appropriate consideration to performance reports and discussions with portfolio managers at Investment Committee meetings throughout the year, the Board gave particular weight to the Lipper reports furnished for the Annual Meeting. The Lipper reports prepared for the Fund showed the investment performance of its Class A shares in comparison to a group of similar funds as selected by Lipper (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Fund was shown for the past one-, three-, five- and ten-year periods, as applicable, ended March 31, 2012. The Board’s objective is that the Fund’s performance for the periods considered be at or above the median of its Performance Universe. The following paragraph summarizes the performance results for the Fund and the Board’s view of such performance.

The Performance Universe for the Fund consisted of the Fund and all retail and institutional mid-cap growth funds as selected by Lipper. The Lipper comparison showed that the Fund’s total return for the one-, three-, five- and ten-year periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Comparative Expenses. The Board considered expense comparison data for the Delaware Investments Family of Funds. Management provided the Board with information on pricing levels and fee structures for the Fund as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Fund versus effective management fees and expense ratios of a group of similar funds as selected by Lipper (the “Expense Group”). In reviewing comparative costs, the Fund’s contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Fund) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Fund’s total expenses were also compared with those of its Expense Group. The Lipper total expenses, for comparative consistency, were shown by

Lipper for Class A shares and comparative total expenses including 12b-1 and non 12b-1 service fees. The Board considered fees paid to Delaware Investments for non-management services. The Board’s objective is to limit the Fund’s total expense ratio to be competitive with that of the Expense Group. The following paragraph summarizes the expense results for the Fund and the Board’s view of such expenses.

The expense comparisons for the Fund showed that its actual management fee was in the quartile with the second lowest expenses of its Expense Group and its total expenses were in the quartile with the second highest expenses of its Expense Group. The Board gave favorable consideration to the Fund’s management fee, but noted that the Fund’s total expenses were not in line with the Board’s objective. In evaluating the total expenses, the Board considered various initiatives implemented by Management, such as the outsourcing of certain transfer agency services, creating an opportunity for a reduction in expenses. The Board was satisfied with Management’s efforts to improve the Fund’s total expense ratio and bring it in line with the Board’s objective.

Management Profitability. The Board considered the level of profits realized by Delaware Investments in connection with the operation of the Fund. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of Delaware Investments’ business in providing management and other services to each of the individual funds and the Delaware Investments ^® Family of Funds as a whole. Specific attention was given to the methodology followed in allocating costs for the purpose of determining profitability. Management stated that the level of profits of Delaware Investments, to a certain extent, reflect recent operational cost savings and efficiencies initiated by Delaware Investments. The Board considered Delaware Investments’ efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which Delaware Investments might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Delaware Investments Family of Funds and the benefits from allocation of fund brokerage to improve trading efficiencies. The Board found that the management fees were reasonable in light of the services rendered and the level of profitability of Delaware Investments.

Economies of Scale. The Trustees considered whether economies of scale are realized by Delaware Investments as the Fund’s assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the standardized advisory fee pricing and structure, approved by the Board and shareholders, which includes breakpoints. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee than would otherwise be the case on all assets when the asset levels specified are exceeded. The Board noted that the fee under the Fund’s management contract fell within the standard structure. The Board also noted that the Fund’s assets exceeded the second breakpoint level. The Board believed that, given the extent to which economies of scale might be realized by the advisor and its affiliates, the schedule of fees under the Investment Advisory Agreement provides a sharing of benefits with the Fund and its shareholders.

Other Fund information
(Unaudited)
Delaware Smid Cap Growth Fund

Tax Information

The information set forth below is for the Fund’s fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of a fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.

All designations are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring designation, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the fiscal year ended September 30, 2012, the Fund designates distributions paid during the year as follows:

(A) Long-Term Capital Gains Distributions (Tax Basis)	47.57	%
(B) Ordinary Income Distributions* (Tax Basis)	52.43	%
Total Distributions (Tax Basis)	100.00	%
(C) Qualifying Dividends ¹	24.27	%

(A) and (B) are based on a percentage of the Fund’s total distributions.

¹ Qualifying dividends represent dividends which qualify for the corporate dividends received deduction.

*For the fiscal year ended September 30, 2012 certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and as extended by Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010. The Fund intends to designate up to 25.01% to be taxed at maximum rate of 15%. Complete information will be computed and reported in conjunction with your 2012 Form 1099-DIV.

For the fiscal year ended September 30, 2012, certain interest income paid by the Fund, determined to be Qualified Interest Income and Short-Term Capital Gains, may be subject to relief from U.S. withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004 and as extended by the Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010. For the fiscal year ended September 30, 2012, the Fund designated maximum distributions of Qualified Short-Term Capital Gain of $23,346,442.

Board of trustees/directors and officers addendum
Delaware Investments ^® Family of Funds

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates

Name, Address,	Position(s)	Length of
and Birth Date	Held with Fund(s)	Time Served
Interested Trustees

Patrick P. Coyne ¹	Chairman, President,	Chairman and Trustee
2005 Market Street	Chief Executive Officer,	since August 16, 2006
Philadelphia, PA 19103	and Trustee
April 1963		President and
		Chief Executive Officer
		since August 1, 2006

¹ Patrick P. Coyne is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.

for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

	Number of Portfolios in
Principal Occupation(s)	Fund Complex Overseen	Other Directorships
During Past 5 Years	by Trustee or Officer	Held by Trustee or Officer


Patrick P. Coyne has served in	71	Director and Audit
various executive capacities		Committee Member
at different times at		Kaydon Corp.
Delaware Investments. ²
		Board of Governors Member
		Investment Company
		Institute (ICI)

² Delaware Investments is the marketing name for Delaware Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

Board of trustees/directors and officers addendum
Delaware Investments ^® Family of Funds

Name, Address,	Position(s)	Length of
and Birth Date	Held with Fund(s)	Time Served
Independent Trustees

Thomas L. Bennett	Trustee	Since March 2005
2005 Market Street
Philadelphia, PA 19103
October 1947

John A. Fry	Trustee	Since January 2001
2005 Market Street
Philadelphia, PA 19103
May 1960











Anthony D. Knerr	Trustee	Since April 1990
2005 Market Street
Philadelphia, PA 19103
December 1938

Lucinda S. Landreth	Trustee	Since March 2005
2005 Market Street
Philadelphia, PA 19103
June 1947

	Number of Portfolios in
Principal Occupation(s)	Fund Complex Overseen	Other Directorships
During Past 5 Years	by Trustee or Officer	Held by Trustee or Officer


Private Investor	71	Director
(March 2004–Present)		Bryn Mawr Bank Corp. (BMTC)
		(2007–2011)


President	71	Board of Governors Member —
Drexel University		NASDAQ OMX PHLX LLC
(August 2010–Present)
		Director and Audit
President		Committee Member
Franklin & Marshall College		Community Health Systems
(July 2002–July 2010)
		Director — Ecore
		International
		(2009–2010)

		Director — Allied
		Barton Securities Holdings
		(2005–2008)

Managing Director	71	None
Anthony Knerr & Associates
(Strategic Consulting)
(1990–Present)

Private Investor	71	None
(2004–Present)

Board of trustees/directors and officers addendum
Delaware Investments ^® Family of Funds

Name, Address,	Position(s)	Length of
and Birth Date	Held with Fund(s)	Time Served
Independent Trustees (continued)

Frances A. Sevilla-Sacasa	Trustee	Since September 2011
2005 Market Street
Philadelphia, PA 19103
January 1956

	Number of Portfolios in
Principal Occupation(s)	Fund Complex Overseen	Other Directorships
During Past 5 Years	by Trustee or Officer	Held by Trustee or Officer


Chief Executive Officer —	71	Trust Manager — Camden
Banco Itaú Europa		Property Trust
International		(since August 2011)
(since April 2012)

Executive Advisor to Dean
(August 2011–March 2012)
and Interim Dean
(January 2011–July 2011) —
University of Miami School of
Business Administration

President — U.S. Trust,
Bank of America Private
Wealth Management
(Private Banking)
(July 2007–December 2008)

