UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:	811-04413
Exact name of registrant as specified in charter:	Delaware Group® Equity Funds IV
Address of principal executive offices:	2005 Market Street
	Philadelphia, PA 19103
Name and address of agent for service:	David F. Connor, Esq.
	2005 Market Street
	Philadelphia, PA 19103
Registrant’s telephone number, including area code:	(800) 523-1918
Date of fiscal year end:	September 30
Date of reporting period:	March 31, 2020

Item 1. Reports to Stockholders

Semiannual report

Equity funds
Delaware Equity Income Fund	Delaware Government Cash Management Fund
(formerly, First Investors Equity Income Fund)	(formerly, First Investors Government Cash Management Fund)
Delaware Growth and Income Fund	Delaware International Opportunities Bond Fund
(formerly, First Investors Growth & Income Fund)	(formerly, First Investors International Opportunities Bond Fund)
Delaware Growth Equity Fund	Delaware Investment Grade Fund
(formerly, First Investors Select Growth Fund)	(formerly, First Investors Investment Grade Fund)
Delaware Opportunity Fund	Delaware Limited Duration Bond Fund
(formerly, First Investors Opportunity Fund)	(formerly, First Investors Limited Duration Bond Fund)
Delaware Special Situations Fund	Delaware Strategic Income II Fund
(formerly, First Investors Special Situations Fund)	(formerly, First Investors Strategic Income)
Delaware Global Equity Fund	Alternative/specialty funds
(formerly, First Investors Global Fund)
	Delaware Covered Call Strategy Fund
Delaware International Fund	(formerly, First Investors Covered Call Strategy Fund)
(formerly, First Investors International Fund)
	Delaware Hedged U.S. Equity Opportunities Fund
Fixed income funds	(formerly, First Investors Hedged U.S. Equity Opportunities Fund)
Delaware Floating Rate II Fund	Delaware Premium Income Fund
(formerly, First Investors Floating Rate Fund)	(formerly, First Investors Premium Income Fund)
Delaware Fund for Income	Multi-asset funds
(formerly, First Investors Fund For Income)	Delaware Total Return Fund
	(formerly, First Investors Total Return Fund)

March 31, 2020

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 the 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 800 523-1918. 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.

Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds’ prospectus and their summary prospectuses, which may be obtained by visiting delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

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

Experience Delaware Funds^® by Macquarie

Macquarie Investment Management (MIM) is a global asset manager with offices in the United States, Europe, Asia, and Australia.
As active managers we prioritize autonomy and accountability at the investment team level in pursuit of opportunities that matter for clients. Delaware Funds is one of the longest-standing mutual fund families, with more than 80 years in existence.

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

You can learn more about Delaware Funds or obtain a prospectus for the Funds at delawarefunds.com/literature.

Manage your account online

● Check your account balance and transactions

● View statements and tax forms

● Make purchases and redemptions

Visit delawarefunds.com/account-access.

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management LLC, and Macquarie Investment Management Europe S.A.

The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

Other than Macquarie Bank Limited (MBL), 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 Funds are governed by US laws and regulations.

Table of contents
Disclosure of Fund expenses	1
Security type / sector / country allocations and top 10 equity holdings	12
Schedules of investments	36
Statements of assets and liabilities	152
Statements of operations	166
Statements of changes in net assets	178
Financial highlights	214
Notes to financial statements	316
About the organization	367

Unless otherwise noted, views expressed herein are current as of March 31, 2020, and subject to change for events occurring after such date.

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

Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor.

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

© 2020 Macquarie Management Holdings, Inc.

Disclosure of Fund expenses
For the six-month period from October 1, 2019 to March 31, 2020 (Unaudited)

Delaware Equity Income Fund seeks total return.

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

Delaware Growth Equity Fund and Delaware Special Situations Fund seek long-term growth of capital.

Delaware Opportunity Fund, Delaware Global Equity Fund, and Delaware International Fund seek long-term capital growth.

Delaware Floating Rate II Fund and Delaware Strategic Income II Fund seek a high level of current income.

Delaware Fund for Income seeks high current income.

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

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

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

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

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

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

Delaware Premium Income Fund seeks to generate income.

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

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

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Oct. 1, 2019 to March 31, 2020.

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

1

Disclosure of Fund expenses
For the six-month period from October 1, 2019 to March 31, 2020 (Unaudited)

the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

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

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

Delaware Equity Income Fund
Expense analysis of an investment of $1,000

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	10/1/19			3/31/20			Expense Ratio			10/1/19 to 3/31/20*
Actual Fund return†
Class A		$	1,000.00		$	780.00		1.16	%		$	5.16
Institutional Class**			1,000.00			781.10		0.92	%			4.10
Class R6***			1,000.00			781.50		0.82	%			3.65
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,019.20		1.16	%		$	5.86
Institutional Class**			1,000.00			1,020.40		0.92	%			4.65
Class R6***			1,000.00			1,020.90		0.82	%			4.14

2

Delaware Growth and Income Fund
Expense analysis of an investment of $1,000

	Beginning		Beginning				Expenses
	Account Value		Account Value		Annualized		Paid During Period
	10/1/19		3/31/20		Expense Ratio		10/1/19 to 3/31/20*
Actual Fund return†
Class A		$1,000.00		$780.80		1.09%		$4.85
Institutional Class**		1,000.00		782.00		0.85%		3.79
Class R6***		1,000.00		781.80		0.76%		3.39
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,019.55		1.09%		$5.50
Institutional Class**		1,000.00		1,020.75		0.85%		4.29
Class R6***		1,000.00		1,021.20		0.76%		3.84

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

	Beginning		Ending				Expenses
	Account Value		Account Value		Annualized		Paid During Period
	10/1/19		3/31/20		Expense Ratio		10/1/19 to 3/31/20*
Actual Fund return†
Class A		$1,000.00		$928.30		1.16%		$5.59
Institutional Class**		1,000.00		929.50		0.87%		4.20
Class R6***		1,000.00		929.80		0.80%		3.86
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,019.20		1.16%		$5.86
Institutional Class**		1,000.00		1,020.65		0.87%		4.39
Class R6***		1,000.00		1,021.00		0.80%		4.04

3

Disclosure of Fund expenses
For the six-month period from October 1, 2019 to March 31, 2020 (Unaudited)

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

	Beginning		Ending				Expenses
	Account Value		Account Value		Annualized		Paid During Period
	10/1/19		3/31/20		Expense Ratio		10/1/19 to 3/31/20*
Actual Fund return†
Class A		$1,000.00		$691.80		1.22%		$5.16
Institutional Class**		1,000.00		692.60		0.98%		4.15
Class R6***		1,000.00		693.20		0.79%		3.34
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,018.90		1.22%		$6.16
Institutional Class**		1,000.00		1,020.10		0.98%		4.95
Class R6***		1,000.00		1,021.05		0.79%		3.99

Delaware Special Situations Fund
Expense analysis of an investment of $1,000

	Beginning		Ending				Expenses
	Account Value		Account Value		Annualized		Paid During Period
	10/1/19		3/31/20		Expense Ratio		10/1/19 to 3/31/20*
Actual Fund return†
Class A		$1,000.00		$670.90		1.29%		$5.39
Institutional Class**		1,000.00		672.00		1.10%		4.60
Class R6***		1,000.00		672.30		0.89%		3.72
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,018.55		1.29%		$6.51
Institutional Class**		1,000.00		1,019.50		1.10%		5.55
Class R6***		1,000.00		1,020.55		0.89%		4.50

4

Delaware Global Equity Fund
Expense analysis of an investment of $1,000

	Beginning		Ending				Expenses
	Account Value		Account Value		Annualized		Paid During Period
	10/1/19		3/31/20		Expense Ratio		10/1/19 to 3/31/20*
Actual Fund return†
Class A		$1,000.00		$890.90		1.42%		$6.71
Institutional Class**		1,000.00		892.90		1.10%		5.21
Class R6***		1,000.00		892.20		1.03%		4.87
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,017.90		1.42%		$7.16
Institutional Class**		1,000.00		1,019.50		1.10%		5.55
Class R6***		1,000.00		1,019.85		1.03%		5.20

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

	Beginning		Ending				Expenses
	Account Value		Account Value		Annualized		Paid During Period
	10/1/19		3/31/20		Expense Ratio		10/1/19 to 3/31/20*
Actual Fund return†
Class A		$1,000.00		$860.30		1.45%		$6.74
Institutional Class**		1,000.00		861.30		1.19%		5.54
Class R6***		1,000.00		862.20		1.11%		5.17
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,017.75		1.45%		$7.31
Institutional Class**		1,000.00		1,019.05		1.19%		6.01
Class R6***		1,000.00		1,019.45		1.11%		5.60

5

Disclosure of Fund expenses
For the six-month period from October 1, 2019 to March 31, 2020 (Unaudited)

Delaware Floating Rate II Fund
Expense analysis of an investment of $1,000

	Beginning		Ending				Expenses
	Account Value		Account Value		Annualized		Paid During Period
	10/1/19		3/31/20		Expense Ratio		10/1/19 to 3/31/20*
Actual Fund return†
Class A		$1,000.00		$911.00		1.05%		$5.02
Institutional Class**		1,000.00		911.70		0.92%		4.40
Class R6***		1,000.00		913.70		0.78%		3.73
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,019.75		1.05%		$5.30
Institutional Class**		1,000.00		1,020.40		0.92%		4.65
Class R6***		1,000.00		1,021.10		0.78%		3.94

Delaware Fund for Income
Expense analysis of an investment of $1,000

	Beginning		Ending				Expenses
	Account Value		Account Value		Annualized		Paid During Period
	10/1/19		3/31/20		Expense Ratio		10/1/19 to 3/31/20*
Actual Fund return†
Class A		$1,000.00		$899.80		1.18%		$5.60
Institutional Class**		1,000.00		900.00		0.93%		4.42
Class R6***		1,000.00		901.90		0.92%		4.37
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,019.10		1.18%		$5.96
Institutional Class**		1,000.00		1,020.35		0.93%		4.70
Class R6***		1,000.00		1,020.40		0.92%		4.65

6

Delaware Government Cash Management Fund
Expense analysis of an investment of $1,000

	Beginning		Ending			Expenses
	Account Value		Account Value		Annualized	Paid During Period
	10/1/19		3/31/20		Expense Ratio	10/1/19 to 3/31/20*
Actual Fund return†
Class A		$1,000.00		$1,004.90	0.54%		$2.71
Class R6***		1,000.00		1,004.80	0.57%		2.86
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,022.30	0.54%		$2.73
Class R6***		1,000.00		1,022.15	0.57%		2.88

Delaware International Opportunities Bond Fund
Expense analysis of an investment of $1,000

	Beginning		Ending			Expenses
	Account Value		Account Value		Annualized	Paid During Period
	10/1/19		3/31/20		Expense Ratio	10/1/19 to 3/31/20*
Actual Fund return†
Class A		$1,000.00		$970.40	1.39%		$6.85
Institutional Class**		1,000.00		971.10	1.10%		5.42
Class R6***		1,000.00		972.00	1.00%		4.93
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,018.05	1.39%		$7.01
Institutional Class**		1,000.00		1,019.50	1.10%		5.55
Class R6***		1,000.00		1,020.00	1.00%		5.05

7

Disclosure of Fund expenses
For the six-month period from October 1, 2019 to March 31, 2020 (Unaudited)

Delaware Investment Grade Fund
Expense analysis of an investment of $1,000

	Beginning		Ending			Expenses
	Account Value		Account Value		Annualized	Paid During Period
	10/1/19		3/31/20		Expense Ratio	10/1/19 to 3/31/20*
Actual Fund return†
Class A		$1,000.00		$949.00	1.04%		$5.07
Institutional Class**		1,000.00		949.80	0.84%		4.09
Class R6***		1,000.00		950.90	0.79%		3.85
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,019.80	1.04%		$5.25
Institutional Class**		1,000.00		1,020.80	0.84%		4.24
Class R6***		1,000.00		1,021.05	0.79%		3.99

Delaware Limited Duration Bond Fund
Expense analysis of an investment of $1,000

	Beginning		Ending			Expenses
	Account Value		Account Value		Annualized	Paid During Period
	10/1/19		3/31/20		Expense Ratio	10/1/19 to 3/31/20*
Actual Fund return†
Class A		$1,000.00		$999.40	0.74%		$3.70
Institutional Class**		1,000.00		1,000.60	0.51%		2.55
Class R6***		1,000.00		1,002.40	0.35%		1.75
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,021.30	0.74%		$3.74
Institutional Class**		1,000.00		1,022.45	0.51%		2.58
Class R6***		1,000.00		1,023.25	0.35%		1.77

8

Delaware Strategic Income II Fund
Expense analysis of an investment of $1,000

	Beginning		Ending			Expenses
	Account Value		Account Value		Annualized	Paid During Period
	10/1/19		3/31/20		Expense Ratio	10/1/19 to 3/31/20*
Actual Fund return†
Class A		$1,000.00		$897.30	1.12%		$5.31
Institutional Class**		1,000.00		898.50	0.87%		4.13
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,019.40	1.12%		$5.65
Institutional Class**		1,000.00		1,020.65	0.87%		4.39

