Form 485BPOS DELAWARE GROUP EQUITY

Item 15

Indemnification.  Article VII, Section 2 (November 15, 2006) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 37 filed March 28, 2008.  Article VI of the Amended and Restated By-Laws (April 1, 2015) incorporated into this filing by reference to Post-Effective Amendment No. 52 filed March 25, 2016.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to Trustees, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 16

Exhibits. The following exhibits are incorporated by reference to the Registrant’s previously filed registration statements on Form N-1A indicated below, except as noted:

Copies of the charter of the Registrant as now in effect;

(a)

Agreement and Declaration of Trust (December 17, 1998) incorporated into this filing by reference to Post-Effective Amendment No. 24 filed November 22, 1999.

(i)

Certificate of Amendment (November 15, 2006) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 37 filed March 28, 2008.

(ii)

Certificate of Amendment (August 18, 2009) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 39 filed January 29, 2010.

(iii)

Certificate of Amendment (August 18, 2009) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 39 filed January 29, 2010.

(iv)

Certificate of Amendment (May 21, 2015) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 52 filed March 25, 2016.

(b)

Certificate of Trust (December 17, 1998) incorporated into this filing by reference to Post-Effective Amendment No. 24 filed November 22, 1999.

Copies of the existing By-Laws or corresponding instruments of the Registrant;

(a)

Amended and Restated By-Laws (April 1, 2015) incorporated into this filing by reference to Post-Effective Amendment No. 52 filed March 25, 2016.

Copies of any voting trust agreement affecting more than 5 percent of any class of equity securities of the Registrant;

Not applicable.

Copies of the agreement of acquisition, reorganization, merger, liquidation and any amendments to it;

(a)

Agreement and Plan of Reorganization (March 10, 2023) attached as Exhibit No. EX-99.4.a.

Copies of all instruments defining the rights of holders of the securities being registered, including copies, where applicable, of the relevant portion of the articles of incorporation or by-laws of the Registrant;

None other than those contained in Exhibits (1) and (2).

Copies of all investment advisory contracts relating to the management of the assets of the Registrant;

(a)

Investment Management Agreement (January 4, 2010) between Delaware Management Company (a series of Macquarie Investment Management Business Trust) and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 39 filed January 29, 2010.

(i)

Amendment No. 3 (March 15, 2024) to Exhibit A to the Investment Management Agreement incorporated into this filing by reference to Post-Effective Amendment No. 74 filed March 28, 2024.

(b)

Investment Advisory Expense Limitation Letter (March 22, 2024) from Delaware Management Company (a series of Macquarie Investment Management Business Trust) relating to the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 74 filed March 28, 2024.

(c)

Sub-Advisory Agreement (May 30, 2019) between Delaware Management Company (a series of Macquarie Investment Management Business Trust) and Macquarie Investment Management Europe Limited (Fixed Income) and incorporated into this filing by reference to Post-Effective Amendment No. 73 filed March 29, 2023.

(i)

Amendment No. 3 (April 3, 2023) to Schedule 1 of the Sub-Advisory Agreement between Delaware Management Company (a series of Macquarie Investment Management Business Trust) and Macquarie Investment Management Europe Limited (Global Fixed Income) incorporated into this filing by reference to Post-Effective Amendment No. 74 filed March 28, 2024.

(d)

Sub-Advisory Agreement (Delaware Equity Funds) (May 30, 2019) between Macquarie Investment Management Global Limited and Delaware Management Company (a series of Macquarie Investment Management Business Trust) incorporated into this filing by reference to Post-Effective Amendment No. 62 filed March 26, 2020.

(i)

Amendment No. 3 (August 5, 2022) to Schedule 1 of the Sub-Advisory Agreement between Delaware Management Company (a series of Macquarie Investment Management Business Trust) and Macquarie Investment Management Global Limited (Equity) incorporated into this filing by reference to Post-Effective Amendment No. 74 filed March 28, 2024.