Board of trustees/directors and officers addendum
Delaware Investments ^® Family of Funds

Name, Address,	Position(s)	Length of
and Birth Date	Held with Fund(s)	Time Served
Independent Trustees (continued)

Janet L. Yeomans	Trustee	Since April 1999
2005 Market Street
Philadelphia, PA 19103
July 1948







J. Richard Zecher	Trustee	Since March 2005
2005 Market Street
Philadelphia, PA 19103
July 1940

	Number of Portfolios in
Principal Occupation(s)	Fund Complex Overseen	Other Directorships
During Past 5 Years	by Trustee or Officer	Held by Trustee or Officer


Vice President and Treasurer	71	Director, Audit
(January 2006–July 2012)		Committee Member and
Vice President — Mergers & Acquisitions		Investment Committee
(January 2003–January 2006), and		Member
Vice President and Treasurer		Okabena Company
(July 1995–January 2003)
3M Corporation		Chair — 3M
		Investment Management
		Company
		(January 2005–July 2012)

Founder	71	Director and Compensation
Investor Analytics		Committee Member
(Risk Management)		Investor Analytics
(May 1999–Present)
		Director
Founder		Oxigene, Inc.
P/E Investments		(2003–2008)
(Hedge Fund)
(September 1996–Present)

Board of trustees/directors and officers addendum
Delaware Investments ^® Family of Funds

Name, Address,	Position(s)	Length of
and Birth Date	Held with Fund(s)	Time Served
Officers

David F. Connor	Vice President,	Vice President since
2005 Market Street	Deputy General	September 2000
Philadelphia, PA 19103	Counsel, and Secretary	and Secretary since
December 1963		October 2005


Daniel V. Geatens	Vice President	Treasurer
2005 Market Street	and Treasurer	since October 2007
Philadelphia, PA 19103
October 1972

David P. O’Connor	Executive Vice President,	Executive Vice President
2005 Market Street	General Counsel	since February 2012;
Philadelphia, PA 19103	and Chief Legal Officer	Senior Vice President
February 1966		October 2005–
		February 2012;
		General Counsel and
		Chief Legal Officer
		since October 2005

Richard Salus	Senior Vice President	Chief Financial Officer
2005 Market Street	and Chief Financial Officer	since November 2006
Philadelphia, PA 19103
October 1963

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

	Number of Portfolios in
Principal Occupation(s)	Fund Complex Overseen	Other Directorships
During Past 5 Years	by Trustee or Officer	Held by Trustee or Officer


David F. Connor has served as	71	None ³
Vice President and Deputy
General Counsel of
Delaware Investments
since 2000.

Daniel V. Geatens has served	71	None ³
in various capacities at
different times at
Delaware Investments.

David P. O’Connor has served in	71	None ³
various executive and legal
capacities at different times
at Delaware Investments.





Richard Salus has served in	71	None ³
various executive capacities
at different times at
Delaware Investments.

³ David F. Connor, Daniel V. Geatens, David P. O’Connor, and Richard Salus serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant.

About the organization

Board of trustees
Patrick P. Coyne Chairman, President, and Chief Executive Officer Delaware Investments ^® Family of Funds Philadelphia, PA Thomas L. Bennett Private Investor Rosemont, PA	John A. Fry President Drexel University Philadelphia, PA Anthony D. Knerr Founder and Managing Director Anthony Knerr & Associates New York, NY	Lucinda S. Landreth Former Chief Investment Officer Assurant, Inc. Philadelphia, PA Frances A. Sevilla-Sacasa Chief Executive Officer Banco Itaú Europa International Miami, FL	Janet L. Yeomans Former Vice President and Treasurer 3M Corporation St. Paul, MN J. Richard Zecher Founder Investor Analytics Scottsdale, AZ

Affiliated officers
David F. Connor Vice President, Deputy General Counsel, and Secretary Delaware Investments Family of Funds Philadelphia, PA	Daniel V. Geatens Vice President and Treasurer Delaware Investments Family of Funds Philadelphia, PA	David P. O’Connor Executive Vice President, General Counsel, and Chief Legal Officer Delaware Investments Family of Funds Philadelphia, PA	Richard Salus Senior Vice President and Chief Financial Officer Delaware Investments Family of Funds Philadelphia, PA

This annual report is for the information of Delaware Smid Cap Growth Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Investments Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawareinvestments.com.

Delaware Investments is the marketing name of Delaware Management Holdings, Inc. and its subsidiaries.

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Fund’s Schedule of Investments are available without charge on the Fund’s website at delawareinvestments.com. The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

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

Annual report

Delaware Healthcare Fund

September 30, 2012

Alternative / specialty mutual fund

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

Experience Delaware Investments

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

You can learn more about Delaware Investments or obtain a prospectus for Delaware Healthcare Fund at delawareinvestments.com.

Manage your investments online

24-hour access to your account information
Obtain share prices
Check your account balance and recent transactions
Request statements or literature
Make purchases and redemptions

Investments in Delaware Healthcare Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Fund, the repayment of capital from the Fund, or any particular rate of return.

Table of contents
Portfolio management review		1
Performance summary		4
Disclosure of Fund expenses		7
Security type/sector allocation and
top 10 equity holdings		9
Statement of net assets		10
Statement of operations		14
Statements of changes in net assets		16
Financial highlights		18
Notes to financial statements		26
Report of independent registered
public accounting firm		37
Other Fund information		38
Board of trustees/directors and
officers addendum		42
About the organization		52

Unless otherwise noted, views expressed herein are current as of Sept. 30, 2012, and subject to change.

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

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

Portfolio management review

Delaware Healthcare Fund

October 9, 2012

Performance preview (for the year ended September 30, 2012)
Delaware Healthcare Fund (Class A shares)	1-year return	+23.96%
Russell 3000 ^® Healthcare Index (benchmark)	1-year return	+32.02%

Past performance does not guarantee future results.
For complete, annualized performance for Delaware Healthcare Fund, please see the table on page 4.
The performance of Class A shares excludes the applicable sales charge and reflects the reinvestment of all distributions.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Market overview

Momentum for domestic healthcare stocks was positive during the Fund’s fiscal year ended Sept. 30, 2012, generally in sync with equity markets at large. Despite some stretches during which healthcare stocks trailed broad equity markets (as measured by well-known indices such as the S&P 500 ^® Index), healthcare stocks generally trended along the same lines as wider markets. Healthcare stocks, for example, joined broad market rallies in late 2011 and early 2012, followed by another upswing that stretched from summer 2012 into the final days of the Fund’s fiscal year.

We believe markets responded positively to big-picture factors that included — perhaps first and foremost — substantial jolts of accommodative monetary policy across the globe. These policy initiatives were implemented by various central banks throughout the fiscal year. Aggressive moves by central banks in the United States, the United Kingdom, Brazil, and China were among those that embodied the trend of monetary policy easing.

The U.S. Supreme Court’s June 2012 decision to uphold the so-called Obamacare healthcare program also affected markets, as aftershocks were felt throughout the healthcare equity universe. As might be expected, some healthcare-related industries were affected more than others; providers of insurance benefits, for instance, generally came under more pressure than producers of medical products (pharmaceutical companies and device makers, as two examples). Details about the implementation of the new healthcare program are not clear, and it will likely be some time before we get a good sense of the plan’s actual infrastructure. While we acknowledge the legislation’s potential to generate additional fallout, we believe that it is important to continue focusing on our global approach to healthcare investing. Namely, we cover healthcare-related opportunities around the world, seeking to avoid too much dependence on developments that occur strictly within the U.S.

Fund performance

For its fiscal year ended Sept. 30, 2012, Delaware Healthcare Fund generated positive returns but trailed its benchmark, the Russell 3000 Healthcare Index. The Fund returned +23.96% for Class A shares at net asset value and +16.85% at maximum offer price. (Both figures reflect all distributions reinvested.) During the same period, the benchmark returned +32.02%. For complete, annualized performance of the Fund, please the table on page 4.

Portfolio management review
Delaware Healthcare Fund

Overall, the Fund’s performance versus the benchmark was hindered by the negative effects of security selection. While the Fund’s relative performance benefited from its sector allocations, the gains were not enough to compensate for the downward pull of stock selection.

