This Post-Effective Amendment relates solely to the Delaware Covered Call Strategy Fund, Delaware Equity Income Fund, Delaware Global Equity Fund, Delaware Growth and Income Fund, Delaware Hedged U.S. Equity Opportunities Fund, Delaware International Fund, Delaware Opportunity Fund, Delaware Premium Income Fund, Delaware Growth Equity Fund, Delaware Special Situations Fund, Delaware Total Return Fund, Delaware Floating Rate II Fund, Delaware Fund for Income, Delaware Government Cash Management Fund, Delaware International Opportunities Bond Fund, Delaware Investment Grade Fund, Delaware Limited Duration Bond Fund, and Delaware Strategic Income II Fund, series of the Registrant. The prospectuses and statement of additional information relating to the other series of the Registrant are not amended or superseded hereby.

This Post-Effective Amendment No. 74 to Registration File No. 033-00442 includes the following:

Prospectus


Nasdaq ticker symbols
	Class A	Institutional Class	Class R6
Delaware Covered Call Strategy Fund	FRCCX	FRCDX	FRCEX
Delaware Equity Income Fund	FIUTX	FIUUX	FIUVX
Delaware Global Equity Fund	FIISX	FIITX	FIIUX
Delaware Growth and Income Fund	FGINX	FGIPX	FGIQX
Delaware Hedged U.S. Equity Opportunities Fund	FHEJX	FHEKX	FHELX
Delaware International Fund	FIINX	FIIPX	FIIQX
Delaware Opportunity Fund	FIUSX	FIVUX	FIVVX
Delaware Premium Income Fund	FPIKX	FPILX	FPIMX
Delaware Growth Equity Fund	FICGX	FICHX	FICIX
Delaware Special Situations Fund	FISSX	FISTX	FISUX
Delaware Total Return Fund	FITRX	FITUX	FITVX
Delaware Floating Rate II Fund	FRFDX	FRFEX	FRFNX
Delaware Fund for Income	FIFIX	FIFKX	FIFLX
Delaware Government Cash Management Fund	FICXX	n/a	FIFXX
Delaware International Opportunities Bond Fund	FIOBX	FIODX	FIOEX
Delaware Investment Grade Fund	FIIGX	FIIJX	FIIKX
Delaware Limited Duration Bond Fund	FLDKX	FLDLX	FLDMX
Delaware Strategic Income II Fund	FSIFX	FSIHX	n/a

October 4, 2019

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Fund’s shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Fund or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action. You may elect to receive shareholder reports and other communications from a Fund electronically by signing up at delawarefunds.com/edelivery. If you own these shares through a financial intermediary, you may contact your financial intermediary.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 423-4026. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

The US Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus.
Any representation to the contrary is a criminal offense.

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

Table of contents


Fund summary	1
Delaware Covered Call Strategy Fund	1
Delaware Equity Income Fund	6
Delaware Global Equity Fund	10
Delaware Growth and Income Fund	15
Delaware Hedged U.S. Equity Opportunities Fund	20
Delaware International Fund	25
Delaware Opportunity Fund	30
Delaware Premium Income Fund	34
Delaware Growth Equity Fund	38
Delaware Special Situations Fund	42
Delaware Total Return Fund	46
Delaware Floating Rate II Fund	52
Delaware Fund for Income	57
Delaware Government Cash Management Fund	62
Delaware International Opportunities Bond Fund	66
Delaware Investment Grade Fund	71
Delaware Limited Duration Bond Fund	76
Delaware Strategic Income II Fund	81
How we manage the Funds	86
Our principal investment strategies	86
The risks of investing in the Funds	99
Disclosure of portfolio holdings information	130
Who manages the Funds	131
Investment manager	131
Portfolio managers	132
Manager of managers structure	140
Who’s who	140
About your account	142
Investing in the Funds	142
Choosing a share class	142
Dealer compensation	145
Payments to intermediaries	145
How to reduce your sales charge	146
Buying Class A shares at net asset value	147
Waivers of contingent deferred sales charges	148
How to buy shares	148
Calculating share price	149
Fair valuation	149
Retirement plans	150
Document delivery	150
Inactive accounts	150
How to redeem shares	150
Low balance accounts	151
Investor services	151
Frequent trading of Fund shares (market timing and disruptive trading)	153
Dividends, distributions, and taxes	155
Certain management considerations	156
Financial highlights	157
Additional information	213

Fund summary

Delaware Covered Call Strategy Fund

What is the Fund’s investment objective?

Delaware Covered Call Strategy Fund seeks long-term capital appreciation.

What are the Fund’s fees and expenses?

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Delaware Funds® by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund’s Prospectus under the section entitled “About your account,” and in the Fund’s statement of additional information (SAI) under the section entitled “Purchasing Shares.”

Shareholder fees (fees paid directly from your investment)


Class	A		Inst.		R6
Maximum sales charge (load) imposed on purchases as a percentage of offering price		5.75%		none		none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower		none		none		none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			Inst.			R6
Management fees		0.80%			0.80%			0.80%
Distribution and service (12b-1) fees		0.25%			none			none
Other expenses		0.29%			0.29%			0.13%	1
Total annual fund operating expenses		1.34%			1.09%			0.93%
Fee waivers and expense reimbursements		(0.03%)	2		(0.00%)	2		(0.05%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.31%			1.09%			0.88%


¹	“Other expenses” for Class R6 are estimated and account for Class R6 shares not being subject to certain expenses as described further in the section of the prospectus entitled “Choosing a share class.”
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.31%, 1.09% and 0.88% of the Fund’s average daily net assets for Class A shares, Institutional Class shares and Class R6 shares, respectively, from Oct. 4, 2019 through Oct. 31, 2021. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager’s expense waivers and reimbursements for the 2-year contractual period and the total operating expenses without waivers for years 3 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Class	A		Inst.		R6
1 year		$701		$111		$90
3 years		$969		$347		$286
5 years		$1,261		$601		$505
10 years		$2,090		$1,329		$1,134

Portfolio turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Predecessor Fund’s (defined below) portfolio turnover rate was 107% of the average value of its portfolio.

Fund summary

What are the Fund’s principal investment strategies?

The Fund invests in a portfolio of equity securities and writes (sells) call options on those securities. Under normal circumstances, the Fund writes (sells) call options on at least 80% of the Fund’s total assets (80% policy). The Fund normally writes (sells) covered call options listed on US exchanges on the equity securities held by the Fund to seek to lower the overall volatility of the Fund’s portfolio, protect the Fund from market declines and generate income. The call options written (sold) by the Fund will generally have an exercise price that is above the market price of the underlying security at the time the option is written (sold). The Fund’s equity investments consist primarily of common stocks of large-size US companies (companies over $10 billion in market capitalization), certain of which may pay dividends, and US dollar-denominated equity securities of foreign issuers (i.e., American Depositary Receipts (ADRs)) traded on US securities exchanges. To a lesser extent, the Fund may also invest in and write (sell) covered call options on securities of mid- and small-capitalization issuers and exchange-traded funds (ETFs) that track certain market indices, such as the S&P 500. The nature of the Fund is such that it may be expected to underperform equity markets during periods of sharply rising equity prices; conversely, the Fund seeks to reduce losses relative to equity markets during periods of declining equity prices.

In selecting investments, Ziegler Capital Management, LLC (ZCM), the Fund’s sub-advisor, considers the following, among other criteria: a) companies in an industry with a large market share or significant revenues that fit the Fund’s investment strategy; b) companies with new products or new management to replace underperforming management; c) recent or anticipated fundamental improvements in industry environment; and d) companies that are out of favor. Call options written by the Fund are designed to create income, lower the overall volatility of the Fund’s portfolio and mitigate the impact of market declines. ZCM considers several factors when writing (selling) call options, including the overall equity market outlook, sector and/or industry attractiveness, individual security considerations, and relative and/or historical levels of option premiums. Premiums received for a call option the Fund writes will be treated as a short-term capital gain if the option expires.

The Fund may sell a security based on the following, among other criteria: a) an actual or anticipated significant decline in an issuer’s profitability and/or a significant negative outlook from management; b) a large appreciation in the stock price that leads to overvaluation relative to itself and its peers historically; c) significant management turnover at the senior level; or d) an industry-wide decrease in demand for an issuer’s products or services. ZCM writes call options based upon its outlook on the economy and stock market and analysis of individual stocks, which can impact the exercise price and expiration of a call option. Generally, higher implied volatility will lead to longer expirations, locking in potentially higher call premiums, whereas lower implied volatility will tend to lead to shorter-dated options. The writing of covered call options may result in frequent trading and a high portfolio turnover rate.

Additionally, from time to time, in pursuing its investment strategies, the Fund may hold significant investments (25% or more of its assets) in a specific market sector, including the information technology sector.

What are the principal risks of investing in the Fund?

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. The Fund’s principal risks include:

Market risk — Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or a change in interest rates. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling investments to meet redemptions.

Dividend risk — At times, the Fund may not be able to identify attractive dividend-paying stocks. The income received by the Fund will also fluctuate due to the amount of dividends that companies elect to pay, which could adversely affect the Fund’s ability to pay dividends and its share price.

Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

Tax risk — Writing call options may significantly reduce or eliminate the amount of Fund dividends that qualify to be taxed to non-corporate shareholders at a lower rate. Covered calls also are subject to federal tax rules that may: (1) limit the allowance of certain losses or deductions by the Fund; (2) convert the Fund’s

long-term capital gains into higher taxed short-term capital gains or ordinary income; (3) convert the Fund’s ordinary losses or deductions to capital losses, the deductibility of which is more limited; and/or (4) cause the Fund to recognize income or gains without a corresponding receipt of cash.

High portfolio turnover and frequent trading risk — High portfolio turnover could increase the Fund’s transaction costs, result in taxable distributions to shareholders and negatively impact performance.

Exchange-traded funds risk — The risks of investing in securities of ETFs typically reflect the risks of the types of instruments in which the ETF invests. In addition, because ETFs are investment companies, the Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Fund’s expenses may be higher and performance may be lower.

Mid-size and small-size company risk — The market risk associated with stocks of mid- and small-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of mid- and small-size companies tend to experience sharper price fluctuations. At times, it may be difficult to sell mid- to small-size company stocks at reasonable prices.

Sector risk — The Fund may hold a significant amount of investments in similar businesses, which could be affected by the same economic or market conditions. The Fund may be significantly invested in the information technology sector, meaning that the value of its shares may be particularly vulnerable to factors affecting that sector, such as intense competition, government regulation and potentially rapid product obsolescence. Companies in this sector also are heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights.

American depositary receipts risk — ADRs may involve many of the same risks as direct investments in foreign securities, including currency exchange fluctuations, less liquidity, more volatility, different governmental regulations, and the potential for political and economic instability.

The Manager is an indirect wholly owned subsidiary of Macquarie Group Limited (MGL). Other than Macquarie Bank Limited (MBL), a subsidiary of MGL and an affiliate of the Manager, none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Fund is governed by US laws and regulations.

How has Delaware Covered Call Strategy Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund. The Fund has adopted the performance of the First Investors Covered Call Strategy Fund (Predecessor Fund) as the result of a reorganization of the Predecessor Fund into the Fund, which was consummated after the close of business on Oct. 4, 2019 (Reorganization). The Fund had not yet commenced operations prior to the Reorganization. The bar chart shows changes in the performance of the Predecessor Fund from year to year and shows how the Predecessor Fund’s average annual total returns for the 1-year and lifetime periods compare with those of a broad measure of market performance. The Predecessor Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

The returns shown for periods ending on or prior to Oct. 4, 2019 are those of the Class A, Advisor Class, and Institutional Class shares of the Predecessor Fund. Class A, Advisor Class, and Institutional Class shares of the Predecessor Fund were reorganized into Class A, Institutional Class, and Class R6 shares, respectively, of the Fund after the close of business on Oct. 4, 2019. The returns of Class A, Institutional Class, and Class R6 shares of the Fund will be different from the returns of the corresponding classes of the Predecessor Fund as they have different expenses.

Updated performance information is available by calling 800 423-4026 or by visiting our website at delawarefunds.com/performance.

Fund summary

Calendar year-by-year total return (Class A)

As of June 30, 2019, the Fund’s Class A shares had a calendar year-to-date return of 14.18%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 5.80% for the quarter ended Sept. 30, 2018, and its lowest quarterly return was -13.27% for the quarter ended Dec. 31, 2018. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2018


	1 year		Life of Class
Class A return before taxes (Inception Date: 4/1/16)		-15.98%		-0.35%
Class A return after taxes on distributions (Inception Date: 4/1/16)		-16.20%		-0.59%
Class A return after taxes on distributions and sale of Fund shares (Inception Date: 4/1/16)		-9.28%		-0.33%
Institutional Class return before taxes (Inception Date: 4/1/16)		-10.58%		2.14%
Class R6 return before taxes (Inception Date: 4/1/16)		-10.51%		2.29%
CBOE S&P 500 BuyWrite Index* (reflects no deduction for fees, expenses or taxes)		-4.77%		5.57%
S&P 500® Index* (reflects no deduction for fees, expenses or taxes)		-4.38%		9.58%

* The Fund changed its broad-based securities index to the CBOE S&P 500 BuyWrite Index as of Oct. 4, 2019. The Fund elected to use the new index because it more closely reflected the Fund’s investment strategies.

After-tax performance is presented only for Class A shares of the Fund. The after-tax returns for other Fund classes may vary. Actual after-tax returns depend on the investor’s individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-advantaged investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)

Sub-advisor

Ziegler Capital Management, LLC (ZCM)


Portfolio managers	Title with ZCM	Start date on the Fund
Wiley D. Angell	Senior Portfolio Manager	October 2019
Sean C. Hughes, CFA	Senior Portfolio Manager	October 2019

Purchase and redemption of Fund shares

You may purchase or redeem shares of the Fund on any day that the New York Stock Exchange (NYSE) is open for business (Business Day). Shares may be purchased or redeemed: through your financial advisor; or by mail (c/o Delaware Funds by Macquarie, Raritan Plaza 1, Edison, NJ 08837-3620).

For Class A shares, the minimum initial investment is generally $1,000 and subsequent investments can be made for as little as $100. The minimum initial investment for IRAs, Uniform Gifts/Transfers to Minors Act accounts, direct deposit purchase plans, and automatic investment plans is $250 and through Coverdell Education Savings Accounts is $500, and subsequent investments in these accounts can be made for as little as $25. For Institutional Class and Class R6 shares (except those shares purchased through an automatic investment plan), there is no minimum initial purchase requirement, but certain eligibility requirements must be met. The eligibility requirements are described in this Prospectus under “Choosing a share class” and on the Fund’s website. We may reduce or waive the minimums or eligibility requirements in certain cases.

Tax information

The Fund’s distributions generally are taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA, in which case your distributions may be taxed as ordinary income when withdrawn from the tax-advantaged account.

Payments to broker/dealers and other financial intermediaries

If you purchase shares of the Fund through a broker/dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

Fund summary

Delaware Equity Income Fund

What is the Fund’s investment objective?

Delaware Equity Income Fund seeks total return.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)


Class	A		Inst.		R6
Maximum sales charge (load) imposed on purchases as a percentage of offering price		5.75%		none		none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower		none		none		none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			Inst.			R6
Management fees		0.65%			0.65%			0.65%
Distribution and service (12b-1) fees		0.25%			none			none
Other expenses		0.20%			0.20%			0.10%	1
Total annual fund operating expenses		1.10%			0.85%			0.75%
Fee waivers and expense reimbursements		(0.00%)	2		(0.00%)	2		(0.00%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.10%			0.85%			0.75%


¹	“Other expenses” for Class R6 are estimated and account for Class R6 shares not being subject to certain expenses as described further in the section of the prospectus entitled “Choosing a share class.”
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.17%, 0.85% and 0.81% of the Fund’s average daily net assets for Class A shares, Institutional Class shares and Class R6 shares, respectively, from Oct. 4, 2019 through Oct. 31, 2021. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example


Class	A		Inst.		R6
1 year		$681		$87		$77
3 years		$905		$271		$240
5 years		$1,146		$471		$417
10 years		$1,838		$1,049		$930

Portfolio turnover

What are the Fund’s principal investment strategies?

The Fund invests, under normal circumstances, primarily in companies that the Fund believes are undervalued in the market relative to their long term potential. Under normal circumstances, the Fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in equities (80% policy). For purposes of this 80% policy, equities may include common stock, preferred stock, equity-based exchange-traded funds (ETFs) and instruments that are convertible into common stock, or other instruments that represent an equity position in an issuer. The Fund seeks to generate income by investing dividend paying companies.

The Fund generally uses a “bottom-up” approach in attempting to identify stocks that are undervalued. This means that the Fund generally identifies potential investments through fundamental research and analysis which includes, among other things, analyzing a company’s balance sheet, cash flow statements and competition within a company’s industry. The Fund also assesses a company’s corporate strategy and whether the company is operating in the interests of shareholders, as well as analyzing economic trends, interest rates, and industry diversification.

The Fund may sell a security if it becomes fully valued, its fundamentals have deteriorated or alternative investment opportunities become more attractive.

The Fund's investment manager, Delaware Management Company (Manager), may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Fund Management Hong Kong Limited, to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

What are the principal risks of investing in the Fund?

Market risk — Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions.

Undervalued securities risk — The Fund seeks to invest in securities that the Fund’s Manager believes are undervalued and that it believes will rise in value due to anticipated events or changes in investor perceptions. If these developments do not occur, the market price of these securities may not rise as expected or may fall.

How has Delaware Equity Income Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund. The Fund has adopted the performance of the First Investors Equity Income Fund (Predecessor Fund) as the result of a reorganization of the Predecessor Fund into the Fund, which was consummated after the close of business on Oct. 4, 2019 (Reorganization). The Fund had not yet commenced operations prior to the Reorganization. The bar chart shows changes in the performance of the Predecessor Fund from year to year and shows how the Predecessor Fund’s average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. The Predecessor Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

Updated performance information is available by calling 800 423-4026 or by visiting our website at delawarefunds.com/performance.

Fund summary

Calendar year-by-year total return (Class A)

As of June 30, 2019, the Fund’s Class A shares had a calendar year-to-date return of 13.16%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 13.76% for the quarter ended Dec. 31, 2011, and its lowest quarterly return was -15.10% for the quarter ended Sept. 30, 2011. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2018


	1 year		5 years		10 years		Life of Class (If less than 10 years)
Class A return before taxes		-13.96%		3.49%		8.82%		—
Class A return after taxes on distributions		-16.86%		1.82%		7.79%		—
Class A return after taxes on distributions and sale of Fund shares		-6.19%		2.12%		6.91%		—
Institutional Class return before taxes (Inception Date: 4/1/13)		-8.46%		5.09%		—		7.38%
Class R6 return before taxes (Inception Date: 4/1/13)		-8.36%		5.17%		—		7.47%
Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes)*		-8.27%		5.95%		11.18%		8.22%
MSCI USA Value Index (reflects no deduction for fees, expenses or taxes)*		-7.18%		6.62%		11.13%		8.82%
S&P 500® Index* (reflects no deduction for fees, expenses or taxes)		-4.38%		8.49%		13.12%		—

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.

* The Fund changed its broad-based securities index to the Russell 1000 Value Index as of Oct. 4, 2019. The Fund had previously changed its primary broad-based securities index to the MSCI USA Value Index as of Jan. 31, 2019. In each case the Fund elected to use the new index because it more closely reflected the Fund’s investment strategies. The Fund’s secondary benchmark, the S&P 500 Index was removed as of Oct. 4, 2019.

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Nikhil G. Lalvani, CFA	Vice President, Senior Portfolio Manager, Team Leader	October 2019
Robert A. Vogel Jr., CFA	Vice President, Senior Portfolio Manager	October 2019
Kristen E. Bartholdson	Vice President, Senior Portfolio Manager	October 2019

Sub-advisors

Macquarie Investment Management Global Limited (MIMGL)

Macquarie Funds Management Hong Kong Limited (MFMHKL)

Purchase and redemption of Fund shares

Tax information

Payments to broker/dealers and other financial intermediaries

Fund summary

Delaware Global Equity Fund

What is the Fund’s investment objective?

Delaware Global Equity Fund seeks long-term capital growth.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)


Class	A		Inst.		R6
Maximum sales charge (load) imposed on purchases as a percentage of offering price		5.75%		none		none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower		none		none		none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			Inst.			R6
Management fees		0.85%			0.85%			0.85%
Distribution and service (12b-1) fees		0.25%			none			none
Other expenses		0.23%			0.23%			0.12%	1
Total annual fund operating expenses		1.33%			1.08%			0.97%
Fee waivers and expense reimbursements		(0.00%)	2		(0.01%)	2		(0.00%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.33%			1.07%			0.97%


¹	“Other expenses” for Class R6 are estimated and account for Class R6 shares not being subject to certain expenses as described further in the section of the prospectus entitled “Choosing a share class.”
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.41%, 1.07% and 1.02% of the Fund’s average daily net assets for Class A shares, Institutional Class shares and Class R6 shares, respectively, from Oct. 4, 2019 through Oct. 31, 2021. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example


Class	A		Inst.		R6
1 year		$703		$109		$99
3 years		$972		$341		$309
5 years		$1,262		$593		$536
10 years		$2,084		$1,315		$1,190

Portfolio turnover

What are the Fund’s principal investment strategies?

The Fund invests in a portfolio of common stocks of companies that are located throughout the world, including the United States. Although the Fund primarily invests in stocks of US and foreign companies it may invest a significant amount in less-developed or emerging markets. The Fund may rely on the country where the issuer is incorporated, is headquartered or has its principal place of business in determining the location of an issuer. Additionally, in pursuing its investment strategies, the Fund may hold significant investments (25% or more of its assets) in a specific market sector, including the consumer staples sector. The Fund is a nondiversified fund.

The investment process is bottom-up, research-driven. The aim is to produce attractive risk-adjusted long-term returns by investing in understandable, quality businesses with mispriced earnings power. Understandable and quality businesses are reasonably straightforward and void of excessive complexity, excessive debt and relative margin instability. Mispricings occur when shorter term market fluctuations lead to a discount between a stock’s price and its fair value. Fair value is derived from such factors as the long term sales and future earnings potential of a business. Stock selection rests on an assessment of each company and its risk-return profile. Research is centered on understanding the nature and sustainability of how the company creates value, including the associated risks. Businesses identified as attractive are likely to display one or more of these favorable characteristics: solid earnings power and free cash flow generation, sustainable business models and competitive advantages, ability to reinvest at rates above the cost of capital, flexibility to restructure inefficiencies, potential to benefit from consolidation within their industries, and ability to gain market share from competitors. Sustainable businesses are businesses that have the ability to generate profits over the long term that also have the ability from time to time to redeploy part of earnings and reinvest into future advantageous areas of the business. An estimate for long-term earnings power is derived in order to calculate the fair value of a company. To compensate for unpredictable risks, the team aims to invest in companies that can be bought within an adequate safety margin to the estimated fair value. The portfolio managers strive to purchase stocks at a discount to what they deem to be fair value. The discount effectively provides a cushion to absorb potential stock price depreciation due to such factors as unexpected negative shifts in currency values and/or economic or political instability.

Screening is a method used for idea generation. A typical screen may exclude stocks under a certain market cap and then further applying numerous valuation, quality and growth metrics hurdles that would effectively reduce the universe further. Survivors would become candidates for fundamental research whereas in-depth analysis occurs to ultimately determine the attractiveness of a stock for potential portfolio admission.

The Fund's Manager may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Fund Management Hong Kong Limited, to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

What are the principal risks of investing in the Fund?

Market risk — Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions.

Foreign and emerging markets risk — The risk that international investing (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. The risk associated with international investing will be greater in emerging markets than in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments. In addition, there often is substantially less publicly available information about issuers and such information tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets may also be smaller, less liquid, and subject to greater price volatility.

Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

Nondiversification risk — A nondiversified fund has the flexibility to invest as much as 50% of its assets in as few as two issuers with no single issuer accounting for more than 25% of the fund. The remaining 50% of its assets must be diversified so that no more than 5% of its assets are invested in the securities of a single issuer. Because a nondiversified fund may invest its assets in fewer issuers, the value of its shares may increase or decrease more rapidly than if it were fully diversified.

Industry, sector, and security risks — Industry and sector risk is the risk that the value of securities in a particular industry or sector (such as consumer staples) will decline because of changing expectations for the performance in that industry or sector.

Fund summary

Security risk is the risk that the value of an individual stock or bond will decline because of changing expectations for the performance of the individual company issuing the stock or bond (due to situations that could range from decreased sales to events such as a pending merger or actual or threatened bankruptcy).

Consumer staples sector risk — Companies in the consumer staples sector may be adversely affected by changes in the worldwide economy, world events, government regulation, environmental factors, consumer confidence, consumer spending, marketing, competition, demographics and consumer preferences, product trends, and production spending. Companies in this sector are also affected by natural and man-made disasters and political, social, or labor unrest that affect production and distribution of consumer staple products.

Liquidity risk — Certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. This risk is particularly acute in the case of foreign securities that are traded in smaller, less-developed or emerging markets.

How has Delaware Global Equity Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund. The Fund has adopted the performance of the First Investors Global Fund (Predecessor Fund) as the result of a reorganization of the Predecessor Fund into the Fund, which was consummated after the close of business on Oct. 4, 2019 (Reorganization). The Fund had not yet commenced operations prior to the Reorganization. The bar chart shows changes in the performance of the Predecessor Fund from year to year and shows how the Predecessor Fund’s average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. The Predecessor Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

Updated performance information is available by calling 800 423-4026 or by visiting our website at delawarefunds.com/performance.

Calendar year-by-year total return (Class A)

As of June 30, 2019, the Fund’s Class A shares had a calendar year-to-date return of 16.67%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 19.46% for the quarter ended June 30, 2009, and its lowest quarterly return was -19.59% for the quarter ended Sept. 30, 2011. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2018


	1 year		5 years		10 years		Life of Class (If less than 10 years)
Class A return before taxes		-16.24%		2.29%		8.18%		—
Class A return after taxes on distributions		-18.95%		-0.05%		6.88%		—
Class A return after taxes on distributions and sale of Fund shares		-7.72%		1.00%		6.24%		—
Institutional Class return before taxes (Inception Date: 4/1/13)		-10.89%		3.87%		—		6.71%
Class R6 return before taxes (Inception Date: 4/1/13)		-10.76%		3.97%		—		6.82%
MSCI World Index (net) (reflects no deduction for fees, expenses or taxes)*		-8.93%		4.82%		10.05%		6.86%
MSCI ACWI Index (gross) (reflects no deduction for fees, expenses or taxes)*		-8.71%		4.56%		9.67%		6.92%
MSCI World Index (gross) (reflects no deduction for fees, expenses or taxes)		-8.20%		5.14%		10.29%		7.52%

* The Fund changed its broad-based securities index to the MSCI World Index (net) as of Oct. 4, 2019. The Fund elected to use the new index because it more closely reflected the Fund’s investment strategies.

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Christopher Gowlland, CFA	Vice President, Senior Quantitative Analyst	October 2019
Jens Hansen	Managing Director, Chief Investment Officer — Global Equity Team	October 2019
Klaus Petersen, CFA	Portfolio Manager — Global Equity Team	October 2019
Claus Juul	Portfolio Manager — Global Equity Team	October 2019
Åsa Annerstedt	Portfolio Manager — Global Equity Team	October 2019

Sub-advisors

Macquarie Investment Management Global Limited (MIMGL)

Macquarie Funds Management Hong Kong Limited (MFMHKL)

Purchase and redemption of Fund shares

Fund summary

Tax information

Payments to broker/dealers and other financial intermediaries

Delaware Growth and Income Fund

What is the Fund’s investment objective?

Delaware Growth and Income Fund seeks long-term growth of capital and current income.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)


Class	A		Inst.		R6
Maximum sales charge (load) imposed on purchases as a percentage of offering price		5.75%		none		none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower		none		none		none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			Inst.			R6
Management fees		0.65%			0.65%			0.65%
Distribution and service (12b-1) fees		0.25%			none			none
Other expenses		0.19%			0.19%			0.09%	1
Total annual fund operating expenses		1.09%			0.84%			0.74%
Fee waivers and expense reimbursements		(0.00%)	2		(0.02%)	2		(0.00%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.09%			0.82%			0.74%


¹	“Other expenses” for Class R6 are estimated and account for Class R6 shares not being subject to certain expenses as described further in the section of the prospectus entitled “Choosing a share class.”
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.11%, 0.82% and 0.75% of the Fund’s average daily net assets for Class A shares, Institutional Class shares and Class R6 shares, respectively, from Oct. 4, 2019 through Oct. 31, 2021. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example


Class	A		Inst.		R6
1 year		$680		$84		$76
3 years		$902		$264		$237
5 years		$1,141		$462		$411
10 years		$1,827		$1,033		$918

Portfolio turnover

Fund summary

What are the Fund’s principal investment strategies?

The Fund primarily invests in common stocks that offer the potential for capital growth, current income or both. The Fund primarily invests in common stocks of large-size companies. The Fund may also invest in mid- and small-size companies. Some but not all of the companies the Fund invests in may regularly pay dividends.

The Fund generally uses a “bottom-up” approach to selecting investments. This means that the Fund generally identifies potential investments through fundamental research and analysis and also focuses on other issues, such as economic trends, interest rates, and market capitalization. Economic trends relate to the overall direction in which the economy is moving which may provide insights into the future direction of companies. Factors may include consumer confidence, employment, interest rates and inflation. In deciding whether to buy or sell securities, the Fund considers, among other things, the issuer’s financial strength, management, earnings growth or potential earnings growth and the issuer’s valuation relative to its fundamentals and peers.

The portfolio managers research individual companies and analyzes economic and market conditions, seeking to identify the securities that it believes are the best investments for the Fund. The Fund invests primarily in securities that the portfolio manager believes have long-term capital appreciation, or growth potential. The portfolio managers follow a value-oriented investment philosophy in selecting stocks for the Fund using a research-intensive approach that considers factors such as (i) a security price that reflects a market valuation that is judged to be below the estimated present or future value of the company; (ii) favorable earnings prospects and dividend yield potential; (iii) the financial condition of the issuer; and (iv) various qualitative factors.

Stocks that the Fund invests in may pay dividends. Common or ordinary stocks are securities that represent shares of ownership in a corporation. Stockholders may participate in a corporation’s profits through its distributions of dividends to stockholders, proportionate to the number of shares they own. The Fund may also own convertible securities. Convertible securities are usually preferred stocks or corporate bonds that can be exchanged for a set number of shares of common stock at a predetermined price. These securities offer higher appreciation potential than nonconvertible bonds and greater income potential than nonconvertible preferred stocks. The Fund may also invest in real estate investment trusts (REITs) and income-generating equity securities. REITs are pooled investment vehicles that invest primarily in income-producing real estate or real estate-related loans or interests.

The Fund may sell a security if it becomes fully valued, is no longer attractively valued, its fundamentals have deteriorated or alternative investments become more attractive.

The Fund’s Manager may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Fund Management Hong Kong Limited, to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

What are the principal risks of investing in the Fund?

Market risk — Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. While dividend-paying stocks are generally considered less volatile than other stocks, there can be no guarantee that an investment therein will be less volatile than the general stock market. The Fund’s investments in potential growth opportunities may increase the potential volatility of its share price. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions.

REIT risk — In addition to the risks associated with the real estate industry, which include declines in the real estate market, decreases in property revenues and increases in property taxes and operating expenses, REITs are subject to additional risks, including those related to adverse governmental actions, declines in property value, and the potential failure to qualify for federal tax-free “pass-through” of distributed net income and net realized gains and exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small

geographic area or a small number of property types. As a result, investments in REITs may be volatile. REITs are pooled investment vehicles with their own fees and expenses, and the Fund will indirectly bear a proportionate share of those fees and expenses.

How has Delaware Growth and Income Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund. The Fund has adopted the performance of the First Investors Growth & Income Fund (Predecessor Fund) as the result of a reorganization of the Predecessor Fund into the Fund, which was consummated after the close of business on Oct. 4, 2019 (Reorganization). The Fund had not yet commenced operations prior to the Reorganization. The bar chart shows changes in the performance of the Predecessor Fund from year to year and shows how the Predecessor Fund’s average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. The Predecessor Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

Updated performance information is available by calling 800 423-4026 or by visiting our website at delawarefunds.com/performance.

Calendar year-by-year total return (Class A)

As of June 30, 2019, the Fund’s Class A shares had a calendar year-to-date return of 15.25%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 16.90% for the quarter ended June 30, 2009, and its lowest quarterly return was -17.55% for the quarter ended Sept. 30, 2011. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Fund summary

Average annual total returns for periods ended December 31, 2018


	1 year		5 years		10 years		Life of Class (If less than 10 years)
Class A return before taxes		-15.58%		2.44%		10.39%		—
Class A return after taxes on distributions		-19.68%		0.44%		9.19%		—
Class A return after taxes on distributions and sale of Fund shares		-6.31%		1.10%		8.17%		—
Institutional Class return before taxes (Inception Date: 4/1/13)		-10.12%		4.08%		—		7.37%
Class R6 return before taxes (Inception Date: 4/1/13)		-10.10%		4.08%		—		7.41%
Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes)*		-8.27%		5.95%		11.18%		8.22%
MSCI USA Value Index (reflects no deduction for fees, expenses or taxes)*		-7.18%		6.62%		11.13%		8.82%
S&P 500® Index* (reflects no deduction for fees, expenses or taxes)		-4.38%		8.49%		13.12%		—

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Nikhil G. Lalvani, CFA	Vice President, Senior Portfolio Manager, Team Leader	October 2019
Robert A. Vogel Jr., CFA	Vice President, Senior Portfolio Manager	October 2019
Kristen E. Bartholdson	Vice President, Senior Portfolio Manager	October 2019

Sub-advisors

Macquarie Investment Management Global Limited (MIMGL)

Macquarie Funds Management Hong Kong Limited (MFMHKL)

Purchase and redemption of Fund shares

Tax information

Payments to broker/dealers and other financial intermediaries

Fund summary

Delaware Hedged U.S. Equity Opportunities Fund

What is the Fund’s investment objective?

Delaware Hedged U.S. Equity Opportunities Fund seeks total return and, secondarily, capital preservation.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)


Class	A		Inst.		R6
Maximum sales charge (load) imposed on purchases as a percentage of offering price		5.75%		none		none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower		none		none		none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			Inst.			R6
Management fees		1.15%			1.15%			1.15%
Distribution and service (12b-1) fees		0.25%			none			none
Other expenses		0.33%			0.33%			0.20%	1
Total annual fund operating expenses		1.73%			1.48%			1.35%
Fee waivers and expense reimbursements		(0.09%)	2		(0.18%)	2		(0.15%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.64%			1.30%			1.20%


¹	“Other expenses” for Class R6 are estimated and account for Class R6 shares not being subject to certain expenses as described further in the section of the prospectus entitled “Choosing a share class.”
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.64%, 1.30% and 1.20% of the Fund’s average daily net assets for Class A shares, Institutional Class shares and Class R6 shares, respectively, from Oct. 4, 2019 through Oct. 31, 2021. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example


Class	A		Inst.		R6
1 year		$732		$132		$122
3 years		$1,072		$432		$397
5 years		$1,443		$773		$710
10 years		$2,484		$1,737		$1,597

Portfolio turnover

What are the Fund’s principal investment strategies?

The Fund seeks to achieve its investment objective by investing in a broadly diversified portfolio of common stocks of any market capitalization while also investing in derivatives to help manage investment risk. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of US issuers and investments that provide exposure to such securities, including exchange-traded funds (80% policy). The Fund defines US issuers to include: (1) issuers that are incorporated or headquartered in the US; (2) issuers whose securities are principally traded in the US; (3) issuers with a majority of their business operations or assets in the US; and (4) issuers who derive a majority of their revenues or profits from the US. To a lesser extent, the Fund also may invest in the equity securities of foreign issuers. The portfolio management team also seeks to manage the Fund’s market risk and the risk of loss from significant events by investing in derivatives. The Fund may engage in active and frequent trading which may result in high portfolio turnover.

Wellington Management Company LLP (Wellington Management), the Fund’s sub-advisor, allocates the Fund’s equity investments across a range of equity market investment styles managed by Wellington Management that are focused on total return or growth of capital (underlying styles) to create a portfolio with broad market exposure.

Wellington Management allocates the Fund’s assets among the underlying styles to create a portfolio that represents a wide range of investment philosophies, companies, industries and market capitalizations. The underlying styles make investments based on their specific investment philosophies, for example, value, growth, high quality, or low volatility. The portfolio management team seeks to combine complementary underlying styles, monitoring the Fund’s risk profile and strategically rebalancing the portfolio. In selecting different underlying styles, Wellington Management considers, among other things, the relative level of an underlying style’s “active share” (i.e., the extent to which the underlying style’s holdings diverge from the underlying style’s benchmark index), and the “active share” of the Fund (i.e., the extent to which the Fund’s holdings diverge from the Fund’s benchmark index).

For each underlying style, Wellington Management has a distinct investment philosophy and analytical process to identify specific securities for purchase or sale based on internal proprietary research. The underlying styles generally invest in equity securities, but may also use derivatives for investment purposes. The underlying styles do not use derivatives solely for the purpose of creating leverage. Wellington Management’s investment personnel for each underlying style are responsible for selecting the Fund’s investments within their specific underlying styles. In selecting prospective investments for each underlying style, Wellington Management may employ qualitative and quantitative portfolio management techniques.

The use of derivatives is intended to hedge overall risks to the Fund, but not the risks associated with single or groups of investments or single or groups of underlying styles. As a result, Wellington Management’s derivatives strategy may protect the Fund from losses associated with a general market decline, but would not protect the Fund from losses resulting from a single investment or group of investments held by the Fund. The Fund may invest in cash and cash equivalents.

What are the principal risks of investing in the Fund?

Hedging risk — Hedging seeks to limit downside risks, but it also will limit the Fund’s return potential. This will especially be true during periods of rapid or large market gains. Hedging activities involve fees and expenses, which can further reduce the Fund’s returns. If the Fund uses a hedging instrument at the wrong time or judges market conditions incorrectly, or the hedged instrument does not correlate to the risk sought to be hedged, the hedge might be unsuccessful, reduce the Fund’s return, and/or create a loss.

Derivatives risk — Futures and options involve risks, such as possible default by a counterparty, potential losses if markets do not move as expected, and the potential for greater losses than if these techniques had not been used. Investments in derivatives can increase the volatility of the Fund’s share price and expose it to significant additional costs. Derivatives may be difficult to sell, unwind or value.

Fund summary

Quantitative strategies risk — Selecting or screening investments based on quantitative models may be adversely affected if the model relies on erroneous or outdated data. In addition, the quantitative model may be flawed, and factors that affect an investment’s value can change over time and these changes may not be reflected in the quantitative model.

Multi-style risk — The Fund’s performance depends on, among other things, the portfolio managers’ success in monitoring and allocating the Fund’s assets among the various underlying styles. The underlying styles may not always be complementary. The portfolio managers may make investment decisions independently of one another, and may make conflicting investment decisions. This may result in the Fund investing a significant percentage of its assets in certain types of securities or in securities representing a specific investment philosophy which could be beneficial or detrimental to the Fund’s performance depending on the performance of those securities and the overall market environment.

Tax risk — The Fund’s activities in derivatives may significantly reduce or eliminate the amount of Fund dividends that generally qualify to be taxed to non-corporate shareholders at lower rates. The Fund’s investments in derivatives also are subject to federal tax rules that may: (1) limit the allowance of certain losses or deductions by the Fund; (2) convert the Fund’s long-term capital gains to higher taxed short-term capital gains or ordinary income; (3) convert the Fund’s ordinary losses or deductions to capital losses, the deductibility of which is more limited; and/or (4) cause the Fund to recognize income or gains without a corresponding receipt of cash.

Exchange-traded funds risk — The risks of investing in ETFs typically reflect the risks of the types of instruments in which the ETFs invest. In addition, because ETFs are investment companies, the Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Fund’s expenses may be higher and performance may be lower.

How has Delaware Hedged U.S. Equity Opportunities Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund. The Fund has adopted the performance of the First Investors Hedged U.S. Equity Opportunities Fund (Predecessor Fund) as the result of a reorganization of the Predecessor Fund into the Fund, which was consummated after the close of business on Oct. 4, 2019 (Reorganization). The Fund had not yet commenced operations prior to the Reorganization. The bar chart shows changes in the performance of the Predecessor Fund from year to year and shows how the Predecessor Fund’s average annual total returns for the 1-year and lifetime periods compare with those of a broad measure of market performance. The Predecessor Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

Updated performance information is available by calling 800 423-4026 or by visiting our website at delawarefunds.com/performance.

Calendar year-by-year total return (Class A)

As of June 30, 2019, the Fund’s Class A shares had a calendar year-to-date return of 15.47%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 4.20% for the quarter ended Sept. 30, 2018, and its lowest quarterly return was -9.16% for the quarter ended Dec. 31, 2018. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2018


	1 year		Life of Class
Class A return before taxes (Inception Date: 8/1/16)		-8.78%		0.78%
Class A return after taxes on distributions (Inception Date: 8/1/16)		-9.24%		0.57%
Class A return after taxes on distributions and sale of Fund shares (Inception Date: 8/1/16)		-4.94%		0.43%
Institutional Class return before taxes (Inception Date: 8/1/16)		-2.94%		3.60%
Class R6 return before taxes (Inception Date: 8/1/16)		-2.84%		3.72%
Russell 3000® Index (reflects no deduction for fees, expenses or taxes)		-5.24%		7.86%
ICE BofAML US 3-Month Treasury Bill Index (reflects no deduction for fees, expenses or taxes)		1.87%		1.19%
70% Russell 3000® Index / 30% ICE BofAML US 3-Month Treasury Bill Index (reflects no deduction for fees, expenses, or taxes)		-2.92%		5.89%

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)

Sub-advisors

Wellington Management Company LLP (Wellington Management)


Portfolio managers	Title with Wellington	Start date on the Fund
Gregg R. Thomas, CFA	Senior Managing Director	October 2019
Roberto J. Isch, CFA	Managing Director	October 2019

Fund summary

Purchase and redemption of Fund shares

Tax information

Payments to broker/dealers and other financial intermediaries

Delaware International Fund

What is the Fund’s investment objective?

Delaware International Fund seeks long-term capital growth.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)


Class	A		Inst.		R6
Maximum sales charge (load) imposed on purchases as a percentage of offering price		5.75%		none		none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower		none		none		none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			Inst.			R6
Management fees		0.85%			0.85%			0.85%
Distribution and service (12b-1) fees		0.25%			none			none
Other expenses		0.30%			0.30%			0.14%	1
Total annual fund operating expenses		1.40%			1.15%			0.99%
Fee waivers and expense reimbursements		(0.00%)	2		(0.00%)	2		(0.00%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.40%			1.15%			0.99%


¹	“Other expenses” for Class R6 are estimated and account for Class R6 shares not being subject to certain expenses as described further in the section of the prospectus entitled “Choosing a share class.”
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.53%, 1.18% and 1.09% of the Fund’s average daily net assets for Class A shares, Institutional Class shares and Class R6 shares, respectively, from Oct. 4, 2019 through Oct. 31, 2021. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example


Class	A		Inst.		R6
1 year		$709		$117		$101
3 years		$993		$365		$315
5 years		$1,297		$633		$547
10 years		$2,158		$1,398		$1,213

Portfolio turnover

Fund summary

What are the Fund’s principal investment strategies?

The Fund primarily invests in a portfolio of common stocks and other equity securities of companies that are located outside of the United States. To a limited degree, the Fund may also invest in companies based in the United States. The Fund may rely on the country where the issuer is incorporated, is headquartered or has its principal place of business in determining the location of an issuer. Additionally, in pursuing its investment strategies, the Fund may hold significant investments (25% or more of its assets) in a specific market sector, including the consumer staples sector. The Fund is a nondiversified fund.

A representative list of the countries where the Manager may invest includes: Australia, Brazil, Canada, China, Finland, France, Germany, Hong Kong, Italy, Japan, Luxembourg, the Netherlands, Singapore, Spain, Sweden, Switzerland, Taiwan, and the United Kingdom. While this is a representative list, the Fund may also invest in other countries as well.

The investment process is bottom-up, research-driven. The aim is to produce attractive risk-adjusted long-term returns by investing in understandable, quality businesses with mispriced earnings power. Mispricings occur when shorter term market fluctuations lead to a discount between a stock's price and its fair value which is derived from such factors as the long term sales and future earnings potential of a business. Stock selection rests on an assessment of each company and its risk-return profile. Sustainability is defined as the Fund's ability to generate profits over the long term that also from time to time have the ability to redeploy part of earnings and reinvest into future advantageous areas of the business. Research is centered on understanding the nature and sustainability of how the company creates value, including the associated risks. Businesses identified as attractive are likely to display one or more of these favorable characteristics: solid earnings power and free cash flow generation, sustainable business models and competitive advantages, ability to reinvest at rates above the cost of capital, flexibility to restructure inefficiencies, potential to benefit from consolidation within their industries, and ability to gain market share from competitors. Sustainable businesses are businesses that have the ability to generate profits over the long term that also from time to time have the ability to redeploy part of earnings and reinvest into future advantageous areas of the business. An estimate for long-term earnings power is derived in order to calculate the fair value of a company. Fair value is defined as the estimated worth of a company based upon the company's earning potential and other variables. To compensate for unpredictable risks, the team aims to invest in companies that can be bought within an adequate safety margin to the estimated fair value. The portfolio managers strive to purchase stocks at a discount to what they deem to be fair value. The discount effectively provides a cushion to absorb potential stock price depreciation due to such factors as unexpected negative shifts in currency values and/or economic or political instability and negative shifts in company earnings.

Screening is a method used for idea generation. A typical screen may exclude stocks under a certain market cap and then applying numerous valuation, quality and growth metrics as hurdles that would effectively reduce the universe further. Survivors would become candidates for fundamental research whereas in-depth analysis occurs to ultimately determine the attractiveness of a stock for potential portfolio admission.

The Fund’s investment manager, Delaware Management Company (Manager), may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Fund Management Hong Kong Limited, to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

What are the principal risks of investing in the Fund?

Market risk — Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions.

Liquidity risk — Certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. This risk is particularly acute in the case of foreign securities that are traded in smaller, less-developed or emerging markets.

How has Delaware International Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund. The Fund has adopted the performance of the First Investors International Fund (Predecessor Fund) as the result of a reorganization of the Predecessor Fund into the Fund, which was consummated after the close of business on Oct. 4, 2019 (Reorganization). The Fund had not yet commenced operations prior to the Reorganization. The bar chart shows changes in the performance of the Predecessor Fund from year to year and shows how the Predecessor Fund’s average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. The Predecessor Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

Updated performance information is available by calling 800 423-4026 or by visiting our website at delawarefunds.com/performance.

Calendar year-by-year total return (Class A)

Fund summary

As of June 30, 2019, the Fund’s Class A shares had a calendar year-to-date return of 18.51%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 18.55% for the quarter ended June 30, 2009, and its lowest quarterly return was -13.19% for the quarter ended Sept. 30, 2011. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2018


	1 year		5 years		10 years		Life of Class (If less than 10 years)
Class A return before taxes		-17.81%		1.44%		6.34%		—
Class A return after taxes on distributions		-19.18%		1.01%		6.00%		—
Class A return after taxes on distributions and sale of Fund shares		-9.59%		0.81%		4.90%		—
Institutional Class return before taxes (Inception Date: 4/1/13)		-12.46%		3.04%		—		2.58%
Class R6 return before taxes (Inception Date: 4/1/13)		-12.40%		3.14%		—		2.74%
MSCI EAFE (Europe, Australasia, Far East) Index (gross) (reflects the deduction of foreign withholding taxes on dividends)		-13.36%		1.00%		6.81%		3.69%
MSCI EAFE (Europe, Australasia, Far East) Index (net) (reflects no deduction of foreign withholding taxes on dividends)		-13.79%		0.53%		6.31%		3.21%

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Christopher Gowlland, CFA	Vice President, Senior Quantitative Analyst	October 2019
Jens Hansen	Managing Director, Chief Investment Officer — Global Equity Team	October 2019
Klaus Petersen, CFA	Portfolio Manager — Global Equity Team	October 2019
Claus Juul	Portfolio Manager — Global Equity Team	October 2019
Åsa Annerstedt	Portfolio Manager — Global Equity Team	October 2019

Sub-advisors

Macquarie Investment Management Global Limited (MIMGL)

Macquarie Funds Management Hong Kong Limited (MFMHKL)

Purchase and redemption of Fund shares

eligibility requirements must be met. The eligibility requirements are described in this Prospectus under “Choosing a share class” and on the Fund’s website. We may reduce or waive the minimums or eligibility requirements in certain cases.

Tax information

Payments to broker/dealers and other financial intermediaries

Fund summary

Delaware Opportunity Fund

What is the Fund’s investment objective?

Delaware Opportunity Fund seeks long-term capital growth.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)


Class	A		Inst.		R6
Maximum sales charge (load) imposed on purchases as a percentage of offering price		5.75%		none		none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower		none		none		none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			Inst.			R6
Management fees		0.75%			0.75%			0.75%
Distribution and service (12b-1) fees		0.25%			none			none
Other expenses		0.26%			0.26%			0.10%	1
Total annual fund operating expenses		1.26%			1.01%			0.85%
Fee waivers and expense reimbursements		(0.05%)	2		(0.11%)	2		(0.07%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.21%			0.90%			0.78%


¹	“Other expenses” for Class R6 are estimated and account for Class R6 shares not being subject to certain expenses as described further in the section of the prospectus entitled “Choosing a share class.”
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.21%, 0.90%, and 0.78% of the Fund’s average daily net assets for Class A shares, Institutional Class shares and Class R6 shares, respectively, from Oct. 4, 2019 through Oct. 31, 2021. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example


Class	A		Inst.		R6
1 year		$691		$92		$80
3 years		$942		$299		$257
5 years		$1,218		$536		$457
10 years		$2,002		$1,216		$1,036

Portfolio turnover

What are the Fund’s principal investment strategies?

The Fund invests primarily in mid-size companies that the Manager believes offer attractive valuation and quality characteristics. Companies with attractive valuations are those that have a lower valuation than the company’s historical average valuation and a lower valuation than the company’s competitors. Companies with quality characteristics will make shareholder friendly use of its cash flow, which would include, but is not limited to: dividend payments or increases, share repurchases, and repayment of debt. The Fund also may invest in active or passive exchange-traded funds (ETFs) to gain exposure to such securities and in real estate investment trusts (REITs). The Fund may continue to hold stocks of companies that grow into larger companies and may also invest opportunistically in larger companies.

The Fund uses a “bottom-up” approach to selecting investments. The Fund uses fundamental research to search for companies that have one or more of the following: a strong balance sheet; experienced management; and stocks that are attractively priced. The Fund attempts to stay broadly diversified, but it may emphasize certain industry sectors based upon economic and market conditions.

The Fund may sell a stock if it becomes fully valued, its fundamentals have deteriorated or alternative investments become more attractive. The Fund may also sell a stock if it grows into a large, well-established company, although it may also continue to hold such a stock irrespective of its size.

The Manager may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Fund Management Hong Kong Limited, to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

What are the principal risks of investing in the Fund?

Market risk — Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions.

Exchange-traded funds risk — The risks of investing in an ETF typically reflect the risks of the types of instruments in which the ETF invests. In addition, because ETFs are investment companies, the Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Fund’s expenses may be higher and performance may be lower.

REIT risk — In addition to the risks associated with the real estate industry, which include declines in the real estate market, decreases in property revenues and increases in property taxes and operating expenses, REITs are subject to additional risks, including those related to adverse governmental actions, declines in property value, and the potential failure to qualify for federal tax-free “pass-through” of distributed net income and net realized gains and exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area or a small number of property types. As a result, investments in REITs may be volatile. REITs are pooled investment vehicles with their own fees and expenses, and the Fund will indirectly bear a proportionate share of those fees and expenses.

How has Delaware Opportunity Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund. The Fund has adopted the performance of the First Investors Opportunity Fund (Predecessor Fund) as the result of a reorganization of the Predecessor Fund into the Fund, which was consummated after the close of business on Oct. 4, 2019 (Reorganization). The Fund had not yet commenced operations prior to the Reorganization. The bar chart shows changes in the performance of the Predecessor Fund from year to year and shows how the Predecessor Fund’s average annual total returns for the 1-, 5-, and 10-year or

Fund summary

lifetime periods compare with those of a broad measure of market performance. The Predecessor Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

Updated performance information is available by calling 800 423-4026 or by visiting our website at delawarefunds.com/performance.

Calendar year-by-year total return (Class A)

As of June 30, 2019, the Fund’s Class A shares had a calendar year-to-date return of 19.23%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 20.16% for the quarter ended June 30, 2009, and its lowest quarterly return was -19.82% for the quarter ended Sept. 30, 2011. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2018


	1 year		5 years		10 years		Life of Class (If less than 10 years)
Class A return before taxes		-20.62%		1.20%		11.45%		—
Class A return after taxes on distributions		-22.67%		-0.50%		10.27%		—
Class A return after taxes on distributions and sale of Fund shares		-10.75%		0.54%		9.35%		—
Institutional Class return before taxes (Inception Date: 4/1/13)		-15.51%		2.71%		—		6.96%
Class R6 return before taxes (Inception Date: 4/1/13)		-15.42%		2.84%		—		7.11%
Russell Midcap® Value Index (reflects no deduction for fees, expenses, or taxes)*		-12.29%		5.44%		13.03%		7.59%
S&P MidCap 400® Index (reflects no deduction for fees, expenses or taxes)*		-11.08%		6.03%		13.68%		8.24%

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.

* The Fund changed its broad-based securities index to the Russell Midcap Value Index as of Oct. 4, 2019. The Fund elected to use the new index because it more closely reflected the Fund’s investment strategies.

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Christopher S. Beck, CFA	Executive Director, Chief Investment Officer — US Small-Mid Cap Value Equity	October 2019
Kelley McKee Carabasi, CFA	Vice President, Senior Portfolio Manager	October 2019
Steven G. Catricks, CFA	Vice President, Senior Portfolio Manager	October 2019
Kent P. Madden, CFA	Vice President, Senior Portfolio Manager	October 2019
Michael Foley, CFA	Vice President, Senior Portfolio Manager	October 2019

Sub-advisors

Macquarie Investment Management Global Limited (MIMGL)

Macquarie Funds Management Hong Kong Limited (MFMHKL)

Purchase and redemption of Fund shares

Tax information

Payments to broker/dealers and other financial intermediaries

Fund summary

Delaware Premium Income Fund

What is the Fund’s investment objective?

Delaware Premium Income Fund seeks to generate income.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)


Class	A		Inst.		R6
Maximum sales charge (load) imposed on purchases as a percentage of offering price		5.75%		none		none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower		none		none		none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			Inst.			R6
Management fees		0.80%			0.80%			0.80%
Distribution and service (12b-1) fees		0.25%			none			none
Other expenses		0.39%			0.39%			0.29%	1
Total annual fund operating expenses		1.44%			1.19%			1.09%
Fee waivers and expense reimbursements		(0.14%)	2		(0.14%)	2		(0.19%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.30%			1.05%			0.90%


¹	“Other expenses” for Class R6 are estimated and account for Class R6 shares not being subject to certain expenses as described further in the section of the prospectus entitled “Choosing a share class.”
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.30%, 1.05% and 0.90% of the Fund’s average daily net assets for Class A shares, Institutional Class shares and Class R6 shares, respectively, from Oct. 4, 2019 through Oct. 31, 2021. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example


Class	A		Inst.		R6
1 year		$700		$107		$92
3 years		$978		$349		$308
5 years		$1,291		$627		$563
10 years		$2,177		$1,418		$1,294

Portfolio turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. From the Predecessor Fund’s (defined below) inception date, April 2, 2018 to its recent fiscal year end, the Predecessor Fund's portfolio turnover rate was 77% of the average value of its portfolio.

What are the Fund’s principal investment strategies?

The Fund invests in a portfolio of equity securities and writes (sells) call options on those securities. Under normal circumstances, the Fund will write (sell) call options on a majority of its total assets. Typically, all of the call options written (sold) by the Fund are expected to be “in the money” at the time they are written (sold). The Fund’s call option writing strategy is designed to generate income and lower the overall risk profile of the Fund’s portfolio.

A call option gives the purchaser of the option the right to buy, and the writer, in this case, the Fund, the obligation to sell, the underlying security at the exercise price at any time prior to the expiration of the option, regardless of the market price of the underlying security during the option period. An “in the money” call option means that its exercise price is below the current market price of the underlying security. The Fund receives premiums for writing covered call options as consideration for undertaking the obligations under the option contracts. Premiums received for a call option the Fund writes will be treated as a short-term capital gain if the option expires.

The Fund will normally write (sell) covered call options listed on US exchanges on the equity securities held by the Fund. The Fund’s equity investments will consist primarily of common stocks of large-size US companies (companies over $10 billion in market capitalization), certain of which may pay dividends, and US dollar-denominated equity securities of foreign issuers (i.e., American Depositary Receipts (ADRs)), traded on US securities exchanges. To a lesser extent, the Fund may also invest in and write (sell) covered call options on securities of mid- and small-capitalization issuers and exchange-traded funds (ETFs) that track certain market indices, such as the S&P 500. Small capitalization are defined as companies that have a market cap no greater than $5 billion and mid-capitalization companies have a market cap between $5 to $10 billion. The Fund’s covered call writing strategy is intended to generate income rather than keep pace with the equity markets. As a result, the Fund may underperform equity markets. Covered call options may be sold up to the number of shares of the equity securities held by the Fund.

In selecting investments, Ziegler Capital Management, LLC (ZCM), the Fund’s sub-advisor, considers the following, among other criteria: a) companies in an industry with a large market share or significant revenues that fit the Fund’s investment strategy; b) companies with new products or new management to replace underperforming management; c) recent or anticipated fundamental improvements in industry environment; and d) companies that are out of favor. ZCM considers several factors when writing (selling) call options, including the overall equity market outlook, sector and/or industry attractiveness, individual security considerations, and relative and/or historical levels of option premiums.

The Fund may sell a security based on the following, among other criteria: a) an actual or anticipated significant decline in an issuer’s profitability and/or a significant negative outlook from management; b) a large appreciation in the stock price that leads to overvaluation relative to itself and its peers historically; c) significant management turnover at the senior level; d) an industry-wide decrease in demand for an issuer’s products or services; or e) unattractive call premiums. ZCM writes call options based upon its outlook on the economy and stock market and analysis of individual stocks, which can impact the exercise price and expiration of a call option. The writing of covered call options may result in frequent trading and a high portfolio turnover rate.

What are the principal risks of investing in the Fund?

Call options risk — Writing call options involves risks, such as potential losses if equity markets or an individual equity security do not move as expected and the potential for greater losses than if these techniques had not been used. By writing covered call options, the Fund will lose money if the exercise price of an option is below the market price of the asset on which an option was written and the premium received by the Fund for writing the option is insufficient to make up for that loss. The Fund will also give up the opportunity to benefit from potential increases in the value of a Fund asset above the option’s exercise price. Nevertheless, the Fund will continue to bear the risk of declines in the value of the covered assets. Writing call options may expose the Fund to significant additional costs. Derivatives may be difficult to sell, unwind or value.

