DEF 14C 1 mimgaf3608651-def14c.htm DEFINITIVE INFORMATION STATEMENTS

SCHEDULE 14C

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INFORMATION REQUIRED IN INFORMATION STATEMENT

SCHEDULE 14C INFORMATION

INFORMATION STATEMENT PURSUANT TO SECTION 14(c)
OF THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. _______)

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Delaware Group® Adviser Funds
Delaware Group® Government Fund
Delaware Group® Income Funds
Delaware Group® Limited-Term Government Funds
 
(Name of Registrant as Specified in Its Charter)

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DELAWARE GROUP® ADVISER FUNDS
Delaware Diversified Income Fund

DELAWARE GROUP GOVERNMENT FUND
Delaware Emerging Markets Debt Fund
Delaware Strategic Income Fund

DELAWARE GROUP INCOME FUNDS
Delaware Corporate Bond Fund
Delaware Extended Duration Bond Fund
Delaware Floating Rate Fund
Delaware High-Yield Opportunities Fund

DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS
Delaware Limited-Term Diversified Income Fund

2005 Market Street
Philadelphia, PA 19103-7094

JOINT INFORMATION STATEMENT

This Joint Information Statement is being furnished on behalf of the Boards of Trustees (“Trustees” or “Board”) of Delaware Group Adviser Funds, Delaware Group Government Fund, Delaware Group Income Funds, and Delaware Group Limited-Term Government Funds (each, a “Trust” and collectively, the “Trusts”) to inform shareholders of the funds listed above (each, a “Fund” and collectively, the “Funds”) about recent changes related to the Funds’ sub-advisory arrangements. The changes were approved by the Board on the recommendation of the Funds’ investment manager, Delaware Management Company (“DMC” or the “Manager”), without shareholder approval as is permitted by an order of the U.S. Securities and Exchange Commission (“SEC”). WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.

A Notice of Internet Availability of Joint Information Statement relating to this Joint Information Statement (“Notice”) was mailed beginning on or about June 28, 2019 to shareholders of record of the Delaware Diversified Income Fund as of June 3, 2019 (the “Diversified Income Fund Record Date”) and to shareholders of record of each other Fund as of June 13, 2019 (the “Additional Record Date” and together with the Diversified Income Fund Record Date, the “Record Dates”). The Joint Information Statement is being made available on the Funds’ website at delawarefunds.com/literature on or about June 28, 2019 until at least Dec. 31, 2019. A paper or e-mail copy of the Joint Information Statement may be obtained, without charge, by contacting your financial intermediary, or calling the Delaware Funds® by Macquarie Service Center at 800 523-1918.

INTRODUCTION

The Manager is the investment manager to each series of the Trusts, including the Funds. Pursuant to “manager of managers” authority, the Manager, subject to approval by the Board, is permitted to hire, terminate, or replace sub-advisors who are affiliated or unaffiliated with the Trusts or the Manager, and to enter into and modify material terms and conditions of the related sub-advisory agreements without shareholder approval. Section 15(a) of the Investment Company Act of 1940, as amended (the “1940 Act”), generally requires that the shareholders of a mutual fund approve an agreement pursuant to which a person serves as investment advisor or sub-advisor of the fund. In order to use the “manager of managers” authority discussed above, the Manager, the Trusts, and certain affiliates requested and received an exemptive order from the SEC on Jan. 17, 2017 (the “SEC Order”). The SEC Order exempts the Manager, the Trusts and other affiliates from certain of the shareholder approval requirements of Section 15(a) of the 1940 Act and allows the Board, subject to certain conditions, to appoint new sub-advisors and approve new sub-advisory agreements on behalf of the Trusts without shareholder approval. The Manager has ultimate responsibility (subject to oversight by the Board) to supervise the sub-advisors and recommend the hiring, termination, and replacement of the sub-advisors to the Board.


Consistent with the terms of the SEC Order, the Board, including a majority of the Trustees who are not “interested persons” of the Trusts or of the Manager (the “Independent Trustees”), approved the appointment of Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”), Macquarie Investment Management Europe Limited (“MIMEL”), and Macquarie Investment Management Global Limited (“MIMGL”) to provide certain sub-advisory services to the Funds (each, a “Sub-Advisor” and collectively, the “Sub-Advisors”). MIMAK, MIMEL, and MIMGL are affiliates of the Manager. The sub-advisory agreements between each of MIMAK, MIMEL, and MIMGL, and DMC, on behalf of the Funds (the “Sub-Advisory Agreements”) are described in further detail below.

The Trusts and the Manager have agreed to comply with certain conditions when acting in reliance on the relief granted in the SEC Order. These conditions require, among other things, that, within ninety (90) days of hiring a new sub-advisor, the affected fund will notify the shareholders of the fund of the changes. The Notice provides such notice of the changes and this Joint Information Statement presents additional details regarding MIMAK, MIMEL, and MIMGL and the Sub-Advisory Agreements.

THE INVESTMENT MANAGER

The Manager is located at 2005 Market Street, Philadelphia, PA 19103-7094, and is a series of Macquarie Investment Management Business Trust, which is an indirect subsidiary of Macquarie Management Holdings, Inc. (“MMHI”), which in turn is an indirect subsidiary, and subject to the ultimate control, of Macquarie Group Limited (“Macquarie”). The Manager is registered as an investment advisor with the SEC under the Investment Advisers Act of 1940, as amended.

The Manager provides investment advisory services to the Funds pursuant to an investment management agreement dated Jan. 4, 2010 between the Trusts and the Manager (the “Management Agreement”). The Management Agreement was most recently renewed by the Board, including a majority of the Independent Trustees, at a meeting on Aug. 16, 2018. The Trusts employ the Manager to generally manage the investment and reinvestment of the assets of the Funds. In so doing, the Manager may hire one or more sub-advisors to carry out the investment program of the Funds, subject to the approval of the Board. The Manager continuously reviews and supervises the investment program of the Funds. The Manager furnishes regular reports to the Board regarding the investment program and performance of the Funds.

Pursuant to the Management Agreement, the Manager has full discretion and responsibility, subject to the overall supervision of the Board, to select and contract with one or more investment sub-advisors, to manage the investment operations and composition of the Funds, and to render investment advice for the Funds, including the purchase, retention, and disposition of investments, securities and cash held by the Funds. The Management Agreement obligates the Manager to implement decisions with respect to the allocation or reallocation of each Fund’s assets among one or more current or additional sub-advisors, and to monitor the sub-advisors’ compliance with the Funds’ investment objectives, policies, and restrictions. Under the Management Agreement, the Trusts will bear the expenses of conducting its business. In addition, the Manager pays the salaries of all officers and Trustees of the Trusts who are officers, directors, or employees of the Manager or its affiliates.


As compensation for the services rendered under the Investment Management Agreement, the Funds shall pay the Manager an annual management fee as a percentage of average daily net assets as described in Exhibit A. During the last fiscal year for each of the Funds, the Funds paid investment management fees to the Manager as described in Exhibit B.

The key executives and each trustee of the Manager and their principal occupations are: Shawn K. Lytle, Chief Executive Officer and President; Roger A. Early, Trustee/Executive Director, Head of Fixed Income–America; David F. Connor, Trustee and Senior Vice President/General Counsel/Secretary; Richard Salus, Global Head of Fund Administration/Trustee; Brian L. Murray, Senior Vice President/Global Chief Compliance Officer; Dominic B. Janssens, Global Chief Operations Officer (through July 31, 2019); Michael F. Capuzzi, US Chief Operations Officer (as of July 31, 2019); and Caroline Marull, Asia Pacific Chief Operations Officer (as of July 31, 2019). The address of each person listed is 2005 Market Street, Philadelphia, PA 19103-7094.

THE NEW SUB-ADVISORS

MIMAK, located at Kaerntner Strasse 28, 1010 Vienna, Austria, 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 Dec. 31, 2018, MIM managed more than $234.5 billion in assets for institutional and individual clients.

Although MIMAK serves as a sub-advisor, the Manager has ultimate responsibility for all investment advisory services. 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 DMC believes it will be beneficial to utilize MIMAK’s specialized market knowledge. The Manager has entered into a separate sub-advisory agreement with MIMAK and compensates MIMAK out of the investment advisory fees it receives from the Funds. There will be no increase in the advisory fees paid by the Funds to the Manager as a consequence of the appointment of MIMAK and the implementation of the Sub-Advisory Agreement. The Sub-Advisory Agreement between MIMAK and the Manager is effective May 30, 2019.

MIMAK does not serve as an investment advisor or sub-advisor to any registered investment company which has an investment objective(s) similar to the investment objective(s) of any of the Funds.

The names and principal occupations of the principal executive officers and/or directors of MIMAK are listed below. The address of each principal executive officer and/or director listed below, as it relates to the person’s position with MIMAK, is Kaerntner Strasse 28, 1010 Vienna, Austria:

Name Position
Rene Kreisl Chief Compliance Officer and Director
Gerhard Aigner Director
Konrad Kontriner Director


MIMEL, located at 28 Ropemaker Street, London, England, is an affiliate of the Manager and a part of MIM. As of Dec. 31, 2018, MIM managed more than $234.5 billion in assets for institutional and individual clients.

Although MIMEL serves as a sub-advisor, the Manager has ultimate responsibility for all investment advisory services. 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 DMC believes it will be beneficial to utilize MIMEL’s specialized market knowledge. The Manager has entered into a separate sub-advisory agreement with MIMEL and compensates MIMEL out of the investment advisory fees it receives from the Funds. There will be no increase in the advisory fees paid by the Funds to the Manager as a consequence of the appointment of MIMEL and the implementation of the Sub-Advisory Agreement. The Sub-Advisory Agreement between MIMEL and the Manager is effective May 30, 2019.

MIMEL does not serve as an investment advisor or sub-advisor to any registered investment company which has an investment objective(s) similar to the investment objective(s) of any of the Funds.

The names and principal occupations of the principal executive officers and/or directors of MIMEL are listed below. The address of each principal executive officer and/or director listed below, as it relates to the person’s position with MIMEL, is 28 Ropemaker Street, London, England:

Name Position
David Fass Director
Stephen Haswell Director
Graham McDevitt Director
Alison Wood Chief Compliance Officer
Kathryn Burgess Director

MIMGL, located at 50 Martin Place, Sydney, Australia, is an affiliate of the Manager and a part of MIM. As of Dec. 31, 2018, MIM managed more than $234.5 billion in assets for institutional and individual clients.