Delaware Covered Call Strategy Fund
Expense analysis of an investment of $1,000

	Beginning		Ending			Expenses
	Account Value		Account Value		Annualized	Paid During Period
	10/1/19		3/31/20		Expense Ratio	10/1/19 to 3/31/20*
Actual Fund return†
Class A		$1,000.00		$791.50	1.33%		$5.96
Institutional Class**		1,000.00		792.80	1.10%		4.93
Class R6***		1,000.00		793.20	0.89%		3.99
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,018.35	1.33%		$6.71
Institutional Class**		1,000.00		1,019.50	1.10%		5.55
Class R6***		1,000.00		1,020.55	0.89%		4.50

9

Disclosure of Fund expenses
For the six-month period from October 1, 2019 to March 31, 2020 (Unaudited)

Delaware Hedged U.S. Equity Opportunities Fund
Expense analysis of an investment of $1,000

	Beginning		Ending			Expenses
	Account Value		Account Value		Annualized	Paid During Period
	10/1/19		3/31/20		Expense Ratio	10/1/19 to 3/31/20*
Actual Fund return†
Class A		$1,000.00		$903.70	1.67%		$7.95
Institutional Class**		1,000.00		906.10	1.35%		6.43
Class R6***		1,000.00		905.50	1.24%		5.91
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,016.65	1.67%		$8.42
Institutional Class**		1,000.00		1,018.25	1.35%		6.81
Class R6***		1,000.00		1,018.80	1.24%		6.26

Delaware Premium Income Fund
Expense analysis of an investment of $1,000

	Beginning		Ending			Expenses
	Account Value		Account Value		Annualized	Paid During Period
	10/1/19		3/31/20		Expense Ratio	10/1/19 to 3/31/20*
Actual Fund return†
Class A		$1,000.00		$830.40	1.30%		$5.95
Institutional Class**		1,000.00		830.20	1.05%		4.80
Class R6***		1,000.00		830.90	0.90%		4.12
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,018.50	1.30%		$6.56
Institutional Class**		1,000.00		1,019.75	1.05%		5.30
Class R6***		1,000.00		1,020.50	0.90%		4.55

10

Delaware Total Return Fund
Expense analysis of an investment of $1,000

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	10/1/19			3/31/20			Expense Ratio			10/1/19 to 3/31/20*
Actual Fund return†
Class A		$	1,000.00		$	827.80		1.17	%		$	5.35
Institutional Class**			1,000.00			829.10		0.90	%			4.12
Class R6***			1,000.00			829.40		0.82	%			3.75
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,019.15		1.17	%		$	5.91
Institutional Class**			1,000.00			1,020.50		0.90	%			4.55
Class R6***			1,000.00			1,020.90		0.82	%			4.14

*	“Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
**	On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
***	On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.
†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

In addition to each Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the investment companies (Underlying Funds) in which it may invest, including exchange-traded funds. The tables above do not reflect the expenses of the Underlying Funds.

11

Security type / sector allocations and top 10 equity holdings
Delaware Equity Income Fund	As of March 31, 2020 (Unaudited)

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector	Percentage of net assets
Common Stock		98.39	%
Communication Services		11.54	%
Consumer Discretionary		5.97	%
Consumer Staples		10.40	%
Energy		3.90	%
Financials		13.71	%
Healthcare		23.95	%
Industrials		7.90	%
Information Technology		12.55	%
Materials		2.48	%
Real Estate		3.00	%
Utilities		2.99	%
Short-Term Investments		1.18	%
Total Value of Securities		99.57	%
Receivables and Other Assets Net of Liabilities		0.43	%
Total Net Assets		100.00	%

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

Top 10 equity holdings	Percentage of net assets
Conagra Brands		3.52	%
Pfizer		3.51	%
Cardinal Health		3.45	%
Mondelez International Class A		3.45	%
Merck & Co.		3.45	%
Archer-Daniels-Midland		3.43	%
Verizon Communications		3.41	%
Abbott Laboratories		3.39	%
Cisco Systems		3.39	%
CVS Health		3.39	%

12

Security type / sector allocations and top 10 equity holdings
Delaware Growth and Income Fund	As of March 31, 2020 (Unaudited)

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector	Percentage of net assets
Common Stock		98.60	%
Communication Services		11.50	%
Consumer Discretionary		6.11	%
Consumer Staples		9.99	%
Energy		3.86	%
Financials		13.42	%
Healthcare		23.89	%
Industrials		8.10	%
Information Technology		13.03	%
Materials		2.47	%
Real Estate		2.99	%
Utilities		3.24	%
Short-Term Investments		0.37	%
Total Value of Securities		98.97	%
Receivables and Other Assets Net of Liabilities		1.03	%
Total Net Assets		100.00	%

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

Top 10 equity holdings	Percentage of net assets
Pfizer	3.59%
Merck & Co.		3.53	%
CVS Health		3.48	%
Abbott Laboratories		3.46	%
Archer-Daniels-Midland		3.44	%
Verizon Communications		3.41	%
Cigna		3.40	%
Johnson & Johnson		3.37	%
Mondelez International Class A		3.37	%
Intel		3.32	%

13

Security type / sector allocations and top 10 equity holdings
Delaware Growth Equity Fund	As of March 31, 2020 (Unaudited)

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector	Percentage of net assets
Common Stock✧		98.91	%
Communication Services		6.47	%
Consumer Discretionary		12.13	%
Consumer Staples		4.61	%
Energy		0.68	%
Financials		4.29	%
Healthcare		19.01	%
Industrials		9.85	%
Information Technology		41.87	%
Short-Term Investments		1.24	%
Total Value of Securities		100.15	%
Liabilities Net of Receivables and Other Assets		(0.15	%)
Total Net Assets		100.00	%

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

To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of commercial services, computers, office/business equipment, semiconductors, software, and telecommunications. As of March 31, 2020, such amounts, as a percentage of total net assets, were 5.98%, 11.33%, 2.82%, 2.30%, 16.92%, and 2.52% respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentages in the Technology sector for financial reporting purposes may exceed 25%.

14

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

Top 10 equity holdings	Percentage of net assets
Microsoft	4.89%
Apple	4.44%
Fortinet	4.24%
Adobe	3.88%
Cadence Design Systems	3.65%
Eli Lilly & Co.	3.64%
Alphabet Class A	3.47%
Amazon.com	3.32%
Centene	3.29%
PayPal Holdings	3.10%

15

Security type / sector allocations and top 10 equity holdings
Delaware Opportunity Fund	As of March 31, 2020 (Unaudited)

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector	Percentage of net assets
Common Stock		99.01%
Basic Industry		7.84%
Business Services		1.83%
Capital Spending		10.72%
Consumer Cyclical		4.30%
Consumer Services		5.68%
Consumer Staples		3.44%
Energy		2.19%
Financial Services		20.08%
Healthcare		6.19%
Real Estate Investment Trusts		10.22%
Technology		13.83%
Transportation		2.49%
Utilities		10.20%
Short-Term Investments		1.09%
Total Value of Securities		100.10%
Liabilities Net of Receivables and Other Assets		(0.10%	)
Total Net Assets		100.00%

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

Top 10 equity holdings	Percentage of net assets
Synopsys	3.49%
KBR	2.28%
Raymond James Financial	2.25%
CMS Energy	2.19%
ITT	2.06%
Public Service Enterprise Group	2.01%
Allstate	1.99%
WEC Energy Group	1.94%
Graphic Packaging Holding	1.92%
Life Storage	1.81%

16

Security type / sector allocations and top 10 equity holdings
Delaware Special Situations Fund	As of March 31, 2020 (Unaudited)

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector	Percentage of net assets
Common Stock✧		98.32%
Basic Industry		5.18%
Business Services		0.79%
Capital Spending		8.57%
Consumer Cyclical		3.67%
Consumer Services		7.38%
Consumer Staples		4.39%
Energy		2.21%
Financial Services		29.12%
Healthcare		3.39%
Real Estate Investment Trusts		9.87%
Technology		13.79%
Transportation		3.58%
Utilities		6.38%
Short-Term Investments		1.21%
Total Value of Securities		99.53%
Receivables and Other Assets Net of Liabilities		0.47%
Total Net Assets		100.00%

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

To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s prospectus and statement of additional information, the Financial Services sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Financial Services sector consisted of banks, diversified financial services, and insurance. As of March 31, 2020, such amounts, as percentage of total net assets, were 20.55%, 2.61%, and 5.96% respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentages in the Financial Services sector for financial reporting purposes may exceed 25%.

17

Security type / sector allocations and top 10 equity holdings

Delaware Special Situations Fund

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

	Percentage
Top 10 equity holdings	of net assets
ITT	2.36%
MasTec	2.35%
East West Bancorp	2.29%
Teradyne	2.10%
Berry Global Group	1.93%
Stifel Financial	1.88%
Black Hills	1.80%
Southwest Gas Holdings	1.75%
Hanover Insurance Group	1.65%
Selective Insurance Group	1.63%

18

Security type / sector allocations and top 10 equity holdings
Delaware Global Equity Fund	As of March 31, 2020 (Unaudited)

Sector designations may be different than the sector designations presented in other fund materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / country	Percentage of net assets
Common Stock by Country		99.08%
Denmark		5.48%
France		16.01%
Germany		5.46%
Ireland		1.10%
Japan		15.71%
Netherlands		5.37%
Sweden		3.01%
Switzerland		11.48%
United Kingdom		4.27%
United States		31.19%
Exchange-Traded Fund		0.47%
Short-Term Investments		0.16%
Total Value of Securities		99.71%
Receivables and Other Assets Net of Liabilities		0.29%
Total Net Assets		100.00%

19

Security type / country and sector allocations

Delaware Global Equity Fund

Common stock by sector✧	Percentage of net assets
Communication Services		6.26%
Consumer Discretionary		10.09%
Consumer Staples*		49.97%
Healthcare		21.06%
Industrials		7.59%
Materials		4.11%
Total		99.08%

✧

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

*

To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s prospectus and Statement of Additional Information, the Consumer Staples sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Consumer Staples sector consisted of beverages, cosmetics/personal care, food, household products/wares and retail. As of March 31, 2020, such amounts, as a percentage of total net assets, were 4.66%, 1.11%, 35.03%, 7.43%, and 1.74%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentages in the Consumer Staples sector for financial reporting purposes may exceed 25%.

20

Security type / country and sector allocations
Delaware International Fund	As of March 31, 2020 (Unaudited)

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classification.

Security type / country	Percentage of net assets
Common Stock by Country		106.25	%
Denmark		8.42	%
France		24.68	%
Germany		8.43	%
Ireland		1.74	%
Japan		25.09	%
Netherlands		8.08	%
Sweden		4.33	%
Switzerland		17.74	%
United Kingdom		7.74	%
Exchange-Traded Funds		0.65	%
Total Value of Securities		106.90	%
Liabilities Net of Receivables and Other Assets		(6.90	%)
Total Net Assets		100.00	%
Common stock by sector✧	Percentage of net assets
Communication Services		13.43	%
Consumer Discretionary		10.97	%
Consumer Staples*		42.67	%
Healthcare		22.17	%
Industrials		10.36	%
Materials		6.65	%
Total		106.25	%

✧

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

*

To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Consumer Staples sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Consumer Staples sector consisted of beverages, cosmetics/personal care, food, and retail. As of March 31, 2020, such amounts, as a percentage of total net assets, were 8.35%, 2.30%, 29.18%, and 2.84%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Consumer Staples sector for financial reporting purposes may exceed 25%.