Tax risk — Writing call options may significantly reduce or eliminate the amount of dividends that generally are taxable to non-corporate shareholders at a lower rate. Covered call options also are subject to federal tax rules that: (1) limit the allowance of certain losses or deductions; (2) convert long-term capital

Fund summary

gains into higher taxed short-term capital gains or ordinary income; (3) convert ordinary losses or deductions to capital losses, the deductibility of which are more limited; and/or (4) cause the recognition of income or gains without a corresponding receipt of cash.

American depositary receipts risk — ADRs may involve many of the same risks as direct investments in foreign securities, including currency exchange fluctuations, less liquidity, more volatility, different governmental regulations, and the potential for political and economic instability.

How has Delaware Premium Income Fund performed?

The Fund has adopted the performance of the First Investors Premium Income Fund (Predecessor Fund) as the result of a reorganization of the Predecessor Fund into the Fund, which was consummated after the close of business on Oct. 4, 2019 (Reorganization). The Fund had not yet commenced operations prior to the Reorganization.

Because the Predecessor Fund commenced operations on Apr. 2, 2018, there is no performance information for a full calendar year. You may obtain the Fund’s most recently available month-end performance by calling 800 423-4026 or by visiting our website at delawarefunds.com/performance.

As of June 30, 2019, the Fund’s Class A shares had a calendar year-to-date return of 6.59%

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)

Sub-advisor

Ziegler Capital Management, LLC (ZCM)


Portfolio managers	Title with ZCM	Start date on the Fund
Wiley D. Angell	Senior Portfolio Manager	October 2019
Sean C. Hughes, CFA	Senior Portfolio Manager	October 2019

Purchase and redemption of Fund shares

Tax information

Payments to broker/dealers and other financial intermediaries

Fund summary

Delaware Growth Equity Fund

What is the Fund’s investment objective?

Delaware Growth Equity Fund seeks long-term growth of capital.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)


Class	A		Inst.		R6
Maximum sales charge (load) imposed on purchases as a percentage of offering price		5.75%		none		none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower		none		none		none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			Inst.			R6
Management fees		0.65%			0.65%			0.65%
Distribution and service (12b-1) fees		0.25%			none			none
Other expenses		0.21%			0.21%			0.09%	1
Total annual fund operating expenses		1.11%			0.86%			0.74%
Fee waivers and expense reimbursements		(0.00%)	2		(0.00%)	2		(0.00%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.11%			0.86%			0.74%


¹	“Other expenses” for Class R6 are estimated and account for Class R6 shares not being subject to certain expenses as described further in the section of the prospectus entitled “Choosing a share class.”
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.17%, 0.86% and 0.79% of the Fund’s average daily net assets for Class A shares, Institutional Class shares and Class R6 shares, respectively, from Oct. 4, 2019 through Oct. 31, 2021. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example


Class	A		Inst.		R6
1 year		$682		$88		$76
3 years		$908		$274		$237
5 years		$1,151		$477		$411
10 years		$1,849		$1,061		$918

Portfolio turnover

What are the Fund’s principal investment strategies?

The Fund invests in a portfolio of approximately 40-45 common stocks that the Fund’s sub-advisor, Smith Asset Management Group, L.P. (Smith), believes offers the best potential for earnings growth with the lowest risk of negative earnings surprises.

Smith employs quantitative and qualitative analysis to identify high quality companies that it believes have the ability to accelerate earnings growth and exceed investor expectations. Beginning with a universe of stocks that includes large-, mid- and small-size companies, Smith’s investment team uses risk control and valuation screens primarily based on valuation, financial quality, stock volatility and corporate governance, to eliminate stocks that are highly volatile or are more likely to underperform the market. The Fund will generally invest primarily in US companies.

Stocks that pass the initial screens are then evaluated using a proprietary methodology and fundamental analysis to produce a list of 80-100 eligible companies that Smith believes have a high probability of earnings growth that exceeds investor expectations. The analysis includes an evaluation of changes in Wall Street opinions, individual analysts’ historical accuracy, earnings quality analysis and corporate governance practices. Smith then constructs the Fund’s portfolio based on a traditional fundamental analysis of the companies identified on the list to understand their business prospects, earnings potential, strength of management and competitive positioning.

Stocks may be sold if they exhibit negative investment or performance characteristics, including: a negative earnings forecast or report, valuation concerns, company officials’ downward guidance on company performance or earnings or announcement of a buyout. Additionally, from time to time, in pursuing its investment strategies, the Fund may hold significant investments (25% or more of its assets) in a specific market sector, including the information technology sector.

What are the principal risks of investing in the Fund?

Market risk — Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions.

Growth stock risk — The Fund’s focus on growth stocks increases the potential volatility of its share price. If expectations are not met, the prices of these stocks may decline significantly.

Focused portfolio risk — Because the Fund generally invests in a limited portfolio of only 40 to 45 stocks, its performance may be more volatile than other funds whose portfolios contain a larger number of securities.

Sector risk — The Fund may hold a significant amount of investments in similar businesses, which could be affected by the same economic or market conditions. The Fund may be significantly invested in the information technology sector, meaning that the value of the Fund’s shares may be particularly vulnerable to factors affecting that sector, such as intense competition and potentially rapid product obsolescence. Companies in this sector also are heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights.

Mid-size and small-size company risk — The market risk associated with stocks of mid- and small-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of mid- and small-size companies tend to experience sharper price fluctuations. At times, it may be difficult to sell mid- to small-size company stocks at reasonable prices.

The Fund’s investment manager, Delaware Management Company (Manager), is an indirect wholly owned subsidiary of Macquarie Group Limited (MGL). Other than Macquarie Bank Limited (MBL), a subsidiary of MGL and an affiliate of the Manager, none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Fund is governed by US laws and regulations.

Fund summary

How has Delaware Growth Equity Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund. The Fund has adopted the performance of the First Investors Select Growth Fund (Predecessor Fund) as the result of a reorganization of the Predecessor Fund into the Fund, which was consummated after the close of business on Oct. 4, 2019 (Reorganization). The Fund had not yet commenced operations prior to the Reorganization. The bar chart shows changes in the performance of the Predecessor Fund from year to year and shows how the Predecessor Fund’s average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. The Predecessor Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

Updated performance information is available by calling 800 423-4026 or by visiting our website at delawarefunds.com/performance.

Calendar year-by-year total return (Class A)

As of June 30, 2019, the Fund’s Class A shares had a calendar year-to-date return of 13.76%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 15.11% for the quarter ended March 31, 2012, and its lowest quarterly return was -16.09% for the quarter ended Sept. 30, 2011. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2018


	1 year		5 years		10 years		Life of Class (If less than 10 years)
Class A return before taxes		-9.49%		7.60%		11.52%		—
Class A return after taxes on distributions		-10.67%		5.71%		10.53%		—
Class A return after taxes on distributions and sale of Fund shares		-4.78%		5.58%		9.39%		—
Institutional Class return before taxes (Inception Date: 4/1/13)		-3.65%		9.29%		—		12.07%
Class R6 return before taxes (Inception Date: 4/1/13)		-3.58%		9.36%		—		12.19%
Russell 1000® Growth Index (reflects no deduction for fees, expenses or taxes)*		-1.51%		10.40%		15.29%		12.80%
Russell 3000® Growth Index (reflects no deduction for fees, expenses or taxes)*		-2.12%		9.99%		15.15%		12.49%

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.

* The Fund changed its broad-based index from the Russell 3000 Growth Index as of Jan. 31, 2019. The Fund elected to use the new index because it more closely reflects the Fund’s investment strategy.

vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)

Sub-advisor

Smith Asset Management Group, L.P. (Smith)


Portfolio managers	Title with Smith	Start date on the Fund
Stephen S. Smith, CFA	Chief Executive Officer and Chief Investment Officer	October 2019
John D. Brim, CFA	President and Portfolio Manager	October 2019
Eivind Olsen, CFA	Portfolio Manager	October 2019

Purchase and redemption of Fund shares

Tax information

Payments to broker/dealers and other financial intermediaries

Fund summary

Delaware Special Situations Fund

What is the Fund’s investment objective?

Delaware Special Situations Fund seeks long-term growth of capital.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)


Class	A		Inst.		R6
Maximum sales charge (load) imposed on purchases as a percentage of offering price		5.75%		none		none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower		none		none		none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			Inst.			R6
Management fees		0.75%			0.75%			0.75%
Distribution and service (12b-1) fees		0.25%			none			none
Other expenses		0.24%			0.24%			0.10%	1
Total annual fund operating expenses		1.24%			0.99%			0.85%
Fee waivers and expense reimbursements		(0.00%)	2		(0.00%)	2		(0.00%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.24%			0.99%			0.85%


¹	“Other expenses” for Class R6 are estimated and account for Class R6 shares not being subject to certain expenses as described further in the section of the prospectus entitled “Choosing a share class.”
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.27%, 1.02% and 0.87% of the Fund’s average daily net assets for Class A shares, Institutional Class shares and Class R6 shares, respectively, from Oct. 4, 2019 through Oct. 31, 2021. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example


Class	A		Inst.		R6
1 year		$694		$101		$87
3 years		$946		$315		$271
5 years		$1,217		$547		$471
10 years		$1,989		$1,213		$1,049

Portfolio turnover

What are the Fund’s principal investment strategies?

The Fund invests primarily in common stocks of small sized companies that the investment manager, Delaware Management Company (Manager), believes appear low relative to their underlying value or long-term potential.

The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of the value of its total assets (net assets plus the amount of any borrowings for investment purposes) in securities of companies that are deemed by the Manager to be special situations which are defined as investments primarily in common stocks of small-size companies that in the Manager’s opinion, appear low relative to their underlying value or future potential. The Fund uses a “bottom-up” approach to selecting investments. The Fund uses fundamental research to search for companies that have one or more of the following: a strong balance sheet, experienced management, and stocks that are attractively priced. Considerations used when determining a special situation include, among other factors, the financial strength of a company, its management, the prospects for its industry, and any anticipated changes within the company that might suggest a more favorable outlook going forward. The Manager focuses on free cash flow in its individual stock selection, seeking companies that it believes have a sustainable ability to buy back shares, lower debt, and/or increase or initiate dividends. The Fund considers small-capitalization companies to be companies with a market capitalization generally less than 3.5 times the dollar-weighted, median market capitalization of the Russell 2000® Index at the time of purchase. The Fund may invest in exchange-traded funds (ETFs) to gain exposure to stocks and up to 15% of its net assets in real estate investment trusts (REITs).

What are the principal risks of investing in the Fund?

Market risk — Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions.

Small-size and mid-size company risk — The market risk associated with stocks of small- and mid-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of small- and mid-size companies tend to experience sharper price fluctuations. At times, it may be difficult to sell small- to mid-size company stocks at reasonable prices.

Undervalued securities risk — The Fund seeks to invest in stocks that the Manager believes are undervalued and that it believes will rise in value due to anticipated events or changes in investor perceptions. If these developments do not occur, the market price of these securities may not rise as expected or may fall.

Fund summary

How has Delaware Special Situations Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund. The Fund has adopted the performance of the First Investors Special Situations Fund (Predecessor Fund) as the result of a reorganization of the Predecessor Fund into the Fund, which was consummated after the close of business on Oct. 4, 2019 (Reorganization). The Fund had not yet commenced operations prior to the Reorganization. The bar chart shows changes in the performance of the Predecessor Fund from year to year and shows how the Predecessor Fund’s average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. The Predecessor Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

Updated performance information is available by calling 800 423-4026 or by visiting our website at delawarefunds.com/performance.

Calendar year-by-year total return (Class A)

As of June 30, 2019, the Fund’s Class A shares had a calendar year-to-date return of 11.97%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 16.75% for the quarter ended June 30, 2009, and its lowest quarterly return was -18.76% for the quarter ended Dec. 31, 2018. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2018


	1 year		5 years		10 years		Life of Class (If less than 10 years)
Class A return before taxes		-21.83%		2.15%		10.07%		—
Class A return after taxes on distributions		-24.60%		0.69%		8.75%		—
Class A return after taxes on distributions and sale of Fund shares		-10.98%		1.08%		8.03%		—
Institutional Class return before taxes (Inception Date: 4/1/13)		-16.80%		3.69%		—		6.47%
Class R6 return before taxes (Inception Date: 4/1/13)		-16.71%		3.81%		—		6.65%
Russell 2000® Value Index (reflects no deductions for fees, expenses or taxes)*		-12.86%		3.61%		10.40%		6.53%
MSCI USA Small Cap Value Index (reflects no deductions for fees, expenses or taxes)*		-13.35%		4.82%		12.85%		7.57%
Russell 2000® Index (reflects no deduction for fees, expenses or taxes)*		-11.01%		4.41%		11.97%		—

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.

* The Fund changed its broad-based securities index to the Russell 2000 Value Index as of Oct. 4, 2019. The Fund had previously changed its broad-based securities index to the MSCI USA Small Cap Value Index as of Jan. 31, 2019. In each case Fund elected to use the new index because it more closely reflected the Fund’s investment strategies. The Fund’s secondary benchmark, the Russell 2000 Index was removed as of Oct. 4, 2019.

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Christopher S. Beck, CFA	Executive Director, Chief Investment Officer — US Small-Mid Cap Value Equity	October 2019
Kelley McKee Carabasi, CFA	Vice President, Senior Portfolio Manager	October 2019
Steven G. Catricks, CFA	Vice President, Senior Portfolio Manager	October 2019
Kent P. Madden, CFA	Vice President, Senior Portfolio Manager	October 2019
Michael Foley, CFA	Vice President, Senior Portfolio Manager	October 2019

Sub-advisors

Macquarie Investment Management Global Limited (MIMGL)

Macquarie Funds Management Hong Kong Limited (MFMHKL)

Purchase and redemption of Fund shares

Tax information

Payments to broker/dealers and other financial intermediaries

Fund summary

Delaware Total Return Fund

What is the Fund’s investment objective?

Delaware Total Return Fund seeks to provide sustainable current income with potential for capital appreciation with moderate investment risk.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)


Class	A		Inst.		R6
Maximum sales charge (load) imposed on purchases as a percentage of offering price		5.75%		none		none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower		none		none		none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			Inst.			R6
Management fees		0.65%			0.65%			0.65%
Distribution and service (12b-1) fees		0.25%			none			none
Other expenses		0.22%			0.22%			0.11%	1
Total annual fund operating expenses		1.12%			0.87%			0.76%
Fee waivers and expense reimbursements		(0.00%)	2		(0.00%)	2		(0.00%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.12%			0.87%			0.76%


¹	“Other expenses” for Class R6 are estimated and account for Class R6 shares not being subject to certain expenses as described further in the section of the prospectus entitled “Choosing a share class.”
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.15%, 0.91% and 0.79% of the Fund’s average daily net assets for Class A shares, Institutional Class shares and Class R6 shares, respectively, from Oct. 4, 2019 through Oct. 31, 2021. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example


Class	A		Inst.		R6
1 year		$683		$89		$78
3 years		$911		$278		$243
5 years		$1,156		$482		$422
10 years		$1,860		$1,073		$942

Portfolio turnover

What are the Fund’s principal investment strategies?

The Fund allocates its assets among stocks (US and foreign companies), bonds and money market instruments. The Fund does not use a fixed formula for allocating investments between stocks and bonds. While the percentage of assets allocated to each asset class is flexible rather than fixed, the Fund normally invests at least 50% of its net assets in stocks and convertible securities with the remainder in bonds, cash and money market instruments. The percentages may change due to, among other things, market fluctuations or reallocation decisions by the Fund’s portfolio managers.

In connection with the determination of the Fund’s allocation ranges, the Fund's investment manager, Delaware Management Company (Manager), considers various factors, including existing and projected market conditions for equity and fixed income securities. Once the asset allocation for bonds, stocks and money market instruments has been set, the Manager uses fundamental research and analysis to determine which particular investments to purchase or sell. The percentage allocations within the above ranges may change due to, among other things, market fluctuations or reallocation decisions by the Manager. Reallocations outside of the above ranges are expected to occur infrequently. In addition, the Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited (MIMGL), and Macquarie Funds Management Hong Kong Limited (MFMHKL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor's specialized market knowledge.

The Manager may permit its affiliates, MIMGL and MFMHKL, to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

The Fund’s investments in stocks are normally diversified among common stocks of large-, mid- and small-size companies that offer the potential for capital growth, current income, or both. In selecting stocks, the Manager considers, among other things, the issuer’s financial strength, management, earnings growth potential and history (if any) of paying dividends.

The Fund’s investments in bonds are primarily diversified among different types of bonds and other debt securities, including corporate bonds, US Government securities, and mortgage-backed and other asset-backed securities. The Manager selects bonds by first considering the outlook for the economy and interest rates, and thereafter, a particular security’s characteristics. The Manager may sell a security if it becomes fully valued, its fundamentals have deteriorated, alternative investments become more attractive or if it is necessary to rebalance the portfolio. The Fund does not impose any maturity, duration or ratings limits on the Manager's investments in bonds.

The Fund may also invest in high yield, below investment grade corporate bonds (commonly known as high yield or “junk bonds”). High yield bonds include bonds that are rated below Baa3 by Moody’s Investors Service, Inc. or below BBB- by Standard & Poor’s Financial Services LLC as well as unrated bonds that are determined by the Manager to be of equivalent quality. The Manager will consider ratings assigned by ratings agencies in selecting high yield bonds, but relies principally on its own research and investment analysis. In managing its portion of the Fund, the Manager primarily focuses on investments it believes can generate attractive and consistent income. The Manager may sell a bond when it shows deteriorating fundamentals or it falls short of the Manager’s expectations. The Fund may invest in credit-linked securities, provided that no more than 10% of the Fund’s net assets are invested in credit-linked securities.

In addition, the Manager may also invest in active or passive exchange-traded funds (ETFs) that could expose the Fund to high yield securities.

The Fund may also invest in real estate related companies and real estate investment trusts (REITs).

The Fund may also invest in US Treasury futures and options on US Treasury futures to hedge against changes in interest rates.

The Fund may invest 20% of its net assets in derivatives, including but not limited to, options, futures, forwards, and swaps. The Manager will invest in derivatives for the purpose of gaining market exposure, hedging, generating income through option overwriting, and to facilitate foreign currency transactions. Under normal conditions, the Fund will not invest more than 20% of its assets or the economic equivalent in derivatives instruments.

What are the principal risks of investing in the Fund?

Market risk — Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. Similarly, bond prices fluctuate in value with changes in interest rates, the economy and circumstances directly involving issuers. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Certain investments may be difficult or impossible to sell at a favorable time or price when the Fund requires liquidity to make redemptions.

Fund summary

Allocation risk — The Fund may allocate assets to investment classes that underperform other classes. For example, the Fund may be overweighted in stocks when the stock market is falling and the bond market is rising.

Credit risk — A debt issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the credit quality of the issuer and, in the case of mortgage-backed and other asset-backed securities, the credit quality of the underlying loans. Securities issued by US Government-sponsored enterprises are supported only by the credit of the issuing entity.

High yield (junk bond) risk — The risk that high yield securities, commonly known as “junk bonds,” are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds.

Prepayment and extension risk — When interest rates decline, borrowers tend to refinance their loans and the loans that back mortgage-backed and other asset-backed securities suffer a higher rate of prepayment. This could cause a decrease in the Fund’s income and share price. Conversely, when interest rates rise, borrowers tend to repay their loans less quickly, which will generally increase both the Fund’s sensitivity to rising interest rates and its potential for price declines.

Derivatives risk — Investments in US Treasury futures and options on US Treasury futures to hedge against changes in interest rates involve risks, such as potential losses if interest rates do not move as expected and the potential for greater losses than if these techniques had not been used. Investments in derivatives can increase the volatility of the Fund’s share price and may expose it to significant additional costs. Derivatives may be difficult to sell, unwind, or value.

Foreign securities risk — There are special risk factors associated with investing in foreign securities, including the risks of fluctuations in exchange rates, potential political and economic instability, differing accounting and financial reporting standards or inability to obtain reliable financial information regarding an issuer’s financial condition, less stringent regulation and supervision of foreign securities markets, custodians and securities depositories, and potential capital restrictions. Some securities issued by foreign governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of the foreign government and some foreign governments may default on principal and interest payments. To the extent the Fund significantly invests in securities of a single country or region, it is more likely to be affected by events or conditions of that area. As a result, it may be more volatile than a more geographically diversified fund.

Real estate industry risk — This risk includes, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes, and operating expenses; changes in zoning laws; costs resulting from the cleanup of, and liability to third parties resulting from, environmental problems; casualty for condemnation losses; uninsured damages from floods, earthquakes, or other natural disasters; limitations on and variations in rents; and changes in interest rates.

Liquidity risk — Certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. High yield securities and loans tend to be less liquid. Floating rate loans generally are subject to legal or contractual restrictions on resale and may trade infrequently. Bonds also may be less liquid because of potential delays in the settlement process or restrictions on resale.

How has Delaware Total Return Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund. The Fund has adopted the performance of the First Investors Total Return Fund (Predecessor Fund) as the result of a reorganization of the Predecessor Fund into the Fund, which was consummated after the close of business on Oct. 4, 2019 (Reorganization). The Fund had not yet commenced operations prior to the Reorganization. The bar chart shows changes in the performance of the Predecessor Fund from year to year and shows how the Predecessor Fund’s average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. The Predecessor Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

Updated performance information is available by calling 800 423-4026 or by visiting our website at delawarefunds.com/performance.

Calendar year-by-year total return (Class A)

As of June 30, 2019, the Fund’s Class A shares had a calendar year-to-date return of 12.82%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 11.16% for the quarter ended June 30, 2009, and its lowest quarterly return was -9.97% for the quarter ended Sept. 30, 2011. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Fund summary

Average annual total returns for periods ended December 31, 2018


	1 year		5 years		10 years		Life of Class (If less than 10 years)
Class A return before taxes		-13.12%		1.32%		7.31%		—
Class A return after taxes on distributions		-15.26%		0.00%		6.23%		—
Class A return after taxes on distributions and sale of Fund shares		-6.32%		0.52%		5.54%		—
Institutional Class return before taxes (Inception Date: 4/1/13)		-7.54%		2.89%		—		4.65%
Class R6 return before taxes (Inception Date: 4/1/13)		-7.45%		2.95%		—		4.74%
S&P 500® Index (reflects no deduction for fees, expenses or taxes)		-4.38%		8.49%		13.12%		10.75%
60% S&P 500® Index / 40% Bloomberg Barclays US Aggregate Index (reflects no deduction for fees, expenses or taxes)		-2.35%		6.24%		9.42%		7.27%
Bloomberg Barclays US Aggregate Index (reflects no deduction for fees, expenses, or taxes)		0.01%		2.52%		3.48%		1.85%
ICE BofAML US Corporate, Government & Mortgage Index* (reflects no deduction for fees, expenses or taxes)		0.00%		2.61%		3.44%		—

* The Fund's secondary benchmark, the ICE BofAML US Corporate, Government & Mortgage Index was removed as of Oct. 4, 2019.

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Babak “Bob” Zenouzi	Senior Vice President, Chief Investment Officer — Real Estate Securities and Income Solutions (RESIS)	October 2019
Damon J. Andres, CFA	Vice President, Senior Portfolio Manager	October 2019

Sub-advisors

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK)

Macquarie Investment Management Europe Limited (MIMEL)

Macquarie Investment Management Global Limited (MIMGL)

Macquarie Funds Management Hong Kong Limited (MFMHKL)

Purchase and redemption of Fund shares

Tax information

Payments to broker/dealers and other financial intermediaries

Fund summary

Delaware Floating Rate II Fund

What is the Fund’s investment objective?

Delaware Floating Rate II Fund seeks a high level of current income.

What are the Fund’s fees and expenses?

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Funds® by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund’s Prospectus under the section entitled “About your account,” and in the Fund’s statement of additional information (SAI) under the section entitled “Purchasing Shares.”

Shareholder fees (fees paid directly from your investment)


Class	A		Inst.		R6
Maximum sales charge (load) imposed on purchases as a percentage of offering price		2.75%		none		none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower		none		none		none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			Inst.			R6
Management fees		0.50%			0.50%			0.50%
Distribution and service (12b-1) fees		0.25%			none			none
Other expenses		0.32%			0.32%			0.20%	1
Total annual fund operating expenses		1.07%			0.82%			0.70%
Fee waivers and expense reimbursements		(0.02%)	2		(0.00%)	2		(0.00%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.05%			0.82%			0.70%


¹	“Other expenses” for Class R6 are estimated and account for Class R6 shares not being subject to certain expenses as described further in the section of the prospectus entitled “Choosing a share class.”
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.05%, 0.89% and 0.74% of the Fund’s average daily net assets for Class A shares, Institutional Class shares and Class R6 shares, respectively, from Oct. 4, 2019 through Oct. 31, 2021. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example


Class	A		Inst.		R6
1 year		$379		$84		$72
3 years		$602		$262		$224
5 years		$845		$455		$390
10 years		$1,541		$1,014		$871

Portfolio turnover

What are the Fund’s principal investment strategies?

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in floating rate loans and/or bonds (80% policy). Floating rate loans represent amounts borrowed by companies or other entities from banks and other lenders, which have interest rates that reset periodically (annually or more frequently), generally based on a common interest rate index or another base rate. In many cases, they are issued in connection with recapitalizations, acquisitions, leveraged buyouts and refinancings.

The Fund will normally invest the majority of its assets in US dollar denominated senior secured floating rate loans and/or bonds. A senior floating rate loan typically has priority with respect to payment (to the extent assets are available) in the event of bankruptcy. The Fund generally will acquire floating rate loans as assignments from lenders.

The Fund may invest in floating rate loans and/or bonds of any maturity or credit quality, but typically will invest in short duration, below investment grade floating rate loans and/or bonds (commonly referred to as high-yield or “junk” bonds) that the Manager believes have attractive risk/reward characteristics and which are issued by US corporations and/or foreign corporations in US dollars. The Fund generally invests in below investment grade securities that are rated from BB+ to B- by Standard & Poor’s (S&P), Ba1 through B3 by Moody’s Investors Service, Inc., or which are deemed to be of equivalent credit quality by the Manager. To a lesser extent, the Fund may invest in below investment grade securities below these ranges. The Fund will primarily invest in high yield floating rate loans and/or bonds, and may invest, to a lesser degree, in fixed-rate bonds.

The Manager generally attempts to reduce the impact on the Fund from changing interest rates by investing in securities with shorter durations. Duration is a measurement of a loan’s or bond’s sensitivity to changes in interest rates. In general, the longer the duration of loans and/or bonds, the greater the likelihood that an increase in interest rates would cause a decline in the price of the Fund’s shares. The Manager believes that the Fund’s short duration approach potentially reduces interest rate risk.

Although the Manager will consider ratings assigned by ratings agencies in selecting floating rate loans and/or bonds, it relies principally on its own research and analysis. The Manager selects a loan and/or bond based on a bottom-up evaluation of each company and each loan or security. The Manager considers both company-specific quantitative and qualitative factors, including: a company’s managerial strength and commitment to debt repayment; anticipated cash flow; debt maturity schedules; borrowing requirements; use of borrowing proceeds; asset coverage; earnings prospects; applicable legislation, regulation, or litigation; and the strength and depth of the protections afforded to the lender through the documentation governing the bank loan or bond issuance. In addition, the Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.

The Fund may sell a holding when it has fulfilled the Manager’s expectations, no longer offers compelling relative value, shows deteriorating fundamentals, or if it falls short of the Manager’s expectations. The Manager may also decide to continue to hold a loan or bond (or related securities) after a default.

What are the principal risks of investing in the Fund?

Market risk — The floating rate loan, high yield loan and bond market can experience sharp price swings due to a variety of factors, including changes in economic forecasts, stock market volatility, large sustained sales of high yield bonds by major investors, high-profile defaults or the market’s psychology. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions.

Credit risk — A debt issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the credit quality of the issuer.

Fund summary

Interest rate risk — In general, when interest rates rise, the market value of a debt security declines, and when interest rates decline, the market value of a debt security increases. The interest rates on floating rate securities adjust periodically and may not correlate to prevailing interest rates during the periods between rate adjustments, meaning that they could remain sensitive over the short-term to interest rate changes. Securities with longer maturities and durations are generally more sensitive to interest rate changes.

High yield (junk bond) risk — The risk that high yield securities, commonly known as “junk bonds,” are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds.

How has Delaware Floating Rate II Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund. The Fund has adopted the performance of the First Investors Floating Rate Fund (Predecessor Fund) as the result of a reorganization of the Predecessor Fund into the Fund, which was consummated after the close of business on Oct. 4, 2019 (Reorganization). The Fund had not yet commenced operations prior to the Reorganization. The bar chart shows changes in the performance of the Predecessor Fund from year to year and shows how the Predecessor Fund’s average annual total returns for the 1-year, 5-year and lifetime periods compare with those of a broad measure of market performance. The Predecessor Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

Updated performance information is available by calling 800 423-4026 or by visiting our website at delawarefunds.com/performance.

Calendar year-by-year total return (Class A)

As of June 30, 2019, the Fund’s Class A shares had a calendar year-to-date return of 4.73%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 1.79% for the quarter ended Sept. 30, 2016, and its lowest quarterly return was -2.91% for the quarter ended Dec. 31, 2018. The maximum Class A sales charge of 2.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2018


	1 year		5 years		Life of Class
Class A return before taxes (Inception Date: 10/21/13)		-2.42%		1.16%		1.22%
Class A return after taxes on distributions (Inception Date: 10/21/13)		-3.84%		-0.17%		-0.09%
Class A return after taxes on distributions and sale of Fund shares (Inception Date: 10/21/13)		-1.42%		0.19%		0.24%
Institutional Class return before taxes (Inception Date: 10/21/13)		0.19%		1.88%		1.94%
Class R6 return before taxes (Inception Date: 10/21/13)		0.50%		2.11%		2.12%
S&P/LSTA Leveraged Loan Index (reflects no deduction for fees, expenses or taxes)*		0.44%		3.05%		3.21%
Credit Suisse Leveraged Loan Index (reflects no deduction for fees, expenses or taxes)*		1.14%		3.32%		3.49%

* The Fund changed its broad-based securities index to the S&P/LSTA Leveraged Loan Index as of Oct. 4, 2019. The Fund elected to use the new index because it more closely reflected the Fund’s investment strategies.

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Adam H. Brown, CFA	Senior Vice President, Co-Head of High Yield, Senior Portfolio Manager	October 2019
John P. McCarthy, CFA	Senior Vice President, Co-Head of High Yield, Senior Portfolio Manager	October 2019

Sub-advisors

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK)

Macquarie Investment Management Europe Limited (MIMEL)

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Tax information

Fund summary

Payments to broker/dealers and other financial intermediaries

Delaware Fund for Income

What is the Fund’s investment objective?

Delaware Fund for Income seeks high current income.

What are the Fund’s fees and expenses?

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Funds® by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund’s Prospectus under the section entitled “About your account,” and in the Fund’s statement of additional information (SAI) under the section entitled “Purchasing Shares.”

Shareholder fees (fees paid directly from your investment)


Class	A		Inst.		R6
Maximum sales charge (load) imposed on purchases as a percentage of offering price		4.50%		none		none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower		none		none		none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			Inst.			R6
Management fees		0.65%			0.65%			0.65%
Distribution and service (12b-1) fees		0.25%			none			none
Other expenses		0.25%			0.25%			0.11%	1
Total annual fund operating expenses		1.15%			0.90%			0.76%
Fee waivers and expense reimbursements		(0.00%)	2		(0.00%)	2		(0.00%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.15%			0.90%			0.76%


¹	“Other expenses” for Class R6 are estimated and account for Class R6 shares not being subject to certain expenses as described further in the section of the prospectus entitled “Choosing a share class.”
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.18%, 1.03% and 0.80% of the Fund’s average daily net assets for Class A shares, Institutional Class shares and Class R6 shares, respectively, from Oct. 4, 2019 through Oct. 31, 2021. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example


Class	A		Inst.		R6
1 year		$562		$92		$78
3 years		$799		$287		$243
5 years		$1,054		$498		$422
10 years		$1,785		$1,108		$942

Portfolio turnover

Fund summary

What are the Fund’s principal investment strategies?

The Fund primarily invests in high yield, below investment grade corporate bonds (commonly known as high yield or “junk bonds”). High yield bonds include both bonds that are rated below Baa3 by Moody’s Investors Service, Inc. or below BBB- by Standard and Poor’s as well as unrated bonds that are determined by the Fund’s investment manager, Delaware Management Company (Manager), to be of equivalent quality. High yield bonds generally provide higher income than investment grade bonds to compensate investors for their higher risk of default (i.e., failure to make required interest or principal payments). The Fund may also invest in other high yield debt securities, such as assignments of syndicated bank loans (also known as “floating rate loans”). While the Fund does not impose any maturity or duration limits on its investments, the Manager expects that the majority of the Fund's investments will be in bonds maturing in 10 years or less.

Although the Manager will consider ratings assigned by ratings agencies in selecting high yield bonds, it relies principally on its own research and investment analysis. The Manager may sell a bond when it shows deteriorating fundamentals or it falls short of the Manager’s expectations. It may also decide to continue to hold a bond (or related securities) after its issuer defaults or is subject to a bankruptcy. In addition, the Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.

What are the principal risks of investing in the Fund?

Market risk — The floating rate loan, high yield loan and bond market can experience sharp price swings due to a variety of factors, including changes in economic forecasts, stock market volatility, large sustained sales of high yield bonds by major investors, high-profile defaults or the market’s psychology. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions.

Credit risk — A debt issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the credit quality of the issuer.

Floating rate loan risk — The value of any collateral securing a floating rate loan may decline, be insufficient to meet the borrower’s obligations, or be difficult or costly to liquidate. It may take significantly longer than 7 days for investments in floating rate loans to settle, which can adversely affect the Fund’s ability to timely honor redemptions. In the event of a default, it may be difficult to collect on any collateral and a floating rate loan can decline significantly in value. The Fund’s access to collateral may also be limited by bankruptcy or other insolvency laws. Although senior loans may be senior to equity and other debt securities in the borrower’s capital structure, the loans may be subordinated to other obligations of the borrower or its subsidiaries. If a floating rate loan is acquired through an assignment, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. High yield floating rate loans usually are more credit sensitive. Floating rate loans may not be considered “securities” for certain purposes of the federal securities laws and purchasers, such as the Fund, therefore, may not be entitled to rely on the anti-fraud protections of the federal securities laws. Floating rate loans which reference the London interbank offered rate (LIBOR) may be adversely affected by potential changes related to the use of LIBOR. While some floating rate loans may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate setting methodology, not all instruments have such “fallback provisions” and the effectiveness of replacement rates is uncertain. The potential abandonment of LIBOR could affect the value and liquidity of floating rate loans which reference LIBOR, especially those that do not have fallback provisions.

Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

Liquidity risk — Certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. High yield securities and loans tend to be less liquid. Floating rate loans generally are subject to legal or contractual restrictions on resale and may trade infrequently. Assignments of bank loans and bonds also may be less liquid because of potential delays in the settlement process or restrictions on resale.

How has Delaware Fund for Income performed?

The bar chart and table below provide some indication of the risks of investing in the Fund. The Fund has adopted the performance of the First Investors Fund For Income (Predecessor Fund) as the result of a reorganization of the Predecessor Fund into the Fund, which was consummated after the close of business on Oct. 4, 2019 (Reorganization). The Fund had not yet commenced operations prior to the Reorganization. The bar chart shows changes in the performance of the Predecessor Fund from year to year and shows how the Predecessor Fund’s average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. The Predecessor Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

Updated performance information is available by calling 800 423-4026 or by visiting our website at delawarefunds.com/performance.

Calendar year-by-year total return (Class A)

As of June 30, 2019, the Fund’s Class A shares had a calendar year-to-date return of 8.90%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 15.60% for the quarter ended June 30, 2009, and its lowest quarterly return was -5.16% for the quarter ended Sept. 30, 2011. The maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Fund summary

Average annual total returns for periods ended December 31, 2018


	1 year		5 years		10 years		Life of Class (If less than 10 years)
Class A return before taxes		-6.43%		1.62%		7.73%		—
Class A return after taxes on distributions		-8.39%		-0.58%		5.24%		—
Class A return after taxes on distributions and sale of Fund shares		-3.78%		0.10%		4.98%		—
Institutional Class return before taxes (Inception Date: 4/1/13)		-2.42%		2.71%		—		2.97%
Class R6 return before taxes (Inception Date: 4/1/13)		-2.62%		2.88%		—		3.20%
ICE BofAML US High Yield Constrained Index (reflects no deduction for fees, expenses, or taxes)*		-2.27%		3.83%		11.02%		4.10%
ICE BofAML BB-B US Cash Pay High Yield Constrained Index (reflects no deduction for fees, expenses or taxes)*		-2.04%		3.87%		9.98%		4.03%

* The Fund changed its broad-based securities index to the ICE BofAML US High Yield Constrained Index as of Oct. 4, 2019. The Fund elected to use the new index because it more closely reflected the Fund’s investment strategies.

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
John P. McCarthy, CFA	Senior Vice President, Co-Head of High Yield, Senior Portfolio Manager	October 2019
Adam H. Brown, CFA	Senior Vice President, Co-Head of High Yield, Senior Portfolio Manager	October 2019
Craig C. Dembek, CFA	Executive Director, Global Head of Credit Research	October 2019
Paul A. Matlack, CFA	Senior Vice President, Senior Portfolio Manager, Fixed Income Strategist	October 2019

Sub-advisors

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK)

Macquarie Investment Management Europe Limited (MIMEL)

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Tax information

Payments to broker/dealers and other financial intermediaries

Fund summary

Delaware Government Cash Management Fund

What is the Fund’s investment objective?

Delaware Government Cash Management Fund seeks to earn current income consistent with the preservation of capital and maintenance of liquidity.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)


Class	A		R6
Maximum sales charge (load) imposed on purchases as a percentage of offering price		none		none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower		none		none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			R6
Management fees		0.45%			0.45%
Distribution and service (12b-1) fees		none			none
Other expenses		0.44%			0.33%	1
Total annual fund operating expenses		0.89%			0.78%
Fee waivers and expense reimbursements		(0.34%)	2		(0.18%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		0.55%			0.60%


¹	“Other expenses” for Class R6 are estimated and account for Class R6 shares not being subject to certain expenses as described further in the section of the prospectus entitled “Choosing a share class.”
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.55% and 0.60% of the Fund’s average daily net assets for Class A shares and Class R6 shares, respectively, from Oct. 4, 2019 through Oct. 31, 2021. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example


Class	A		R6
1 year		$56		$61
3 years		$214		$212
5 years		$425		$397
10 years		$1,032		$932

What are the Fund’s principal investment strategies?

The Fund intends to operate as a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended. The Fund will invest at least 99.5% of its total assets in (i) US Government securities; (ii) cash; and/or (iii) repurchase agreements that are collateralized fully by cash and/or US Government securities. In addition, under normal circumstances, the Fund will invest at least 80% of its net assets, including any borrowings for investment purposes, in US Government securities and repurchase agreements collateralized fully by cash or US Government securities (80% policy). US

Government securities include: US Treasury bills and notes; obligations issued by the US Government, its agencies or instrumentalities, including securities issued by entities chartered by Congress that are not issued or guaranteed by the US Treasury, including the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Home Loan Banks and Federal Farm Credit Banks; and obligations issued by issuers that are guaranteed as to principal or interest by the US Government, its agencies or instrumentalities, including the Government National Mortgage Association. The Fund may invest in fixed, variable and floating rate instruments. The Fund generally invests in securities with remaining maturities of 397 days or less.

The Fund’s portfolio is managed to meet regulatory requirements that permit the Fund to maintain a stable net asset value (NAV) of $1.00 per share. These include requirements relating to the credit quality, maturity, liquidity and diversification of the Fund’s investments.

What are the principal risks of investing in the Fund?

You could lose money by investing in the Fund. Although the Fund seeks to preserve a $1.00 per share net asset value, it cannot guarantee it will do so. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide support to the Fund at any time. The Fund’s principal risks include:

Market risk — The prices of the debt securities held by the Fund may decline in response to certain events, such as general economic and market conditions, adverse political or regulatory developments and interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions or cause the Fund’s NAV to decline below $1.00 per share. Supply issues within the US Treasury securities market could arise as demand increases for US Government securities.

Yield risk — The yields received by the Fund on its investments will generally decline as interest rates decline.

Interest rate risk — Like the values of other debt instruments, the market values of US Government securities are affected by changes in interest rates. When interest rates rise, the market values of US Government securities generally decline. This could cause the Fund’s NAV to decline below $1.00 per share.

Repurchase agreement risk — If the seller in a repurchase agreement transaction defaults on its obligation to repurchase a security, the Fund may suffer delays, incur costs and lose money in exercising its rights.

Credit risk — The US Government securities the Fund invests in may or may not be backed by the full faith and credit of the US Government. Securities issued by US Government sponsored enterprises are supported only by the credit of the issuing entity. The value of an investment will decline if there is a default by or a deterioration in the credit quality of the issuer or a provider of a credit enhancement or demand feature. This could cause the Fund’s NAV to decline below $1.00 per share.

How has Delaware Government Cash Management Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund. The Fund has adopted the performance of the First Investors Government Cash Management Fund (Predecessor Fund) as the result of a reorganization of the Predecessor Fund into the Fund, which was consummated after the close of business on Oct. 4, 2019 (Reorganization). The Fund had not yet commenced operations prior to the Reorganization. The bar chart shows changes in the performance of the Predecessor Fund from year to year and shows how the Predecessor Fund's average annual total returns for the 1-, 5-, and 10-year or lifetime periods. The Predecessor Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

The returns shown for periods ending on or prior to Oct. 4, 2019 are those of the Class A and Institutional Class shares of the Predecessor Fund. Class A and Institutional Class shares of the Predecessor Fund were reorganized into Class A and Class R6 shares, respectively, of the Fund after the close of business on Oct. 4, 2019. The returns of Class A and Class R6 shares of the Fund will be different from the returns of the corresponding classes of the Predecessor Fund as they have different expenses.

Updated performance information is available by calling 800 423-4026 or by visiting our website at delawarefunds.com/performance.

Fund summary

Investors interested in obtaining the 7-day yield once available may call 800 423-4026.

Calendar year-by-year total return (Class A)

As of June 30, 2019, the Fund’s Class A shares had a calendar year-to-date return of 0.91%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 0.41% for the quarter ended Dec. 31, 2018, and its lowest quarterly return was 0.00% for each quarter beginning with the quarter ended Dec. 31, 2009 through the quarter ended June 30, 2017.

Average annual total returns for periods ended December 31, 2018


	1 year		5 years		10 years		Life of Class (If less than 10 years)
Class A return before taxes		1.24%		0.29%		0.17%		—
Class R6 return before taxes (Inception Date: 4/1/13)		1.26%		0.29%		—		0.25%
ICE BofAML US 3-Month Treasury Bill Index (reflects no deduction for fees, expenses, or taxes)*		1.87%		0.63%		0.37%		0.55%

* The Fund added a broad-based securities index as of Oct. 4, 2019. The Fund elected to use the new index because it reflected the Fund’s investment strategies.

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)

Purchase and redemption of Fund shares

For Class A shares, the minimum initial investment is generally $1,000 and subsequent investments can be made for as little as $100. The minimum initial investment for IRAs, Uniform Gifts/Transfers to Minors Act accounts, direct deposit purchase plans, and automatic investment plans is $250 and through Coverdell Education Savings Accounts is $500, and subsequent investments in these accounts can be made for as little as $25. For Class R6 shares (except those shares purchased through an automatic investment plan), there is no minimum initial purchase requirement, but certain eligibility requirements must be met. The eligibility requirements are described in this Prospectus under “Choosing a share class” and on the Fund’s website. We may reduce or waive the minimums or eligibility requirements in certain cases.

Tax information

The Fund’s distributions generally are taxable to you as ordinary income, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA, in which case your distributions generally will be taxed when withdrawn from the tax-advantaged account.

Payments to broker/dealers and other financial intermediaries

Fund summary

Delaware International Opportunities Bond Fund

What is the Fund’s investment objective?

Delaware International Opportunities Bond Fund seeks total return consisting of income and capital appreciation.

What are the Fund’s fees and expenses?

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Funds® by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund’s Prospectus under the section entitled “About your account,” and in the Fund’s statement of additional information (SAI) under the section entitled “Purchasing Shares.”

Shareholder fees (fees paid directly from your investment)


Class	A		Inst.		R6
Maximum sales charge (load) imposed on purchases as a percentage of offering price		4.50%		none		none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower		none		none		none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			Inst.			R6
Management fees		0.75%			0.75%			0.75%
Distribution and service (12b-1) fees		0.25%			none			none
Other expenses		0.42%			0.42%			0.25%	1
Total annual fund operating expenses		1.42%			1.17%			1.00%
Fee waivers and expense reimbursements		(0.03%)	2		(0.08%)	2		(0.06%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.39%			1.09%			0.94%


¹	“Other expenses” for Class R6 are estimated and account for Class R6 shares not being subject to certain expenses as described further in the section of the prospectus entitled “Choosing a share class.”
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.39%, 1.09%, and 0.94% of the Fund’s average daily net assets for Class A shares, Institutional Class shares and Class R6 shares, respectively, from Oct. 4, 2019 through Oct. 31, 2021. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example


Class	A		Inst.		R6
1 year		$585		$111		$96
3 years		$873		$355		$306
5 years		$1,186		$628		$540
10 years		$2,070		$1,406		$1,213

Portfolio turnover

What are the Fund’s principal investment strategies?

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in bonds (80% policy). For purposes of the 80% policy, bonds include debt securities issued or guaranteed by national governments, their agencies or instrumentalities and political sub-divisions (including inflation index linked securities); debt securities of supranational organizations such as freely transferable promissory notes, bonds and debentures; corporate debt securities, including freely transferable promissory notes, debentures, zero coupon bonds, commercial paper, certificates of deposits, and bankers’ acceptances issued by industrial, utility, finance, commercial banking or bank holding company organizations; emerging markets debt; and below investment grade securities, also known as high yield debt or “junk bonds.” Emerging market countries include those currently considered to be developing or emerging countries by the World Bank, the United Nations, or the countries' governments. These countries typically are located in the Asia-Pacific region, Eastern Europe, the Middle East, Central America, South America, and Africa. The Fund may invest in fixed-rate and floating-rate securities.

The Fund will primarily invest its assets in debt securities (including fixed-rate and floating-rate securities) of issuers located in developed countries outside of the United States. A developed country is defined as a country that have a developed economy and advanced tech infrastructure when compared to other nations. An issuer is considered by the Manager to be located in a developed country if such issuer meets certain criteria of the Manager. The Fund may also invest in emerging markets. The Fund will primarily invest in sovereign debt and currencies, as well as in investment grade corporate bonds.

The Fund may invest in both investment grade and, to a lesser extent, below investment grade securities.

The Fund may invest in forward foreign currency contracts in order to hedge its currency exposure in bond positions or to gain currency exposure. The Fund may also invest in interest rate and bond futures to manage interest rate risk and for hedging purposes. These investments may be significant at times. Although the Fund has the flexibility to make use of forward foreign currency contracts it may choose not to for a variety of reasons, even under very volatile market conditions.

The Manager evaluates a number of factors in identifying investment opportunities and constructing the Fund's portfolio. In selecting securities, the Manager evaluates the overall investment opportunities and risks in individual national economies. The Manager analyzes the business cycle in developed countries, and analyzes political factors and exchange rates in emerging market countries. The Manager considers local, national and global economic conditions, market conditions, interest rate movements, and other relevant factors to determine the allocation of the Fund's assets among different issuers, industry sectors and maturities. The Manager, in connection with selecting individual investments for the Fund, evaluates a security based on its potential to generate income and/or capital appreciation. The Manager considers, among other factors, the creditworthiness of the issuer of the security and the various features of the security, such as its interest rate, yield, maturity, any call features and value relative to other securities. The Manager may sell a security if the team believes that there is deterioration in the issuer's financial circumstances, or that other investments are more attractive; if there is deterioration in a security's credit rating; or for other reasons. The Manager focuses on investments denominated in foreign currencies that compare favorably to the US dollar. These factors may vary in particular cases and may change over time.

In addition, the Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.

What are the principal risks of investing in the Fund?

Market risk — The prices of the debt securities held by the Fund may decline in response to certain events, such as general economic and market conditions, adverse political or regulatory developments and interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions.

Foreign securities risk — There are special risk factors associated with investing in foreign securities, including the risks of fluctuations in exchange rates, potential political and economic instability, differing accounting and financial reporting standards or inability to obtain reliable financial information regarding an issuer’s financial condition, less stringent regulation and supervision of foreign securities markets, custodians and securities depositories, and potential capital restrictions. Some securities issued by foreign governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of the foreign government and some foreign governments may default on principal and interest payments. To the extent the Fund significantly invests in securities of a single country or region, it is more likely to be affected by events or conditions of that area. As a result, it may be more volatile than a more geographically diversified fund.

Fund summary

Emerging markets risk — The risks of investing in foreign securities are heightened when investing in emerging or developing markets. The economies and political environments of emerging or developing countries tend to be more unstable, resulting in more volatile rates of returns than developed markets and substantially greater risk.

Credit risk — A debt issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the credit quality of the issuer.

Interest rate risk — In general, when interest rates rise, the market value of a debt security declines, and when interest rates decline, the market value of a debt security increases. The interest rates on floating rate securities adjust periodically and may not correlate to prevailing interest rates between adjustments, meaning that they could remain sensitive over the short term to interest rate changes. Zero coupon bonds do not make periodic interest payments but are instead sold at a discount from face value and can be redeemed at face value when they mature. Zero coupon bonds may be more volatile than other similar debt securities. Securities with longer maturities and durations are generally more sensitive to interest rate changes.

Derivatives risk — Forwards and futures involve a number of risks, such as possible default by the counterparty to the transaction, incorrect judgment by the Manager as to certain market movements and the potential of greater losses than if these techniques had not been used by the Fund. These investments can also increase the volatility of the Fund’s share price and expose it to significant additional costs. Derivatives may be difficult to sell, unwind or value.

Currency risk — The value of foreign currency-denominated investments increases or decreases as exchange rates change. Currency exchange rates can be volatile, and are affected by factors such as economic conditions, actions by US and foreign governments or central banks, the imposition of currency controls and other political or regulatory conditions.

Supranational risk — Obligations of supranational organizations are subject to the risk that the governments on whose support the entity depends for its financial backing or repayment may be unable or unwilling to provide that support. Obligations of a supranational organization that are denominated in foreign currencies will also be subject to the risks associated with investment in foreign currencies.

Valuation risk — The sales price the Fund could receive for a portfolio investment may differ from the Fund’s valuation of the investment, particularly for investments that trade in thin or volatile markets or that are fair valued. Fair valuation is subjective and different market participants may assign different values to the same security.

Sovereign and quasi-sovereign debt securities risk — The issuer of the sovereign debt or the authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt, and the Fund’s net asset value, may be volatile.

How has Delaware International Opportunities Bond Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund. The Fund has adopted the performance of the First Investors International Opportunities Bond Fund (Predecessor Fund) as the result of a reorganization of the Predecessor Fund into the Fund, which was consummated after the close of business on Oct. 4, 2019 (Reorganization). The Fund had not yet commenced operations prior to the Reorganization. The bar chart shows changes in the performance of the Predecessor Fund from year to year and shows how the Predecessor Fund’s average annual total returns for the 1-year,

5-year and lifetime periods compare with those of a broad measure of market performance. The Predecessor Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

Updated performance information is available by calling 800 423-4026 or by visiting our website at delawarefunds.com/performance.

Calendar year-by-year total return (Class A)

As of June 30, 2019, the Fund’s Class A shares had a calendar year-to-date return of 3.91%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 8.04% for the quarter ended March 31, 2016, and its lowest quarterly return was -7.43% for the quarter ended June 30, 2018. The maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2018


	1 year		5 years		Life of Class
Class A return before taxes (Inception Date: 8/20/12)		-10.06%		-1.08%		-0.64%
Class A return after taxes on distributions (Inception Date: 8/20/12)		-11.00%		-2.17%		-1.75%
Class A return after taxes on distributions and sale of Fund shares (Inception Date: 8/20/12)		-5.94%		-1.35%		-1.01%
Institutional Class return before taxes (Inception Date: 4/1/13)		-6.01%		0.02%		-0.46%
Class R6 return before taxes (Inception Date: 4/1/13)		-5.89%		0.19%		-0.27%
J.P. Morgan Government Bond Index (GBI) Broad ex-US (reflects no deduction for fees, expenses or taxes)*		-1.60%		0.47%		-0.12%	1
						0.32%	2
FTSE World Government Bond ex-US Index (reflects no deduction for fees, expenses or taxes)*		-1.82%		0.28%		-0.27%	1
						0.10%	2

* The Fund changed its primary broad-based securities index to the J.P. Morgan Government Bond Index (GBI) Broad ex-US as of Oct. 4, 2019. The Fund elected to use the new index because it more closely reflected the Fund’s investment strategies.


¹	For the life of Class A shares.
²	For the life of Advisor Class and Institutional Class shares.

Fund summary

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Brian M. Scotto	Vice President, Government Trader, Portfolio Manager	October 2019
Eric Frei, CMT	Vice President, Sovereign Trader, Portfolio Manager	October 2019

Sub-advisors

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK)

Macquarie Investment Management Europe Limited (MIMEL)

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Tax information

Payments to broker/dealers and other financial intermediaries

Delaware Investment Grade Fund

What is the Fund’s investment objective?

Delaware Investment Grade Fund seeks to generate a maximum level of income consistent with investment in primarily investment grade debt securities.

What are the Fund’s fees and expenses?

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Funds® by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund’s Prospectus under the section entitled “About your account,” and in the Fund’s statement of additional information (SAI) under the section entitled “Purchasing Shares.”

Shareholder fees (fees paid directly from your investment)


Class	A		Inst.		R6
Maximum sales charge (load) imposed on purchases as a percentage of offering price		4.50%		none		none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower		none		none		none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			Inst.			R6
Management fees		0.50%			0.50%			0.50%
Distribution and service (12b-1) fees		0.25%			none			none
Other expenses		0.23%			0.23%			0.12%	1
Total annual fund operating expenses		0.98%			0.73%			0.62%
Fee waivers and expense reimbursements		(0.00%)	2		(0.00%)	2		(0.00%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		0.98%			0.73%			0.62%


¹	“Other expenses” for Class R6 are estimated and account for Class R6 shares not being subject to certain expenses as described further in the section of the prospectus entitled “Choosing a share class.”
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.03%, 0.74% and 0.66% of the Fund’s average daily net assets for Class A shares, Institutional Class shares and Class R6 shares, respectively, from Oct. 4, 2019 through Oct. 31, 2021. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example


Class	A		Inst.		R6
1 year		$545		$75		$63
3 years		$748		$233		$199
5 years		$967		$406		$346
10 years		$1,597		$906		$774

Portfolio turnover

Fund summary

What are the Fund’s principal investment strategies?

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in investment grade debt securities (80% policy). Investment grade debt securities include those that are rated within the four highest ratings categories by Moody’s Investors Service, Inc. (Moody’s) or S&P or that are unrated but determined by the Fund’s investment manager, Delaware Management Company (Manager), to be of equivalent quality.

The Fund primarily invests in investment grade corporate bonds. The Fund may also invest in other investment grade securities, including securities issued or guaranteed by the US Government or US Government-sponsored enterprises (some of which are not backed by the full faith and credit of the US Government) and investment grade mortgage-backed and other asset-backed securities. In making investment decisions, the Manager considers the outlook for interest rates, economic forecasts and market conditions, credit ratings, and its own analysis of an issuer’s financial condition. The Manager attempts to stay broadly diversified, but may emphasize certain industries based on its outlook. The Manager usually will sell a security when it shows deteriorating fundamentals, it falls short of the Manager’s expectations, or a more attractive investment is available. The Manager will not necessarily sell an investment if its rating is reduced. In addition, the Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.

The Fund may also invest in US Treasury futures and options on US Treasury futures to hedge against changes in interest rates. Additionally, from time to time, in pursuing its investment strategies, the Fund may hold significant investments (25% or more of its assets) in a specific market sector, including the financials sector.

What are the principal risks of investing in the Fund?

Prepayment and extension risk — When interest rates decline, borrowers tend to refinance their loans and the loans that back mortgage-backed and other asset-backed securities suffer a higher rate of prepayment. This could cause a decrease in the Fund’s income and share price. Conversely, when interest rates rise, borrowers tend to repay their loans less quickly, which will generally increase the Fund’s sensitivity to interest rates and its potential for price declines.

Credit risk — A debt issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the credit quality of the issuer and, in the case of mortgage-backed and asset-backed securities, the credit quality of the underlying loans. Securities issued by US Government-sponsored enterprises are supported only by the credit of the issuing entity.

Sector risk — The Fund may hold a significant amount of investments in similar businesses, which could be affected by the same economic or market conditions. The Fund may be significantly invested in the financials sector, meaning that the value of its shares may be particularly vulnerable to factors affecting that sector, such as the availability and cost of capital, changes in interest rates, the rate of corporate and consumer debt defaults, credit ratings and quality, market liquidity, extensive government regulation and price competition.

Derivatives risk — Investments in US Treasury futures and options on US Treasury futures involve risks, such as potential losses if interest rates do not move as expected and the potential for greater losses than if these techniques had not been used. Investments in derivatives can increase the volatility of the Fund’s share price and may expose it to significant additional costs. Derivatives may be difficult to sell, unwind, or value.

Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

How has Delaware Investment Grade Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund. The Fund has adopted the performance of the First Investors Investment Grade Fund (Predecessor Fund) as the result of a reorganization of the Predecessor Fund into the Fund, which was consummated after the close of business on Oct. 4, 2019 (Reorganization). The Fund had not yet commenced operations prior to the Reorganization. The bar chart shows changes in the performance of the Predecessor Fund from year to year and shows how the Predecessor Fund’s average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. The Predecessor Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

Updated performance information is available by calling 800 423-4026 or by visiting our website at delawarefunds.com/performance.