Although MIMGL serves as a sub-advisor, the Manager has ultimate responsibility for all investment advisory services. 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 DMC believes it will be beneficial to utilize MIMGL’s specialized market knowledge. The Manager has entered into a separate sub-advisory agreement with MIMGL and compensates MIMGL out of the investment advisory fees it receives from the Funds. There will be no increase in the advisory fees paid by the Funds to the Manager as a consequence of the appointment of MIMGL and the implementation of the Sub-Advisory Agreement. The Sub-Advisory Agreement between MIMGL and the Manager is effective May 30, 2019.


MIMGL does not serve as an investment advisor or sub-advisor to any registered investment company which has an investment objective(s) similar to the investment objective(s) of any of the Funds.

The names and principal occupations of the principal executive officers and/or directors of MIMGL are listed below. The address of each principal executive officer and/or director listed below, as it relates to the person’s position with MIMGL, is 50 Martin Place, Sydney, Australia:

Name Position
Megan Aubrey Director
Brett Lewthwaite Director
Grant Stephens Director
Bruce Terry Director
Nicholas Allton Chief Legal Officer
Kean Lim Chief Compliance Officer
Rajiv Gohil Director

ADDITIONAL SERVICES TO BE PROVIDED BY AFFILIATES UNDER SUB-ADVISORY ARRANGEMENTS FOR THE FUNDS

The Sub-Advisory Agreements were approved by the Board. Under the Sub-Advisory Agreements, and in accordance with applicable laws and regulations, MIMAK, MIMEL, and MIMGL agree to provide the Manager with all books and records relating to the transactions it executes and render for presentation to the Board such reports as the Board may reasonably request. The Sub-Advisory Agreements provide for the Manager to pay MIMAK, MIMEL, and MIMGL a fee based on the extent to which a Sub-Advisor provides services to the Funds. MIMAK, MIMEL, and MIMGL are compensated from the fees that the Manager received from the Funds.

The Sub-Advisory Agreements may be terminated at any time, without the payment of a penalty, by: (i) the Manager with written notice to MIMAK, MIMEL, and/or MIMGL; (ii) the Trusts pursuant to action by the Board or pursuant to the vote of a majority of the outstanding voting securities of the Funds, with written notice to MIMAK, MIMEL, and/or MIMGL; or (iii) MIMAK, MIMEL, or MIMGL with written notice to the Manager and the Trusts, each on not less than 60 days’ notice to the required parties.

The Sub-Advisory Agreements provide that, in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of its duties, each of MIMAK, MIMEL, or MIMGL, any of their affiliates, or any of their controlling persons, members, officers, directors, employees or agents, will not be liable for any action or omission connected with rendering services, or for any losses that may be sustained in connection with its activities as Sub-Advisor to the Funds.

THE MANAGER’S RECOMMENDATION AND THE BOARD’S CONSIDERATIONS

In reaching the decision to approve the Sub-Advisory Agreements, the Board considered and reviewed information about each of MIMEL, MIMAK and MIMGL, including its personnel, operations and financial condition, which had been provided by MIMEL, MIMAK and MIMGL, respectively. The Board also reviewed material furnished by DMC in advance of the meeting, including: a memorandum from DMC reviewing the Sub-Advisory Agreements and the various services proposed to be rendered by MIMEL, MIMAK and MIMGL; information concerning MIMEL’s, MIMAK’s and MIMGL’s organizational structure and the experience of their key investment management personnel; copies of MIMEL’s, MIMAK’s and MIMGL’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMEL, MIMAK and MIMGL; and a copy of the Sub-Advisory Agreements.


In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with their independent counsel. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision to approve the Sub-Advisory Agreements. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.

Nature, extent, and quality of services. In considering the nature, extent and quality of the services to be provided by the Sub-Advisors, the Board reviewed the services to be provided by each Sub-Advisor pursuant to each Sub-Advisory Agreement and as described at the meeting. The Board reviewed materials provided by the Sub-Advisors regarding the experience and qualifications of the personnel who will be responsible for providing services to the Funds. The Board also considered relevant performance information provided with respect to each Sub-Advisor. In discussing the nature of the services proposed to be provided by the Sub-Advisors, it was observed that, unlike traditional sub-advisors who make all of the investment related decisions with respect to a sub-advised portfolio, the relationship between DMC and the Sub-Advisors as currently contemplated is primarily more of a collaborative effort between DMC and the Sub-Advisors and a cross pollination of investment ideas. The Board further noted the stated intention under the new Sub-Advisory Agreements that DMC would have the sole discretion to delegate portions of the implementation of the Funds’ strategy to the Sub-Advisors who would be permitted to execute Fund trades and exercise investment discretion pursuant to that delegation and subject to DMC oversight. However, DMC and the Funds’ named portfolio managers will continue to retain principal responsibility for the Funds’ strategies and investment processes and be primarily responsible for the day-to-day management of the Funds’ portfolios. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by the Sub-Advisors to the Funds and their shareholders and was confident in the abilities of the Sub-Advisors to provide quality services to the Funds and their shareholders.

Investment performance. In regard to the appointment of the Sub-Advisors for the Funds, the Board reviewed information on prior performance for the Sub-Advisors. In evaluating performance, the Board considered that the Sub-Advisors would provide investment advice and recommendations, including with respect to specific securities, but that DMC’s portfolio managers for the Funds would retain principal responsibility for the Funds’ strategies as described above. In addition, the Board considered that the Sub-Advisors would also execute Fund security trades on behalf of DMC and be permitted by DMC to exercise investment discretion for securities in certain markets where DMC wanted to utilize a Sub-Advisor’s specialized market knowledge.


Sub-advisory fees. The Board considered that DMC would pay the Sub-Advisors a sub-advisory fee based on the extent to which a Sub-Advisor provides services to the Funds as described in the Sub-Advisory Agreements. In considering the appropriateness of the sub-advisory fees, the Board also reviewed and considered the fees in light of the nature, extent and quality of the sub-advisory services to be provided by each Sub-Advisor, as more fully discussed above. The Board noted that the sub-advisory fees are paid by DMC to each Sub-Advisor and are not additional fees borne by the Funds, and that the management fee paid by the Funds to DMC would stay the same at current asset levels. The Board was provided with information showing an estimate of the sub-advisory fees to be paid to each Sub-Advisor based on a projection of Sub-Advisor allocations given certain historical investment trends, as well as information regarding the expected impact the sub-advisory arrangements would have on the profitability of DMC. The Board also noted that, given the collaborative nature of the services to be provided by the Sub-Advisors to the Funds, there were no comparable accounts and corresponding fees to which the Sub-Advisors were able to compare this arrangement. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between DMC and the Sub-Advisors, the proposed fee arrangement was understandable and reasonable.

Profitability, economies of scale and fall out benefits. Information about each Sub-Advisor’s profitability from its relationship with the Funds was not available because it had not begun to provide services to the Funds. With regard to potential fall-out benefits derived or to be derived by the Sub-Advisors and their affiliates in connection with their relationship to the Funds, the Board considered the potential benefit to DMC and the Sub-Advisors of marketing a global approach on the portfolio management of their fixed income investment strategies. The Trustees also noted that economies of scale are shared with the Funds and their shareholders through investment management fee breakpoints in DMC’s fee schedule for the Funds so that as the Funds grows in size, its effective investment management fee rate declines.

GENERAL INFORMATION

Distributor

The Funds’ distributor, Delaware Distributors, L.P. (“Distributor”), located at 2005 Market Street, Philadelphia, PA 19103-7094, serves as the national distributor of the Trusts’ shares under an amended and restated Distribution Agreement dated Jan. 4, 2010. The Distributor is an affiliate of the Manager and bears all of the costs of promotion and distribution, except for payments by the retail class shares of the Funds under their respective Rule 12b-1 Plans. The Distributor is an indirect subsidiary of MMHI, and, therefore, of Macquarie. The Distributor has agreed to use its best efforts to sell shares of the Funds. Shares of the Funds are offered on a continuous basis by the Distributor and may be purchased through authorized investment dealers. The Board annually reviews fees paid to the Distributor.

Transfer Agent, Administrator, and Fund Accountant

Delaware Investments Fund Services Company (“DIFSC”), located at 2005 Market Street, Philadelphia, PA 19103-7094, serves as the Trusts’ shareholder servicing, dividend disbursing, and transfer agent. DIFSC provides fund accounting and financial administration oversight services to the Funds. Those services include overseeing the Funds’ pricing process, the calculation and payment of Fund expenses, and financial reporting in shareholder reports, registration statements, and other regulatory filings. Additionally, DIFSC manages the process for the payment of dividends and distributions and the dissemination of Fund net asset values and performance data. DIFSC is an affiliate of the Manager, and is an indirect subsidiary of MMHI and, therefore, of Macquarie.


The Bank of New York Mellon, located at 240 Greenwich Street, New York, NY 10286-0001, provides fund accounting and financial administration services to the Funds. Those services include performing functions related to calculating the Funds’ net asset value and providing financial reporting information, regulatory compliance testing and other related accounting services.

Payments to Affiliated Brokers

During the last fiscal year, the Funds did not pay any commissions to any affiliated broker.

Shares Outstanding

The table in Exhibit C shows as of June 3, 2019, as to the Delaware Diversified Income Fund, and as of June 13, 2019, as to each of the other Funds, the number of shares outstanding.

Record of Beneficial Ownership

As of May 31, 2019, the Manager believes that there were no beneficial owners holding 5% or more of the total outstanding shares of any Class of shares of each Fund other than those listed on Exhibit D. As of May 31, 2019, the Manager believes that the Funds’ officers and Trustees directly owned less than 1% of the outstanding shares of each Class of each Fund.

Householding

Only one copy of the Notice may be mailed to households, even if more than one person in a household is a shareholder of record of a Fund as of the applicable Record Date, unless a Trust has received instructions to the contrary. Additional copies of the Notice or copies of the Joint Information Statement may be obtained, without charge, by contacting your financial intermediary. or calling the Delaware Funds by Macquarie Service Center at 800 523-1918. If you do not want the mailing of the Notice or the Joint Information Statement, as applicable, to be combined with those for other members of your household in the future, or if you are receiving multiple copies and would rather receive just one copy for the household, please contact your participating securities dealer or other financial intermediary or, if you own Fund shares directly through the Funds’ service agent, by calling the Funds’ service agent.

Financial Information

Shareholders can obtain a copy of the Funds’ most recent Annual and Semiannual Reports, without charge, by contacting your financial intermediary, or calling the Delaware Funds by Macquarie Service Center at 800 523-1918.