Sectors in which the Fund’s securities trailed the benchmark included healthcare services and smaller providers of medical products. Within the healthcare services sector, the Fund’s holdings declined mildly, putting them well behind the strong advance posted by index constituents. Notable detractors included WebMD Health , the publisher of healthcare-related content for physicians, other healthcare professionals, and consumers. After advancing during the latter portion of 2011, the company’s shares felt pressure in 2012, partly due to an unsuccessful search for a suitable buyer for the company. We still believe in the company’s fundamentals — it is profitable and it remains one of the best healthcare portals on the internet, in our opinion. Furthermore, the stock trades at a discount to our estimate of the company’s intrinsic value.

The Fund’s holdings in the medical providers group fared much the same relative to the benchmark index. Avon Products was among the significant underperformers, as its shares retreated amid earnings disappointments and relatively weakening sales figures. Nonetheless, we believe Avon remains a premier direct-sales franchise, with extensive infrastructure in all major emerging markets. Despite management missteps

Our long-standing approach to managing the Fund remains unchanged: We seek to follow a disciplined, research-intensive process when analyzing investment opportunities for the Fund’s portfolio. We focus on identifying what we view as competitive, well-managed healthcare businesses whose stocks trade at meaningful discounts to our determination of their intrinsic value. This conservative, bottom-up approach to stock selection remains a central part of our strategy.

in recent years, we believe the company’s fundamentals are intact and the company is inherently defensive. With the potential for growth ahead, we estimate that the shares are currently trading at a significant discount to the company’s intrinsic value.

On the positive side, the Fund’s holdings in the biotechnology sector advanced strongly during the fiscal year, leading benchmark constituents by a prominently wide margin. Regeneron Pharmaceuticals was among the leading contributors, building momentum after it received government approval for Eylea, a drug to treat an eye disease known as age-related macular degeneration. Eylea’s sales prospects appear strong, and it has gained regulatory approval by governments globally, most recently in Japan. Another notable contributor in the biotechnology sector included Onyx Pharmaceuticals , a developer of therapies to treat cancer. The company’s shares received notable support toward the latter months of the fiscal year as the Food and Drug Administration issued a favorable opinion on one of the company’s leading cancer treatments.

Healthcare reform in the spotlight

As noted earlier, U.S. healthcare reform legislation continues to be an important topic for healthcare investment. We believe that it is fair to assume that the debate about the state of the U.S. healthcare system is far from over. Now that the Supreme Court has upheld the law, the implementation details will have to be sorted out, bringing to light a host of questions about the plan’s ultimate structure and oversight responsibilities.

Overall, we believe there is a risk that headlines about U.S. healthcare reform could overshadow some of the positive forces at work within the broader — and indeed global — healthcare sector. Two positive developments stand out to us; they were mentioned in this space last year, and we believe they bear repeating:

The aging of the baby-boom generation in the U.S. implies expanding demand for healthcare products and services for decades to come.
The rapid growth of middle classes in countries with emerging economies (notably India and China) could likely create expanded appetites for Western-style medicine.

Performance summary

Delaware Healthcare Fund

September 30, 2012

Fund performance ^1,2

Average annual total returns through September 30, 2012

1 year

3 years

5 years

Lifetime

Class A (Est. Sept. 28, 2007)

Excluding sales charge

+23.96

+15.50

+14.72

+14.69

Including sales charge

+16.85

+13.26

+13.36

+13.34

Class C (Est. Jan. 28, 2010)

Excluding sales charge

+22.96

n/a

+11.49

Including sales charge

+21.96

n/a

+11.49

Class R (Est. Jan. 28, 2010)

Excluding sales charge

+23.60

n/a

+12.02

Including sales charge

+23.60

n/a

+12.02

Institutional Class (Est. Sept. 28, 2007)

Excluding sales charge

+24.26

+15.76

+14.87

+14.84

Including sales charge

+24.26

+15.76

+14.87

+14.84

Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual distribution and service fee of 0.30% of average daily net assets. This fee has been contractually limited to 0.25% of average daily net assets from Jan. 27, 2012, through Jan. 28, 2013. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied.

Performance for Class C shares, excluding sales charges, assumes either that contingent deferred sales charges did not apply or that the investment was not redeemed.

Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible institutional accounts.

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

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

Healthcare companies are subject to extensive government regulation and their profitability can be affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, and malpractice or other litigation.

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

International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.

Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

² The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Investments has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total fund operating expenses (excluding certain fees and expenses) from exceeding 1.35% of the Fund’s average daily net assets from Jan. 27, 2012, through Jan. 28, 2013. Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.

Fund expense ratios	Class A	Class C	Class R	Institutional Class
Total annual operating expenses	1.85%	2.55%	2.15%	1.55%
(without fee waivers)
Net expenses	1.60%	2.35%	1.85%	1.35%
(including fee waivers, if any)
Type of waiver	Contractual	Contractual	Contractual	Contractual

Performance summary
Delaware Healthcare Fund

Performance of a $10,000 investment ¹
Average annual total returns from Sept. 28, 2007 (Fund’s inception) through Sept. 30, 2012

For period beginning Sept. 28, 2007, through Sept. 30, 2012		Starting value	Ending value
	Delaware Healthcare Fund — Class A shares	$9,425	$18,726
	Russell 3000 Healthcare Index	$10,000	$13,174

¹ The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class A shares of the Fund on Sept. 28, 2007, and includes the effect of a 5.75% front-end sales charge and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Current expenses are listed in the “Fund expense ratios” table on page 5. Please note additional details on pages 4 through 6.

The chart also assumes $10,000 invested in the Russell 3000 Healthcare Index as of Sept. 28, 2007. The Russell 3000 Healthcare Index measures the performance of all healthcare holdings included in the Russell 3000 Index, which represents the 3,000 largest U.S. companies based on total market capitalization.

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

	Nasdaq symbols		CUSIPs
Class A		DLHAX	24610E101
Class C		DLHCX	24610E200
Class R		DLRHX	24610E309
Institutional Class		DLHIX	24610E408

Disclosure of Fund expenses
For the six-month period from April 1, 2012 to September 30, 2012 (Unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from April 1, 2012 to September 30, 2012.

Actual expenses

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

Hypothetical example for comparison purposes

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

Disclosure of Fund expenses

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

	Beginning			Ending				Expenses
	Account Value			Account Value			Annualized	Paid During Period
	4/1/12			9/30/12			Expense Ratio	4/1/12 to 9/30/12*
Actual Fund return
Class A		$	1,000.00		$	974.70	1.51%		$	7.45
Class C			1,000.00			971.00	2.26%			11.14
Class R			1,000.00			973.70	1.76%			8.68
Institutional Class			1,000.00			976.30	1.26%			6.23
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,017.45	1.51%		$	7.62
Class C			1,000.00			1,013.70	2.26%			11.38
Class R			1,000.00			1,016.20	1.76%			8.87
Institutional Class			1,000.00			1,018.70	1.26%			6.36

Security type/sector allocation and top 10 equity holdings
Delaware Healthcare Fund	As of September 30, 2012 (Unaudited)

Security type/sector	Percentage of net assets
² Common Stock		106.27	%
Biotechnology		12.52	%
Blue Chip Medical Products		44.89	%
Healthcare Services		16.37	%
Medical Distributors		1.70	%
Others		17.41	%
Small/Mid-Cap Medical Products		13.38	%
Total Value of Securities		106.27	%
Liabilities Net of Receivables and Other Assets		(6.27	%)
Total Net Assets		100.00	%

²	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

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

Top 10 equity holdings	Percentage of net assets
Sohu.com		7.49	%
WellPoint		6.50	%
Avon Products		6.38	%
Pfizer		5.55	%
Boston Scientific		5.11	%
Medtronic		4.90	%
Abbott Laboratories		4.63	%
Yahoo		3.85	%
Lilly (Eli)		3.80	%
Zimmer Holdings		3.37	%