Calendar year-by-year total return (Class A)

As of June 30, 2019, the Fund’s Class A shares had a calendar year-to-date return of 9.23%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 10.39% for the quarter ended June 30, 2009, and its lowest quarterly return was -3.40% for the quarter ended June 30, 2013. The maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Fund summary

Average annual total returns for periods ended December 31, 2018


	1 year		5 years		10 years		Life of Class (If less than 10 years)
Class A return before taxes		-6.31%		1.44%		5.08%		—
Class A return after taxes on distributions		-7.65%		-0.17%		3.41%		—
Class A return after taxes on distributions and sale of Fund shares		-3.73%		0.27%		3.22%		—
Institutional Class return before taxes (Inception Date: 4/1/13)		-2.15%		2.55%		—		1.92%
Class R6 return before taxes (Inception Date: 4/1/13)		-2.08%		2.63%		—		2.06%
Bloomberg Barclays US Corporate Investment Grade Index (reflects no deduction for fees, expenses, or taxes)*		-2.51%		3.28%		5.92%		2.59%
ICE BofAML US Corporate Index (reflects no deduction for fees, expenses or taxes)*		-2.25%		3.34%		6.10%		2.62%

* The Fund changed its broad-based securities index to the Bloomberg Barclays US Corporate Investment Grade Index as of Oct. 4, 2019. The Fund elected to use the new index because it more closely reflected the Fund’s investment strategies.

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Michael G. Wildstein, CFA	Executive Director, Head of Credit and Insurance Asset Management	October 2019
Roger A. Early, CPA, CFA	Executive Director, Chief Investment Officer of US Fixed Income	October 2019
Paul A. Matlack, CFA	Senior Vice President, Senior Portfolio Manager, Fixed Income Strategist	October 2019
Craig C. Dembek, CFA	Executive Director, Global Head of Credit Research	October 2019
John P. McCarthy, CFA	Senior Vice President, Co-Head of High Yield, Senior Portfolio Manager	October 2019
Kashif Ishaq	Senior Vice President, Global Head of Corporate Bond Trading	October 2019
J. David Hillmeyer, CFA	Executive Director, Head of Multisector/Global Fixed Income	October 2019
Wayne A. Anglace, CFA	Senior Vice President, Senior Portfolio Manager	October 2019

Sub-advisors

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK)

Macquarie Investment Management Europe Limited (MIMEL)

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Coverdell Education Savings Accounts is $500, and subsequent investments in these accounts can be made for as little as $25. For Institutional Class and Class R6 shares (except those shares purchased through an automatic investment plan), there is no minimum initial purchase requirement, but certain eligibility requirements must be met. The eligibility requirements are described in this Prospectus under “Choosing a share class” and on the Fund’s website. We may reduce or waive the minimums or eligibility requirements in certain cases.

Tax information

Payments to broker/dealers and other financial intermediaries

Fund summary

Delaware Limited Duration Bond Fund

What is the Fund’s investment objective?

Delaware Limited Duration Bond Fund seeks current income consistent with low volatility of principal.

What are the Fund’s fees and expenses?

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Funds® by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund’s Prospectus under the section entitled “About your account,” and in the Fund’s statement of additional information (SAI) under the section entitled “Purchasing Shares.”

Shareholder fees (fees paid directly from your investment)


Class	A		Inst.		R6
Maximum sales charge (load) imposed on purchases as a percentage of offering price		2.75%		none		none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower		none		none		none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			Inst.			R6
Management fees		0.50%			0.50%			0.50%
Distribution and service (12b-1) fees		0.25%	1		none			none
Other expenses		0.36%			0.36%			0.20%	2
Total annual fund operating expenses		1.11%			0.86%			0.70%
Fee waivers and expense reimbursements		(0.37%)	3		(0.35%)	3		(0.34%)	3
Total annual fund operating expenses after fee waivers and expense reimbursements		0.74%			0.51%			0.36%


¹	The Fund’s distributor, Delaware Distributors, L.P. (Distributor), has contracted to limit the Class A shares’ 12b-1 fees to no more than 0.15% of average daily net assets from Oct. 4, 2019 through Oct. 31, 2021. This waiver may be terminated only by agreement of the Distributor and the Fund.
²	“Other expenses” for Class R6 are estimated and account for Class R6 shares not being subject to certain expenses as described further in the section of the prospectus entitled “Choosing a share class.”
³	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.74%, 0.51%, and 0.36% of the Fund’s average daily net assets for Class A shares, Institutional Class shares and Class R6 shares, respectively, from Oct. 4, 2019 through Oct. 31, 2021. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable waivers and reimbursements for the 2-year contractual period and the total operating expenses without waivers for years 3 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Class	A		Inst.		R6
1 year		$348		$52		$37
3 years		$545		$202		$154
5 years		$798		$406		$321
10 years		$1,523		$994		$805

Portfolio turnover

What are the Fund’s principal investment strategies?

Investment grade debt securities include those that are rated within the four highest ratings categories by Moody’s or S&P or that are unrated but determined by the Manager to be of equivalent quality.

The Fund may invest in a variety of different types of investment grade fixed-income securities, including corporate bonds, securities issued or guaranteed by the US Government or US Government-sponsored enterprises (some of which are not backed by the full faith and credit of the US Government), mortgage-backed and other asset-backed securities. While the Fund will typically invest in domestic fixed-income securities, the Fund may invest up to 30% of its assets in foreign fixed income securities. In making investment decisions, the Manager considers the outlook for interest rates, economic forecasts and market conditions, credit ratings, and its own analysis of an issuer’s financial condition. The Manager attempts to stay broadly diversified, but may emphasize certain industries based on its outlook. The Manager usually will sell a security when it shows deteriorating fundamentals, it falls short of the Manager’s expectations, or a more attractive investment is available. The Manager will not necessarily sell an investment if its rating is reduced.

To a lesser extent, the Fund also invests in high yield, below investment grade corporate bonds (commonly known as high yield or “junk bonds”). High yield bonds include bonds that are rated below Baa3 by Moody’s or below BBB- by S&P as well as unrated bonds that are determined by the Manager to be of equivalent quality. The Manager will consider ratings assigned by ratings agencies in selecting high yield bonds, but relies principally on its own research and investment analysis. In managing its portion of the Fund, the Manager primarily focuses on investments it believes can generate attractive and consistent income. The Manager may sell a bond when it shows deteriorating fundamentals or it falls short of the Manager’s expectations. In addition, the Manager may also invest in active or passive exchange-traded funds (ETFs) that could expose the Fund to high yield securities. The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.

The Fund seeks to maintain an average weighted duration of between one and six years. Duration is a measurement of a bond’s sensitivity to changes in interest rates. For every 1% change in interest rates, a bond’s price generally changes approximately 1% in the opposite direction for each year of duration. For example, if a portfolio of fixed income securities has an average weighted duration of six years, its value can be expected to fall about 6% if interest rates rise by 1%. Conversely, the portfolio’s value can be expected to rise approximately 6% if interest rates fall by 1%. As a result, prices of securities with longer durations tend to be more sensitive to interest rate changes than prices of securities with shorter durations. By comparison, a debt security’s “maturity” is the date on which the security matures and the issuer is obligated to repay principal. Duration is typically not equal to maturity.

The Fund may invest in US Treasury futures and options on US Treasury futures to hedge against changes in interest rates.

What are the principal risks of investing in the Fund?

Fund summary

Credit risk — A debt issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the credit quality of the issuer and, in the case of mortgage-backed and asset-backed securities, the credit quality of the underlying loans. Securities issued by US Government-sponsored enterprises are supported only by the credit of the issuing entity.

Call risk — During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security before its stated maturity, and the Fund’s income may decline if it has to reinvest the proceeds at a lower interest rate.

Sector risk — The Fund may hold a significant amount of investments in similar businesses, which could be affected by the same economic or market conditions. The Fund may be significantly invested in the financials sector, meaning that the value of its shares may be particularly vulnerable to factors affecting that sector, such as the availability and cost of capital, changes in interest rates, the rate of corporate and consumer debt defaults, credit ratings and quality, market liquidity, extensive government regulation and price competition.

Exchange-traded funds risk — The risks of investing in an ETF typically reflect the risks of the types of instruments in which the ETF invests. In addition, because ETFs are investment companies, the Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Fund's expenses may be higher and performance may be lower.

Foreign securities risk — There are special risk factors associated with investing in foreign securities, including the risks of fluctuations in exchange rates, potential political and economic instability, differing accounting and financial reporting standards or inability to obtain reliable financial information regarding an issuer's financial condition, less stringent regulation and supervision of foreign securities markets, custodians and securities depositories, and potential capital restrictions. Some securities issued by foreign governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of the foreign government and some foreign governments may default on principal and interest payments. To the extent the Fund significantly invests in securities of a single country or region, it is more likely to be affected by events or conditions of that area. As a result, it may be more volatile than a more geographically diversified fund.

How has Delaware Limited Duration Bond Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund. The Fund has adopted the performance of the First Investors Limited Duration Bond Fund (Predecessor Fund) as the result of a reorganization of the Predecessor Fund into the Fund, which was consummated after the close of business on Oct. 4, 2019 (Reorganization). The Fund had not yet commenced operations prior to the Reorganization. The bar chart shows changes in the performance of the Predecessor Fund from year to year and shows how the Predecessor Fund’s average annual total returns for the 1-year and lifetime periods compare with those of a broad measure of market performance. The Predecessor Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

Updated performance information is available by calling 800 423-4026 or by visiting our website at delawarefunds.com/performance.

Calendar year-by-year total return (Class A)

As of June 30, 2019, the Fund’s Class A shares had a calendar year-to-date return of 3.24%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 1.17% for the quarter ended March 31, 2016, and its lowest quarterly return was -1.10% for the quarter ended Dec. 31, 2016. The maximum Class A sales charge of 2.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2018


	1 year		Life of Class
Class A return before taxes (Inception Date: 5/19/14)		-2.34%		-0.23%
Class A return after taxes on distributions (Inception Date: 5/19/14)		-3.47%		-1.19%
Class A return after taxes on distributions and sale of Fund shares (Inception Date: 5/19/14)		-1.39%		-0.68%
Institutional Class return before taxes (Inception Date: 5/19/14)		0.34%		0.64%
Class R6 return before taxes (Inception Date: 5/19/14)		0.50%		0.82%
Bloomberg Barclays 1-3 Year US Government/Credit Index (reflects no deduction for fees, expenses or taxes)*		1.60%		1.00%
ICE BofAML 1-5 Year US Broad Market Index (reflects no deduction for fees, expenses or taxes)*		1.37%		1.31%

* The Fund changed its broad-based securities index from the ICE BofAML 1-5 Year US Broad Market Index as of Jan. 31, 2019. The Fund elected to use the new index because it more closely reflects the Fund’s investment strategy.

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Roger A. Early, CPA, CFA	Executive Director, Chief Investment Officer of US Fixed Income	October 2019
Brian C. McDonnell, CFA	Executive Director, Head of US Fixed Income	October 2019
Adam H. Brown, CFA	Senior Vice President, Co-Head of High Yield, Senior Portfolio Manager	October 2019
John P. McCarthy, CFA	Senior Vice President, Co-Head of High Yield, Senior Portfolio Manager	October 2019

Sub-advisors

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK)

Macquarie Investment Management Europe Limited (MIMEL)

Fund summary

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Tax information

Payments to broker/dealers and other financial intermediaries

Delaware Strategic Income II Fund

What is the Fund’s investment objective?

Delaware Strategic Income II Fund seeks a high level of current income.

What are the Fund’s fees and expenses?

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Funds® by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund’s Prospectus under the section entitled “About your account,” and in the Fund’s statement of additional information (SAI) under the section entitled “Purchasing Shares.”

Shareholder fees (fees paid directly from your investment)


Class	A		Inst.
Maximum sales charge (load) imposed on purchases as a percentage of offering price		4.50%		none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower		none		none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			Inst.
Management fees		0.55%			0.55%
Distribution and service (12b-1) fees		0.25%			none
Other expenses		0.28%			0.28%
Total annual fund operating expenses		1.08%			0.83%
Fee waivers and expense reimbursements		(0.00%)	1		(0.00%)	1
Total annual fund operating expenses after fee waivers and expense reimbursements		1.08%			0.83%

The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.20% and 0.92% of the Fund’s average daily net assets for Class A shares and Institutional Class shares, respectively, from Oct. 4, 2019 through Oct. 31, 2021. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example


Class	A		Inst.
1 year		$555		$85
3 years		$778		$265
5 years		$1,019		$460
10 years		$1,708		$1,025

Portfolio turnover

Fund summary

What are the Fund’s principal investment strategies?

Under normal circumstances, the Fund’s investment manager, Delaware Management Company (Manager), will invest at least 80% of the Fund’s net assets, plus the amount of any borrowings for investment purposes, in US and foreign debt securities, including those in emerging markets (80% policy). Foreign debt securities are fixed income securities of issuers organized or having a majority of their assets or deriving a majority of their operating income in foreign countries. These fixed income securities include, but are not limited to, foreign government securities, debt obligations of foreign companies, and securities issued by supranational entities. Emerging market countries include those currently considered to be developing or emerging countries by the World Bank, the United Nations, or the countries' governments. These countries typically are located in the Asia-Pacific region, Eastern Europe, the Middle East, Central America, South America, and Africa. Debt securities include all varieties of fixed, variable and floating rate income securities, including bonds, US and foreign government and agency securities, corporate loans (and loan participations), mortgage-backed securities and other asset-backed securities and convertible securities. To achieve the Fund's investment objective, the Manager will allocate investments among various sectors of debt securities and at any given time may have a substantial amount of its assets invested in any class of debt security. In addition, the Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.

The Fund may invest up to 100% of its net assets in high yield, lower-quality debt securities (also known as “junk bonds”).

The Fund may invest up to 100% of its net assets in foreign securities, including emerging markets securities. The Fund’s total non-US dollar currency exposure may reach 100% of net assets. Due to the manner in which the Fund is managed, it may be subject to a high rate of portfolio turnover.

The Fund may hold a substantial portion of its assets in cash or short-term fixed income obligations in unusual market conditions to meet redemption requests, for temporary defensive purposes, and pending investment. The Fund may also use a wide range of derivatives instruments, typically including forward foreign currency contracts, options, futures contracts, options on futures contracts, and swaps. The Fund may use derivatives for both hedging and nonhedging purposes. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return; and index swaps to enhance return or to affect diversification.

The 80% policy is nonfundamental and may be changed without shareholder approval. Fund shareholders would be given at least 60 days’ notice prior to any such change.

What are the principal risks of investing in the Fund?

Market risk — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

Interest rate risk — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.

Credit risk — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.

Loans and other indebtedness risk — The risk that the fund will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower and the lending institution. A fund’s ability to sell its loans or to realize their full value upon sale may also be impaired due to the lack of an active trading market, irregular trading activity, wide bid/ask spreads, contractual restrictions, and extended trade settlement periods. In addition, certain loans in which a fund invests may not be considered securities. A fund therefore may not be able to rely upon the anti-fraud provisions of the federal securities laws with respect to these investments.

Adjustable rate securities risk — During periods of rising interest rates, because changes in interest rates on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities.

Prepayment risk — The risk that the principal on a bond that is held by a fund will be prepaid prior to maturity at a time when interest rates are lower than what that bond was paying. A fund may then have to reinvest that money at a lower interest rate.

Mortgage-backed and asset-backed securities risk — The risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value.

Foreign and emerging markets risk — The risk that international investing (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. The risk associated with international investing will be greater in emerging markets than in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments. In addition, there often is substantially less publicly available information about issuers and such information tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets may also be smaller, less liquid, and subject to greater price volatility.

Derivatives risk — Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the Manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

Leveraging risk — The risk that certain fund transactions, such as reverse repurchase agreements, short sales, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivatives instruments, may give rise to leverage, causing a fund to be more volatile than if it had not been leveraged, which may result in increased losses to the fund.

Valuation risk — The risk that a less liquid secondary market may make it more difficult for a fund to obtain precise valuations of certain securities in its portfolio.

Portfolio turnover risk — High portfolio turnover rates may increase a fund’s transaction costs and lower returns.

How has Delaware Strategic Income II Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund. The Fund has adopted the performance of the First Investors Strategic Income Fund (Predecessor Fund) as the result of a reorganization of the Predecessor Fund into the Fund, which was consummated after the close of business on Oct. 4, 2019 (Reorganization). The Fund had not yet commenced operations prior to the Reorganization. The bar chart shows changes in the performance of the Predecessor Fund from year to year and shows how the Predecessor Fund's average annual total returns for the 1-year, 5-year and lifetime periods compare with those of a broad measure of market performance. The Predecessor Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

Fund summary

The returns shown for periods ending on or prior to Oct. 4, 2019 are those of the Class A and Advisor Class shares of the Predecessor Fund. Class A and Advisor Class shares of the Predecessor Fund were reorganized into Class A and Institutional Class shares, respectively, of the Fund after the close of business on Oct. 4, 2019. The returns of Class A and Institutional Class shares of the Fund will be different from the returns of the corresponding classes of the Predecessor Fund as they have different expenses.

Updated performance information is available by calling 800 423-4026 or by visiting our website at delawarefunds.com/performance.

Calendar year-by-year total return (Class A)

As of June 30, 2019, the Fund’s Class A shares had a calendar year-to-date return of 5.51%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 2.25% for the quarter ended March 31, 2016, and its lowest quarterly return was -2.24% for the quarter ended Sept. 30, 2015. The maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2018


	1 year		5 years		Life of Class
Class A return before taxes (Inception Date: 4/3/13)		-6.08%		0.65%		0.77%
Class A return after taxes on distributions (Inception Date: 4/3/13)		-7.36%		-0.79%		-0.64%
Class A return after taxes on distributions and sale of Fund shares (Inception Date: 4/3/13)		-2.80%		-0.23%		-0.23%
Institutional Class return before taxes (Inception Date: 4/3/13)		-1.77%		1.87%		1.86%
Bloomberg Barclays US Aggregate Index (reflects no deduction for fees, expenses, or taxes)*		0.01%		2.52%		1.85%
ICE BofAML US Broad Market Index (reflects no deduction for fees, expenses or taxes)*		0.05%		2.61%		1.87%

* The Fund changed its primary broad-based securities index to the Bloomberg Barclays US Aggregate Index as of Oct. 4, 2019. The Fund elected to use the new index because it more closely reflected the Fund’s investment strategies.

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
J. David Hillmeyer, CFA	Executive Director, Head of Multisector/Global Fixed Income	October 2019
Daniela Mardarovici, CFA	Division Director, Co-Head of Multisector/Core Plus Fixed Income	October 2019
Paul A. Matlack, CFA	Senior Vice President, Senior Portfolio Manager, Fixed Income Strategist	October 2019


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Craig C. Dembek, CFA	Executive Director, Global Head of Credit Research	October 2019
John P. McCarthy, CFA	Senior Vice President, Co-Head of High Yield, Senior Portfolio Manager	October 2019
Adam H. Brown, CFA	Senior Vice President, Co-Head of High Yield, Senior Portfolio Manager	October 2019

Sub-advisors

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK)

Macquarie Investment Management Europe Limited (MIMEL)

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Tax information

Payments to broker/dealers and other financial intermediaries

How we manage the Funds

Our principal investment strategies

Delaware Covered Call Strategy Fund

The Fund invests in a portfolio of equity securities and writes (sells) call options on those securities. Under normal circumstances, the Fund writes (sells) call options on at least 80% of the Fund’s total assets (80% policy). The 80% policy is non-fundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days’ notice before changing this 80% policy. The Fund normally writes (sells) covered call options listed on US exchanges on the equity securities held by the Fund to seek to lower the overall volatility of the Fund’s portfolio, protect the Fund from market declines and generate income. Call options written (sold) by the Fund generally have an exercise price above the market price of the underlying security at the time the option is written (sold).

The Fund’s equity investments consist primarily of common stocks of large-size US companies (companies over $10 billion in market capitalization), certain of which may pay dividends, and US dollar-denominated equity securities of foreign issuers (i.e., American Depositary Receipts (ADRs)), traded on a US securities exchange. ADRs are receipts typically issued in connection with a US or foreign bank or trust company which evidence ownership of underlying securities issued by a non-US company. To a lesser extent, the Fund may also invest in and write (sell) covered call options on securities of mid- and small-capitalization issuers and exchange-traded funds (ETFs) that track certain market indices, such as the S&P 500. The nature of the Fund is such that it may be expected to underperform equity markets during periods of sharply rising equity prices; conversely, the Fund seeks to reduce losses relative to equity markets during periods of declining equity prices.

A call option gives the purchaser of the option the right to buy, and the writer, in this case, the Fund, the obligation to sell, the underlying security at the exercise price at any time prior to the expiration of the contract, regardless of the market price of the underlying security during the option period. Covered call options may be sold up to the number of shares of the equity securities held by the Fund. The premium paid to the writer is consideration for undertaking the obligations under the option contract. The writer of a covered call option forgoes all or a portion of the potential profit from an increase in the market price of the underlying security above the exercise price in exchange for the benefit of receiving the option premiums which potentially provide some protection against the loss of capital if the underlying security declines in price. The Fund receives premium income from the writing of options.

In making investment decisions, the Fund’s sub-advisor reviews a variety of factors, including economic data, Federal Reserve policy, fiscal policy, inflation and interest rates, commodity pricing, sector, industry and security issues, regulatory factors and street research to appraise economic and market cycles.

In selecting investments, the Fund’s sub-advisor considers the following, among other criteria: a) companies in an industry with a large market share or significant revenues that fit the Fund’s investment strategy; b) companies with new products or new management to replace underperforming management; c) recent or anticipated fundamental improvements in industry environment; and d) companies that are out of favor. Covered call options written by the Fund are designed to create income, lower the overall volatility of the Fund’s portfolio and mitigate the impact of market declines. The Fund’s sub-advisor considers several factors when writing (selling) call options, including the overall equity market outlook, sector and/or industry attractiveness, individual security considerations, and relative and/or historical levels of option premiums.

The Fund may sell a security based on the following, among other criteria: a) an actual or anticipated significant decline in the issuer’s profitability such as through the loss of an exclusive patent or a strong competitor entering the market and/or a significant negative outlook from management; b) a large appreciation in the stock price leads to overvaluation relative to itself and its peers historically; c) significant management turnover at the senior level; or d) an actual or expected decline in demand for the issuer’s products or services. The sub-advisor writes call options based upon the sub-advisor’s outlook on the economy and stock market and analysis of individual stocks, which can impact the exercise price and expiration of a call option. Generally, higher implied volatility will lead to longer expirations, locking in the potentially higher call premiums, whereas lower implied volatility will tend to lead to shorter dated options. The writing of covered call options may result in frequent trading and a high portfolio turnover rate. Additionally, from time to time, in pursuing its investment strategies, the Fund may hold significant investments (25% or more of its assets) in a specific market sector, including the information technology sector.

The Fund reserves the right to take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, economic, political or other conditions. If it does so, it may not achieve its investment objective. The Fund may also choose not to take defensive positions.

Delaware Equity Income Fund

The Fund invests, under normal circumstances, primarily in companies that the Fund believes are undervalued in the market relative to their long term potential.

The Fund analyzes companies that appear to be undervalued. Under normal circumstances, the Fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in equities (80% policy). For purposes of this 80% policy, equities may include common stock, preferred stock,

equity-based exchange-traded funds (ETFs) and instruments that are convertible into common stock, or other instruments that represent an equity position in an issuer. The 80% policy is non-fundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days’ notice before changing this 80% policy. The Fund generally uses a “bottom-up” approach to selecting investments. This means that the Fund generally identifies potential investments through fundamental research and analysis which includes, among other things, analyzing a company’s balance sheet, cash flow statements and competition within a company’s industry.

The Fund assesses whether management is implementing a reasonable corporate strategy and is operating in the interests of shareholders. Other considerations include analysis of economic trends, interest rates and industry diversification.

The Fund normally will diversify its assets.

The Fund may sell a security if it becomes fully valued, its fundamentals have deteriorated or alternative investment opportunities become more attractive. The Fund reserves the right to take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, economic, political or other conditions. If it does so, it may not achieve its investment objective. The Fund may also choose not to take defensive positions.

Delaware Global Equity Fund

The Fund invests in a portfolio of common stocks of companies that are located throughout the world. Although the Fund primarily invests in securities that trade in larger or more established markets, it also may invest a significant amount in less-developed or emerging markets where management believes there is significant opportunity. The Fund may rely on the country where the issuer is incorporated, is headquartered or has its principal place of business in determining the location of an issuer. Additionally, in pursuing its investment strategies, the Fund may hold significant investments (25% or more of its assets) in a specific market sector, including the consumer staples sector. The Fund is a nondiversified fund.

The investment process is bottom-up, research-driven. The aim is to produce attractive risk-adjusted long-term returns by investing in understandable, quality businesses with mispriced earnings power. Understandable and quality businesses are reasonably straightforward and void of excessive complexity, excessive debt and relative margin instability. Mispricings occur when shorter term market fluctuations lead to a discount between a stock's price and its fair value. Fair value is derived from such factors as the long term sales and future earnings potential of a business. Stock selection rests on an assessment of each company and its risk-return profile. Research is centered on understanding the nature and sustainability of how the company creates value, including the associated risks. Businesses identified as attractive are likely to display one or more of these favorable characteristics: solid earnings power and free cash flow generation, sustainable business models and competitive advantages, ability to reinvest at rates above the cost of capital, flexibility to restructure inefficiencies, potential to benefit from consolidation within their industries, and ability to gain market share from competitors. Sustainable businesses are businesses that have the ability to generate profits over the long term that also have the ability from time to time to redeploy part of earnings and reinvest into future advantageous areas of the business. An estimate for long-term earnings power is derived in order to calculate the fair value of a company. To compensate for unpredictable risks, the team aims to invest in companies that can be bought within an adequate safety margin to the estimated fair value. The portfolio managers strive to purchase stocks at a discount to what they deem to be fair value. The discount effectively provides a cushion to absorb potential stock price depreciation due to such factors as unexpected negative shifts in currency values and/or economic or political instability.

The Statement of Additional Information also describes non-principal investment strategies that the Fund may use, including investing in other types of securities that are not described in this prospectus.

How we manage the Funds

Delaware Growth and Income Fund

The Fund primarily invests in common stocks that offer the potential for capital growth, current income or both. The Fund primarily invests in large-size companies and may invest in small- and mid- size companies as well. Some of the companies the Fund invests in may pay dividends, however not all will.

The Fund generally uses a “bottom-up” approach to selecting investments. This means that the Fund generally identifies potential investments through fundamental research and analysis and also focuses on other issues, such as economic trends, interest rates, and market capitalization. Economic trends relate to the overall direction in which the economy is moving which may provide insights into the future direction of companies. Factors may include consumer confidence, employment, interest rates and inflation. In deciding whether to buy or sell securities, the Fund considers, among other things, an issuer’s financial strength, management, earnings growth or potential earnings growth and the issuer’s valuation relative to its fundamentals and peers.

The Fund may sell a security if it becomes fully valued, is no longer attractively valued, its fundamentals have deteriorated or alternative investments become more attractive.

The Fund reserves the right to take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, economic, political or other conditions. If it does so, it may not achieve its investment objectives. The Fund may also choose not to take defensive positions.

Delaware Hedged U.S. Equity Opportunities Fund

The Fund will seek to achieve its investment objective by investing in a broadly diversified portfolio of common stocks of any market capitalization while also investing in derivatives to help manage investment risk. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of US issuers and investments that provide exposure to such securities, including exchange-traded funds (80% policy). The 80% policy is non-fundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days’ notice before changing this 80% policy. The Fund defines US issuers to include: (1) issuers that are incorporated or headquartered in the US; (2) issuers whose securities are principally traded in the US; (3) issuers with a majority of their business operations or assets in the US; and (4) issuers who derive a majority of their revenues or profits from the US. To a lesser extent, the Fund also may invest in the equity securities of foreign issuers. The portfolio management team also seeks to manage the Fund’s market risk and the risk of loss from significant events by investing in derivatives.

For each underlying style, Wellington Management has a distinct investment philosophy and analytical process to identify specific securities for purchase or sale based on internal proprietary research. The underlying styles generally invest in equity securities, but may also use derivatives for investment purposes. The underlying styles do not use derivatives solely for the purpose of creating leverage. Wellington Management’s investment personnel for each underlying style have complete responsibility and discretion for selecting the Fund’s investments within their specific underlying styles. In selecting prospective investments for each underlying style, Wellington Management may employ qualitative and quantitative portfolio management techniques, and analyze factors, including business environment, management quality, balance sheet, income statement, anticipated earnings, expected growth rates, revenues, dividends and other issuer metrics.

In addition to allocating the Fund’s assets to the underlying styles, Wellington Management seeks to manage the Fund’s aggregate investment risks, specifically, the risk of loss associated with markets generally as well as the risk of loss from significant events, by investing in derivatives. This strategy principally involves the purchase and sale of put and call options on indices and the purchase and sale of index futures contracts. To reduce the Fund’s risk of loss due to a sharp decline in the value of the general equity market, the Fund may purchase put options on equity indices with respect to a substantial portion of the value of its common stock holdings. In order to help mitigate the cost of these investments or for other reasons, the Fund may sell call options and put options.

The purchaser of a put option, in exchange for paying a premium to the seller, has the right to sell the option’s underlying asset in the event the value of the underlying asset falls below the exercise price of the put option. Any put options sold by the Fund typically would have a lower exercise price than put options purchased by the Fund. The purchaser of a call option, in exchange for paying a premium to the seller, has the right to buy the option’s underlying asset in the event the value of the underlying asset rises above the exercise price of the call option.

The Fund may engage in active and frequent trading which may result in high portfolio turnover.

The Fund may invest in cash and cash equivalents.

Delaware International Fund

The Fund may invest significantly in emerging or developing markets, and the Fund may focus its investments in companies located in or tied economically to particular countries or regions. Additionally, in pursuing its investment strategies, the Fund may hold significant investments (25% or more of its assets) in a specific market sector, including the consumer staples sector.

The investment process is bottom-up, research-driven. The aim is to produce attractive risk-adjusted long-term returns by investing in understandable, quality businesses with mispriced earnings power. Mispricings occur when shorter term market fluctuations lead to a discount between a stock's price and its fair value which is derived from such factors as the long term sales and future earnings potential of a business. Stock selection rests on an assessment of each company and its risk-return profile. Sustainability is defined as the Fund's ability to generate profits over the long term that also from time to time have the ability to redeploy part of earnings and reinvest into future advantageous areas of the business. Research is centered on understanding the nature and sustainability of how the company creates value, including the associated risks. Businesses identified as attractive are likely to display one or more of these favorable characteristics: solid earnings power and free cash flow generation, sustainable business models and competitive advantages, ability to reinvest at rates above the cost of capital, flexibility to restructure inefficiencies, potential to benefit from consolidation within their industries, and ability to gain market share from competitors. Sustainable businesses are businesses that have the ability to generate profits over the long term that also from time to time have the ability to redeploy earnings and reinvest into future advantageous areas of the business. An estimate for long-term earnings power is derived in order to calculate the fair value of a company. Fair value is defined as the estimated worth of a company based upon the company's earning potential and other variables. To compensate for unpredictable risks, the team aims to invest in companies that can be bought within an adequate safety margin to the estimated

How we manage the Funds

fair value. The portfolio managers strive to purchase stocks at a discount to what they deem to be fair value. The discount effectively provides a cushion to absorb potential stock price depreciation due to such factors as unexpected negative shifts in currency values and/or economic or political instability and negative shifts in company earnings.

The Fund reserves the right to take temporary defensive positions that are inconsistent with its principal investment strategies in attempting to respond to adverse market, economic, political or other conditions. If it does so, it may not achieve its investment objective. The Fund may also choose not to take defensive positions.

Delaware Opportunity Fund

The Fund invests primarily in mid-size companies that the Manager believes offer attractive valuation and quality characteristics. Companies with attractive valuations are those that have a lower valuation than the company’s historical average valuation and a lower valuation than the company’s competitors. Companies with quality characteristics will make shareholder friendly use of its cash flow, which would include, but is not limited to: dividend payments or increases, share repurchases, and repayment of debt. The Fund also may invest in exchange-traded funds (ETFs) to gain exposure to such securities and in real estate investment trusts (REITs). The Fund may continue to hold stocks of mid-size companies that grow into large companies and may also invest opportunistically in stocks of larger companies.

The Fund uses a “bottom-up” approach to selecting investments. The Fund uses fundamental research to search for companies that the Manager believes have one or more of the following: a strong balance sheet; experienced management; and stocks that are attractively priced. The Fund attempts to stay broadly diversified, but it may emphasize certain industry sectors based upon economic and market conditions.

Delaware Premium Income Fund

(ETFs) that track certain market indices, such as the S&P 500. Small capitalization are defined as companies that have a market cap no greater than $5 billion and mid-capitalization companies have a market cap between $5 to $10 billion. The Fund’s covered call writing strategy is intended to generate income rather than keep pace with the equity markets. As a result, the Fund may underperform equity markets. Covered call options may be sold up to the number of shares of the equity securities held by the Fund.

In selecting investments, the Fund’s sub-advisor considers the following, among other criteria: a) companies in an industry with a large market share or significant revenues that fit the Fund’s investment strategy; b) companies with new products or new management to replace underperforming management; c) recent or anticipated fundamental improvements in industry environment; and d) companies that are out of favor. The Fund’s sub-advisor considers several factors when writing (selling) call options, including the overall equity market outlook, sector and/or industry attractiveness, individual security considerations, and relative and/or historical levels of option premiums.

The Fund may sell a security based on the following, among other criteria: a) an actual or anticipated significant decline in the issuer’s profitability such as through the loss of an exclusive patent or a strong competitor entering the market and/or a significant negative outlook from management; b) a large appreciation in the stock price that leads to overvaluation relative to itself and its peers historically; c) significant management turnover at the senior level; d) an actual or expected decline in demand for the issuer’s products or services; or e) unattractive call premiums. The sub-advisor writes call options based upon the sub-advisor’s outlook on the economy and stock market and analysis of individual stocks, which can impact the exercise price and expiration of a call option. The writing of covered call options may result in frequent trading and a high portfolio turnover rate.

Delaware Growth Equity Fund

The Fund invests in a portfolio of approximately 40-45 common stocks that the Fund’s sub-advisor believes offers the best potential for earnings growth with the lowest risk of negative earnings surprises. The Fund is managed by an investment team.

When selecting investments for the Fund, the sub-advisor employs quantitative and qualitative analysis to identify high quality companies that it believes have the ability to accelerate earnings growth and exceed investor expectations. The security selection process consists of three steps. Beginning with a universe of stocks that includes large-, mid- and small-size companies, the sub-advisor’s investment team first conducts a series of risk control and valuation screens designed to eliminate those stocks that are highly volatile or are more likely to underperform the market. The sub-advisor considers four primary factors when conducting the risk control and valuation screens. Those factors are: valuation, financial quality, stock volatility and corporate governance.

Stocks that pass the initial screens are then evaluated using a proprietary methodology that attempts to identify stocks with the highest probability of producing an earnings growth rate that exceeds investor expectations. In other words, the investment team seeks to identify stocks that are well positioned to benefit from a positive earnings surprise. The process incorporates the following considerations: changes in Wall Street opinions, individual analysts’ historical accuracy, earnings quality analysis and corporate governance practices.

The screening steps produce a list of approximately 80-100 eligible companies that are subjected to traditional fundamental analysis to further understand each company’s business prospects, earnings potential, strength of management and competitive positioning. The investment team uses the results of this analysis to construct a portfolio of approximately 40-45 stocks that are believed to have the best growth and risk characteristics.

Holdings in the portfolio become candidates for sale if the investment team identifies what they believe to be negative investment or performance characteristics. Reasons to sell a stock may include: a negative earnings forecast or report, valuation concerns, company officials’ downward guidance on company performance or earnings or announcement of a buyout. When a stock is eliminated from the portfolio, it is generally replaced with the stock that the investment team considers to be the next best stock that has been identified by the sub-advisor’s screening process. Additionally, from time to time, in pursuing its investment strategies, the Fund may hold significant investments (25% or more of its assets) in a specific market sector, including the information technology sector.

How we manage the Funds

Delaware Special Situations Fund

The Fund may, at times, engage in short-term trading, which could produce higher portfolio turnover, transaction costs, result in taxable distributions and may result in a lower total return for the Fund.

Delaware Total Return Fund

The Fund allocates its assets among stocks (US and foreign companies), bonds and money market instruments. While the percentage of assets allocated to each asset class is flexible rather than fixed, the Fund normally invests at least 50% of its net assets in stocks and convertible securities with the remainder in bonds, cash and money market instruments. The percentages may change due to, among other things, market fluctuations or reallocation decisions by the Fund’s Manager. Derivatives are included for the purpose of these allocations.

In connection with the determination of the Fund’s allocation ranges, the Manager, considers various factors, including existing and projected market conditions for equity and fixed income securities. Once the asset allocation for bonds, stocks and money market instruments has been set, the Manager uses fundamental research and analysis to determine which particular investments to purchase or sell. The percentage allocations within the above ranges are actively monitored by the Fund’s Manager and may change due to, among other things, market fluctuations or reallocation decisions by the Manager. Reallocations outside of the above ranges are expected to occur infrequently. The Manager selects investments in common stocks based on their potential for capital growth, current income or both. The Manager considers, among other things, the issuer’s financial strength, management, earnings growth potential and history (if any) of paying dividends. The Manager will normally diversify the Fund’s stock holdings among stocks of large-, mid- and small-size companies.

The Manager selects individual investments in bonds by first considering the outlook for the economy and interest rates, and thereafter, a particular security’s characteristics. The Manager will typically diversify its bond holdings among different types of bonds and other debt securities, including corporate bonds, US Government securities, US Government-sponsored enterprise securities, which may not be backed by the full faith and credit of the US Government, and mortgage-backed and other asset-backed securities.

The Manager may sell a security if it becomes fully valued, its fundamentals have deteriorated, alternative investments become more attractive or if it is necessary to rebalance the portfolio.

The Fund may also invest in high yield, below investment grade corporate bonds (commonly known as high yield or “junk bonds”). High yield bonds include both bonds that are rated below Baa3 by Moody’s Investors Service, Inc. or below BBB- by S&P as well as unrated bonds that are determined by the Manager to be of equivalent quality. The Fund may also be exposed to high yield securities through the Manager’s investments in exchange-traded funds (ETFs). The Fund may invest in credit-linked securities, provided that no more than 10% of the Fund’s net assets are invested in credit-linked securities.

High yield bonds generally provide higher income than investment grade bonds to compensate investors for their higher risk of default (i.e., failure to make required interest or principal payments). High yield securities may be backed by receivables or other assets. The Manager primarily focuses on investments it believes can generate attractive and consistent income. In addition, the Manager may seek investments that have stable to improving credit quality and potential for capital appreciation because of a credit rating upgrade or an improvement in the outlook for a particular company, industry or the economy as a whole. Although the Manager will consider ratings assigned by ratings agencies in selecting high yield bonds, it relies principally on its own research and investment analysis. The Manager may sell a bond when it shows deteriorating fundamentals or it falls short of the Manager’s expectations. It may also decide to continue to hold a bond (or related securities, such as stocks or warrants) after its issuer defaults or is subject to a bankruptcy.

The Fund may also invest in real estate related companies and real estate investment trusts (REITs).

The Fund may also invest in US Treasury futures and options on US Treasury futures to hedge against changes in interest rates.

Delaware Floating Rate II Fund

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in floating rate loans and/or bonds (80% policy). The 80% policy is non-fundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days’ notice before changing this 80% policy. Floating rate loans represent amounts borrowed by companies or other entities from banks and other lenders, which have interest rates that reset periodically (typically annually or more frequently). The interest rates on floating rate loans are generally based on a percentage above LIBOR (the London Interbank Offered Rate), a US bank’s prime or base rate, the overnight federal funds rate, or another rate. In many cases, they are issued in connection with recapitalizations, acquisitions, leveraged buyouts and refinancings.

The Fund may invest in floating rate loans and/or bonds of any maturity or credit quality, but typically will invest in short duration, below investment grade floating rate loans and/or bonds (commonly referred to as high-yield or “junk” bonds) that the Manager believes have attractive risk/reward characteristics and which are issued by US corporations and/or foreign corporations in US dollars. The Manager generally attempts to reduce the impact on the Fund from changing interest rates by investing in securities with shorter durations. Duration is a measurement of a loan’s or bond’s sensitivity to changes in interest rates. In general, the longer the duration of loans and/or bonds, the greater the likelihood that an increase in interest rates would cause a decline in the price of the Fund’s shares. The Manager believes that the Fund’s short duration approach potentially reduces the risk to the portfolio if interest rates rise.

As part of the Fund’s below investment grade debt instruments investment strategy, the Manager generally invests in instruments that are rated BB+ through B- by S&P or Ba1 through B3 by Moody’s Investors Service, Inc., or an equivalent quality rating from another nationally recognized statistical ratings organization, or which are deemed to be of equivalent credit quality by the Manager. To a lesser extent, the Fund may invest in securities below these ranges. Bank loans (which are types of floating rate instruments) are a form of financing for corporations that (1) are typically secured by specific collateral or assets of the issuer or borrower, (2) will usually have claims senior to those of other parties who hold unsecured instruments, and (3) will feature interest rates that adjust or “float” periodically (generally with reference to a base lending rate such as LIBOR, plus a premium). The Fund primarily invests in high yield floating rate loans and/or bonds, and may invest, to a lesser degree, in fixed-rate bonds.

How we manage the Funds

Although the Manager will consider ratings assigned by ratings agencies in selecting loans and/or bonds, it relies principally on its own research and investment analysis. By applying a rigorous bottom-up evaluation of each company and each loan or security in the Fund’s portfolio, the Manager seeks to reduce the risk of default inherent in such high yield securities. The Manager believes that by diversifying the Fund’s portfolio securities, the impact of potential default can be reduced. The Manager considers both company-specific quantitative and qualitative factors in selecting debt instruments in which to invest and integrates that research with its views on the broader economy. Some of the factors the Fund may consider include: the overall economic outlook; the outlook for an issuer’s industry and an issuer’s competitive position therein; a company’s managerial strength and commitment to debt repayment; a company’s anticipated cash flow; a company’s debt maturity schedules; a company’s borrowing requirements; a company’s use of borrowing proceeds; a company’s asset coverage; a company’s earnings prospects; impacting legislation, regulation, or litigation; and the strength and depth of the protections afforded the lender through the documentation governing the bank loan or bond issuance.

The Fund may sell a holding when it meets the Manager’s expectations, no longer offers compelling relative value, shows deteriorating fundamentals, or if it falls short of the Manager’s expectations. The Manager may also decide to continue to hold a bond or loan (or related securities) after a default.

Delaware Fund for Income

The Fund primarily invests in high yield, below investment grade corporate bonds (commonly known as high yield or “junk bonds”). High yield bonds include both bonds that are rated below Baa3 by Moody’s Investors Service, Inc. or below BBB- by S&P as well as unrated bonds that are determined by the Manager to be of equivalent quality. High yield bonds generally provide higher income than investment grade bonds to compensate investors for their higher risk of default (i.e., failure to make required interest or principal payments). High yield bond issuers include small or relatively new companies lacking the history or capital to merit investment grade status, former blue chip companies downgraded because of financial problems, special purpose entities that are used to finance capital investment, sales or leases of equipment, loans or other programs and firms with heavy debt loads. High yield securities may be backed by receivables or other assets. The Fund may also invest in other high yield debt securities, such as assignments of syndicated bank loans (also known as “floating rate loans”).

The Manager seeks to reduce the risk of a default by selecting bonds through careful credit research and analysis. The Manager seeks to reduce the impact of a potential default by diversifying its investments among bonds of many different companies and industries. The Manager attempts to invest in bonds that have stable to improving credit quality and potential for capital appreciation because of a credit rating upgrade or an improvement in the outlook for a particular company, industry or the economy as a whole.

Although the Manager will consider ratings assigned by ratings agencies in selecting high yield bonds, it relies principally on its own research and investment analysis. The Manager considers a variety of factors, including the overall economic outlook, the issuer’s competitive position, the outlook of its industry, its managerial strength, anticipated cash flow, debt maturity schedules, borrowing requirements, interest or dividend coverage, asset coverage and earnings prospects. The Fund may sell a bond when it shows deteriorating fundamentals or it falls short of the Manager’s expectations. It may also decide to continue to hold a bond (or related securities, such as stocks or warrants) after its issuer defaults or is subject to a bankruptcy. In addition, the Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.

Delaware Government Cash Management Fund

The Fund intends to operate as a “government money market fund” as such term is defined in Rule 2a-7 under the Investment Company Act of 1940, as amended. The Fund will invest at least 99.5% of its total assets in (i) US Government securities; (ii) cash; and/or (iii) repurchase agreements that are collateralized fully by cash and/or US Government securities. In addition, under normal circumstances, the Fund will invest at least 80% of its net assets, including any borrowings for investment purposes, in US Government securities and repurchase agreements collateralized fully by cash or US Government securities (80% policy). The 80% policy is non-fundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days’ notice before changing this 80% policy. US Government securities include: US Treasury bills and notes; other obligations that are issued by the US Government, its agencies or instrumentalities, including securities that are issued by entities chartered by Congress but whose securities are neither issued nor guaranteed by the US Treasury, including the Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Federal Home Loan Banks and Federal Farm Credit Banks; and obligations that are issued by issuers that are guaranteed as to principal or interest by the US Government, its agencies or instrumentalities, including the Government National Mortgage Association. The Fund may invest in fixed, variable and floating rate instruments.

The Fund invests only in securities that comply with the quality, maturity, liquidity, diversification and other requirements applicable to a “government money market fund” under Rule 2a-7 under the 1940 Act. The Fund will invest only in securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulations. The dollar-weighted average portfolio maturity and dollar-weighted average portfolio life of the Fund will not exceed 60 and 120 days, respectively. The Fund uses the amortized cost method of valuation to seek to maintain a stable $1.00 net asset value per share price.

The Fund will only purchase securities that have been determined to present minimal credit risk. In making such a determination, the Fund may consider the credit ratings assigned to securities by ratings services. If, after purchase, the credit quality of an investment deteriorates, the Manager or, where required by applicable law and regulations, the Fund’s Board of Trustees, will decide whether the investment should be held or sold. All portfolio instruments purchased by the Fund will be denominated in US dollars.

“Government money market funds” are exempt from requirements that permit money market funds to impose a liquidity fee and/or temporary redemption gates. While the Fund’s Board of Trustees may elect to subject the Fund to liquidity fee and gate requirements in the future, it has not elected to do so at this time and currently has no intention of doing so.

The Statement of Additional Information also describes non-principal investment strategies that the Fund may use, including investing in other types of investments that are not described in this prospectus. Information concerning the Fund’s policies and procedures with respect to disclosure of the Fund’s portfolio holdings is available in the Fund’s Statement of Additional Information.

Delaware International Opportunities Bond Fund

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in bonds (80% policy). The 80% policy is non-fundamental and may be changed without shareholder approval, but the Fund will notify shareholders at least 60 days before making any changes to this 80% policy. For purposes of the 80% policy, bonds include debt securities issued or guaranteed by national governments, their agencies or instrumentalities and political sub-divisions (including inflation index linked securities); debt securities of supranational organizations such as freely transferable promissory notes, bonds and debentures; corporate debt securities, including freely transferable promissory notes, debentures, zero coupon bonds, commercial paper, certificates of deposits, and bankers’ acceptances issued by industrial, utility, finance, commercial banking or bank holding company organizations; emerging markets debt; and below investment grade securities, also known as high yield debt or “junk bonds.” Emerging market countries include those currently considered to be developing or emerging countries by the World Bank, the United Nations, or the countries’ governments. These countries typically are located in the Asia-Pacific region, Eastern Europe, the Middle East, Central America, South America, and Africa. The Fund may invest in fixed-rate and floating rate securities. The Fund will primarily invest its assets in debt securities (including fixed-rate and floating rate securities) of issuers located in developed countries outside of the United States. A developed country is defined as a country that have a developed economy and advanced tech infrastructure when compared to other nations. The Fund will primarily invest in sovereign debt and currencies, as well as in investment grade corporate bonds. To a lesser extent, the Fund may invest in emerging markets.

An issuer is considered by the Manager to be located in a developed country if such issuer meets one or more of the following criteria: has a class of its securities listed in a developed country; is organized (i.e., is incorporated or otherwise formed) under the laws of, or has a principal office (i.e., is headquartered) in a developed country; derives 50% or more of its total revenue from goods produced, sales made or services provided in one or more developed countries; or maintains 50% or more of its assets in one or more developed countries.

The Fund may invest in both investment grade and, to a lesser extent, below investment grade securities.

How we manage the Funds

Delaware Investment Grade Fund

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in investment grade debt securities (80% policy). The 80% policy is non-fundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days’ notice before changing this 80% policy. The Fund defines investment grade debt securities as those that are rated within the four highest ratings categories by Moody’s or S&P or that are unrated but determined by the Fund’s Manager to be of equivalent quality. The Fund will not necessarily sell an investment if its rating is reduced.

The Fund invests primarily in investment grade corporate bonds. The Fund may also invest in other investment grade securities, including securities issued or guaranteed by the US Government or US Government-sponsored enterprises (some of which are not backed by the full faith and credit of the US Government) and investment grade mortgage-backed and other asset-backed securities. The Fund attempts to stay broadly diversified, but it may emphasize certain industries based on the Manager’s outlook for interest rates, economic forecasts and market conditions. In selecting investments, the Manager considers, among other things, the issuer’s earnings and cash flow generating capabilities, asset quality, debt levels, industry characteristics and management strength. The Manager also considers ratings assigned by ratings services in addition to its own research and investment analysis. The Manager usually will sell a security when it shows deteriorating fundamentals, it falls short of the Manager’s expectations, or a more attractive investment is available.

The Manager may adjust the average weighted maturity of the securities in its portfolio based on its interest rate outlook. If it believes that interest rates are likely to fall, it may attempt to buy securities with longer maturities. By contrast, if it believes interest rates are likely to rise, it may attempt to buy securities with shorter maturities or sell securities with longer maturities.

To a lesser extent, the Fund also invests in high yield, below investment grade corporate bonds (commonly known as high yield or “junk bonds”). High yield bonds include both bonds that are rated below Baa3 by Moody’s or below BBB- by S&P as well as unrated bonds that are determined by the Manager to be of equivalent quality. The Fund may also be exposed to high yield securities through the Manager’s investments in exchange traded funds (ETFs).

Although the Manager will consider ratings assigned by ratings agencies in selecting high yield bonds, it relies principally on its own research and investment analysis. The Manager may sell a bond when it shows deteriorating fundamentals or it falls short of the Manager’s expectations. It may also decide to continue to hold a bond (or related securities, such as stocks or warrants) after its issuer defaults or is subject to a bankruptcy.

The Fund may invest in securities of any maturity or duration, but may adjust its average portfolio weighted duration or maturity in anticipation of interest rate changes. For example, if the Fund expects interest rates to increase, it may seek to reduce its average portfolio weighted duration and maturity. The Fund may also invest in US Treasury futures and options on US Treasury futures to hedge against changes in interest rates.

While the Fund may use derivatives for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, to neutralize the impact of interest rate changes, or to effect diversification, the Fund will use derivatives to manage duration, to earn additional income, or to gain exposure to a market (or segment of a market). It will not use derivatives for reasons inconsistent with its investment objective. The Manager also researches and continually monitors the creditworthiness of current or potential counterparties to its derivatives transactions.

Delaware Limited Duration Bond Fund

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investment grade bonds (80% policy). For purposes of the 80% policy, investment grade bonds also include other investment grade fixed income securities. The 80% policy is nonfundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days’ notice before changing this 80% policy.

The Fund defines investment grade debt securities as those that are rated within the four highest ratings categories by Moody’s or S&P or that are unrated but determined by the Fund’s Manager to be of equivalent quality.

The Fund may invest in a variety of different types of investment grade fixed-income securities, including corporate bonds, securities issued or guaranteed by the US Government or US Government-sponsored enterprises (some of which are not backed by the full faith and credit of the US Government), and mortgage-backed and other asset-backed securities. The Fund attempts to stay broadly diversified, but it may emphasize certain industries based on the Manager’s outlook for interest rates, economic forecasts and market conditions. In selecting investments for the Fund, the Manager considers, among other things, the issuer’s earnings and cash flow generating capabilities, asset quality, debt levels, industry characteristics and management strength. The Manager also considers ratings assigned by ratings services in addition to its own research and investment analysis. The Manager will not necessarily sell an investment if its rating is reduced. The Manager usually will sell a security when it shows deteriorating fundamentals, it falls short of the Manager’s expectations, or a more attractive investment is available.

How we manage the Funds

believes can generate attractive and consistent income. In addition the Manager may seek investments that have stable to improving credit quality and potential for capital appreciation because of a credit rating upgrade or an improvement in the outlook for a particular company, industry or the economy as a whole. Although the Manager will consider ratings assigned by ratings agencies in selecting high yield bonds, it relies principally on its own research and investment analysis. The Manager may sell a bond when it shows deteriorating fundamentals or it falls short of the Manager’s expectations. It may also decide to continue to hold a bond (or related securities, such as stocks or warrants) after its issuer defaults or is subject to a bankruptcy.

The Manager seeks for the Fund to maintain an average weighted duration of between one and six years. Duration is a measure of a bond’s or fixed income portfolio’s sensitivity to changes in interest rates. For every 1% change in interest rates, a bond’s price generally changes approximately 1% in the opposite direction for every year of duration. For example, if a portfolio of fixed income securities has an average weighted duration of six years, its value can be expected to fall about 6% if interest rates rise by 1%. Conversely, the portfolio’s value can be expected to rise approximately 6% if interest rates fall by 1%. As a result, prices of securities with longer durations tend to be more sensitive to interest rate changes than prices of securities with shorter durations. Unlike maturity, which considers only the date on which the final repayment of principal will be made, duration takes account of interim payments made during the life of the security. Duration is typically not equal to maturity. The Manager may adjust the Fund’s average weighted duration based on its interest rate outlook. If it believes that interest rates are likely to fall, it may attempt to buy securities with longer maturities. By contrast, if it believes interest rates are likely to rise, it may attempt to buy securities with shorter maturities or sell securities with longer maturities.

The Fund may invest in US Treasury futures and options on US Treasury futures to hedge against changes in interest rates.

Delaware Strategic Income II Fund

The Manager analyzes economic and market conditions, seeking to identify the securities or market sectors that it thinks are the best investments for the Fund. Following are descriptions of how the Manager pursue the Fund’s investment objectives.

To meet its investment objectives, the Fund invests in domestic (US) investment grade debt securities, high yield, and international fixed income securities, including those of issuers in emerging markets. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in US and foreign debt securities, including those in emerging markets. Foreign debt securities are fixed income securities of issuers organized or having a majority of their assets or deriving a majority of their operating income in foreign countries. These fixed income securities include, but are not limited to, foreign government securities, debt obligations of foreign companies, and securities issued by supranational entities. Emerging market countries include those currently considered to be developing or emerging countries by the World Bank, the United Nations, or the countries' governments. These countries typically are located in the Asia-Pacific region, Eastern Europe, the Middle East, Central America, South America, and Africa. The Manager will determine how much of the Fund’s assets to allocate to each of the various sectors based on its evaluation of economic and market conditions and its assessment of the yields and potential for appreciation that can be achieved from investments in each of the sectors. The Manager will periodically reallocate the Fund’s assets, as deemed appropriate. The relative proportion of the Fund’s assets to be allocated among the sectors is described below. The Fund may invest up to 100% of its assets in any one sector at any time.

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US investment grade sector In managing the Fund’s assets allocated to the US investment grade sector, the Manager will invest principally in debt obligations issued or guaranteed by the US Government, its agencies or instrumentalities, and by US corporations. The corporate debt obligations in which the Fund may invest include bonds, notes, debentures, and commercial paper of US companies. The US Government securities in which the Fund may invest include a variety of securities that are issued or guaranteed as to the payment of principal and interest by the US Government, and by various agencies or instrumentalities that have been established or sponsored by the US Government. The assets in the Fund’s US investment grade sector may also be invested in mortgage-backed securities issued or guaranteed by the US Government, its agencies or instrumentalities, or by government sponsored corporations. Other mortgage-backed securities in which the Fund may invest are issued by certain private, nongovernment entities. Subject to quality limitations, the Fund may also invest in securities that are backed by assets such as receivables on home equity and credit card loans, automobile, mobile home, recreational vehicle and other loans, wholesale dealer floor plans, and leases. Securities purchased by the Fund within this sector will be rated in one of the four highest rating categories or will be unrated securities that the Manager determines are of comparable quality. Please see the Statement of Additional Information (SAI) for additional ratings information.

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High yield sector The Fund may invest in high yield corporate debt obligations, including notes, which may be convertible or nonconvertible, commercial paper, units consisting of bonds with stock or warrants to buy stock attached, debentures, convertible debentures, zero coupon bonds, and pay-in-kind securities. The Fund may invest in both rated and unrated bonds. The rated bonds that the Fund may purchase in this sector will be rated lower than BBB- by S&P, Baa3 by Moody’s Investors Service (Moody’s), or similarly rated by another nationally recognized statistical rating organization (NRSRO). Unrated bonds may be more speculative in nature than rated bonds.

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International sector The Fund may invest in fixed income securities of issuers organized or having a majority of their assets or deriving a majority of their operating income in foreign countries. These fixed income securities include foreign government securities, debt obligations of foreign companies, and securities issued by supranational entities. A supranational entity is an entity established or financially supported by the national governments of one or more countries to promote reconstruction or development. Examples of supranational entities include, among others, the International Bank for Reconstruction and Development (more commonly known as the World Bank), the European Central Bank, the European Investment Bank, the Inter-American Development Bank, and the Asian Development Bank. The Fund may invest in securities issued in any currency and may hold foreign currencies. Securities of issuers within a given country may be denominated in the currency of another country or in multinational currency units, such as the euro. The Fund may, from time to time, purchase or sell foreign currencies and/or engage in forward foreign currency contracts in order to facilitate or expedite settlement of Fund transactions and to minimize currency value fluctuations. Currency exposures carry a special risk for the Fund when it allocates a significant portion of its assets to non-USD denominated securities. The Fund may invest in both rated and unrated foreign securities, and may purchase securities of issuers in any foreign country, developed and developing. These investments may include direct obligations of issuers located in emerging markets countries.

The risks of investing in the Funds

Investing in any mutual fund involves risk, including the risk that you may receive little or no return on your investment, and the risk that you may lose part or all of the money you invest. Before you invest in the Funds, you should carefully evaluate the risks. Because of the nature of the Funds, you should consider your investment to be a long-term investment that typically provides the best results when held for a number of years. The information below describes the principal risks you assume when investing in the Funds. Please see the SAI for a further discussion of these risks and other risks not discussed here.

Delaware Covered Call Strategy Fund

American depositary receipts risk

ADRs may involve many of the same risks as direct investments in foreign securities, including currency exchange fluctuations, less liquidity and more volatility, differences in accounting, auditing and financial reporting standards and governmental regulations, and the potential for political and economic instability. ADRs are depositary receipts for foreign securities denominated in US dollars and traded on US securities markets. These securities may not necessarily be denominated in the same currency as the securities for which they may be exchanged. Designed for use in US securities markets, ADRs are alternatives to the purchase of the underlying securities in their national markets and currencies. The securities underlying depositary receipts may trade on foreign exchanges at times when US markets are not open for trading and the value of depositary receipts may not track the price of the underlying securities.