EXHIBIT A

As compensation for services rendered under the Management Agreement, the Manager is entitled to receive an annual fee equal to the following percentage rates of the average daily net assets of each Fund:

Fund       Management Fee (annual rate as a percentage of average
daily net assets)
Delaware Diversified Income Fund 0.55% on the first $500 million
0.50% on the next $500 million
0.45% on the next $1.5 billion
0.425% of the average daily net assets in excess of $2.5 billion
Delaware Emerging Markets Debt 0.75% on the first $500 million
Fund 0.70% on the next $500 million
0.65% on the next $1.5 billion
0.60% on assets in excess of $2.5 billion
Delaware Strategic Income Fund 0.55% on the first $500 million
0.50% on the next $500 million
0.45% on the next $1.5 billion
0.425% on assets in excess of $2.5 billion
Delaware Corporate Bond Fund 0.50% on the first $500 million
0.475% on the next $500 million
0.45% on the next $1.5 billion
0.425% on assets in excess of $2.5 billion
Delaware Extended Duration Bond 0.55% on the first $500 million
Fund 0.50% on the next $500 million
0.45% on the next $1.5 billion
0.425% on assets in excess of $2.5 billion
Delaware Floating Rate Fund 0.50% on the first $500 million
0.475% on the next $500 million
0.45% on the next $1.5 billion
0.425% on assets in excess of $2.5 billion
Delaware High-Yield Opportunities 0.65% on the first $500 million
Fund 0.60% on the next $500 million
0.55% on the next $1.5 billion
0.50% on assets in excess of $2.5 billion
Delaware Limited-Term Diversified 0.50% on the first $500 million
Income Fund 0.475% on the next $500 million
0.45% on the next $1.5 billion
0.425% of the average daily net assets in excess of $2.5 billion


EXHIBIT B

During the fiscal year indicated, the Funds paid the following investment management fees to the Manager:

Fund       Fiscal Year End       Management
Fees Paid
Delaware Diversified Income Fund October 31, 2018 $15,560,317
Delaware Emerging Markets Debt Fund July 31, 2018 $3,233
Delaware Strategic Income Fund July 31, 2018 $62,374
Delaware Corporate Bond Fund July 31, 2018 $5,087,779
Delaware Extended Duration Bond Fund July 31, 2018 $2,888,572
Delaware Floating Rate Fund July 31, 2018 $1,193,605
Delaware High-Yield Opportunities Fund July 31, 2018 $1,290,041
Delaware Limited-Term Diversified Income Fund December 31, 2018 $1,511,208


EXHIBIT C

NUMBER OF SHARES OF EACH FUND OUTSTANDING

AS OF JUNE 3, 2019

Fund       Class       Shares Outstanding
Delaware Diversified Income Fund A 82,863,477.910
C 36,695,324.199
I 300,655,563.787
R 4,622,390.845
R6 2,510,350.559

AS OF JUNE 13, 2019

Fund       Class       Shares Outstanding
Delaware Emerging Markets Debt Fund A 8,320.005
C 5,561.258
I 2,749,740.674
R 313.425
Delaware Strategic Income Fund A 3,875,669.122
C 350,405.637
I 2,046,436.920
R 510,033.095
Delaware Corporate Bond Fund A 28,557,572.60
C 11,799,776.363
I 99,990,140.435
R 2,912,378.876
R6 362.443
Delaware Extended Duration Bond Fund A 19,273,481.023
C 2,182,552.247
I 67,176,020.977
R 1,776,432.925
R6 7,082,115.108
Delaware Floating Rate Fund A 4,764,867.441
C 3,164,254.009
I 10,620,529.152
R 7,302.182
Delaware High-Yield Opportunities Fund A 32,492,196.371
C 5,801,661.396
I 12,064,007.040
R 1,279,223.539
Delaware Limited-Term Diversified Income Fund A 16,953,500.375
C 6,395,978.284
I 32,099,936.107
R 262,678.746
R6 314,504.654


EXHIBIT D

As of May 31, 2019, management believes the following shareholders held of record 5% or more of the outstanding shares of each class of the Funds.

Class Fund Name and Address of Beneficial Total Share Percentage of
Owner Balance the Class
A DELAWARE LPL FINANCIAL 4,632,216.876 5.59%
DIVERSIFIED OMNIBUS CUSTOMER
INCOME FUND ACCOUNT
ATTN LINDSAY OTOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA 92121
A DELAWARE MLPF&S FOR THE SOLE 12,968,111.463 15.66%
DIVERSIFIED BENEFIT OF ITS CUSTOMERS
INCOME FUND ATTENTION: FUND ADMIN
4800 DEER LAKE DR E FL2
JACKSONVILLE FL 32246
A DELAWARE NATIONAL FINANCIAL 16,219,984.130 19.59%
DIVERSIFIED SERVICES LLC
INCOME FUND FBO OUR CUSTOMERS
ATTN MUTUAL FUNDS
DEPARTMENT
499 WASHINGTON BLVD FL4
JERSEY CITY NJ 07310
A DELAWARE WELLS FARGO CLEARING SVCS 4,349,053.144 5.25%
DIVERSIFIED LLC
INCOME FUND SPECIAL CUSTODY ACCT FOR
THE EXCLUSIVE BENEFIT OF
CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
C DELAWARE MLPF&S FOR THE SOLE 7,007,306.623 19.10%
DIVERSIFIED BENEFIT OF ITS CUSTOMERS
INCOME FUND ATTENTION: FUND ADMIN
4800 DEER LAKE DR E FL2
JACKSONVILLE FL 32246
C DELAWARE MORGAN STANLEY SMITH 5,344,778.470 14.57%
DIVERSIFIED BARNEY LLC
INCOME FUND FOR THE EXCLUSIVE
BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY 10004
C DELAWARE NATIONAL FINANCIAL 4,062,828.516 11.08%
DIVERSIFIED SERVICES LLC
INCOME FUND FBO OUR CUSTOMERS
ATTN MUTUAL FUNDS
DEPARTMENT
499 WASHINGTON BLVD FL4
JERSEY CITY NJ 07310



C DELAWARE PERSHING LLC 2,040,012.821 5.56%
DIVERSIFIED 1 PERSHING PLAZA
INCOME FUND JERSEY CITY NJ 07399-0002
C DELAWARE UBS WM USA 4,386,512.563 11.96%
DIVERSIFIED SPEC CDY A/C EXL BEN
INCOME FUND CUSTOMERS OF UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086
C DELAWARE WELLS FARGO CLEARING SVCS 4,781,456.564 13.03%
DIVERSIFIED LLC
INCOME FUND SPECIAL CUSTODY ACCT FOR
THE EXCLUSIVE BENEFIT OF
CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
I DELAWARE SEI PRIVATE TRUST COMPANY 24,513,954.534 8.15%
DIVERSIFIED C/O TIAA SWP
INCOME FUND 1 FREEDOM VALLEY DRIVE
OAKS PA 19456
I DELAWARE LPL FINANCIAL 59,313,638.651 19.72%
DIVERSIFIED OMNIBUS CUSTOMER
INCOME FUND ACCOUNT
ATTN LINDSAY OTOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA 92121
I DELAWARE MLPF&S FOR THE SOLE 29,861,120.815 9.93%
DIVERSIFIED BENEFIT OF ITS CUSTOMERS
INCOME FUND ATTENTION: FUND ADMIN
4800 DEER LAKE DR E FL2
JACKSONVILLE FL 32246
I DELAWARE MORGAN STANLEY SMITH 19,065,587.820 6.34%
DIVERSIFIED BARNEY LLC
INCOME FUND FOR THE EXCLUSIVE
BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY 10004
I DELAWARE NATIONAL FINANCIAL 50,230,446.427 16.70%
DIVERSIFIED SERVICES LLC
INCOME FUND FBO OUR CUSTOMERS
ATTN MUTUAL FUNDS
DEPARTMENT
499 WASHINGTON BLVD FL4
JERSEY CITY NJ 07310
I DELAWARE RAYMOND JAMES 20,378,445.515 6.78%
DIVERSIFIED OMNIBUS FOR MUTUAL FUNDS
INCOME FUND ATTN COURTNEY WALLER
880 CARILLON PARKWAY
ST PETERSBURG FL 33713



I DELAWARE UBS WM USA 33,757,595.027 11.23%
DIVERSIFIED SPEC CDY A/C EXL BEN
INCOME FUND CUSTOMERS OF UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086
I DELAWARE WELLS FARGO CLEARING SVCS 20,188,476.461 6.71%
DIVERSIFIED LLC
INCOME FUND SPECIAL CUSTODY ACCT FOR
THE EXCLUSIVE BENEFIT OF
CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
R DELAWARE MASSACHUSETTS MUTUAL LIFE 280,379.226 6.11%
DIVERSIFIED INSURANCE COMPANY
INCOME FUND 1295 STATE STREET - MIP M200-
INVST
SPRINGFIELD MA 01111
R DELAWARE HARTFORD LIFE INSURANCE 966,531.482 21.06%
DIVERSIFIED COMPANY
INCOME FUND SEPARATE ACCOUNTS
ATTN UIT OPERATIONS
PO BOX 2999
HARTFORD CT 06104-2999
R DELAWARE MLPF&S FOR THE SOLE 1,219,512.135 26.57%
DIVERSIFIED BENEFIT OF ITS CUSTOMERS
INCOME FUND ATTENTION: FUND ADMIN
4800 DEER LAKE DR E FL2
JACKSONVILLE FL 32246
R6 DELAWARE GREAT-WEST TRUST CO LLC 342,969.308 13.65%
DIVERSIFIED TTEE
INCOME FUND RECORDKEEPING FOR
VARIOUS
BENEFIT PLAN
8525 E ORCHARD RD
C/O MUTUAL FUND TRADING
GREENWOOD VILLAGE CO
80111
R6 DELAWARE LINCOLN RETIREMENT 359,388.959 14.31%
DIVERSIFIED SERVICES CO
INCOME FUND FBO METHODE ELECTRICS
401K PLAN
PO BOX 7876
FORT WAYNE IN 46801
R6 DELAWARE PIMS/PRUDENTIAL 406,173.868 16.17%
DIVERSIFIED RETIREMENT
INCOME FUND AS NOMINEE FOR THE TTEE
CUST PL 300 MORETON
COMPANIES
PROFIT SHARING PLAN
101 SOUTH 200 E STE 300
SALT LAKE CITY UT 84111