21

Security type / sector allocations
Delaware Fund for Income	As of March 31, 2020 (Unaudited)

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector	Percentage of net assets
Corporate Bonds		86.22	%
Banking		4.31	%
Basic Industry		10.15	%
Capital Goods		7.02	%
Communications		9.83	%
Consumer Cyclical		2.80	%
Consumer Non-Cyclical		5.61	%
Energy		7.80	%
Financial Services		0.47	%
Healthcare		8.45	%
Insurance		3.81	%
Media		12.86	%
Real Estate		0.79	%
Services		2.48	%
Technology		6.84	%
Transportation		0.52	%
Utilities		2.48	%
Loan Agreements		6.63	%
Short-Term Investments		8.36	%
Total Value of Securities		101.21	%
Liabilities Net of Receivables and Other Assets		(1.21	%)
Total Net Assets		100.00	%

22

Security type / sector allocations
Delaware Floating Rate II Fund	As of March 31, 2020 (Unaudited)

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector	Percentage of net assets
Convertible Bond		0.26	%
Corporate Bonds		3.65	%
Capital Goods		0.13	%
Communications		1.21	%
Healthcare		1.55	%
Media		0.47	%
Technology		0.29	%
Loan Agreements		95.43	%
Short-Term Investments		1.09	%
Total Value of Securities		100.43	%
Liabilities Net of Receivables and Other Assets		(0.43	%)
Total Net Assets		100.00	%

23

Security type / sector allocations
Delaware Government Cash Management Fund	As of March 31, 2020 (Unaudited)

Security type / sector	Percentage of net assets
Agency Obligations		5.52	%
Short-Term Investments		80.97	%
Total Value of Securities		86.49	%
Receivables and Other Assets Net of Liabilities		13.51	%
Total Net Assets		100.00	%

24

Security type / country and sector allocations
Delaware International Opportunities Bond Fund	As of March 31, 2020 (Unaudited)

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector	Percentage of net assets
Corporate Bonds		8.52	%
Banking		7.83	%
Electric		0.69	%
Regional Bonds		8.75	%
Sovereign Bonds by Country		67.38	%
Australia		4.45	%
Austria		0.76	%
Belgium		2.17	%
Canada		1.70	%
Denmark		0.79	%
Finland		0.21	%
France		6.94	%
Germany		5.06	%
Ireland		0.26	%
Italy		7.35	%
Japan		11.83	%
Mexico		2.53	%
Netherlands		1.37	%
New Zealand		4.22	%
Poland		1.44	%
Portugal		0.49	%
Spain		5.20	%
United Kingdom		10.61	%
Supranational Banks		6.73	%
US Treasury Obligation		1.89	%
Short-Term Investments		0.84	%
Total Value of Securities		94.11	%
Receivables and Other Assets Net of Liabilities		5.89	%
Total Net Assets		100.00	%

25

Security type / sector allocations
Delaware Investment Grade Fund	As of March 31, 2020 (Unaudited)

Sector designations may be different than the sector designations presented in other fund materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector	Percentage of net assets
Convertible Bond		0.35	%
Corporate Bonds		96.46	%
Banking		24.09	%
Basic Industry		3.39	%
Brokerage		0.35	%
Capital Goods		5.02	%
Communications		14.78	%
Consumer Cyclical		2.63	%
Consumer Non-Cyclical		9.01	%
Electric		12.03	%
Energy		7.58	%
Finance Companies		2.19	%
Insurance		3.07	%
Real Estate Investment Trusts		1.62	%
Technology		9.32	%
Transportation		0.95	%
Utilities		0.43	%
Loan Agreements		0.27	%
Preferred Stock		0.60	%
Short-Term Investments		2.27	%
Total Value of Securities		99.95	%
Receivables and Other Assets Net of Liabilities		0.05	%
Total Net Assets		100.00	%

26

Security type / sector allocations
Delaware Limited Duration Bond Fund	As of March 31, 2020 (Unaudited)

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector	Percentage of net assets
Agency Commercial Mortgage-Backed Security		1.66	%
Agency Mortgage-Backed Securities		17.40	%
Corporate Bonds		33.37	%
Banking		15.95	%
Basic Industry		1.36	%
Capital Goods		1.47	%
Communications		2.58	%
Consumer Cyclical		1.23	%
Consumer Non-Cyclical		2.37	%
Electric		3.45	%
Energy		1.79	%
Finance Companies		2.10	%
Insurance		0.24	%
Technology		0.83	%
Non-Agency Asset-Backed Securities		25.49	%
US Treasury Obligations		12.37	%
Short-Term Investments		8.43	%
Total Value of Securities		98.72	%
Receivables and Other Assets Net of Liabilities		1.28	%
Total Net Assets		100.00	%

27

Security type / sector allocations
Delaware Strategic Income II Fund	As of March 31, 2020 (Unaudited)

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector	Percentage of net assets
Agency Collateralized Mortgage Obligations		7.30	%
Agency Mortgage-Backed Securities		3.56	%
Convertible Bonds		1.47	%
Corporate Bonds		46.80	%
Banking		6.77	%
Basic Industry		8.04	%
Brokerage		0.85	%
Capital Goods		1.21	%
Communications		5.27	%
Consumer Cyclical		2.69	%
Consumer Non-Cyclical		1.89	%
Energy		6.62	%
Finance Companies		0.88	%
Insurance		2.37	%
Technology		2.33	%
Transportation		1.13	%
Utilities		6.75	%
Loan Agreements		5.05	%
Non-Agency Asset-Backed Security		0.75	%
Non-Agency Collateralized Mortgage Obligations		12.19	%
Non-Agency Commercial Mortgage-Backed Securities		14.23	%
Sovereign Bonds		4.93	%
Preferred Stock		0.28	%
Short-Term Investments		0.59	%
Total Value of Securities		97.15	%
Receivables and Other Assets Net of Liabilities		2.85	%
Total Net Assets		100.00	%

28

Security type / sector allocations and top 10 equity holdings
Delaware Covered Call Strategy Fund	As of March 31, 2020 (Unaudited)

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector	Percentage of net assets
Common Stock✧		102.93	%
Communication Services		1.04	%
Consumer Discretionary		7.90	%
Consumer Staples		13.12	%
Energy		3.95	%
Financials		15.78	%
Healthcare		11.44	%
Industrials		16.07	%
Information Technology		31.37	%
Materials		2.26	%
Short-Term Investments		3.64	%
Total Value of Securities Before Options Written		106.57	%
Options Written		(7.05	%)
Receivables and Other Assets Net of Liabilities		0.48	%
Total Net Assets		100.00	%

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

To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of computers, diversified financial services, semiconductors, software, and telecommunications. As of March 31, 2020, such amounts, as a percentage of total net assets, were 8.08%, 5.33%, 6.47%, 9.26%, and 2.23% respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentages in the Information Technology sector for financial reporting purposes may exceed 25%.

29

Security type / sector allocations and top 10 equity holdings
Delaware Covered Call Strategy Fund

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

Top 10 equity holdings	Percentage of net assets
Microsoft	6.69%
Apple	5.97%
Mastercard	5.33%
Home Depot	4.78%
JPMorgan Chase & Co.	4.33%
Costco Wholesale	4.28%
Medtronic	4.06%
Broadcom	3.86%
Mondelez International	3.74%
BlackRock	3.50%

30

Security type / sector allocations and top 10 equity holdings
Delaware Hedged U.S. Equity Opportunities Fund	As of March 31, 2020 (Unaudited)

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector	Percentage of net assets
Common Stock		90.60	%
Communication Services		5.27	%
Consumer Discretionary		12.10	%
Consumer Staples		6.19	%
Energy		0.47	%
Financials		10.85	%
Healthcare		17.75	%
Industrials		13.19	%
Information Technology		15.19	%
Materials		2.94	%
Real Estate		4.74	%
Utilities		1.91	%
Exchange-Traded Fund		0.54	%
Options Purchased		1.56	%
Short-Term Investments		5.86	%
Total Value of Securities Before Options Written		98.56	%
Options Written		(1.06	%)
Receivables and Other Assets Net of Liabilities		2.50	%
Total Net Assets		100.00	%

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

Top 10 equity holdings	Percentage of net assets
Johnson & Johnson	1.91%
Amazon.com	1.81%
TJX	1.41%
UnitedHealth Group	1.38%
McDonald’s	1.21%
Medtronic	1.20%
Coca-Cola	1.18%
NIKE Class B	1.10%
American Express	1.06%
Canadian National Railway	1.04%

31

Security type / sector allocations and top 10 equity holdings
Delaware Premium Income Fund	As of March 31, 2020 (Unaudited)

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector	Percentage of net assets
Common Stock		111.89	%
Communication Services		7.12	%
Consumer Discretionary		7.34	%
Consumer Staples		14.85	%
Energy		6.37	%
Financials		17.34	%
Healthcare		11.47	%
Industrials		19.80	%
Information Technology		19.43	%
Materials		5.55	%
Utilities		2.62	%
Short-Term Investments		2.90	%
Total Value of Securities Before Options Written		114.79	%
Options Written		(13.90	%)
Liabilities Net of Receivables and Other Assets		(0.89	%)
Total Net Assets		100.00	%

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

Top 10 equity holdings	Percentage of net assets
BlackRock	5.52%
Amgen	4.76%
American Express	4.12%
Philip Morris International	4.10%
Broadcom	4.05%
General Mills	3.89%
Cisco Systems	3.75%
Lockheed Martin	3.62%
United Parcel Service Class B	3.59%
Verizon Communications	3.34%

32

Security type / sector allocations and top 10 equity holdings
Delaware Total Return Fund	As of March 31, 2020 (Unaudited)

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector	Percentage of net assets
Common Stock		57.93	%
Communication Services		5.08	%
Consumer Discretionary		3.82	%
Consumer Staples		5.42	%
Energy		1.60	%
Financials		8.54	%
Healthcare		11.58	%
Industrials		4.79	%
Information Technology		7.11	%
Materials		1.24	%
REITs Diversified		0.31	%
REITs Healthcare		0.93	%
REITs Hotel		0.36	%
REITs Industrial		0.59	%
REITs Information Technology		0.04	%
REITs Mall		0.06	%
REITs Manufactured Housing		0.58	%
REITs Multifamily		3.13	%
REITs Office		0.35	%
REITs Self-Storage		0.16	%
REITs Single Tenant		0.38	%
REITs Specialty		0.13	%
Utilities		1.73	%
Convertible Preferred Stock		2.48	%
Exchange-Traded Funds		1.16	%
Agency Mortgage-Backed Securities		0.69	%
Collateralized Debt Obligation		0.17	%
Convertible Bonds		10.36	%
Capital Goods		0.38	%
Communications		1.81	%
Consumer Cyclical		0.19	%
Consumer Non-Cyclical		2.29	%
Energy		1.27	%
Financials		0.49	%
Real Estate Investment Trusts		0.35	%
Technology		3.23	%
Utilities		0.35	%

33

Security type / sector allocations and top 10 equity holdings
Delaware Total Return Fund

Security type / sector	Percentage of net assets
Corporate Bonds		14.57	%
Banking		1.39	%
Basic Industry		1.32	%
Brokerage		0.05	%
Capital Goods		1.06	%
Communication Services		1.87	%
Communications		1.04	%
Consumer Cyclical		1.02	%
Consumer Non-Cyclical		1.17	%
Energy		1.03	%
Financials		0.48	%
Healthcare		1.13	%
Insurance		0.64	%
Media		0.06	%
Real Estate Investment Trusts		0.08	%
Services		0.33	%
Technology		0.10	%
Technology & Electronics		0.70	%
Transportation		0.17	%
Utilities		0.93	%
Loan Agreement		0.13	%
Municipal Bonds		5.41	%
Non-Agency Asset-Backed Securities		0.12	%
Non-Agency Commercial Mortgage-Backed Securities		0.55	%
Sovereign Bonds		1.39	%
Supranational Bank		0.05	%
US Treasury Obligations		0.28	%
Preferred Stock		0.14	%
Short-Term Investments		4.01	%
Total Value of Securities		99.44	%
Receivables and Other Assets Net of Liabilities		0.56	%
Total Net Assets		100.00	%

34

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

Top 10 equity holdings	Percentage of net assets
Cisco Systems		1.46	%
Cigna		1.46	%
Mondelez International Class A		1.44	%
Pfizer		1.43	%
Cardinal Health		1.42	%
Conagra Brands		1.42	%
Archer-Daniels-Midland		1.42	%
Northrop Grumman		1.40	%
Intel		1.40	%
CVS Health		1.39	%

35

Schedules of investments
Delaware Equity Income Fund	March 31, 2020 (Unaudited)

	Number of shares	Value (US $)
Common Stock – 98.39%
Communication Services – 11.54%
AT&T	306,600	$	8,937,390
Comcast Class A	238,388		8,195,779
Verizon Communications	191,200		10,273,176
Walt Disney	76,323		7,372,802
			34,779,147
Consumer Discretionary – 5.97%
Dollar Tree †	120,800		8,875,176
Lowe’s	105,900		9,112,695
			17,987,871
Consumer Staples – 10.40%
Archer-Daniels-Midland	293,600		10,328,848
Conagra Brands	361,300		10,600,542
Mondelez International Class A	207,700		10,401,616
			31,331,006
Energy – 3.90%
ConocoPhillips	211,600		6,517,280
Marathon Oil	529,999		1,743,697
Occidental Petroleum	299,900		3,472,842
			11,733,819
Financials – 13.71%
Allstate	102,700		9,420,671
American International Group	252,600		6,125,550
Bank of New York Mellon	268,000		9,026,240
Marsh & McLennan	108,200		9,354,972
Truist Financial	239,200		7,376,928
			41,304,361
Healthcare – 23.95%
Abbott Laboratories	129,500		10,218,845
Cardinal Health	217,000		10,402,980
Cigna	57,500		10,187,850
CVS Health	172,200		10,216,626
Johnson & Johnson	77,600		10,175,688
Merck & Co.	134,900		10,379,206
Pfizer	323,800		10,568,832
			72,150,027
Industrials – 7.90%
Caterpillar	48,139		5,586,049
Northrop Grumman	29,200		8,834,460
Raytheon	58,400		7,659,160
Waste Management	18,623		1,723,745
			23,803,414

36

	Number of shares	Value (US $)
Common Stock (continued)
Information Technology – 12.55%
Broadcom	40,900	$	9,697,390
Cisco Systems	259,900		10,216,669
Intel	156,300		8,458,956
Oracle	194,900		9,419,517
			37,792,532
Materials – 2.48%
DuPont de Nemours	219,400		7,481,540
			7,481,540
Real Estate – 3.00%
Equity Residential	146,300		9,028,173
			9,028,173
Utilities – 2.99%
Edison International	164,200		8,996,518
			8,996,518
Total Common Stock (cost $350,132,648)			296,388,408
Short-Term Investments – 1.18%
Money Market Mutual Funds – 1.18%
BlackRock FedFund – Institutional Shares (seven-day
effective yield 0.33%)	713,887		713,887
Fidelity Investments Money Market Government
Portfolio – Class I (seven-day effective yield 0.30%)	713,887		713,887
GS Financial Square Government Fund – Institutional
Shares (seven-day effective yield 0.34%)	713,888		713,888
Morgan Stanley Government Portfolio – Institutional Share
Class (seven-day effective yield 0.22%)	713,888		713,888
State Street Institutional US Government Money Market
Fund – Investor Class (seven-day effective yield 0.24%)	713,888		713,888
Total Short-Term Investments (cost $3,569,438)			3,569,438
Total Value of Securities – 99.57%
(cost $353,702,086)		$	299,957,846

† Non-income producing security.