Call options risk

Writing call options involves risks, such as potential losses if equity markets or an individual equity security do not move as expected and the potential for greater losses than if these techniques had not been used. By writing covered call options, the Fund will give up the opportunity to benefit from potential increases in the value of a Fund asset above the exercise price, but will bear the risk of declines in the value of the asset. The income received from writing call options may not be sufficient to offset one or more of the foregoing possibilities. In addition, the Fund’s ability to sell its equity securities typically will be limited during the term of an option, unless the Fund unwinds or offsets the option, which may be difficult to do. The prices of options can be highly volatile and exchanges may suspend options trading, during which time the Fund may be unable to write or unwind options. The Fund’s ability to write covered call options will be limited by the number of shares of equity securities it holds.

How we manage the Funds

Dividend risk

At times, the Fund may not be able to identify dividend-paying stocks that are attractive investments. The income received by the Fund will also fluctuate due to the amount of dividends that companies elect to pay, which could adversely affect the Fund’s ability to pay dividends and the value of its shares. Depending upon market conditions, the Fund may not have sufficient income to pay its shareholders regular dividends.

Exchange-traded funds risk

The risks of investing in securities of an ETF typically reflect the risks of the types of instruments in which the underlying ETF invests. Because ETFs are listed on an exchange, ETFs may be subject to trading halts and may trade at a discount or premium to their NAV. In addition, ETFs are investment companies, and the Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Fund’s expenses may be higher and performance may be lower.

High portfolio turnover and frequent trading risk

Portfolio turnover is a measure of the Fund’s trading activity over a one-year period. High portfolio turnover could increase the Fund’s transaction costs, result in taxable distributions to shareholders and have a negative impact on performance.

Market risk

Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments, a change in interest rates or a change in investor sentiment. Stock markets tend to run in cycles with periods when prices generally go up, known as “bull” markets, and periods when stock prices generally go down, referred to as “bear” markets. In addition, adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent. The Fund’s covered call strategy may be expected to underperform the equity markets during times of rapidly rising equity security prices.

Mid-size and small-size company risk

The market risk associated with stocks of mid- and small-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of mid- and small-size companies tend to experience sharper price fluctuations. Mid- and small-size companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger issuers, may depend on a few key employees and may have less predictable earnings. Stocks of mid- to small-size companies are not as broadly traded as stocks of larger issuers and less publicly available information may be available about them. At times, it may be difficult for the Fund to sell mid- to small-size company stocks at reasonable prices.

Sector risk

Issuers that are engaged in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of the securities of issuers in a particular sector of the market to decline. To the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase. While pursuing its investment strategy, the Fund may be significantly invested in the information technology sector, meaning that the value of its shares may be particularly vulnerable to factors affecting that sector, such as intense competition, both domestically and internationally, which may have an adverse effect on their profit margins, and government regulation. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

Active management and security selection risk

Securities selected by the portfolio managers may perform differently than the overall market or may not meet the portfolio managers’ expectations, which may be a result of specific factors relating to an issuer’s financial condition or operations, changes in the economy, governmental actions or inactions, or changes in investor perceptions regarding the issuer. Declines in certain stocks could detract from the Fund’s returns even when the broad market is flat or increasing and the Fund’s call option writing strategy may make it difficult for the Fund to dispose of underperforming securities.

Tax risk

The Fund’s income will derive primarily from dividends on, and gains from the sale or other disposition of, securities it holds and premiums on options it writes. Dividends received on the stock of most domestic and certain foreign corporations with respect to which holding period and certain other restrictions are satisfied generally (1) constitute “qualified dividend income” (QDI), which is taxed at lower rates for non-corporate shareholders, and (2) except for dividends

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from foreign corporations, are eligible for the dividends-received deduction available to corporate shareholders (DRD). Writing covered call options may significantly reduce or eliminate the portion of the Fund’s dividends that may be treated as QDI or eligible for the DRD. Covered calls also are subject to federal tax rules that may: (1) limit the allowance of certain losses or deductions by the Fund; (2) convert the Fund’s long-term capital gains into higher taxed short-term capital gains or ordinary income; (3) convert the Fund’s ordinary losses or deductions to capital losses, the deductibility of which is more limited; and/or (4) cause the Fund to recognize income or gains without a corresponding receipt of cash.

Delaware Equity Income Fund

Market risk

Depending upon market conditions, the income from dividend-paying stocks and other investments may not be sufficient to provide a cushion against general market downturns.

In addition, adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent.

Security selection risk

Undervalued securities risk

The Fund seeks to invest in securities that the Manager believes are undervalued and that it believes will rise in value due to anticipated events or changes in investor perceptions. If these events do not occur, are delayed or investor perceptions about the securities do not improve, the market price of these securities may not rise as expected or may fall. Moreover, value securities may fall out of favor with investors and decline in price as a class.

Delaware Global Equity Fund

Emerging markets risk

The risks of investing in foreign securities are heightened when investing in emerging or developing markets. The economies and political environments of emerging or developing countries tend to be more unstable than those of developed countries, resulting in more volatile rates of returns than the developed markets and substantially greater risk to investors. There are also risks of: an emerging country’s dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities; and delays and disruptions in securities settlement procedures. In addition, there may be less information available regarding emerging market securities to make investment decisions.

Foreign securities risk

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How we manage the Funds

Consumer staples sector securities

Consumer staples sector securities include securities issued by companies that are involved in areas such as the production, manufacture, distribution, or sale of, consumer goods and services that have non-cyclical characteristics, such as tobacco, food and beverage, household goods, personal products, and non-discretionary retail.

Industry, sector, and security risks

Industry and sector risk is the risk that the value of securities in a particular industry or sector (such as financial services or manufacturing) will decline because of changing expectations for the performance of that industry or sector.

Consumer staples sector risk

Consumer staples risk is the risk that companies in the consumer staples sector may be affected by changes in general economic conditions, worldwide economic conditions, political events, world events, government regulation, environmental factors, depletion of resources, consumer confidence, consumer spending, marketing, competition, demographics and consumer preferences, product trends, and production spending.

Companies in the consumer staples sector may also be subject to risks relating to the supply of, demand for, and prices of raw materials. Companies in this sector are also affected by natural and man-made disasters and political, social, or labor unrest that affect production and distribution of consumer staple products.

Liquidity risk

The Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a time or price most favorable to the Fund, which could decrease the overall level of the Fund’s liquidity and its ability to sell securities to meet redemptions. As a result, the Fund may have to lower the price on certain investments that it is trying to sell, sell the investments at a loss, sell other investments instead or forego an investment opportunity, any of which could adversely affect the Fund. The Fund could lose money or face difficulty in meeting shareholder redemptions if it cannot sell an investment at the time and price that would be beneficial to the Fund. Less liquid securities typically are harder to value. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements, which may have an adverse effect on the Fund.

Liquidity risk is particularly acute in the case of foreign investments that are traded in smaller, less-developed or emerging markets and securities issued by issuers with smaller market capitalizations.

Market risk

Nondiversification risk

Nondiversified investment companies have the flexibility to invest as much as 50% of their assets in as few as two issuers, with no single issuer accounting for more than 25% of the fund. The remaining 50% of the fund must be diversified so that no more than 5% of a fund’s assets are invested in the securities of a single issuer. Because a nondiversified fund may invest its assets in fewer issuers, the value of fund shares may increase or decrease more rapidly than if the fund were fully diversified.

Active management and selection risk

Securities selected by the Manager may perform differently than the overall market or may not meet the Manager’s expectations. This may be a result of specific factors relating to an issuer’s financial condition or operations, changes in the economy, governmental actions or inactions, or changes in investor perceptions regarding the issuer. Declines in certain stocks could detract from the Fund’s returns even when the broad market is flat or increasing and the Fund’s call option writing strategy may make it difficult for the Fund to dispose of underperforming securities.

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Delaware Growth and Income Fund

Dividend risk

Market risk

Depending upon market conditions, the income from dividend-paying stocks and other investments may not be sufficient to provide a cushion against general market downturns.The Fund’s investments in potential growth opportunities may increase the potential volatility of its share price.

Mid-size and small-size company risk

Active management and selection risk

Undervalued securities risk

REIT risk

In addition to the risks associated with the real estate industry, which include declines in the real estate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters, REITs are subject to additional risks, including those related to adverse governmental actions, declines in property value, and the potential failure to qualify for federal tax-free pass through of net income and gains and exemption from registration as an investment company. The failure of a company in which the Fund invests to qualify for treatment as a REIT under federal tax law may have an adverse impact on the Fund. REITs also are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In the event of a default by a borrower or lessee, a REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs to protect its investments. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area or a small number of property types. Investments in REITs may be volatile. REITs are pooled investment vehicles with their own fees and expenses, and the Fund will indirectly bear a proportionate share of those fees and expenses.

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How we manage the Funds

Delaware Hedged U.S. Equity Opportunities Fund

Derivatives risk

The use of derivatives involves specific risks, which can increase the volatility of the Fund’s share price, create leverage and expose the Fund to significant additional costs and the potential for greater losses than if these techniques had not been used. There may be an imperfect correlation between the price of a derivative and the market value of the securities held by the Fund or the price of the assets hedged or used for cover. In connection with certain transactions that may give rise to future payment obligations, including investments in derivatives, the Fund may be required to maintain a segregated amount of, or otherwise earmark, cash or liquid securities to cover the position or transaction, which cannot be sold while the position they are covering is outstanding, unless they are replaced with other assets of equal value. Investments in derivatives may cause leverage, magnify potential losses and expose the Fund to significant additional costs. Moreover, derivatives may be difficult or impossible to sell, unwind, or value in the absence of an active secondary trading market.

Futures contracts. Futures are contracts where one party agrees to pay a certain price for an asset at an agreed-upon date in the future and the other party agrees to sell the underlying asset at that price. There may be an imperfect correlation between the movement in the prices of futures contracts and the value of their underlying assets. There may not be a liquid secondary market for futures contracts. The Fund could suffer a loss if an underlying asset’s market prices do not move as expected. The prices of futures can be highly volatile and their potential loss can exceed the Fund’s initial investment.

Options. The Fund may buy put options. For a put option to be profitable to the purchaser, the market price of the underlying security or index must decline sufficiently below the put option’s exercise price to cover the premium and transaction costs. By buying put options, the Fund will reduce any profit it might otherwise have realized from having shorted the declining underlying asset by the premium paid for the put option and by transaction costs. The Fund may also sell (write) put options. If the Fund sells a put option, there is a risk that the Fund may be required to buy the underlying asset at a disadvantageous price.

The Fund may sell call options. Selling call options involves risks, such as potential losses if the price of the underlying asset does not move as expected. By selling covered call options, the Fund will give up the opportunity to benefit from potential increases in the value of a Fund asset above the exercise price, but will continue to bear the risk of declines in the value of the asset.

Emerging markets risk

Exchange-traded funds risk

The risks of investing in securities of an ETF typically reflect the risks of the types of instruments in which the underlying ETF invest. Because ETFs are listed on an exchange, ETFs may be subject to trading halts and may trade at a discount or premium to their NAV. In addition, ETFs are investment companies, and the Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Fund’s expenses may be higher and performance may be lower.

Foreign securities risk

Hedging risk

Hedging seeks to limit downside risks, but it also will limit the Fund’s return potential. This will especially be true during periods of rapid or large market gains. Hedging activities involve fees and expenses, which can further reduce the Fund’s returns. If the Fund uses a hedging instrument at the wrong time or judges the market conditions incorrectly, or the hedged instrument does not correlate to the risk sought to be hedged, the hedge might be unsuccessful, reduce the

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Fund’s return, or create a loss. Gains or losses from positions in hedging instruments may be much greater than the instrument’s original cost. The counterparty may be unable to honor its financial obligation to the Fund. In addition, the Fund may be unable to close the transaction at the time it would like or at the price it believes the asset is currently worth.

High portfolio turnover and frequent trading risk

Market risk

Mid-size and small-size company risk

Multi-style risk

The Fund’s performance depends on, among other things, the portfolio managers’ success in monitoring and allocating the Fund’s assets among the various underlying styles. These underlying styles may not always be complementary, especially if the markets do not behave as expected. The portfolio managers may make investment decisions independently of one another, and may make conflicting investment decisions. This may result in the Fund investing a significant percentage of its assets in certain types of securities, or in securities representing a specific investment philosophy, which could be beneficial or detrimental to the Fund’s performance depending on the performance of those securities and the overall market environment.

Quantitative strategies risk

Selecting or screening investments based on quantitative models may be adversely affected if the model relies on erroneous or outdated data. Investments selected using quantitative analysis can perform differently from the market as a whole as a result of the characteristics used in the analysis, the weight placed on each characteristic, and changes in the characteristic’s historical trends. The factors used in such analyses may not be predictive of an investment’s value and its effectiveness can change over time. These changes may not be reflected in the quantitative model. Data for some issuers may be less available and/or less current than data for other issuers.

Active management and selection risk

Tax risk

The Fund may derive a significant portion of its income from its investment activities with respect to derivatives. Dividends received on the stock of most domestic and certain foreign corporations with respect to which holding period and certain other restrictions are satisfied generally (1) constitute “qualified dividend income” (QDI), which is taxed at lower rates for non-corporate shareholders, and (2) except for dividends from foreign corporations, are eligible for the dividends-received deduction available to corporate shareholders. Investments in derivatives may significantly reduce or eliminate the portion the Fund’s dividends that may be treated as QDI. Investments in derivatives also are subject to federal tax rules that may: (1) limit the allowance of certain losses or deductions by the Fund; (2) convert the Fund’s long-term capital gains to higher taxed short-term capital gains or ordinary income; (3) convert the Fund’s ordinary losses or deductions to capital losses, the deductibility of which is more limited; and/or (4) cause the Fund to recognize income or gains without a corresponding receipt of cash.

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How we manage the Funds

Delaware International Fund

Emerging markets risk

The risks of investing in foreign securities are heightened when investing in emerging or developing markets. The economies and political environments of emerging or developing countries tend to be more unstable than those of developed countries, resulting in more volatile rates of returns than the developed markets and substantially greater risk to investors. There are also risks of: an emerging market country’s dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities; and delays and disruptions in securities settlement procedures. In addition, there may be less information available regarding emerging market securities to make investment decisions.

Foreign securities risk

There are special risk factors associated with investing in foreign securities. Some of these factors are also present when investing in the United States but are heightened when investing in non-US markets, especially in smaller, less-developed or emerging markets. For example, fluctuations in the exchange rates between the US dollar and foreign currencies may have a negative impact on investments denominated in foreign currencies by eroding or reversing gains or widening losses from those investments. The risks of investing in foreign securities also include potential political and economic instability, differing accounting and financial reporting standards or inability to obtain reliable financial information regarding a company’s balance sheet and operations and less stringent regulation and supervision of foreign securities markets, custodians and securities depositories. Funds that invest in foreign securities are also subject to higher commission rates on portfolio transactions, potentially adverse changes in tax and exchange control laws and/or regulations and potential restrictions on the flow of international capital. Many foreign countries impose withholding taxes on income and realized gains from investments in securities of issuers located in such countries, which the Fund may not recover. To the extent the Fund invests a significant portion of its assets in securities of a single country or region at any time, it is more likely to be affected by events or conditions of that country or region. As a result, it may be more volatile than a more geographically diversified fund.

Consumer staples sector securities

Industry, sector, and security risks

Consumer staples sector risk

Liquidity risk

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Market risk

Nondiversification risk

Sector risk

Companies that are engaged in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of the equity and debt securities of companies in a particular sector of the market to decline. To the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase. The Fund may be significantly invested in the consumer staples sector, meaning that the value of its shares may be particularly vulnerable to factors affecting that sector, such as the regulation of various product components and production methods, litigation, marketing campaigns and changes in the overall economy, consumer spending and consumer demand. Companies in the consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. These companies may be subject to severe competition, which may have an adverse impact on their profitability.

Active management and selection risk

Delaware Opportunity Fund

Exchange-traded funds risk

Market risk

REIT risk

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How we manage the Funds

specialized management skills and may invest in relatively few properties, a small geographic area or a small number of property types. Investments in REITs may be volatile. REITs are pooled investment vehicles with their own fees and expenses, and the Fund will indirectly bear a proportionate share of those fees and expenses.

Mid-size and small-size company risk

Active management and selection risk

Delaware Premium Income Fund

American depositary receipts risk

Call options risk

Writing call options involves risks, such as potential losses if equity markets or an individual equity security do not move as expected and the potential for greater losses than if these techniques had not been used. By writing covered call options, the Fund will lose money if the exercise price of an option is below the market price of the asset on which the option was written and will give up the opportunity to benefit from potential increases in the value of a Fund asset above the exercise price, but will continue to bear the risk of declines in the value of the asset and may be obligated to deliver assets underlying an option at less than the market price.The income received from writing call options may not be sufficient to offset one or more of the foregoing possibilities. In addition, the Fund’s ability to sell its equity securities typically will be limited during the term of an option, unless the Fund unwinds or offsets the option, which may be difficult to do. The prices of options can be highly volatile and exchanges may suspend options trading, during which time the Fund may be unable to write or unwind options. The Fund’s ability to write covered call options will be limited by the number of shares of equity securities it holds.

Dividend risk

At times, the Fund may not be able to identify dividend-paying stocks that are attractive investments. The income received by the Fund will also fluctuate due to the amount of dividends that companies elect to pay. Depending upon market conditions, the Fund may not have sufficient income to pay its shareholders regular dividends. The inability of an issuer to pay dividends may adversely impact the Fund’s ability to pay dividends and achieve its investment objective, and its share price.

Exchange-traded funds risk

The risks of investing in securities of an ETF typically reflect the risks of the types of instruments in which the ETF invests. Because ETFs are listed on an exchange, ETFs may be subject to trading halts and may trade at a discount or premium to their NAV. In addition, ETFs are investment companies, and the Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Fund’s expenses may be higher and performance may be lower.

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High portfolio turnover and frequent trading risk

Market risk

Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments, a change in interest rates or a change in investor sentiment. Stock markets tend to run in cycles with periods when prices generally go up, known as “bull” markets, and periods when stock prices generally go down, referred to as “bear” markets. In addition, adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent. The Fund’s covered call strategy may be expected to underperform the markets during times of rapidly rising equity security prices.

Mid-size and small-size company risk

Active management and selection risk

Securities selected by the portfolio managers may perform differently than the overall market or may not meet the portfolio managers’ expectations, which may be a result of specific factors relating to an issuer’s financial condition or operations, changes in the economy, governmental actions or inactions, or changes in investor perceptions regarding the issuer. Declines in certain securities could detract from the Fund’s returns even when the broad market is flat or increasing and the Fund’s call option writing strategy may make it difficult for the Fund to dispose of underperforming securities.

Tax risk

The Fund’s income will derive primarily from dividends on, and gains from the sale or other disposition of, securities it holds and premiums on covered call options it writes. Dividends received on the stock of most domestic and certain foreign corporations with respect to which holding period and certain other restrictions are satisfied generally (1) constitute “qualified dividend income” (QDI), which is taxed at lower rates for non-corporate shareholders and (2) except for dividends from foreign corporations, are eligible for the dividends-received deduction available to corporate shareholders (DRD). Writing covered call options may significantly reduce or eliminate the portion of the Fund’s dividends that may be treated as QDI or eligible for the DRD. Covered calls also are subject to federal tax rules that: (1) limit the allowance of certain losses or deductions; (2) convert long-term capital gains into higher taxed short-term capital gains or ordinary income; (3) convert ordinary losses or deductions to capital losses, the deductibility of which is more limited; and/or (4) cause the recognition of income or gains without a corresponding receipt of cash.

Delaware Growth Equity Fund

Focused portfolio risk

Because the Fund generally invests in a limited portfolio of only 40 to 45 stocks, it may be more volatile and substantially impacted by the change in value of a single holding than other funds whose portfolios may contain a larger number of securities. The performance of any one of the Fund’s stocks could significantly impact the Fund’s performance.

Growth stock risk

The Fund’s focus on growth stocks increases the potential volatility of its share price. Growth stocks are stocks of companies which are expected to increase their revenues or earnings at above average rates. If expectations are not met, the prices of these stocks may decline significantly.

Market risk

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How we manage the Funds

markets, and periods when stock prices generally go down, referred to as “bear” markets. In addition, adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent.

Mid-size and small-size company risk

Sector risk

Issuers that are engaged in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of the securities of issuers in a particular sector of the market to decline. To the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase. The Fund may be significantly invested in the information technology sector, meaning that the value of its shares may be particularly vulnerable to factors affecting that sector, such as intense competition, both domestically and internationally, which may have an adverse effect on their profit margins, and government regulation. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

Active management and selection risk

Securities selected by the portfolio manager may perform differently than the overall market or may not meet the portfolio manager’s expectations. This may be a result of specific factors relating to an issuer’s financial condition or operations, changes in the economy, governmental actions or inactions, or changes in investor perceptions regarding the issuer. Declines in certain stocks could detract from the Fund’s returns even when the broad market is flat or increasing and the Fund’s call option writing strategy may make it difficult for the Fund to dispose of underperforming securities.

Delaware Special Situations Fund

Exchange-traded funds risk

Market risk

REIT risk

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Active management and selection risk

Small-size and mid-size company risk

The market risk associated with stocks of small- and mid-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of small- and mid-size companies tend to experience sharper price fluctuations. Mid- and small-size companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger issuers, may depend on a few key employees and may have less predictable earnings. Stocks of mid- to small-size companies are not as broadly traded as stocks of larger issuers and less publicly available information may be available about them. At times, it may be difficult for the Fund to sell small-to-mid-size company stocks at reasonable prices.

Undervalued securities risk

The Fund seeks to invest in stocks that the Manager believes are undervalued and that it believes will rise in value due to anticipated events or changes in investor perceptions. If these events do not occur, are delayed or investor perceptions about the securities do not improve, the market price of these securities may not rise as expected or may fall. Moreover, value stocks may fall out of favor with investors and decline in price as a class.

Delaware Total Return Fund

Allocation risk

The allocation of the Fund’s investments may have a significant effect on its performance. The Fund may allocate assets to investment classes that underperform other classes. For example, the Fund may be overweighted in stocks when the stock market is falling and the bond market is rising.

Credit risk

This is the risk that an issuer of bonds and other debt securities will be unable or unwilling to pay interest or principal when due. The prices of bonds and other debt securities are affected by the credit quality of the issuer and, in the case of mortgage-backed and other asset-backed securities, the credit quality of the underlying loans. Changes in the financial condition of an issuer, general economic conditions and specific economic conditions that affect a particular type of issuer can impact the credit quality of an issuer. Such changes may weaken an issuer’s ability to make payments of principal or interest, or cause an issuer to fail to make timely payments of interest or principal. Lower quality debt securities generally tend to be more sensitive to these changes than higher quality debt securities. The lowest rated category of investment grade debt securities may have speculative characteristics. While credit ratings may be available to assist in evaluating an issuer’s credit quality, they may not accurately predict an issuer’s ability to make timely payments of principal and interest. During times of economic downturn, issuers of high yield debt securities may not have the ability to access the credit markets to refinance their bonds or meet other credit obligations.

Credit risk also applies to securities issued or guaranteed by the US Government and by US Government-sponsored enterprises that are not backed by the full faith and credit of the US Government. The securities issued by US Government-sponsored enterprises are supported only by the credit of the issuing agency, instrumentality or corporation. For example, securities issued by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) are not backed by the full faith and credit of the US Government. A security backed by the US Government or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity. The market prices for such securities are not guaranteed and will fluctuate.

Although the US Treasury has supported Fannie Mae and Freddie Mac in the past, there is no guarantee it would do so again. Congress may alter the activities or operations of Fannie Mae and Freddie Mac, which could negatively impact the credit risk associated with Fannie Mae and Freddie Mac securities.

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How we manage the Funds

Derivatives risk

The use of derivatives involves specific risks, which can increase the volatility of the Fund’s share price, create leverage and expose the Fund to significant additional costs and the potential for greater losses than if these techniques had not been used, including due to the risk that a counterparty to a transaction may default on its obligations. There may be an imperfect correlation between the price of a derivative and the market value of the securities held by the Fund or the price of the assets hedged or used for cover. These investment techniques may limit any potential gain that might result from an increase in the value of the hedged position. In connection with certain transactions that may give rise to future payment obligations, including investments in derivatives, the Fund may be required to maintain a segregated amount of, or otherwise earmark, cash or liquid securities to cover the position or transaction, which cannot be sold while the position they are covering is outstanding, unless they are replaced with other assets of equal value. The use of derivatives for hedging purposes tends to limit any potential gain that might result from an increase in the value of the hedged position. Moreover, derivatives may be difficult or impossible to sell, unwind, or value in the absence of an active secondary trading market. Certain aspects of the regulatory treatment of derivative instruments, including federal income tax, are currently unclear and may be affected by changes in legislation, regulations, or other legally binding authority.

Futures contracts risk. The prices of futures contracts and options on futures contracts can be highly volatile; using them can lower total return; and the potential loss from futures can exceed an initial investment in such contracts. When the Fund purchases or sells a futures contract, it is subject to daily variation margin calls that could be substantial. If the Fund has insufficient cash to meet daily variation margin requirements, it might need to sell securities at a time when such sales are disadvantageous. The Fund could suffer a loss if the underlying instrument or index does not move as expected.

Options risk. Options may be subject to counterparty risk and the risk that a purchaser could lose the purchase price of the option or be subject to initial and variation margin requirements, which may be substantial.

Exchange-traded funds risk

Foreign securities risk

There are special risk factors associated with investing in foreign securities. Some of these factors are also present when investing in the United States but are heightened when investing in non-US markets, especially in smaller, less-developed or emerging markets. For example, fluctuations in the exchange rates between the US dollar and foreign currencies may have a negative impact on investments denominated in foreign currencies by eroding or reversing gains or widening losses from those investments. The risks of investing in foreign securities also include potential political and economic instability, differing accounting and financial reporting standards or inability to obtain reliable financial information regarding a company’s balance sheet and operations and less stringent regulation and supervision of foreign securities markets, custodians and securities depositories. Funds that invest in foreign securities are also subject to higher commission rates on portfolio transactions, potentially adverse changes in tax and exchange control laws and/or regulations and potential restrictions on the flow of capital. Many foreign countries impose withholding taxes on income and realized gains from investments in securities of issuers located in such countries, which the Fund may not recover. Some securities issued by foreign governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of the foreign government. Some foreign governments may default on principal and interest payments. Even where a security is backed by the full faith and credit of a foreign government, it may be difficult for the Fund to pursue its rights against a foreign government in that country’s courts. To the extent the Fund invests a significant portion of its assets in securities of a single country or region at any time, it is more likely to be affected by events or conditions of that country or region. As a result, it may be more volatile than a more geographically diversified fund.

High yield (junk bond) risk

The risk that high yield securities, commonly known as “junk bonds,” are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds.

Interest rate risk

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securities has an average weighted duration of three years, its value can be expected to fall about 3% if interest rates rise by 1%. Conversely, the portfolio’s value can be expected to rise approximately 3% if interest rates fall by 1%.The yields received by the Fund on its investments will generally decline as interest rates decline.

Liquidity risk

The Fund is susceptible to the risk that certain securities may be difficult or impossible to sell at a time or price most favorable to the Fund, which could decrease the overall level of the Fund’s liquidity and its ability to sell securities to meet redemptions. As a result, the Fund may have to lower the price on certain securities that it is trying to sell, sell the securities at a loss, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. The Fund could lose money or face difficulty in meeting shareholder redemptions if it cannot sell an investment at the time and price that would be beneficial to the Fund. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements, which may have an adverse effect on the Fund. This risk is particularly acute in the case of foreign securities that are traded in smaller, less-developed or emerging markets. High yield debt securities also tend to be less liquid than higher quality debt securities, meaning that it may be difficult to sell high yield debt securities at a time and price that would be beneficial to the Fund, particularly if there is a deterioration in the economy or in the financial prospects of their issuers. As a result, the prices of high yield debt securities may be subject to wide price fluctuations due to liquidity concerns.

Market risk

Similarly, bond prices fluctuate in value with changes in interest rates, the economy and the financial conditions of companies that issue them. In general, bonds decline in value when interest rates rise. While stocks and bonds may react differently to economic events, there are times when stocks and bonds both may decline in value simultaneously.

There is also the possibility that the value of the Fund’s investments in high yield securities will decline due to drops in the overall high yield bond market. Changes in the economic climate, investor perceptions and stock market volatility can cause the prices of the Fund’s fixed-income and high yield investments to decline regardless of the conditions of the issuers held by the Fund.

The ability of broker-dealers to make a market in debt securities has decreased in recent years, in part as a result of structural changes, including fewer proprietary trading desks at broker-dealers and increased regulatory capital requirements. Further, many broker-dealers have reduced their inventory of certain debt securities. This could negatively affect the Fund’s ability to buy or sell debt securities, and increase their volatility and trading costs.

Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent. The Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a time or price most favorable to the Fund, which could decrease the overall level of the Fund’s liquidity and its ability to sell securities to meet redemptions. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements.

Mid-size and small-size company risk

Prepayment and extension risk

The Fund is subject to prepayment and extension risk since it invests in mortgage-backed and other asset-backed securities. When interest rates decline, borrowers tend to refinance their loans and the loans that back these securities suffer a higher rate of prepayment. This could cause a decrease in the Fund’s income and share price. Extension risk is the flip side of prepayment risk. When interest rates rise, borrowers tend to repay their loans less quickly which will generally increase both the Fund’s sensitivity to rising interest rates and its potential for price declines. The impact of prepayments and extensions on the price of mortgage-backed and other asset-backed securities may be difficult to predict and may increase their price volatility.

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Active management and selection risk

Real estate industry risk

Real estate industry risk includes, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes, and operating expenses; changes in zoning laws; costs resulting from the cleanup of, and liability to third parties resulting from, environmental problems; casualty for condemnation losses; uninsured damages from floods, earthquakes, or other natural disasters; limitations on and variations in rents; and changes in interest rates. REITs are subject to substantial cash flow dependency, defaults by borrowers, self-liquidation, and the risk of failing to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended (Internal Revenue Code), or other similar statutes in non-US countries and/or to maintain exemptions from the Investment Company Act of 1940, as amended (1940 Act).

REIT risk

Delaware Floating Rate II Fund

Credit risk

This is the risk that an issuer of bonds and other debt securities, including loans, will be unable or unwilling to pay interest or principal when due. The prices of bonds and other debt securities are affected by the credit quality of the issuer. Changes in the financial condition of an issuer, general economic conditions and specific economic conditions that affect a particular type of issuer can impact the credit quality of an issuer. Such changes may weaken an issuer’s ability to make payments of principal or interest, or cause an issuer to fail to make timely payments of interest or principal. While credit ratings may be available to assist in evaluating an issuer’s credit quality, they may not accurately predict an issuer’s ability to make timely payment of principal and interest.

Floating rate loan risk

The value of any collateral securing a floating rate loan may decline, be insufficient to meet the obligations of the borrower, or be difficult or costly to liquidate. In the event of a default, it may be difficult to collect on any collateral, it would not be possible to collect on any collateral for an uncollateralized loan, and the value of a floating rate loan can decline significantly. Access to collateral may also be limited by bankruptcy or other insolvency laws. If a floating rate loan is acquired through an assignment, the acquirer may not be able to unilaterally enforce all rights and remedies under the loan and with regard to the associated collateral.

Although senior loans may be senior to equity and other debt securities in the borrower’s capital structure, the loans may be subordinated to other obligations of the borrower or its subsidiaries. Difficulty in selling a floating rate loan can result in a loss. Loans trade in an over-the-counter market, and confirmation and settlement may take significantly longer than 7 days to complete. Extended trade settlement periods may present a risk regarding the Fund’s ability to timely honor redemptions. Due to the lack of a regular trading market for loans, loans are subject to irregular trading activity and wide bid/ask spreads and may be difficult to value.

High yield floating rate loans, like high-yield debt securities, or junk bonds, usually are more credit sensitive, although the value of these instruments may be affected by interest rate swings in the overall fixed income market. Generally, there is less readily available, reliable public information about the loans. Therefore, the Fund may be required to rely on its own evaluation and judgment of a borrower’s credit quality in addition to any available independent sources to value loans. Floating rate loans may not be considered “securities” for certain purposes of the federal securities laws and purchasers therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

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High yield (junk bond) risk

Interest rate risk

The market values of high yield bonds and other debt securities, including loans, are affected by changes in interest rates. In general, when interest rates rise, the market value of a debt security declines, and when interest rates decline, the market value of a debt security increases. Generally, the longer the maturity and duration of a debt security, the greater its sensitivity to interest rates. Duration is a measure of a debt security’s sensitivity to changes in interest rates. For every 1% change in interest rates, a debt security’s price generally changes approximately 1% in the opposite direction for every year of duration. For example, if a portfolio of debt securities has an average weighted duration of three years, its value can be expected to fall about 3% if interest rates rise by 1%. Conversely, the portfolio’s value can be expected to rise approximately 3% if interest rates fall by 1%.

The interest rates on floating rate securities adjust periodically and may not correlate to prevailing interest rates during the periods between rate adjustments. Therefore, floating rate loans and bonds could remain sensitive over the short-term to interest rate changes. Floating rate securities with longer interest rate reset periods generally will experience greater fluctuation in value as a result of changes in market interest rates. The impact of interest rate changes on the Fund’s yield will also be affected by whether, and the extent to which, the floating rate loans in the Fund’s portfolio are subject to floors on the LIBOR base rate on which interest is calculated for such loans (a LIBOR floor). So long as the base rate for a loan remains under the LIBOR floor, changes in short-term interest rates generally will not affect the yield on such loans. The yields received by the Fund on its investments will generally decline as interest rates decline.

Market risk

The entire high yield loan and bond market can experience sharp price swings due to a variety of factors, including changes in economic forecasts, stock market volatility, large sustained sales of high yield bonds by major investors, high-profile defaults or the market’s psychology. This degree of volatility in the high yield market is usually associated more with stocks than bonds. The prices of high yield bonds and other high yield debt securities held by the Fund could decline not only due to a deterioration in the financial condition of the issuers of such bonds, but also due to overall movements in the high yield market. Markets tend to run in cycles with periods when prices generally go up, known as “bull” markets, and periods when prices generally go down, referred to as “bear” markets. The ability of broker-dealers to make a market in debt securities has decreased in recent years, in part as a result of structural changes, including fewer proprietary trading desks at broker-dealers and increased regulatory capital requirements. Further, many broker-dealers have reduced their inventory of certain debt securities. This could negatively affect the Fund’s ability to buy or sell debt securities, and increase their volatility and trading costs. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent.

Active management and selection risk

Delaware Fund for Income

Credit risk

This is the risk that an issuer of bonds and other debt securities, including syndicated loans, will be unable or unwilling to pay interest or principal when due. The prices of bonds and other debt securities are affected by the credit quality of the issuer. Changes in the financial condition of an issuer, general economic conditions and specific economic conditions that affect a particular type of issuer can impact the credit quality of an issuer. Such changes may weaken an issuer’s ability to make payments of principal or interest, or cause an issuer to fail to make timely payments of interest or principal. While credit ratings may be available to assist in evaluating an issuer’s credit quality, they may not accurately predict an issuer’s ability to make timely payment of principal and interest.

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Floating rate loan risk

High yield (junk bond) risk

Interest rate risk

The market values of high yield bonds and other debt securities are affected by changes in interest rates. In general, when interest rates rise, the market value of a debt security declines, and when interest rates decline, the market value of a debt security increases. Generally, the longer the maturity and duration of a debt security, the greater its sensitivity to interest rates. Duration is a measure of a debt security’s sensitivity to changes in interest rates. For every 1% change in interest rates, a debt security’s price generally changes approximately 1% in the opposite direction for every year of duration. For example, if a portfolio of debt securities has an average weighted duration of three years, its value can be expected to fall about 3% if interest rates rise by 1%. Conversely, the portfolio’s value can be expected to rise approximately 3% if interest rates fall by 1%.

The interest rates on floating rate securities adjust periodically and may not correlate to prevailing interest rates during the periods between rate adjustments. Therefore, floating rate securities could remain sensitive over the short-term to interest rate changes. Floating rate securities with longer interest rate reset periods generally will experience greater fluctuations in value as a result of changes in market interest rates. The impact of interest rate changes on the Fund’s yield will also be affected by whether, and the extent to which, the floating rate loans in the Fund’s portfolio are subject to floors on the LIBOR base rate on which interest is calculated for such loans (a LIBOR floor). So long as the base rate for a loan remains under the LIBOR floor, changes in short-term interest rates generally will not affect the yield on such loans. The yields received by the Fund on its investments will generally decline as interest rates decline.

Liquidity risk

Floating rate loans generally are subject to legal or contractual restrictions on resale, may trade infrequently and their value may be impaired when the Fund needs to liquidate these loans. High yield securities tend to be less liquid than higher quality securities, particularly if there is a deterioration in the economy or in the financial prospects of their issuers. Assignments of bank loans and bonds also may be less liquid, because of potential delays in the settlement process or restrictions on resale.

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Market risk

The entire high yield bond market can experience sharp price swings due to a variety of factors, including changes in economic forecasts, stock market volatility, large sustained sales of high yield bonds by major investors, high-profile defaults or the market’s psychology. This degree of volatility in the high yield market is usually associated more with stocks than bonds. The prices of high yield bonds and other high yield debt securities held by the Fund could decline not only due to a deterioration in the financial condition of the issuers of such bonds, but also due to overall movements in the high yield market. Markets tend to run in cycles with periods when prices generally go up, known as “bull” markets, and periods when prices generally go down, referred to as “bear” markets. The ability of broker-dealers to make a market in debt securities has decreased in recent years, in part as a result of structural changes, including fewer proprietary trading desks at broker-dealers and increased regulatory capital requirements. Further, many broker-dealers have reduced their inventory of certain debt securities. This could negatively affect the Fund’s ability to buy or sell debt securities, and increase their volatility and trading costs. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or experience difficulty in selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent.

Active management and selection risk

Delaware Government Cash Management Fund

Credit risk

This is the risk that an issuer of a security will be unable or unwilling to pay interest or principal when due. The value of a security will decline if there is a default by or a deterioration in the credit quality of the issuer or a provider of a credit enhancement or demand feature. This could cause the Fund’s NAV to decline below $1.00 per share.

Interest rate risk

The Fund’s NAV could decline below $1.00 per share because of a change in interest rates. Like the values of other debt instruments, the market values of US Government securities are affected by changes in interest rates. When interest rates rise, the market values of US Government securities generally decline; and when interest rates decline, the market values of US Government securities generally increase. The price volatility of US government securities also depends on their maturities and durations. Generally, the longer the maturity and duration of a US Government security, the greater its sensitivity to interest rates. Duration is a measure of a debt security’s sensitivity to changes in interest rates. For every 1% change in interest rates, a debt security’s price generally changes approximately 1% in the opposite direction for every year of duration. For example, if a portfolio of debt securities has an average weighted duration of three years, its value can be expected to fall about 3% if interest rates rise by 1%. Conversely, the portfolio’s value can be expected to rise approximately 3% if interest rates fall by 1%. The interest rates on floating and variable rate securities adjust periodically and may not correlate to prevailing interest rates during the periods between rate adjustments, meaning that they could remain sensitive over the short-term to interest rate changes. Floating and variable rate securities with longer interest rate reset periods generally will experience greater fluctuation in value as a result of changes in market interest rates. The impact of interest rate changes on the Fund’s yield will also be affected by whether, and the extent to which, the floating and variable rate securities are subject to interest rate floors.

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How we manage the Funds

Liquidity risk

The Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a time or price most favorable to the Fund, which could decrease the overall level of the Fund’s liquidity and its ability to sell securities to meet redemptions. As a result, the Fund may have to lower the price on certain investments that it is trying to sell, sell the investments at a loss, sell other investments instead or forego an investment opportunity, any of which could adversely affect the Fund. The Fund could lose money or face difficulty in meeting shareholder redemptions if it cannot sell an investment at the time and price that would be beneficial to the Fund. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements, which may have an adverse effect on the Fund’s ability to maintain a $1.00 share price.

Market risk

The prices of securities held by the Fund may decline in response to certain events, such as general economic and market conditions, adverse political regulatory developments, changes in investor sentiment, economic instability and interest rate fluctuations. These events may lead to periods of volatility, which may be exacerbated by changes in debt market size and structure. In addition, adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemption requests by shareholders or cause the Fund’s NAV to decline below $1.00 per share. The risk of loss increases if the redemption requests are unusually large or frequent.

Supply issues within the US Treasury securities market could arise as demand increases for US Government securities.

Repurchase agreement risk

A repurchase agreement is a transaction in which the Fund purchases securities or other obligations from a bank or securities dealer (or its affiliate) and simultaneously commits to resell them to a counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to the coupon rate or maturity of the purchased obligations. The difference between the original purchase price and the repurchase price is normally based on prevailing short-term interest rates. The use of repurchase agreements involves credit risk and counterparty risk. If the seller in a repurchase agreement transaction defaults on its obligation to repurchase a security at a mutually agreed-upon time and price under the agreement, the Fund may suffer delays, incur costs and lose money in exercising its rights under the agreement.

In the event of default by a seller under a repurchase agreement collateralized loan, the underlying securities would not be owned by the Fund, but would only constitute collateral for the seller’s obligation to pay the repurchase price.

Yield risk

The yields received by the Fund on its investments will generally decline as interest rates decline. The Manager may voluntarily waive advisory fees and reimburse expenses to prevent a negative net yield for the Fund. The Manager is under no obligation to do so and the Fund’s yield may fall below zero.

Delaware International Opportunities Bond Fund

Credit risk

This is the risk that an issuer of bonds and other debt securities will be unable or unwilling to pay interest or principal when due. The prices of bonds and other debt securities are affected by the credit quality of the issuer. Changes in the financial condition of an issuer, general economic conditions and specific economic conditions that affect a particular type of issuer can impact the credit quality of an issuer. Such changes may weaken an issuer’s ability to make payments of principal or interest, or cause an issuer to fail to make timely payments of interest or principal. While credit ratings may be available to assist in evaluating an issuer’s credit quality, they may not accurately predict an issuer’s ability to make timely payment of principal and interest.

Currency risk

The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the US dollar change. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the US and foreign governments or central banks, the imposition of currency controls and other political or regulatory conditions in the US or abroad. The Fund may incur currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. A security may be denominated in a currency that is different from the currency of the country where the issuer is domiciled.

Derivatives risk

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the price of the assets hedged or used for cover. These investment techniques may limit any potential gain that might result from an increase in the value of the hedged position. In connection with certain transactions that may give rise to future payment obligations, including investments in derivatives, the Fund may be required to maintain a segregated amount of, or otherwise earmark, cash or liquid securities to cover the position or transaction, which cannot be sold while the position they are covering is outstanding, unless they are replaced with other assets of equal value. The use of derivatives for hedging purposes tends to limit any potential gain that might result from an increase in the value of the hedged position. Moreover, derivatives may be difficult or impossible to sell, unwind, or value in the absence of an active secondary trading market. Certain aspects of the regulatory treatment of derivative instruments, including federal income tax, are currently unclear and may be affected by changes in legislation, regulations, or other legally binding authority.

Forward contracts risk. Forward currency transactions include risks associated with fluctuations in foreign currency, which may cause exposure to the risk of currency exchange loss. Forward contracts may be subject to counterparty risk. If a default occurs, a party may have contractual remedies pursuant to the forward contract, but such remedies may be subject to bankruptcy and insolvency laws which could affect the party’s rights as a creditor.

Emerging markets risk

Foreign securities risk

There are special risk factors associated with investing in foreign securities. Some of these factors are also present when investing in the United States but are heightened when investing in non-US markets, especially in smaller, less-developed or emerging markets. For example, fluctuations in the exchange rates between the US dollar and foreign currencies may have a negative impact on investments denominated in foreign currencies by eroding or reversing gains or widening losses from those investments. The risks of investing in foreign securities also include potential political and economic instability, differing accounting and financial reporting standards or inability to obtain reliable financial information regarding a company’s balance sheet and operations and less stringent regulation and supervision of foreign securities markets, custodians and securities depositories. Funds that invest in foreign securities are also subject to higher commission rates on portfolio transactions, potentially adverse changes in tax and exchange control laws and/or regulations and potential restrictions on the flow of capital. Many foreign countries impose withholding taxes on income and realized gains from investments in securities of issuers located in such countries, which the Fund may not recover. Some securities issued by foreign governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of the foreign government. Some foreign governments may default on principal and interest payments. Even where a security is backed by the full faith and credit of a foreign government, it may be difficult for the Fund to pursue its rights against a foreign government in that country’s courts. To the extent the Fund invests a significant portion of its assets in securities of a single country or region at any time, it is more likely to be affected by events or conditions of that country or region. As a result, it may be more volatile than a more geographically diversified fund.

High yield (junk bond) risk

Interest rate risk

The market values of bonds and other debt securities are affected by changes in interest rates. In general, when interest rates rise, the market value of a debt security declines, and when interest rates decline, the market value of a debt security increases. Generally, the longer the maturity and duration of a debt security, the greater its sensitivity to interest rates. The interest rates on floating rate securities adjust periodically and may not correlate to prevailing interest rates during the periods between rate adjustments. Therefore, floating rate bonds could remain sensitive over the short term to interest rate changes. Floating rate securities with longer interest rate reset periods generally will experience greater fluctuations in value as a result of changes in market interest rates. The impact of interest rate changes on the Fund’s yield will also be affected by whether, and the extent to which, the floating rate bonds in the Fund’s portfolio are subject to floors on the LIBOR base rate on which interest is calculated for such bonds (a LIBOR floor). So long as the base rate for a bond remains under the

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LIBOR floor, changes in short-term interest rates generally will not affect the yield on such bonds. Zero coupon bonds do not make periodic interest payments. Instead, they are sold at a discount from their face value and can be redeemed at face value when they mature. Even though zero coupon bonds do not pay current interest in cash, the Fund is required to accrue interest income on such investments and may be required to distribute that income at least annually to shareholders. Thus, the Fund could be required at times to liquidate other investments in order to satisfy its dividend requirements. The market value of zero coupon bonds may be more volatile than other fixed income securities with similar maturities and credit quality and be significantly more sensitive to changes in interest rates. The yields received by the Fund on its investments will generally decline as interest rates decline.

Liquidity risk

Market risk

The prices of the securities held by the Fund may decline in response to certain events, such as general economic and market conditions, adverse political or regulatory developments and a change in interest rates. These events may lead to periods of volatility, which may be exacerbated by changes in the debt market size and structure. There is also the possibility that the value of the Fund’s investments in high yield securities will decline due to drops in the overall high yield bond market. Changes in the economic climate, investor perceptions and stock market volatility can cause the prices of the Fund’s fixed-income and high yield investments to decline regardless of the conditions of the issuers held by the Fund. The ability of broker-dealers to make a market in debt securities has decreased in recent years, in part as a result of structural changes, including fewer proprietary trading desks at broker-dealers and increased regulatory capital requirements. Further, many broker-dealers have reduced their inventory of certain debt securities. This could negatively affect the Fund’s ability to buy or sell debt securities, and increase their volatility and trading costs. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent.

Active management and selection risk

Sovereign and quasi-sovereign debt securities risk

Investments in sovereign and quasi-sovereign debt obligations involve special risks not present in other types of debt obligations. The issuers of sovereign or quasi-sovereign debt or the authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of such debt, and the Fund’s net asset value, may be more volatile than prices of US debt obligations. In the past, certain non-US markets have encountered difficulties in servicing their debt obligations, withheld payments of principal and interest and declared moratoria on the payment of principal and interest on their debts.

Supranational risk

Supranational organizations are entities designated or supported by a government or government group to promote economic development. Supranational organizations have no taxing authority and are dependent on their members for payment of interest and principal. Further, the lending activities of such entities are limited to a percentage of their total capital, reserves and net income. Obligations of supranational entities are subject to the risk that the governments on whose support the entity depends for its financial backing or repayment may be unable or unwilling to provide that support. Obligations of a supranational entity that are denominated in foreign currencies will also be subject to the risks associated with investment in foreign currencies.

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Valuation risk

The sales price the Fund could receive for any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for investments that trade in thin or volatile markets or that are valued using a fair value methodology. Fair valuation is inherently subjective and different market participants may assign different values to the same security. Investors who purchase or redeem Fund shares on days when the Fund is holding fair valued securities may receive fewer shares or lower redemption proceeds than they would have received if the Fund had not fair valued the investment or had used a different valuation methodology.

Delaware Investment Grade Fund

Credit risk

This is the risk that an issuer of bonds and other debt securities will be unable or unwilling to pay interest or principal when due. The prices of bonds and other debt securities are affected by the credit quality of the issuer and in the case of mortgage-backed and asset-backed securities, the credit quality of the underlying loans. Changes in the financial condition of an issuer, general economic conditions and specific economic conditions that affect a particular type of issuer can impact the credit quality of an issuer. Such changes may weaken an issuer’s ability to make payments of principal or interest, or cause an issuer to fail to make timely payments of interest or principal. While credit ratings may be available to assist in evaluating an issuer’s credit quality, they may not accurately predict an issuer’s ability to make timely payments of principal and interest. During times of economic downturn, issuers of high yield debt securities may not have the ability to access the credit markets to refinance their bonds or meet other credit obligations.

Derivatives risk

The use of derivatives involves specific risks, which can increase the volatility of the Fund’s share price, create leverage and expose the Fund to significant additional costs and the potential for greater losses than if these techniques had not been used, including due to the risk that a counterparty to a transaction may default on its obligations. There may be an imperfect correlation between the price of a derivative and the market value of the securities held by the Fund or the price of the assets hedged or used for cover. These investment techniques may limit any potential gain that might result from an increase in the value of the hedged position. In connection with certain transactions that may give rise to future payment obligations, including investments in derivatives, the Fund may be required to maintain a segregated amount of, or otherwise earmark, cash or liquid securities to cover the position or transaction, which cannot be sold while the position they are covering is outstanding, unless they are replaced with other assets of equal value. The use of derivatives for hedging purposes tends to limit any potential gain that might result from an increase in the value of the hedged position. Moreover, derivatives may be difficult or impossible to sell, unwind, or value in the absence of a secondary trading market. Certain aspects of the regulatory treatment of derivative instruments, including federal income tax, are currently unclear and may be affected by changes in legislation, regulations, or other legally binding authority.

Exchange-traded funds risk

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How we manage the Funds

High yield (junk bond) risk

Interest rate risk

The market values of bonds and other debt securities are affected by changes in interest rates. In general, when interest rates rise, the market value of a debt security declines, and when interest rates decline, the market value of a debt security increases. Generally, the longer the maturity and duration of a debt security, the greater its sensitivity to interest rates. Duration is a measure of a debt security’s sensitivity to changes in interest rates. For every 1% change in interest rates, a bond's price generally changes approximately 1% in the opposite direction for every year of duration. For example, if a portfolio of fixed income securities has an average weighted duration of three years, its value can be expected to fall about 3% if interest rates rise by 1%. Conversely, the portfolio’s value can be expected to rise approximately 3% if interest rates fall by 1%. The yields received by the Fund on its investments will generally decline as interest rates decline.

Liquidity risk

High yield securities tend to be less liquid than higher quality securities, particularly if there is a deterioration in the economy or in the financial prospects of their issuers.

Market risk

The prices of the securities held by the Fund may decline in response to certain events, such as general economic and market conditions, adverse political or regulatory developments and interest rate fluctuations. These events may lead to periods of volatility, which may be exacerbated by changes in bond market size and structure. There is also the possibility that the value of the Fund’s investments in high yield securities will decline due to drops in the overall high yield bond market. Changes in the economic climate, investor perceptions and stock market volatility can cause the prices of the Fund’s fixed-income and high yield investments to decline regardless of the conditions of the issuers held by the Fund. The ability of broker-dealers to make a market in debt securities has decreased in recent years, in part as a result of structural changes, including fewer proprietary trading desks at broker-dealers and increased regulatory capital requirements. Further, many broker-dealers have reduced their inventory of certain debt securities. This could negatively affect the Fund’s ability to buy or sell debt securities, and increase their volatility and trading costs. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent.

Prepayment and extension risk

The Fund is subject to prepayment and extension risk since it invests in mortgage-backed and other asset-backed securities. When interest rates decline, borrowers tend to refinance their loans and the loans that back these securities suffer a higher rate of prepayment. This could cause a decrease in the Fund’s income and share price. Extension risk is the flip side of prepayment risk. When interest rates rise, borrowers tend to repay their loans less quickly, which generally will increase the Fund’s sensitivity to interest rates and its potential for price declines. The impact of prepayments and extensions on the price of mortgage-backed or other asset-backed securities may be difficult to predict and may increase their price volatility.

Sector risk

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capital requirements and recent or future regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses to companies in this sector, which may negatively impact the Fund.

Active management and selection risk

Delaware Limited Duration Bond Fund

Call risk

During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security before its stated maturity. The Fund would then lose any price appreciation above the bond’s call price and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund’s income.

Credit risk

This is the risk that an issuer of bonds and other debt securities will be unable or unwilling to pay interest or principal when due. The prices of bonds and other debt securities are affected by the credit quality of the issuer and in the case of mortgage-backed and asset-backed securities, the credit quality of the underlying loans. Changes in the financial condition of an issuer, general economic conditions and specific economic conditions that affect a particular type of issuer can impact the credit quality of an issuer. Such changes may weaken an issuer’s ability to make payments of principal or interest, or cause an issuer to fail to make timely payments of interest or principal. Lower quality debt securities generally tend to be more sensitive to these changes than higher quality debt securities, but the lowest rated category of investment grade securities may have speculative characteristics as well. While credit ratings may be available to assist in evaluating an issuer’s credit quality, they may not accurately predict an issuer’s ability to make timely payment of principal and interest. During times of economic downturn, issuers of high yield debt securities may not have the ability to access the credit markets to refinance their bonds or meet other credit obligations.

Derivatives risk

The use of derivatives involves specific risks, which can increase the volatility of the Fund’s share price, create leverage and expose the Fund to significant additional costs and the potential for greater losses than if these techniques had not been used, including due to the risk that a counterparty to a transaction may default on its obligations. There may be an imperfect correlation between the price of a derivative and the market value of the securities held by the Fund or the price of the assets hedged or used for cover. These investment techniques may limit any potential gain that might result from an increase in the value of the hedged position. In connection with certain transactions that may give rise to future payment obligations, including investments in derivatives, the Fund may be required to maintain a segregated amount of, or otherwise earmark, cash or liquid securities to cover the position or transaction, which cannot be sold while the position they are covering is outstanding, unless they are replaced with other assets of equal value. The use of derivatives for hedging purposes tends to limit any potential gain that might result from an increase in the value of the hedged position. Moreover, derivatives may be difficult or impossible to sell, unwind, or value in the absence of a secondary trading market. Certain aspects of the regulatory treatment of derivative instruments, including federal income tax, are currently unclear and may be affected by changes in legislation, regulations, or other legally binding authority.

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Exchange-traded funds risk

Foreign securities risk

There are special risk factors associated with investing in foreign securities, including the risks of fluctuations in exchange rates, potential political and economic instability, differing accounting and financial reporting standards or inability to obtain reliable financial information regarding an issuer’s financial condition, less stringent regulation and supervision of foreign securities markets, custodians and securities depositories, and potential capital restrictions. Some securities issued by foreign governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of the foreign government and some foreign governments may default on principal and interest payments.To the extent the Fund significantly invests in securities of a single country or region, it is more likely to be affected by events or conditions of that area. As a result, it may be more volatile than a more geographically diversified fund.

High yield (junk bond) risk

Interest rate risk

Liquidity risk

High yield securities tend to be less liquid than higher quality securities, particularly if there is a deterioration in the economy or in the financial prospects of their issuers.

Market risk

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Prepayment and extension risk

Sector risk

Issuers that are engaged in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of the securities of issuers in a particular sector of the market to decline. To the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase. The Fund may be significantly invested in the financials sector, meaning that the value of its shares may be particularly vulnerable to factors affecting that sector, such as the availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, credit ratings and quality, market liquidity, extensive government regulation and price competition. The impact of more stringent capital requirements and recent or future regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses to companies in this sector, which may negatively impact the Fund.

Active management and selection risk

Delaware Strategic Income II Fund

Interest rate risk

Interest rate risk is the risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.

Swaps may be particularly sensitive to interest rate changes. Depending on the actual movements of interest rates and how well the Manager anticipates them, a fund could experience a higher or lower return than anticipated. For example, if a fund holds interest rate swaps and is required to make payments based on variable interest rates, it will have to make interest payments if interest rates rise, which will not necessarily be offset by the fixed-rate payments it is entitled to receive under the swap agreement.

The Manager limits the amount of the Fund’s assets invested in any one industry and in any individual security. The Fund is subject to various interest rate risks depending upon its investment objectives and policies. The Manager cannot eliminate this risk, but the Manager does try to address it by monitoring economic conditions, especially interest rate trends and their potential impact on the Fund. The Manager does not try to increase returns on the Fund’s investments in debt securities by predicting and aggressively capitalizing on interest rate movements.

By investing in swaps, the Fund is subject to additional interest rate risk. Each Business Day, the Manager will calculate the amount the Fund must pay for any swaps it holds and will designate enough cash or other liquid securities to cover that amount.

High yield corporate (junk) bond risk

High yield corporate bonds (commonly known as “junk” bonds), while generally having higher yields, are subject to reduced creditworthiness of issuers, increased risks of default, and a more limited and less liquid secondary market than higher rated securities. These securities are subject to greater price volatility and risk of loss of income and principal than are higher rated securities because they are rated below investment grade. Lower rated and unrated fixed income securities tend to reflect short-term corporate and market developments to a greater extent than higher rated fixed income securities, which react primarily to fluctuations in the general level of interest rates. Fixed income securities of this type are considered to be of poor standing and primarily speculative. Such securities are subject to a substantial degree of credit risk. The Manager attempts to reduce the risk associated with investment in high yield debt securities through portfolio diversification, credit analysis, and attention to trends in the economy, industries, and financial markets.

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Market risk

Market risk is the risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

Index swaps are subject to the same market risks as the investment market or sector that the index represents. Depending on the actual movements of the index and how well the Manager forecasts those movements, a fund could experience a higher or lower return than anticipated.

The Manager maintains a long-term investment approach and focuses on securities that it believes can continue to provide returns over an extended time frame regardless of interim market fluctuations. Generally, the Manager does not try to predict overall market movements. The Fund does not buy and sell securities for short-term purposes.

In evaluating the use of an index swap for the Fund, the Manager carefully considers how market changes could affect the swap and how that compares to investing directly in the market the swap is intended to represent. When selecting counterparties with whom the Manager would make interest rate or index swap agreements for the Fund, the Manager does careful credit analysis on the counterparty before engaging in the transaction.

Credit risk

Credit risk is the risk that an issuer of a debt security, including a governmental issuer or an entity that insures the bond, may be unable to make interest payments and/or repay principal in a timely manner. Changes in an issuer’s financial strength or in a security’s credit rating may affect a security’s value, which would impact fund performance.