R6 DELAWARE STATE STREET BANK AND 231,939.037 9.23%
DIVERSIFIED TRUST TTEE
INCOME FUND CUST FBO ADP ACCESS
PRODUCT
1 LINCOLN ST
BOSTON MA 02111
R6 DELAWARE BOND STREET CUSTODIANS 226,560.700 9.02%
DIVERSIFIED LTD
INCOME FUND ACF MACQUARIE GROUP
SERVICES
AUSTRALIA PTY LTD -
MANAGED FUNDS TEAM
GPO BOX 4235
SYDNEY NSW 2001 AUSTRALIA
R6 DELAWARE DCGT TTEE 154,736.211 6.16%
DIVERSIFIED CUST FBO PLIC VARIOUS
INCOME FUND RETIREMENT PLANS OMNIBUS
ATTN NPIO TRADE DESK
711 HIGH STREET
DES MOINES IA 50392
A DELAWARE CHARLES R FOUGNIES & 927.145 11.13%
EMERGING KRISTI L FOUGNIES JTWROS
MARKETS DEBT INDIANAPOLIS IN 46278
FUND
A DELAWARE PERSHING LLC 2,364.314 28.38%
EMERGING 1 PERSHING PLAZA
MARKETS DEBT JERSEY CITY NJ 07399-0002
FUND
A DELAWARE BNYM I S TRUST CO 1,092.486 13.11%
EMERGING CUST IRA FBO LYNN C HYDE
MARKETS DEBT OREGON CITY OR 97045
FUND
A DELAWARE BNYM I S TRUST CO 705.368 8.47%
EMERGING CUST ROLLOVER IRA
MARKETS DEBT MARY TERESA REGALIS
FUND BINGHAMTON NY 13901
A DELAWARE BNYM I S TRUST CO 554.777 6.66%
EMERGING CUST ROLLOVER IRA
MARKETS DEBT ROBERT A REGALIS
FUND BINGHAMTON NY 13901
A DELAWARE UMB BANK NA 1,861.425 22.34%
EMERGING C/F PEMBERTON TOWNSHIP
MARKETS DEBT BOE 403B
FUND FBO JENNIFER J ENGLAND
TABERNACLE NJ 08088



C DELAWARE MACQUARIE MANAGEMENT 301.416 5.42%
EMERGING HOLDINGS INC
MARKETS DEBT C/O RICK SALUS
FUND 2005 MARKET ST
PHILADELPHIA PA 19103-7028
C DELAWARE PERSHING LLC 4,992.414 89.77%
EMERGING 1 PERSHING PLAZA
MARKETS DEBT JERSEY CITY NJ 07399-0002
FUND
I DELAWARE MACQUARIE MANAGEMENT 2,736,153.592 99.51%
EMERGING HOLDINGS INC
MARKETS DEBT C/O RICK SALUS
FUND 2005 MARKET ST
PHILADELPHIA PA 19103-7028
R DELAWARE MACQUARIE MANAGEMENT 309.466 98.74%
EMERGING HOLDINGS INC
MARKETS DEBT C/O RICK SALUS
FUND 2005 MARKET ST
PHILADELPHIA PA 19103-7028
A DELAWARE CHARLES SCHWAB & CO INC 213,889.831 5.51%
STRATEGIC SPEC CUSTODY ACCT FOR THE
INCOME FUND EXCL BNFT OF CUSTS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-
1905
A DELAWARE NATIONAL FINANCIAL 359,795.900 9.27%
STRATEGIC SERVICES LLC
INCOME FUND FBO OUR CUSTOMERS
ATTN MUTUAL FUNDS
DEPARTMENT
499 WASHINGTON BLVD FL4
JERSEY CITY NJ 07310
A DELAWARE PERSHING LLC 205,230.014 5.29%
STRATEGIC 1 PERSHING PLAZA
INCOME FUND JERSEY CITY NJ 07399-0002
C DELAWARE LPL FINANCIAL 22,160.034 6.31%
STRATEGIC OMNIBUS CUSTOMER
INCOME FUND ACCOUNT
ATTN LINDSAY OTOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA 92121
C DELAWARE MLPF&S FOR THE SOLE 84,202.671 23.97%
STRATEGIC BENEFIT OF ITS CUSTOMERS
INCOME FUND ATTENTION: FUND ADMIN
4800 DEER LAKE DR E FL2
JACKSONVILLE FL 32246



C DELAWARE NATIONAL FINANCIAL 29,717.505 8.46%
STRATEGIC SERVICES LLC
INCOME FUND FBO OUR CUSTOMERS
ATTN MUTUAL FUNDS
DEPARTMENT
499 WASHINGTON BLVD FL4
JERSEY CITY NJ 07310
C DELAWARE PERSHING LLC 71,345.880 20.31%
STRATEGIC 1 PERSHING PLAZA
INCOME FUND JERSEY CITY NJ 07399-0002
C DELAWARE RAYMOND JAMES 26,996.939 7.68%
STRATEGIC OMNIBUS FOR MUTUAL FUNDS
INCOME FUND ATTN COURTNEY WALLER
880 CARILLON PARKWAY
ST PETERSBURG FL 33713
I DELAWARE SEI PRIVATE TRUST COMPANY 849,220.318 41.45%
STRATEGIC C/O REGIONS
INCOME FUND 1 FREEDOM VALLEY DRIVE
OAKS PA 19456
I DELAWARE AMERICAN ENTERPRISE 120,904.259 5.90%
STRATEGIC INVESTMENT SVC
INCOME FUND 707 2ND AVE SOUTH
MINNEAPOLIS MN 55402-2405
I DELAWARE NATIONAL FINANCIAL 157,600.370 7.69%
STRATEGIC SERVICES LLC
INCOME FUND FBO OUR CUSTOMERS
ATTN MUTUAL FUNDS
DEPARTMENT
499 WASHINGTON BLVD FL4
JERSEY CITY NJ 07310
I DELAWARE LINCOLN RETIREMENT 201,837.873 9.85%
STRATEGIC SERVICES CO
INCOME FUND FBO MMH INC RETIREMENT
PLAN
P.O. BOX 7876
FORT WAYNE IN 46801-7876
I DELAWARE MATRIX TRUST COMPANY TTEE 140,395.404 6.85%
STRATEGIC FBO EMPLOYERS MUTUAL
INCOME FUND CASUALTY COMPANY
PHOENIX AZ 85072
R DELAWARE MLPF&S FOR THE SOLE 49,405.816 9.67%
STRATEGIC BENEFIT OF ITS CUSTOMERS
INCOME FUND ATTENTION: FUND ADMIN
4800 DEER LAKE DR E FL2
JACKSONVILLE FL 32246



R DELAWARE LINCOLN RETIREMENT 413,481.987 80.93%
STRATEGIC SERVICES CO
INCOME FUND FBO SANTAFE HEALTHCARE
P.O. BOX 7876
FORT WAYNE IN 46801
A DELAWARE MLPF&S FOR THE SOLE 3,737,847.731 13.12%
CORPORATE BENEFIT OF ITS CUSTOMERS
BOND FUND ATTENTION: FUND ADMIN
4800 DEER LAKE DR E FL2
JACKSONVILLE FL 32246
A DELAWARE NATIONAL FINANCIAL 5,675,498.928 19.92%
CORPORATE SERVICES LLC
BOND FUND FBO OUR CUSTOMERS
ATTN MUTUAL FUNDS
DEPARTMENT
499 WASHINGTON BLVD FL4
JERSEY CITY NJ 07310
A DELAWARE PERSHING LLC 2,127,060.455 7.46%
CORPORATE 1 PERSHING PLAZA
BOND FUND JERSEY CITY NJ 07399-0002
A DELAWARE WELLS FARGO CLEARING SVCS 1,627,664.659 5.71%
CORPORATE LLC
BOND FUND SPECIAL CUSTODY ACCT FOR
THE EXCLUSIVE BENEFIT OF
CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
C DELAWARE MLPF&S FOR THE SOLE 3,914,954.074 32.95%
CORPORATE BENEFIT OF ITS CUSTOMERS
BOND FUND ATTENTION: FUND ADMIN
4800 DEER LAKE DR E FL2
JACKSONVILLE FL 32246
C DELAWARE MORGAN STANLEY SMITH 1,235,724.298 10.40%
CORPORATE BARNEY LLC
BOND FUND FOR THE EXCLUSIVE
BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY 10004
C DELAWARE NATIONAL FINANCIAL 787,930.777 6.63%
CORPORATE SERVICES LLC
BOND FUND FBO OUR CUSTOMERS
ATTN MUTUAL FUNDS
DEPARTMENT
499 WASHINGTON BLVD FL4
JERSEY CITY NJ 07310
C DELAWARE PERSHING LLC 1,027,696.459 8.65%
CORPORATE 1 PERSHING PLAZA
BOND FUND JERSEY CITY NJ 07399-0002



C DELAWARE WELLS FARGO CLEARING SVCS 2,072,843.558 17.45%
CORPORATE LLC
BOND FUND SPECIAL CUSTODY ACCT FOR
THE EXCLUSIVE BENEFIT OF
CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
I DELAWARE AMERICAN ENTERPRISE 6,425,077.895 6.44%
CORPORATE INVESTMENT SVC
BOND FUND 707 2ND AVE SOUTH
MINNEAPOLIS MN 55402-2405
I DELAWARE MLPF&S FOR THE SOLE 50,348,778.770 50.46%
CORPORATE BENEFIT OF ITS CUSTOMERS
BOND FUND ATTENTION: FUND ADMIN
4800 DEER LAKE DR E FL2
JACKSONVILLE FL 32246
I DELAWARE NATIONAL FINANCIAL 6,877,883.309 6.89%
CORPORATE SERVICES LLC
BOND FUND FBO OUR CUSTOMERS
ATTN MUTUAL FUNDS
DEPARTMENT
499 WASHINGTON BLVD FL4
JERSEY CITY NJ 07310
I DELAWARE UBS WM USA 9,562,406.935 9.58%
CORPORATE SPEC CDY A/C EXL BEN
BOND FUND CUSTOMERS OF UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086
R DELAWARE MLPF&S FOR THE SOLE 410,262.690 14.28%
CORPORATE BENEFIT OF ITS CUSTOMERS
BOND FUND ATTENTION: FUND ADMIN
4800 DEER LAKE DR E FL2
JACKSONVILLE FL 32246
R DELAWARE DCGT TTEE 1,686,186.549 58.71%
CORPORATE CUST FBO PLIC VARIOUS
BOND FUND RETIREMENT PLANS OMNIBUS
ATTN NPIO TRADE DESK
711 HIGH STREET
DES MOINES IA 50392
R6 DELAWARE DELAWARE MANAGEMENT 362.443 100.00%
CORPORATE BUSINESS TRUST-DIA
BOND FUND ATTN: RICK SALUS
2005 MARKET ST FL 9
PHILADELPHIA PA 19103-7007
A DELAWARE MASSACHUSETTS MUTUAL LIFE 4,921,633.613 25.56%
EXTENDED INS CO
DURATION BOND 1295 STATE STREET - MIP C105
FUND SPRINGFIELD MA 01111-0001