GS – Goldman Sachs

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

37

Schedules of investments
Delaware Growth and Income Fund	March 31, 2020 (Unaudited)

	Number of shares	Value (US $)
Common Stock – 98.60%
Communication Services – 11.50%
AT&T	992,400	$	28,928,460
Comcast Class A	771,580		26,526,920
Verizon Communications	624,000		33,527,520
Walt Disney	248,812		24,035,239
			113,018,139
Consumer Discretionary – 6.11%
Dollar Tree †	422,400		31,033,729
Lowe’s	337,700		29,059,085
			60,092,814
Consumer Staples – 9.99%
Archer-Daniels-Midland	960,300		33,783,354
Conagra Brands	1,065,100		31,250,034
Mondelez International Class A	661,900		33,147,952
			98,181,340
Energy – 3.86%
ConocoPhillips	690,500		21,267,400
Marathon Oil	1,725,911		5,678,247
Occidental Petroleum	946,500		10,960,470
			37,906,117
Financials – 13.42%
Allstate	328,400		30,124,132
American International Group	803,400		19,482,450
Bank of New York Mellon	863,900		29,096,152
Marsh & McLennan	341,600		29,534,736
Truist Financial	769,000		23,715,960
			131,953,430
Healthcare – 23.89%
Abbott Laboratories	431,000		34,010,210
Cardinal Health	627,000		30,058,380
Cigna	188,400		33,380,712
CVS Health	576,700		34,215,611
Johnson & Johnson	252,900		33,162,777
Merck & Co.	450,900		34,692,246
Pfizer	1,081,100		35,287,104
			234,807,040
Industrials – 8.10%
Caterpillar	156,964		18,214,103
Northrop Grumman	105,500		31,919,025
Raytheon	183,100		24,013,565
Waste Management	59,063		5,466,871
			79,613,564

38

	Number of shares	Value (US $)
Common Stock (continued)
Information Technology – 13.03%
Broadcom	132,000	$	31,297,200
Cisco Systems	818,400		32,171,304
Intel	603,500		32,661,420
Oracle	660,900		31,941,297
			128,071,221
Materials – 2.47%
DuPont de Nemours	710,800		24,238,280
			24,238,280
Real Estate – 2.99%
Equity Residential	476,400		29,398,644
			29,398,644
Utilities – 3.24%
Edison International	581,300		31,849,427
			31,849,427
Total Common Stock (cost $1,148,909,883)			969,130,016
Short-Term Investments – 0.37%
Money Market Mutual Funds – 0.37%
BlackRock FedFund – Institutional Shares (seven-day
effective yield 0.33%)	721,180		721,180
Fidelity Investments Money Market Government
Portfolio – Class I (seven-day effective yield 0.30%)	721,180		721,180
GS Financial Square Government Fund – Institutional
Shares (seven-day effective yield 0.34%)	721,181		721,181
Morgan Stanley Government Portfolio – Institutional Share
Class (seven-day effective yield 0.22%)	721,181		721,181
State Street Institutional US Government Money Market
Fund – Investor Class (seven-day effective yield 0.24%)	721,180		721,180
Total Short-Term Investments (cost $3,605,902)			3,605,902
Total Value of Securities – 98.97%
(cost $1,152,515,785)		$	972,735,918

† Non-income producing security.

GS – Goldman Sachs

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

39

Schedules of investments
Delaware Growth Equity Fund	March 31, 2020 (Unaudited)

	Number of Shares	Value (US$)
Common Stock – 98.91%✧
Communication Services – 6.47%
Alphabet Class A †	15,080	$	17,522,206
Facebook Class A †	90,900		15,162,120
			32,684,326
Consumer Discretionary – 12.13%
Amazon.com †	8,600		16,767,592
AutoZone †	12,200		10,321,200
Burlington Stores †	64,600		10,236,516
Deckers Outdoor †	97,600		13,078,400
Target	116,291		10,811,574
			61,215,282
Consumer Staples – 4.61%
Procter & Gamble	102,812		11,309,320
Walmart	105,512		11,988,273
			23,297,593
Energy – 0.68%
Chevron	47,300		3,427,358
			3,427,358
Financials – 4.29%
Bank of America	514,200		10,916,466
JPMorgan Chase & Co.	119,400		10,749,582
			21,666,048
Healthcare – 19.01%
Baxter International	169,333		13,748,146
Biogen †	38,910		12,310,346
Bristol-Myers Squibb	232,400		12,953,976
Centene †	279,240		16,589,648
Edwards Lifesciences †	60,700		11,449,234
Eli Lilly & Co.	132,472		18,376,516
Merck & Co.	137,000		10,540,780
			95,968,646
Industrials – 9.85%
Alaska Air Group	203,400		5,790,798
Dover	146,800		12,322,392
EMCOR Group	152,400		9,345,168
Huntington Ingalls Industries	64,190		11,696,060
Rockwell Automation	70,100		10,578,791
			49,733,209
Information Technology – 41.87%
Adobe †	61,500		19,571,760
Akamai Technologies †	139,379		12,751,785
Apple	88,102		22,403,457

40

	Number of Shares		Value (US$)
Common Stock✧ (continued)
Information Technology (continued)
Automatic Data Processing	106,564	$	14,565,167
Cadence Design Systems †	278,750		18,408,650
Ciena †	320,100		12,743,181
EPAM Systems †	72,193		13,403,352
Fortinet †	211,480		21,395,432
Microsoft	156,450		24,673,729
NVIDIA	44,000		11,598,400
Oracle	206,700		9,989,811
PayPal Holdings †	163,340		15,638,172
Zebra Technologies Class A †	77,477		14,224,777
			211,367,673
Total Common Stock (cost $454,078,739)			499,360,135
Short-Term Investments – 1.24%
BlackRock FedFund – Institutional Shares (seven-day
effective yield 0.33%)	1,251,746		1,251,746
Fidelity Investments Money Market Government
Portfolio – Class I (seven-day effective yield 0.30%)	1,251,747		1,251,747
GS Financial Square Government Fund – Institutional
Shares (seven-day effective yield 0.34%)	1,251,747		1,251,747
Morgan Stanley Government Portfolio – Institutional Share
Class (seven-day effective yield 0.22%)	1,251,747		1,251,747
State Street Institutional US Government Money Market
Fund – Investor Class (seven-day effective yield 0.24%)	1,251,747		1,251,747
Total Short-Term Investments (cost $6,258,734)			6,258,734
Total Value of Securities – 100.15%
(cost $460,337,473)		$	505,618,869

✧	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
†	Non-income producing security.

GS – Goldman Sachs

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

41

Schedules of investments
Delaware Opportunity Fund	March 31, 2020 (Unaudited)

	Number of shares		Value (US $)
Common Stock – 99.01%
Basic Industry – 7.84%
Axalta Coating Systems †	155,900	$	2,692,393
Berry Global Group †	255,300		8,606,163
Celanese	69,200		5,078,588
Graphic Packaging Holding	856,800		10,452,960
Huntsman	516,800		7,457,424
Newmont	184,000		8,331,520
			42,619,048
Business Services – 1.83%
Brink’s	127,000		6,610,350
ManpowerGroup	62,600		3,317,174
			9,927,524
Capital Spending – 10.72%
AECOM †	203,900		6,086,415
Allison Transmission Holdings	139,900		4,562,139
Gates Industrial †	429,800		3,171,924
HD Supply Holdings †	192,000		5,458,560
ITT	246,900		11,199,384
KBR	598,200		12,370,776
Quanta Services	279,400		8,865,362
Spirit AeroSystems Holdings Class A	87,800		2,101,054
United Rentals †	43,200		4,445,280
			58,260,894
Consumer Cyclical – 4.30%
BorgWarner	149,200		3,636,004
DR Horton	169,100		5,749,400
Johnson Controls International	106,100		2,860,456
Mohawk Industries †	45,400		3,461,296
Stanley Black & Decker	76,600		7,660,000
			23,367,156
Consumer Services – 5.68%
Cable One	3,750		6,165,037
Darden Restaurants	58,500		3,185,910
Dollar Tree †	78,600		5,774,742
Hasbro	57,400		4,106,970
Marriott International Class A	58,700		4,391,347
PVH	39,700		1,494,308
VF	62,600		3,385,408
ViacomCBS Class B	168,800		2,364,888
			30,868,610
Consumer Staples – 3.44%
Conagra Brands	186,800		5,480,712

42

	Number of shares	Value (US $)
Common Stock (continued)
Consumer Staples (continued)
Kellogg	77,300	$	4,637,227
Tyson Foods Class A	82,200		4,756,914
US Foods Holding †	216,800		3,839,528
			18,714,381
Energy – 2.19%
Hess	225,200		7,499,160
Marathon Oil	956,800		3,147,872
Patterson-UTI Energy	526,100		1,236,335
			11,883,367
Financial Services – 20.08%
Affiliated Managers Group	69,600		4,116,144
Allstate	118,000		10,824,140
American Financial Group	121,900		8,542,752
Assurant	72,000		7,494,480
Comerica	221,800		6,507,612
East West Bancorp	377,800		9,724,572
First Hawaiian	224,370		3,708,836
Globe Life	104,900		7,549,653
Hancock Whitney	284,865		5,560,565
Hartford Financial Services Group	242,400		8,542,176
KeyCorp	913,800		9,476,106
Raymond James Financial	193,800		12,248,160
Reinsurance Group of America	88,400		7,437,976
Synchrony Financial	457,700		7,364,393
			109,097,565
Healthcare – 6.19%
AmerisourceBergen	79,600		7,044,600
Quest Diagnostics	84,700		6,801,410
Service Corp. International	129,300		5,056,923
STERIS	46,600		6,522,602
Zimmer Biomet Holdings	81,100		8,197,588
			33,623,123
Real Estate Investment Trusts – 10.22%
Apartment Investment & Management Class A	221,300		7,778,695
Brandywine Realty Trust	555,200		5,840,704
Highwoods Properties	180,400		6,389,768
Host Hotels & Resorts	541,200		5,974,848
Kimco Realty	486,200		4,701,554
Life Storage	103,800		9,814,290
Outfront Media	336,900		4,541,412

43

Schedules of investments

Delaware Opportunity Fund

	Number of shares	Value (US $)
Common Stock (continued)
Real Estate Investment Trusts (continued)
VEREIT	1,288,100	$	6,298,809
Welltower	90,800		4,156,824
			55,496,904
Technology – 13.83%
Agilent Technologies	105,400		7,548,748
Avnet	222,400		5,582,240
Citrix Systems	22,200		3,142,410
DXC Technology	75,600		986,580
Fiserv †	50,800		4,825,492
Flex †	718,000		6,013,250
Keysight Technologies †	95,100		7,957,968
ON Semiconductor †	213,000		2,649,720
Qorvo †	64,500		5,200,635
Synopsys †	147,400		18,983,646
Teradyne	177,600		9,620,592
Western Digital	63,000		2,622,060
			75,133,341
Transportation – 2.49%
CSX	59,200		3,392,160
JB Hunt Transport Services	69,800		6,437,654
Southwest Airlines	104,000		3,703,440
			13,533,254
Utilities – 10.20%
CMS Energy	202,500		11,896,875
Edison International	118,100		6,470,699
MDU Resources Group	221,300		4,757,950
NRG Energy	149,300		4,069,918
Public Service Enterprise Group	242,800		10,904,148
WEC Energy Group	119,900		10,566,787
Xcel Energy	111,700		6,735,510
			55,401,887
Total Common Stock (cost $716,920,349)			537,927,054
Short-Term Investments – 1.09%
Money Market Mutual Funds – 1.09%
BlackRock FedFund – Institutional Shares (seven-day
effective yield 0.33%)	1,185,198		1,185,198
Fidelity Investments Money Market Government
Portfolio – Class I (seven-day effective yield 0.30%)	1,185,198		1,185,198
GS Financial Square Government Fund – Institutional
Shares (seven-day effective yield 0.34%)	1,185,198		1,185,198

44

	Number of shares	Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Morgan Stanley Government Portfolio – Institutional Share
Class (seven-day effective yield 0.22%)	1,185,198	$	1,185,198
State Street Institutional US Government Money Market
Fund – Investor Class (seven-day effective yield 0.24%)	1,185,198		1,185,198
Total Short-Term Investments (cost $5,925,990)			5,925,990
Total Value of Securities – 100.10%
(cost $722,846,339)		$	543,853,044

† Non-income producing security.