Investing in so-called “junk” or “high yield” bonds entails the risk of principal loss because they are rated below investment grade, which may be greater than the risk involved in investment grade bonds. High yield bonds are sometimes issued by companies whose earnings at the time the bond is issued are less than the projected debt payments on the bonds. A protracted economic downturn may severely disrupt the market for high yield bonds, adversely affect the value of outstanding bonds, and adversely affect the ability of high yield issuers to repay principal and interest. Investment by a fund in defaulted securities poses additional risk of loss should nonpayment of principal and interest continue in respect of such securities. Even if such securities are held to maturity, recovery by a fund of its initial investment and any anticipated income or appreciation may be uncertain. A fund also may incur additional expenses in seeking recovery on defaulted securities. Defaulted securities may be considered illiquid.

The Manager’s careful, credit-oriented bond selection and its commitment to hold a diversified selection of high yield bonds are designed to manage this risk. It is likely that protracted periods of economic uncertainty would cause increased volatility in the market prices of high yield bonds, an increase in the number of high yield bond defaults and corresponding volatility in the Fund’s NAV. The Fund’s holdings of high-quality investment grade bonds are less subject to credit risk and may help to balance any credit problems experienced by individual high yield bond issuers or foreign issuers. When selecting dealers with whom the Manager would make swap agreements, the Manager focuses on those with high quality ratings and does careful credit analysis before investing.

Liquidity risk

Liquidity risk is the possibility that securities cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them. Illiquid securities may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in market value. A fund also may not be able to dispose of illiquid securities at a favorable time or price during periods of infrequent trading of an illiquid security.

There is generally no established retail secondary market for high yield securities. As a result, the secondary market for high yield securities is more limited and less liquid than other secondary securities markets. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds, and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons.

Adverse publicity and investor perceptions may also disrupt the secondary market for high yield securities.

Loans and other indebtedness risk

Loans and other indebtedness risk is the risk that a fund will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer a fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other indebtedness acquired by a fund may involve revolving credit facilities or other standby financing commitments that obligate a fund to pay additional cash on a certain date or on demand. These commitments may require a fund to increase its investment in a company at a time when that fund might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that a fund is committed to advance additional funds, it will at all times hold and maintain cash or other high-grade debt obligations in an amount sufficient to meet such commitments.

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As a fund may be required to rely upon another lending institution to collect and pass on to the fund amounts payable with respect to the loan and to enforce the fund’s rights under the loan and other indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the fund from receiving such amounts. The highly leveraged nature of many such loans and other indebtedness may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other indebtedness may involve additional risk to the fund.

A fund’s ability to sell its loans or to realize their full value upon sale may also be impaired due to the lack of an active trading market, irregular trading activity, wide bid/ask spreads, contractual restrictions, and extended trade settlement periods. Extended trade settlement periods may result in cash not being immediately available to a fund. As a result of these factors, a fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations.

Federal securities laws provide protections against fraud and misrepresentation in connection with the offering and sale of a “security.” Loans in which a fund may invest may not be deemed to be “securities” for purposes of such anti-fraud protections. A fund may therefore not have the protection of the anti-fraud provisions of the federal securities laws in the event of fraud or misrepresentation by a borrower. However, a fund in such a scenario may be able to rely on contractual provisions in the loan documents for alternative protections, or use common-law fraud protections under applicable state law.

This risk may not be completely eliminated, but the Manager will attempt to reduce this risk through portfolio diversification, credit analysis, and attention to trends in the economy, industries, and financial markets. Should the Manager determine that any of these securities are illiquid, they would be subject to the Fund’s restriction on illiquid securities.

Emerging markets risk

Emerging markets risk is the possibility that the risks associated with international investing will be greater in emerging markets than in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments. In addition, in many emerging markets there is substantially less publicly available information about issuers and the information that is available tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets, which are subject to less government regulation or supervision, may also be smaller, less liquid, and subject to greater price volatility.

The Fund may invest a portion of its assets in securities of issuers located in emerging markets. The Fund cannot eliminate these risks but the Manager will attempt to reduce these risks through portfolio diversification, credit analysis, and attention to trends in the economy, industries and financial markets, and other relevant factors.

Foreign risk

Foreign risk is the risk that foreign securities (particularly in emerging markets) may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic or government conditions, the imposition of economic and/or trade sanctions, inadequate or different regulatory and accounting standards, and the possibility that significant events in foreign markets, including broad market moves, may affect the value of fund shares.

The Manager attempts to reduce the risks presented by such investments by conducting world-wide fundamental research, including country visits. In addition, the Manager monitors current economic and market conditions and trends, the political and regulatory environment, and the value of currencies in different countries in an effort to identify the most attractive countries and securities. Additionally, when currencies appear significantly overvalued compared to average real exchange rates, the Fund may hedge exposure to those currencies for defensive purposes. The Fund may frequently value many foreign equity securities using fair value prices based on third-party vendor modeling tools, to the extent available, to account for significant market events that may occur after the close of a foreign market but before the Fund’s shares are priced.

Foreign government securities risk

Foreign government securities risk relates to the ability of a foreign government or government-related issuer to make timely principal and interest payments on its external debt obligations. This ability to make payments will be strongly influenced by the issuer’s balance of payments, including export performance, its access to international credits and investments, fluctuations in interest rates, and the extent of its foreign reserves.

The Manager attempts to reduce the risks associated with investing in foreign governments by limiting the portion of portfolio assets that may be invested in such securities.

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Currency risk

Currency risk is the risk that the value of a fund’s investments may be negatively affected by changes in foreign currency exchange rates. Adverse changes in exchange rates may reduce or eliminate any gains produced by investments that are denominated in foreign currencies and may increase any losses.

The Fund, which has exposure to global and international investments, may be affected by changes in currency rates and exchange control regulations and may incur costs in connection with conversions between currencies. To hedge this currency risk associated with investments in non-US dollar denominated securities, it may invest in forward foreign currency contracts, and foreign currency options and futures transactions. These activities pose special risks that do not typically arise in connection with investments in US securities.

Derivatives risk

Derivatives risk is the possibility that a fund may experience a significant loss if it employs a derivatives strategy (including a strategy involving equity-linked securities, futures, options, forward foreign currency contracts, or swaps such as interest rate swaps, index swaps, or credit default swaps) related to a security, index, reference rate, or other asset or market factor (collectively, a “reference instrument”) and that reference instrument moves in the opposite direction from what the Manager had anticipated. If a market or markets, or prices of particular classes of investments, move in an unexpected manner, a fund may not achieve the anticipated benefits of the transaction and it may realize losses. Derivatives also involve additional expenses, which could reduce any benefit or increase any loss to a fund from using the strategy. In addition, changes in government regulation of derivatives could affect the character, timing, and amount of a fund’s taxable income or gains. A fund’s use of derivatives may be limited by the requirements for taxation of the fund as a regulated investment company.

Investing in derivatives may subject a fund to counterparty risk. Please refer to “Counterparty risk” for more information. Other risks include illiquidity, mispricing or improper valuation of the derivatives contract, and imperfect correlation between the value of the derivatives instrument and the underlying reference instrument so that the fund may not realize the intended benefits. In addition, since there can be no assurance that a liquid secondary market will exist for any derivatives instrument purchased or sold, a fund may be required to hold a derivatives instrument to maturity and take or make delivery of an underlying reference instrument that the Manager would have otherwise attempted to avoid, which could result in losses. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a fund may not realize the intended benefits.

The Fund will use derivatives for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, to neutralize the impact of interest rate changes, to effect diversification, or to earn additional income. It will not use derivatives for reasons inconsistent with its investment objective. The Manager also researches and continually monitors the creditworthiness of current or potential counterparties. The Fund will limit its investments in derivatives instruments such that the aggregate notional amount of these investments does not exceed 100% of the Fund’s net assets and initial margin for these transactions is less than 5% of the Fund's net assets.

Counterparty risk

Counterparty risk is the risk that if a fund enters into a derivatives contract (such as a futures, options, or swap contract) or a repurchase agreement, the counterparty to such a contract or agreement may fail to perform its obligations under the contract or agreement due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization). As a result, the fund may experience significant delays in obtaining any recovery, may obtain only a limited recovery, or may obtain no recovery at all.

The Manager seeks to minimize this risk by considering the creditworthiness of all counterparties before the Fund enters into transactions with them. The Fund will hold collateral from counterparties consistent with applicable regulations.

Prepayment risk

Prepayment risk is the risk that homeowners will prepay mortgages during periods of low interest rates, forcing a fund to reinvest its money at interest rates that might be lower than those on the prepaid mortgage. Prepayment risk may also affect other types of debt securities, but generally to a lesser extent than mortgage securities.

The Fund may invest in MBS, CMOs and REMICs. The Manager takes into consideration the likelihood of prepayment when mortgages are selected. The Manager may look for mortgage securities that have characteristics that make them less likely to be prepaid, such as low outstanding loan balances or below-market interest rates.

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Short sales risk

Short positions in securities may be more risky than long positions (purchases). If a fund has a short position in a security issued by an exchange traded fund or otherwise and the price of such security increases, the fund will lose money on its short position. Furthermore, during the time when a fund has a short position in such security, the fund must borrow that security in order to make delivery on the short sale, which raises the cost to the fund of entering into the transaction. A fund is therefore subject to the risk that a third party may fail to honor the terms of its contract with the fund related to the securities borrowing. Short sales also involve the risk of an unlimited increase in the market price of the security sold short, which would result in a theoretically unlimited loss. Moreover, although the trading price of a share of an exchange traded fund normally tracks the net asset value of such a share, in times of market stress, this value relationship will not necessarily prevail. Any deviation between the net asset value per share of such exchange traded fund and its trading price could create other risks for a fund if it held a short position in the securities of such an exchange traded fund. Such other risks include the possibility of a larger loss on the short position than would otherwise be the case, the reduced likelihood that the intended benefit of the short position will achieve its objective(s), and the increased likelihood of a demand to replace the borrowed security at a time when obtaining such replacement security may be difficult or impossible at a reasonable price.

Until a fund replaces a borrowed security in connection with a short sale, it will be required to maintain daily a segregated account at such a level that: (i) the amount deposited in the segregated account plus the amount deposited with the broker as collateral will at all times be equal to at least 100% of the current value of the security sold short and (ii) the amount deposited in the segregated account plus the amount deposited with the broker as collateral will not be less than the market value of the security at the time it was sold short. Consequently, in the event of an increase in the price of a security in which a fund has a short position, it may have to increase the amount of collateral to be posted and may have to sell other securities in the portfolio to be able to do so. In times of market stress, making such sales may be difficult to do because of limited and declining liquidity.

Short sale strategies are often categorized as a form of leveraging. Please refer to “Leveraging risk” for more information.

Leveraging risk

Leveraging risk is the risk that certain fund transactions, such as reverse repurchase agreements, short sales, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivatives instruments, may give rise to leverage, causing a fund to be more volatile than if it had not been leveraged. While it is anticipated that leverage may increase profitability, it may also accentuate the consequences of adverse price movements, resulting in increased losses.

The Fund will, consistent with industry practice, designate and mark-to-market daily cash or other liquid assets having an aggregate market value at least equal to the exposure created by these transactions.

Zero coupon and payment-in-kind (PIK) bonds risk

Zero coupon and PIK bonds involve certain risks. They are generally considered more interest sensitive than income-bearing bonds, more speculative than interest-bearing bonds, and have certain tax consequences that could, under certain circumstances, be adverse to a fund. For example, a fund accrues, and is required to distribute to shareholders, income on its zero coupon bonds. However, a fund may not receive the cash associated with this income until the bonds are sold or mature. If a fund does not have sufficient cash to make the required distribution of accrued income, the fund could be required to sell other securities in its portfolio or to borrow to generate the cash required.

The Fund may invest in zero coupon and PIK bonds to the extent consistent with its investment objective. The Fund cannot eliminate the risks of zero coupon bonds, but the Manager does try to address them by monitoring economic conditions, especially interest rate trends and their potential impact on the Fund.

Valuation risk

A less liquid secondary market as described above can make it more difficult to obtain precise valuations of certain securities. During periods of reduced liquidity, judgment plays a greater role in valuing less liquid securities.

The Manager will strive to manage this risk by carefully evaluating individual bonds. In addition, to the extent that the Fund invests in foreign securities, it may frequently value them using fair value prices based on third-party vendor modeling tools, to the extent available, to account for significant market events that may occur after the close of a foreign market but before the Fund’s shares are priced.

Government and regulatory risks

Governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. Government involvement in the private sector may, in some cases, include government investment in, or ownership of, companies in certain commercial business sectors; wage and price controls; or imposition of trade barriers and other protectionist measures. For example, an economic or political crisis may

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lead to price controls, forced mergers of companies, expropriation, the creation of government monopolies, foreign exchange controls, the introduction of new currencies (and the redenomination of financial obligations into those currencies), or other measures that could be detrimental to the investments of a fund.

The Manager evaluates the economic and political climate in the relevant jurisdictions before selecting securities for the Fund. The Manager typically diversifies the Fund’s assets among a number of different securities in a variety of sectors in order to minimize the impact to the Fund of any legislative or regulatory development affecting particular countries, issuers, or market sectors.

Portfolio turnover risk

High portfolio turnover rates may increase a fund’s transaction costs and lower returns. Higher portfolio turnover rates could result in corresponding increases in brokerage commissions, may generate short-term capital gains taxable as ordinary income, and cause dividends received on portfolio securities to not be qualified dividends eligible for reduced federal income tax rates under the Internal Revenue Code of 1986.

The Fund will not attempt to achieve or be limited to a predetermined rate of portfolio turnover. Such turnover always will be incidental to transactions undertaken with a view to achieving the Fund’s investment objective.

Disclosure of portfolio holdings information

A description of the Funds’ policies and procedures with respect to the disclosure of their portfolio securities is available in the SAI.

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Who manages the Funds

Investment manager

The Manager, located at 2005 Market Street, Philadelphia, PA 19103, is the Funds’ investment manager. Together, the Manager and the other subsidiaries of Macquarie Management Holdings, Inc. (MMHI) manage, as of June 30, 2019, $173.1 billion in assets, including mutual funds, separate accounts, and other investment vehicles. The Manager and its predecessors have been managing Delaware Funds since 1938. The Manager is a series of Macquarie Investment Management Business Trust (a Delaware statutory trust), which is a subsidiary of MMHI. MMHI is a wholly owned subsidiary of Macquarie Group Limited. The Manager makes investment decisions for the Funds, manages the Funds’ business affairs, and provides daily administrative services. The Funds are new and the Manager has not received a fee as of the date of this Prospectus.

A discussion of the basis for the Board’s approval of the Funds’ investment advisory contract will be available in the Funds’ annual report to shareholders.

Sub-advisors

Smith Asset Management Group, L.P.
Smith Asset Management Group, L.P. (Smith) serves as the investment sub-advisor of Delaware Growth Equity Fund. Smith has discretionary trading authority over all of the Fund’s assets, subject to continuing oversight and supervision by Manager and the Fund’s Board of Trustees. Smith is located at 100 Crescent Court, Suite 1150, Dallas, TX 75201. Smith is an investment management firm that provides investment services to a diverse list of clients including public funds, endowments, foundations, corporate pension and multi-employer plans. As of March 31, 2019, Smith held investment management authority with respect to approximately $3.5 billion in assets. The Manager has entered into a separate sub-advisory agreement with Smith and compensates Smith out of the investment advisory fees it receives from the Fund.

Wellington Management Company LLP
Wellington Management Company LLP (Wellington Management) serves as the investment sub-advisor of Delaware Hedged U.S. Equity Opportunities Fund. Wellington Management has discretionary trading authority over the Fund’s assets, subject to continuing oversight and supervision by the Manager and the Fund’s Board of Trustees. Wellington Management is a Delaware limited liability partnership with principal offices at 280 Congress Street, Boston, MA 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations and other institutions. Wellington Management is owned by partners of Wellington Management Group, LLP, a Massachusetts Limited Liability Partnership. Wellington Management and its predecessor organizations have provided investment advisory services for over 80 years. As of March 31, 2019, Wellington Management had investment management authority with respect to approximately $1.07 trillion in client assets. The Manager has entered into a separate sub-advisory agreement with Wellington Management and compensates Wellington Management out of the investment advisory fees it receives from the Fund.

Ziegler Capital Management, LLC
Ziegler Capital Management, LLC (ZCM) serves as the investment sub-advisor for Delaware Covered Call Strategy Fund and Delaware Premium Income Fund. ZCM has discretionary trading authority over all of the Funds’ assets, subject to continuing oversight and supervision by Manager and the Funds’ Board of Trustees. ZCM is a Wisconsin limited liability company with principal offices at 70 West Madison Street, 24th Floor, Chicago, IL 60602-4109. ZCM is an investment management firm that serves a wide range of clients including institutions, municipality, pension plans, foundations, endowments, senior living organizations, hospitals and high net worth individuals. ZCM is a wholly-owned subsidiary of Stifel Financial Corp. As of March 31, 2019, ZCM held investment management authority with respect to approximately $13.0 billion in assets. The Manager has entered into a separate sub-advisory agreement with ZCM and compensates ZCM out of the investment advisory fees it receives from the Funds.

Macquarie Investment Management Austria Kapitalanlage AG
Macquarie Investment Management Austria Kapitalanlage AG (MIMAK) is located at Kaerntner Strasse 28, 1010 Vienna, Austria. MIMAK is an affiliate of the Manager and a part of Macquarie Investment Management (MIM). MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited. As of December 31, 2018, MIM managed more than $234.5 billion in assets for institutional and individual clients. Although the Manager has principal responsibility for the Manager’s portion of the Fund, the Manager may seek investment advice and recommendations from MIMAK and the Manager may also permit MIMAK to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize MIMAK’s specialized market knowledge.

Macquarie Investment Management Global Limited
Macquarie Investment Management Global Limited (MIMGL), is located at 50 Martin Place, Sydney, Australia. MIMGL is an affiliate of the Manager and a part of MIM. Although the Manager has principal responsibility for the Manager’s portion of the Fund, in the case of Delaware Total Return Fund, Delaware Floating Rate II Fund, Delaware Fund for Income, Delaware International Opportunities Bond Fund, Delaware Investment Grade Fund, Delaware Limited Duration Bond Fund and Delaware Strategic Income II Fund, the Manager may seek investment advice and recommendations from MIMGL and the Manager may also permit MIMGL to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize MIMGL’s specialized market knowledge; and (ii) in the case of Delaware Equity Income Fund, Delaware Global Equity Fund,

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Delaware Growth and Income Fund, Delaware International, Delaware Opportunity Fund, Delaware Special Situations Fund and Delaware Total Return Fund, the Manager may seek quantitative support from MIMGL and the Manager may permit MIMGL to execute Fund security trades on behalf of the Manager.

Macquarie Investment Management Europe Limited
Macquarie Investment Management Europe Limited (MIMEL), is located at 28 Ropemaker Street, London, England. MIMEL is an affiliate of the Manager and a part of MIM. Although the Manager has principal responsibility for the Manager’s portion of the Fund, the Manager may seek investment advice and recommendations from MIMEL and the Manager may also permit MIMEL to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize MIMEL’s specialized market knowledge.

Macquarie Funds Management Hong Kong Limited
Macquarie Funds Management Hong Kong Limited (MFMHKL), located at Level 18, One International Finance Centre, One Harbour View Street, Central, Hong Kong. MFMHKL is an affiliate of the Manager and a part of MIM. Although the Manager has principal responsibility for the Manager’s portion of the Fund, the Manager may permit MFMHKL to execute Fund security trades on behalf of the Manager.

A discussion of the basis for the Board's approval of each sub-advisory contract will be available in the annual report to shareholders.

Portfolio managers

Delaware Covered Call Strategy Fund and Delaware Premium Income Fund
Wiley D. Angell and Sean C. Hughes have day-to-day responsibilities for making investment decisions for Delaware Covered Call Strategy Fund and Delaware Premium Income Fund.

Wiley D. Angell Chief Investment Officer, Senior Portfolio Manager
Wiley D. Angell is the chief investment officer and senior portfolio manager for the Fiduciary Asset Management (FAMCO) Group at Ziegler Capital Management. Prior to joining the firm in May 2015, he was chief executive officer and chief investment officer for equities and fixed income for FAMCO since the firm's inception in 1994. Prior to that, Angell served as portfolio manager for General Dynamics. He was also treasurer of Franklin Savings Association where he managed a multi-billion-dollar mortgage portfolio and was responsible for the firm's hedging strategies and balance sheet risk control. He has managed institutional portfolios for more than 25 years, specializing in equity, covered call, fixed income, and liability-driven investing (LDI). He received his bachelor's degree in business and economics from Ottawa University and has served on boards of university endowments and charitable organizations. Angell is currently a board member and board secretary for The Crossing, and he is chairman of the board for Aspenstand.

Sean C. Hughes, CFA Senior Portfolio Manager
Sean C. Hughes is a senior portfolio manager for the Fiduciary Asset Management (FAMCO) Group at Ziegler Capital Management. Prior to joining the firm in May 2015, he was a research analyst for FAMCO since 2013. He joined FAMCO in 2005 as a research analyst. Prior to that, Hughes worked at Washington University, where he was involved in managing the Investment Praxis Fund, a portion of the Washington University endowment. He earned a bachelor's degree from Oberlin College and he is a graduate of the Tuck School of Business Bridge Program. Hughes received his MBA from Washington University in St. Louis. He is a member of CFA Institute and the CFA Society St. Louis.

Delaware Equity Income Fund and Delaware Growth and Income Fund
Nikhil G. Lalvani, Robert A. Vogel Jr., and Kristen E. Bartholdson have primary responsibility for making day-to-day investment decisions for Delaware Equity Income Fund and Delaware Growth and Income Fund.

Nikhil G. Lalvani, CFA Vice President, Senior Portfolio Manager, Team Leader
Nikhil G. Lalvani is a senior portfolio manager for the firm’s Large-Cap Value team. At Macquarie Investment Management (MIM), which includes the former Delaware Investments, Lalvani has worked as both a fundamental and quantitative analyst. Prior to joining the firm in 1997 as an account analyst, he was a research associate with Bloomberg. Lalvani holds a bachelor’s degree in finance from The Pennsylvania State University. He is a member of the CFA Institute and the CFA Society of Philadelphia.

Robert A. Vogel Jr., CFA Vice President, Senior Portfolio Manager
Robert A. Vogel Jr. is a senior portfolio manager for the firm’s Large-Cap Value team. Prior to joining Macquarie Investment Management (MIM), which includes the former Delaware Investments, in 2004 as vice president and senior portfolio manager, he worked at Merrill Lynch Investment Managers for more than seven years, where he rose to the position of director and portfolio manager within the US Active Large-Cap Value team. He began his career in 1992 as a financial consultant at Merrill Lynch. Vogel graduated from Loyola University Maryland, earning both bachelor’s and master’s degrees in finance. He also earned an MBA with a concentration in finance from The Wharton School of the University of Pennsylvania. Vogel is a member of the CFA Society New York, the CFA Institute, and the CFA Society of Philadelphia.

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Kristen E. Bartholdson Vice President, Senior Portfolio Manager
Kristen E. Bartholdson is a senior portfolio manager for the firm’s Large-Cap Value team. Prior to joining Macquarie Investment Management (MIM), which includes the former Delaware Investments, in 2006 as an associate portfolio manager, she worked at Susquehanna International Group from 2004 to 2006, where she was an equity research salesperson. From 2000 to 2004, she worked in equity research at Credit Suisse, most recently as an associate analyst in investment strategy. Bartholdson earned her bachelor’s degree in economics from Princeton University.

Delaware Global Equity Fund and Delaware International Fund
Christopher Gowlland, Jens Hansen, Klaus Petersen, Claus Juul, and Åsa Annerstedt have primary responsibility for making the day-to-day investment decisions for Delaware Global Equity Fund and Delaware International Fund.

Chris Gowlland, CFA Vice President, Senior Quantitative Analyst
Chris Gowlland is senior quantitative analyst for the firm's equity department. He also serves as portfolio manager for several different strategies in the firm's multi-asset class offerings, a role he assumed in July 2019. Gowlland joined Macquarie Investment Management (MIM) in May 2007 as vice president and senior quantitative analyst. Prior to joining the firm, he spent seven years working in fundamental equity research and corporate finance for Morgan Stanley and Commerzbank Securities, followed by two years as a quantitative strategist at Morgan Stanley and at State Street Global Markets. Gowlland holds a bachelor's degree in Chinese and Spanish from the University of Leeds (U.K.), a master's degree in development studies from Brown University, and another master's degree in international management from Thunderbird School of Global Management. He also spent several years in a Ph.D. program in political economy at Harvard University. Gowlland is a member of the CFA Institute, the CFA Society New York, the CFA Society of Philadelphia, and the Society of Quantitative Analysts.

Jens Hansen Managing Director, Chief Investment Officer — Global Equity Team
Jens Hansen heads the firm’s Global Equity team and is a portfolio manager for the team’s strategies. He joined Macquarie Investment Management (MIM) in June 2018. Hansen joined has been a portfolio manager since 2001. Hansen started his career in 1982 with Spar Nord Bank, where he worked as an analyst and trader of bonds, equities, and derivatives. In 1994, he joined Nykredit Bank, where he worked as a bond trader. He attended the Aarhus School of Business where he gained a graduate diploma in business administration within finance and international trade.

Klaus Petersen, CFA Portfolio Manager — Global Equity Team
Klaus Petersen is a portfolio manager for the firm’s Global Equity team. He joined Macquarie Investment Management (MIM) in June 2018. Petersen has been a portfolio manager since 2006. Previously, he worked for ATP, Denmark’s largest pension fund, beginning in 1999 as a senior portfolio manager and later in the role as team leader of the technology, media, and telecommunications team. He joined Codan Bank in 1996, first as a senior sales analyst and later as a senior portfolio manager. Between 1988 and 1996, Petersen worked for various brokers as an equity sales analyst. He started his career in 1984 as an administrator of pension pools at Faellesbanken in Denmark. Petersen attended the Copenhagen Business School where he gained a graduate diploma in business administration (financial and management accounting).

Claus Juul Portfolio Manager — Global Equity Team
Claus Juul is a portfolio manager for the firm’s Global Equity team. He joined Macquarie Investment Management (MIM) in June 2018. Juul has been a portfolio manager since 2004. Prior to that, he was an equity analyst at Spar Nord Bank before becoming vice president of the research department in 2001. He started his career in 1998 with Sydbank as an equity analyst. He attended the Aarhus School of Business where he gained a master’s degree in economics and business administration.

Åsa Annerstedt Portfolio Manager — Global Equity Team
Åsa Annerstedt is a portfolio manager for the firm’s Global Equity team. She joined Macquarie Investment Management (MIM) in June 2018. Annerstedt has been a portfolio manager since 2013. Prior to that, she was a member of the investment committee of a European Union fund dedicated to the financing of companies. Between 1999 and 2009, she managed award-winning European Small Cap and Global Equity portfolios at SEB Asset Management in Denmark. She started her career in 1996 as a business controller and consultant in Sweden. Annerstedt attended Ecole Supérieur de Commerce in Paris and Marseille and earned a master’s degree in finance and international trade from Lund University in Sweden.

Delaware Hedged U.S. Equity Opportunities Fund
Gregg R. Thomas and Roberto J. Isch have day-to-day responsibilities for making investment decisions for Delaware Hedged U.S. Equity Opportunities Fund.

Gregg R. Thomas, CFA Senior Managing Director, Partner, and Director
Gregg R. Thomas is senior managing director of investment strategy at Wellington Management Company and leads the firm's Manager Research and Fundamental Factor Platform investment teams. Prior to his current role, he has held several product management roles at Wellington Management (from 2002 to 2006). Before rejoining the firm in 2002, he worked as a quantitative analyst at Zurich Scudder Investments, as a systems analyst in Wellington Management's Information Services Group (from 1997 to 2000), and in various financial markets-related technology and analytical positions at IDD Information Services (from 1993 to 1997). He earned a bachelor's degree in finance, with high distinction, from the University of Rhode Island.

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Who manages the Funds

Roberto J. Isch, CFA Managing Director, Research Manager
Roberto J. Isch joined Wellington Management Company in 2012 and serves as a research manager within the firm's Investment Strategy group. Isch is a member of the fundamental factor platform investment team, which applies a factor-based framework to create innovative, new strategies to solve client challenges and meet customized objectives. He also serves as a portfolio manager on certain multi-manager solutions offered by the firm. Isch is a member of the hedge fund review group, systematic investor review group, Wellington Funds Group investment committee, and several risk advisory committees. Prior to joining the firm, he worked at FactSet Research Systems Inc. (from 2006 to 2012), as a quantitative specialist (from 2008 to 2012), and as a consultant (from 2006 to 2008). Isch earned his bachelor's degree in political science from the College of the Holy Cross. He is a member of the CFA Society Boston.

Delaware Opportunity Fund and Delaware Special Situations Fund
Christopher S. Beck has primary responsibility for making day-to-day investment decisions for Delaware Opportunity Fund and Delaware Special Situations Fund. In making investment decisions for the Funds, Mr. Beck regularly consults with Kelley McKee Carabasi, Steven Catricks, Kent Madden, and Michael Foley.

Christopher S. Beck, CFA Executive Director, Chief Investment Officer — US Small-Mid Cap Value Equity
Christopher S. Beck leads the firm’s US Small-Mid Cap Value Equity team. He is also a member of the Macquarie Investment Management (MIM) Global Management Committee. Prior to joining MIM in 1997 as a vice president and senior portfolio manager, he was vice president at Pitcairn Trust from 1995 to 1997, where he managed small-capitalization stocks and analyzed equity sectors. Before that he was chief investment officer of the University of Delaware from 1992 to 1995 and held management positions during his seven years at Cypress Capital Management and four years at Wilmington Trust. Beck earned a bachelor’s degree at the University of Delaware and an MBA from Lehigh University, and he is a member of the CFA Society of Philadelphia and past president of the Wilmington Society of Securities Analysts.

Kelley McKee Carabasi, CFA Vice President, Senior Portfolio Manager
Kelley McKee Carabasi is a senior portfolio manager for the US Small-Mid Cap Value Equity team, a role she assumed in July 2012. She joined the team in July 2005 as an equity analyst. She is responsible for the analysis, purchase, and sale recommendations of basic industry, capital spending, and utilities securities for the firm's US Small-Mid Cap Value Equity portfolios. Prior to joining Macquarie Investment Management (MIM) she participated in Lincoln Financial Group's rotational Professional Development Program for three years. McKee earned a bachelor's degree in finance from Georgetown University and an MBA from The Wharton School of the University of Pennsylvania.

Steven G. Catricks, CFA Vice President, Senior Portfolio Manager
Steven G. Catricks is a senior portfolio manager for the US Small-Mid Cap Value Equity team, a role he assumed in July 2012. He joined the team in October 2010 as a senior equity analyst. He is responsible for the analysis, purchase, and sale recommendations of technology and business services securities for the firm's US Small-Mid Cap Value Equity portfolios. Prior to joining the US Small-Mid Cap Value Equity team, he was a portfolio manager for the firm's Strategic Small-Cap Value team, focusing on the technology, healthcare, and telecommunication services sectors. He joined Macquarie Investment Management (MIM) in 2001 as an equity analyst, performing research and analysis for the firm's Emerging Growth Equity team. Previously, Catricks was an equity analyst at BlackRock Financial from 1999 to 2001, where he specialized in small-capitalization growth stocks. He also worked as a systems engineer at Dow Jones/Factiva, and as a senior systems engineer at GE Aerospace/Lockheed Martin. He started his career as a systems engineer at the Naval Air Development Center, where he spent 15 years. Catricks holds a bachelor's degree in electrical engineering from Drexel University and a master's degree in engineering from the University of Pennsylvania, and has nearly 20 years of experience in the technology industry. Catricks is a member of the Institute of Electrical and Electronics Engineers.

Michael Foley, CFA Vice President, Senior Portfolio Manager
Michael Foley is a senior portfolio manager for the US Small-Mid Cap Value Equity team, a role he assumed in July 2019. He joined Macquarie Investment Management (MIM) in February 2015 as a senior equity analyst for the US Small-Mid Cap Value Equity team. Foley is responsible for the analysis, purchase, and sale recommendations of financial services and real estate investment trust (REIT) securities for the firm’s US Small-Mid Cap Value Equity portfolios. Prior to joining the firm, Foley was an associate at Patriot Financial Partners, a private equity firm, from August 2011 to February 2015, focusing on the analysis of companies in the financial services sector. He started his career with Janney Montgomery Scott where he worked as an investment banking analyst within the financial institutions group from August 2009 to August 2011. Foley earned a bachelor’s degree in economics with dual concentrations in finance and accounting from The Wharton School of the University of Pennsylvania.

Kent P. Madden, CFA Vice President, Senior Portfolio Manager
Kent P. Madden is a senior portfolio manager for the US Small-Mid Cap Value Equity team, a role he assumed in July 2012. He joined the team in December 2004 as an equity analyst and was promoted to senior equity analyst in October 2010. He is responsible for the analysis, purchase, and sale recommendations of consumer services, consumer cyclicals, consumer staples, healthcare, and transportation stocks for the firm's US Small-Mid Cap Value Equity portfolios. Prior to joining Macquarie Investment Management (MIM) he was an equity analyst at Gartmore Global Investments, where he specialized in technology and

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telecommunications. He has also worked as an equity analyst for Federated Investors, where he gained experience covering small-capitalization consumer stocks, and Lehman Brothers as a corporate finance analyst. Madden holds a bachelor's degree in economics from DePauw University and an MBA from the University of Chicago.

Delaware Growth Equity Fund
Stephen S. Smith, John D. Brim and Eivind Olsen have day-to-day responsibilities for making investment decisions for Delaware Growth Equity Fund.

Stephen S. Smith, CFA Chief Executive Officer, Chief Investment Officer
Stephen S. Smith founded Smith Asset Management Group in 1995 and serves as the company's chief investment officer. Previously, he held a number of senior investment positions at Bank of America until he departed in 1995 to found Smith Group. He joined Wachovia Bank as a computer systems analyst in the mid-1970s and transitioned to the bank's investment management division in order to help design and implement a portfolio management system. Smith left Wachovia and joined what is now known as Bank of America in 1983. He began his career in the late 1960s as an engineer with the National Aeronautics and Space Administration (NASA) in the lunar landing program. Smith has an engineering degree and an MBA, both from the University of Alabama. He is a member of the CFA Institute and the CFA Society of Dallas-Fort Worth.

John D. Brim, CFA Chief Investment Officer
John D. Brim joined Smith Asset Management Group in March 1998 and is chief investment officer. Prior to joining the firm, he was a manager within the institutional investment consulting group of Deloitte & Touche from 1997 to 1998. From 1990 to 1997, Brim held a variety of positions, including senior client manager with NationsBank Asset Management in Dallas. He earned his bachelor's degree in economics from Texas A&M University. Brim is a member of the CFA Institute and the CFA Society of Dallas-Fort Worth.

Eivind Olsen, CFA Portfolio Manager
Eivind Olsen joined Smith Asset Management Group in May 2008 and is a member of the portfolio management team. Prior to joining Smith Group, he was a portfolio manager with Brazos Capital Management/John McStay Investment Counsel from 1998 to 2008. From 1994 to 1996, he did equity research as an associate analyst with Rauscher Pierce Refsnes. He earned a bachelor's degree in accounting and finance from Texas Christian University and an MBA in finance from the University of Texas. Olsen is a member of the CFA Institute and the CFA Society of Dallas-Fort Worth.

Delaware Total Return Fund
Babak “Bob” Zenouzi and Damon Andres have primary responsibility for making day-to-day investment decisions for Delaware Total Return Fund.

Babak “Bob” Zenouzi Senior Vice President, Chief Investment Officer — Real Estate Securities and Income Solutions (RESIS)
Bob Zenouzi is the lead manager for the real estate securities and income solutions (RESIS) group at Macquarie Investment Management (MIM). Zenouzi created this team, including its process and its institutional and retail products, during his prior time with the firm. He also focuses on opportunities in Japan, Singapore, and Malaysia for the firm’s global real estate securities strategy. He is also a member of the firm’s asset allocation committee, which is responsible for building and managing multi-asset class portfolios. He rejoined the firm in May 2006 as senior portfolio manager and head of real estate securities. In his first term with the firm, he spent seven years as an analyst and portfolio manager, leaving in 1999 to work at Chartwell Investment Partners, where from 1999 to 2006 he was a partner and senior portfolio manager on Chartwell’s Small-Cap Value portfolio. He began his career with The Boston Company, where he held several positions in accounting and financial analysis. Zenouzi earned a master’s degree in finance from Boston College and a bachelor’s degree in finance from Babson College. He is a member of the National Association of Real Estate Investment Trusts and the Urban Land Institute.

Damon J. Andres, CFA Vice President, Senior Portfolio Manager
Damon J. Andres joined Macquarie Investment Management (MIM) in 1994 as an analyst, and is currently a senior portfolio manager for the firm’s real estate securities and income solutions (RESIS) group. From 1991 to 1994, he performed investment-consulting services as a consulting associate with Cambridge Associates. Andres earned a bachelor’s degree in business administration with an emphasis in finance and accounting from the University of Richmond.

Delaware Floating Rate II Fund
Adam Brown and John McCarthy have primary portfolio management responsibilities for Delaware Floating Rate II Fund.

Adam H. Brown, CFA Senior Vice President, Co-Head of High Yield, Senior Portfolio Manager
Adam H. Brown is a senior portfolio manager and co-head of the firm’s high yield strategies. He manages the bank loan portfolios and is a co-portfolio manager for the high yield, fixed rate multisector, and core plus strategies. Brown joined Macquarie Investment Management (MIM) in April 2011 as part of the firm’s integration of Macquarie Four Corners Capital Management, where he had worked since 2002. At Four Corners, he was a co-portfolio manager on the firm’s collateralized loan obligations (CLOs) and a senior research analyst supporting noninvestment grade portfolios. Before that, Brown was with the predecessor of Wells Fargo Securities, where he worked in the leveraged finance group arranging senior secured bank loans and high yield bond financings for financial sponsors and corporate issuers. He earned a bachelor’s degree in accounting from the University of Florida and an MBA from the A.B. Freeman School of Business at Tulane University.

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Who manages the Funds

John P. McCarthy, CFA Senior Vice President, Co-Head of High Yield, Senior Portfolio Manager
John P. McCarthy is a senior portfolio manager and co-head for the firm’s high yield strategies, a role he assumed in July 2016. From December 2012 to June 2016, he was co-head of credit research on the firm’s taxable fixed income team. McCarthy rejoined Macquarie Investment Management (MIM) in March 2007 as a senior research analyst, after he worked in the firm’s fixed income area from 1990 to 2000 as a senior high yield analyst and high yield trader, and from 2001 to 2002 as a municipal bond trader. Prior to rejoining the firm, he was a senior high yield analyst/trader at Chartwell Investment Partners. McCarthy earned a bachelor’s degree in business administration from Babson College, and he is a member of the CFA Society of Philadelphia.

Delaware Fund for Income
John P. McCarthy and Adam H. Brown have primary responsibility for making day-to-day investment decisions for Delaware Fund for Income. When making decisions for the Fund, Mr. McCarthy and Mr. Brown regularly consult with Paul A. Matlack and Craig C. Dembek.

Craig C. Dembek, CFA Executive Director, Global Head of Credit Research
Craig C. Dembek is global head of credit research and a senior research analyst on the firm’s taxable fixed income team with primary responsibility for banks, brokers, and real estate investment trusts (REITs). He rejoined Macquarie Investment Management (MIM) in March 2007. During his previous time at the firm, from April 1999 to January 2001, he was a senior investment grade credit analyst. Most recently, he spent four years at Chartwell Investment Partners as a senior fixed income analyst and Turner Investment Partners as a senior fixed income analyst and portfolio manager. Dembek also spent two years at Stein, Roe & Farnham as a senior fixed income analyst. Earlier in his career, he worked for two years as a lead bank analyst at the Federal Reserve Bank of Boston. Dembek earned a bachelor’s degree in finance from Michigan State University and an MBA with a concentration in finance from the University of Vermont.

Paul A. Matlack, CFA Senior Vice President, Senior Portfolio Manager, Fixed Income Strategist
Paul A. Matlack is a strategist and senior portfolio manager for the firm’s fixed income team. Matlack rejoined the firm in May 2010. During his previous time at Macquarie Investment Management (MIM) from September 1989 to October 2000, he was senior credit analyst, senior portfolio manager, and left the firm as co-head of the high yield group. Most recently, he worked at Chartwell Investment Partners from September 2003 to April 2010 as senior portfolio manager in fixed income, where he managed core, core plus, and high yield strategies. Prior to that, Matlack held senior roles at Turner Investment Partners, PNC Bank, and Mellon Bank. He earned a bachelor’s degree in international relations from the University of Pennsylvania and an MBA with a concentration in finance from George Washington University.

Delaware International Opportunities Bond Fund
Brian M. Scotto and Eric Frei have primary portfolio management responsibilities for Delaware International Opportunities Bond Fund.

Brian M. Scotto Vice President, Government Trader, Portfolio Manager
Brian M. Scotto is a member of the fixed income trading team responsible for trading government and agency securities, as well as interest rate futures and options. He joined Macquarie Investment Management (MIM) in 2002, and prior to moving to the fixed income department, he was vice president and product manager for the firm’s value, international, and core mutual funds. For two years prior to working at the firm, Scotto was a vice president and head trader at Somerset Financial Group in Princeton, N.J., where he traded equities, equity options, and fixed instruments. He also spent three years at GMAC Mortgage Corporation as a mortgage trading analyst. Scotto received his bachelor’s degree in accounting and an MBA with a concentration in finance from La Salle University.

Eric Frei, CMT Vice President, Sovereign Trader, Portfolio Manager
Eric Frei joined Macquarie Investment Management (MIM) in April 2011 as part of the firm’s integration of Macquarie Allegiance Capital. He is responsible for portfolio management and asset allocation of the firm’s low-duration product. In addition, Frei manages sector rotation and security selection between

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Treasurys and agencies. He began his career in the financial services industry in 1997 as a mutual fund trader with CNA Trust, later joining Macquarie Allegiance in 1999. He earned a bachelor’s degree in management science from the University of California at San Diego.

Delaware Investment Grade Fund
Michael G. Wildstein has primary responsibility for making day-to-day investment decisions for Delaware Investment Grade Fund. When making decisions for the Fund, Mr. Wildstein regularly consults with Roger A. Early, Paul A. Matlack, Craig C. Dembek, John P. McCarthy, Kashif Ishaq, J. David Hillmeyer, and Wayne A. Anglace.

Roger A. Early, CPA, CFA Executive Director, Chief Investment Officer of US Fixed Income
Roger A. Early is an Executive Director and Chief Investment Officer of US Fixed Income. He rejoined Macquarie Investment Management (MIM) in March 2007 as a member of the firm’s taxable fixed income portfolio management team, with primary responsibility for portfolio construction and strategic asset allocation. He became head of fixed income investments in the Americas in February 2015. During his previous time at the firm, from 1994 to 2001, he was a senior portfolio manager in the same area, and he left the firm as head of its US investment grade fixed income group. In recent years, Early was a senior portfolio manager at Chartwell Investment Partners and Rittenhouse Financial and was the chief investment officer for fixed income at Turner Investments. Prior to joining the firm in 1994, he worked for more than 10 years at Federated Investors where he managed more than $25 billion in mutual fund and institutional portfolios in the short-term and investment grade markets. He left the firm as head of institutional fixed income management. Earlier in his career, he held management positions with the Federal Reserve Bank, PNC Financial, Touche Ross, and Rockwell International. Early earned his bachelor’s degree in economics from The Wharton School of the University of Pennsylvania and an MBA with concentrations in finance and accounting from the University of Pittsburgh. He is a member of the CFA Society of Philadelphia.

Kashif Ishaq Senior Vice President, Global Head of Corporate Bond Trading
Kashif Ishaq is global head of corporate bond trading. He plays an integral role in the investment process, managing investment grade corporate bond exposure within all the portfolios and performing relative value analysis across corporate curves and capital structures. He is also responsible for managing all corporate credit traders and maintaining key industry relationships. He started his fixed income career with Macquarie Investment Management (MIM) as a portfolio analyst on the firm’s insurance portfolio management team before taking a position as an investment grade trader. For the three years prior to joining MIM in August 2005, he participated in Lincoln Financial Group’s rotational Professional Development Program. He started the program as a financial analyst in the Hartford office, followed by a position in information technology, and lastly he spent a year in the client services department of Delaware Investments. Ishaq received his bachelor’s degree in corporate finance and accounting from Bentley College.

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Who manages the Funds

portfolio manager / trader, and quantitative analyst. He began his career as an investment advisor in January 1989 at Shawmut Bank, leaving the firm as an investment officer in November 1995. Hillmeyer earned his bachelor’s degree from Colorado State University, and he is a member of the CFA Society of Philadelphia and the Philadelphia Council for Business Economics.

Michael G. Wildstein, CFA Executive Director, Head of Credit and Insurance Asset Management
Michael G. Wildstein is a member of the firm’s fixed income portfolio management team. He manages corporate credit-related portfolios. Before joining the team, he was a senior corporate bond analyst focused on the telecommunications sector for high-grade and high yield portfolios. Prior to joining Macquarie Investment Management (MIM) in March 2007 as a senior research analyst, Wildstein spent five years at Merrill Lynch Investment Managers in various roles that included portfolio manager for the core bond team, corporate bond research analyst, and corporate bond trader. Before moving into investment management, Wildstein worked in finance, corporate strategy, and business development with several firms including RCN Corporation and AT&T Local Services. He earned a bachelor’s degree from the University of Tampa and an MBA from Drexel University.

Wayne A. Anglace, CFA Senior Vice President, Senior Portfolio Manager
Wayne A. Anglace currently serves as a senior portfolio manager for the firm’s corporate and convertible bond strategies. Prior to joining Macquarie Investment Management (MIM) in March 2007 as a research analyst for the firm’s high grade, high yield, and convertible bond portfolios, he spent more than two years as a research analyst at Gartmore Global Investments for its convertible bond strategy. From 2000 to 2004, Anglace worked in private client research at Deutsche Bank Alex. Brown in Baltimore, where he focused on equity research, and he started his financial services career with Ashbridge Investment Management in 1999. Prior to moving to the financial industry, Anglace worked as a professional civil engineer. He earned his bachelor’s degree in civil engineering from Villanova University and an MBA with a concentration in finance from Saint Joseph’s University, and he is a member of the CFA Society of Philadelphia.

Delaware Limited Duration Bond Fund
Roger A. Early, Brian C. McDonnell, Adam H. Brown, and John P. McCarthy have day-to-day responsibilities for making investment decisions for Delaware Limited Duration Bond Fund.

Brian C. McDonnell, CFA Executive Director, Head of US Fixed Income
Brian C. McDonnell is a member of the firm's taxable fixed income portfolio management team with primary responsibility for portfolio construction and strategic asset allocation. He joined Macquarie Investment Management (MIM) in March 2007 as a vice president and senior structured products analyst/trader, assuming portfolio management responsibilities in 2009. Prior to joining the firm, he was a managing director and head of fixed income trading at Sovereign Securities, where he was responsible for risk management and hedging of the firm’s holdings. Earlier in his career, he spent more than 10 years in various fixed income capacities with Prudential Securities in New York. McDonnell has a bachelor’s degree in finance from Boston College, and he is a member of the CFA Society of Philadelphia.

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Wells Fargo Securities, where he worked in the leveraged finance group arranging senior secured bank loans and high yield bond financings for financial sponsors and corporate issuers. He earned a bachelor’s degree in accounting from the University of Florida and an MBA from the A.B. Freeman School of Business at Tulane University.

Delaware Strategic Income II Fund
J. David Hillmeyer, Daniela Mardarovici, Paul A. Matlack, Craig C. Dembek, John P. McCarthy, and Adam H. Brown have primary responsibility for making day-to-day investment decisions for Delaware Strategic Income II Fund.

J. David Hillmeyer, CFA Executive Director, Head of Multisector/Global Fixed Income
J. David Hillmeyer is head of multisector/global fixed income in the Americas. He is co-portfolio manager for the fixed rate diversified multisector, core plus, and investment grade corporate bond strategies. Prior to joining Macquarie Investment Management (MIM) in August 2007 as a vice president and corporate bond trader, he worked for more than 11 years in various roles at Hartford Investment Management Company, including senior corporate bond trader, high yield portfolio manager / trader, and quantitative analyst. He began his career as an investment advisor in January 1989 at Shawmut Bank, leaving the firm as an investment officer in November 1995. Hillmeyer earned his bachelor’s degree from Colorado State University, and he is a member of the CFA Society of Philadelphia and the Philadelphia Council for Business Economics.

Daniela Mardarovici, CFA Division Director, Co-Head of Multisector/Core Plus Fixed Income
Daniela Mardarovici joined Macquarie Investment Management (MIM) in March 2019 as co-head of the firm’s multisector and core plus strategies. Prior to joining the firm, she spent more than 13 years at BMO Global Asset Management as a senior portfolio manager. Since 2014, she was a member of the management committee of TCH, BMO’s US fixed income group, and helped lead business strategy and development efforts. Mardarovici was also responsible for driving investment strategy and managing institutional portfolios and mutual funds across a wide spectrum of strategies, including core, core plus, credit, multisector, and liability-driven investing (LDI). Previously, she led investment management efforts for mortgage-backed securities at Harris Investment Management. She started her career in 2000 as a proprietary trader at Gelber Group. In 2018, Mardarovici was named one of the top 20 female portfolio managers by CityWire. She graduated magna cum laude with a major in economics and finance/banking from the University of Nebraska at Omaha. She is a member of the CFA Society New York and the CFA Institute.

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Who manages the Funds

Except for Delaware Government Cash Management Fund, the SAI provides additional information about each portfolio manager’s compensation, other accounts managed by each portfolio manager, and each portfolio manager’s ownership of Fund shares.

Manager of managers structure

The Funds and the Manager have received an exemptive order from the US Securities and Exchange Commission (SEC) to operate under a manager of managers structure that permits the Manager, with the approval of the Funds’ Board, to appoint and replace both affiliated and unaffiliated sub-advisors, and to enter into and make material amendments to the related sub-advisory contracts on behalf of the Funds without shareholder approval (Manager of Managers Structure). Under the Manager of Managers Structure, the Manager has ultimate responsibility, subject to oversight by the Board, for overseeing the Funds’ sub-advisors and recommending to the Board their hiring, termination, or replacement.

The Manager of Managers Structure enables the Funds to operate with greater efficiency and without incurring the expense and delays associated with obtaining shareholder approvals for matters relating to sub-advisors or sub-advisory agreements. The Manager of Managers Structure does not permit an increase in the overall management and advisory fees payable by the Funds without shareholder approval. Shareholders will be notified of the hiring of any new sub-advisor within 90 days of the hiring.

Who’s who

Board of trustees: A mutual fund is governed by a board of trustees, which has oversight responsibility for the management of the fund’s business affairs. Trustees establish procedures and oversee and review the performance of the fund’s service providers.

Investment manager and sub-advisor: An investment manager is a company with overall responsibility for the management of a fund’s assets. A sub-advisor is a company generally responsible for the day-to-day management of the fund’s assets or some portion thereof. The sub-advisor is selected and supervised by the investment manager. The investment manager or the sub-advisor (as applicable), as the case may be, is responsible for selecting portfolio investments consistent with the objective and policies stated in the mutual fund’s prospectus. A written contract between a mutual fund and its investment manager specifies the services the investment manager performs and the fee the manager is entitled to receive.

Portfolio managers: Portfolio managers make investment decisions for individual portfolios.

Distributor: Most mutual funds continuously offer new shares to the public through distributors that are regulated as broker/dealers and are subject to the Financial Industry Regulatory Authority (FINRA) rules governing mutual fund sales practices.

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Service agent: Mutual fund companies employ service agents (sometimes called transfer agents) to maintain records of shareholder accounts, calculate and disburse dividends and capital gains, and prepare and mail shareholder statements and tax information, among other functions. Many service agents also provide administrative services to a fund and oversight of other fund service providers.

Custodian/Fund accountant: Mutual funds are legally required to protect their portfolio securities, and most funds place them with a qualified bank custodian that segregates fund securities from other bank assets. The fund accountant provides services such as calculating a fund’s net asset value (NAV) and providing financial reporting information for the fund.

Financial advisors: Financial advisors provide advice to their clients. They are associated with securities broker/dealers who have entered into selling and/or service arrangements with the distributor. Selling broker/dealers and financial advisors are compensated for their services generally through sales commissions, and through 12b-1 fees and/or service fees deducted from a fund’s assets.

Shareholders: Mutual fund shareholders have specific voting rights on matters such as material changes in the terms of a fund’s management contract and changes to fundamental investment policies.

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About your account

Investing in the Funds

You can choose from a number of share classes for each Fund. Because each share class has a different combination of sales charges, fees, and other features, you should consult your financial intermediary or your financial advisor (hereinafter collectively referred to as the “financial intermediary”) to determine which share class best suits your investment goals and time frame. It is the responsibility of your financial intermediary to assist you in determining the most appropriate share class and to communicate such determination to us.

Information about existing sales charges and sales charge reductions and waivers is available in this Prospectus below and free of charge on the Delaware Funds website at delawarefunds.com. Additional information on sales charges can be found in the SAI, which is available upon request.

Please also see the “Broker-defined sales charge waiver policies” section in this Prospectus for information provided to the Fund by certain financial intermediaries on sales charge discounts and waivers that may be available to you through your financial intermediary. Shareholders purchasing Fund shares through a financial intermediary may also be eligible for sales charge discounts or waivers which may differ from those disclosed elsewhere in this Prospectus or SAI. The availability of certain initial or deferred sales charge waivers and discounts may depend on the particular financial intermediary or type of account through which you purchase or hold Fund shares. It is the responsibility of the financial intermediary to implement any of its proprietary sales charge discounts or waivers listed in “Broker-defined sales charge waiver policies” or otherwise. Accordingly, you should consult with your financial intermediary to determine whether you qualify for any sales charge discounts or waivers.

Choosing a share class

Each share class may be eligible for purchase through programs sponsored by financial intermediaries that require the purchase of a specific class of shares.

For Class A shares, each Fund (except for Delaware Government Cash Management Fund) has adopted a 12b-1 plan that allows the Fund to pay distribution fees for the sale and distribution of its shares. Because these fees are paid out of a Fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

Class A

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Class A shares have an upfront sales charge that you pay when you buy the shares of up to: 5.75% for Delaware Covered Call Strategy Fund, Delaware Equity Income Fund, Delaware Global Equity Fund, Delaware Growth and Income Fund, Delaware Hedged U.S. Equity Opportunities Fund, Delaware International Fund, Delaware Opportunity Fund, Delaware Premium Income Fund, Delaware Growth Equity Fund, Delaware Special Situations Fund and Delaware Total Return Fund; 4.50% for Delaware Fund for Income, Delaware International Opportunities Bond Fund, Delaware Investment Grade Fund, and Delaware Strategic Income Fund II; and 2.75% for Delaware Floating Rate II Fund and Delaware Limited Duration Bond Fund. Delaware Government Cash Management Fund does not have an upfront sales charge.

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If you invest $50,000 or more ($100,000 or more for Delaware Fund for Income, Delaware International Opportunities Bond Fund, Delaware Investment Grade Fund, Delaware Strategic Income Fund, Delaware Floating Rate II Fund and Delaware Limited Duration Bond Fund only), your front-end sales charge will be reduced.

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

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Class A shares are also subject to an annual 12b-1 fee no greater than 0.25% of average daily net assets, excluding Delaware Government Cash Management Fund. See “Dealer compensation” below for further information.

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Class A shares generally are not subject to a CDSC, except in the limited circumstances described in the table below, including for Delaware Government Cash Management Fund.

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

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

Class A sales charges

The table below details your sales charges on purchases of Class A shares. The offering price for Class A shares includes the front-end sales charge. The offering price is determined by dividing the NAV per share by an amount equal to 1 minus the sales charge (expressed in decimals) applicable to the purchase, calculated to two decimal places using standard rounding criteria. The sales charge as a percentage of the net amount invested is the maximum percentage of the amount invested rounded to the nearest hundredth. The actual sales charge that you pay as a percentage of the offering price and as a percentage of the net amount invested will vary depending on the then-current NAV, the percentage rate of the sales charge, and rounding. The number of Fund shares you will be issued will equal the amount invested divided by the applicable offering price for those shares, calculated to three decimal places using standard rounding criteria. Sales charges do not apply to shares purchased through dividend reinvestment.

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Class A shares of Delaware Fund for Income, Delaware International Opportunities Bond Fund, Delaware Investment Grade Fund and Delaware Strategic Income II Fund


Amount of purchase	Sales charge as a % of offering price		Sales charge as a % of net amount invested
Less than $100,000		4.50%		5.13%
$100,000 but less than $250,000		3.50%		4.00%
$250,000 but less than $500,000		2.50%		3.00%
$500,000 but less than $1 million		2.00%		2.44%
$1 million or more		none*		none*

* There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if the Distributor paid your financial intermediary a commission on your purchase of $1 million or more Class A shares, you will have to a pay a Limited CDSC of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem shares within the second year, unless a specific waiver of the Limited CDSC applies. The Limited CDSC will be paid to the Distributor and will be assessed on an amount equal to the lesser of: (1) the NAV at the time the Class A shares being redeemed were purchased; or (2) the NAV of such Class A shares at the time of redemption. For purposes of this formula, the “NAV at the time of purchase” will be the NAV at purchase of the Class A shares even if those shares are later exchanged for shares of another Delaware Fund and, in the event of an exchange of Class A shares, the “NAV of such shares at the time of redemption” will be the NAV of the shares acquired in the exchange. In determining whether a Limited CDSC is payable, it will be assumed that shares not subject to the Limited CDSC are the first redeemed followed by other shares held for the longest period of time. See “Dealer compensation” below for a description of the dealer commission that is paid.

Class A shares of Delaware Floating Rate II Fund and Delaware Limited Duration Bond Fund


Amount of purchase	Sales charge as a % of offering price		Sales charge as a % of net amount invested
Less than $100,000		2.75%		3.23%
$100,000 but less than $250,000		2.00%		2.44%
$250,000 but less than $1 million		1.00%		1.34%
$1 million or more		none*		none*

* There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if the Distributor paid your financial intermediary a commission on your purchase of $1 million or more Class A shares, you will have to a pay a Limited CDSC of 0.75% if you redeem these shares within the first year after your purchase, unless a specific waiver of the Limited CDSC applies. The Limited CDSC will be paid to the Distributor and will be assessed on an amount equal to the lesser of: (1) the NAV at the time the Class A shares being redeemed were purchased; or (2) the NAV of such Class A shares at the time of redemption. For purposes of this formula, the “NAV at the time of purchase” will be the NAV at purchase of the Class A shares even if those shares are later exchanged for shares of another Delaware Fund and, in the event of an exchange of Class A shares, the “NAV of such shares at the time of redemption” will be the NAV of the shares acquired in the exchange. In determining whether a Limited CDSC is payable, it will be assumed that shares not subject to the Limited CDSC are the first redeemed followed by other shares held for the longest period of time. See “Dealer compensation” below for a description of the dealer commission that is paid.