A DELAWARE MLPF&S FOR THE SOLE 1,105,087.349 5.74%
EXTENDED BENEFIT OF ITS CUSTOMERS
DURATION BOND ATTENTION: FUND ADMIN
FUND 4800 DEER LAKE DR E FL2
JACKSONVILLE FL 32246
A DELAWARE NATIONAL FINANCIAL 2,804,874.159 14.57%
EXTENDED SERVICES LLC
DURATION BOND FBO OUR CUSTOMERS
FUND ATTN MUTUAL FUNDS
DEPARTMENT
499 WASHINGTON BLVD FL4
JERSEY CITY NJ 07310
A DELAWARE PERSHING LLC 1,027,630.558 5.34%
EXTENDED 1 PERSHING PLAZA
DURATION BOND JERSEY CITY NJ 07399-0002
FUND
A DELAWARE FIRST STATE TRUST COMPANY 1,677,185.974 8.71%
EXTENDED DELAWARE CORPORATE
DURATION BOND CENTER I
FUND 1 RIGHTER PARKWAY STE 120
WLIMINGTON DE 19803
A DELAWARE DCGT TTEE 1,845,238.851 9.58%
EXTENDED CUST FBO PLIC VARIOUS
DURATION BOND RETIREMENT PLANS OMNIBUS
FUND ATTN NPIO TRADE DESK
711 HIGH STREET
DES MOINES IA 50392
C DELAWARE AMERICAN ENTERPRISE 193,198.812 8.85%
EXTENDED INVESTMENT SVC
DURATION BOND 707 2ND AVE SOUTH
FUND MINNEAPOLIS MN 55402-2405
C DELAWARE CHARLES SCHWAB & CO INC 145,649.580 6.67%
EXTENDED SPEC CUSTODY ACCT FOR THE
DURATION BOND EXCL BNFT OF CUSTS
FUND ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-
1905
C DELAWARE LPL FINANCIAL 141,796.566 6.50%
EXTENDED OMNIBUS CUSTOMER
DURATION BOND ACCOUNT
FUND ATTN LINDSAY OTOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA 92121
C DELAWARE MLPF&S FOR THE SOLE 290,164.176 13.29%
EXTENDED BENEFIT OF ITS CUSTOMERS
DURATION BOND ATTENTION: FUND ADMIN
FUND 4800 DEER LAKE DR E FL2
JACKSONVILLE FL 32246



C DELAWARE MORGAN STANLEY SMITH 238,459.714 10.92%
EXTENDED BARNEY LLC
DURATION BOND FOR THE EXCLUSIVE
FUND BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY 10004
C DELAWARE NATIONAL FINANCIAL 362,916.209 16.63%
EXTENDED SERVICES LLC
DURATION BOND FBO OUR CUSTOMERS
FUND ATTN MUTUAL FUNDS
DEPARTMENT
499 WASHINGTON BLVD FL4
JERSEY CITY NJ 07310
C DELAWARE PERSHING LLC 220,157.161 10.09%
EXTENDED 1 PERSHING PLAZA
DURATION BOND JERSEY CITY NJ 07399-0002
FUND
C DELAWARE WELLS FARGO CLEARING SVCS 294,516.098 13.49%
EXTENDED LLC
DURATION BOND SPECIAL CUSTODY ACCT FOR
FUND THE EXCLUSIVE BENEFIT OF
CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
I DELAWARE MASSACHUSETTS MUTUAL LIFE 5,070,777.334 7.53%
EXTENDED INS CO
DURATION BOND 1295 STATE STREET - MIP C105
FUND SPRINGFIELD MA 01111-0001
I DELAWARE MAC & CO 3,939,692.851 5.85%
EXTENDED ATTN MUTUAL FUND OPS
DURATION BOND 500 GRANT STREET - ROOM
FUND 151-1010
PITTSBURGH PA 15258
I DELAWARE CHARLES SCHWAB & CO INC 6,817,926.645 10.13%
EXTENDED SPEC CUSTODY ACCT FOR THE
DURATION BOND EXCL BNFT OF CUSTS
FUND ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-
1905
I DELAWARE NATIONAL FINANCIAL 12,132,833.402 18.02%
EXTENDED SERVICES LLC
DURATION BOND FBO OUR CUSTOMERS
FUND ATTN MUTUAL FUNDS
DEPARTMENT
499 WASHINGTON BLVD FL4
JERSEY CITY NJ 07310
I DELAWARE TD AMERITRADE 3,767,797.352 5.60%
EXTENDED FBO THE AMERICAN SOCIETY
DURATION BOND OF MECHANICAL ENGINEERS
FUND PENSION TRUST UA MAR
WILLIAM GAROFALO TR
LITTLE FALLS NJ 07424



I DELAWARE DCGT TTEE 8,766,650.610 13.02%
EXTENDED CUST FBO PLIC VARIOUS
DURATION BOND RETIREMENT PLANS OMNIBUS
FUND ATTN NPIO TRADE DESK
711 HIGH STREET
DES MOINES IA 50392
R DELAWARE MASSACHUSETTS MUTUAL LIFE 129,718.194 7.01%
EXTENDED INSURANCE COMPANY
DURATION BOND 1295 STATE STREET - MIP C105
FUND SPRINGFIELD MA 01111-0001
R DELAWARE MASSACHUSETTS MUTUAL LIFE 202,473.697 10.94%
EXTENDED INSURANCE COMPANY
DURATION BOND 1295 STATE STREET - MIP M200-
FUND INVST
SPRINGFIELD MA 01111
R DELAWARE HARTFORD LIFE INSURANCE 356,659.773 19.26%
EXTENDED CO
DURATION BOND SEPARATE ACCOUNTS
FUND ATTN UIT OPERATIONS
PO BOX 2999
HARTFORD CT 06104-2999
R DELAWARE VOYA RETIREMENT INSURANCE 414,863.178 22.41%
EXTENDED AND ANNUITY COMPANY
DURATION BOND 1 ORANGE WAY
FUND WINDSOR CT 06095-4773
R DELAWARE DCGT TTEE 210,364.098 11.36%
EXTENDED CUST FBO PLIC VARIOUS
DURATION BOND RETIREMENT PLANS OMNIBUS
FUND ATTN NPIO TRADE DESK
711 HIGH STREET
DES MOINES IA 50392
R6 DELAWARE WELLS FARGO BANK NA 624,336.769 8.81%
EXTENDED FBO TORO COMPANY WHEEL
DURATION BOND HORSE RETIREMENT PLAN
FUND PO BOX 1533
MINNEAPOLIS MN 55480
R6 DELAWARE JOHN HANCOCK TRUST 6,387,579.568 90.18%
EXTENDED COMPANY LLC
DURATION BOND 690 CANTON ST SUITE 100
FUND WESTWOOD MA 02090
A DELAWARE CHARLES SCHWAB & CO INC 378,166.919 7.83%
FLOATING RATE SPEC CUSTODY ACCT FOR THE
FUND EXCL BNFT OF CUSTS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-
1905



A DELAWARE LPL FINANCIAL 580,358.924 12.01%
FLOATING RATE OMNIBUS CUSTOMER
FUND ACCOUNT
ATTN LINDSAY OTOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA 92121
A DELAWARE MLPF&S FOR THE SOLE 722,437.313 14.95%
FLOATING RATE BENEFIT OF ITS CUSTOMERS
FUND ATTENTION: FUND ADMIN
4800 DEER LAKE DR E FL2
JACKSONVILLE FL 32246
A DELAWARE MORGAN STANLEY SMITH 379,909.632 7.86%
FLOATING RATE BARNEY LLC
FUND FOR THE EXCLUSIVE
BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY 10004
A DELAWARE NATIONAL FINANCIAL 864,518.186 17.89%
FLOATING RATE SERVICES LLC
FUND FBO OUR CUSTOMERS
ATTN MUTUAL FUNDS
DEPARTMENT
499 WASHINGTON BLVD FL4
JERSEY CITY NJ 07310
A DELAWARE PERSHING LLC 315,168.060 6.52%
FLOATING RATE 1 PERSHING PLAZA
FUND JERSEY CITY NJ 07399-0002
A DELAWARE UBS WM USA 335,775.107 6.95%
FLOATING RATE SPEC CDY A/C EXL BEN
FUND CUSTOMERS OF UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086
C DELAWARE LPL FINANCIAL 160,352.548 5.06%
FLOATING RATE OMNIBUS CUSTOMER
FUND ACCOUNT
ATTN LINDSAY OTOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA 92121
C DELAWARE MLPF&S FOR THE SOLE 647,233.509 20.41%
FLOATING RATE BENEFIT OF ITS CUSTOMERS
FUND ATTENTION: FUND ADMIN
4800 DEER LAKE DR E FL2
JACKSONVILLE FL 32246
C DELAWARE MORGAN STANLEY SMITH 323,120.742 10.19%
FLOATING RATE BARNEY LLC
FUND FOR THE EXCLUSIVE
BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY 10004



C DELAWARE NATIONAL FINANCIAL 258,489.774 8.15%
FLOATING RATE SERVICES LLC
FUND FBO OUR CUSTOMERS
ATTN MUTUAL FUNDS
DEPARTMENT
499 WASHINGTON BLVD FL4
JERSEY CITY NJ 07310
C DELAWARE RAYMOND JAMES 419,382.862 13.23%
FLOATING RATE OMNIBUS FOR MUTUAL FUNDS
FUND ATTN COURTNEY WALLER
880 CARILLON PARKWAY
ST PETERSBURG FL 33713
C DELAWARE UBS WM USA 262,786.960 8.29%
FLOATING RATE SPEC CDY A/C EXL BEN
FUND CUSTOMERS OF UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086
C DELAWARE WELLS FARGO CLEARING SVCS 629,601.968 19.86%
FLOATING RATE LLC
FUND SPECIAL CUSTODY ACCT FOR
THE EXCLUSIVE BENEFIT OF
CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
I DELAWARE CHARLES SCHWAB & CO INC 679,314.725 6.35%
FLOATING RATE SPEC CUSTODY ACCT FOR THE
FUND EXCL BNFT OF CUSTS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-
1905
I DELAWARE MLPF&S FOR THE SOLE 1,200,380.525 11.23%
FLOATING RATE BENEFIT OF ITS CUSTOMERS
FUND ATTENTION: FUND ADMIN
4800 DEER LAKE DR E FL2
JACKSONVILLE FL 32246
I DELAWARE MORGAN STANLEY SMITH 3,633,052.114 33.98%
FLOATING RATE BARNEY LLC
FUND FOR THE EXCLUSIVE
BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY 10004
I DELAWARE NATIONAL FINANCIAL 1,137,766.648 10.64%
FLOATING RATE SERVICES LLC
FUND FBO OUR CUSTOMERS
ATTN MUTUAL FUNDS
DEPARTMENT
499 WASHINGTON BLVD FL4
JERSEY CITY NJ 07310
I DELAWARE UBS WM USA 1,235,199.873 11.55%
FLOATING RATE SPEC CDY A/C EXL BEN
FUND CUSTOMERS OF UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086