GS – Goldman Sachs

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

45

Schedules of investments
Delaware Special Situations Fund	March 31, 2020 (Unaudited)

	Number of shares	Value (US $)
Common Stock – 98.32%✧
Basic Industry – 5.18%
Berry Global Group †	157,100	$	5,295,841
Ferro †	82,007		767,586
HB Fuller	97,100		2,712,003
Huntsman	88,800		1,281,384
Louisiana-Pacific	192,400		3,305,432
Olin	71,000		828,570
			14,190,816
Business Services – 0.79%
Deluxe	46,700		1,210,931
WESCO International †	42,300		966,555
			2,177,486
Capital Spending – 8.57%
Altra Industrial Motion	149,500		2,614,755
Atkore International Group †	106,000		2,233,420
H&E Equipment Services	90,400		1,327,072
ITT	142,400		6,459,264
MasTec †	196,400		6,428,172
Primoris Services	121,100		1,925,490
Rexnord	110,000		2,493,700
			23,481,873
Consumer Cyclical – 3.67%
Barnes Group	75,500		3,158,165
KB Home	110,600		2,001,860
Knoll	136,000		1,403,520
Meritage Homes †	63,100		2,303,781
Standard Motor Products	28,900		1,201,373
			10,068,699
Consumer Services – 7.38%
Asbury Automotive Group †	31,700		1,750,791
Cable One	1,950		3,205,819
Caleres	106,250		552,500
Cheesecake Factory	28,800		491,904
Choice Hotels International	52,500		3,215,625
Cracker Barrel Old Country Store	19,900		1,656,078
Steven Madden	74,400		1,728,312
Texas Roadhouse	52,900		2,184,770
UniFirst	25,800		3,898,122
Wolverine World Wide	101,639		1,544,913
			20,228,834
Consumer Staples – 4.39%
Core-Mark Holding	80,800		2,308,456

46

	Number of shares	Value (US $)
Common Stock✧ (continued)
Consumer Staples (continued)
J&J Snack Foods	22,500	$	2,722,500
Performance Food Group †	78,000		1,928,160
Scotts Miracle-Gro	32,600		3,338,240
Spectrum Brands Holdings	47,600		1,731,212
			12,028,568
Energy – 2.21%
Delek US Holdings	121,500		1,914,840
Dril-Quip †	52,600		1,604,300
Helix Energy Solutions Group †	343,500		563,340
Patterson-UTI Energy	348,300		818,505
WPX Energy †	375,800		1,146,190
			6,047,175
Financial Services – 29.12%
American Equity Investment Life Holding	207,100		3,893,480
Bank of NT Butterfield & Son	79,400		1,352,182
East West Bancorp	243,900		6,277,986
First Financial Bancorp	208,400		3,107,244
First Hawaiian	156,800		2,591,904
First Interstate BancSystem Class A	89,500		2,581,180
First Midwest Bancorp	232,300		3,074,491
FNB	585,200		4,312,924
Great Western Bancorp	175,500		3,594,240
Hancock Whitney	210,100		4,101,152
Hanover Insurance Group	49,900		4,519,942
Kemper	46,300		3,443,331
Legg Mason	40,600		1,983,310
NBT Bancorp	84,809		2,746,963
Prosperity Bancshares	56,300		2,716,475
S&T Bancorp	72,900		1,991,628
Sandy Spring Bancorp	29,200		661,088
Selective Insurance Group	89,900		4,468,030
Stifel Financial	124,900		5,155,872
Umpqua Holdings	363,000		3,956,700
Valley National Bancorp	470,600		3,440,086
Webster Financial	169,600		3,883,840
WesBanco	96,800		2,294,160
Western Alliance Bancorp	118,600		3,630,346
			79,778,554
Healthcare – 3.39%
Avanos Medical †	90,100		2,426,393
Catalent †	47,600		2,472,820
Integer Holdings †	30,000		1,885,800

47

Schedules of investments
Delaware Special Situations Fund

	Number of shares	Value (US $)
Common Stock✧(continued)
Healthcare (continued)
Service Corp. International	64,300	$	2,514,773
			9,299,786
Real Estate Investment Trusts – 9.87%
Brandywine Realty Trust	344,100		3,619,932
Highwoods Properties	102,200		3,619,924
Kite Realty Group Trust	80,660		763,850
Lexington Realty Trust	386,700		3,839,931
Life Storage	39,500		3,734,725
Outfront Media	229,300		3,090,964
RPT Realty	222,800		1,343,484
Spirit Realty Capital	106,500		2,784,975
STAG Industrial	64,351		1,449,184
Summit Hotel Properties	264,200		1,114,924
Washington Real Estate Investment Trust	70,179		1,675,173
			27,037,066
Technology – 13.79%
Cirrus Logic †	54,200		3,557,146
Coherent †	19,500		2,074,995
Diodes †	8,495		345,194
Flex †	421,941		3,533,756
NCR †	179,951		3,185,133
NetScout Systems †	101,400		2,400,138
ON Semiconductor †	239,600		2,980,624
Tech Data †	14,100		1,844,985
Teradyne	106,200		5,752,854
Tower Semiconductor †	183,100		2,914,952
TTM Technologies †	289,300		2,991,362
Viavi Solutions †	256,900		2,879,849
Vishay Intertechnology	230,606		3,323,032
			37,784,020
Transportation – 3.58%
Kirby †	38,100		1,656,207
Saia †	31,700		2,331,218
SkyWest	54,300		1,422,117
Werner Enterprises	121,100		4,391,086
			9,800,628
Utilities – 6.38%
ALLETE	46,800		2,839,824
Black Hills	77,200		4,943,116
El Paso Electric	32,800		2,229,088

48

	Number of shares	Value (US $)
Common Stock✧ (continued)
Utilities (continued)
South Jersey Industries	107,300	$	2,682,500
Southwest Gas Holdings	68,800		4,785,728
			17,480,256
Total Common Stock (cost $384,072,408)			269,403,761
Short-Term Investments – 1.21%
Money Market Mutual Funds – 1.21%
BlackRock FedFund – Institutional Shares (seven-day
effective yield 0.33%)	665,473		665,473
Fidelity Investments Money Market Government
Portfolio – Class I (seven-day effective yield 0.30%)	665,473		665,473
GS Financial Square Government Fund – Institutional
Shares (seven-day effective yield 0.34%)	665,473		665,473
Morgan Stanley Government Portfolio – Institutional Share
Class (seven-day effective yield 0.22%)	665,473		665,473
State Street Institutional US Government Money Market
Fund – Investor Class (seven-day effective yield 0.24%)	665,473		665,473
Total Short-Term Investments (cost $3,327,365)			3,327,365
Total Value of Securities – 99.53%
(cost $387,399,773)		$	272,731,126

✧	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
†	Non-income producing security.

GS – Goldman Sachs

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

49

Schedules of investments
Delaware Global Equity Fund	March 31, 2020 (Unaudited)

	Number of Shares	Value (US $)
Common Stock – 99.08%∆
Denmark – 5.48%
Novo Nordisk Class B	260,730	$	15,569,777
			15,569,777
France – 16.01%
Air Liquide	91,590		11,691,236
Danone	215,182		13,771,270
Orange	561,730		6,801,124
Publicis Groupe	251,710		7,193,602
Sodexo	90,060		6,048,001
			45,505,233
Germany – 5.46%
adidas AG	25,540		5,670,579
Fresenius Medical Care AG & Co.	150,710		9,837,746
			15,508,325
Ireland – 1.10%
Kerry Group Class A	26,970		3,129,196
			3,129,196
Japan – 15.71%
Asahi Group Holdings	142,300		4,616,667
Kao	38,600		3,144,674
KDDI	372,500		11,003,126
Kirin Holdings	127,800		2,524,082
Lawson	90,100		4,945,570
Makita	174,700		5,329,006
Secom	35,300		2,919,601
Seven & i Holdings	307,800		10,165,064
			44,647,790
Netherlands – 5.37%
Koninklijke Ahold Delhaize	655,520		15,271,367
			15,271,367
Sweden – 3.01%
Hennes & Mauritz Class B	224,880		2,877,742
Securitas Class B	527,540		5,667,075
			8,544,817
Switzerland – 11.48%
Nestle	122,150		12,504,226
Roche Holding	47,490		15,279,529
Swatch Group	24,650		4,841,223
			32,624,978
United Kingdom – 4.27%
Diageo	193,080		6,122,475

50

	Number of Shares	Value (US $)
Common Stock∆ (continued)
United Kingdom (continued)
G4S	3,508,220	$	3,990,261
Next	40,680		2,040,868
			12,153,604
United States – 31.19%
Clorox	36,350		6,297,637
Conagra Brands	369,330		10,836,142
General Mills	247,640		13,067,963
Hormel Foods	155,780		7,265,579
Kimberly-Clark	115,850		14,813,740
Lamb Weston Holdings	168,630		9,628,773
Merck & Co.	148,730		11,443,286
Mondelez International Class A	78,580		3,935,286
Parker-Hannifin	28,140		3,650,602
Pfizer	236,600		7,722,624
			88,661,632
Total Common Stock (cost $311,476,052)			281,616,719
Exchange-Traded Fund – 0.47%
Vanguard S&P 500 ETF	5,575		1,320,271
Total Exchange-Traded Fund (cost $1,606,736)			1,320,271
Short-Term Investments – 0.16%
Money Market Mutual Funds – 0.16%
BlackRock FedFund – Institutional Shares (seven-day
effective yield 0.33%)	92,062		92,062
Fidelity Investments Money Market Government
Portfolio – Class I (seven-day effective yield 0.30%)	92,062		92,062
GS Financial Square Government Fund – Institutional
Shares (seven-day effective yield 0.34%)	92,062		92,062
Morgan Stanley Government Portfolio – Institutional Share
Class (seven-day effective yield 0.22%)	92,062		92,062
State Street Institutional US Government Money Market
Fund – Investor Class (seven-day effective yield 0.24%)	92,062		92,062
Total Short-Term Investments (cost $460,310)			460,310
Total Value of Securities – 99.71%
(cost $313,543,098)		$	283,397,300

∆ Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 20 in “Security type / country and sector allocations.”

51

Schedules of investments
Delaware Global Equity Fund

The following foreign currency exchange contracts were outstanding at March 31, 2020:¹

Foreign Currency Exchange Contracts

	Currency to						Settlement	Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date	Depreciation
BNYM	DKK	(1,018,281	)	USD	150,229		4/2/20	$	(214	)
BNYM	JPY	(150,660,223	)	USD	1,386,164		4/2/20		(15,081	)
BNYM	SEK	28,573,323		USD	(2,889,024	)	4/2/20		(519	)
Total Foreign Currency Exchange Contracts								$	(15,814	)

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

¹ See Note 6 in “Notes to financial statements.”