Statement of net assets
Delaware Healthcare Fund	September 30, 2012

		Number of shares	Value
² Common Stock – 106.27%
Biotechnology – 12.52%
†	Dendreon	110,000	$	531,300
†	Ligand Pharmaceuticals Class B	70,000		1,200,500
†	Myriad Genetics	16,000		431,840
†	ONYX Pharmaceuticals	18,000		1,521,000
†	Questcor Pharmaceuticals	23,000		425,500
†	Regeneron Pharmaceuticals	10,000		1,526,600
†	Vertex Pharmaceuticals	25,000		1,398,750
				7,035,490
Blue Chip Medical Products – 44.89%
	Abbott Laboratories	38,000		2,605,280
	Baxter International	5,000		301,300
†	Boston Scientific	500,000		2,870,000
	Bristol-Myers Squibb	50,000		1,687,500
†	Forest Laboratories	40,400		1,438,644
	Ipsen	25,000		609,435
	Johnson & Johnson	25,300		1,743,423
	Lilly (Eli)	45,000		2,133,450
	Medtronic	63,900		2,755,368
	Merck	41,200		1,858,120
	Pfizer	125,500		3,118,675
	Smith & Nephew	100,000		1,103,784
	Stryker	20,000		1,113,200
	Zimmer Holdings	28,000		1,893,360
				25,231,539
Healthcare Services – 16.37%
	Aetna	42,300		1,675,080
†	AMEDISYS	60,000		828,600
	China Nepstar Chain Drugstore ADR	90,000		155,700
	Humana	10,000		701,500
	Quest Diagnostics	10,000		634,300
†	Tenet Healthcare	180,000		1,128,600
†	WebMD Health	30,000		420,900
	WellPoint	63,000		3,654,630
				9,199,310
Medical Distributors – 1.70%
†	Chindex International	37,500		387,375
†	PSS World Medical	25,000		569,500
				956,875

		Number of shares	Value
² Common Stock (continued )
Others – 17.41%
†	AirMedia Group ADR	70,000	$	133,000
	Bank of America	130,000		1,147,900
†	eLong ADR	40,000		708,400
†	Green Mountain Coffee Roasters	20,000		475,000
	Kinross Gold	40,000		408,400
	Perfect World ADR	50,000		543,000
†	Sohu.com	100,000		4,209,000
†	Yahoo	135,500		2,164,613
				9,789,313
Small/Mid-Cap Medical Products – 13.38%
	Avon Products	225,000		3,588,750
@†	Cangene	220,000		371,459
†	CareFusion	60,000		1,703,400
†	Illumina	15,000		723,000
†	NuVasive	45,000		1,030,950
†	TranS1	39,700		104,808
				7,522,367
Total Common Stock (cost $55,441,795)				59,734,894

Total Value of Securities – 106.27%
	(cost $55,441,795)			59,734,894
Liabilities Net of Receivables and
	Other Assets – (6.27%)			(3,525,149		) z
Net Assets Applicable to 4,716,089
	Shares Outstanding – 100.00%		$	56,209,745

Net Asset Value – Delaware Healthcare Fund
	Class A ($41,424,981 / 3,469,948 Shares)				$11.94
Net Asset Value – Delaware Healthcare Fund
	Class C ($5,445,689 / 464,865 Shares)				$11.71
Net Asset Value – Delaware Healthcare Fund
	Class R ($772,934 / 65,090 Shares)				$11.87
Net Asset Value – Delaware Healthcare Fund
	Institutional Class ($8,566,141 / 716,186 Shares)				$11.96

Statement of net assets
Delaware Healthcare Fund


Components of Net Assets at September 30, 2012:
Shares of beneficial interest (unlimited authorization – no par)	$	55,430,520
Undistributed net investment income		173,081
Accumulated net realized loss on investments		(3,686,918	)
Net unrealized appreciation of investments and foreign currencies		4,293,062
Total net assets	$	56,209,745

²	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
†	Non income producing security.
@	Illiquid security. At September 30, 2012, the aggregate value of illiquid securities was $371,459, which represented 0.66% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”
z	Of this amount, $3,756,072 represents cash overdraft.

Net Asset Value and Offering Price Per Share – Delaware Healthcare Fund
Net asset value Class A (A)	$	11.94
Sales charge (5.75% of offering price) (B)		0.73
Offering price	$	12.67

(A)	Net asset value per share, as illustrated, is the amount that would be paid upon redemption or repurchase of shares.
(B)	See the current prospectus for purchases of $50,000 or more.

ADR — American Depositary Receipt

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

Statement of operations
Delaware Healthcare Fund	Year Ended September 30, 2012

Investment Income:
	Dividends	$	1,052,716
	Interest		187
			1,052,903

Expenses:
	Management fees		432,938
	Distribution expenses – Class A		115,628
	Distribution expenses – Class C		52,300
	Distribution expenses – Class R		3,356
	Dividend disbursing and transfer agent fees and expenses		79,376
	Registration fees		62,445
	Reports and statements to shareholders		29,698
	Accounting and administration expenses		19,932
	Custodian fees		17,292
	Audit and tax		14,896
	Dues and services		8,601
	Legal fees		5,107
	Trustees’ fees		2,439
	Pricing fees		2,243
	Insurance fees		800
	Consulting fees		520
	Trustees’ expenses		132
			847,703
	Less fees waived		(14,774	)
	Less waived distribution expenses – Class A		(19,271	)
	Less waived distribution expenses – Class R		(560	)
	Less expense paid indirectly		(101	)
	Total operating expenses		812,997
Net Investment Income			239,906

Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
		Investments	$	(2,685,444	)
		Foreign currencies		4,213
		Foreign currency exchange contracts		(6,355	)
	Net realized loss			(2,687,586	)
	Net change in unrealized appreciation (depreciation) of:
		Investments		12,251,491
		Foreign currencies		(57	)
	Net change in unrealized appreciation (depreciation)			12,251,434
Net Realized and Unrealized Gain				9,563,848

Net Increase in Net Assets Resulting from Operations			$	9,803,754

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

Statements of changes in net assets
Delaware Healthcare Fund

	Year Ended
	9/30/12			9/30/11
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	239,906		$	(19,553	)
Net realized gain (loss)		(2,687,586	)		2,357,301
Net change in unrealized appreciation (depreciation)		12,251,434			(8,389,160	)
Net increase (decrease) in net assets resulting from operations		9,803,754			(6,051,412	)

Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(7,528	)		(7,790	)
Institutional Class		(21,952	)		(9,839	)

Net realized gain:
Class A		(2,311,891	)		(563,488	)
Class C		(315,499	)		(39,133	)
Class R		(24,243	)		(403	)
Institutional Class		(546,274	)		(194,094	)
		(3,227,387	)		(814,747	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		21,377,852			48,646,842
Class C		2,347,195			5,895,339
Class R		536,221			345,137
Institutional Class		7,211,686			10,368,554

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		2,220,361			555,292
Class C		288,519			20,458
Class R		24,243			401
Institutional Class		456,385			202,582
		34,462,462			66,034,605

	Year Ended
	9/30/12			9/30/11
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(23,713,963	)	$	(15,324,607	)
Class C		(2,783,556	)		(719,501	)
Class R		(149,126	)		(30,119	)
Institutional Class		(8,632,790	)		(3,920,613	)
		(35,279,435	)		(19,994,840	)
Increase (decrease) in net assets derived from capital
share transactions		(816,973	)		46,039,765
Net Increase in Net Assets		5,759,394			39,173,606

Net Assets:
Beginning of year		50,450,351			11,276,745
End of year (including undistributed (distributions in
excess of) net investment income of $173,081 and
$(7,608), respectively)	$	56,209,745		$	50,450,351

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

Financial highlights
Delaware Healthcare Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:
Net investment income (loss) ²
Net realized and unrealized gain
Total from investment operations

Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions

Net asset value, end of period

Total return ³

Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income (loss) to average net assets
Ratio of net investment income (loss) to average net assets prior to fees waived
Portfolio turnover

¹ Fund commenced operations on September 28, 2007.

² The average shares outstanding method has been applied for per share information.

³ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects waivers by the manager and distributor. Performance would have been lower had the waivers not been in effect.

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

Year Ended
9/30/12		9/30/11		9/30/10		9/30/09		9/30/08 ¹
$10.350		$10.410		$10.070		$8.360		$8.500


0.059		(0.006	)	0.027		0.029		(0.002	)
2.288		0.606		1.615		2.028		0.163
2.347		0.600		1.642		2.057		0.161


(0.002	)	(0.009	)	(0.022	)	(0.007	)	—
(0.755	)	(0.651	)	(1.280	)	(0.340	)	(0.301	)
(0.757	)	(0.660	)	(1.302	)	(0.347	)	(0.301	)

$11.940		$10.350		$10.410		$10.070		$8.360

23.96%		5.89%		17.38%		26.66%		1.80%


$41,425		$36,584		$7,610		$1,221		$788
1.55%		1.60%		1.52%		1.35%		1.35%

1.63%		1.85%		2.59%		2.11%		3.75%
0.52%		(0.06%	)	0.17%		0.37%		(0.03%	)

0.44%		(0.31%	)	(0.90%	)	(0.39%	)	(2.43%	)
88%		101%		199%		240%		154%

Financial highlights
Delaware Healthcare Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment loss ²

Net realized and unrealized gain

Total from investment operations

Less distributions from:

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return ³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived

Ratio of net investment loss to average net assets

prior to fees waived

Portfolio turnover

¹ Date of commencement of operations; ratios have been annualized and total return has not been annualized.

² The average shares outstanding method has been applied for per share information.

³ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁴ Portfolio turnover is representative of the Fund for the entire annual period.

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

					1/28/10 ¹
Year Ended					to
	9/30/12		9/30/11		9/30/10
	$10.240		$10.370		$10.020


	(0.026	)	(0.089	)	(0.026	)
	2.251		0.610		0.376
	2.225		0.521		0.350


	(0.755	)	(0.651	)	—
	(0.755	)	(0.651	)	—

	$11.710		$10.240		$10.370

	22.96%		5.11%		3.49%


	$5,446		$4,930		$529
	2.30%		2.35%		2.35%

	2.33%		2.55%		3.29%
	(0.23%	)	(0.81%	)	(0.66%	)

	(0.26%	)	(1.01%	)	(1.60%	)
	88%		101%		199%	⁴

Financial highlights
Delaware Healthcare Fund Class R

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income (loss) ²

Net realized and unrealized gain

Total from investment operations

Less distributions from:

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return ³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived

Ratio of net investment income (loss) to average net assets

prior to fees waived

Portfolio turnover

¹ Date of commencement of operations; ratios have been annualized and total return has not been annualized.

² The average shares outstanding method has been applied for per share information.

³ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects waivers by the manager and distributor. Performance would have been lower had the waivers not been in effect.

⁴ Portfolio turnover is representative of the Fund for the entire annual period.

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

					1/28/10 ¹
Year Ended					to
	9/30/12		9/30/11		9/30/10
	$10.320		$10.400		$10.020


	0.030		(0.036	)	0.006
	2.275		0.607		0.374
	2.305		0.571		0.380


	(0.755	)	(0.651	)	—
	(0.755	)	(0.651	)	—

	$11.870		$10.320		$10.400

	23.60%		5.60%		3.79%


	$773		$293		$5
	1.80%		1.85%		1.85%

	1.93%		2.15%		2.89%
	0.27%		(0.31%	)	(0.16%	)

	0.14%		(0.61%	)	(1.20%	)
	88%		101%		199%	⁴

Financial highlights
Delaware Healthcare Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income (loss) ²

Net realized and unrealized gain

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return ³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived

Ratio of net investment income (loss) to average net assets

prior to fees waived

Portfolio turnover

¹ Fund commenced operations on September 28, 2007.

² The average shares outstanding method has been applied for per share information.

³ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

Year Ended
	9/30/12		9/30/11		9/30/10		9/30/09		9/30/08 ¹
	$10.370		$10.430		$10.070		$8.360		$8.500


	0.086		0.022		0.034		0.029		(0.002	)
	2.290		0.602		1.628		2.028		0.163
	2.376		0.624		1.662		2.057		0.161


	(0.031	)	(0.033	)	(0.022	)	(0.007	)	—
	(0.755	)	(0.651	)	(1.280	)	(0.340	)	(0.301	)
	(0.786	)	(0.684	)	(1.302	)	(0.347	)	(0.301	)

	$11.960		$10.370		$10.430		$10.070		$8.360

	24.26%		6.13%		17.61%		26.66%		1.80%


	$8,566		$8,643		$3,133		$2,579		$2,036
	1.30%		1.35%		1.35%		1.35%		1.35%

	1.33%		1.55%		2.29%		1.81%		3.45%
	0.77%		0.19%		0.34%		0.37%		(0.03%	)

	0.74%		(0.01%	)	(0.60%	)	(0.09%	)	(2.13%	)
	88%		101%		199%		240%		154%

Notes to financial statements
Delaware Healthcare Fund		September 30, 2012

Delaware Group ^® Equity Funds IV (Trust) is organized as a Delaware statutory trust and offers two series: Delaware Healthcare Fund and Delaware Smid Cap Growth Fund. These financial statements and related notes pertain to Delaware Healthcare Fund (Fund). The Trust is an open-end investment company. The Fund is considered non-diversified under the Investment Company Act of 1940, as amended, and offers Class A, Class C, Class R and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 5.75%. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) of 1% if redeemed during the first year and 0.50% during the second year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class C shares are sold with a CDSC of 1% if redeemed during the first twelve months. Class R and Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

The investment objective of the Fund is to seek maximum long-term capital growth through capital appreciation.

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by the Fund.

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market, Inc. (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices will be used, which approximates fair value. Securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. U.S. government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Fund’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading or news events may have occurred in the interim. To account for this, the Fund may frequently value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

Federal Income Taxes — No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, and has concluded that no provision for federal income tax is required in the Fund’s financial statements.

Repurchase Agreements — The Fund may purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Fund’s custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. At September 30, 2012 the Fund held no investments in repurchase agreements.

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar daily. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally does not isolate that portion of realized gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices. The changes are included with the net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Notes to financial statements
Delaware Healthcare Fund

1. Significant Accounting Policies (continued)

Other — Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Investments ^® Family of Funds are generally allocated among such funds on the basis of average net assets. Management fees and some other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all non-rebatable tax withholdings. Withholding taxes on foreign dividends have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, annually. Dividends and distributions, if any, are recorded on the ex-dividend date. The Fund may distribute income dividends and capital gains more frequently, if necessary for tax purposes.

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

In accordance with the terms of its investment management agreement, the Fund pays Delaware Management Company (DMC), a series of Delaware Management Business Trust and the investment manager, an annual fee which is calculated daily at the rate of 0.85% on the first $500 million of average daily net assets of the Fund, 0.80% on the next $500 million, 0.75% on the next $1.5 billion and 0.70% on average daily net assets in excess of $2.5 billion.

DMC has contractually agreed to waive that portion, if any, of its management fee and reimburse the Fund to the extent necessary to ensure that total annual operating expenses (excluding any 12b-1 plan, taxes, interest, inverse floater program expenses, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) do not exceed 1.35% of average daily net assets of the Fund through January 28, 2013. For purposes of this waiver and reimbursement, nonroutine expenses may also include such additional costs and expenses as may be agreed upon from time

to time by the Fund’s Board and DMC. This expense waiver and reimbursement applies only to expenses paid directly by the Fund and may only be terminated by agreement of DMC and the Fund.

Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Fund. For these services, the Fund pays DSC fees based on the aggregate daily net assets of the Delaware Investments ^® Family of Funds at the following annual rate: 0.0050% of the first $30 billion; 0.0045% of the next $10 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $50 billion. The fees payable to DSC under the service agreement described above are allocated among all Funds in the Delaware Investments Family of Funds on a relative net asset value basis. For the year ended September 30, 2012, the Fund was charged $2,502 for these services.

DSC also provides dividend disbursing and transfer agency services. The Fund pays DSC a monthly asset-based fee for these services.

Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual distribution and service fee of 0.30% of the average daily net assets of the Class A shares, 1.00% of the average daily net assets of the Class C shares and 0.60% of the average daily net assets of the Class R shares. Institutional Class shares pay no distribution and service expenses. DDLP has contracted to waive distribution and service fees of Class A and Class R shares from exceeding 0.25% and 0.50%, respectively, of average daily net assets through January 28, 2013.

At September 30, 2012, the Fund had liabilities payable to affiliates as follows:

Investment management fee payable to DMC	$	38,864
Dividend disbursing, transfer agent and fund accounting
oversight fees and other expenses payable to DSC		1,254
Distribution fees payable to DDLP		13,317
Other expenses payable to DMC and affiliates*		2,829

As provided in the investment management agreement, the Fund bears the cost of certain legal and tax services, including internal legal and tax services provided to the Fund by DMC and/or its affiliates’ employees. For the year ended September 30, 2012, the Fund was charged $1,399 for internal legal and tax services provided by DMC and/or its affiliates’ employees.

For the year ended September 30, 2012, DDLP earned $38,073 for commissions on sales of the Fund’s Class A shares. For the year ended September 30, 2012, DDLP received gross CDSC commissions of $2 and $12,151 on redemption of the Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset up-front commissions previously paid by DDLP to broker/dealers on sales of those shares.

Notes to financial statements
Delaware Healthcare Fund

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

3. Investments

For the year ended September 30, 2012, the Fund made purchases of $46,440,167 and sales of $50,092,401 of investment securities other than short-term investments.

At September 30, 2012, the cost of investments for federal income tax purposes was $57,203,799. At September 30, 2012, net unrealized appreciation was $2,531,095 of which $8,164,771 related to unrealized appreciation of investments and $5,633,676 related to unrealized depreciation of investments.

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

Level 2 –	other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)

Level 3 –	inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of September 30, 2012:

	Level 1
Common Stock	$59,734,894

During the period ended September 30, 2012, there were transfers between levels that had a material impact to the Fund. $2,698,272 transferred from Level 2 investments into Level 1 investments as a result of the Fund utilizing international fair value pricing at the beginning of the period. International fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded in accordance with the Fair Valuation Procedures described in Note 1, causing a change in classification between levels. There were no transfers into or out of Level 3 investments that had a material impact to the Fund. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended September 30, 2012 and 2011 was as follows:

	Year Ended
	9/30/12		9/30/11
Ordinary income	$	2,674,275	$	771,891
Long-term capital gain		553,112		42,856
Total	$	3,227,387	$	814,747

Notes to financial statements
Delaware Healthcare Fund

5. Components of Net Assets on a Tax Basis

As of September 30, 2012, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	55,430,520
Undistributed ordinary income		173,081
Qualified late year losses deferred		(1,924,914	)
Unrealized appreciation		2,531,058
Net assets	$	56,209,745

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales.

Qualified late year losses represent losses realized on investment and foreign currency transactions from November 1, 2011 through September 30, 2012 that, in accordance with federal income tax regulations, the Fund has elected to defer and treat as having arisen in the following fiscal year.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of dividends and distributions and gain (loss) on foreign currency transactions. Results of operations and net assets were not affected by these reclassifications. For the year ended September 30, 2012, the Fund recorded the following reclassifications.

Undistributed net investment income	$	(29,737	)
Accumulated net realized loss		29,737

6. Capital Shares

Transactions in capital shares were as follows:

	Year Ended
	9/30/12		9/30/11
Shares sold:
Class A	1,836,043		4,098,635
Class C	209,698		493,824
Class R	47,087		30,334
Institutional Class	635,750		869,890
Shares issued upon reinvestment of dividends and distributions:
Class A	218,540		54,763
Class C	28,766		2,026
Class R	2,395		40
Institutional Class	45,011		19,978
	3,023,290		5,569,490
Shares redeemed:
Class A	(2,118,700	)	(1,350,322	)
Class C	(254,968	)	(65,486	)
Class R	(12,766	)	(2,501	)
Institutional Class	(797,798	)	(357,014	)
	(3,184,232	)	(1,775,323	)
Net increase (decrease)	(160,942	)	3,794,167

7. Line of Credit

On November 15, 2011, the Fund, along with the other Participants entered into an amendment to the agreement for a $125,000,000 revolving line of credit. The agreement is to be used as described above and operates in substantially the same manner as the original agreement. The agreement expired on November 13, 2012.

8. Derivatives

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

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

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

Notes to financial statements
Delaware Healthcare Fund

8. Derivatives (continued)

and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. No foreign currency exchange contracts were outstanding at September 30, 2012.

See the Statement of operations on page 15 for the realized and unrealized gain or loss on derivatives.

Derivatives Generally. The table below summarizes the average daily balance of derivative holdings by the Fund during the year ended September 30, 2012. The average balance of derivatives held is generally similar to the volume of derivative activity for the year ended September 30, 2012.

Long Derivative Volume
Foreign currency exchange contracts (average cost)	$	8,587
Short Derivative Volume
Foreign currency exchange contracts (average cost)		19,972

9. Securities Lending

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

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

The Collective Trust used for the investment of cash collateral received from borrowers of securities seeks to maintain a net asset value per unit of $1.00, but there can be no assurance that it will always be able to do so. The Fund may incur investment losses as a result of investing securities lending collateral in the Collective Trust. This could occur if an investment in the Collective Trust defaulted or if it were necessary to liquidate assets in the Collective Trust to meet returns on outstanding security loans at a time when the Collective Trust’s net asset value per unit was less than $1.00. Under those circumstances, the Fund may not receive an amount from the Collective Trust that is equal in amount to the collateral the Fund would be required to return to the borrower of the securities and the Fund would be required to make up for this shortfall.

During the year ended September 30, 2012, the Fund had no securities out on loan.

10. Credit and Market Risk

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

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

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

Notes to financial statements
Delaware Healthcare Fund

10. Credit and Market Risk (continued)

The Fund concentrates its investments in the healthcare industry and is subject to the risks associated with that industry. The value of the Fund’s shares will be affected by factors particular to the healthcare and related sectors (such as government regulation) and may fluctuate more widely than that of a fund that invests in a broad range of industries.

11. Contractual Obligations

12. Subsequent Events

Except as described in Note 7, management has determined that no material events or transactions occurred subsequent to September 30, 2012 that would require recognition or disclosure in the Fund’s financial statements.

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware Group ^® Equity Funds IV
and the Shareholders of Delaware Healthcare Fund:

In our opinion, the accompanying statement of net assets and the related statements of operations and changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Delaware Healthcare Fund (one of the series constituting Delaware Group Equity Funds IV, hereafter referred to as the “Fund”) at September 30, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each the two years in the period then ended and each of the periods ended September 30, 2010, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2012 by correspondence with the custodian, provide a reasonable basis for our opinion. The financial highlights for the year ended September 30, 2009 and for all prior periods were audited by other independent accountants whose report dated November 19, 2009 expressed an unqualified opinion on those statements.

PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
November 21, 2012

Other Fund information
(Unaudited)
Delaware Healthcare Fund

Board Consideration of Delaware Healthcare Fund Investment Advisory Agreement

At a meeting held on August 21–23, 2012 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory Agreement for the Delaware Healthcare Fund (the “Fund”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Fund performance, investment strategies and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Advisory Agreement with Delaware Management Company (“DMC”) included materials provided by DMC and its affiliates (“Delaware Investments”) concerning, among other things, the nature, extent and quality of services provided to the Fund, the costs of such services to the Fund, economies of scale and the financial condition and profitability of Delaware Investments. In addition, in connection with the Annual Meeting, reports were provided in May 2012 and included independent historical and comparative reports provided by Lipper, Inc., an independent statistical compilation organization (“Lipper”). The Lipper reports compared the Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Lipper reports with independent legal counsel to the Independent Trustees. The Board requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; the investment manager’s profitability; comparative client fee information; and any constraints or limitations on the availability of securities in certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, DMC’s ability to invest fully in accordance with Fund policies.

overall costs and improve transfer agent and shareholder servicing functions through outsourcing. The Board noted the benefits provided to Fund shareholders through each shareholder’s ability to exchange an investment in one Delaware Investments fund for the same class of shares in another Delaware Investments ^® fund without a sales charge, to reinvest Fund dividends into additional shares of the Fund or into additional shares of other Delaware Investments funds and the privilege to combine holdings in other Delaware Investments funds to obtain a reduced sales charge. The Board was satisfied with the nature, extent and quality of the overall services provided by Delaware Investments.