Class A shares of Delaware Covered Call Strategy Fund, Delaware Equity Income Fund, Delaware Global Equity Fund, Delaware Growth and Income Fund, Delaware Hedged U.S. Equity Opportunities Fund, Delaware International Fund, Delaware Opportunity Fund, Delaware Premium Income Fund, Delaware Growth Equity Fund, Delaware Special Situations Fund and Delaware Total Return Fund


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

* There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if the Distributor paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem shares within the second year, unless a specific waiver of the Limited CDSC applies. The Limited CDSC will be paid to the Distributor and will be assessed on an amount equal to the lesser of: (1) the NAV at the time the Class A shares being redeemed were purchased; or (2) the NAV of such Class A shares at the time of redemption. For purposes of this formula, the “NAV at the time of purchase” will be the NAV at purchase of the Class A shares even if those shares are later exchanged for shares of another Delaware Fund and, in the event of an exchange of Class A shares, the “NAV of such shares at the time of redemption” will be the NAV of the shares acquired in the exchange. In determining whether a Limited CDSC is payable, it will be assumed that shares not subject to the Limited CDSC are the first redeemed followed by other shares held for the longest period of time. See “Dealer compensation” below for a description of the dealer commission that is paid.

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Institutional Class

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

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Institutional Class shares are not subject to a CDSC.

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

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

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

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

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

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

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

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

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

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

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Delaware Government Cash Management Fund does not offer Institutional Class shares.

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

Class R6

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

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

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

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

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

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

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

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

Delaware Strategic Income II Fund does not offer Class R6 shares.

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Dealer compensation

The financial intermediary who sells you shares of the Funds may be eligible to receive the following amounts as compensation for your investment in the Funds. These amounts are paid by the Distributor to the securities dealer with whom your financial advisor is associated. Institutional Class and Class R6 shares do not have a 12b-1 fee or sales charge so they are not included in the table below.

Delaware Fund for Income, Delaware International Opportunities Bond Fund, Delaware Investment Grade Fund and Delaware Strategic Income II Fund


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

Delaware Floating Rate II Fund and Delaware Limited Duration Bond Fund


Commission (%)	Class A1
Investment Less than $100,000		2.35%
$100,000 - $249,999		1.75%
$250,000 - $5 million		0.75%
$5 million up to $25 million		0.50%
$25 million or more		0.25%
12b-1 fee to dealer		0.25%	2

Delaware Covered Call Strategy Fund, Delaware Equity Income Fund, Delaware Global Equity Fund, Delaware Growth and Income Fund, Delaware Hedged U.S. Equity Opportunities Fund, Delaware International Fund, Delaware Opportunity Fund, Delaware Premium Income Fund, Delaware Growth Equity Fund, Delaware Special Situations Fund and Delaware Total Return Fund


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

1 On sales of Class A shares, the Distributor reallows to your securities dealer a portion of the front-end sales charge depending upon the amount you invested. Your securities dealer may be eligible to receive a 12b-1 fee of up to 0.25% from the date of purchase.

2 The Distributor has contracted to limit this amount to 0.15% from Oct. 4, 2019 to Oct. 31, 2021 for Delaware Limited Duration Bond Fund.

Payments to intermediaries

The Distributor and its affiliates may pay additional compensation at their own expense and not as an expense of a Fund to certain affiliated or unaffiliated brokers, dealers, or other financial intermediaries (Financial Intermediaries) in connection with the sale or retention of Fund shares and/or shareholder servicing, including providing the Fund with “shelf space” or a higher profile with the Financial Intermediaries’ consultants, salespersons, and customers (distribution assistance). For example, the Distributor or its affiliates may pay additional compensation to Financial Intermediaries for various purposes, including, but not limited to, promoting the sale of Fund shares, maintaining share balances and/or for subaccounting, administrative, or shareholder

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About your account

processing services, marketing, educational support, data, and ticket charges. Such payments are in addition to any distribution fees, service fees, subaccounting fees, and/or transfer agency fees that may be payable by a Fund. The additional payments may be based on factors, including level of sales (based on gross or net sales or some specified minimum sales or some other similar criteria related to sales of a Fund and/or some or all other Delaware Funds), amount of assets invested by the Financial Intermediary’s customers (which could include current or aged assets of a Fund and/or some or all other Delaware Funds), a Fund’s advisory fees, some other agreed-upon amount, or other measures as determined from time to time by the Distributor. The level of payments made to a qualifying Financial Intermediary in any given year may vary. To the extent permitted by SEC and FINRA rules and other applicable laws and regulations, the Distributor may pay, or allow its affiliates to pay, other promotional incentives or payments to Financial Intermediaries.

Sub-transfer agent/recordkeeping payments may be made to third parties (including affiliates of the Manager) that provide sub-transfer agent, recordkeeping, and/or shareholder services with respect to certain shareholder accounts (including omnibus accounts), or to the shareholder account directly to offset the costs of these services, in lieu of the transfer agent providing such services. For Class R6 shares, the Distributor and its affiliates will generally not pay additional compensation to Financial Intermediaries in connection with the sale or retention of Fund shares and/or shareholder servicing (including sub-transfer agent/recordkeeping payments).

If a mutual fund sponsor or distributor makes greater payments for distribution assistance to your Financial Intermediary with respect to distribution of shares of that particular mutual fund than sponsors or distributors of other mutual funds make to your Financial Intermediary with respect to the distribution of the shares of their mutual funds, your Financial Intermediary and its salespersons may have a financial incentive to favor sales of shares of the mutual fund making the higher payments over shares of other mutual funds or over other investment options. In addition, depending on the arrangements in place at any particular time, a Financial Intermediary may also have a financial incentive for recommending a particular share class over other share classes. You should consult with your Financial Intermediary and review carefully any disclosure provided by such Financial Intermediary as to compensation it receives in connection with investment products it recommends or sells to you. A significant purpose of these payments is to increase sales of a Fund’s shares. The Manager or its affiliates may benefit from the Distributor’s or its affiliates’ payment of compensation to Financial Intermediaries through increased fees resulting from additional assets acquired through the sale of Fund shares through Financial Intermediaries. In certain instances, the payments could be significant and may cause a conflict of interest for your Financial Intermediary. Any such payments will not change the NAV or the price of a Fund’s shares.

How to reduce your sales charge

We offer a number of ways to reduce or eliminate the front-end sales charge on Class A shares, which may depend on your financial intermediary’s ability to support the various ways. Please refer to the “Broker-defined sales charge waiver policies” in this Prospectus and to the SAI for detailed information and eligibility requirements. You can also get additional information from your financial intermediary. You or your financial intermediary must notify us at the time you purchase shares if you are eligible for any of these programs. You may also need to provide information to your financial intermediary or the Funds in order to qualify for a reduction in sales charges. Such information may include your Delaware Funds holdings in any other accounts, including retirement accounts, held indirectly or through an intermediary, and the names of qualifying family members and their holdings. We reserve the right to determine whether any purchase is entitled, by virtue of the foregoing, to the reduced sales charge. Institutional Class and Class R6 shares have no upfront sales charge or CDSC so they are not included in the table below.

Letter of intent and rights of accumulation

Through a letter of intent, you agree to invest a certain amount in Delaware Funds over a 13-month period to qualify for reduced front-end sales charges (as set forth in the SAI). Delaware Funds no longer accept retroactive letters of intent.

Upon your request, you can combine your holdings or purchases of Class A and Class C shares of Delaware Funds (as set forth in the SAI) as well as the holdings and purchases of your spouse — or equivalent, if recognized under local law — and children under the age of 21 to qualify for reduced front-end sales charges. When submitting the letter of intent or requesting rights of accumulation, you must identify which holdings or purchases you are requesting to be combined.


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

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Reinvestment of redeemed shares

Up to 12 months after you redeem shares, you can reinvest the proceeds without paying a sales charge.


Class A	Class C
Available.	Not available.

SIMPLE IRA, SEP, SARSEP, 401(k), SIMPLE 401(k), Profit Sharing, Money Purchase, 403(b)(7), and 457 Retirement Plans

These investment plans may qualify for reduced sales charges by combining the purchases of all members of the group. Members of these groups may also qualify to purchase shares without a front-end sales charge and may qualify for a waiver of any CDSCs on Class A shares.


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

Buying Class A shares at net asset value

Class A shares of a Fund may be purchased at NAV under the following circumstances, provided that you notify the Fund in advance that the trade qualifies for this privilege. The Funds reserve the right to modify or terminate these arrangements at any time.

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Shares purchased under the Delaware Funds dividend reinvestment plan and, under certain circumstances, the exchange privilege and the 12-month reinvestment privilege.

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Purchases by: (i) current and former officers, Trustees/Directors, and employees of any Delaware Fund, the Manager, or any of the Manager’s current affiliates and those that may in the future be created; (ii) current employees of legal counsel to Delaware Funds; and (iii) registered representatives, employees, officers, and directors of broker/dealers who have entered into dealer’s agreements with the Distributor. At the direction of such persons, their family members (regardless of age), and any employee benefit plan, trust, or other entity directly owned by, controlled by, or established by any of the foregoing may also purchase shares at NAV.

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

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

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

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Purchases by current and former officers, Trustees/Directors, and employees of any predecessor fund.

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Purchases for the benefit of the clients of brokers, dealers, and other financial intermediaries if such brokers, dealers, or other financial intermediaries have entered into an agreement with the Distributor providing for the purchase of Class A shares at NAV through self-directed brokerage service platforms or programs. Investors may be charged a fee by their financial intermediary when effecting transactions in Class A shares at NAV through a self-directed investment brokerage service platform or program.

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

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

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

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

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

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

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

Waivers of contingent deferred sales charges

Certain sales charges may be based on historical cost. Therefore, you should maintain any records that substantiate these costs because the Funds, their transfer agent, and financial intermediaries may not maintain this information. Please note that you or your financial intermediary will have to notify us at the time of redemption that the trade qualifies for such waiver. Institutional Class and Class R6 shares do not have CDSCs so they are not included in the list below. Please also see the “Shareholder fees” table in the Fund summary and “Choosing a share class” for more information about applicable CDSCs.

CDSCs for Class A and Class C shares may be waived under the following circumstances, except as noted otherwise:

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

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

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Section 401(a) qualified retirement plan distributions: Distributions to participants or beneficiaries from a retirement plan trading on a recordkeeping platform qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended (Internal Revenue Code).

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Section 401(a) qualified retirement plan redemptions: Redemptions pursuant to the direction of a participant or beneficiary of a retirement plan trading on a recordkeeping platform qualified under Section 401(a) of the Internal Revenue Code with respect to that retirement plan.

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Periodic distributions or systematic withdrawals from a retirement account or qualified plan: Periodic distributions or systematic withdrawals from an individual retirement account (traditional IRA, Roth IRA, SIMPLE IRA, SEP, SARSEP, and Coverdell ESA) or a qualified plan1 (401(k), SIMPLE 401(k), Profit Sharing, Money Purchase, 403(b)(7), and 457 Retirement Plans) not subject to a penalty under Section 72(t)(2)(A) of the Internal Revenue Code or a hardship or unforeseen emergency provision in the qualified plan as described in Treas. Reg. §1.401(k)-1(d)(3) and Section 457(d)(1)(A)(iii) of the Internal Revenue Code.

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Returns of excess contributions due to any regulatory limit: Returns of excess contributions due to any regulatory limit from an individual retirement account (traditional IRA, Roth IRA, SIMPLE IRA, SEP, SARSEP, and Coverdell ESA) or a qualified plan1 (401(k), SIMPLE 401(k), Profit Sharing, Money Purchase, 403(b)(7), and 457 Retirement Plans).

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Distributions by other employee benefit plans: Distributions by other employee benefit plans to pay benefits.

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

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Redemptions by certain legacy retirement assets: Redemptions by certain legacy retirement assets that meet the requirements set forth in the SAI.

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

1 Qualified plans that are fully redeemed at the direction of the plan’s fiduciary may be subject to any applicable CDSC or Limited CDSC, unless the redemption is due to the termination of the plan.

How to buy shares

Through your financial intermediary

Your financial intermediary (if applicable) can handle all the details of purchasing shares, including opening an account. Your financial intermediary may charge you a separate fee for this service.

Through Delaware Funds by Macquarie

By mail

Complete an investment slip and mail it with your check, made payable to Delaware Funds by Macquarie, to Raritan Plaza 1, Edison, NJ 08837-3620. If you are making an initial purchase by mail, you must include a completed investment application (or an appropriate retirement plan application if you are opening a retirement account) with your check. Purchase orders will not be accepted at any other address.

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Please note that purchase orders submitted by mail will not be considered received until such purchase orders arrive at Delaware Funds by Macquarie at Raritan Plaza 1, Edison, NJ 08837-3620 and are determined to be in good order. For a purchase request to be in “good order,” you must provide the name of the Delaware Fund in which you are investing, your account registration/number (if you are an existing shareholder), and the total number of shares or dollar amount of the shares to be purchased, along with meeting any requirements set forth in applicable forms, this Prospectus, or the SAI. The Funds do not consider the US Postal Service or other independent delivery services to be their agent. Therefore, deposits in the mail or with such services or receipt at the Funds’ post office box, of purchase orders, do not constitute receipt by the Funds or their agent. Please note that the Funds reserve the right to reject any purchase.

By exchange

You may exchange all or part of your investment in one or more Delaware Funds for shares of other Delaware Funds. Please keep in mind, however, that under most circumstances you may exchange between like classes of shares only. To open an account by exchange, call Delaware Funds by Macquarie at 800 423-4026.

Limitations on exchanges

Shareholders of Delaware Funds that were involved in a reorganization on Oct. 4, 2019 (Reorganization Funds) may not be able to exchange their shares for shares of Delaware Funds that are not Reorganization Funds at the present time. However, until the exchange privilege is available between Reorganization Funds and non-Reorganization Funds Class A shareholders may reinvest the proceeds of a redemption from Reorganization Funds in Class A shares of any other Delaware Fund without paying a sales charge up to 12 months after the redemption. See “Reinvestment of redeemed shares” above.

Calculating share price

Delaware Government Cash Management Fund is offered for purchase, redemption, and exchange at a stable price of $1.00 per share on each Business Day that the Fund is open. Delaware Government Cash Management Fund is generally open on each Business Day that the New York Stock Exchange (NYSE) is open. We strive to manage the value of Delaware Government Cash Management Fund's securities to stabilize the Fund's NAV at $1.00 per share. Although we make every effort to maintain a stable price and NAV, there is no assurance that we will always be able to do so. We normally value Delaware Government Cash Management Fund's portfolio securities at amortized cost, which approximates market value.

With respect to all other Funds, the price you pay for shares will depend on when we receive your purchase order. If your order is received by an authorized agent or us before the close of regular trading on the NYSE (normally 4:00pm Eastern time), you will pay that day’s closing Fund share price, which is based on the Fund’s NAV. If the NYSE has an unscheduled early close, we will continue to accept your order until that day’s scheduled close of the NYSE and you will pay that day’s closing Fund share price. If your order is received after the scheduled close of regular trading on the NYSE, you will pay the next Business Day’s closing Fund share price. We reserve the right to reject any purchase order.

We determine the NAV per share for each class of a Delaware Fund at the close of regular trading on the NYSE on each Business Day (normally 4:00pm Eastern time). A Fund does not calculate its NAV on days the NYSE is closed for trading. If the NYSE has an unscheduled early close, a Fund’s closing share price would still be determined as of that day’s regularly scheduled close of the NYSE. The NAV per share for each class of a fund is calculated by subtracting the liabilities of each class from its total assets and dividing the resulting number by the number of shares outstanding for that class. We generally price securities and other assets for which market quotations are readily available at their market value. The value of foreign securities may change on days when a shareholder will not be able to purchase or redeem fund shares because foreign markets are open at times and on days when US markets are not. We price fixed income securities on the basis of valuations provided to us by an independent pricing service that uses methods approved by the Board. For all other securities, we use methods approved by the Board that are designed to price securities at their fair market values.

Fair valuation

When the Funds, other than Delaware Government Cash Management Fund, use fair value pricing, they may take into account any factors they deem appropriate. The Funds may determine fair value based upon developments related to a specific security, current valuations of foreign stock indices (as reflected in US futures markets), and/or US sector or broad stock market indices. 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 prices of securities used by the Funds to calculate their NAV may differ from quoted or published prices for the same securities. Fair value pricing may involve subjective judgments and it is possible that the fair value determined for a security could be materially different than the value that could be realized upon the sale of that security.

The Funds anticipate using fair value pricing for securities primarily traded on US exchanges only under very limited circumstances, such as the early closing of the exchange on which a security is traded or suspension of trading in the security. The Funds may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Funds value their securities, normally at 4:00pm Eastern

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time or the close of the NYSE. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. To account for this, the Funds may frequently value many foreign equity securities using fair value prices based on third-party vendor modeling tools to the extent available.

The Board has delegated responsibility for valuing the Funds’ assets to a Pricing Committee of the Manager, which operates under the policies and procedures approved by the Board and is subject to the Board’s oversight.

Retirement plans

In addition to being an appropriate investment for your IRA, Roth IRA, and Coverdell Education Savings Account, the Funds may be suitable for group retirement plans. You may establish your IRA account even if you are already a participant in an employer-sponsored retirement plan. For more information on how the Funds can play an important role in your retirement planning or for details about group plans, please consult your financial intermediary, or call Delaware Funds by Macquarie at 800 423-4026.

Document delivery

To reduce fund expenses, we try to identify related shareholders in a household and send only one copy of a fund’s financial reports and prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call Delaware Funds by Macquarie at 800 423-4026. At any time you may view current prospectuses and financial reports on our website.

Inactive accounts

Please note that your account may be required to transfer to the appropriate state if no activity occurs in the account within the time period specified by state law.

How to redeem shares

Under normal circumstances, each Fund typically meets redemption requests through its holdings of cash or cash equivalents, the sale of portfolio assets, and/or its ability to redeem in kind (when applicable). During stressed market conditions, the Fund may use lines of credit to meet redemption requests.

Availability of these services may be limited by your financial intermediary and by the way your account is registered with Delaware Funds.

When you send us a completed request in good order to redeem or exchange shares and the request is received by an authorized agent or us before the close of regular trading on the NYSE (normally 4:00pm Eastern time), you will receive the NAV next determined after we receive your request. See “Limitations on exchanges” section. If we receive your request after the close of regular trading on the NYSE, you will receive the NAV next determined on the next Business Day. If the NYSE has an unscheduled early close, we will continue to accept your order until that day’s scheduled close of the NYSE and you will receive that day’s closing Fund share price. We will deduct any applicable CDSCs. You may also have to pay taxes on the proceeds from your sale of shares. If you purchased your shares by check, those shares are subject to a 15-day hold to ensure your check has cleared. Redemption requests for shares still subject to the hold may be rejected with instructions to resubmit at the conclusion of the holding period.

If you are required to pay a CDSC when you redeem your shares, the amount subject to the fee will be based on the shares’ NAV when you purchased them or their NAV when you redeem them, whichever is less. This arrangement ensures that you will not pay a CDSC on any increase in the value of your shares. You also will not pay the charge on any shares acquired by reinvesting dividends or capital gains. If you exchange shares of one fund for shares of another, you do not pay a CDSC at the time of the exchange. If you later redeem those shares, the purchase price for purposes of the CDSC formula will be the price you paid for the original shares, not the exchange price. The redemption price for purposes of this formula will be the NAV of the shares you are actually redeeming.

If you hold your shares in certificates, you must submit the certificates with your request to sell the shares. We recommend that you send your certificates by certified mail.

Redemption proceeds will be distributed promptly, but not later than seven days after receipt of a redemption request (except as noted above). For direct transactions, redemption proceeds are typically paid the next Business Day after receipt of the redemption request. Redemptions submitted by financial intermediaries typically settle between one and three Business Days after receipt, depending on the settlement cycle requested by the financial intermediary. Settlement could be extended as a result of various factors, including but not limited to redemption amount or other market conditions. Please see the SAI for additional information.

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Through your financial intermediary

Your financial intermediary (if applicable) can handle all the details of redeeming your shares (selling them back to a Fund). Your financial intermediary may charge you a separate fee for this service.

Through Delaware Funds by Macquarie

By mail

You may redeem your shares by mail by writing to: Delaware Funds by Macquarie at Raritan Plaza 1, Edison, NJ 08837-3620 for redemption requests by overnight courier service. Redemption requests will not be accepted at any other address. All owners of the account must sign the request. For redemptions of more than $100,000, you must include a medallion signature guarantee for each owner. Medallion signature guarantees are also required when redemption proceeds are going to an address other than the address of record on the account. Please contact Delaware Funds by Macquarie at 800 423-4026 for more information about the medallion signature guarantee requirements.

Please note that redemption orders submitted by mail will not be considered received until such redemption orders arrive at Delaware Funds by Macquarie at Raritan Plaza 1, Edison, NJ 08837-3620 and are determined to be in good order. For a redemption request to be in “good order,” you must provide the name of the Delaware Fund whose shares you are redeeming, your account number, account registration, and the total number of shares or dollar amount of the transaction. Redemption requests must be signed by the record owner(s) exactly as the shares are registered, along with meeting any requirements set forth in applicable forms, this Prospectus, or the SAI. The Funds do not consider the US Postal Service or other independent delivery services to be their agent. Therefore, redemption requests placed in the mail or with such services or receipt at the Funds’ post office box, of redemption requests, do not constitute receipt by the Funds or the transfer agent.

Redemptions-in-kind

The Funds have reserved the right to pay for redemptions with portfolio securities under certain conditions. Subsequent sale by an investor receiving a distribution in kind could result in the payment of brokerage commissions and taxable gains (if such investment was held in a taxable account). Investors bear market risk until securities are sold for cash. See the SAI for more information on redemptions-in-kind. Investors bear market risks until securities are sold for cash.

Low balance accounts

For Class A shares, if you redeem shares and your account balance falls below the required account minimum of $1,000 ($250 for IRAs, Roth IRAs, Uniform Gifts to Minors Act and Uniform Transfers to Minors Act accounts, or accounts with automatic investment plans, and $500 for Coverdell Education Savings Accounts) for three or more consecutive months, you will have until the end of the current calendar quarter to raise the balance to the minimum.

For Institutional Class and Class R6 shares, if you redeem shares and your account balance falls below $500, your shares may be redeemed after 60 days’ written notice to you.

If your account is not at the minimum for low balance purposes by the required time, you may be charged a $9 fee for that quarter and each quarter after that until your account reaches the minimum balance, or it may be redeemed after 60 days’ written notice to you. Any CDSC that would otherwise be applicable will not apply to such a redemption.

Certain accounts held in omnibus, advisory, or asset-allocation programs or programs offered by certain intermediaries may be opened below the minimum stated account balance and may maintain balances that are below the minimum stated account balance without incurring a service fee or being subject to involuntary redemption.

If the applicable account falls below the minimum due to market fluctuation, a Fund still reserves the right to liquidate the account.

Investor services

To help make investing with us as easy as possible, and to help you build your investments, we offer the investor services described below. Information about the investor services we offer is available free of charge on the Delaware Funds website at delawarefunds.com, including hyperlinks to relevant information in fund offering documents. Availability of these services may be limited by the way your account is registered with Delaware Funds.

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Online account access

Online account access is a password-protected area of the Delaware Funds website that gives you access to your account information.

Electronic delivery

With Delaware Funds eDelivery, you can receive your fund documents electronically instead of via US mail. When you sign up for eDelivery, you can access your account statements, shareholder reports, and other fund materials online, in a secure Internet environment at any time.

Automatic investment plan

The automatic investment plan allows you to make regular monthly or quarterly investments directly from your bank account.

Direct deposit

With direct deposit, you can make additional investments through payroll deductions, recurring government or private payments such as Social Security, or direct transfers from your bank account.

Systematic exchange option

With the systematic exchange option, you can arrange automatic monthly exchanges between your shares in one or more Delaware Funds. These exchanges are subject to the same rules as regular exchanges (see below) and require a minimum monthly exchange of $100 per fund. However, if you received shares as a result of a merger or reorganization of predecessor fund, you are not subject to the minimum monthly exchange of $100 per fund. See “Limitations on exchanges” section.

Dividend reinvestment plan

Through the dividend reinvestment plan, you can have your distributions reinvested in your account or the same share class in another Delaware Fund. The shares that you purchase through the dividend reinvestment plan are not subject to a front-end sales charge or to a CDSC. Under most circumstances, you may reinvest dividends only into like classes of shares. Please note that if you received shares as the result of a merger or reorganization of a predecessor fund, you may not be able to use the dividend reinvestment plan at the current time.

Exchange of shares

If you received shares as the result of a merger or reorganization, you may not be able to exchange shares of the predecessor fund into other Delaware Funds at the current time. You may generally exchange all or part of your shares for shares of the same class of another Delaware Fund without paying a front-end sales charge or a CDSC at the time of the exchange. However, if you exchange shares from a fund that does not have a sales charge, you will pay any applicable sales charge on your new shares. You do not pay sales charges on shares that you acquired through the reinvestment of dividends. You may have to pay taxes on your exchange. When you exchange shares, you are purchasing shares in another fund, so you should be sure to get a copy of the fund’s prospectus and read it carefully before buying shares through an exchange. We may refuse the purchase side of any exchange request if, in the Manager’s judgment, a fund would be unable to invest effectively in accordance with its investment objective and policies or would otherwise potentially be adversely affected. See “Limitations on exchanges” section.

Direct deposit service

Through the direct deposit service, you can have $25 or more in dividends and distributions deposited directly into your bank account. Macquarie Investment Management does not charge a fee for this service; however, your bank may assess one. This service is not available for retirement plans.

Systematic withdrawal plan

You can arrange a regular monthly or quarterly payment from your account made to you or someone you designate. If the value of your account is $5,000 or more, you can make withdrawals of at least $25 monthly, or $75 quarterly. You may also have your withdrawals deposited directly to your bank account through the direct deposit service.

The applicable Limited CDSC for Class A shares redeemed via a systematic withdrawal plan will be waived if the annual amount withdrawn in each year is less than 12% of the account balance on the date that the plan is established. If the annual amount withdrawn in any year exceeds 12% of the account balance on the date that the systematic withdrawal plan is established, all redemptions under the plan will be subject to the applicable CDSC, including an assessment for previously redeemed amounts under the plan. Check writing (available for shareholders of Delaware Government Cash Management Fund only)

Check writing is available for certain shareholders of Delaware Government Cash Management Fund at no cost. Individuals, joint owners and custodians of UTMA and UGMA accounts may complete the “Mutual Fund Account Instructions” form to apply for draft checks. Additional documentation is required to

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establish draft check writing privileges for trusts, corporations, partnerships, and other entities. For joint accounts and accounts opened for entities, draft checks may be written by any one tenant or Authorized Individual without the consent of the others.

Check writing is not available to owners of retirement accounts, Coverdell Education Savings Accounts, Class A share fund accounts subject to a CDSC, and accounts registered with a foreign address.

Shareholders who are eligible may redeem shares by writing checks in amounts of $500 or more. Neither the Fund nor the custodian can certify or directly cash a draft check.

In addition, the following rules apply to the check writing privilege:

1. If your Delaware Government Cash Management Fund account balance is less than $10,000 and the market value of all your investments in the Delaware Funds by Macquarie complex is less than $25,000 at the time a draft check is presented for payment, a $15 processing fee will be assessed for each check drawn.

2. If your Delaware Government Cash Management Fund account balance is more than $10,000 or the market value of all your investments in Delaware Funds by Macquarie is greater than $25,000, up to three draft checks will be paid per month without a processing fee. Your account will be charged a $15 processing fee for each additional check paid per month.

3. We will not issue draft checks if your account balance is less than $10,000.

4. Cancelled draft checks will not be returned to you; however, they are accessible on our website.

It is your responsibility to ensure that the available balance of your account is sufficient to cover the amount of your draft check and any applicable fees, including a possible CDSC. Otherwise, your draft check will be returned through the banking system marked “insufficient funds,” and your account will be assessed a $15 fee. Fees may also be imposed by the depository bank. Shares purchased by check or by electronic funds transfer that you have owned for less than twelve (12) days are not included in your available balance. Please be aware that if your draft check is converted to an electronic debit by the payee, the electronic debit may not be honored.

Please notify us immediately if your draft checks are lost or stolen. “Stop payment” requests must be directed to DIFSC. A Stop payment request may be placed on a single draft check or on a range of draft check numbers. For each check on which a Stop payment is placed your account will be charged a $15 fee. There is no guarantee that a Stop payment request will prevent the payment of a draft check.

To use the check writing privilege option, you must complete a check writing form. You will be provided with free checks and you may order additional checks, as needed. The check writing privilege is subject to the Fund’s procedures and rules, including the “Conditions of Check Writing” information found on the check writing form. The check writing privilege may be terminated or suspended, and/or a fee may be imposed for this service at any time without prior notice.

A check that you write will be treated as a sale of shares equal to the amount of the check. You will receive a confirmation of the sale, but your cancelled check will not be returned. You will be entitled to distributions paid on your shares until the check is presented to the Fund for payment.

You cannot liquidate your account using the check writing privilege because your account balance will change each day as a result of daily dividends and fluctuation of the net asset value per share. If you wish to sell all of your shares, see “How to redeem shares” section.

Draft checks are subject to the rules and regulations of the custodian covering checking accounts. The Fund bears all expenses relating to the money market draft check privilege. We reserve the right to amend or terminate the privilege at any time.

Frequent trading of Fund shares (market timing and disruptive trading)

The Funds discourage purchases by market timers and purchase orders (including the purchase side of exchange orders) by shareholders identified as market timers may be rejected. The Board has adopted policies and procedures designed to detect, deter, and prevent trading activity detrimental to the Funds and their shareholders, such as market timing and disruptive trading. The Funds will consider anyone who follows a pattern of market timing in any Delaware Fund or the Optimum Fund Trust to be a market timer and may consider anyone who has followed a similar pattern of market timing at an unaffiliated fund family to be a market timer.

Market timing of a fund occurs when investors make consecutive, rapid, short-term “round trips” — that is, purchases into a fund followed quickly by redemptions out of that fund. A short-term round trip is considered any redemption of fund shares within 20 Business Days of a purchase of that fund’s shares. If you make a second such short-term round trip in a fund within 90 rolling calendar days of a previous short-term round trip in that fund, you may be considered a market timer. In determining whether market timing has occurred, the Funds consider short-term round trips to include rapid purchases and sales of Fund shares through the exchange privilege. The Funds reserve the right to consider other trading patterns to be market timing.

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Your ability to use the Funds’ exchange privilege may be limited if you are identified as a market timer. If you are identified as a market timer, the Funds will execute the redemption side of your exchange order but may refuse the purchase side of your exchange order. The Funds reserve the right to restrict or reject, without prior notice, any purchase order or exchange order for any reason, including any purchase order or exchange order accepted by any shareholder’s financial intermediary or in any omnibus-type account. Transactions placed in violation of the Funds’ market timing policy are not necessarily deemed accepted by the Funds and may be rejected by a Fund on the next Business Day following receipt by a Fund.

Redemptions will continue to be permitted in accordance with the Funds’ then-current Prospectus. A redemption of shares under these circumstances could be costly to a shareholder if, for example, the shares have declined in value, the shareholder recently paid a front-end sales charge, the shares are subject to a CDSC, or the sale results in adverse tax consequences. To avoid this risk, a shareholder should carefully monitor the purchases, sales, and exchanges of Fund shares and avoid frequent trading in Fund shares.

Each Fund reserves the right to modify this policy at any time without notice, including modifications to a Fund’s monitoring procedures and the procedures to close accounts to new purchases. Although the implementation of this policy involves certain judgments that are inherently subjective and may be selectively applied, the Funds seek to make judgments and applications that are consistent with the interests of each Fund’s shareholders. While the Funds will take actions designed to detect and prevent market timing, there can be no assurance that such trading activity will be completely eliminated. Moreover, a Fund’s market timing policy does not require the Fund to take action in response to frequent trading activity. If a Fund elects not to take any action in response to frequent trading, such frequent trading activity could continue.

Risks of market timing

By realizing profits through short-term trading, shareholders who engage in rapid purchases and sales or exchanges of the Funds’ shares dilute the value of shares held by long-term shareholders. Volatility resulting from excessive purchases and sales or exchanges of Fund shares, especially involving large dollar amounts, may disrupt efficient portfolio management. In particular, a Fund may have difficulty implementing its long-term investment strategies if it is forced to maintain a higher level of its assets in cash to accommodate significant short-term trading activity. Excessive purchases and sales or exchanges of a Fund’s shares may also force a Fund to sell portfolio securities at inopportune times to raise cash to accommodate short-term trading activity. This could adversely affect a Fund’s performance, if, for example, a Fund incurs increased brokerage costs and realization of taxable capital gains without attaining any investment advantage.

Any fund may be subject to disruptive trading activity. However, a fund that invests significantly in foreign securities may be particularly susceptible to short-term trading strategies. This is because foreign securities are typically traded on markets that close well before the time a fund calculates its NAV (normally 4:00pm Eastern time or the close of the NYSE). Developments that occur between the closing of the foreign market and a fund’s NAV calculation may affect the value of these foreign securities. The time-zone differences among international stock markets can allow a shareholder engaging in a short-term trading strategy to exploit differences in fund share prices that are based on closing prices of foreign securities established some time before a fund calculates its own share price.

Any fund that invests in securities that are thinly traded, traded infrequently, or relatively illiquid has the risk that the securities prices used to calculate the fund’s NAV may not accurately reflect current market values. A shareholder may seek to engage in short-term trading to take advantage of these pricing differences. Funds that may be adversely affected by such arbitrage include, in particular, funds that significantly invest in small-cap securities, technology, and other specific industry sector securities, and in certain fixed income securities, such as high yield bonds, asset-backed securities, or municipal bonds.

Transaction monitoring procedures

Each Fund, through its transfer agent, maintains surveillance procedures designed to detect excessive or short-term trading in Fund shares. This monitoring process involves several factors, which include scrutinizing transactions in Fund shares for violations of the Funds’ market timing policy or other patterns of short-term or excessive trading. For purposes of these transaction monitoring procedures, the Funds may consider trading activity by multiple accounts under common ownership, control, or influence to be trading by a single entity. Trading activity identified by these factors, or as a result of any other available information, will be evaluated to determine whether such activity might constitute market timing. These procedures may be modified from time to time to help improve the detection of excessive or short-term trading or to address other concerns. Such changes may be necessary or appropriate, for example, to deal with issues specific to certain retirement plans; plan exchange limits; US Department of Labor regulations; certain automated or pre-established exchange, asset-allocation, or dollar-cost-averaging programs; or omnibus account arrangements.

Omnibus account arrangements are common forms of holding shares of the Funds, particularly among certain broker/dealers and other financial intermediaries, including sponsors of retirement plans and variable insurance products. The Funds will attempt to have financial intermediaries apply the Funds’ monitoring procedures to these omnibus accounts and to the individual participants in such accounts. However, to the extent that a financial intermediary is not able or willing to monitor or enforce the Funds’ frequent trading policy with respect to an omnibus account, the Funds’ transfer agent may work with certain intermediaries (such as investment dealers holding shareholder accounts in street name, retirement plan recordkeepers, insurance company separate accounts, and bank trust companies) to apply their own procedures, provided that the Funds’ transfer agent believes the intermediary’s procedures

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are reasonably designed to enforce the Funds’ frequent trading policies. You should refer to disclosures provided by the intermediaries with which you have an account to determine the specific trading restrictions that apply to you. If the Funds’ transfer agent identifies any activity that may constitute frequent trading, it reserves the right to contact the intermediary and request that the intermediary either provide information regarding an account owner’s transactions or restrict the account owner’s trading. If the Funds’ transfer agent is not satisfied that the intermediary has taken appropriate action, the transfer agent may terminate the intermediary’s ability to transact in Fund shares.

Limitations on ability to detect and curtail market timing

Shareholders seeking to engage in market timing may employ a variety of strategies to avoid detection and, despite the efforts of the Funds and their agents to detect market timing in Fund shares, there is no guarantee that the Funds will be able to identify these shareholders or curtail their trading practices. In particular, the Funds may not be able to detect market timing attributable to a particular investor who effects purchase, redemption, and/or exchange activity in Fund shares through omnibus accounts. The difficulty of detecting market timing may be further compounded if these entities utilize multiple tiers or omnibus accounts.

Dividends, distributions, and taxes

Dividends and distributions

Each Fund intends to qualify each year as a regulated investment company under the Internal Revenue Code. As a regulated investment company, a Fund generally pays no federal income tax on the income and gains it distributes to you. Each Fund expects to declare and distribute all of its net investment income, if any, to shareholders as dividends: daily (distributed monthly) for Delaware Floating Rate II Fund, Delaware Fund for Income, Delaware Government Cash Management Fund, Delaware Investment Grade Fund, Delaware Limited Duration Bond Fund, Delaware International Opportunities Bond Fund and Delaware Strategic Income II Fund; monthly for Delaware Total Return Fund; quarterly for Delaware Covered Call Strategy Fund, Delaware Equity Income Fund, Delaware Growth and Income Fund, Delaware Premium Income Fund, and annually for Delaware Global Equity Fund, Delaware Hedged U.S. Equity Opportunities Fund, Delaware International Fund, Delaware Opportunity Fund, Delaware Growth Equity Fund and Delaware Special Situations Fund. Each Fund will distribute net realized capital gains, if any, at least annually, usually in November or December. A Fund may distribute such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund. The amount of any distribution will vary, and there is no guarantee a Fund will pay either an income dividend or a capital gains distribution. We automatically reinvest all dividends and any capital gains, unless you direct us to do otherwise.

Annual statements

Each year, your financial intermediary will send you an annual statement (Form 1099) of your account activity to assist you in completing your federal, state, and local tax returns. Distributions declared in December to shareholders of record in such month, but paid in January, are taxable as if they were paid in December. Prior to issuing your statement, your financial intermediary makes every effort to reduce the number of corrected forms mailed to you. However, if a Fund finds it necessary to reclassify its distributions or adjust the cost basis of any covered shares (defined below) sold or exchanged after you receive your tax statement, your financial intermediary will send you a corrected Form 1099.

Avoid “buying a dividend”

At the time you purchase your Fund shares, a Fund’s NAV may reflect undistributed income, undistributed capital gains, or net unrealized appreciation in value of portfolio securities held by the Fund. For taxable investors, a subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable. Buying shares in a Fund just before it declares an income dividend or capital gains distribution is sometimes known as “buying a dividend.”

Tax considerations

Fund distributions. Each Fund, except Delaware Government Cash Management Fund, expects, based on its investment objective and strategies, that its distributions, if any, will be taxable as ordinary income, capital gains, or some combination of both. Delaware Government Cash Management Fund expects, based on its investment objective and strategies, that its distributions, if any, primarily will be taxable as ordinary income. This is true whether you reinvest your distributions in additional Fund shares or receive them in cash.

For federal income tax purposes, Fund distributions of short-term capital gains are taxable to you as ordinary income. Fund distributions of long-term capital gains are taxable to you as long-term capital gains no matter how long you have owned your shares. A portion of income dividends reported by a Fund may be qualified dividend income eligible for taxation by individual shareholders at long-term capital gain rates provided certain holding period requirements are met.

The use of derivatives by the Funds may cause a Fund to realize higher amounts of ordinary income or short-term capital gain, distributions from which are taxable to individual shareholders at ordinary income tax rates rather than at the more favorable tax rates for long-term capital gain.

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If a Fund qualifies to pass through to you the tax benefits from foreign taxes it pays on its investments, and elects to do so, then any foreign taxes it pays on these investments may be passed through to you as a foreign tax credit.

Sale or redemption of Fund shares. A sale or redemption of Fund shares is a taxable event and, accordingly, a capital gain or loss may be recognized. For tax purposes, an exchange of your Fund shares for shares of a different Delaware Fund is the same as a sale. Because Delaware Government Cash Management Fund expects to maintain a stable net asset value of $1.00 per share, investors should not have any gain or loss on sale or redemption of Fund shares. Cost basis reporting is not required for shareholders investing in a money market fund that maintains a stable net asset value. The Funds are required to report to you and the Internal Revenue Service (IRS) annually on Form 1099-B not only the gross proceeds of Fund shares you sell or redeem but also the cost basis of Fund shares you sell or redeem that were purchased or acquired on or after Jan. 1, 2012 (“covered shares”). Cost basis will be calculated using the Funds’ default method, unless you instruct a Fund to use a different calculation method. Shareholders should carefully review the cost basis information provided by the Funds and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns. If your account is held by your investment representative (financial advisor or other broker), please contact that representative with respect to reporting of cost basis and available elections for your account. Tax-advantaged retirement accounts will not be affected. Additional information and updates regarding cost basis reporting and available shareholder elections will be on the Delaware Funds website at delawarefunds.com as the information becomes available.

Medicare tax. An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares) of US individuals, estates and trusts to the extent that such person’s “modified adjusted gross income” (in the case of an individual) or “adjusted gross income” (in the case of an estate or trust) exceeds a threshold amount. This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return.

Backup withholding. By law, if you do not provide a Fund with your proper taxpayer identification number and certain required certifications, you may be subject to backup withholding on any distributions of income, capital gains, or proceeds from the sale of your shares. A Fund also must withhold if the IRS instructs it to do so. When withholding is required, the amount will be 24% of any distributions or proceeds paid.

State and local taxes. Fund distributions and gains from the sale or exchange of your Fund shares generally are subject to state and local taxes.

Non-US investors. Non-US investors may be subject to US withholding tax at a 30% or lower treaty rate and US estate tax and are subject to special US tax certification requirements to avoid backup withholding and claim any treaty benefits. Exemptions from US withholding tax are provided for certain capital gain dividends paid by a Fund from net long-term capital gains, if any, interest-related dividends paid by the Fund from its qualified net interest income from US sources and short-term capital gain dividends, if such amounts are reported by a Fund. However, notwithstanding such exemptions from US withholding at the source, any such dividends and distributions of income and capital gains will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a US person.

Other reporting and withholding requirements. Under the Foreign Account Tax Compliance Act (FATCA), a Fund will be required to withhold a 30% tax on income dividends made by the Fund to certain foreign entities, referred to as foreign financial institutions or nonfinancial foreign entities, that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements designed to inform the US Department of the Treasury of US-owned foreign investment accounts. After Dec. 31, 2018, FATCA withholding would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale of Fund shares; however, based on proposed regulations issued by the IRS, which can be relied upon currently, such withholding is no longer required unless final regulations provide otherwise (which is not expected). A Fund may disclose the information that it receives from its shareholders to the IRS, non-US taxing authorities or other parties as necessary to comply with FATCA or similar laws. Withholding also may be required if a foreign entity that is a shareholder of a Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

This discussion of “Dividends, distributions, and taxes” is not intended or written to be used as tax advice. Because everyone’s tax situation is unique, you should consult your tax professional about federal, state, local, or foreign tax consequences before making an investment in a Fund.

Certain management considerations

Investments by fund of funds and similar investment vehicles

The Funds may accept investments from funds of funds. From time to time, a Fund may experience large investments or redemptions due to allocations or rebalancings by these funds of funds and/or similar investment vehicles. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on portfolio management. For example, a Fund may be required to sell securities or invest cash at times when it would not otherwise do so. These transactions could also have tax consequences if sales of securities result in gains, and could also increase transaction costs or portfolio turnover.

156

Financial highlights

Delaware Covered Call Strategy Fund

The Funds commenced operations after the close of business on Oct. 4, 2019. The financial highlights information presented for each Fund is the financial history of the corresponding Predecessor Fund, which was reorganized into the corresponding Fund after the close of business on Oct. 4, 2019. The financial highlights tables are intended to help you understand each Predecessor Fund’s financial performance for the past five years or, if shorter, the period of operations of the Predecessor Fund or any of its share Classes and the six month period ended March 31, 2019. Certain information reflects financial results for a single Predecessor Fund share.

The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Predecessor Fund (assuming reinvestment of all dividends and distributions). The information has been audited by Tait, Weller & Baker LLP, the Predecessor Funds’ independent registered public accounting firm, whose report, along with the Funds’ financial statements, are included in the Predecessor Funds’ annual report. Any Note referenced in the footnotes to the financial highlights tables can be found in the Predecessor Funds’ most recent annual or semi-annual report.


	Year ended
Class A shares		Six months ended 3/31/19(c)		9/30/18		9/30/17		Six months ended 9/30/16(b)
Net asset value, beginning of period		$11.83			$11.18		$10.36		$10.00
Income (loss) from investment operations:
Net investment income(a)		0.07			0.11		0.10		0.06
Net realized and unrealized gain (loss)		(0.55	)		0.64		0.85		0.33
Total from investment operations		(0.48	)		0.75		0.95		0.39
Less dividends and distributions from:
Net investment income		0.07			0.10		0.11		0.03
Net realized gain		—			—		0.02		—
Total distributions		0.07			0.10		0.13		0.03
Net asset value, end of period		$11.28			$11.83		$11.18		$10.36
Total return*		(4.00%)	††		6.79%		9.17%		3.94%	††
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$228,791			$237,103		$167,906		$48,514
Ratio of expenses to average net assets after fee credits		1.34%	†		1.30%		1.30%		1.30%	†
Ratio of expenses to average net assets prior to fee credits***		1.34%	†		1.30%		1.30%		1.30%	†
Ratio of net investment income to average net assets		1.32%	†		0.95%		1.18%		1.19%	†
Ratio of expenses to average net assets prior to fees waived***		1.31%			1.28%		1.36%		1.73%	†
Ratio of net investment income to average net assets prior to fees waived		1.35%			0.97%		1.12%		0.76%	†
Portfolio turnover		16%	††		107%		121%		83%	††


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period April 1, 2016 (commencement of operations) to Sept. 30, 2016.
(c)	For the period Oct. 1, 2018 to March 31, 2019.

157

Financial highlights

Delaware Covered Call Strategy Fund


	Year ended
Institutional Class shares		Six months ended 3/31/19(c)		9/30/18		9/30/17		Six months ended 9/30/16(b)
Net asset value, beginning of period		$11.80			$11.16		$10.34		$10.00
Income (loss) from investment operations:
Net investment income(a)		0.08			0.14		0.13		0.08
Net realized and unrealized gain (loss)		(0.56	)		0.64		0.86		0.32
Total from investment operations		(0.48	)		0.78		0.99		0.40
Less dividends and distributions from:
Net investment income		0.08			0.14		0.15		0.06
Net realized gain		—			—		0.02		—
Total distributions		0.08			0.14		0.17		0.06
Net asset value, end of period		$11.24			$11.80		$11.16		$10.34
Total return*		(3.99%)	††		7.09%		9.62%		4.05%	††
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$85,855			$114,275		$109,360		$39,129
Ratio of expenses to average net assets after fee credits		1.17%	†		0.97%		0.97%		0.97%	†
Ratio of expenses to average net assets prior to fee credits***		1.17%	†		0.97%		0.97%		0.97%	†
Ratio of net investment income to average net assets		1.47%	†		1.25%		1.53%		1.64%	†
Ratio of expenses to average net assets prior to fees waived***		1.09%			1.03%		1.06%		1.50%	†
Ratio of net investment income to average net assets prior to fees waived		1.55%			1.19%		1.44%		1.11%	†
Portfolio turnover		16%	††		107%		121%		83%	††


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period April 1, 2016 (commencement of operations) to Sept. 30, 2016.
(c)	For the period Oct. 1, 2018 to March 31, 2019.

158

Delaware Covered Call Strategy Fund


	Year ended
Class R6 shares		Six months ended 3/31/19(c)		9/30/18		9/30/17		Six months ended 9/30/16(b)
Net asset value, beginning of period		$11.72			$11.17		$10.35		$10.00
Income (loss) from investment operations:
Net investment income(a)		0.10			0.16		0.16		0.09
Net realized and unrealized gain (loss)		(0.55	)		0.63		0.85		0.33
Total from investment operations		(0.45	)		0.79		1.01		0.42
Less dividends and distributions from:
Net investment income		0.10			0.24		0.17		0.07
Net realized gain		—			—		0.02		—
Total distributions		0.10			0.24		0.19		0.07
Net asset value, end of period		$11.17			$11.72		$11.17		$10.35
Total return*		(3.81%)	††		7.19%		9.77%		4.18%	††
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$2,309			$2,913		$7,334		$4,214
Ratio of expenses to average net assets after fee credits		0.88%	†		0.84%		0.84%		0.84%	†
Ratio of expenses to average net assets prior to fee credits***		0.88%	†		0.84%		0.84%		0.84%	†
Ratio of net investment income to average net assets		1.78%	†		1.38%		1.65%		1.76%	†
Ratio of expenses to average net assets prior to fees waived***		0.91%			0.89%		0.96%		1.25%	†
Ratio of net investment income to average net assets prior to fees waived		1.75%			1.33%		1.53%		1.35%	†
Portfolio turnover		16%	††		107%		121%		83%	††


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period April 1, 2016 (commencement of operations) to Sept. 30, 2016.
(c)	For the period Oct. 1, 2018 to March 31, 2019.

159

Financial highlights

Delaware Equity Income Fund


	Year ended
Class A shares		Six months ended 3/31/19(b)		9/30/18		9/30/17		9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$11.09			$10.71		$9.72		$8.99		$9.99			$8.99
Income (loss) from investment operations:
Net investment income(a)		0.08			0.26		0.16		0.16		0.15			0.13
Net realized and unrealized gain (loss)		(0.59	)		0.65		1.22		1.08		(0.54	)		1.16
Total from investment operations		(0.51	)		0.91		1.38		1.24		(0.39	)		1.29
Less dividends and distributions from:
Net investment income		0.17			0.17		0.21		0.16		0.15			0.14
Net realized gain		1.14			0.36		0.18		0.35		0.46			0.15
Total distributions		1.31			0.53		0.39		0.51		0.61			0.29
Net asset value, end of period		$9.27			$11.09		$10.71		$9.72		$8.99			$9.99
Total return*		(3.41%)	††		8.68%		14.46%		14.16%		(4.31%	)		14.48%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$498,834			$545,810		$564,918		$529,327		$485,342			$510,981
Ratio of expenses to average net assets after fee credits		1.22%	†		1.20%		1.20%		1.22%		1.21%			1.21%
Ratio of expenses to average net assets prior to fee credits***		1.22%	†		1.20%		1.20%		1.22%		1.21%			1.22%
Ratio of net investment income to average net assets		1.70%	†		2.42%		1.58%		1.72%		1.52%			1.33%
Ratio of expenses to average net assets prior to fees waived***		—			—		—		—		—			—
Ratio of net investment income to average net assets prior to fees waived		—			—		—		—		—			—
Portfolio turnover		26%	††		35%		15%		22%		23%			27%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

160

Delaware Equity Income Fund


	Year ended
Institutional Class shares		Six months ended 3/31/19(b)		9/30/18		9/30/17		9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$11.16			$10.77		$9.74		$9.00		$9.99			$8.99
Income (loss) from investment operations:
Net investment income(a)		0.10			0.31		0.19		0.20		0.19			0.17
Net realized and unrealized gain (loss)		(0.60	)		0.65		1.23		1.08		(0.55	)		1.13
Total from investment operations		(0.50	)		0.96		1.42		1.28		(0.36	)		1.30
Less dividends and distributions from:
Net investment income		0.18			0.21		0.21		0.19		0.17			0.15
Net realized gain		1.14			0.36		0.18		0.35		0.46			0.15
Total distributions		1.32			0.57		0.39		0.54		0.63			0.30
Net asset value, end of period		$9.34			$11.16		$10.77		$9.74		$9.00			$9.99
Total return*		(3.25%)	††		9.09%		14.87%		14.63%		(3.96%	)		14.57%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$78,539			$80,387		$71,611		$54,576		$38,482			$32,160
Ratio of expenses to average net assets after fee credits		0.85%	†		0.85%		0.84%		0.85%		0.84%			0.81%
Ratio of expenses to average net assets prior to fee credits***		0.85%	†		0.85%		0.84%		0.85%		0.84%			0.81%
Ratio of net investment income to average net assets		2.07%	†		2.79%		1.94%		2.08%		1.90%			1.71%
Ratio of expenses to average net assets prior to fees waived***		—			—		—		—		—			—
Ratio of net investment income to average net assets prior to fees waived		—			—		—		—		—			—
Portfolio turnover		26%	††		35%		15%		22%		23%			27%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

161

Financial highlights

Delaware Equity Income Fund


	Year ended
Class R6 shares		Six months ended 3/31/19(b)		9/30/18		9/30/17		9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$11.12			$10.72		$9.78		$9.04		$10.03			$9.02
Income (loss) from investment operations:
Net investment income(a)		0.10			0.31		0.37		0.20		0.19			0.17
Net realized and unrealized gain (loss)		(0.60	)		0.66		1.06		1.09		(0.55	)		1.16
Total from investment operations		(0.50	)		0.97		1.43		1.29		(0.36	)		1.33
Less dividends and distributions from:
Net investment income		0.22			0.21		0.31		0.20		0.17			0.17
Net realized gain		1.14			0.36		0.18		0.35		0.46			0.15
Total distributions		1.36			0.57		0.49		0.55		0.63			0.32
Net asset value, end of period		$9.26			$11.12		$10.72		$9.78		$9.04			$10.03
Total return*		(3.24%)	††		9.21%		14.84%		14.67%		(3.97%	)		14.88%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$1,998			$2,499		$2,193		$2,448		$9,773			$7,399
Ratio of expenses to average net assets after fee credits		0.81%	†		0.80%		0.80%		0.78%		0.81%			0.80%
Ratio of expenses to average net assets prior to fee credits***		0.81%	†		0.80%		0.80%		0.78%		0.81%			0.80%
Ratio of net investment income to average net assets		2.05%	†		2.81%		2.02%		2.08%		1.93%			1.76%
Ratio of expenses to average net assets prior to fees waived***		—			—		—		—		—			—
Ratio of net investment income to average net assets prior to fees waived		—			—		—		—		—			—
Portfolio turnover		26%	††		35%		15%		22%		23%			27%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

162

Delaware Global Equity Fund


	Year ended
Class A shares		Six months ended 3/31/19(c)		9/30/18			9/30/17		9/30/16			9/30/15			9/30/14
Net asset value, beginning of period		$8.81			$8.60			$7.30		$7.26			$8.66			$8.01
Income (loss) from investment operations:
Net investment income (loss)(a)		0.01			(0.01	)		0.02		0.01			—			—
Net realized and unrealized gain (loss)		(0.66	)		0.89			1.29		0.43			0.11			0.80
Total from investment operations		(0.65	)		0.88			1.31		0.44			0.11			0.80
Less dividends and distributions from:
Net investment income		—			0.04			0.01		0.00	(b)		—			0.04
Net realized gain		1.00			0.63			—		0.40			1.51			0.11
Total distributions		1.00			0.67			0.01		0.40			1.51			0.15
Net asset value, end of period		$7.16			$8.81			$8.60		$7.30			$7.26			$8.66
Total return*		(5.95%)	††		10.69%			17.99%		6.03%			0.87%			10.00%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$356,080			$393,697			$379,176		$339,956			$331,382			$332,416
Ratio of expenses to average net assets after fee credits		1.46%	†		1.43%			1.44%		1.47%			1.47%			1.49%
Ratio of expenses to average net assets prior to fee credits***		1.46%	†		1.43%			1.44%		1.47%			1.47%			1.49%
Ratio of net investment income (loss) to average net assets		0.26%	†		(0.16%	)		0.30%		0.09%			(0.01%	)		0.03%
Ratio of expenses to average net assets prior to fees waived***		1.49%			1.48%			1.49%		1.52%			1.52%			1.54%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.23%			(0.21%	)		0.25%		0.04%			(0.06%	)		(0.02%	)
Portfolio turnover		81%	††		132%			117%		94%			97%			154%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	Due to rounding, amount is less than .005 per share.
(c)	For the period Oct. 1, 2018 to March 31, 2019.