(e)

Sub-Advisory Agreement (Delaware Fixed Income Funds) (May 30, 2019) between Delaware Management Company (a series of Macquarie Investment Management Business Trust) and Macquarie Investment Management Global Limited incorporated into this filing by reference to Post-Effective Amendment No. 66 filed October 21, 2022.

(i)

Amendment No. 4 (April 3, 2023) to Schedule 1 of the Sub-Advisory Agreement between Delaware Management Company (a series of Macquarie Investment Management Business Trust) and Macquarie Investment Management Global Limited (Global Fixed Income) incorporated into this filing by reference to Post-Effective Amendment No. 74 filed March 28, 2024.

(f)

Second Amended and Restated Sub-Advisory Agreement (January 2, 2021) between Delaware Management Company (a series of Macquarie Investment Management Business Trust) and Macquarie Investment Management Austria Kapitalanlage AG (Active Equity) incorporated into this filing by reference to Post-Effective Amendment No. 74 filed March 28, 2024.

(i)

Amendment No. 1 (December 21, 2021) to Exhibit A of the Second Amended and Restated Sub-Advisory Agreement (January 2, 2021) between Delaware Management Company (a series of Macquarie Investment Management Business Trust) and Macquarie Investment Management Austria Kapitalanlage AG (Active Equity) incorporated into this filing by reference to Post-Effective Amendment No. 74 filed March 28, 2024.

Copies of each underwriting or distribution contract between the Registrant and a principal underwriter, and specimens or copies of all agreements between principal underwriters and dealers;

(a)

Distribution Agreements.

(i)

Amended and Restated Distribution Agreement (February 25, 2016) between Delaware Distributors, L.P. and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 56 filed March 28, 2017.

(ii)

Amendment No. 2 (March 15, 2024) to Schedule I to the Amended and Restated Distribution Agreement incorporated into this filing by reference to Post-Effective Amendment No. 74 filed March 28, 2024.

(b)

Form of Dealer's Agreement incorporated into this filing by reference to Post-Effective Amendment No. 60 filed March 28, 2019.

(c)

Form of Registered Investment Advisers Agreement incorporated into this filing by reference to Post-Effective Amendment No. 60 filed March 28, 2019

(d)

Form of Bank/Trust Agreement incorporated into this filing by reference to Post-Effective Amendment No. 60 filed March 28, 2019.

Copies of all bonus, profit sharing, pension or other similar contracts or arrangements wholly or partly for the benefit of directors or officers of the Registrant in their capacity as such. Furnish a reasonably detailed description of any plan that is not set forth in a formal document;

Not applicable.

Copies of all custodian agreements and depository contracts under Section 17(f) of the Investment Company Act of 1940, as amended (the “1940 Act”), for securities and similar investments of the Registrant, including the schedule of remuneration;

(a)

Mutual Fund Custody and Services Agreement (July 20, 2007) between The Bank of New York Mellon (formerly, Mellon Bank, N.A.) and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 38 filed March 27, 2009.

(i)

Amendment (January 1, 2014) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 50 filed March 30, 2015.

(ii)

Amendment No. 2 (July 1, 2017) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 58 filed March 29, 2018.

(iii)

Amendment No. 4 (July 19, 2019) to the Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 65 filed March 29, 2022.

(iv)

Amendment No. 5 (December 31, 2021) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 72 filed January 19, 2023.

(v)

Amendment No. 6 (December 31, 2021) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 72 filed January 19, 2023.

(b)

Securities Lending Authorization Agreement (July 20, 2007) between The Bank of New York Mellon (formerly, Mellon Bank, N.A.) and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 37 filed March 28, 2008.

(i)

Amendment (September 22, 2009) to the Securities Lending Authorization Agreement incorporated into this filing by reference to Post-Effective Amendment No. 41 filed March 30, 2011.

(ii)

Amendment No. 2 (January 1, 2010) to the Securities Lending Authorization Agreement incorporated into this filing by reference to Post-Effective Amendment No. 40 filed March 29, 2010.