I DELAWARE WELLS FARGO CLEARING SVCS 858,714.664 8.03%
FLOATING RATE LLC
FUND SPECIAL CUSTODY ACCT FOR
THE EXCLUSIVE BENEFIT OF
CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
R DELAWARE MACQUARIE MANAGEMENT 737.250 10.10%
FLOATING RATE HOLDINGS INC
FUND C/O RICK SALUS
2005 MARKET ST
PHILADELPHIA PA 19103-7028
R DELAWARE PERSHING LLC 5,355.653 73.34%
FLOATING RATE 1 PERSHING PLAZA
FUND JERSEY CITY NJ 07399-0002
R DELAWARE PAI TRUST COMPANY INC. 1,030.864 14.12%
FLOATING RATE HAZEL FARMERS ELEVATOR
FUND 401(K) PROFIT SHARING PLAN
1300 ENTERPRISE DRIVE
DE PERE WI 54115
A DELAWARE HIGH- CHARLES SCHWAB & CO INC 1,683,228.145 5.14%
YIELD SPEC CUSTODY ACCT FOR THE
OPPORTUNITIES EXCL BNFT OF CUSTS
FUND ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-
1905
A DELAWARE HIGH- LPL FINANCIAL 1,705,421.359 5.21%
YIELD OMNIBUS CUSTOMER
OPPORTUNITIES ACCOUNT
FUND ATTN LINDSAY OTOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA 92121
A DELAWARE HIGH- NATIONAL FINANCIAL 4,398,927.908 13.43%
YIELD SERVICES LLC
OPPORTUNITIES FBO OUR CUSTOMERS
FUND ATTN MUTUAL FUNDS
DEPARTMENT
499 WASHINGTON BLVD FL4
JERSEY CITY NJ 07310
A DELAWARE HIGH- PERSHING LLC 2,081,165.986 6.35%
YIELD 1 PERSHING PLAZA
OPPORTUNITIES JERSEY CITY NJ 07399-0002
FUND
A DELAWARE HIGH- WELLS FARGO CLEARING SVCS 2,589,146.439 7.90%
YIELD LLC
OPPORTUNITIES SPECIAL CUSTODY ACCT FOR
FUND THE EXCLUSIVE BENEFIT OF
CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523



C DELAWARE HIGH- AMERICAN ENTERPRISE 362,605.775 6.23%
YIELD INVESTMENT SVC
OPPORTUNITIES 707 2ND AVE SOUTH
FUND MINNEAPOLIS MN 55402-2405
C DELAWARE HIGH- LPL FINANCIAL 1,120,636.247 19.27%
YIELD OMNIBUS CUSTOMER
OPPORTUNITIES ACCOUNT
FUND ATTN LINDSAY OTOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA 92121
C DELAWARE HIGH- MORGAN STANLEY SMITH 407,124.108 7.00%
YIELD BARNEY LLC
OPPORTUNITIES FOR THE EXCLUSIVE
FUND BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY 10004
C DELAWARE HIGH- NATIONAL FINANCIAL 1,237,519.202 21.28%
YIELD SERVICES LLC
OPPORTUNITIES FBO OUR CUSTOMERS
FUND ATTN MUTUAL FUNDS
DEPARTMENT
499 WASHINGTON BLVD FL4
JERSEY CITY NJ 07310
C DELAWARE HIGH- PERSHING LLC 315,975.599 5.43%
YIELD 1 PERSHING PLAZA
OPPORTUNITIES JERSEY CITY NJ 07399-0002
FUND
C DELAWARE HIGH- RAYMOND JAMES 452,521.350 7.78%
YIELD OMNIBUS FOR MUTUAL FUNDS
OPPORTUNITIES ATTN COURTNEY WALLER
FUND 880 CARILLON PARKWAY
ST PETERSBURG FL 33713
C DELAWARE HIGH- WELLS FARGO CLEARING SVCS 799,368.395 13.74%
YIELD LLC
OPPORTUNITIES SPECIAL CUSTODY ACCT FOR
FUND THE EXCLUSIVE BENEFIT OF
CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
I DELAWARE HIGH- LPL FINANCIAL 1,268,028.111 10.56%
YIELD OMNIBUS CUSTOMER
OPPORTUNITIES ACCOUNT
FUND ATTN LINDSAY OTOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA 92121
I DELAWARE HIGH- MORGAN STANLEY SMITH 722,629.421 6.02%
YIELD BARNEY LLC
OPPORTUNITIES FOR THE EXCLUSIVE
FUND BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY 10004



I DELAWARE HIGH- NATIONAL FINANCIAL 1,832,738.524 15.27%
YIELD SERVICES LLC
OPPORTUNITIES FBO OUR CUSTOMERS
FUND ATTN MUTUAL FUNDS
DEPARTMENT
499 WASHINGTON BLVD FL4
JERSEY CITY NJ 07310
I DELAWARE HIGH- UBS WM USA 1,841,929.017 15.34%
YIELD SPEC CDY A/C EXL BEN
OPPORTUNITIES CUSTOMERS OF UBSFSI
FUND 1000 HARBOR BLVD
WEEHAWKEN NJ 07086
I DELAWARE HIGH- WELLS FARGO CLEARING SVCS 805,425.679 6.71%
YIELD LLC
OPPORTUNITIES SPECIAL CUSTODY ACCT FOR
FUND THE EXCLUSIVE BENEFIT OF
CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
I DELAWARE HIGH- LINCOLN RETIREMENT 700,150.037 5.83%
YIELD SERVICES CO
OPPORTUNITIES FBO MMH INC RETIREMENT
FUND PLAN
P.O. BOX 7876
FORT WAYNE IN 46801-7876
R DELAWARE HIGH- MLPF&S FOR THE SOLE 170,774.477 13.32%
YIELD BENEFIT OF ITS CUSTOMERS
OPPORTUNITIES ATTENTION: FUND ADMIN
FUND 4800 DEER LAKE DR E FL2
JACKSONVILLE FL 32246
R DELAWARE HIGH- VOYA RETIREMENT INSURANCE 214,213.571 16.71%
YIELD AND ANNUITY COMPANY
OPPORTUNITIES 1 ORANGE WAY
FUND WINDSOR CT 06095-4773
R DELAWARE HIGH- DCGT TTEE 79,660.811 6.21%
YIELD CUST FBO PLIC VARIOUS
OPPORTUNITIES RETIREMENT PLANS OMNIBUS
FUND ATTN NPIO TRADE DESK
711 HIGH STREET
DES MOINES IA 50392
A DELAWARE LPL FINANCIAL 987,766.696 5.75%
LIMITED-TERM OMNIBUS CUSTOMER
DIVERSIFIED ACCOUNT
INCOME FUND ATTN LINDSAY OTOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA 92121
A DELAWARE MLPF&S FOR THE SOLE 1,559,424.413 9.08%
LIMITED-TERM BENEFIT OF ITS CUSTOMERS
DIVERSIFIED ATTENTION: FUND ADMIN
INCOME FUND 4800 DEER LAKE DR E FL2
JACKSONVILLE FL 32246



A DELAWARE MORGAN STANLEY SMITH 1,767,562.995 10.29%
LIMITED-TERM BARNEY LLC
DIVERSIFIED FOR THE EXCLUSIVE
INCOME FUND BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY 10004
A DELAWARE NATIONAL FINANCIAL 1,871,670.120 10.90%
LIMITED-TERM SERVICES LLC
DIVERSIFIED FBO OUR CUSTOMERS
INCOME FUND ATTN MUTUAL FUNDS
DEPARTMENT
499 WASHINGTON BLVD FL4
JERSEY CITY NJ 07310
A DELAWARE UBS WM USA 1,189,501.867 6.93%
LIMITED-TERM SPEC CDY A/C EXL BEN
DIVERSIFIED CUSTOMERS OF UBSFSI
INCOME FUND 1000 HARBOR BLVD
WEEHAWKEN NJ 07086
A DELAWARE WELLS FARGO CLEARING SVCS 1,550,463.954 9.03%
LIMITED-TERM LLC
DIVERSIFIED SPECIAL CUSTODY ACCT FOR
INCOME FUND THE EXCLUSIVE BENEFIT OF
CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
C DELAWARE MLPF&S FOR THE SOLE 1,151,101.092 17.86%
LIMITED-TERM BENEFIT OF ITS CUSTOMERS
DIVERSIFIED ATTENTION: FUND ADMIN
INCOME FUND 4800 DEER LAKE DR E FL2
JACKSONVILLE FL 32246
C DELAWARE MORGAN STANLEY SMITH 912,868.897 14.17%
LIMITED-TERM BARNEY LLC
DIVERSIFIED FOR THE EXCLUSIVE
INCOME FUND BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY 10004
C DELAWARE NATIONAL FINANCIAL 653,892.791 10.15%
LIMITED-TERM SERVICES LLC
DIVERSIFIED FBO OUR CUSTOMERS
INCOME FUND ATTN MUTUAL FUNDS
DEPARTMENT
499 WASHINGTON BLVD FL4
JERSEY CITY NJ 07310
C DELAWARE UBS WM USA 981,900.388 15.24%
LIMITED-TERM SPEC CDY A/C EXL BEN
DIVERSIFIED CUSTOMERS OF UBSFSI
INCOME FUND 1000 HARBOR BLVD
WEEHAWKEN NJ 07086
C DELAWARE WELLS FARGO CLEARING SVCS 1,276,071.650 19.80%
LIMITED-TERM LLC
DIVERSIFIED SPECIAL CUSTODY ACCT FOR
INCOME FUND THE EXCLUSIVE BENEFIT OF
CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523