163

Financial highlights

Delaware Global Equity Fund


	Year ended
Institutional Class shares		Six months ended 3/31/19(b)		9/30/18		9/30/17		9/30/16		9/30/15		9/30/14
Net asset value, beginning of period		$9.03			$8.78		$7.43		$7.36		$8.72		$8.01
Income (loss) from investment operations:
Net investment income (loss)(a)		0.02			0.02		0.06		0.04		0.03		—
Net realized and unrealized gain (loss)		(0.67	)		0.91		1.31		0.44		0.12		0.82
Total from investment operations		(0.65	)		0.93		1.37		0.48		0.15		0.82
Less dividends and distributions from:
Net investment income		—			0.05		0.02		0.01		—		—
Net realized gain		1.00			0.63		—		0.40		1.51		0.11
Total distributions		1.00			0.68		0.02		0.41		1.51		0.11
Net asset value, end of period		$7.38			$9.03		$8.78		$7.43		$7.36		$8.72
Total return*		(5.79%)	††		11.03%		18.46%		6.48%		1.37%		10.24%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$227,833			$228,234		$191,839		$169,088		$114,556		$66,590
Ratio of expenses to average net assets after fee credits		1.08%	†		1.05%		1.04%		1.05%		1.06%		1.06%
Ratio of expenses to average net assets prior to fee credits***		1.08%	†		1.05%		1.04%		1.05%		1.06%		1.06%
Ratio of net investment income (loss) to average net assets		0.65%	†		0.25%		0.70%		0.53%		0.43%		0.53%
Ratio of expenses to average net assets prior to fees waived***		1.12%			1.10%		1.09%		1.10%		1.11%		1.11%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.61%			0.20%		0.65%		0.48%		0.38%		0.48%
Portfolio turnover		81%	††		132%		117%		94%		97%		154%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

164

Delaware Global Equity Fund


	Year ended
Class R6 shares		Six months ended 3/31/19(b)		9/30/18		9/30/17		9/30/16		9/30/15		9/30/14
Net asset value, beginning of period		$9.08			$8.82		$7.47		$7.39		$8.75		$8.02
Income (loss) from investment operations:
Net investment income (loss)(a)		0.03			0.03		0.06		0.04		0.04		—
Net realized and unrealized gain (loss)		(0.68	)		0.91		1.31		0.45		0.11		0.84
Total from investment operations		(0.65	)		0.94		1.37		0.49		0.15		0.84
Less dividends and distributions from:
Net investment income		—			0.05		0.02		0.01		—		—
Net realized gain		1.00			0.63		—		0.40		1.51		0.11
Total distributions		1.00			0.68		0.02		0.41		1.51		0.11
Net asset value, end of period		$7.43			$9.08		$8.82		$7.47		$7.39		$8.75
Total return*		(5.77%)	††		11.12%		18.38%		6.61%		1.37%		10.48%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$3,285			$4,419		$3,800		$3,288		$2,955		$3,001
Ratio of expenses to average net assets after fee credits		1.02%	†		1.00%		1.00%		1.01%		1.02%		1.03%
Ratio of expenses to average net assets prior to fee credits***		1.02%	†		1.00%		1.00%		1.01%		1.02%		1.03%
Ratio of net investment income (loss) to average net assets		0.69%	†		0.29%		0.74%		0.55%		0.45%		0.48%
Ratio of expenses to average net assets prior to fees waived***		1.05%			1.05%		1.05%		1.06%		1.07%		1.08%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.66%			0.24%		0.69%		0.50%		0.40%		0.43%
Portfolio turnover		81%	††		132%		117%		94%		97%		154%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

165

Financial highlights

Delaware Growth and Income Fund


	Year ended
Class A shares		Six months ended 3/31/19(b)		9/30/18		9/30/17		9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$24.41			$23.30		$21.51		$20.35		$22.76			$20.54
Income (loss) from investment operations:
Net investment income(a)		0.14			0.26		0.25		0.26		0.20			0.18
Net realized and unrealized gain (loss)		(1.64	)		2.11		2.66		2.07		(1.37	)		2.92
Total from investment operations		(1.50	)		2.37		2.91		2.33		(1.17	)		3.10
Less dividends and distributions from:
Net investment income		0.13			0.32		0.37		0.24		0.19			0.20
Net realized gain		4.02			0.94		0.75		0.93		1.05			0.68
Total distributions		4.15			1.26		1.12		1.17		1.24			0.88
Net asset value, end of period		$18.76			$24.41		$23.30		$21.51		$20.35			$22.76
Total return*		(4.27%)	††		10.35%		13.99%		11.72%		(5.62%	)		15.26%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$1,505,650			$1,653,563		$1,675,590		$1,588,423		$1,496,803			$1,632,920
Ratio of expenses to average net assets after fee credits		1.16%	†		1.14%		1.15%		1.16%		1.15%			1.15%
Ratio of expenses to average net assets prior to fee credits***		1.16%	†		1.14%		1.15%		1.16%		1.15%			1.15%
Ratio of net investment income to average net assets		1.37%	†		1.08%		1.13%		1.28%		0.89%			0.80%
Ratio of expenses to average net assets prior to fees waived***		—			—		—		—		—			—
Ratio of net investment income to average net assets prior to fees waived		—			—		—		—		—			—
Portfolio turnover		41%	††		34%		16%		23%		23%			22%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

166

Delaware Growth and Income Fund


	Year ended
Institutional Class shares		Six months ended 3/31/19(b)		9/30/18		9/30/17		9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$24.58			$23.46		$21.67		$20.46		$22.84			$20.54
Income (loss) from investment operations:
Net investment income(a)		0.17			0.35		0.33		0.35		0.29			0.27
Net realized and unrealized gain (loss)		(1.64	)		2.11		2.69		2.08		(1.38	)		2.91
Total from investment operations		(1.47	)		2.46		3.02		2.43		(1.09	)		3.18
Less dividends and distributions from:
Net investment income		0.16			0.40		0.48		0.29		0.24			0.20
Net realized gain		4.02			0.94		0.75		0.93		1.05			0.68
Total distributions		4.18			1.34		1.23		1.22		1.29			0.88
Net asset value, end of period		$18.93			$24.58		$23.46		$21.67		$20.46			$22.84
Total return*		(4.09%)	††		10.73%		14.42%		12.18%		(5.24%	)		15.67%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$143,755			$142,220		$166,851		$132,486		$141,229			$123,039
Ratio of expenses to average net assets after fee credits		0.84%	†		0.79%		0.78%		0.77%		0.75%			0.74%
Ratio of expenses to average net assets prior to fee credits***		0.84%	†		0.79%		0.78%		0.77%		0.75%			0.74%
Ratio of net investment income to average net assets		1.69%	†		1.44%		1.50%		1.68%		1.29%			1.17%
Ratio of expenses to average net assets prior to fees waived***		—			—		—		—		—			—
Ratio of net investment income to average net assets prior to fees waived		—			—		—		—		—			—
Portfolio turnover		41%	††		34%		16%		23%		23%			22%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

167

Financial highlights

Delaware Growth and Income Fund


	Year ended
Class R6 shares		Six months ended 3/31/19(b)		9/30/18		9/30/17		9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$24.52			$23.39		$21.58		$20.39		$22.78			$20.55
Income (loss) from investment operations:
Net investment income(a)		0.18			0.36		0.34		0.35		0.29			0.27
Net realized and unrealized gain (loss)		(1.65	)		2.12		2.67		2.07		(1.39	)		2.92
Total from investment operations		(1.47	)		2.48		3.01		2.42		(1.10	)		3.19
Less dividends and distributions from:
Net investment income		0.18			0.41		0.45		0.30		0.24			0.28
Net realized gain		4.02			0.94		0.75		0.93		1.05			0.68
Total distributions		4.20			1.35		1.20		1.23		1.29			0.96
Net asset value, end of period		$18.85			$24.52		$23.39		$21.58		$20.39			$22.78
Total return*		(4.10%)	††		10.85%		14.47%		12.18%		(5.27%	)		15.75%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$8,419			$11,067		$10,839		$10,596		$9,380			$9,746
Ratio of expenses to average net assets after fee credits		0.75%	†		0.74%		0.74%		0.74%		0.75%			0.74%
Ratio of expenses to average net assets prior to fee credits***		0.75%	†		0.74%		0.74%		0.74%		0.75%			0.74%
Ratio of net investment income to average net assets		1.78%	†		1.49%		1.54%		1.70%		1.29%			1.21%
Ratio of expenses to average net assets prior to fees waived***		—			—		—		—		—			—
Ratio of net investment income to average net assets prior to fees waived		—			—		—		—		—			—
Portfolio turnover		41%	††		34%		16%		23%		23%			22%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

168

Delaware Hedged U.S. Equity Opportunities Fund


	Year ended
Class A shares		Six months ended 3/31/19(c)		9/30/18			9/30/17			8/1/16(b) to 9/30/16
Net asset value, beginning of period		$11.90			$10.77			$9.91			$10.00
Income (loss) from investment operations:
Net investment income (loss)(a)		—			(0.03	)		(0.02	)		—
Net realized and unrealized gain (loss)		(0.03	)		1.16			0.88			(0.09	)
Total from investment operations		(0.03	)		1.13			0.86			(0.09	)
Less dividends and distributions from:
Net investment income		—			—			—			—
Net realized gain		0.21			—			—			—
Total distributions		0.21			—			—			—
Net asset value, end of period		$11.66			$11.90			$10.77			$9.91
Total return*		(0.08%)	††		10.49%			8.68%			(0.90%)	††
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$76,399			$66,746			$44,228			$9,265
Ratio of expenses to average net assets after fee credits		1.75%	†		1.75%			1.75%			1.75%	†
Ratio of expenses to average net assets prior to fee credits***		1.75%	†		1.75%			1.75%			1.75%	†
Ratio of net investment income (loss) to average net assets		0.04%	†		(0.22%	)		(0.21%	)		(0.02%)	†
Ratio of expenses to average net assets prior to fees waived***		1.69%	†		1.76%			2.09%			4.24%	†
Ratio of net investment income (loss) to average net assets prior to fees waived		0.10%	†		(0.23%	)		(0.55%	)		(2.51%)	†
Portfolio turnover		20%	††		56%			75%			7%	††


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Aug. 1, 2016 (commencement of operations) to Sept. 30, 2016.
(c)	For the period Oct. 1, 2018 to March 31, 2019.

169

Financial highlights

Delaware Hedged U.S. Equity Opportunities Fund


	Year ended
Institutional Class shares		Six months ended 3/31/19(d)		9/30/18		9/30/17			8/1/16(c) to 9/30/16
Net asset value, beginning of period		$11.99			$10.81		$9.91			$10.00
Income (loss) from investment operations:
Net investment income (loss)(a)		0.02			0.02		0.01			—
Net realized and unrealized gain (loss)		(0.04	)		1.16		0.89			(0.09	)
Total from investment operations		(0.02	)		1.18		0.90			(0.09	)
Less dividends and distributions from:
Net investment income		—			—		0.00	(b)		—
Net realized gain		0.21			—		—			—
Total distributions		0.21			—		0.00	(b)		—
Net asset value, end of period		$11.76			$11.99		$10.81			$9.91
Total return*		0.01%	††		10.92%		9.11%			(0.90%)	††
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$105,027			$94,955		$33,770			$24,539
Ratio of expenses to average net assets after fee credits		1.42%	†		1.42%		1.42%			1.42%	†
Ratio of expenses to average net assets prior to fee credits***		1.42%	†		1.42%		1.42%			1.42%	†
Ratio of net investment income (loss) to average net assets		0.37%	†		0.16%		0.10%			0.26%	†
Ratio of expenses to average net assets prior to fees waived***		1.44%	†		1.40%		1.76%			3.37%	†
Ratio of net investment income (loss) to average net assets prior to fees waived		0.35%	†		0.18%		(0.24%	)		(1.69%)	†
Portfolio turnover		20%	††		56%		75%			7%	††


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	Due to rounding, amount is less than .005 per share.
(c)	For the period Aug. 1, 2016 (commencement of operations) to Sept. 30, 2016.
(d)	For the period Oct. 1, 2018 to March 31, 2019.

170

Delaware Hedged U.S. Equity Opportunities Fund


	Year ended
Class R6 shares		Six months ended 3/31/19(d)		9/30/18		9/30/17			8/1/16(c) to 9/30/16
Net asset value, beginning of period		$12.01			$10.82		$9.91			$10.00
Income (loss) from investment operations:
Net investment income (loss)(a)		0.03			0.02		0.02			0.01
Net realized and unrealized gain (loss)		(0.03	)		1.17		0.89			(0.10	)
Total from investment operations		—			1.19		0.91			(0.09	)
Less dividends and distributions from:
Net investment income		—			—		0.00	(b)		—
Net realized gain		0.21			—		—			—
Total distributions		0.21			—		0.00	(b)		—
Net asset value, end of period		$11.80			$12.01		$10.82			$9.91
Total return*		0.19%	††		11.00%		9.21%			(0.90%)	††
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$549			$574		$472			$99
Ratio of expenses to average net assets after fee credits		1.31%	†		1.31%		1.31%			1.31%	†
Ratio of expenses to average net assets prior to fee credits***		1.31%	†		1.31%		1.31%			1.31%	†
Ratio of net investment income (loss) to average net assets		0.47%	†		0.21%		0.23%			0.30%	†
Ratio of expenses to average net assets prior to fees waived***		1.30%	†		1.39%		1.74%			3.24%	†
Ratio of net investment income (loss) to average net assets prior to fees waived		0.48%	†		0.13%		(0.20%	)		(1.63%)	†
Portfolio turnover		20%	††		56%		75%			7%	††


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	Due to rounding, amount is less than .005 per share.
(c)	For the period Aug. 1, 2016 (commencement of operations) to Sept. 30, 2016.
(d)	For the period Oct. 1, 2018 to March 31, 2019.

171

Financial highlights

Delaware International Fund


	Year ended
Class A shares		Six months ended 3/31/19(b)		9/30/18		9/30/17		9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$15.95			$15.68		$13.71		$12.65		$13.06			$12.53
Income (loss) from investment operations:
Net investment income (loss)(a)		(0.02	)		0.01		0.02		0.06		0.05			0.05
Net realized and unrealized gain (loss)		(0.12	)		0.28		2.02		1.05		(0.41	)		0.50
Total from investment operations		(0.14	)		0.29		2.04		1.11		(0.36	)		0.55
Less dividends and distributions from:
Net investment income		0.03			0.02		0.07		0.05		0.05			0.02
Net realized gain		0.96			—		—		—		—			—
Total distributions		0.99			0.02		0.07		0.05		0.05			0.02
Net asset value, end of period		$14.82			$15.95		$15.68		$13.71		$12.65			$13.06
Total return*		(0.07%)	††		1.83%		15.00%		8.80%		(2.78%	)		4.43%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$254,909			$259,683		$238,770		$209,205		$194,991			$193,174
Ratio of expenses to average net assets after fee credits		1.58%	†		1.56%		1.58%		1.61%		1.64%			1.66%
Ratio of expenses to average net assets prior to fee credits***		1.58%	†		1.56%		1.58%		1.61%		1.64%			1.66%
Ratio of net investment income (loss) to average net assets		(0.31%)	†		0.09%		0.17%		0.45%		0.40%			0.39%
Ratio of expenses to average net assets prior to fees waived***		—			—		—		—		—			—
Ratio of net investment income to average net assets prior to fees waived		—			—		—		—		—			—
Portfolio turnover		40%	††		36%		38%		28%		27%			34%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

172

Delaware International Fund


	Year ended
Institutional Class shares		Six months ended 3/31/19(b)		9/30/18		9/30/17		9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$16.24			$15.92		$13.87		$12.76		$13.13			$12.55
Income (loss) from investment operations:
Net investment income (loss)(a)		—			0.08		0.08		0.11		0.11			0.14
Net realized and unrealized gain (loss)		(0.12	)		0.27		2.05		1.06		(0.43	)		0.44
Total from investment operations		(0.12	)		0.35		2.13		1.17		(0.32	)		0.58
Less dividends and distributions from:
Net investment income		0.04			0.03		0.08		0.06		0.05			—
Net realized gain		0.96			—		—		—		—			—
Total distributions		1.00			0.03		0.08		0.06		0.05			—
Net asset value, end of period		$15.12			$16.24		$15.92		$13.87		$12.76			$13.13
Total return*		0.09%	††		2.21%		15.50%		9.22%		(2.45%	)		4.62%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$144,283			$136,628		$111,334		$81,525		$57,623			$35,249
Ratio of expenses to average net assets after fee credits		1.22%	†		1.18%		1.18%		1.23%		1.24%			1.27%
Ratio of expenses to average net assets prior to fee credits***		1.22%	†		1.18%		1.18%		1.24%		1.24%			1.27%
Ratio of net investment income (loss) to average net assets		0.06%	†		0.48%		0.59%		0.85%		0.83%			0.98%
Ratio of expenses to average net assets prior to fees waived***		—			—		—		—		—			—
Ratio of net investment income to average net assets prior to fees waived		—			—		—		—		—			—
Portfolio turnover		40%	††		36%		38%		28%		27%			34%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

173

Financial highlights

Delaware International Fund


	Year ended
Class R6 shares		Six months ended 3/31/19(b)		9/30/18		9/30/17		9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$16.30			$15.96		$13.91		$12.78		$13.19			$12.56
Income (loss) from investment operations:
Net investment income (loss)(a)		0.01			0.09		0.09		0.13		0.12			0.12
Net realized and unrealized gain (loss)		(0.12	)		0.29		2.05		1.07		(0.43	)		0.51
Total from investment operations		(0.11	)		0.38		2.14		1.20		(0.31	)		0.63
Less dividends and distributions from:
Net investment income		0.05			0.04		0.09		0.07		0.10			—
Net realized gain		0.96			—		—		—		—			—
Total distributions		1.01			0.04		0.09		0.07		0.10			—
Net asset value, end of period		$15.18			$16.30		$15.96		$13.91		$12.78			$13.19
Total return*		0.14%	††		2.36%		15.54%		9.39%		(2.33%	)		5.02%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$2,783			$3,509		$3,274		$2,695		$2,347			$2,357
Ratio of expenses to average net assets after fee credits		1.09%	†		1.09%		1.09%		1.12%		1.14%			1.17%
Ratio of expenses to average net assets prior to fee credits***		1.09%	†		1.09%		1.09%		1.12%		1.14%			1.17%
Ratio of net investment income (loss) to average net assets		0.17%	†		0.56%		0.65%		0.95%		0.89%			0.93%
Ratio of expenses to average net assets prior to fees waived***		—			—		—		—		—			—
Ratio of net investment income to average net assets prior to fees waived		—			—		—		—		—			—
Portfolio turnover		40%	††		36%		38%		28%		27%			34%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

174

Delaware Opportunity Fund


	Year ended
Class A shares		Six months ended 3/31/19(b)		9/30/18		9/30/17		9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$42.06			$41.86		$37.29		$37.79		$40.90			$38.13
Income (loss) from investment operations:
Net investment income (loss)(a)		0.05			0.39		0.11		0.20		0.04			0.07
Net realized and unrealized gain (loss)		(2.32	)		2.31		6.03		2.52		(0.39	)		5.29
Total from investment operations		(2.27	)		2.70		6.14		2.72		(0.35	)		5.36
Less dividends and distributions from:
Net investment income		0.38			0.12		0.22		0.04		0.06			0.16
Net realized gain		3.41			2.38		1.35		3.18		2.70			2.43
Total distributions		3.79			2.50		1.57		3.22		2.76			2.59
Net asset value, end of period		$36.00			$42.06		$41.86		$37.29		$37.79			$40.90
Total return*		(3.97%)	††		6.49%		16.99%		7.39%		(1.16%	)		14.20%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$943,678			$1,010,312		$1,002,618		$880,274		$818,955			$805,113
Ratio of expenses to average net assets after fee credits		1.26%	†		1.20%		1.20%		1.22%		1.20%			1.20%
Ratio of expenses to average net assets prior to fee credits***		1.26%	†		1.20%		1.20%		1.22%		1.20%			1.20%
Ratio of net investment income (loss) to average net assets		0.27%	†		0.93%		0.27%		0.54%		0.11%			0.16%
Ratio of expenses to average net assets prior to fees waived***		—			—		—		—		—			—
Ratio of net investment income to average net assets prior to fees waived		—			—		—		—		—			—
Portfolio turnover		40%	††		35%		32%		36%		37%			34%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

175

Financial highlights

Delaware Opportunity Fund


	Year ended
Institutional Class shares		Six months ended 3/31/19(b)		9/30/18		9/30/17		9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$42.91			$42.56		$37.79		$38.18		$41.20			$38.18
Income (loss) from investment operations:
Net investment income (loss)(a)		0.12			0.61		0.24		0.30		0.16			0.23
Net realized and unrealized gain (loss)		(2.37	)		2.27		6.12		2.56		(0.40	)		5.22
Total from investment operations		(2.25	)		2.88		6.36		2.86		(0.24	)		5.45
Less dividends and distributions from:
Net investment income		0.40			0.15		0.24		0.07		0.08			—
Net realized gain		3.41			2.38		1.35		3.18		2.70			2.43
Total distributions		3.81			2.53		1.59		3.25		2.78			2.43
Net asset value, end of period		$36.85			$42.91		$42.56		$37.79		$38.18			$41.20
Total return*		(3.82%)	††		6.82%		17.37%		7.69%		(0.87%	)		14.43%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$151,157			$149,481		$81,773		$73,477		$48,322			$35,733
Ratio of expenses to average net assets after fee credits		0.90%	†		0.89%		0.88%		0.93%		0.91%			0.90%
Ratio of expenses to average net assets prior to fee credits***		0.90%	†		0.89%		0.88%		0.93%		0.91%			0.90%
Ratio of net investment income (loss) to average net assets		0.63%	†		1.42%		0.59%		0.83%		0.40%			0.51%
Ratio of expenses to average net assets prior to fees waived***		—			—		—		—		—			—
Ratio of net investment income to average net assets prior to fees waived		—			—		—		—		—			—
Portfolio turnover		40%	††		35%		32%		36%		37%			34%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

176

Delaware Opportunity Fund


	Year ended
Class R6 shares		Six months ended 3/31/19(b)		9/30/18		9/30/17		9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$42.87			$42.49		$37.71		$38.07		$41.15			$38.21
Income (loss) from investment operations:
Net investment income (loss)(a)		0.14			0.59		0.27		0.36		0.22			0.24
Net realized and unrealized gain (loss)		(2.36	)		2.33		6.12		2.54		(0.40	)		5.30
Total from investment operations		(2.22	)		2.92		6.39		2.90		(0.18	)		5.54
Less dividends and distributions from:
Net investment income		0.43			0.16		0.26		0.08		0.20			0.17
Net realized gain		3.41			2.38		1.35		3.18		2.70			2.43
Total distributions		3.84			2.54		1.61		3.26		2.90			2.60
Net asset value, end of period		$36.81			$42.87		$42.49		$37.71		$38.07			$41.15
Total return*		(3.74%)	††		6.95%		17.49%		7.84%		(0.74%	)		14.66%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$4,600			$5,793		$5,678		$4,975		$4,228			$3,838
Ratio of expenses to average net assets after fee credits		0.78%	†		0.77%		0.78%		0.79%		0.78%			0.79%
Ratio of expenses to average net assets prior to fee credits***		0.78%	†		0.77%		0.78%		0.79%		0.78%			0.79%
Ratio of net investment income (loss) to average net assets		0.74%	†		1.38%		0.70%		0.98%		0.52%			0.58%
Ratio of expenses to average net assets prior to fees waived***		—			—		—		—		—			—
Ratio of net investment income to average net assets prior to fees waived		—			—		—		—		—			—
Portfolio turnover		40%	††		35%		32%		36%		37%			34%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

177

Financial highlights

Delaware Premium Income Fund


	Six months ended			Six months ended
Class A shares		3/31/19(c)		9/30/18(b)
Net asset value, beginning of period		$10.26			$10.00
Income (loss) from investment operations:
Net investment income (loss)(a)		0.09			0.08
Net realized and unrealized gain (loss)		—			0.23
Total from investment operations		0.09			0.31
Less dividends and distributions from:
Net investment income		0.08			0.05
Net realized gain		0.10			—
Total distributions		0.18			0.05
Net asset value, end of period		$10.17			$10.26
Total return*		0.90%	††		3.06%	††
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$60,449			$41,688
Ratio of expenses to average net assets after fee credits		1.30%	†		1.30%	†
Ratio of expenses to average net assets prior to fee credits***		1.30%	†		1.30%	†
Ratio of net investment income (loss) to average net assets		1.73%	†		1.57%	†
Ratio of expenses to average net assets prior to fees waived***		1.42%	†		2.07%	†
Ratio of net investment income to average net assets prior to fees waived		1.61%	†		0.80%	†
Portfolio turnover		32%	††		77%	††


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period April 2, 2018 (commencement of operations) to Sept. 30, 2018.
(c)	For the period Oct. 1, 2018 to March 31, 2019.

178

Delaware Premium Income Fund


	Six months ended			Six months ended
Institutional Class shares		3/31/19(c)		9/30/18(b)
Net asset value, beginning of period		$10.26			$10.00
Income (loss) from investment operations:
Net investment income (loss)(a)		0.10			0.10
Net realized and unrealized gain (loss)		—			0.22
Total from investment operations		0.10			0.32
Less dividends and distributions from:
Net investment income		0.08			0.06
Net realized gain		0.10			—
Total distributions		0.18			0.06
Net asset value, end of period		$10.18			$10.26
Total return*		1.03%	††		3.18%	††
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$63,243			$34,170
Ratio of expenses to average net assets after fee credits		1.04%	†		1.02%	†
Ratio of expenses to average net assets prior to fee credits***		1.04%	†		1.02%	†
Ratio of net investment income (loss) to average net assets		2.01%	†		1.86%	†
Ratio of expenses to average net assets prior to fees waived***		1.14%	†		1.52%	†
Ratio of net investment income to average net assets prior to fees waived		1.91%	†		1.36%	†
Portfolio turnover		32%	††		77%	††


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period April 2, 2018 (commencement of operations) to Sept. 30, 2018.
(c)	For the period Oct. 1, 2018 to March 31, 2019.

179

Financial highlights

Delaware Premium Income Fund


	Six months ended			Six months ended
Class R6 shares		3/31/19(c)		9/30/18(b)
Net asset value, beginning of period		$10.16			$10.00
Income (loss) from investment operations:
Net investment income (loss)(a)		0.10			0.10
Net realized and unrealized gain (loss)		(0.26	)		0.23
Total from investment operations		(0.16	)		0.33
Less dividends and distributions from:
Net investment income		4.36			0.17
Net realized gain		0.10			—
Total distributions		4.46			0.17
Net asset value, end of period		$5.54			$10.16
Total return*		1.19%	††		3.27%	††
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$39			$3,877
Ratio of expenses to average net assets after fee credits		0.90%	†		0.89%	†
Ratio of expenses to average net assets prior to fee credits***		0.90%	†		0.89%	†
Ratio of net investment income (loss) to average net assets		2.06%	†		1.88%	†
Ratio of expenses to average net assets prior to fees waived***		1.05%	†		1.88%	†
Ratio of net investment income to average net assets prior to fees waived		1.91%	†		0.89%	†
Portfolio turnover		32%	††		77%	††


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period April 2, 2018 (commencement of operations) to Sept. 30, 2018.
(c)	For the period Oct. 1, 2018 to March 31, 2019.

180

Delaware Growth Equity Fund


	Year ended
Class A shares		Six months ended 3/31/19(c)		9/30/18			9/30/17		9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$13.61			$12.04			$11.24		$11.64		$10.97			$9.24
Income (loss) from investment operations:
Net investment income (loss)(a)		0.02			(0.01	)		—		0.02		0.02			—
Net realized and unrealized gain (loss)		(0.64	)		2.66			2.38		0.73		0.65			1.73
Total from investment operations		(0.62	)		2.65			2.38		0.75		0.67			1.73
Less dividends and distributions from:
Net investment income		—			0.01			0.03		0.02		0.00	(b)		0.00	(b)
Net realized gain		0.62			1.07			1.55		1.13		—			—
Total distributions		0.62			1.08			1.58		1.15		0.00	(b)		0.00	(b)
Net asset value, end of period		$12.37			$13.61			$12.04		$11.24		$11.64			$10.97
Total return*		(3.83%)	††		23.22%			24.16%		6.50%		6.12%			18.77%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$557,068			$570,309			$444,933		$373,279		$352,651			$330,595
Ratio of expenses to average net assets after fee credits		1.22%	†		1.22%			1.25%		1.27%		1.25%			1.27%
Ratio of expenses to average net assets prior to fee credits***		1.22%	†		1.22%			1.25%		1.27%		1.25%			1.27%
Ratio of net investment income (loss) to average net assets		0.29%	†		(0.06%	)		0.00%		0.22%		0.16%			0.03%
Ratio of expenses to average net assets prior to fees waived***		—			—			—		—		—			—
Ratio of net investment income to average net assets prior to fees waived		—			—			—		—		—			—
Portfolio turnover		20%	††		37%			58%		59%		48%			33%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	Due to rounding, amount is less than .005 per share.
(c)	For the period Oct. 1, 2018 to March 31, 2019.

181

Financial highlights

Delaware Growth Equity Fund


	Year ended
Institutional Class shares		Six months ended 3/31/19(b)		9/30/18		9/30/17		9/30/16		9/30/15		9/30/14
Net asset value, beginning of period		$13.89			$12.23		$11.37		$11.73		$11.01		$9.26
Income (loss) from investment operations:
Net investment income (loss)(a)		0.04			0.04		0.05		0.07		0.07		0.06
Net realized and unrealized gain (loss)		(0.65	)		2.71		2.40		0.73		0.66		1.69
Total from investment operations		(0.61	)		2.75		2.45		0.80		0.73		1.75
Less dividends and distributions from:
Net investment income		0.01			0.02		0.04		0.03		0.01		—
Net realized gain		0.62			1.07		1.55		1.13		—		—
Total distributions		0.63			1.09		1.59		1.16		0.01		—
Net asset value, end of period		$12.65			$13.89		$12.23		$11.37		$11.73		$11.01
Total return*		(3.68%)	††		23.74%		24.61%		6.93%		6.61%		18.90%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$203,092			$194,554		$81,203		$66,588		$46,793		$31,902
Ratio of expenses to average net assets after fee credits		0.89%	†		0.83%		0.84%		0.85%		0.84%		0.83%
Ratio of expenses to average net assets prior to fee credits***		0.89%	†		0.83%		0.84%		0.86%		0.84%		0.83%
Ratio of net investment income (loss) to average net assets		0.62%	†		0.34%		0.40%		0.62%		0.57%		0.51%
Ratio of expenses to average net assets prior to fees waived***		—			—		—		—		—		—
Ratio of net investment income to average net assets prior to fees waived		—			—		—		—		—		—
Portfolio turnover		20%	††		37%		58%		59%		48%		33%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

182

Delaware Growth Equity Fund


	Year ended
Class R6 shares		Six months ended 3/31/19(b)		9/30/18		9/30/17		9/30/16		9/30/15		9/30/14
Net asset value, beginning of period		$13.97			$12.29		$11.42		$11.77		$11.06		$9.27
Income (loss) from investment operations:
Net investment income (loss)(a)		0.04			0.05		0.05		0.07		0.07		0.05
Net realized and unrealized gain (loss)		(0.65	)		2.72		2.41		0.74		0.66		1.74
Total from investment operations		(0.61	)		2.77		2.46		0.81		0.73		1.79
Less dividends and distributions from:
Net investment income		0.01			0.02		0.04		0.03		0.02		—
Net realized gain		0.62			1.07		1.55		1.13		—		—
Total distributions		0.63			1.09		1.59		1.16		0.02		—
Net asset value, end of period		$12.73			$13.97		$12.29		$11.42		$11.77		$11.06
Total return*		(3.62%)	††		23.81%		24.61%		7.00%		6.56%		19.31%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$6,613			$7,836		$4,950		$3,915		$3,608		$3,057
Ratio of expenses to average net assets after fee credits		0.79%	†		0.80%		0.82%		0.83%		0.82%		0.83%
Ratio of expenses to average net assets prior to fee credits***		0.79%	†		0.80%		0.82%		0.83%		0.82%		0.83%
Ratio of net investment income (loss) to average net assets		0.71%	†		0.35%		0.43%		0.66%		0.59%		0.48%
Ratio of expenses to average net assets prior to fees waived***		—			—		—		—		—		—
Ratio of net investment income to average net assets prior to fees waived		—			—		—		—		—		—
Portfolio turnover		20%	††		37%		58%		59%		48%		33%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

183

Financial highlights

Delaware Special Situations Fund


	Year ended
Class A shares		Six months ended 3/31/19(b)		9/30/18		9/30/17			9/30/16		9/30/15		9/30/14
Net asset value, beginning of period		$32.62			$31.18		$26.34			$25.27		$26.65		$28.07
Income (loss) from investment operations:
Net investment income (loss)(a)		0.06			0.03		—			0.17		0.02		0.02
Net realized and unrealized gain (loss)		(3.81	)		2.29		5.24			2.36		0.07		3.16
Total from investment operations		(3.75	)		2.32		5.24			2.53		0.09		3.18
Less dividends and distributions from:
Net investment income		0.08			0.01		0.16			0.02		0.04		—
Net realized gain		3.83			0.87		0.24			1.44		1.43		4.60
Total distributions		3.91			0.88		0.40			1.46		1.47		4.60
Net asset value, end of period		$24.96			$32.62		$31.18			$26.34		$25.27		$26.65
Total return*		(10.08%)	††		7.50%		20.06%			10.35%		0.12%		11.65%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$512,211			$580,730		$549,780			$472,720		$432,235		$425,957
Ratio of expenses to average net assets after fee credits		1.32%	†		1.29%		1.31%			1.33%		1.32%		1.33%
Ratio of expenses to average net assets prior to fee credits***		1.32%	†		1.29%		1.31%			1.34%		1.32%		1.33%
Ratio of net investment income (loss) to average net assets		0.48%	†		0.08%		(0.01%	)		0.68%		0.07%		0.06%
Ratio of expenses to average net assets prior to fees waived***		—			—		—			1.34%		1.33%		1.38%
Ratio of net investment income (loss) to average net assets prior to fees waived		—			—		—			0.68%		0.06%		0.01%
Portfolio turnover		37%	††		48%		27%			39%		43%		55%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

184

Delaware Special Situations Fund


	Year ended
Institutional Class shares		Six months ended 3/31/19(b)		9/30/18		9/30/17		9/30/16		9/30/15		9/30/14
Net asset value, beginning of period		$33.02			$31.47		$26.52		$25.38		$26.71		$28.09
Income (loss) from investment operations:
Net investment income (loss)(a)		0.11			0.14		0.08		0.23		0.10		0.12
Net realized and unrealized gain (loss)		(3.87	)		2.32		5.29		2.39		0.08		3.10
Total from investment operations		(3.76	)		2.46		5.37		2.62		0.18		3.22
Less dividends and distributions from:
Net investment income		0.10			0.04		0.18		0.04		0.08		—
Net realized gain		3.83			0.87		0.24		1.44		1.43		4.60
Total distributions		3.93			0.91		0.42		1.48		1.51		4.60
Net asset value, end of period		$25.33			$33.02		$31.47		$26.52		$25.38		$26.71
Total return*		(9.97%)	††		7.86%		20.45%		10.67%		0.46%		11.82%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$130,647			$140,657		$120,912		$59,159		$38,790		$26,458
Ratio of expenses to average net assets after fee credits		1.02%	†		0.95%		0.97%		1.03%		1.02%		1.01%
Ratio of expenses to average net assets prior to fee credits***		1.02%	†		0.95%		0.97%		1.03%		1.03%		1.01%
Ratio of net investment income (loss) to average net assets		0.79%	†		0.43%		0.34%		0.94%		0.37%		0.39%
Ratio of expenses to average net assets prior to fees waived***		—			—		—		1.04%		1.04%		1.06%
Ratio of net investment income (loss) to average net assets prior to fees waived		—			—		—		0.93%		0.36%		0.34%
Portfolio turnover		37%	††		48%		27%		39%		43%		55%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

185

Financial highlights

Delaware Special Situations Fund


	Year ended
Class R6 shares		Six months ended 3/31/19(b)		9/30/18		9/30/17		9/30/16		9/30/15		9/30/14
Net asset value, beginning of period		$33.25			$31.66		$26.65		$25.47		$26.84		$28.14
Income (loss) from investment operations:
Net investment income (loss)(a)		0.13			0.17		0.12		0.28		0.14		0.14
Net realized and unrealized gain (loss)		(3.89	)		2.34		5.31		2.39		0.08		3.16
Total from investment operations		(3.76	)		2.51		5.43		2.67		0.22		3.30
Less dividends and distributions from:
Net investment income		0.12			0.05		0.18		0.05		0.16		—
Net realized gain		3.83			0.87		0.24		1.44		1.43		4.60
Total distributions		3.95			0.92		0.42		1.49		1.59		4.60
Net asset value, end of period		$25.54			$33.25		$31.66		$26.65		$25.47		$26.84
Total return*		(9.90%)	††		7.98%		20.56%		10.84%		0.60%		12.10%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$7,328			$9,592		$8,712		$6,914		$5,905		$5,750
Ratio of expenses to average net assets after fee credits		0.87%	†		0.86%		0.87%		0.88%		0.88%		0.89%
Ratio of expenses to average net assets prior to fee credits***		0.87%	†		0.86%		0.87%		0.89%		0.88%		0.89%
Ratio of net investment income (loss) to average net assets		0.92%	†		0.52%		0.42%		1.11%		0.51%		0.51%
Ratio of expenses to average net assets prior to fees waived***		—			—		—		0.90%		0.89%		0.94%
Ratio of net investment income (loss) to average net assets prior to fees waived		—			—		—		1.10%		0.50%		0.46%
Portfolio turnover		37%	††		48%		27%		39%		43%		55%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

186

Delaware Total Return Fund


	Year ended
Class A shares		Six months ended 3/31/19(b)		9/30/18		9/30/17		9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$20.22			$19.88		$19.00		$18.21		$19.63			$18.49
Income (loss) from investment operations:
Net investment income(a)		0.14			0.31		0.23		0.23		0.21			0.22
Net realized and unrealized gain (loss)		(0.57	)		0.74		1.27		1.26		(0.68	)		1.65
Total from investment operations		(0.43	)		1.05		1.50		1.49		(0.47	)		1.87
Less dividends and distributions from:
Net investment income		0.18			0.36		0.32		0.27		0.28			0.31
Net realized gain		1.52			0.35		0.30		0.43		0.67			0.42
Total distributions		1.70			0.71		0.62		0.70		0.95			0.73
Net asset value, end of period		$18.09			$20.22		$19.88		$19.00		$18.21			$19.63
Total return*		(1.45%)	††		5.32%		8.09%		8.36%		(2.65%	)		10.18%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$828,822			$889,473		$877,311		$845,726		$784,281			$767,354
Ratio of expenses to average net assets after fee credits		1.20%	†		1.18%		1.19%		1.19%		1.18%			1.19%
Ratio of expenses to average net assets prior to fee credits***		1.20%	†		1.18%		1.19%		1.19%		1.18%			1.19%
Ratio of net investment income to average net assets		1.52%	†		1.55%		1.22%		1.27%		1.05%			1.14%
Ratio of expenses to average net assets prior to fees waived***		—			—		—		—		—			—
Ratio of net investment income to average net assets prior to fees waived		—			—		—		—		—			—
Portfolio turnover		42%	††		53%		39%		63%		40%			44%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

187

Financial highlights

Delaware Total Return Fund


	Year ended
Institutional Class shares		Six months ended 3/31/19(b)		9/30/18		9/30/17		9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$20.32			$19.98		$19.04		$18.26		$19.64			$18.49
Income (loss) from investment operations:
Net investment income(a)		0.16			0.37		0.32		0.26		0.29			0.29
Net realized and unrealized gain (loss)		(0.59	)		0.75		1.30		1.27		(0.69	)		1.60
Total from investment operations		(0.43	)		1.12		1.62		1.53		(0.40	)		1.89
Less dividends and distributions from:
Net investment income		0.19			0.43		0.38		0.32		0.31			0.32
Net realized gain		1.52			0.35		0.30		0.43		0.67			0.42
Total distributions		1.71			0.78		0.68		0.75		0.98			0.74
Net asset value, end of period		$18.18			$20.32		$19.98		$19.04		$18.26			$19.64
Total return*		(1.40%)	††		5.69%		8.69%		8.55%		(2.24%	)		10.34%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$1,011			$1,006		$996		$1,213		$976			$2,106
Ratio of expenses to average net assets after fee credits		0.98%	†		0.84%		0.80%		0.82%		0.78%			0.78%
Ratio of expenses to average net assets prior to fee credits***		0.98%	†		0.84%		0.80%		0.82%		0.78%			0.78%
Ratio of net investment income to average net assets		1.74%	†		1.83%		1.61%		1.63%		1.44%			1.46%
Ratio of expenses to average net assets prior to fees waived***		—			—		—		—		—			—
Ratio of net investment income to average net assets prior to fees waived		—			—		—		—		—			—
Portfolio turnover		42%	††		53%		39%		63%		40%			44%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

188

Delaware Total Return Fund


	Year ended
Class R6 shares		Six months ended 3/31/19(b)		9/30/18		9/30/17		9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$20.38			$20.05		$19.13		$18.29		$19.65			$18.50
Income (loss) from investment operations:
Net investment income(a)		0.17			0.40		0.32		0.31		0.29			0.30
Net realized and unrealized gain (loss)		(0.57	)		0.74		1.27		1.28		(0.70	)		1.63
Total from investment operations		(0.40	)		1.14		1.59		1.59		(0.41	)		1.93
Less dividends and distributions from:
Net investment income		0.21			0.46		0.37		0.32		0.28			0.36
Net realized gain		1.52			0.35		0.30		0.43		0.67			0.42
Total distributions		1.73			0.81		0.67		0.75		0.95			0.78
Net asset value, end of period		$18.25			$20.38		$20.05		$19.13		$18.29			$19.65
Total return*		(1.26%)	††		5.77%		8.50%		8.88%		(2.28%	)		10.55%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$33,082			$34,555		$33,545		$32,525		$30,644			$2,885
Ratio of expenses to average net assets after fee credits		0.79%	†		0.77%		0.77%		0.77%		0.77%			0.78%
Ratio of expenses to average net assets prior to fee credits***		0.79%	†		0.77%		0.77%		0.77%		0.77%			0.78%
Ratio of net investment income to average net assets		1.93%	†		1.96%		1.65%		1.68%		1.47%			1.55%
Ratio of expenses to average net assets prior to fees waived***		—			—		—		—		—			—
Ratio of net investment income to average net assets prior to fees waived		—			—		—		—		—			—
Portfolio turnover		42%	††		53%		39%		63%		40%			44%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

189

Financial highlights

Delaware Floating Rate II Fund


	Year ended
Class A shares		Six months ended 3/31/19(b)		9/30/18		9/30/17		9/30/16		9/30/15			10/21/13(c) to 9/30/14
Net asset value, beginning of period		$9.71			$9.67		$9.66		$9.58		$9.88			$10.00
Income (loss) from investment operations:
Net investment income(a)		0.18			0.32		0.27		0.27		0.26			0.21
Net realized and unrealized gain (loss)		(0.16	)		0.04		0.05		0.09		(0.27	)		(0.10	)
Total from investment operations		0.02			0.36		0.32		0.36		(0.01	)		0.11
Less dividends and distributions from:
Net investment income		0.19			0.32		0.31		0.28		0.29			0.23
Net realized gain		—			—		—		—		—			—
Total distributions		0.19			0.32		0.31		0.28		0.29			0.23
Net asset value, end of period		$9.54			$9.71		$9.67		$9.66		$9.58			$9.88
Total return*		0.25%	††		3.83%		3.47%		3.69%		(0.08%	)		1.12%	††
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$70,502			$68,567		$66,769		$61,243		$57,101			$50,361
Ratio of expenses to average net assets after fee credits		1.10%	†		1.10%		1.10%		1.10%		1.10%			1.10%	†
Ratio of expenses to average net assets prior to fee credits***		1.10%	†		1.10%		1.10%		1.10%		1.10%			1.10%	†
Ratio of net investment income to average net assets		3.96%	†		3.25%		2.90%		2.86%		2.72%			2.21%	†
Ratio of expenses to average net assets prior to fees waived***		1.20%	†		1.21%		1.24%		1.27%		1.33%			1.58%	†
Ratio of net investment income to average net assets prior to fees waived		3.86%	†		3.14%		2.76%		2.69%		2.49%			1.73%	†
Portfolio turnover		29%	††		60%		89%		38%		49%			26%	††


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.
(c)	For the period Oct. 21, 2013 (commencement of operations) to Sept. 30, 2014.

190

Delaware Floating Rate II Fund


	Year ended
Institutional Class shares		Six months ended 3/31/19(b)		9/30/18		9/30/17		9/30/16		9/30/15			10/21/13(c) to 9/30/14
Net asset value, beginning of period		$9.72			$9.68		$9.65		$9.58		$9.88			$10.00
Income (loss) from investment operations:
Net investment income(a)		0.19			0.34		0.26		0.29		0.28			0.25
Net realized and unrealized gain (loss)		(0.16	)		0.04		0.09		0.08		(0.26	)		(0.11	)
Total from investment operations		0.03			0.38		0.35		0.37		0.02			0.14
Less dividends and distributions from:
Net investment income		0.20			0.34		0.32		0.30		0.32			0.26
Net realized gain		—			—		—		—		—			—
Total distributions		0.20			0.34		0.32		0.30		0.32			0.26
Net asset value, end of period		$9.55			$9.72		$9.68		$9.65		$9.58			$9.88
Total return*		0.35%	††		4.03%		3.70%		3.92%		0.18%			1.43%	††
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$159,109			$144,799		$98,958		$61,844		$50,122			$34,942
Ratio of expenses to average net assets after fee credits		0.90%	†		0.90%		0.90%		0.90%		0.90%			0.90%	†
Ratio of expenses to average net assets prior to fee credits***		0.90%	†		0.90%		0.90%		0.90%		0.90%			0.90%	†
Ratio of net investment income to average net assets		4.16%	†		3.46%		3.07%		3.06%		2.92%			2.63%	†
Ratio of expenses to average net assets prior to fees waived***		0.88%	†		0.86%		0.92%		0.98%		1.03%			0.95%	†
Ratio of net investment income to average net assets prior to fees waived		4.18%	†		3.50%		3.05%		2.98%		2.79%			2.58%	†
Portfolio turnover		29%	††		60%		89%		38%		49%			26%	††


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.
(c)	For the period Oct. 21, 2013 (commencement of operations) to Sept. 30, 2014.

191

Financial highlights

Delaware Floating Rate II Fund


	Year ended
Class R6 shares		Six months ended 3/31/19(b)		9/30/18		9/30/17		9/30/16		9/30/15			10/21/13(c) to 9/30/14
Net asset value, beginning of period		$9.71			$9.67		$9.64		$9.57		$9.86			$10.00
Income (loss) from investment operations:
Net investment income(a)		0.20			0.36		0.26		0.31		0.30			0.27
Net realized and unrealized gain (loss)		(0.16	)		0.04		0.11		0.08		(0.25	)		(0.13	)
Total from investment operations		0.04			0.40		0.37		0.39		0.05			0.14
Less dividends and distributions from:
Net investment income		0.21			0.36		0.34		0.32		0.34			0.28
Net realized gain		—			—		—		—		—			—
Total distributions		0.21			0.36		0.34		0.32		0.34			0.28
Net asset value, end of period		$9.54			$9.71		$9.67		$9.64		$9.57			$9.86
Total return*		0.47%	††		4.20%		3.87%		4.14%		0.47%			1.36%	††
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$26,472			$32,019		$21,277		$11,456		$10,458			$5,329
Ratio of expenses to average net assets after fee credits		0.74%	†		0.70%		0.70%		0.70%		0.70%			0.70%	†
Ratio of expenses to average net assets prior to fee credits***		0.74%	†		0.70%		0.70%		0.70%		0.70%			0.70%	†
Ratio of net investment income to average net assets		4.32%	†		3.68%		3.23%		3.27%		3.17%			2.76%	†
Ratio of expenses to average net assets prior to fees waived***		0.77%	†		0.75%		0.80%		0.83%		0.90%			1.06%	†
Ratio of net investment income to average net assets prior to fees waived		4.29%	†		3.63%		3.13%		3.14%		2.97%			2.40%	†
Portfolio turnover		29%	††		60%		89%		38%		49%			26%	††


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.
(c)	For the period Oct. 21, 2013 (commencement of operations) to Sept. 30, 2014.

192

Delaware Fund for Income


	Year ended
Class A shares		Six months ended 3/31/19(b)		9/30/18			9/30/17		9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$2.44			$2.52			$2.48		$2.39		$2.59			$2.59
Income (loss) from investment operations:
Net investment income(a)		0.05			0.11			0.11		0.11		0.11			0.12
Net realized and unrealized gain (loss)		—			(0.06	)		0.05		0.10		(0.18	)		0.02
Total from investment operations		0.05			0.05			0.16		0.21		(0.07	)		0.14
Less dividends and distributions from:
Net investment income		0.06			0.13			0.12		0.12		0.13			0.14
Net realized gain		—			—			—		—		—			—
Total distributions		0.06			0.13			0.12		0.12		0.13			0.14
Net asset value, end of period		$2.43			$2.44			$2.52		$2.48		$2.39			$2.59
Total return*		2.26%	††		1.88%			6.79%		9.07%		(2.85%	)		5.38%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$505,329			$523,932			$572,631		$571,028		$567,249			$621,618
Ratio of expenses to average net assets after fee credits		1.23%	†		1.22%			1.21%		1.22%		1.21%			1.21%
Ratio of expenses to average net assets prior to fee credits***		1.23%	†		1.22%			1.21%		1.22%		1.21%			1.21%
Ratio of net investment income to average net assets		4.89%	†		4.46%			4.57%		4.76%		4.39%			4.67%
Ratio of expenses to average net assets prior to fees waived***		1.25%	†		1.24%			1.23%		1.24%		1.23%			1.23%
Ratio of net investment income to average net assets prior to fees waived		4.87%	†		4.44%			4.55%		4.74%		4.37%			4.65%
Portfolio turnover		33%	††		67%			65%		55%		47%			47%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

193

Financial highlights

Delaware Fund for Income


	Year ended
Institutional Class shares		Six months ended 3/31/19(b)		9/30/18			9/30/17		9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$2.44			$2.52			$2.48		$2.39		$2.59			$2.59
Income (loss) from investment operations:
Net investment income(a)		0.06			0.12			0.12		0.12		0.12			0.12
Net realized and unrealized gain (loss)		—			(0.07	)		0.05		0.10		(0.18	)		0.02
Total from investment operations		0.06			0.05			0.17		0.22		(0.06	)		0.14
Less dividends and distributions from:
Net investment income		0.07			0.13			0.13		0.13		0.14			0.14
Net realized gain		—			—			—		—		—			—
Total distributions		0.07			0.13			0.13		0.13		0.14			0.14
Net asset value, end of period		$2.43			$2.44			$2.52		$2.48		$2.39			$2.59
Total return*		2.36%	††		2.17%			7.05%		9.34%		(2.47%	)		5.42%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$80,264			$79,880			$73,403		$68,198		$41,699			$31,132
Ratio of expenses to average net assets after fee credits		1.04%	†		0.93%			0.94%		0.93%		0.93%			0.91%
Ratio of expenses to average net assets prior to fee credits****		1.04%	†		0.93%			0.94%		0.94%		0.93%			0.91%
Ratio of net investment income to average net assets		5.07%	†		4.76%			4.84%		5.02%		4.65%			4.83%
Ratio of expenses to average net assets prior to fees waived***		1.06%	†		0.95%			0.96%		0.96%		0.95%			0.93%
Ratio of net investment income to average net assets prior to fees waived		5.05%	†		4.74%			4.82%		5.00%		4.63%			4.81%
Portfolio turnover		33%	††		67%			65%		55%		47%			47%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

194

Delaware Fund for Income


	Year ended
Class R6 shares		Six months ended 3/31/19(b)		9/30/18			9/30/17		9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$2.45			$2.54			$2.49		$2.40		$2.60			$2.60
Income (loss) from investment operations:
Net investment income(a)		0.06			0.12			0.13		0.12		0.12			0.13
Net realized and unrealized gain (loss)		—			(0.07	)		0.05		0.10		(0.17	)		0.02
Total from investment operations		0.06			0.05			0.18		0.22		(0.05	)		0.15
Less dividends and distributions from:
Net investment income		0.07			0.14			0.13		0.13		0.15			0.15
Net realized gain		—			—			—		—		—			—
Total distributions		0.07			0.14			0.13		0.13		0.15			0.15
Net asset value, end of period		$2.44			$2.45			$2.54		$2.49		$2.40			$2.60
Total return*		2.47%	††		1.91%			7.59%		9.58%		(2.28%	)		5.59%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$36,666			$33,545			$78,784		$62,340		$51,704			$42,941
Ratio of expenses to average net assets after fee credits		0.80%	†		0.79%			0.78%		0.79%		0.78%			0.78%
Ratio of expenses to average net assets prior to fee credits***		0.80%	†		0.79%			0.78%		0.79%		0.78%			0.78%
Ratio of net investment income to average net assets		5.30%	†		4.88%			4.99%		5.19%		4.81%			5.07%
Ratio of expenses to average net assets prior to fees waived***		0.82%	†		0.81%			0.80%		0.81%		0.80%			0.80%
Ratio of net investment income to average net assets prior to fees waived		5.28%	†		4.86%			4.97%		5.17%		4.79%			5.05%
Portfolio turnover		33%	††		67%			65%		55%		47%			47%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

195

Financial highlights

Delaware Government Cash Management Fund^(c)


	Year ended
Class A shares		Six months ended 3/31/19(d)		9/30/18		9/30/17			9/30/16			9/30/15			9/30/14
Net asset value, beginning of period		$1.00			$1.00		$1.00			$1.00			$1.00			$1.00
Income (loss) from investment operations:
Net investment income(a)		0.01			0.01		0.00	(b)		—			—			—
Net realized and unrealized gain		—			—		—			—			—			—
Total from investment operations		0.01			0.01		0.00	(b)		—			—			—
Less dividends and distributions from:
Net investment income		0.01			0.01		0.00	(b)		—			—			—
Net realized gain		—			—		—			—			—			—
Total distributions		0.01			0.01		0.00	(b)		—			—			—
Net asset value, end of period		$1.00			$1.00		$1.00			$1.00			$1.00			$1.00
Total return*		0.87%	††		0.96%		0.08%			0.00%			0.00%			0.00%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$177,586			$153,695		$127,079			$122,037			$109,566			$108,088
Ratio of expenses to average net assets after fee credits		0.60%	†		0.60%		0.60%			0.33%			0.10%			0.08%
Ratio of expenses to average net assets prior to fee credits***		0.60%	†		0.60%		0.60%			0.33%			0.10%			0.08%
Ratio of net investment income to average net assets		1.74%	†		0.98%		0.08%			0.00%			0.00%			0.00%
Ratio of expenses to average net assets prior to fees waived***		0.91%	†		1.01%		1.02%			1.05%			1.08%			1.02%
Ratio of net investment income (loss) to average net assets prior to fees waived		1.43%	†		0.57%		(0.34%	)		(0.72%	)		(0.98%	)		(0.94%	)
Portfolio turnover		—			—		—			—			—			—


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
(a)	Based on average shares during the period.
(b)	Due to rounding, amount is less than .005 per share.
(c)	Prior to Oct. 3, 2016, known as Cash Management Fund.
(d)	For the period Oct. 1, 2018 to March 31, 2019.

196

Delaware Government Cash Management Fund^(c)


	Year ended
Class R6 shares		Six months ended 3/31/19(d)		9/30/18		9/30/17			9/30/16			9/30/15			9/30/14
Net asset value, beginning of period		$1.00			$1.00		$1.00			$1.00			$1.00			$1.00
Income (loss) from investment operations:
Net investment income(a)		0.01			0.01		0.00	(b)		—			—			—
Net realized and unrealized gain		—			—		—			—			—			—
Total from investment operations		0.01			0.01		0.00	(b)		—			—			—
Less dividends and distributions from:
Net investment income		0.01			0.01		0.00	(b)		—			—			—
Net realized gain		—			—		—			—			—			—
Total distributions		0.01			0.01		0.00	(b)		—			—			—
Net asset value, end of period		$1.00			$1.00		$1.00			$1.00			$1.00			$1.00
Total return*		0.87%	††		0.97%		0.07%			0.00%			0.00%			0.00%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$1			$1		$2,394			$2,844			$2,267			$2,595
Ratio of expenses to average net assets after fee credits		0.60%	†		0.60%		0.60%			0.33%			0.10%			0.08%
Ratio of expenses to average net assets prior to fee credits***		0.60%	†		0.60%		0.60%			0.33%			0.10%			0.08%
Ratio of net investment income to average net assets		1.78%	†		0.96%		0.06%			0.00%			0.00%			0.00%
Ratio of expenses to average net assets prior to fees waived***		0.80%	†		0.68%		0.68%			0.68%			0.67%			0.66%
Ratio of net investment income (loss) to average net assets prior to fees waived		1.58%	†		0.88%		(0.02%	)		(0.35%	)		(0.57%	)		(0.58%	)
Portfolio turnover		—			—		—			—			—			—


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
(a)	Based on average shares during the period.
(b)	Due to rounding, amount is less than .005 per share.
(c)	Prior to Oct. 3, 2016, known as Cash Management Fund.
(d)	For the period Oct. 1, 2018 to March 31, 2019.