Summary of abbreviations:
AG – Aktiengesellschaft
BNYM – The Bank of New York Mellon
DKK – Danish Krone
ETF – Exchange-Traded Fund
GS – Goldman Sachs
JPY – Japanese Yen
LLC – Limited Liability Company
SEK – Swedish Krona
S&P – Standard & Poor’s Financial Services LLC
USD – US Dollar

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

52

Schedules of investments
Delaware International Fund	March 31, 2020 (Unaudited)

	Number of Shares	Value (US $)
Common Stock – 106.25%∆
Denmark – 8.42%
Novo Nordisk Class B	411,510	$	24,573,769
			24,573,769
France – 24.68%
Air Liquide	152,080		19,412,634
Danone	299,700		19,180,274
Orange	983,600		11,908,898
Publicis Groupe	412,330		11,783,949
Sodexo	144,800		9,724,079
			72,009,834
Germany – 8.43%
adidas AG	34,710		7,706,570
Fresenius Medical Care AG & Co.	258,620		16,881,679
			24,588,249
Ireland – 1.74%
Kerry Group Class A	43,900		5,093,501
			5,093,501
Japan – 25.09%
Asahi Group Holdings	235,700		7,646,862
Kao	82,400		6,712,983
KDDI	524,200		15,484,130
Kirin Holdings	220,800		4,360,856
Lawson	151,100		8,293,847
Makita	290,600		8,864,391
Secom	61,200		5,061,745
Seven & i Holdings	507,900		16,773,346
			73,198,160
Netherlands – 8.08%
Koninklijke Ahold Delhaize	1,012,690		23,592,202
			23,592,202
Sweden – 4.33%
Hennes & Mauritz Class B	250,000		3,199,198
Securitas Class B	877,580		9,427,364
			12,626,562
Switzerland – 17.74%
Nestle	200,240		20,498,127
Roche Holding	72,230		23,239,426
Swatch Group	40,940		8,040,554
			51,778,107
United Kingdom – 7.74%
Diageo	389,430		12,348,640

53

Schedules of investments
Delaware International Fund

	Number of Shares	Value (US $)
Common Stock∆ (continued)
United Kingdom (continued)
G4S	6,045,510	$	6,876,184
Next	66,840		3,353,284
			22,578,108
Total Common Stock (cost $352,715,936)			310,038,492
Exchange-Traded Funds – 0.65%
iShares MSCI EAFE ETF	1,145		61,212
Vanguard FTSE Developed Markets ETF	54,650		1,822,031
Total Exchange-Traded Funds (cost $1,942,701)			1,883,243
Total Value of Securities – 106.90%
(cost $354,658,637)		$	311,921,735

∆ Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 21 in “Security type / country and sector allocations.”

The following foreign currency exchange contracts were outstanding at March 31, 2020:¹

Foreign Currency Exchange Contracts

	Currency to						Settlement	Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date	Depreciation
BNYM	CHF	(1,235,260	)	USD	1,281,174		4/2/20	$	(2,317	)
BNYM	DKK	(3,852,003	)	USD	568,091		4/2/20		(1,012	)
BNYM	EUR	(1,172,374	)	USD	1,289,962		4/2/20		(3,124	)
BNYM	JPY	(176,711,886	)	USD	1,625,855		4/2/20		(17,688	)
BNYM	SEK	31,765,078		USD	(3,211,739	)	4/2/20		(577	)
Total Foreign Currency Exchange Contracts								$	(24,718	)

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

Summary of abbreviations:
AG – Aktiengesellschaft
BNYM – The Bank of New York Mellon
CHF – Swiss Franc
DKK – Danish Krone
EAFE – Europe Australasia and Far East
ETF – Exchange-Traded Fund
EUR – European Monetary Unit
FTSE – Financial Times Stock Exchange 100 Index

54

Summary of abbreviations (continued):
JPY – Japanese Yen
MSCI – Morgan Stanley Capital International
SEK – Swedish Krona
USD – United States Dollar

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

55

Schedules of investments
Delaware Floating Rate II Fund	March 31, 2020 (Unaudited)

	Principal amount°	Value (US $)
Convertible Bond – 0.26%
Cheniere Energy 144A 4.875% exercise price $93.64,           expiration date 5/28/21 #❆	176,000	$	170,722
Total Convertible Bond (cost $177,540)			170,722
Corporate Bonds – 3.65%
Capital Goods – 0.13%
Bombardier 144A 7.875% 4/15/27 #	125,000		87,197
			87,197
Communications – 1.21%
Cincinnati Bell 144A 7.00% 7/15/24 #	223,000		226,060
Consolidated Communications 6.50% 10/1/22	412,000		363,590
Frontier Communications 144A 8.00% 4/1/27 #	214,000		212,252
			801,902
Healthcare – 1.55%
Bausch Health 144A 7.00% 3/15/24 #	400,000		412,501
Centene 144A 3.375% 2/15/30 #	400,000		373,500
Tenet Healthcare 5.125% 5/1/25	250,000		238,125
			1,024,126
Media – 0.47%
Clear Channel Worldwide Holdings 144A 9.25% 2/15/24 #	250,000		216,564
Radiate Holdco 144A 6.625% 2/15/25 #	105,000		90,168
			306,732
Technology – 0.29%
Banff Merger Sub 144A 9.75% 9/1/26 #	215,000		190,829
			190,829
Total Corporate Bonds (cost $2,524,568)			2,410,786
Loan Agreements – 95.43%
Acrisure Tranche B 5.207% (LIBOR03M + 3.50%)           2/15/27 ●	620,554		527,471
Air Medical Group Holdings 4.932% (LIBOR02M + 3.25%)      4/28/22 ●	497,455		460,146
American Airlines Tranche B 0.00% 12/14/23 X	1,000,000		836,000
Applied Systems 2nd Lien 8.45% (LIBOR03M + 7.00%)      9/19/25 ●	1,500,000		1,387,500
Apro 5.00% (LIBOR01M + 4.00%) 10/28/26 ●	911,604		799,933
Aramark Services Tranche B-4 2.739% (LIBOR01M +      1.75%) 1/15/27 ●	318,000		297,330
AssuredPartners 4.489% (LIBOR01M + 3.50%) 2/12/27 ●	1,236,293		1,103,392
AthenaHealth Tranche B 1st Lien 5.284% (LIBOR03M +      4.50%) 2/11/26 ●	495,000		465,300
Bausch Health 3.612% (LIBOR01M + 3.00%) 6/2/25 ●	646,545		619,605

56

	Principal amount°	Value (US $)
Loan Agreements (continued)
Berry Global Tranche W 2.863% (LIBOR03M + 2.00%)      10/1/22 ●	1,000,000	$	965,500
Berry Global Tranche Y 2.863% (LIBOR03M + 2.00%)      7/1/26 ●	398,746		377,612
Boxer Parent 5.239% (LIBOR01M + 4.25%) 10/2/25 ●	1,243,703		1,065,853
Buckeye Partners 4.265% (LIBOR01M + 2.75%) 11/1/26 ●	443,971		412,893
BW Gas & Convenience Holdings 7.18% (LIBOR01M +      6.25%) 11/18/24 ●	1,264,988		1,062,590
Calpine 3.24% (LIBOR01M + 2.25%) 1/15/24 ●	1,238,305		1,195,996
Camelot US Acquisition 4.239% (LIBOR01M + 3.25%)      10/30/26 ●	1,037,400		938,847
CenturyLink Tranche B 3.239% (LIBOR01M + 2.25%)           3/15/27 ●	940,643		874,210
Change Healthcare Holdings 3.489% (LIBOR01M +      2.50%) 3/1/24 ●	743,940		686,905
Chemours Tranche B-2 0.00% 4/3/25 X	350,000		317,625
Chesapeake Energy Tranche A 9.00% (LIBOR01M +      8.00%) 6/24/24 ●	851,333		345,641
Clear Channel Outdoor Holdings Tranche B 4.489%      (LIBOR01M + 3.50%) 8/21/26 ●	447,750		405,773
Connect US Finco 5.49% (LIBOR01M + 4.50%)      12/12/26 ●	1,325,000		1,083,188
Consolidated Communications 4.00% (LIBOR01M +      3.00%) 10/5/23 ●	1,137,070		981,534
Coral US Tranche B-5 3.239% (LIBOR01M + 2.25%)      1/31/28 ●	700,000		627,667
Core & Main 0.00% 8/1/24 X	945,000		836,325
CPI Holdco 1st Lien 5.70% (LIBOR03M + 4.25%)      11/4/26 ●	1,021,079		898,550
CSC Holdings 2.862% (LIBOR01M + 2.25%) 7/17/25 ●	1,186,170		1,150,585
Cumulus Media New Holdings 4.822% (LIBOR06M +      3.75%) 3/31/26 ●	795,501		645,682
Datto 5.239% (LIBOR01M + 4.25%) 4/2/26 ●	453,879		393,457
DaVita Tranche B-1 2.739% (LIBOR01M + 1.75%)      8/12/26 ●	654,714		625,797
Delek US Holdings 3.239% (LIBOR01M + 2.25%)      3/31/25 ●	166,230		123,287
Dorna Sports SL Tranche B2 4.921% (LIBOR06M +      3.00%) 4/12/24 ●	1,000,000		900,000
Dun & Bradstreet Tranche B 4.959% (LIBOR01M + 4.00%)      2/6/26 ●	1,100,000		1,012,000
Edgewater Generation 4.739% (LIBOR01M + 3.75%)      12/15/25 ●	938,499		772,697
Ensemble RCM 5.513% (LIBOR03M + 3.75%) 8/1/26 ●	1,492,500		1,390,513
ESH Hospitality 2.989% (LIBOR01M + 2.00%) 9/18/26 ●	1,075,550		939,761

57

Schedules of investments
Delaware Floating Rate II Fund

	Principal amount°	Value (US $)
Loan Agreements (continued)
Frontier Communications Tranche B-1 5.35% (LIBOR03M      + 3.75%) 6/17/24 ●	1,039,522	$	985,813
Garda World Security Tranche B 1st Lien 6.39%      (LIBOR03M + 4.75%) 10/23/26 ●	608,053		580,690
Genesee & Wyoming 3.45% (LIBOR03M + 2.00%)      12/30/26 ●	337,000		326,469
GFL Environmental 3.989% (LIBOR01M + 3.00%)      5/30/25 ●	404,444		394,586
Granite Generation 4.818% (LIBOR01M + 3.75%)      11/9/26 ●	337,654		292,070
HCA Tranche B13 2.739% (LIBOR01M + 1.75%) 3/18/26 ●	1,064,825		1,019,570
HD Supply Tranche B-5 2.739% (LIBOR01M + 1.75%)      10/17/23 ●	1,492,424		1,410,341
Heartland Dental Tranche B 1st Lien 4.739% (LIBOR01M +      3.75%) 4/30/25 ●	929,019		732,996
HUB International 5.692% (LIBOR03M + 4.00%) 4/25/25 ●	997,500		932,663
Informatica 4.243% (LIBOR01M + 3.25%) 2/25/27 ●	650,000		585,000
Informatica 2nd Lien 7.125% (LIBOR06M + 0.00%)      2/14/25 ●	1,085,000		960,225
Ingersoll-Rand Services Tranche B-1 2.739% (LIBOR01M      + 1.75%) 2/28/27 ●	650,000		611,000
Iron Mountain Information Management Tranche B 2.739%      (LIBOR01M + 1.75%) 1/2/26 ●	374,046		360,954
JBS USA LUX 3.072% (LIBOR03M + 2.00%) 5/1/26 ●	1,492,462		1,409,311
Kronos 0.00% 11/1/23 X	185,000		171,356
Kronos 2nd Lien 0.00% 11/1/24 X	870,000		820,410
LCPR Loan Financing 5.705% (LIBOR01M + 5.00%)      10/15/26 ●	1,285,000		1,117,950
Merrill Communications Tranche B 1st Lien 6.908%      (LIBOR03M + 5.00%) 10/5/26 ●	1,097,250		905,231
NFP 4.239% (LIBOR01M + 3.25%) 2/15/27 ●	992,327		868,286
Numericable US Tranche B-11 3.739% (LIBOR01M +      2.75%) 7/31/25 ●	760,668		699,814
ON Semiconductor Tranche B-4 2.989% (LIBOR01M +
2.00%) 9/16/26 ●	650,615		613,612
Panda Liberty Tranche B-2 0.00% 8/21/20 X	1,554,000		1,328,670
Panda Patriot Tranche B-1 7.20% (LIBOR03M + 5.75%)
12/19/20 ●	1,330,512		1,128,717
Panda Patriot Tranche B-2 0.00% 12/19/20 X	217,597		186,045
Panther BF Aggregator 2 1st Lien 4.441% (LIBOR01M +
3.50%) 4/30/26 ●	1,243,750		1,144,250
Perstorp Holding Tranche B 5.822% (LIBOR06M + 4.75%) 4/13/26 ●	1,488,750		1,016,072
PQ Tranche B 0.00% 2/8/27 X	700,000		631,750