I DELAWARE LPL FINANCIAL 3,888,150.669 11.88%
LIMITED-TERM OMNIBUS CUSTOMER
DIVERSIFIED ACCOUNT
INCOME FUND ATTN LINDSAY OTOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA 92121
I DELAWARE MLPF&S FOR THE SOLE 5,090,167.105 15.55%
LIMITED-TERM BENEFIT OF ITS CUSTOMERS
DIVERSIFIED ATTENTION: FUND ADMIN
INCOME FUND 4800 DEER LAKE DR E FL2
JACKSONVILLE FL 32246
I DELAWARE MORGAN STANLEY SMITH 3,350,343.794 10.24%
LIMITED-TERM BARNEY LLC
DIVERSIFIED FOR THE EXCLUSIVE
INCOME FUND BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY 10004
I DELAWARE NATIONAL FINANCIAL 3,454,772.600 10.56%
LIMITED-TERM SERVICES LLC
DIVERSIFIED FBO OUR CUSTOMERS
INCOME FUND ATTN MUTUAL FUNDS
DEPARTMENT
499 WASHINGTON BLVD FL4
JERSEY CITY NJ 07310
I DELAWARE RAYMOND JAMES 3,281,801.143 10.03%
LIMITED-TERM OMNIBUS FOR MUTUAL FUNDS
DIVERSIFIED ATTN COURTNEY WALLER
INCOME FUND 880 CARILLON PARKWAY
ST PETERSBURG FL 33713
I DELAWARE UBS WM USA 8,271,053.275 25.27%
LIMITED-TERM SPEC CDY A/C EXL BEN
DIVERSIFIED CUSTOMERS OF UBSFSI
INCOME FUND 1000 HARBOR BLVD
WEEHAWKEN NJ 07086
I DELAWARE WELLS FARGO CLEARING SVCS 1,662,429.207 5.08%
LIMITED-TERM LLC
DIVERSIFIED SPECIAL CUSTODY ACCT FOR
INCOME FUND THE EXCLUSIVE BENEFIT OF
CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
R DELAWARE MLPF&S FOR THE SOLE 94,278.260 35.67%
LIMITED-TERM BENEFIT OF ITS CUSTOMERS
DIVERSIFIED ATTENTION: FUND ADMIN
INCOME FUND 4800 DEER LAKE DR E FL2
JACKSONVILLE FL 32246
R DELAWARE MORGAN STANLEY SMITH 15,458.757 5.85%
LIMITED-TERM BARNEY LLC
DIVERSIFIED FOR THE EXCLUSIVE
INCOME FUND BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY 10004



R DELAWARE MID ATLANTIC TRUST 52,616.024 19.91%
LIMITED-TERM COMPANY
DIVERSIFIED FBO MILAN SUPPLY COMPANY
INCOME FUND 1251 WATERFRONT PLACE STE
525
PITTSBURGH PA 15222
R DELAWARE LINCOLN NATIONAL LIFE 27,348.079 10.35%
LIMITED-TERM INSURANCE COMPANY
DIVERSIFIED 1300 S CLINTON ST
INCOME FUND FORT WAYNE IN 46802
R6 DELAWARE LINCOLN RETIREMENT 164,812.875 52.43%
LIMITED-TERM SERVICES CO
DIVERSIFIED FBO MACQUARIE HOLDINGS
INCOME FUND USA INC 401A
PO BOX 7876
FORT WAYNE IN 46801-7876
R6 DELAWARE JOHN HANCOCK TRUST 126,124.514 40.12%
LIMITED-TERM COMPANY LLC
DIVERSIFIED 690 CANTON ST SUITE 100
INCOME FUND WESTWOOD MA 02090
R6 DELAWARE LINCOLN RETIREMENT 21,087.635 6.71%
LIMITED-TERM SERVICES CO
DIVERSIFIED FBO MMH INC EMPLOYEES
INCOME FUND SAVINGS & 401K PLAN
PO BOX 7876
FORT WAYNE IN 46801


DELAWARE GROUP® ADVISER FUNDS

DELAWARE DIVERSIFIED INCOME FUND

2005 Market Street
Philadelphia, PA 19103-7094

NOTICE OF INTERNET AVAILABILITY
OF JOINT INFORMATION STATEMENT

This communication presents only an overview of the more complete Joint Information Statement that is available to you on the Internet or by mail relating to Delaware Diversified Income Fund (the “Fund”), a series of Delaware Group Adviser Funds (the “Trust”). We encourage you to access and review all of the important information contained in the Joint Information Statement, available online at: delawarefunds.com/literature.

The Joint Information Statement details the approval of sub-advisors, Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”), Macquarie Investment Management Europe Limited (“MIMEL”), and Macquarie Investment Management Global Limited (“MIMGL”), to provide certain sub-advisory services to the Fund. A more detailed description of MIMAK, MIMEL, and MIMGL and their businesses, information about the sub-advisory agreements with MIMAK, MIMEL, and MIMGL, and the reasons the Board of Trustees (the “Board”) of the Trust approved MIMAK, MIMEL, and MIMGL as sub-advisors, are included in the Joint Information Statement. MIMAK, MIMEL, and MIMGL are affiliates of Delaware Management Company (the “Manager”), the investment manager to each series of the Trust, including the Fund.

The Manager employs a “manager of managers” arrangement in managing the assets of the Trust. In connection therewith, the Trust and the Manager have received an exemptive order from the U.S. Securities and Exchange Commission (the “SEC Order”), which permits the Manager, with the approval of the Board, to hire, terminate, or replace sub-advisors who are affiliated or unaffiliated with the Trust or the Manager, and to enter into and modify material terms and conditions of the related sub-advisory agreements without shareholder approval.

Pursuant to the SEC Order, this Notice of Internet Availability of Joint Information Statement is being mailed beginning on or about June 28, 2019 to shareholders of record of the Fund as of June 3, 2019. The full Joint Information Statement is available on the Fund’s website at delawarefunds.com/literature on or about June 28, 2019 until at least Dec. 31, 2019. A paper or e-mail copy of the full Joint Information Statement may be obtained, without charge, by contacting your financial intermediary, or calling the Delaware Funds® by Macquarie Service Center at 800 523-1918.

WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.


DELAWARE GROUP® GOVERNMENT FUND

DELAWARE EMERGING MARKETS DEBT FUND

2005 Market Street
Philadelphia, PA 19103-7094

NOTICE OF INTERNET AVAILABILITY
OF JOINT INFORMATION STATEMENT

This communication presents only an overview of the more complete Joint Information Statement that is available to you on the Internet or by mail relating to Delaware Emerging Markets Debt Fund (the “Fund”), a series of Delaware Group Government Fund (the “Trust”). We encourage you to access and review all of the important information contained in the Joint Information Statement, available online at: delawarefunds.com/literature.

The Joint Information Statement details the approval of sub-advisors, Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”), Macquarie Investment Management Europe Limited (“MIMEL”), and Macquarie Investment Management Global Limited (“MIMGL”), to provide certain sub-advisory services to the Fund. A more detailed description of MIMAK, MIMEL, and MIMGL and their businesses, information about the sub-advisory agreements with MIMAK, MIMEL, and MIMGL, and the reasons the Board of Trustees (the “Board”) of the Trust approved MIMAK, MIMEL, and MIMGL as sub-advisors, are included in the Joint Information Statement. MIMAK, MIMEL, and MIMGL are affiliates of Delaware Management Company (the “Manager”), the investment manager to each series of the Trust, including the Fund.

The Manager employs a “manager of managers” arrangement in managing the assets of the Trust. In connection therewith, the Trust and the Manager have received an exemptive order from the U.S. Securities and Exchange Commission (the “SEC Order”), which permits the Manager, with the approval of the Board, to hire, terminate, or replace sub-advisors who are affiliated or unaffiliated with the Trust or the Manager, and to enter into and modify material terms and conditions of the related sub-advisory agreements without shareholder approval.

Pursuant to the SEC Order, this Notice of Internet Availability of Joint Information Statement is being mailed beginning on or about June 28, 2019 to shareholders of record of the Fund as of June 13, 2019. The full Joint Information Statement is available on the Fund’s website at delawarefunds.com/literature on or about June 28, 2019 until at least Dec. 31, 2019. A paper or e-mail copy of the full Joint Information Statement may be obtained, without charge, by contacting your financial intermediary, or calling the Delaware Funds® by Macquarie Service Center at 800 523-1918.

WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.


DELAWARE GROUP® GOVERNMENT FUND

DELAWARE STRATEGIC INCOME FUND

2005 Market Street
Philadelphia, PA 19103-7094

NOTICE OF INTERNET AVAILABILITY
OF JOINT INFORMATION STATEMENT

This communication presents only an overview of the more complete Joint Information Statement that is available to you on the Internet or by mail relating to Delaware Strategic Income Fund (the “Fund”), a series of Delaware Group Government Fund (the “Trust”). We encourage you to access and review all of the important information contained in the Joint Information Statement, available online at: delawarefunds.com/literature.

The Joint Information Statement details the approval of sub-advisors, Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”), Macquarie Investment Management Europe Limited (“MIMEL”), and Macquarie Investment Management Global Limited (“MIMGL”), to provide certain sub-advisory services to the Fund. A more detailed description of MIMAK, MIMEL, and MIMGL and their businesses, information about the sub-advisory agreements with MIMAK, MIMEL, and MIMGL, and the reasons the Board of Trustees (the “Board”) of the Trust approved MIMAK, MIMEL, and MIMGL as sub-advisors, are included in the Joint Information Statement. MIMAK, MIMEL, and MIMGL are affiliates of Delaware Management Company (the “Manager”), the investment manager to each series of the Trust, including the Fund.

The Manager employs a “manager of managers” arrangement in managing the assets of the Trust. In connection therewith, the Trust and the Manager have received an exemptive order from the U.S. Securities and Exchange Commission (the “SEC Order”), which permits the Manager, with the approval of the Board, to hire, terminate, or replace sub-advisors who are affiliated or unaffiliated with the Trust or the Manager, and to enter into and modify material terms and conditions of the related sub-advisory agreements without shareholder approval.

Pursuant to the SEC Order, this Notice of Internet Availability of Joint Information Statement is being mailed beginning on or about June 28, 2019 to shareholders of record of the Fund as of June 13, 2019. The full Joint Information Statement is available on the Fund’s website at delawarefunds.com/literature on or about June 28, 2019 until at least Dec. 31, 2019. A paper or e-mail copy of the full Joint Information Statement may be obtained, without charge, by contacting your financial intermediary, or calling the Delaware Funds® by Macquarie Service Center at 800 523-1918.

WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.


DELAWARE GROUP® INCOME FUNDS

DELAWARE CORPORATE BOND FUND

2005 Market Street
Philadelphia, PA 19103-7094

NOTICE OF INTERNET AVAILABILITY
OF JOINT INFORMATION STATEMENT

This communication presents only an overview of the more complete Joint Information Statement that is available to you on the Internet or by mail relating to Delaware Corporate Bond Fund (the “Fund”), a series of Delaware Group Income Funds (the “Trust”). We encourage you to access and review all of the important information contained in the Joint Information Statement, available online at: delawarefunds.com/literature.