197

Financial highlights

Delaware International Opportunities Bond Fund


	Year ended
Class A shares		Six months ended 3/31/19(b)		9/30/18			9/30/17		9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$8.78			$9.49			$9.21		$8.63		$9.85			$9.84
Income (loss) from investment operations:
Net investment income(a)		0.13			0.23			0.22		0.20		0.12			0.21
Net realized and unrealized gain (loss)		(0.15	)		(0.64	)		0.21		0.51		(1.06	)		0.07
Total from investment operations		(0.02	)		(0.41	)		0.43		0.71		(0.94	)		0.28
Less dividends and distributions from:
Net investment income		0.16			0.30			0.15		0.13		0.28			0.27
Net realized gain		—			—			—		—		—			—
Total distributions		0.16			0.30			0.15		0.13		0.28			0.27
Net asset value, end of period		$8.60			$8.78			$9.49		$9.21		$8.63			$9.85
Total return*		(0.21%)	††		(4.50%	)		4.70%		8.30%		(9.72%	)		2.84%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$49,291			$54,060			$59,782		$65,456		$69,394			$80,197
Ratio of expenses to average net assets after fee credits		1.44%	†		1.40%			1.41%		1.38%		1.30%			1.30%
Ratio of expenses to average net assets prior to fee credits***		1.44%	†		1.40%			1.41%		1.38%		1.30%			1.30%
Ratio of net investment income to average net assets		3.10%	†		2.49%			2.35%		2.29%		1.29%			2.06%
Ratio of expenses to average net assets prior to fees waived***		—			—			—		1.41%		1.38%			1.41%
Ratio of net investment income to average net assets prior to fees waived		—			—			—		2.26%		1.21%			1.95%
Portfolio turnover		17%	††		41%			76%		72%		61%			76%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

198

Delaware International Opportunities Bond Fund


	Year ended
Institutional Class shares		Six months ended 3/31/19(b)		9/30/18			9/30/17		9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$8.87			$9.56			$9.25		$8.64		$9.85			$9.85
Income (loss) from investment operations:
Net investment income(a)		0.14			0.27			0.24		0.23		0.14			0.24
Net realized and unrealized gain (loss)		(0.15	)		(0.66	)		0.23		0.51		(1.06	)		0.04
Total from investment operations		(0.01	)		(0.39	)		0.47		0.74		(0.92	)		0.28
Less dividends and distributions from:
Net investment income		0.16			0.30			0.16		0.13		0.29			0.28
Net realized gain		—			—			—		—		—			—
Total distributions		0.16			0.30			0.16		0.13		0.29			0.28
Net asset value, end of period		$8.70			$8.87			$9.56		$9.25		$8.64			$9.85
Total return*		(0.07%)	††		(4.17%	)		5.07%		8.70%		(9.51%	)		2.81%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$89,839			$87,491			$68,162		$50,749		$50,912			$33,851
Ratio of expenses to average net assets after fee credits		1.14%	†		1.08%			1.11%		1.08%		1.04%			1.10%
Ratio of expenses to average net assets prior to fee credits***		1.14%	†		1.08%			1.11%		1.08%		1.04%			1.10%
Ratio of net investment income to average net assets		3.40%	†		2.82%			2.66%		2.60%		1.56%			2.21%
Ratio of expenses to average net assets prior to fees waived***		—			—			—		—		—			—
Ratio of net investment income to average net assets prior to fees waived		—			—			—		—		—			—
Portfolio turnover		17%	††		41%			76%		72%		61%			76%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

199

Financial highlights

Delaware International Opportunities Bond Fund


	Year ended
Class R6 shares		Six months ended 3/31/19(b)		9/30/18			9/30/17		9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$8.92			$9.59			$9.29		$8.67		$9.88			$9.85
Income (loss) from investment operations:
Net investment income(a)		0.15			0.28			0.22		0.24		0.17			0.25
Net realized and unrealized gain (loss)		(0.16	)		(0.65	)		0.27		0.52		(1.08	)		0.06
Total from investment operations		(0.01	)		(0.37	)		0.49		0.76		(0.91	)		0.31
Less dividends and distributions from:
Net investment income		0.12			0.30			0.19		0.14		0.30			0.28
Net realized gain		—			—			—		—		—			—
Total distributions		0.12			0.30			0.19		0.14		0.30			0.28
Net asset value, end of period		$8.79			$8.92			$9.59		$9.29		$8.67			$9.88
Total return*		(0.02%)	††		(4.03%	)		5.27%		8.85%		(9.36%	)		3.19%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$18,836			$9,868			$8,669		$8,289		$19,097			$16,014
Ratio of expenses to average net assets after fee credits		0.97%	†		0.93%			0.94%		0.93%		0.90%			0.93%
Ratio of expenses to average net assets prior to fee credits***		0.97%	†		0.93%			0.95%		0.93%		0.90%			0.93%
Ratio of net investment income to average net assets		3.57%	†		2.98%			2.80%		2.75%		1.69%			2.43%
Ratio of expenses to average net assets prior to fees waived***		—			—			—		—		—			—
Ratio of net investment income to average net assets prior to fees waived		—			—			—		—		—			—
Portfolio turnover		17%	††		41%			76%		72%		61%			76%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

200

Delaware Investment Grade Fund


	Year ended
Class A shares		Six months ended 3/31/19(b)		9/30/18			9/30/17			9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$9.17			$9.66			$9.90			$9.64		$9.92			$9.78
Income (loss) from investment operations:
Net investment income(a)		0.13			0.26			0.26			0.27		0.28			0.31
Net realized and unrealized gain (loss)		0.29			(0.42	)		(0.17	)		0.35		(0.17	)		0.22
Total from investment operations		0.42			(0.16	)		0.09			0.62		0.11			0.53
Less dividends and distributions from:
Net investment income		0.16			0.33			0.33			0.36		0.39			0.39
Net realized gain		—			—			—			—		—			—
Total distributions		0.16			0.33			0.33			0.36		0.39			0.39
Net asset value, end of period		$9.43			$9.17			$9.66			$9.90		$9.64			$9.92
Total return*		4.68%	††		(1.69%	)		0.97%			6.55%		1.12%			5.50%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$387,909			$400,673			$462,999			$477,010		$458,704			$475,090
Ratio of expenses to average net assets after fee credits		1.08%	†		1.06%			1.04%			1.04%		1.04%			1.05%
Ratio of expenses to average net assets prior to fee credits***		1.08%	†		1.06%			1.04%			1.05%		1.04%			1.05%
Ratio of net investment income to average net assets		3.00%	†		2.80%			2.68%			2.78%		2.85%			3.11%
Ratio of expenses to average net assets prior to fees waived***		1.18%	†		1.17%			1.15%			1.15%		1.15%			1.16%
Ratio of net investment income to average net assets prior to fees waived		2.90%	†		2.69%			2.57%			2.68%		2.74%			3.00%
Portfolio turnover		33%	††		58%			52%			37%		36%			49%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

201

Financial highlights

Delaware Investment Grade Fund


	Year ended
Institutional Class shares		Six months ended 3/31/19(b)		9/30/18			9/30/17			9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$9.23			$9.71			$9.94			$9.67		$9.92			$9.78
Income (loss) from investment operations:
Net investment income(a)		0.15			0.30			0.26			0.30		0.31			0.34
Net realized and unrealized gain (loss)		0.28			(0.42	)		(0.14	)		0.34		(0.16	)		0.20
Total from investment operations		0.43			(0.12	)		0.12			0.64		0.15			0.54
Less dividends and distributions from:
Net investment income		0.18			0.36			0.35			0.37		0.40			0.40
Net realized gain		—			—			—			—		—			—
Total distributions		0.18			0.36			0.35			0.37		0.40			0.40
Net asset value, end of period		$9.48			$9.23			$9.71			$9.94		$9.67			$9.92
Total return*		4.73%	††		(1.25%	)		1.32%			6.78%		1.53%			5.61%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$197,002			$180,286			$136,316			$83,659		$63,614			$44,351
Ratio of expenses to average net assets after fee credits		0.74%	†		0.72%			0.72%			0.74%		0.73%			0.69%
Ratio of expenses to average net assets prior to fee credits***		0.74%	†		0.72%			0.72%			0.74%		0.73%			0.69%
Ratio of net investment income to average net assets		3.34%	†		3.15%			2.99%			3.08%		3.17%			3.38%
Ratio of expenses to average net assets prior to fees waived***		0.84%	†		0.83%			0.82%			0.85%		0.84%			0.80%
Ratio of net investment income to average net assets prior to fees waived		3.24%	†		3.04%			2.89%			2.97%		3.06%			3.27%
Portfolio turnover		33%	††		58%			52%			37%		36%			49%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

202

Delaware Investment Grade Fund


	Year ended
Class R6 shares		Six months ended 3/31/19(b)		9/30/18			9/30/17			9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$9.20			$9.68			$9.92			$9.66		$9.94			$9.79
Income (loss) from investment operations:
Net investment income(a)		0.15			0.31			0.31			0.31		0.32			0.35
Net realized and unrealized gain (loss)		0.28			(0.42	)		(0.18	)		0.35		(0.17	)		0.23
Total from investment operations		0.43			(0.11	)		0.13			0.66		0.15			0.58
Less dividends and distributions from:
Net investment income		0.18			0.37			0.37			0.40		0.43			0.43
Net realized gain		—			—			—			—		—			—
Total distributions		0.18			0.37			0.37			0.40		0.43			0.43
Net asset value, end of period		$9.45			$9.20			$9.68			$9.92		$9.66			$9.94
Total return*		4.78%	††		(1.18%	)		1.41%			6.97%		1.48%			5.98%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$20,327			$23,974			$26,127			$31,395		$15,025			$22,269
Ratio of expenses to average net assets after fee credits		0.66%	†		0.64%			0.63%			0.63%		0.63%			0.63%
Ratio of expenses to average net assets prior to fee credits***		0.66%	†		0.64%			0.63%			0.63%		0.63%			0.63%
Ratio of net investment income to average net assets		3.42%	†		3.23%			3.10%			3.17%		3.26%			3.51%
Ratio of expenses to average net assets prior to fees waived***		0.76%	†		0.75%			0.74%			0.74%		0.74%			0.74%
Ratio of net investment income to average net assets prior to fees waived		3.32%	†		3.12%			2.99%			3.06%		3.15%			3.40%
Portfolio turnover		33%	††		58%			52%			37%		36%			49%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	For the period Oct. 1, 2018 to March 31, 2019.

203

Financial highlights

Delaware Limited Duration Bond Fund^(b)


	Year ended
Class A shares		Six months ended 3/31/19(c)		9/30/18			9/30/17			9/30/16			9/30/15			05/19/14(d) to 09/30/14
Net asset value, beginning of period		$9.17			$9.47			$9.66			$9.76			$9.89			$10.00
Income (loss) from investment operations:
Net investment income (loss)(a)		0.11			—			0.08			(0.03	)		0.03			—
Net realized and unrealized gain (loss)		0.09			(0.05	)		(0.06	)		0.15			(0.04	)		(0.05	)
Total from investment operations		0.20			(0.05	)		0.02			0.12			0.07			(0.05	)
Less dividends and distributions from:
Net investment income		0.13			0.25			0.21			0.22			0.20			0.06
Net realized gain		—			—			—			—			—			—
Total distributions		0.13			0.25			0.21			0.22			0.20			0.06
Net asset value, end of period		$9.24			$9.17			$9.47			$9.66			$9.76			$9.89
Total return*		2.21%	††		(0.52%	)		0.22%			1.21%			0.67%			(0.50%)	††
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$241,720			$247,902			$62,841			$48,342			$26,852			$8,911
Ratio of expenses to average net assets after fee credits		0.79%	†		0.89%			1.05%			1.05%			1.05%			1.05%	†
Ratio of expenses to average net assets prior to fee credits***		0.79%	†		0.89%			1.05%			1.05%			1.05%			1.05%	†
Ratio of net investment income (loss) to average net assets		2.30%	†		0.02%			0.85%			(0.25%	)		0.37%			0.15%	†
Ratio of expenses to average net assets prior to fees waived***		1.04%	†		1.11%			1.22%			1.23%			1.32%			3.37%	†
Ratio of net investment income (loss) to average net assets prior to fees waived		2.05%	†		(0.20%	)		0.68%			(0.43%	)		0.10%			(2.17%)	†
Portfolio turnover		35%	††		102%			60%			54%			57%			19%	††


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	Prior to Jan. 31, 2018, known as Limited Duration High Quality Bond Fund.
(c)	For the period Oct. 1, 2018 to March 31, 2019.
(d)	For the period May 19, 2014 (commencement of operations) to Sept. 30, 2014.

204

Delaware Limited Duration Bond Fund^(b)


	Year ended
Institutional Class shares		Six months ended 3/31/19(c)		9/30/18			9/30/17			9/30/16			9/30/15		05/19/14(d) to 09/30/14
Net asset value, beginning of period		$9.20			$9.50			$9.69			$9.80			$9.91		$10.00
Income (loss) from investment operations:
Net investment income (loss)(a)		0.12			0.03			0.13			—			0.06		0.02
Net realized and unrealized gain (loss)		0.08			(0.05	)		(0.08	)		0.14			0.05		(0.05	)
Total from investment operations		0.20			(0.02	)		0.05			0.14			0.11		(0.03	)
Less dividends and distributions from:
Net investment income		0.14			0.28			0.24			0.25			0.22		0.06
Net realized gain		—			—			—			—			—		—
Total distributions		0.14			0.28			0.24			0.25			0.22		0.06
Net asset value, end of period		$9.26			$9.20			$9.50			$9.69			$9.80		$9.91
Total return*		2.24%	††		(0.25%	)		0.54%			1.47%			1.08%		(0.28%)	††
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$49,032			$35,498			$31,638			$50,645			$40,502		$25,649
Ratio of expenses to average net assets after fee credits		0.51%	†		0.62%			0.75%			0.75%			0.75%		0.75%	†
Ratio of expenses to average net assets prior to fee credits***		0.51%	†		0.62%			0.75%			0.75%			0.75%		0.75%	†
Ratio of net investment income (loss) to average net assets		2.58%	†		0.33%			1.14%			0.04%			0.66%		0.46%	†
Ratio of expenses to average net assets prior to fees waived***		0.84%	†		0.84%			1.02%			1.01%			1.09%		1.02%	†
Ratio of net investment income (loss) to average net assets prior to fees waived		2.25%	†		0.11%			0.87%			(0.22%	)		0.32%		0.19%	†
Portfolio turnover		35%	††		102%			60%			54%			57%		19%	††


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	Prior to Jan. 31, 2018, known as Limited Duration High Quality Bond Fund.
(c)	For the period Oct. 1, 2018 to March 31, 2019.
(d)	For the period May 19, 2014 (commencement of operations) to Sept. 30, 2014.

205

Financial highlights

Delaware Limited Duration Bond Fund^(b)


	Year ended
Class R6 shares		Six months ended 3/31/19(c)		9/30/18			9/30/17			9/30/16			9/30/15		05/19/14(d) to 09/30/14
Net asset value, beginning of period		$9.21			$9.52			$9.70			$9.81			$9.92		$10.00
Income (loss) from investment operations:
Net investment income (loss)(a)		0.13			0.04			0.11			0.02			0.08		0.02
Net realized and unrealized gain (loss)		0.09			(0.06	)		(0.04	)		0.14			0.04		(0.03	)
Total from investment operations		0.22			(0.02	)		0.07			0.16			0.12		(0.01	)
Less dividends and distributions from:
Net investment income		0.15			0.29			0.25			0.27			0.23		0.07
Net realized gain		—			—			—			—			—		—
Total distributions		0.15			0.29			0.25			0.27			0.23		0.07
Net asset value, end of period		$9.28			$9.21			$9.52			$9.70			$9.81		$9.92
Total return*		2.43%	††		(0.19%	)		0.77%			1.64%			1.21%		(0.14%)	††
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$37,563			$38,822			$41,065			$22,296			$6,747		$5,125
Ratio of expenses to average net assets after fee credits		0.36%	†		0.47%			0.60%			0.60%			0.60%		0.60%	†
Ratio of expenses to average net assets prior to fee credits***		0.36%	†		0.47%			0.60%			0.60%			0.60%		0.60%	†
Ratio of net investment income (loss) to average net assets		2.71%	†		0.46%			1.30%			0.20%			0.81%		0.53%	†
Ratio of expenses to average net assets prior to fees waived***		0.59%	†		0.68%			0.82%			0.82%			0.92%		3.32%	†
Ratio of net investment income (loss) to average net assets prior to fees waived		2.48%	†		0.25%			1.08%			(0.02%	)		0.49%		(2.19%)	†
Portfolio turnover		35%	††		102%			60%			54%			57%		19%	††


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.
(b)	Prior to Jan. 31, 2018, known as Limited Duration High Quality Bond Fund.
(c)	For the period Oct. 1, 2018 to March 31, 2019.
(d)	For the period May 19, 2014 (commencement of operations) to Sept. 30, 2014.

206

Delaware Strategic Income II Fund


	Year ended
Class A shares		Six months ended 3/31/19(d)		9/30/18			9/30/17		9/30/16		9/30/15			9/30/14
Net asset value, beginning of period		$9.20			$9.53			$9.48		$9.30		$9.94			$9.78
Income (loss) from investment operations:
Net investment income(a)(c)		0.16			0.31			0.30		0.30		0.34			0.32
Net realized and unrealized gain (loss)		(0.01	)		(0.32	)		0.05		0.22		(0.57	)		0.12
Total from investment operations		0.15			(0.01	)		0.35		0.52		(0.23	)		0.44
Less dividends and distributions from:
Net investment income		0.16			0.32			0.30		0.32		0.34			0.28
Net realized gain		—			—			—		0.02		0.07			0.00	(e)
Total distributions		0.16			0.32			0.30		0.34		0.41			0.28
Net asset value, end of period		$9.19			$9.20			$9.53		$9.48		$9.30			$9.94
Total return*		1.66%	††		(0.10%	)		3.73%		5.64%		(2.37%	)		4.55%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$147,501			$152,180			$162,789		$149,190		$131,734			$101,540
Ratio of expenses to average net assets after fee credits(b)		0.60%	†		0.56%			0.57%		0.58%		0.59%			0.80%
Ratio of expenses to average net assets prior to fee credits***(b)		0.60%	†		0.56%			0.57%		0.58%		0.59%			0.80%
Ratio of net investment income to average net assets(a)		3.42%	†		3.36%			3.24%		3.19%		3.55%			3.18%
Ratio of expenses to average net assets prior to fees waived***		—			—			—		—		—			0.68%	(b)
Ratio of net investment income to average net assets prior to fees waived		—			—			—		—		—			3.30%	(a)
Portfolio turnover		43%	††		58%			37%		49%		40%			20%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests.
(b)	Does not include expenses of the investment companies in which the Fund invests.
(c)	Based on average shares during the period.
(d)	For the period Oct. 1, 2018 to March 31, 2019.
(e)	Due to rounding, amount is less than .005 per share.

207

Financial highlights

Delaware Strategic Income II Fund


			Year ended
Institutional Class shares	Six months ended 3/31/19(d)		9/30/18			9/30/17		9/30/16		9/30/15			9/30/14
Net asset value, beginning of period	$9.19			$9.52			$9.47		$9.29		$9.92			$9.77
Income (loss) from investment operations:
Net investment income(a)(c)	0.17			0.34			0.29		0.33		0.38			0.36
Net realized and unrealized gain (loss)	—			(0.32	)		0.09		0.23		(0.56	)		0.11
Total from investment operations	0.17			0.02			0.38		0.56		(0.18	)		0.47
Less dividends and distributions from:
Net investment income	0.18			0.35			0.33		0.36		0.38			0.32
Net realized gain	—			—			—		0.02		0.07			0.00	(e)
Total distributions	0.18			0.35			0.33		0.38		0.45			0.32
Net asset value, end of period	$9.18			$9.19			$9.52		$9.47		$9.29			$9.92
Total return*	1.85%	††		0.22%			4.14%		6.14%		(1.93%	)		4.82%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$830			$759			$963		$415		$306			$323
Ratio of expenses to average net assets after fee credits(b)	0.27%	†		0.21%			0.18%		0.17%		0.19%			0.36%
Ratio of expenses to average net assets prior to fee credits***(b)	0.27%	†		0.21%			0.18%		0.17%		0.19%			0.36%
Ratio of net investment income to average net assets(a)	3.77%	†		3.70%			3.66%		3.59%		3.95%			3.62%
Ratio of expenses to average net assets prior to fees waived***	—			—			—		—		—			0.29%	(b)
Ratio of net investment income to average net assets prior to fees waived	—			—			—		—		—			3.69%	(a)
Portfolio turnover	43%	††		58%			37%		49%		40%			20%


*	Calculated without sales charges.
**	Net of expenses waived or assumed (Note 3).
***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests.
(b)	Does not include expenses of the investment companies in which the Fund invests.
(c)	Based on average shares during the period.
(d)	For the period Oct. 1, 2018 to March 31, 2019.
(e)	Due to rounding, amount is less than .005 per share.

208

How to read the financial highlights

Net investment income (loss)
Net investment income (loss) includes dividend and interest income earned from a fund's investments; it is calculated after expenses have been deducted.

Net realized and unrealized gain (loss) on investments
A realized gain occurs when we sell an investment at a profit, while a realized loss occurs when we sell an investment at a loss. When an investment increases or decreases in value but we do not sell it, we record an unrealized gain or loss. The amount of realized gain per share, if any, that we pay to shareholders would be listed under “Less dividends and distributions from: Net realized gain.”

Net asset value (NAV)
This is the value of a mutual fund share, calculated by dividing the net assets by the number of shares outstanding.

Total return
This represents the rate that an investor would have earned or lost on an investment in a fund. In calculating this figure for the financial highlights table, we include applicable fee waivers, exclude front-end sales charges and contingent deferred sales charges, and assume the shareholder has reinvested all dividends and realized gains.

Net assets
Net assets represent the total value of all the assets in a fund's portfolio, less any liabilities, that are attributable to that class of the fund.

Ratio of expenses to average net assets
The expense ratio is the percentage of net assets that a fund pays annually for operating expenses and management fees. These expenses include accounting and administration expenses, services for shareholders, and similar expenses.

Ratio of net investment income (loss) to average net assets
We determine this ratio by dividing net investment income (loss) by average net assets.

Portfolio turnover
This figure tells you the amount of trading activity in a fund's portfolio. A turnover rate of 100% would occur if, for example, a fund bought and sold all of the securities in its portfolio once in the course of a year or frequently traded a single security. A high rate of portfolio turnover in any year may increase brokerage commissions paid and could generate taxes for shareholders on realized investment gains.

209

Broker-defined sales charge waiver policies

From time to time, shareholders purchasing Fund shares through a brokerage platform or account may be eligible for CDSC sales charge waivers and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

Merrill Lynch:

Shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

Front-end sales charge waivers for Class A shares available at Merrill Lynch

—

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

—

Shares purchased by or through a 529 Plan

—

Shares purchased through a Merrill Lynch affiliated investment advisory program

—

Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform

—

Shares of Delaware Funds purchased through the Merrill Edge Self-Directed platform (if applicable)

—

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other Fund within Delaware Funds)

—

Employees and registered representatives of Merrill Lynch or its affiliates and their family members

—

Trustees of the Trust and employees of the Manager or any of its affiliates, as described in this Prospectus

—

Shares purchased from the proceeds of redemptions within Delaware Funds, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)

CDSC waivers on Class A available at Merrill Lynch

—

Death or disability of the shareholder

—

Shares sold as part of a systematic withdrawal plan as described in this Prospectus

—

Return of excess contributions from an IRA Account

—

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½

—

Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

—

Shares acquired through a right of reinstatement

—

Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms

Front-end sales charge discounts available at Merrill Lynch: Breakpoints, rights of accumulation, and letters of intent

—

Breakpoints as described in this Prospectus.

—

Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Delaware Fund assets held by accounts within the purchaser’s household at Merrill Lynch. Eligible Delaware Fund assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

—

Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within Delaware Funds, through Merrill Lynch, over a 13-month period of time (if applicable).

Morgan Stanley Wealth Management:

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Prospectus or the SAI.

Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management

—

Employer-sponsored retirement plans (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans

—

Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules

—

Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same Fund

—

Shares purchased through a Morgan Stanley self-directed brokerage account

—

Shares purchased from the proceeds of redemptions within Delaware Funds, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

210

Ameriprise Financial:

Class A Shares Front-End Sales Charge Waivers Available at Ameriprise Financial:

Shareholders purchasing Fund shares through an Ameriprise Financial platform or account will be eligible for the following front-end sales charge waivers and discounts with respect to Class A shares, which may differ from those disclosed elsewhere in this Prospectus or the SAI:

—

Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available).

—

Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’s platform (if an Advisory or similar share class for such investment advisory program is not available).

—

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other Fund within Delaware Funds).

—

Shares exchanged from Class C shares of the same Fund in the month of or following the 10-year anniversary of the purchase date. To the extent that this Prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this Prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.

—

Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

—

Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, stepson, daughter, stepdaughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

—

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”):

Shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.

Front-end sales load waivers on Class A shares available at Raymond James

—

Shares purchased in an investment advisory program.

—

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other Fund within the Delaware Funds).

—

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

—

CDSC waivers on Class A available at Raymond James

—

Death or disability of the shareholder.

—

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

—

Return of excess contributions from an IRA Account.

—

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s Prospectus.

—

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

—

Shares acquired through a right of reinstatement.

Front-end load discounts available at Raymond James: Breakpoints, and/or rights of accumulation

—

Breakpoints as described in this Prospectus.

—

Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Delaware Funds assets held by accounts within the purchaser’s household at Raymond James. Eligible Delaware Funds assets not held at Raymond James may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

211

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Additional information

Contact information

•

Website: delawarefunds.com

•

Delaware Funds by Macquarie: 800 423-4026 (representatives available weekdays from 9:00am to 6:00pm Eastern time)

○

For fund information, literature, price, yield, and performance figures.

○

For information on existing regular investment accounts and retirement plan accounts including wire investments, wire redemptions, telephone redemptions, and telephone exchanges.

•

Written correspondence: Delaware Funds by Macquarie, Raritan Plaza 1, Edison, NJ 08837-3620.

213

Additional information about the Funds’ investments is available in their annual and semiannual shareholder reports. In the Funds’ annual shareholder report, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds’ performance during the period covered by the report. You can find more information about the Funds in their current SAI, which is filed electronically with the SEC, and which is legally a part of this Prospectus (it is incorporated by reference). To receive a free copy of the SAI, or the annual or semiannual reports, or if you have any questions about investing in the Funds, write to us at Raritan Plaza 1, Edison, NJ 08837-3620, or call toll-free 800 423-4026. The SAI and shareholder reports are available, free of charge, through the Funds’ website at delawarefunds.com/literature. You may also obtain additional information about the Funds from your financial advisor.

You can find reports and other information about the Funds on the EDGAR database on the SEC website at sec.gov. You may obtain copies of this information, after paying a duplication fee, by emailing the SEC at publicinfo@sec.gov.

Investment Company Act number: 811-04413

PR-FOR [9/19] 22379 [10/19]

PART C
(Delaware Group^®Equity Funds IV)
File Nos. 033-00442/811-04413
Post-Effective Amendment No. 74

	(2)	Form of Dealer’s Agreement incorporated into this filing by reference to Post-Effective Amendment No. 71 filed July 29, 2019.

	(3)	Form of Registered Investment Advisers Agreement incorporated into this filing by reference to Post-Effective Amendment No. 71 filed July 29, 2019.

	(4)	Form of Bank/Trust Agreement incorporated into this filing by reference to Post-Effective Amendment No. 71 filed July 29, 2019.


	(f)	Bonus or Profit Sharing Contracts. Not applicable.

	(g)	Custodian Agreements.


	(1)	Executed 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. 41 filed January 27, 2009.

	(i)	Executed Amendment (January 1, 2014) to the Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 52 filed January 28, 2015.

	(ii)	Executed Amendment No. 2 (July 1, 2017) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 66 filed July 26, 2018.


	(2)	Executed 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. 40 filed January 28, 2008.

	(i)	Executed Amendment (September 22, 2009) to the Securities Lending Authorization Agreement incorporated into this filing by reference to Post-Effective Amendment No. 44 filed January 28, 2011.

	(ii)	Executed Amendment No. 2 (January 1, 2010) to the Securities Lending Authorization Agreement incorporated into this filing by reference to the Registration Statement on Form N-14 filed June 4, 2010.

Wellington Management Company LLP (“Wellington Management”) serves as a sub-adviser to Delaware Hedged U.S. Equity Opportunities Fund. The description of Wellington under the caption “Who manages the Funds” in the Prospectus constituting Part A of this Registration Statement is incorporated into this Part C by reference. Information on the member and officers of Wellington set forth in its Form ADV filed with the U.S. Securities and Exchange Commission (File No. 801-15908) is incorporated into this filing by reference.

Macquarie Funds Management Hong Kong Limited (“MFMHKL”) serves as a sub-adviser to Delaware Healthcare Fund, Delaware Small Cap Growth Fund, Delaware Smid Cap Growth Fund, Delaware Equity Income Fund, Delaware Global Equity Fund, Delaware Growth and Income Fund, Delaware International Fund, Delaware Opportunity Fund, Delaware Special Situations Fund and Delaware Total Return Fund. The description of MFMHKL under the caption “Who manages the Fund” in the Prospectuses constituting Part A of this Registration Statement is incorporated into this Part C by reference. Information on the directors and officers of MFMHKL set forth in its Form ADV filed with the U.S. Securities and Exchange Commission (File No. 801-76257) is incorporated into this filing by reference.

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Philadelphia and Commonwealth of Pennsylvania on this 4th day of October, 2019.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

*By: /s/ Shawn K. Lytle
Shawn K. Lytle
as Attorney-in-Fact for each of the persons indicated
(Pursuant to Powers of Attorney previously filed)

		File No. 033-00442
		File No. 811-04413

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933		/X/

Pre-Effective Amendment No.		/ /
Post-Effective Amendment No.	74	/X/

		and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940		/X/

Amendment No.	74

2005 Market Street, Philadelphia, Pennsylvania	19103-7094
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s Telephone Number, including Area Code:	(800) 523-1918

/X/	immediately upon filing pursuant to paragraph (b)
/ /	on (date) pursuant to paragraph (b)
/ /	60 days after filing pursuant to paragraph (a)(1)
/ /	on (date) pursuant to paragraph (a)(1)
/ /	75 days after filing pursuant to paragraph (a)(2)
/ /	on (date) pursuant to paragraph (a)(2) of Rule 485.

	1.	Facing Page
	2.	Contents Page
	3.	Part A – Prospectus
	4.	Part B – Statement of Additional Information
	5.	Part C – Other Information
	6.	Signatures
	7.	Exhibits


Nasdaq ticker symbols
	Class A	Institutional Class	Class R6
Delaware Covered Call Strategy Fund	FRCCX	FRCDX	FRCEX
Delaware Equity Income Fund	FIUTX	FIUUX	FIUVX
Delaware Global Equity Fund	FIISX	FIITX	FIIUX
Delaware Growth and Income Fund	FGINX	FGIPX	FGIQX
Delaware Hedged U.S. Equity Opportunities Fund	FHEJX	FHEKX	FHELX
Delaware International Fund	FIINX	FIIPX	FIIQX
Delaware Opportunity Fund	FIUSX	FIVUX	FIVVX
Delaware Premium Income Fund	FPIKX	FPILX	FPIMX
Delaware Growth Equity Fund	FICGX	FICHX	FICIX
Delaware Special Situations Fund	FISSX	FISTX	FISUX
Delaware Total Return Fund	FITRX	FITUX	FITVX
Delaware Floating Rate II Fund	FRFDX	FRFEX	FRFNX
Delaware Fund for Income	FIFIX	FIFKX	FIFLX
Delaware Government Cash Management Fund	FICXX	n/a	FIFXX
Delaware International Opportunities Bond Fund	FIOBX	FIODX	FIOEX
Delaware Investment Grade Fund	FIIGX	FIIJX	FIIKX
Delaware Limited Duration Bond Fund	FLDKX	FLDLX	FLDMX
Delaware Strategic Income II Fund	FSIFX	FSIHX	n/a


	Page
Organization and Classification	3
Investment Objectives, Restrictions, and Policies	4
Investment Strategies and Risks	7
Disclosure of Portfolio Holdings Information	49
Management of the Trust	51
Code of Ethics	58
Proxy Voting Policies — The Manager	58
Proxy Voting Policies — Smith	59
Proxy Voting Policies — ZCM	59
Proxy Voting Policies — Wellington Management	59
Investment Manager and Other Service Providers	59
Portfolio Managers	68
Trading Practices and Brokerage	75
Capital Structure	79
Purchasing Shares	80
Investment Plans	84
Determining Offering Price and Net Asset Value	86
Redemption and Exchange	87
Distributions and Taxes	90
Performance Information	101
Financial Statements	101
Principal Holders	101
Appendix A — Description of Ratings	106
Appendix B — Proxy Voting Guidelines — Smith
Appendix C — Proxy Voting Policies — ZCM
Appendix D — Global Proxy Voting Policies — Wellington Management


Predecessor Fund	Fund
First Investors Covered Call Strategy Fund	Delaware Covered Call Strategy Fund
First Investors Equity Income Fund	Delaware Equity Income Fund
First Investors Global Fund	Delaware Global Equity Fund
First Investors Growth & Income Fund	Delaware Growth and Income Fund
First Investors Hedged U.S. Equity Opportunities Fund	Delaware Hedged U.S. Equity Opportunities Fund
First Investors International Fund	Delaware International Fund
First Investors Opportunity Fund	Delaware Opportunity Fund
First Investors Premium Income Fund	Delaware Premium Income Fund
First Investors Select Growth Fund	Delaware Growth Equity Fund
First Investors Special Situations Fund	Delaware Special Situations Fund
First Investors Total Return Fund	Delaware Total Return Fund
First Investors Floating Rate Fund	Delaware Floating Rate II Fund
First Investors Fund For Income	Delaware Fund for Income
First Investors Government Cash Management Fund	Delaware Government Cash Management Fund
First Investors International Opportunities Bond Fund	Delaware International Opportunities Bond Fund
First Investors Investment Grade Fund	Delaware Investment Grade Fund
First Investors Limited Duration Bond Fund	Delaware Limited Duration Bond Fund
First Investors Strategic Income Fund	Delaware Strategic Income II Fund


Fund	2018	2017
Delaware Covered Call Strategy Fund	107%	121%
Delaware Equity Income Fund	35%	15%
Delaware Global Equity Fund	132%	117%
Delaware Growth and Income Fund	34%	16%
Delaware Hedged U.S. Equity Opportunities Fund	56%	75%
Delaware International Fund	36%	38%
Delaware Opportunity Fund	35%	32%
Delaware Premium Income Fund**	77%	N/A
Delaware Growth Equity Fund	37%	58%
Delaware Special Situations Fund	48%	27%
Delaware Total Return Fund	53%	39%
Delaware Floating Rate II Fund	60%	89%
Delaware Fund for Income	67%	65%
Delaware Government Cash Management Fund	N/A	N/A
Delaware International Opportunities Bond Fund	41%	76%
Delaware Investment Grade Fund	58%	52%
Delaware Limited Duration Bond Fund	102%	60%
Delaware Strategic Income II Fund	58%	37%


*	This historical information is that of the Predecessor Fund to each Fund.
**	The Predecessor Fund to this Fund commenced operations on April 2, 2018.


Delaware Covered Call Strategy Fund	✓ Fund uses or currently anticipates using	– Fund does not currently anticipate using
Debt Securities	✓
Commercial Paper and Other Short-Term Investments*	✓
Corporate Bonds and Notes	–
Convertible Debt Securities	–
High Yield Securities	–
Mortgage-Backed Securities	–
Other Asset-Backed Securities	–
Municipal Securities	–
Syndicated Bank Loans	–
US Government Securities*	✓
Variable and Floating Rate Securities	–
Zero Coupon and Pay-In-Kind Bonds	–
Equity Securities	✓
Common Stocks, Preferred Stocks, Rights and Warrants	✓
Shares of Other Investment Companies	✓
Shares of Exchange Traded Funds	✓
Real Estate Related Companies and Real Estate Investment Trusts	–
Master Limited Partnerships	–
Foreign Securities Exposure	✓
Depositary Receipts	✓
Foreign Securities Traded in the US	✓
Foreign Securities Traded in Foreign Markets	–
Foreign Securities Traded in Emerging Markets	–
Foreign Currency	–
Derivatives	✓
Credit-Linked Securities	–
Inverse Floaters	–
Interest Rate Swaps	–
Options	✓
Futures	–
Forwards	–
Restricted and Illiquid Securities	✓
When-Issued Securities	✓
Stand-By Commitments	–
Short Sales	–
Repurchase Agreements	–
Temporary Borrowing	✓
Temporary Defensive Investments	✓


*	The Manager may invest the Fund’s cash balance in US Government securities and other short-term investments.


*	The Fund’s Manager may invest the Fund’s cash balance in US Government securities and other short-term investments.


Name, Address, and Birthdate	Position(s) Held with the Trust	Length of Time Served	Number of Funds in Fund Complex Overseen by Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years
Interested Trustee
Shawn K. Lytle¹ 2005 Market Street Philadelphia, PA 19103 February 1970	President, Chief Executive Officer, and Trustee	President and Chief Executive Officer since August 2015 Trustee since September 2015	95	President — Macquarie Investment Management² (June 2015–Present) Regional Head of Americas — UBS Global Asset Management (April 2010–May 2015)	Trustee — UBS Relationship Funds, SMA Relationship Trust, and UBS Funds (May 2010– April 2015)
Independent Trustees
Jerome D. Abernathy 2005 Market Street Philadelphia, PA 19103 July 1959	Trustee	Since January 2019	95	Managing Member, Stonebrook Capital Management, LLC (financial technology: macro factors and databases) (January 1993–Present)	None
Thomas L. Bennett 2005 Market Street Philadelphia, PA 19103 October 1947	Chair and Trustee	Trustee since March 2005 Chair since March 2015	95	Private Investor (March 2004–Present)	None
Ann D. Borowiec 2005 Market Street Philadelphia, PA 19103 November 1958	Trustee	Since March 2015	95	Chief Executive Officer, Private Wealth Management (2011–2013) and Market Manager, New Jersey Private Bank (2005–2011) — J.P. Morgan Chase & Co.	Director—Banco Santander International (October 2016–Present) Director—Santander Bank, N.A. (December 2016– Present)
Joseph W. Chow 2005 Market Street Philadelphia, PA 19103 January 1953	Trustee	Since January 2013	95	Private Investor (April 2011–Present)	Director and Audit Committee Member — Hercules Technology Growth Capital, Inc. (July 2004–July 2014)


Officers	Position(s) Held with the Trust	Length of Time Served	Principal Occupation(s) During the Past Five Years
David F. Connor3 2005 Market Street Philadelphia, PA 19103 December 1963	Senior Vice President, General Counsel, and Secretary	Senior Vice President since May 2013; General Counsel since May 2015; Secretary since October 2005	David F. Connor has served in various capacities at different times at Macquarie Investment Management.
Daniel V. Geatens3 2005 Market Street Philadelphia, PA 19103 October 1972	Vice President and Treasurer	Vice President and Treasurer since October 2007	Daniel V. Geatens has served in various capacities at different times at Macquarie Investment Management.
Richard Salus3 2005 Market Street Philadelphia, PA 19103 October 1963	Senior Vice President and Chief Financial Officer	Senior Vice President and Chief Financial Officer since November 2006	Richard Salus has served in various capacities at different times at Macquarie Investment Management.


1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Trust’s Manager.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Funds’ investment manager, principal underwriter, and transfer agent.
3	David F. Connor, Daniel V. Geatens, and Richard Salus serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment manager, principal underwriter, and transfer agent as the Funds. Mr. Geatens also serves as the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which has an affiliated investment manager.


Name	Dollar Range of Equity Securities in the Funds	Aggregate Dollar Range of Equity Securities* in All Registered Investment Companies Overseen by Trustee in Family of Investment Companies
Interested Trustee
Shawn K. Lytle	None	$50,001–$100,000
Independent Trustees
Thomas L. Bennett	None	Over $100,000
Ann D. Borowiec	None	Over $100,000
Joseph W. Chow	None	Over $100,000
John A. Fry	None	Over $100,000
Lucinda S. Landreth	None	Over $100,000
Frances A. Sevilla-Sacasa	None	Over $100,000
Thomas K. Whitford	None	Over $100,000
Janet L. Yeomans	None	Over $100,000


*	The ranges for equity securities ownership by each Trustee are: none; $1-$10,000; $10,001-$50,000; $50,001-$100,000; or over $100,000.


Trustee	Aggregate Compensation from the Trust	Pension or Retirement Benefits Accrued as Part of Fund Expenses	Total Compensation from the Investment Companies in the Delaware Funds Complex*
Thomas L. Bennett (Chair)	$16,609	None	$410,750
Jerome D. Abernathy¹	$3,326	None	$73,000
Ann D. Borowiec	$11,252	None	$278,500
Joseph W. Chow	$13,358	None	$330,750
John A. Fry	$12,806	None	$317,250
Lucinda S. Landreth	$11,947	None	$296,500
Frances A. Sevilla-Sacasa	$12,483	None	$309,250
Thomas K. Whitford	$11,637	None	$289,250
Christianna Wood¹	$3,298	None	$73,000
Janet L. Yeomans	$12,950	None	$321,500


1	Jerome D. Abernathy and Christianna Wood were appointed as Trustees effective Jan. 1, 2019.
*	Each Independent Trustee/Director receives: (i) an annual retainer fee of $200,000 for serving as a Trustee/Director for all 26 investment companies in the Delaware Funds family (95 funds in the complex), plus $14,000 per meeting for attending each Board Meeting in person held on behalf of all investment companies in the complex; and (ii) a $3,000 fee for attending telephonic board meetings on behalf of the investment companies in the complex. The committee members and committee/board chairs also receive the following fees: (i) members of the Nominating and Corporate Governance Committee, Audit Committee, and Investments Committee will receive additional compensation of up to $5,200 for each Committee meeting attended; (ii) the Chair for each of the Audit Committee, the Investments Committee, and the Nominating and Corporate Governance Committee receives an annual retainer of $25,000; and (iii) the Board Chair will receive an additional annual retainer of $80,000. Thomas L. Bennett, John A. Fry, Frances Sevilla-Sacasa, and Joseph W. Chow each received a one-time payment of $20,000 in 2018 to compensate them for their work in identifying and interviewing new Trustees for the Board.


Fund Name	Management Fee (annual rate as a percentage of average daily net assets)
Delaware Special Situations Fund, Delaware Opportunity Fund, and Delaware International Opportunities Bond Fund	0.75% on the first $500 million 0.70% on the next $500 million 0.65% on next $1.5 billion 0.60% on assets in excess of $2.5 billion
Delaware Equity Income Fund, Delaware Growth and Income Fund and Delaware Growth Equity Fund, Delaware Total Return Fund and Delaware Fund for Income	0.65% on the first $500 million 0.60% on the next $500 million 0.55% on next $1.5 billion 0.50% on assets in excess of $2.5 billion
Delaware Global Equity Fund and Delaware International Fund	0.85% on the first $500 million 0.80% on the next $500 million 0.75% on the next $1.5 billion 0.70% on assets in excess of $2.5 billion
Delaware Floating Rate II Fund, Delaware Limited Duration Bond and Delaware Investment Grade Fund	0.50% on the first $500 million 0.475% on the next $500 million 0.45% on next $1.5 billion 0.425% on assets in excess of $2.5 billion
Delaware Covered Call Strategy Fund	0.80% on the first $300 million 0.75% on the next $200 million 0.70% on the next $500 million 0.65% on the next $1 billion 0.60% on the next $1 billion 0.55% on assets in excess of $3 billion
Delaware Hedged U.S. Equity Opportunities Fund	1.15% on the first $100 million 1.10% on the next $400 million 1.05% on the next $500 million 1.00% on the next $1 billion 0.95% on the next $1 billion 0.90% on assets in excess of $3 billion
Delaware Premium Income Fund	0.80%
Delaware Government Cash Management Fund	0.45%
Delaware Strategic Income II Fund	0.55% on the first $500 million 0.50% on the next $500 million 0.45% on next $1.5 billion 0.425% on assets in excess of $2.5 billion


Fund*	Sept. 30, 2018	Sept. 30, 2017	Sept. 30, 2016
Delaware Covered Call Strategy Fund	$2,707,342 paid $0 waived	$1,588,611 paid $103,001 waived	$212,550 paid $130,501 waived
Delaware Equity Income Fund	$4,694,633 paid $0 waived	$4,494,959 paid $0 waived	$4,186,513 paid $0 waived
Delaware Global Equity Fund	$5,854,389 paid $302,998 waived	$5,172,953 paid $272,261 waived	$4,587,844 paid $241,466 waived
Delaware Growth and Income Fund	$12,694,612 paid $0 waived	$12,187,801 paid $0 waived	$11,734,894 paid $0 waived
Delaware Hedged U.S. Equity Opportunities Fund	$1,293,646 paid $0 waived	$727,634 paid $211,271 waived	$33,039 paid $33,039 waived
Delaware International Fund	$3,787,159 paid $0 waived	$3,022,991 paid $0 waived	$2,737,581 paid $0 waived
Delaware Opportunity Fund	$8,028,366 paid $0 waived	$7,220,258 paid $0 waived	$6,538,235 paid $0 waived
Delaware Premium Income Fund**	$168,970 paid $107,119 waived	N/A	N/A
Delaware Growth Equity Fund	$4,708,130 paid $0 waived	$3,544,751 paid $0 waived	$3,180,994 paid $0 waived
Delaware Special Situations Fund	$5,717,700 paid $0 waived	$4,786,219 paid $0 waived	$4,058,074 paid $49,241 waived
Delaware Total Return Fund	$6,310,785 paid $0 waived	$6,237,752 paid $0 waived	$5,975,946 paid $0 waived
Delaware Floating Rate II Fund	$1,251,189 paid $0 waived	$966,926 paid $35,212 waived	$759,777 paid $161,613 waived
Delaware Fund for Income	$4,969,690 paid $156,236 waived	$5,050,879 paid $160,365 waived	$4,851,079 paid $157,952 waived
Delaware Government Cash Management Fund	$689,911 paid $100,093 waived	$656,492 paid $499,136 waived	$596,957 paid $596,957 waived
Delaware International Opportunities Bond Fund	$1,099,638 paid $0 waived	$938,397 paid $0 waived	$977,108 paid $0 waived
Delaware Investment Grade Fund	$4,048,002 paid $655,188 waived	$3,946,566 paid $640,864 waived	$3,691,506 paid $605,056 waived
Delaware Limited Duration Bond Fund	$664,623 paid $256,925 waived	$843,077 paid $212,614 waived	$661,293 paid $224,275 waived
Delaware Strategic Income II Fund	$80,076 paid $0 waived	$78,609 paid $0 waived	$69,999 paid $0 waived


Fiscal Year Ended Sept. 30, 2016
Fund*	Net Underwriting Discounts and Commissions	Compensation on Redemptions and Repurchases	Brokerage Commissions	Other Compensation
Delaware Covered Call Strategy Fund	$843,376	$34,290	N/A	N/A
Delaware Equity Income Fund	$1,914,091	$9,805	N/A	N/A
Delaware Global Equity Fund	$1,144,986	$6,933	N/A	N/A
Delaware Growth and Income Fund	$5,350,880	$9,572	N/A	N/A
Delaware Hedged U.S. Equity Opportunities Fund	$83,900	$0	N/A	N/A
Delaware International Fund	$926,729	$8,174	N/A	N/A
Delaware Opportunity Fund	$3,943,199	$23,567	N/A	N/A
Delaware Premium Income Fund**	N/A	N/A	N/A	N/A
Delaware Growth Equity Fund	$1,796,745	$3,266	N/A	N/A
Delaware Special Situations Fund	$1,900,690	$9,677	N/A	N/A
Delaware Total Return Fund	$4,232,557	$9,975	N/A	N/A


Fiscal Year Ended Sept. 30, 2017
Fund*	Net Underwriting Discounts and Commissions	Compensation on Redemptions and Repurchases	Brokerage Commissions	Other Compensation
Delaware Covered Call Strategy Fund	$2,559,615	$175,038	N/A	N/A
Delaware Equity Income Fund	$1,747,288	$31,115	N/A	N/A
Delaware Global Equity Fund	$862,664	$17,140	N/A	N/A
Delaware Growth and Income Fund	$4,419,419	$23,098	N/A	N/A
Delaware Hedged U.S. Equity Opportunities Fund	$644,146	$2,285	N/A	N/A
Delaware International Fund	$951,451	$16,215	N/A	N/A
Delaware Opportunity Fund	$3,432,941	$26,005	N/A	N/A
Delaware Premium Income Fund**	N/A	N/A	N/A	N/A
Delaware Growth Equity Fund	$1,487,545	$11,359	N/A	N/A
Delaware Special Situations Fund	$1,886,309	$24,480	N/A	N/A
Delaware Total Return Fund	$3,166,631	$24,129	N/A	N/A
Delaware Floating Rate II Fund	$324,977	$9,737	N/A	N/A
Delaware Fund for Income	$1,125,468	$35,700	N/A	N/A


Fiscal Year Ended Sept. 30, 2018***
Fund*	Net Underwriting Discounts and Commissions	Compensation on Redemptions and Repurchases	Brokerage Commissions	Other Compensation
Delaware Covered Call Strategy Fund	$1,941,837	$35,554	N/A	N/A
Delaware Equity Income Fund	$1,105,055	$17,379	N/A	N/A
Delaware Global Equity Fund	$794,677	$25,654	N/A	N/A
Delaware Growth and Income Fund	$3,011,690	$34,841	N/A	N/A
Delaware Hedged U.S. Equity Opportunities Fund	$433,758	$11,988	N/A	N/A
Delaware International Fund	$1,128,532	$50,110	N/A	N/A
Delaware Opportunity Fund	$2,608,004	$18,003	N/A	N/A
Delaware Premium Income Fund**	$319,609	$33,493	N/A	N/A
Delaware Growth Equity Fund	$2,187,930	$22,022	N/A	N/A
Delaware Special Situations Fund	$1,921,554	$40,398	N/A	N/A
Delaware Total Return Fund	$2,461,031	$10,930	N/A	N/A
Delaware Floating Rate II Fund	$180,677	$2,181	N/A	N/A
Delaware Fund for Income	$1,007,817	$22,105	N/A	N/A
Delaware Government Cash Management Fund	$0	$3,447	N/A	N/A
Delaware International Opportunities Bond Fund	$147,043	$3,599	N/A	N/A


*	This historical information is that of the Predecessor Fund to each Fund.
**	The Predecessor Fund to this Fund commenced operations on April 2, 2018.
***	As shown in a separate chart, FFS may receive distribution fees (i.e., Rule 12b-1 fees) from each Fund covered by this SAI.


Class A
Fund*	Compensation to Underwriter	Compensation to Dealers	Compensation to Sales Personnel	Total Distribution Plan Fees Paid
Delaware Covered Call Strategy Fund	$90,018	$20,654	$405,213	$515,885
Delaware Equity Income Fund	$536,176	$50,318	$1,095,847	$1,682,341
Delaware Global Equity Fund	$422,255	$30,358	$730,011	$1,182,624
Delaware Growth and Income Fund	$1,687,208	$155,218	$3,213,715	$5,056,141
Delaware Hedged U.S. Equity Opportunities Fund	$21,406	$810	$113,943	$136,159
Delaware International Fund	$245,436	$15,384	$509,172	$769,992
Delaware Opportunity Fund	$1,122,329	$105,969	$1,854,021	$3,082,319
Delaware Premium Income Fund**	$5,007	$904	$19,087	$24,997
Delaware Growth Equity Fund	$481,507	$41,531	$994,265	$1,517,302
Delaware Special Situations Fund	$548,815	$64,199	$1,112,049	$1,725,063
Delaware Total Return Fund	$828,281	$65,575	$1,709,786	$2,603,642
Delaware Floating Rate II Fund	$60,140	$5,094	$132,499	$197,733
Delaware Fund for Income	$588,485	$47,039	$999,299	$1,634,823
Delaware Government Cash Management Fund	$53,017	$2,575	$120,636	$176,228
Delaware International Opportunities Bond Fund	$404,088	$30,046	$867,559	$1,301,693
Delaware Investment Grade Fund	$59,724	$3,312	$136,496	$199,352


	No. of Accounts	Total Assets Managed	No. of Accounts with Performance- Based Fees	Total Assets in Accounts with Performance- Based Fees
Robert A. Vogel Jr. Registered Investment Companies Other Pooled Investment Vehicles Other Accounts	9 4 24	$17.5 billion $1.0 billion $5.6 billion	0 0 1	$0 $0 $1.2 billion
Nikhil G. Lalvani Registered Investment Companies Other Pooled Investment Vehicles Other Accounts	10 4 24	$17.7 billion $1.0 billion $5.6 billion	0 0 1	$0 $0 $1.2 billion
Kristen E. Bartholdson Registered Investment Companies Other Pooled Investment Vehicles Other Accounts	9 4 24	$17.5 billion $1.0 billion $5.6 billion	0 0 1	$0 $0 $1.2 billion
Christopher S. Beck Registered Investment Companies Other Pooled Investment Vehicles Other Accounts	5 0 6	$6.4 billion $0 $439.4 million	0 0 0	$0 $0 $0
Steven G. Catricks Registered Investment Companies Other Pooled Investment Vehicles Other Accounts	5 0 4	$6.4 billion $0 $432.7 million	0 0 0	$0 $0 $0
Kent P. Madden Registered Investment Companies Other Pooled Investment Vehicles Other Accounts	5 0 4	$6.4 billion $0 $432.7 million	0 0 0	$0 $0 $0
Kelley McKee Carabasi Registered Investment Companies Other Pooled Investment Vehicles Other Accounts	5 0 4	$6.4 billion $0 $432.7 million	0 0 0	$0 $0 $0
Michael Foley Registered Investment Companies Other Pooled Investment Vehicles Other Accounts	3 0 0	$5.3 billion $0 $0	0 0 0	$0 $0 $0
Babak “Bob” Zenouzi Registered Investment Companies Other Pooled Investment Vehicles Other Accounts	9 1 3	$1.8 billion $20.5 million $238.3 million	0 0 0	$0 $0 $0


Commissions Paid Fiscal Year Ended Sept. 30, 2016
Fund*	Total Commissions Paid	Commissions Paid for Research Services	Transactions for Which Commissions Paid for Research Services
Delaware Covered Call Strategy Fund	$93,291	$0	$0
Delaware Equity Income Fund	$274,465	$114,384	$77,582,706
Delaware Global Equity Fund	$706,001	$63,012	$86,242,906
Delaware Growth and Income Fund	$818,266	$563,246	$386,959,295
Delaware Hedged U.S. Equity Opportunities Fund	$5,360	$798	$5,335,721
Delaware International Fund	$134,356	$103,028	$92,648,814
Delaware Opportunity Fund	$739,310	$427,630	$286,676,130
Delaware Premium Income Fund	$281,889	$256,569	$480,779,479
Delaware Growth Equity Fund	$525,157	$284,675	$152,408,779
Delaware Special Situations Fund	$253,055	$166,090	$113,682,222
Delaware Total Return Fund	$0	$0	$0
Delaware Floating Rate II Fund	$0	$0	$0
Delaware Fund for Income	$0	$0	$0
Delaware Government Cash Management Fund	$0	$0	$0
Delaware International Opportunities Bond Fund	$0	$0	$0
Delaware Investment Grade Fund	$0	$0	$0
Delaware Limited Duration Bond Fund	$0	$0	$0


(i)	any net capital loss incurred after Oct. 31 of the current taxable year, or, if there is no such loss, any net long-term capital loss or any net short-term capital loss incurred after Oct. 31 of the current taxable year (“post-October capital losses”), and
(ii)	the sum of (1) the excess, if any, of (a) specified losses incurred after Oct. 31 of the current taxable year, over (b) specified gains incurred after Oct. 31 of the current taxable year and (2) the excess, if any, of (a) ordinary losses incurred after Dec. 31 of the current taxable year, over (b) the ordinary income incurred after Dec. 31 of the current taxable year.


Class	Name and Address of Account	Percentage
Delaware Covered Call Strategy Fund Institutional Class	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310	16.3%
	PERSHING LLC PO BOX 2052 JERSEY CITY, NJ 07303	5.6%
	LPL FINANCIAL CORP PO BOX 509206 SAN DIEGO, CA 92150	14.0%
	CHARLES SCHWAB & CO., INC. 101 MONTGOMERY STREET SAN FRANCISCO, CA 94104	52.1%
Delaware Covered Call Strategy Fund Class R6	CHARLES SCHWAB & CO., INC. 101 MONTGOMERY STREET SAN FRANCISCO, CA 94104	91.2%
	PERSHING LLC PO BOX 2052 JERSEY CITY, NJ 07303	7.6%

1. ROUTINE/MISCELLANEOUS		7
Adjourn Meeting		7
Amend Quorum Requirements		7
Amend Minor Bylaws		7
Change Company Name		7
Change Date, Time, or Location of Annual Meeting		7
Other Business		7

Audit-Related		8
Auditor Indemnification and Limitation of Liability		8
Auditor Ratification		8
Shareholder Proposals Limiting Non-Audit Services		8
Shareholder Proposals on Audit Firm Rotation		8

2. BOARD OF DIRECTORS:		10

Voting on Director Nominees in Uncontested Elections		10
1. Board Accountability		10
2. Board Responsiveness		13
3. Composition		13
4. Independence		14
2018 SAMG Categorization of Directors		15

Other Board-Related Proposals		17
Age/Term Limits		17
Board Size		17
Classification/Declassification of the Board		17
CEO Succession Planning		18
Cumulative Voting		18
Director and Officer Indemnification and Liability Protection		18
Establish/Amend Nominee Qualifications		19
Establish Other Board Committee Proposals		19
Filling Vacancies/Removal of Directors		19
Independent Chair (Separate Chair/CEO)		19
Majority of Independent Directors/Establishment of Independent Committees		20
Majority Vote Standard for the Election of Directors		20
Proxy Access		21
Require More Nominees than Open Seats		21
Shareholder Engagement Policy (Shareholder Advisory Committee)		21
Proxy Contests/Proxy Access—Voting for Director Nominees in Contested Elections		21
Vote-No Campaigns		22

3. SHAREHOLDER RIGHTS & DEFENSES		23
Advance Notice Requirements for Shareholder Proposals/Nominations		23
Amend Bylaws without Shareholder Consent		23

Confidential Voting		23
Control Share Acquisition Provisions		23
Control Share Cash-Out Provisions		23
Disgorgement Provisions		24
Exclusive Venue		24
Fair Price Provisions		24
Freeze-Out Provisions		25
Greenmail		25
Net Operating Loss (NOL) Protective Amendments		25
Poison Pills (Shareholder Rights Plans)		25
Shareholder Proposals to Put Pill to a Vote and/or Adopt a Pill Policy		25
Management Proposals to Ratify a Poison Pill		25
Management Proposals to Ratify a Pill to Preserve Net Operating Losses (NOLs)		26
Reimbursing Proxy Solicitation Expenses		26
Reincorporation Proposals		26
Shareholder Ability to Act by Written Consent		27
Shareholder Ability to Call Special Meetings		27
Stakeholder Provisions		27
State Antitakeover Statutes		28
Supermajority Vote Requirements		28

4. CAPITAL/RESTRUCTURING		29

Capital		29
Adjustments to Par Value of Common Stock		29
Common Stock Authorization		29
Dual Class Structure		29
Issue Stock for Use with Rights Plan		30
Preemptive Rights		30
Preferred Stock Authorization		30
Recapitalization Plans		30
Reverse Stock Splits		31
Share Repurchase Programs		31
Stock Distributions: Splits and Dividends		31
Tracking Stock		31

Restructuring		31
Appraisal Rights		31
Asset Purchases		31
Asset Sales		32
Bundled Proposals		32
Conversion of Securities		32
Corporate Reorganization/Debt Restructuring/Prepackaged Bankruptcy Plans/Reverse Leveraged Buyouts/Wrap Plans		32
Formation of Holding Company		33
Going Private and Going Dark Transactions (LBOs and Minority Squeeze-outs)		33
Joint Ventures		33
Liquidations		34
Mergers and Acquisitions		34
Private Placements/Warrants/Convertible Debentures		34
Reorganization/Restructuring Plan (Bankruptcy)		35
Special Purpose Acquisition Corporations (SPACs)		36
Spin-offs		37
Value Maximization Shareholder Proposals		37

5. COMPENSATION		38


Executive Pay Evaluation		38
Advisory Votes on Executive Compensation—Management Proposals (Management Say-on-Pay)		38
Pay-for-Performance Evaluation		39
Problematic Pay Practices		39
Board Communications and Responsiveness		40
Frequency of Advisory Vote on Executive Compensation ("Say When on Pay")		41
Voting on Golden Parachutes in an Acquisition, Merger, Consolidation, or Proposed Sale		41

Equity-Based and Other Incentive Plans		42
Plan Cost		42
Shareholder Value Transfer (SVT)		43
Grant Practices		43
Three-Year Burn Rate		43
Egregious Factors		43
Liberal Definition of Change in Control		43
Repricing Provisions		43
Problematic Pay Practices or Significant Pay-for-Performance Disconnect		44
Specific Treatment of Certain Award Types in Equity Plan Evaluations		44
Dividend Equivalent Rights		44
Liberal Share Recycling Provisions		44
Operating Partnership (OP) Units in Equity Plan Analysis of Real Estate Investment Trusts (REITs)		45
Option Overhang Cost		45
Other Compensation Plans		45
401(k) Employee Benefit Plans		45
Employee Stock Ownership Plans (ESOPs)		45
Employee Stock Purchase Plans—Qualified Plans		46
Employee Stock Purchase Plans—Non-Qualified Plans		46
Incentive Bonus Plans and Tax Deductibility Proposals (OBRA-Related Compensation Proposals)		46
Option Exchange Programs/Repricing Options		47
Stock Plans in Lieu of Cash		47
Transfer Stock Option (TSO) Programs		48

Director Compensation		48
Equity Plans for Non-Employee Directors		48
Shareholder Ratification of Director Pay Programs		49
Non-Employee Director Retirement Plans		49

Shareholder Proposals on Compensation		49
Advisory Vote on Executive Compensation (Say-on-Pay)		49
Adopt Anti-Hedging/Pledging/Speculative Investments Policy		49
Bonus Banking/Bonus Banking "Plus"		50
Compensation Consultants—Disclosure of Board or Company's Utilization		50
Disclosure/Setting Levels or Types of Compensation for Executives and Directors		50
Golden Coffins/Executive Death Benefits		50
Hold Equity Past Retirement or for a Significant Period of Time		51
Non-Deductible Compensation		51
Pay for Performance		51
Performance-Based Awards		51
Pay for Superior Performance		51
Pre-Arranged Trading Plans (10b5-1 Plans)		52
Prohibit CEOs from Serving on Compensation Committees		52
Recoup Bonuses (Clawbacks)		52
Severance Agreements for Executives/Golden Parachutes		53
Share Buyback Holding Periods		53
Supplemental Executive Retirement Plans (SERPs)		53