58

	Principal amount°	Value (US $)
Loan Agreements (continued)
Pregis Topco 1st Lien 4.989% (LIBOR01M + 4.00%)      7/24/26 ●	448,875	$	395,010
Prestige Brands Tranche B-4 2.989% (LIBOR01M +      2.00%) 1/26/24 ●	349,964		328,382
Prime Security Services Borrower Tranche B-1 4.606%      (LIBOR01M + 3.25%) 9/23/26 ●	414,830		377,495
Quikrete Holdings 1st Lien 3.489% (LIBOR01M + 2.50%)      2/1/27 ●	735,158		639,587
Russell Investments US Institutional Holdco 3.822%      (LIBOR06M + 2.75%) 6/1/23 ●	112,452		104,299
Sinclair Television Group Tranche B-2 3.21% (LIBOR01M      + 2.50%) 9/30/26 ●	721,375		668,174
Solenis International 1st Lien 5.613% (LIBOR03M +      4.00%) 6/26/25 ●	750,000		602,500
Solenis International 2nd Lien 10.113% (LIBOR03M +      8.50%) 6/26/26 ●	400,000		278,000
SS&C Technologies Tranche B-5 2.739% (LIBOR01M +      1.75%) 4/16/25 ●	1,492,362		1,418,490
Staples Tranche B-1 6.515% (LIBOR01M + 5.00%)      4/16/26 ●	457,227		367,496
Surf Holdings 1st Lien 4.814% (LIBOR03M + 3.50%)      3/5/27 ●	920,455		826,108
Terrier Media Buyer 5.70% (LIBOR03M + 4.25%)      12/17/26 ●	960,593		832,714
Titan Acquisition 4.45% (LIBOR03M + 3.00%) 3/28/25 ●	464,489		395,977
Transdigm Tranche F 3.239% (LIBOR01M + 2.25%)      12/9/25 ●	648,375		606,231
UGI Energy Services 4.739% (LIBOR01M + 3.75%)      8/7/26 ●	387,893		335,527
Ultimate Software Group 1st Lien 4.739% (LIBOR01M +      3.75%) 5/4/26 ●	1,492,500		1,410,413
US Foods Tranche B 3.072% (LIBOR06M + 2.00%)      9/13/26 ●	572,125		533,030
USI 4.989% (LIBOR01M + 4.00%) 12/2/26 ●	897,750		821,441
USI Tranche B 3.989% (LIBOR03M + 3.00%) 5/16/24 ●	590,578		538,903
Verscend Holding Tranche B 5.489% (LIBOR01M +           4.50%) 8/27/25 ●	1,031,763		980,175
Vistra Operations 2.55% (LIBOR01M + 1.75%) 12/31/25 ●	2,001,741		1,801,567
Total Loan Agreements (cost $70,195,363)			63,022,535
	Number of shares
Short-Term Investments – 1.09%
Money Market Mutual Funds – 1.09%
BlackRock FedFund – Institutional Shares (seven-day      effective yield 0.33%)	143,722		143,722

59

Schedules of investments
Delaware Floating Rate II Fund

		Number of shares	Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
	Fidelity Investments Money Market Government
	Portfolio – Class I (seven-day effective yield 0.30%)	143,722	$	143,722
	GS Financial Square Government Fund – Institutional
	Shares (seven-day effective yield 0.34%)	143,722		143,722
	Morgan Stanley Government Portfolio – Institutional Share
	Class (seven-day effective yield 0.22%)	143,722		143,722
	State Street Institutional US Government Money Market
	Fund – Investor Class (seven-day effective yield 0.24%)	143,722		143,723
Total Short-Term Investments (cost $718,611)				718,611
Total Value of Securities – 100.43%
	(cost $73,616,082)		$	66,322,654

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2020, the aggregate value of Rule 144A securities was $1,979,793 which represents 3.00% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
❆	PIK. 100% of the income received was in the form of cash.
°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their description above.
X	This loan will settle after March 31, 2020, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

Unfunded Loan Commitments

The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitment was outstanding at March 31, 2020:

	Principal		Unrealized Appreciation
Borrower	Amount	Value	(Depreciation)
Apro 4.00%
(LIBOR03M + 4.00%) 10/28/26	$261,111	$229,125	$(31,986)

60

Summary of abbreviations:
GS – Goldman Sachs
ICE – Intercontinental Exchange
LIBOR – London interbank offered rate
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR02M – ICE LIBOR USD 2 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
PIK – Pay-in-Kind
USD – US Dollar

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

61

Schedules of investments
Delaware Fund for Income	March 31, 2020 (Unaudited)

		Principal amount°	Value (US $)
Corporate Bonds – 86.22%
Banking – 4.31%
	Ally Financial 8.00% 11/1/31	2,945,000	$	3,401,622
	Credit Suisse Group
	144A 6.25%#µψ	400,000		371,443
	144A 7.50%#µψ	1,525,000		1,477,451
	Deutsche Bank 6.00%µψ	1,800,000		1,209,600
	Popular 6.125% 9/14/23	5,405,000		5,046,892
	Royal Bank of Scotland Group 8.625%µψ	4,795,000		4,700,658
	Synovus Financial 5.90% 2/7/29 µ	1,135,000		1,064,148
				17,271,814
Basic Industry – 10.15%
	Allegheny Technologies
	5.875% 12/1/27	825,000		688,050
	7.875% 8/15/23	2,480,000		2,407,993
	Blue Cube Spinco 10.00% 10/15/25	784,000		832,102
	Chemours
	5.375% 5/15/27	1,425,000		1,100,706
	7.00% 5/15/25	3,020,000		2,533,040
	First Quantum Minerals
	144A 7.25% 4/1/23 #	1,750,000		1,509,384
	144A 7.50% 4/1/25 #	2,005,000		1,681,082
	Freeport-McMoRan 5.45% 3/15/43	4,440,000		4,008,432
	Hudbay Minerals 144A 7.625% 1/15/25 #	550,000		481,940
	IAMGOLD 144A 7.00% 4/15/25 #	1,195,000		1,121,800
	Joseph T Ryerson & Son 144A 11.00% 5/15/22 #	1,075,000		1,007,790
	Kraton Polymers 144A 7.00% 4/15/25 #	3,435,000		3,068,932
	Lennar 5.00% 6/15/27	1,370,000		1,265,253
	M/I Homes 144A 4.95% 2/1/28 #	3,590,000		3,073,937
	Mattamy Group
	144A 4.625% 3/1/30 #	655,000		566,984
	144A 5.25% 12/15/27 #	1,870,000		1,753,125
	New Enterprise Stone & Lime 144A 6.25% 3/15/26 #	1,500,000		1,392,814
	Novelis 144A 5.875% 9/30/26 #	1,977,000		1,953,933
	Olin
	5.00% 2/1/30	2,615,000		2,260,537
	5.625% 8/1/29	2,475,000		2,291,355
	Standard Industries
	144A 5.00% 2/15/27 #	1,300,000		1,192,058
	144A 5.375% 11/15/24 #	2,425,000		2,346,260
	144A 6.00% 10/15/25 #	850,000		841,729
	Tms International Holding 144A 7.25% 8/15/25 #	1,440,000		1,308,593
				40,687,829

62

		Principal amount°	Value (US $)
Corporate Bonds (continued)
Capital Goods – 7.02%
	ARD Finance 144A PIK 6.50% 6/30/27 #❆	1,975,000	$	1,707,289
	Ashtead Capital 144A 4.25% 11/1/29 #	1,850,000		1,580,145
	Berry Global
	144A 4.875% 7/15/26 #	1,325,000		1,345,699
	144A 5.625% 7/15/27 #	1,550,000		1,613,077
	Bombardier
	144A 7.50% 12/1/24 #	1,950,000		1,304,072
	144A 7.875% 4/15/27 #	530,000		369,715
	Cloud Crane 144A 10.125% 8/1/24 #	625,000		496,097
	Gates Global 144A 6.25% 1/15/26 #	1,504,000		1,339,320
	Granite US Holdings 144A 11.00% 10/1/27 #	1,290,000		1,117,730
	Griffon 144A 5.75% 3/1/28 #	2,280,000		2,156,025
	Mauser Packaging Solutions Holding 144A
	7.25% 4/15/25 #	2,255,000		1,725,143
	Titan Acquisition 144A 7.75% 4/15/26 #	800,000		673,574
	TransDigm
	144A 5.50% 11/15/27 #	1,255,000		1,133,328
	144A 6.25% 3/15/26 #	3,200,000		3,201,990
	Trivium Packaging Finance 144A 5.50% 8/15/26 #	1,415,000		1,415,880
	United Rentals North America
	5.25% 1/15/30	4,800,000		4,825,200
	5.50% 5/15/27	2,150,000		2,112,214
				28,116,498
Communications – 9.83%
	Altice France Holding
	144A 6.00% 2/15/28 #	2,570,000		2,280,053
	144A 10.50% 5/15/27 #	2,500,000		2,650,000
	C&W Senior Financing 144A 6.875% 9/15/27 #	1,756,000		1,526,785
	CenturyLink
	144A 4.00% 2/15/27 #	1,435,000		1,381,187
	144A 5.125% 12/15/26 #	3,520,000		3,528,800
	Cincinnati Bell 144A 7.00% 7/15/24 #	1,450,000		1,469,894
	Consolidated Communications 6.50% 10/1/22	3,622,000		3,196,415
	Front Range BidCo 144A 6.125% 3/1/28 #	3,500,000		3,344,688
	Frontier Communications 144A 8.00% 4/1/27 #	4,650,000		4,612,009
	Qwest 7.25% 9/15/25	1,575,000		1,603,076
	Sprint
	7.625% 3/1/26	1,325,000		1,506,989
	7.875% 9/15/23	4,915,000		5,448,941
	Sprint Capital 8.75% 3/15/32	815,000		1,082,361

63

Schedules of investments
Delaware Fund for Income

		Principal amount°	Value (US $)
Corporate Bonds (continued)
Communications (continued)
	T-Mobile USA 6.00% 4/15/24	1,875,000	$	1,917,131
	T-Mobile USA Escrowψ†	4,550,000		0
	Uniti Group 144A 7.875% 2/15/25 #	2,290,000		2,146,875
	Vodafone Group 7.00% 4/4/79 µ	1,595,000		1,708,181
				39,403,385
Consumer Cyclical – 2.80%
	Allison Transmission 144A 5.875% 6/1/29 #	1,810,000		1,786,411
	Boyd Gaming 144A 4.75% 12/1/27 #	2,260,000		1,877,043
	MGM Resorts International 6.00% 3/15/23	1,200,000		1,165,506
	Murphy Oil USA 4.75% 9/15/29	4,751,000		4,480,431
	Scientific Games International 144A 8.25% 3/15/26 #	1,723,000		1,112,596
	Stars Group Holdings 144A 7.00% 7/15/26 #	825,000		780,244
				11,202,231
Consumer Non-Cyclical – 5.61%
	Albertsons 144A 4.875% 2/15/30 #	1,190,000		1,187,025
	Energizer Holdings
	144A 5.50% 6/15/25 #	1,700,000		1,659,633
	144A 6.375% 7/15/26 #	850,000		863,217
	HLF Financing 144A 7.25% 8/15/26 #	1,325,000		1,131,219
	JBS USA
	144A 5.50% 1/15/30 #	3,475,000		3,607,224
	144A 5.875% 7/15/24 #	575,000		584,344
	144A 6.75% 2/15/28 #	2,050,000		2,199,753
	Kraft Heinz Foods
	3.95% 7/15/25	1,505,000		1,482,456
	5.00% 7/15/35	1,055,000		1,055,952
	5.20% 7/15/45	1,765,000		1,706,968
	Pilgrim’s Pride 144A 5.875% 9/30/27 #	2,325,000		2,329,534
	Post Holdings
	144A 5.50% 12/15/29 #	1,325,000		1,381,776
	144A 5.75% 3/1/27 #	1,150,000		1,186,429
	Spectrum Brands 144A 5.00% 10/1/29 #	2,455,000		2,107,722
				22,483,252
Energy – 7.80%
	Cheniere Corpus Christi Holdings 7.00% 6/30/24	4,320,000		3,801,636
	Cheniere Energy Partners 144A 4.50% 10/1/29 #	3,830,000		3,429,957
	Crestwood Midstream Partners
	5.75% 4/1/25	1,375,000		797,541
	6.25% 4/1/23	2,175,000		1,232,040
	DCP Midstream Operating
	3.875% 3/15/23	1,100,000		887,887
	5.125% 5/15/29	925,000		587,837

64

	Principal amount°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
Genesis Energy 6.50% 10/1/25	1,600,000	$	1,168,432
Murphy Oil
5.875% 12/1/27	3,395,000		1,787,637
5.875% 12/1/42	1,219,000		512,230
NuStar Logistics
5.625% 4/28/27	1,650,000		1,277,677
6.00% 6/1/26	1,650,000		1,230,276
PBF Holding 144A 6.00% 2/15/28 #	947,000		643,960
PDC Energy 6.125% 9/15/24	1,778,000		964,556
Precision Drilling
6.50% 12/15/21	137,216		104,106
144A 7.125% 1/15/26 #	950,000		321,615
Southwestern Energy
6.20% 1/23/25	1,550,000		1,067,051
7.50% 4/1/26	600,000		397,545
7.75% 10/1/27	2,495,000		1,659,362
Sunoco 4.875% 1/15/23	1,975,000		1,924,470
Targa Resources Partners
5.375% 2/1/27	1,875,000		1,553,531
6.50% 7/15/27	2,465,000		2,119,900
Transocean
144A 7.25% 11/1/25 #	1,665,000		849,600
144A 8.00% 2/1/27 #	1,890,000		904,837
WPX Energy
4.50% 1/15/30	1,200,000		656,100
5.25% 10/15/27	2,525,000		1,402,764
			31,282,547
Financial Services – 0.47%
DAE Funding 144A 5.75% 11/15/23 #	2,025,000		1,890,834
			1,890,834
Healthcare – 8.45%
AMN Healthcare 144A 4.625% 10/1/27 #	2,350,000		2,246,599
Bausch Health 144A 5.50% 11/1/25 #	5,120,000		5,204,762
Charles River Laboratories International 144A
4.25% 5/1/28 #	3,695,000		3,582,118
CHS 144A 8.00% 3/15/26 #	2,350,000		2,245,712
DaVita 5.125% 7/15/24	4,525,000		4,539,729
Encompass Health 4.75% 2/1/30	2,335,000		2,312,934
Hadrian Merger 144A 8.50% 5/1/26 #	2,900,000		2,185,273
HCA
5.375% 2/1/25	2,075,000		2,124,271
5.875% 2/1/29	3,190,000		3,385,387