The Joint Information Statement details the approval of sub-advisors, Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”), Macquarie Investment Management Europe Limited (“MIMEL”), and Macquarie Investment Management Global Limited (“MIMGL”), to provide certain sub-advisory services to the Fund. A more detailed description of MIMAK, MIMEL, and MIMGL and their businesses, information about the sub-advisory agreements with MIMAK, MIMEL, and MIMGL, and the reasons the Board of Trustees (the “Board”) of the Trust approved MIMAK, MIMEL, and MIMGL as sub-advisors, are included in the Joint Information Statement. MIMAK, MIMEL, and MIMGL are affiliates of Delaware Management Company (the “Manager”), the investment manager to each series of the Trust, including the Fund.

The Manager employs a “manager of managers” arrangement in managing the assets of the Trust. In connection therewith, the Trust and the Manager have received an exemptive order from the U.S. Securities and Exchange Commission (the “SEC Order”), which permits the Manager, with the approval of the Board, to hire, terminate, or replace sub-advisors who are affiliated or unaffiliated with the Trust or the Manager, and to enter into and modify material terms and conditions of the related sub-advisory agreements without shareholder approval.

Pursuant to the SEC Order, this Notice of Internet Availability of Joint Information Statement is being mailed beginning on or about June 28, 2019 to shareholders of record of the Fund as of June 13, 2019. The full Joint Information Statement is available on the Fund’s website at delawarefunds.com/literature on or about June 28, 2019 until at least Dec. 31, 2019. A paper or e-mail copy of the full Joint Information Statement may be obtained, without charge, by contacting your financial intermediary, or calling the Delaware Funds® by Macquarie Service Center at 800 523-1918.

WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.


DELAWARE GROUP® INCOME FUNDS

DELAWARE EXTENDED DURATION BOND FUND

2005 Market Street
Philadelphia, PA 19103-7094

NOTICE OF INTERNET AVAILABILITY
OF JOINT INFORMATION STATEMENT

This communication presents only an overview of the more complete Joint Information Statement that is available to you on the Internet or by mail relating to Delaware Extended Duration Bond Fund (the “Fund”), a series of Delaware Group Income Funds (the “Trust”). We encourage you to access and review all of the important information contained in the Joint Information Statement, available online at: delawarefunds.com/literature.

The Joint Information Statement details the approval of sub-advisors, Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”), Macquarie Investment Management Europe Limited (“MIMEL”), and Macquarie Investment Management Global Limited (“MIMGL”), to provide certain sub-advisory services to the Fund. A more detailed description of MIMAK, MIMEL, and MIMGL and their businesses, information about the sub-advisory agreements with MIMAK, MIMEL, and MIMGL, and the reasons the Board of Trustees (the “Board”) of the Trust approved MIMAK, MIMEL, and MIMGL as sub-advisors, are included in the Joint Information Statement. MIMAK, MIMEL, and MIMGL are affiliates of Delaware Management Company (the “Manager”), the investment manager to each series of the Trust, including the Fund.

The Manager employs a “manager of managers” arrangement in managing the assets of the Trust. In connection therewith, the Trust and the Manager have received an exemptive order from the U.S. Securities and Exchange Commission (the “SEC Order”), which permits the Manager, with the approval of the Board, to hire, terminate, or replace sub-advisors who are affiliated or unaffiliated with the Trust or the Manager, and to enter into and modify material terms and conditions of the related sub-advisory agreements without shareholder approval.

Pursuant to the SEC Order, this Notice of Internet Availability of Joint Information Statement is being mailed beginning on or about June 28, 2019 to shareholders of record of the Fund as of June 13, 2019. The full Joint Information Statement is available on the Fund’s website at delawarefunds.com/literature on or about June 28, 2019 until at least Dec. 31, 2019. A paper or e-mail copy of the full Joint Information Statement may be obtained, without charge, by contacting your financial intermediary, or calling the Delaware Funds® by Macquarie Service Center at 800 523-1918.

WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.


DELAWARE GROUP® INCOME FUNDS

DELAWARE FLOATING RATE FUND

2005 Market Street
Philadelphia, PA 19103-7094

NOTICE OF INTERNET AVAILABILITY
OF JOINT INFORMATION STATEMENT

This communication presents only an overview of the more complete Joint Information Statement that is available to you on the Internet or by mail relating to Delaware Floating Rate Fund (the “Fund”), a series of Delaware Group Income Funds (the “Trust”). We encourage you to access and review all of the important information contained in the Joint Information Statement, available online at: delawarefunds.com/literature.

The Joint Information Statement details the approval of sub-advisors, Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”), Macquarie Investment Management Europe Limited (“MIMEL”), and Macquarie Investment Management Global Limited (“MIMGL”), to provide certain sub-advisory services to the Fund. A more detailed description of MIMAK, MIMEL, and MIMGL and their businesses, information about the sub-advisory agreements with MIMAK, MIMEL, and MIMGL, and the reasons the Board of Trustees (the “Board”) of the Trust approved MIMAK, MIMEL, and MIMGL as sub-advisors, are included in the Joint Information Statement. MIMAK, MIMEL, and MIMGL are affiliates of Delaware Management Company (the “Manager”), the investment manager to each series of the Trust, including the Fund.

The Manager employs a “manager of managers” arrangement in managing the assets of the Trust. In connection therewith, the Trust and the Manager have received an exemptive order from the U.S. Securities and Exchange Commission (the “SEC Order”), which permits the Manager, with the approval of the Board, to hire, terminate, or replace sub-advisors who are affiliated or unaffiliated with the Trust or the Manager, and to enter into and modify material terms and conditions of the related sub-advisory agreements without shareholder approval.

Pursuant to the SEC Order, this Notice of Internet Availability of Joint Information Statement is being mailed beginning on or about June 28, 2019 to shareholders of record of the Fund as of June 13, 2019. The full Joint Information Statement is available on the Fund’s website at delawarefunds.com/literature on or about June 28, 2019 until at least Dec. 31, 2019. A paper or e-mail copy of the full Joint Information Statement may be obtained, without charge, by contacting your financial intermediary, or calling the Delaware Funds® by Macquarie Service Center at 800 523-1918.

WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.


DELAWARE GROUP® INCOME FUNDS

DELAWARE HIGH-YIELD OPPORTUNITIES FUND

2005 Market Street
Philadelphia, PA 19103-7094

NOTICE OF INTERNET AVAILABILITY
OF JOINT INFORMATION STATEMENT

This communication presents only an overview of the more complete Joint Information Statement that is available to you on the Internet or by mail relating to Delaware High-Yield Opportunities Fund (the “Fund”), a series of Delaware Group Income Funds (the “Trust”). We encourage you to access and review all of the important information contained in the Joint Information Statement, available online at: delawarefunds.com/literature.

The Joint Information Statement details the approval of sub-advisors, Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”), Macquarie Investment Management Europe Limited (“MIMEL”), and Macquarie Investment Management Global Limited (“MIMGL”), to provide certain sub-advisory services to the Fund. A more detailed description of MIMAK, MIMEL, and MIMGL and their businesses, information about the sub-advisory agreements with MIMAK, MIMEL, and MIMGL, and the reasons the Board of Trustees (the “Board”) of the Trust approved MIMAK, MIMEL, and MIMGL as sub-advisors, are included in the Joint Information Statement. MIMAK, MIMEL, and MIMGL are affiliates of Delaware Management Company (the “Manager”), the investment manager to each series of the Trust, including the Fund.

The Manager employs a “manager of managers” arrangement in managing the assets of the Trust. In connection therewith, the Trust and the Manager have received an exemptive order from the U.S. Securities and Exchange Commission (the “SEC Order”), which permits the Manager, with the approval of the Board, to hire, terminate, or replace sub-advisors who are affiliated or unaffiliated with the Trust or the Manager, and to enter into and modify material terms and conditions of the related sub-advisory agreements without shareholder approval.

Pursuant to the SEC Order, this Notice of Internet Availability of Joint Information Statement is being mailed beginning on or about June 28, 2019 to shareholders of record of the Fund as of June 13, 2019. The full Joint Information Statement is available on the Fund’s website at delawarefunds.com/literature on or about June 28, 2019 until at least Dec. 31, 2019. A paper or e-mail copy of the full Joint Information Statement may be obtained, without charge, by contacting your financial intermediary, or calling the Delaware Funds® by Macquarie Service Center at 800 523-1918.

WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.


DELAWARE GROUP® LIMITED-TERM GOVERNMENT FUNDS

DELAWARE LIMITED-TERM DIVERSIFIED INCOME FUND

2005 Market Street
Philadelphia, PA 19103-7094

NOTICE OF INTERNET AVAILABILITY
OF JOINT INFORMATION STATEMENT

This communication presents only an overview of the more complete Joint Information Statement that is available to you on the Internet or by mail relating to Delaware Limited-Term Diversified Income Fund (the “Fund”), a series of Delaware Group Limited-Term Government Funds (the “Trust”). We encourage you to access and review all of the important information contained in the Joint Information Statement, available online at: delawarefunds.com/literature.

The Joint Information Statement details the approval of sub-advisors, Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”), Macquarie Investment Management Europe Limited (“MIMEL”), and Macquarie Investment Management Global Limited (“MIMGL”), to provide certain sub-advisory services to the Fund. A more detailed description of MIMAK, MIMEL, and MIMGL and their businesses, information about the sub-advisory agreements with MIMAK, MIMEL, and MIMGL, and the reasons the Board of Trustees (the “Board”) of the Trust approved MIMAK, MIMEL, and MIMGL as sub-advisors, are included in the Joint Information Statement. MIMAK, MIMEL, and MIMGL are affiliates of Delaware Management Company (the “Manager”), the investment manager to each series of the Trust, including the Fund.

The Manager employs a “manager of managers” arrangement in managing the assets of the Trust. In connection therewith, the Trust and the Manager have received an exemptive order from the U.S. Securities and Exchange Commission (the “SEC Order”), which permits the Manager, with the approval of the Board, to hire, terminate, or replace sub-advisors who are affiliated or unaffiliated with the Trust or the Manager, and to enter into and modify material terms and conditions of the related sub-advisory agreements without shareholder approval.

Pursuant to the SEC Order, this Notice of Internet Availability of Joint Information Statement is being mailed beginning on or about June 28, 2019 to shareholders of record of the Fund as of June 13, 2019. The full Joint Information Statement is available on the Fund’s website at delawarefunds.com/literature on or about June 28, 2019 until at least Dec. 31, 2019. A paper or e-mail copy of the full Joint Information Statement may be obtained, without charge, by contacting your financial intermediary, or calling the Delaware Funds® by Macquarie Service Center at 800 523-1918.

WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.