The Performance Universe for the Fund consisted of the Fund and all retail and institutional health/biotechnology funds as selected by Lipper. The Lipper report comparison showed that the Fund’s total return for the one-year period was in the third quartile. The report further showed that the Fund’s total return for the three-year period was in the first quartile. The Board determined that the Fund’s performance results were mixed, but tended toward above median, which was acceptable.

Other Fund information
(Unaudited)
Delaware Healthcare Fund

Board Consideration of Delaware Healthcare Fund Investment Advisory Agreement (continued)

compared with those of its Expense Group. The Lipper total expenses, for comparative consistency, were shown by Lipper for Class A shares and comparative total expenses including 12b-1 and non 12b-1 service fees. The Board considered fees paid to Delaware Investments for non-management services. The Board’s objective is to limit the Fund’s total expense ratio to be competitive with that of the Expense Group. The following paragraph summarizes the expense results for the Fund and the Board’s view of such expenses.

The expense comparisons for the Fund showed that its actual management fee was in the quartile with the lowest expenses of its Expense Group and its total expenses were in the quartile with the second highest expenses of its Expense Group. The Board gave favorable consideration to the Fund’s management fee, but noted that the Fund’s total expenses were not in line with the Board’s objective. In evaluating total expenses, the Board considered fee waivers in place through January 2013 and various initiatives implemented by Management, such as the outsourcing of certain transfer agency services, creating an opportunity for a reduction in expenses. The Board was satisfied with Management’s efforts to improve the Fund’s total expense ratio and bring it in line with the Board’s objective.

Management Profitability . The Board considered the level of profits realized by Delaware Investments in connection with the operation of the Fund. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of Delaware Investments’ business in providing management and other services to each of the individual funds and the Delaware Investments ^® Family of Funds as a whole. Specific attention was given to the methodology followed in allocating costs for the purpose of determining profitability. Management stated that the level of profits of Delaware Investments, to a certain extent, reflect recent operational cost savings and efficiencies initiated by Delaware Investments. The Board considered Delaware Investments’ efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which Delaware Investments might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Delaware Investments Family of Funds and the benefits from allocation of fund brokerage to improve trading efficiencies. The Board found that the management fees were reasonable in light of the services rendered and the level of profitability of Delaware Investments.

case on all assets when the asset levels specified are exceeded. The Board noted that the fee under the Fund’s management contract fell within the standard structure. Although the Fund has not reached a size at which it can take advantage of breakpoints, the Board recognized that the fee was structured so that when the Fund grows, economies of scale may be shared.

Tax Information
The information set forth below is for the Fund’s fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of a fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.

For the fiscal year ended September 30, 2012, the Fund designates distributions paid during the year as follows:

(A)	Long-Term Capital Gains Distributions (Tax Basis)	17.14%
(B)	Ordinary Income Distributions* (Tax Basis)	82.86%
	Total Distributions (Tax Basis)	100.00%
(C)	Qualifying Dividends ¹	4.45%

(A)	and (B) are based on a percentage of the Fund’s total distributions.
(C)	is based on a percentage of the Fund’s ordinary income distributions.

¹ Qualifying dividends represent dividends which qualify for the corporate dividends received deduction.

* For the fiscal year ended September 30, 2012 certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and as extended by the Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010. The Fund intends to designate up to 9.06% to be taxed at maximum rate of 15%. Complete information will be computed and reported in conjunction with your 2012 Form 1099-DIV.

Board of trustees/directors and officers addendum
Delaware Investments ^® Family of Funds

Name, Address,	Position(s)	Length of
and Birth Date	Held with Fund(s)	Time Served
Interested Trustees

Patrick P. Coyne ¹	Chairman, President,	Chairman and Trustee
2005 Market Street	Chief Executive Officer,	since August 16, 2006
Philadelphia, PA 19103	and Trustee
April 1963		President and
		Chief Executive Officer
		since August 1, 2006

¹ Patrick P. Coyne is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.

	Number of Portfolios in
Principal Occupation(s)	Fund Complex Overseen	Other Directorships
During Past 5 Years	by Trustee or Officer	Held by Trustee or Officer


Patrick P. Coyne has served in	71	Director and Audit
various executive capacities		Committee Member
at different times at		Kaydon Corp.
Delaware Investments. ²
		Board of Governors Member
		Investment Company
		Institute (ICI)

Board of trustees/directors and officers addendum
Delaware Investments ^® Family of Funds

Name, Address,	Position(s)	Length of
and Birth Date	Held with Fund(s)	Time Served
Independent Trustees

Thomas L. Bennett	Trustee	Since March 2005
2005 Market Street
Philadelphia, PA 19103
October 1947

John A. Fry	Trustee	Since January 2001
2005 Market Street
Philadelphia, PA 19103
May 1960











Anthony D. Knerr	Trustee	Since April 1990
2005 Market Street
Philadelphia, PA 19103
December 1938

Lucinda S. Landreth	Trustee	Since March 2005
2005 Market Street
Philadelphia, PA 19103
June 1947

	Number of Portfolios in
Principal Occupation(s)	Fund Complex Overseen	Other Directorships
During Past 5 Years	by Trustee or Officer	Held by Trustee or Officer


Private Investor	71	Director
(March 2004–Present)		Bryn Mawr Bank Corp. (BMTC)
		(2007–2011)


President	71	Board of Governors Member —
Drexel University		NASDAQ OMX PHLX LLC
(August 2010–Present)
		Director and Audit
President		Committee Member
Franklin & Marshall College		Community Health Systems
(July 2002–July 2010)
		Director — Ecore
		International
		(2009–2010)

		Director — Allied
		Barton Securities Holdings
		(2005–2008)

Managing Director	71	None
Anthony Knerr & Associates
(Strategic Consulting)
(1990–Present)

Private Investor	71	None
(2004–Present)

Board of trustees/directors and officers addendum
Delaware Investments ^® Family of Funds

Name, Address,	Position(s)	Length of
and Birth Date	Held with Fund(s)	Time Served
Independent Trustees (continued)

Frances A. Sevilla-Sacasa	Trustee	Since September 2011
2005 Market Street
Philadelphia, PA 19103
January 1956

	Number of Portfolios in
Principal Occupation(s)	Fund Complex Overseen	Other Directorships
During Past 5 Years	by Trustee or Officer	Held by Trustee or Officer


Chief Executive Officer —	71	Trust Manager — Camden
Banco Itaú Europa		Property Trust
International		(since August 2011)
(since April 2012)

Executive Advisor to Dean
(August 2011–March 2012)
and Interim Dean
(January 2011–July 2011) —
University of Miami School of
Business Administration

President — U.S. Trust,
Bank of America Private
Wealth Management
(Private Banking)
(July 2007–December 2008)

Board of trustees/directors and officers addendum
Delaware Investments ^® Family of Funds

Name, Address,	Position(s)	Length of
and Birth Date	Held with Fund(s)	Time Served
Independent Trustees (continued)

Janet L. Yeomans	Trustee	Since April 1999
2005 Market Street
Philadelphia, PA 19103
July 1948







J. Richard Zecher	Trustee	Since March 2005
2005 Market Street
Philadelphia, PA 19103
July 1940

	Number of Portfolios in
Principal Occupation(s)	Fund Complex Overseen	Other Directorships
During Past 5 Years	by Trustee or Officer	Held by Trustee or Officer


Vice President and Treasurer	71	Director, Audit
(January 2006–July 2012)		Committee Member and
Vice President — Mergers & Acquisitions		Investment Committee
(January 2003–January 2006), and		Member
Vice President and Treasurer		Okabena Company
(July 1995–January 2003)
3M Corporation		Chair — 3M
		Investment Management
		Company
		(January 2005–July 2012)