Copies of any plan entered into by Registrant pursuant to Rule 12b-1 under the 1940 Act and any agreements with any person relating to implementation of the plan, and copies of any plan entered into by Registrant pursuant to Rule 18f-3 under the 1940 Act, any agreement with any person relating to implementation of the plan, any amendment to the plan, and a copy of the portion of the minutes of the meeting of the Registrant’s trustees describing any action taken to revoke the plan;

(a)

Plan under Rule 12b-1 for Class A (April 19, 2001) incorporated into this filing by reference to Post-Effective Amendment No. 29 filed January 31, 2002.

(b)

Plan under Rule 12b-1 for Class C (April 19, 2001) incorporated into this filing by reference to Post-Effective Amendment No. 29 filed January 31, 2002.

(c)

Plan under Rule 12b-1 for Class R (May 15, 2003) incorporated into this filing by reference to Post-Effective Amendment No. 35 filed March 29, 2006

(d)

Amended and Restated Multiple Class Plan Pursuant to Rule 18f-3 (July 28, 2023) incorporated into this filing by reference to Post-Effective Amendment No. 74 filed March 28, 2024.

(i)

Appendix A (November 1, 2023) to the Amended and Restated Multiple Class Plan Pursuant to Rule 18f-3 incorporated into this filing by reference to Post-Effective Amendment No. 74 filed March 28, 2024.

An opinion and consent of counsel as to the legality of the securities being registered, indicating whether they will, when sold, be legally issued, fully paid and non-assessable;

(a)

Opinion and Consent of Counsel (December 20, 2022) incorporated into this filing by reference to the Registration Statement on Form N-14 (File No. 333-268917) filed December 20, 2022.

An opinion, and consent to their use, of counsel or, in lieu of an opinion, a copy of the revenue ruling from the Internal Revenue Service, supporting the tax matters and consequences to shareholders discussed in the prospectus;

(a)

Opinion and Consent of Counsel regarding tax matters (March 10, 2023) attached as Exhibit No. EX-99.12.a.

(b)

Opinion and Consent of Counsel regarding tax matters (April 28, 2023) attached as Exhibit No. EX-99.12.b.

Copies of all material contracts of the Registrant not made in the ordinary course of business which are to be performed in whole or in part on or after the date of filing the registration statement;

(a)

Shareholder Services Agreement (April 19, 2001) between Delaware Service Company, Inc. and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 29 filed January 31, 2002.

(i)

Letter Amendment (August 23, 2002) to the Shareholder Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 32 filed January 30, 2004.

(ii)

Amendment No. 1 (June 30, 2016) to Schedule A to the Shareholder Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 56 filed March 28, 2017.

(iii)

Amended and Restated Schedule B (June 25, 2022) to the Shareholder Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 66 filed October 21, 2022.

(iv)

Assignment and Assumption Agreement (November 1, 2014) between Delaware Service Company, Inc. and Delaware Investments Fund Services Company relating to the Shareholder Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 50 filed March 30, 2015.

(b)

Amended and Restated Fund Accounting and Financial Administration Services Agreement (January 1, 2014) between The Bank of New York Mellon and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 47 filed March 28, 2014.

(i)

Amendment No. 1 (July 1, 2017) to Amended and Restated Fund Accounting and Financial Administration Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 58 filed March 29, 2018.

(ii)

Amendment No. 2 (October 11, 2021) to Amended and Restated Fund Accounting and Financial Administration Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 73 filed March 29, 2023.

(iii)

Amendment No. 3 (December 31, 2021) to Amended and Restated Fund Accounting and Financial Administration Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 73 filed March 29, 2023.

(iv)

Amendment No. 4 (January 31, 2022) to Amended and Restated Fund Accounting and Financial Administration Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 73 filed March 29, 2023.

(c)

Amended and Restated Fund Accounting and Financial Administration Oversight Agreement (January 1, 2014) between Delaware Service Company, Inc. and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 47 filed March 28, 2014.

(i)

Assignment and Assumption Agreement (November 1, 2014) between Delaware Service Company, Inc. and Delaware Investments Fund Services Company relating to the Amended and Restated Fund Accounting and Financial Administration Oversight Agreement incorporated into this filing by reference to Post-Effective Amendment No. 50 filed March 30, 2015.