Founder	71	Director and Compensation
Investor Analytics		Committee Member
(Risk Management)		Investor Analytics
(May 1999–Present)
		Director
Founder		Oxigene, Inc.
P/E Investments		(2003–2008)
(Hedge Fund)
(September 1996–Present)

Board of trustees/directors and officers addendum
Delaware Investments ^® Family of Funds

Name, Address,	Position(s)	Length of
and Birth Date	Held with Fund(s)	Time Served
Officers

David F. Connor	Vice President,	Vice President since
2005 Market Street	Deputy General	September 2000
Philadelphia, PA 19103	Counsel, and Secretary	and Secretary since
December 1963		October 2005


Daniel V. Geatens	Vice President	Treasurer
2005 Market Street	and Treasurer	since October 2007
Philadelphia, PA 19103
October 1972

David P. O’Connor	Executive Vice President,	Executive Vice President
2005 Market Street	General Counsel	since February 2012;
Philadelphia, PA 19103	and Chief Legal Officer	Senior Vice President
February 1966		October 2005–
		February 2012;
		General Counsel and
		Chief Legal Officer
		since October 2005

Richard Salus	Senior Vice President	Chief Financial Officer
2005 Market Street	and Chief Financial Officer	since November 2006
Philadelphia, PA 19103
October 1963

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

	Number of Portfolios in
Principal Occupation(s)	Fund Complex Overseen	Other Directorships
During Past 5 Years	by Trustee or Officer	Held by Trustee or Officer


David F. Connor has served as	71	None ³
Vice President and Deputy
General Counsel of
Delaware Investments
since 2000.

Daniel V. Geatens has served	71	None ³
in various capacities at
different times at
Delaware Investments.

David P. O’Connor has served in	71	None ³
various executive and legal
capacities at different times
at Delaware Investments.





Richard Salus has served in	71	None ³
various executive capacities
at different times at
Delaware Investments.

About the organization

Board of trustees
Patrick P. Coyne Chairman, President, and Chief Executive Officer Delaware Investments ^® Family of Funds Philadelphia, PA Thomas L. Bennett Private Investor Rosemont, PA	John A. Fry President Drexel University Philadelphia, PA Anthony D. Knerr Founder and Managing Director Anthony Knerr & Associates New York, NY	Lucinda S. Landreth Former Chief Investment Officer Assurant, Inc. Philadelphia, PA Frances A. Sevilla-Sacasa Chief Executive Officer Banco Itaú Europa International Miami, FL	Janet L. Yeomans Former Vice President and Treasurer 3M Corporation St. Paul, MN J. Richard Zecher Founder Investor Analytics Scottsdale, AZ

Affiliated officers
David F. Connor Vice President, Deputy General Counsel, and Secretary Delaware Investments Family of Funds Philadelphia, PA	Daniel V. Geatens Vice President and Treasurer Delaware Investments Family of Funds Philadelphia, PA	David P. O’Connor Executive Vice President, General Counsel, and Chief Legal Officer Delaware Investments Family of Funds Philadelphia, PA	Richard Salus Senior Vice President and Chief Financial Officer Delaware Investments Family of Funds Philadelphia, PA

This annual report is for the information of Delaware Healthcare Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Investments Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawareinvestments.com.

Item 2. Code of Ethics

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant’s Code of Business Ethics has been posted on the Delaware Investments Internet Web site at www.delawareinvestments.com. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.

Item 3. Audit Committee Financial Expert

The registrant’s Board of Trustees/Directors has determined that certain members of the registrant’s Audit Committee are audit committee financial experts, as defined below. For purposes of this item, an “audit committee financial expert” is a person who has the following attributes:

a. An understanding of generally accepted accounting principles and financial statements;

b. The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;

c. Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements, or experience actively supervising one or more persons engaged in such activities;

d. An understanding of internal controls and procedures for financial reporting; and

e. An understanding of audit committee functions.

An “audit committee financial expert” shall have acquired such attributes through:

a. Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;

b. Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;

c. Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or

d. Other relevant experience.

The registrant’s Board of Trustees/Directors has also determined that each member of the registrant’s Audit Committee is independent. In order to be “independent” for purposes of this item, the Audit Committee member may not: (i) other than in his or her capacity as a member of the Board of Trustees/Directors or any committee thereof, accept directly or indirectly any consulting, advisory or other compensatory fee from the issuer; or (ii) be an “interested person” of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.

The names of the audit committee financial experts on the registrant’s Audit Committee are set forth below:

     Thomas L. Bennett ¹
     John A. Fry
     Frances A. Sevilla-Sacasa
     Janet L. Yeomans

Item 4. Principal Accountant Fees and Services

(a) Audit fees .

The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $56,340 for the fiscal year ended September 30, 2012.

_______________________

¹ The instructions to Form N-CSR require disclosure on the relevant experience of persons who qualify as audit committee financial experts based on “other relevant experience.” The Board of Trustees/Directors has determined that Mr. Bennett qualifies as an audit committee financial expert by virtue of: his education and Chartered Financial Analyst designation; his experience as a credit analyst, portfolio manager and the manager of other credit analysts and portfolio managers; and his prior service on the audit committees of public companies.

The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $62,600 for the fiscal year ended September 30, 2011.

(b) Audit-related fees .

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended September 30, 2012.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $685,000 for the registrant’s fiscal year ended September 30, 2012. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $593,000 for the registrant’s fiscal year ended September 30, 2011. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year end audit procedures; reporting up and subsidiary statutory audits.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $11,550 for the fiscal year ended September 30, 2012. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended September 30, 2012.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $0 for the fiscal year ended September 30, 2011.

(d) All other fees .

The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended September 30, 2012.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended September 30, 2012. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $25,000 for the registrant’s fiscal year ended September 30, 2011. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These other services were as follows: attest examination of management's assertion to the controls in place at the transfer agent to be in compliance with Rule 17ad-13(a)(3) of the Securities Exchange Act of 1934.

(e) The registrant’s Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the “Pre-Approval Policy”) with respect to services provided by the registrant’s independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the Delaware Investments Family of Funds.

Service	Range of Fees
Audit Services
Statutory audits or financial audits for new Funds	up to $25,000 per Fund
Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters	up to $10,000 per Fund
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit-related services” rather than “audit services”)	up to $25,000 in the aggregate
Audit-Related Services
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and /or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit services” rather than “audit-related services”)	up to $25,000 in the aggregate
Tax Services
U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds’ tax compliance function, etc.)	up to $25,000 in the aggregate
U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.)	up to $5,000 per Fund
Review of federal, state, local and international income, franchise and other tax returns	up to $5,000 per Fund

Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant’s investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the “Control Affiliates”) up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates.

Service	Range of Fees
Non-Audit Services
Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters	up to $10,000 in the aggregate

The Pre-Approval Policy requires the registrant’s independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s independent auditors for services rendered to the registrant and to its investment adviser and other service providers under common control with the adviser were $10,867,923 and $0 for the registrant’s fiscal years ended September 30, 2012 and September 30, 2011, respectively.

(h) In connection with its selection of the independent auditors, the registrant’s Audit Committee has considered the independent auditors’ provision of non-audit services to the registrant’s investment adviser and other service providers under common control with the adviser that were not required to be pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit Committee has determined that the independent auditors’ provision of these services is compatible with maintaining the auditors’ independence.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by the report to stockholders included herein (i.e., the registrant’s fourth fiscal quarter) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

(a)		(1) Code of Ethics

		Not applicable.

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

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

		Not applicable.

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

SIGNATURES

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

Name of Registrant: DELAWARE GROUP ^® EQUITY FUNDS IV

/s/ PATRICK P. COYNE
By:	Patrick P. Coyne
Title:	Chief Executive Officer
Date:	December 3, 2012

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

/s/ PATRICK P. COYNE
By:	Patrick P. Coyne
Title:	Chief Executive Officer
Date:	December 3, 2012

/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	December 3, 2012

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