(ii)

Amendment No. 1 (September 1, 2017) to Amended and Restated Fund Accounting and Financial Administration Oversight Agreement incorporated into this filing by reference to Post-Effective Amendment No. 58 filed March 29, 2018.

(iii)

Amendment No. 2 (October 11, 2021) to Amended and Restated Fund Accounting and Financial Administration Oversight Agreement incorporated into this filing by reference to Post-Effective Amendment No. 65 filed March 29, 2022.

(iv)

Amendment No. 3 (effective October 1, 2023) to Amended and Restated Fund Accounting and Financial Administration Oversight Agreement incorporated into this filing by reference to Post-Effective Amendment No. 74 filed March 28, 2024.

Copies of any other opinions, appraisals or rulings, and consents to their use relied on in preparing the registration statement and required by Section 7 of the 1933 Act;

Not applicable.

All financial statements omitted pursuant to Item 14(a)(1);

Not applicable.

Manually signed copies of any power of attorney pursuant to which the name of any person has been signed to the registration statement; and

(a)

Powers of Attorney (November 10, 2022) incorporated into this filing by reference to the Registration Statement on Form N-14 (File No. 333-268917) filed December 20, 2022.

Any additional exhibits which the Registrant may wish to file.

(a)

Code of Ethics for Macquarie Asset Management, Delaware Funds by Macquarie, Optimum Fund Trust and Macquarie ETF Trust (October 2023) incorporated into this filing by reference to Post-Effective Amendment No. 74 filed March 28, 2024.

(b)

Code of Ethics for Macquarie Investment Management Austria Kapitalanlage AG (June 2021) incorporated into this filing by reference to Post-Effective Amendment No. 65 filed March 29, 2022.

(c)

Code of Ethics for Macquarie Investment Management Europe Limited (March 2021) incorporated into this filing by reference to Post-Effective Amendment No. 65 filed March 29, 2022.

(d)

Code of Ethics for Macquarie Investment Management Global Limited (February 18, 2021) incorporated into this filing by reference to Post-Effective Amendment No. 65 filed March 29, 2022.

Furnish the following information, in substantially the tabular form indicated, as to each type and class of securities being registered.

Not applicable.

Item 17

Undertakings.

The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act, the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

DELAWARE GROUP EQUITY FUNDS V

 

By:  /s/ Richard Salus

        Richard Salus
Senior Vice President/Chief Financial Officer

Signature

Title

Date

Shawn K. Lytle

*

President/Chief Executive Officer

April 10, 2024

Shawn K. Lytle

(Principal Executive Officer) and Trustee

Jerome D. Abernathy

*

Trustee

April 10, 2024

Jerome D. Abernathy

Ann D. Borowiec

*

Trustee

April 10, 2024

Ann D. Borowiec

Joseph W. Chow

*

Trustee

April 10, 2024

Joseph W. Chow

H. Jeffrey Dobbs

*

Trustee

April 10, 2024

H. Jeffrey Dobbs

John A. Fry

*

Trustee

April 10, 2024

John A. Fry

Joseph Harroz, Jr.

*

Trustee

April 10, 2024

Joseph Harroz, Jr.

Sandra A.J. Lawrence

*

Trustee

April 10, 2024

Sandra A.J. Lawrence

Frances A. Sevilla-Sacasa

*

Trustee

April 10, 2024

Frances A. Sevilla-Sacasa

Thomas K. Whitford

*

Chair and Trustee

April 10, 2024

Thomas K. Whitford

Christianna Wood

*

Trustee

April 10, 2024

Christianna Wood

/s/ Richard Salus

Senior Vice President/Chief Financial Officer

April 10, 2024

Richard Salus

(Principal Financial Officer and Principal Accounting Officer)

*By: /s/ Richard Salus

Richard Salus

as Attorney-in-Fact for each of the persons indicated

(Pursuant to Powers of Attorney previously filed)

Exhibit No.

Exhibit

Agreement and Plan of Reorganization (March 10, 2023)

Opinion and Consent of Counsel regarding tax matters (March 10, 2023)

Opinion and Consent of Counsel regarding tax matters (April 28, 2023)