65

Schedules of investments
Delaware Fund for Income

	Principal amount°	Value (US $)
Corporate Bonds (continued)
Healthcare (continued)
Hill-Rom Holdings 144A 4.375% 9/15/27 #	2,445,000	$	2,429,211
Tenet Healthcare
5.125% 5/1/25	1,035,000		985,837
6.875% 11/15/31	1,000,000		848,543
8.125% 4/1/22	1,865,000		1,772,384
			33,862,760
Insurance – 3.81%
Centene
144A 4.625% 12/15/29 #	2,585,000		2,612,272
144A 5.375% 8/15/26 #	4,245,000		4,377,656
GTCR AP Finance 144A 8.00% 5/15/27 #	464,000		430,844
HUB International 144A 7.00% 5/1/26 #	4,239,000		4,228,720
USI 144A 6.875% 5/1/25 #	3,854,000		3,613,009
			15,262,501
Media – 12.86%
Altice Financing 144A 5.00% 1/15/28 #	1,445,000		1,289,663
Cablevision Systems 5.875% 9/15/22	1,396,000		1,417,415
CCO Holdings
144A 4.50% 8/15/30 #	6,550,000		6,455,844
144A 4.75% 3/1/30 #	1,125,000		1,128,431
144A 5.375% 6/1/29 #	2,165,000		2,236,770
Clear Channel Worldwide Holdings
144A 5.125% 8/15/27 #	3,425,000		3,226,179
144A 9.25% 2/15/24 #	1,691,000		1,464,837
Connect Finco 144A 6.75% 10/1/26 #	4,865,000		4,037,950
CSC Holdings
144A 5.375% 7/15/23 #	3,225,000		3,277,422
144A 5.75% 1/15/30 #	4,430,000		4,484,090
144A 7.50% 4/1/28 #	1,425,000		1,528,152
Cumulus Media New Holdings 144A 6.75% 7/1/26 #	2,465,000		2,220,033
Gray Television 144A 7.00% 5/15/27 #	2,435,000		2,436,339
LCPR Senior Secured Financing 144A 6.75% 10/15/27 #	2,355,000		2,332,745
Netflix
4.875% 4/15/28	1,775,000		1,823,946
144A 4.875% 6/15/30 #	405,000		413,383
Nexstar Broadcasting 144A 5.625% 7/15/27 #	3,270,000		3,214,574
Radiate Holdco 144A 6.625% 2/15/25 #	2,240,000		1,923,589
Sirius XM Radio 144A 4.625% 7/15/24 #	2,725,000		2,782,729

66

	Principal amount°	Value (US $)
Corporate Bonds (continued)
Media (continued)
Terrier Media Buyer 144A 8.875% 12/15/27 #	2,010,000	$	1,703,475
VTR Finance 144A 6.875% 1/15/24 #	2,345,000		2,142,732
			51,540,298
Real Estate – 0.79%
HAT Holdings I 144A 5.25% 7/15/24 #	950,000		917,942
MGM Growth Properties Operating Partnership
5.75% 2/1/27	2,585,000		2,258,644
			3,176,586
Services – 2.48%
Anixter 6.00% 12/1/25	1,650,000		1,629,367
Clean Harbors 144A 5.125% 7/15/29 #	1,365,000		1,281,111
Mobile Mini 5.875% 7/1/24	1,000,000		965,000
Prime Security Services Borrower
144A 5.75% 4/15/26 #	3,550,000		3,498,958
144A 6.25% 1/15/28 #	2,950,000		2,566,500
			9,940,936
Technology – 6.84%
Banff Merger Sub 144A 9.75% 9/1/26 #	3,417,000		3,032,844
Camelot Finance 144A 4.50% 11/1/26 #	2,105,000		2,053,684
CDK Global
144A 5.25% 5/15/29 #	3,550,000		3,634,313
5.875% 6/15/26	398,000		422,696
CommScope Technologies 144A 5.00% 3/15/27 #	1,930,000		1,688,895
Granite Merger 2 144A 11.00% 7/15/27 #	1,190,000		1,182,316
Iron Mountain 144A 5.25% 3/15/28 #	4,335,000		4,306,172
Open Text 144A 3.875% 2/15/28 #	700,000		661,281
Open Text Holdings 144A 4.125% 2/15/30 #	2,962,000		2,801,682
Science Applications International 144A 4.875% 4/1/28 #	2,120,000		2,047,125
SS&C Technologies 144A 5.50% 9/30/27 #	3,100,000		3,214,313
Verscend Escrow 144A 9.75% 8/15/26 #	2,345,000		2,358,355
			27,403,676
Transportation – 0.52%
Stena International 144A 6.125% 2/1/25 #	770,000		652,575
VistaJet Malta Finance 144A 10.50% 6/1/24 #	1,755,000		1,430,334
			2,082,909
Utilities – 2.48%
Calpine 144A 5.25% 6/1/26 #	2,365,000		2,263,228
Edison International 4.95% 4/15/25	585,000		583,649
Vistra Operations
144A 5.00% 7/31/27 #	1,175,000		1,199,146

67

Schedules of investments
Delaware Fund for Income

	Principal amount°	Value (US $)
Corporate Bonds (continued)
Utilities (continued)
Vistra Operations
144A 5.50% 9/1/26 #	1,195,000	$	1,239,176
144A 5.625% 2/15/27 #	4,505,000		4,670,784
			9,955,983
Total Corporate Bonds (cost $382,575,843)			345,564,039
Loan Agreements – 6.63%
Air Medical Group Holdings 4.932% (LIBOR02M + 3.25%)
4/28/22 ●	2,426,564		2,244,571
Applied Systems 2nd Lien 8.45% (LIBOR03M + 7.00%)
9/19/25 ●	3,139,000		2,903,575
Apro 5.00% (LIBOR01M + 4.00%) 10/28/26 ●	1,357,708		1,191,389
BW Gas & Convenience Holdings 7.18% (LIBOR01M +
6.25%) 11/18/24 ●	1,255,113		1,054,295
Calpine 0.00% 1/15/24 X	293,001		282,990
Chesapeake Energy Tranche A 9.00% (LIBOR01M +
8.00%) 6/24/24 ●	2,425,999		984,956
Dorna Sports SL Tranche B2 4.921% (LIBOR06M +
3.00%) 4/12/24 ●	2,600,000		2,340,000
Granite US Holdings Tranche B 6.322% (LIBOR03M +
5.25%) 9/30/26 ●	1,004,843		728,511
Informatica 2nd Lien 7.125% (LIBOR06M + 0.00%)
2/14/25 ●	2,398,000		2,122,230
Kronos 2nd Lien 10.013% (LIBOR03M + 8.25%) 11/1/24 ●	2,324,000		2,191,532
LCPR Loan Financing 5.705% (LIBOR01M + 5.00%)
10/15/26 ●	975,000		848,250
Merrill Communications Tranche B 1st Lien 6.908%
(LIBOR03M + 5.00%) 10/5/26 ●	1,640,888		1,353,732
Ortho-Clinical Diagnostics 0.00% 6/30/25 X	2,192,000		1,876,352
Panda Liberty Tranche B-2 0.00% 8/21/20 X	1,229,000		1,050,795
Panda Patriot Tranche B-1 0.00% 12/19/20 X	684,980		581,091
Panda Patriot Tranche B-2 0.00% 12/19/20 X	515,020		440,342
Terrier Media Buyer 5.70% (LIBOR03M + 4.25%)
12/17/26 ●	2,346,120		2,033,793
Transdigm Tranche F 0.00% 12/9/25 X	365,828		342,049
Ultimate Software Group 1st Lien 0.00% 5/4/26 X	372,000		351,540
Verscend Holding Tranche B 5.489% (LIBOR01M +
4.50%) 8/27/25 ●	1,751,111		1,663,556
Total Loan Agreements (cost $30,282,694)			26,585,549

68

	Number of shares	Value (US $)
Short-Term Investments – 8.36%
Money Market Mutual Fund – 8.36%
BlackRock FedFund – Institutional Shares (seven-day
effective yield 0.33%)	6,704,690	$	6,704,690
Fidelity Investments Money Market Government
Portfolio – Class I (seven-day effective yield 0.30%)	6,704,690		6,704,690
GS Financial Square Government Fund – Institutional
Shares (seven-day effective yield 0.34%)	6,704,690		6,704,690
Morgan Stanley Government Portfolio – Institutional Share
Class (seven-day effective yield 0.22%)	6,704,691		6,704,691
State Street Institutional US Government Money Market
Fund – Investor Class (seven-day effective yield 0.24%)	6,704,691		6,704,691
Total Short-Term Investments (cost $33,523,452)			33,523,452
Total Value of Securities – 101.21%
(cost $446,381,989)		$	405,673,040

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2020, the aggregate value of Rule 144A securities was $229,259,450, which represents 57.20% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
❄	PIK. The first payment of cash and/or principal will be made after June 30, 2020.
°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2020. Rate will reset at a future date.
Ψ	No contractual maturity date.
†	Non-income producing security.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their description above.
X	This loan will settle after March 31, 2020, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

69

Schedules of investments
Delaware Fund for Income

Unfunded Loan Commitments¹

The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitment was outstanding at March 31, 2020:

	Principal
Borrower	Amount	Value	Unrealized Depreciation
Apro 4.00%
(LIBOR03M + 4.00%) 10/28/26	$388,889	$341,250	$(47,639)

¹See Note 9 in “Notes to financial statements.”

Summary of abbreviations:
GS – Goldman Sachs
ICE – Intercontinental Exchange
LIBOR – London interbank offered rate
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR02M – ICE LIBOR USD 2 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
PIK – Payment-in-kind
USD – US Dollar

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

70

Schedules of investments

Delaware Government Cash Management Fund March 31, 2020 (Unaudited)

	Principal amount°	Value (US $)
Agency Obligations – 5.52%
Federal Farm Credit Bank
0.947% 6/25/20 ●	7,000,000	$	6,999,909
0.951% 7/30/20 ●	3,000,000		2,999,951
1.501% 6/1/20 ●	1,000,000		999,849
Total Agency Obligations (cost $10,999,709)			10,999,709
Short-Term Investments – 80.97%
Discount Notes – 79.61%≠
Federal Home Loan Bank
0.01% 4/13/20	5,900,000		5,899,980
0.01% 4/16/20	11,000,000		10,999,956
0.01% 4/22/20	2,750,000		2,749,984
0.01% 4/24/20	6,700,000		6,699,957
0.01% 4/29/20	575,000		574,996
0.014% 4/2/20	3,100,000		3,099,999
0.016% 4/3/20	21,200,000		21,199,981
0.02% 4/6/20	700,000		699,998
0.02% 5/4/20	1,500,000		1,499,973
0.022% 4/9/20	20,800,000		20,799,897
0.026% 5/6/20	500,000		499,987
0.03% 4/30/20	4,400,000		4,399,894
0.045% 5/1/20	5,460,000		5,459,797
0.113% 4/1/20	28,137,000		28,137,000
0.134% 4/15/20	14,625,000		14,624,239
0.433% 4/8/20	18,450,000		18,448,449
0.495% 4/17/20	12,800,000		12,797,183
			158,591,270
US Treasury Obligation – 1.36%≠
US Treasury Bill 0.054% 5/7/20	2,700,000		2,699,854
			2,699,854
Total Short-Term Investments
(cost $161,291,124)			161,291,124
Total Value of Securities – 86.49%
(cost $172,290,833)		$	172,290,833

≠	The rate shown is the effective yield at the time of purchase.
°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their description above.

71

Schedules of investments
Delaware Government Cash Management Fund

Summary of abbreviations:
ICE – Intercontinental Exchange
LIBOR – London interbank offered rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
USD – US Dollar

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

72

Schedules of investments

Delaware International Opportunities Bond Fund March 31, 2020 (Unaudited)

		Principal amount°	Value (US $)
Corporate Bonds – 8.52%
Banking – 7.83%
Development Bank of Japan 0.235% 10/13/27	JPY	200,000,000	$	1,876,563
Kreditanstalt Fuer Wiederaufbau 0.00% 12/15/22	EUR	1,710,000		1,904,038
				3,780,601
Electric – 0.69%
Israel Electric 144A 5.00% 11/12/24 #		315,000		330,752
				330,752
Total Corporate Bonds (cost $3,884,937)				4,111,353
Regional Bonds – 8.75%Δ
Canada – 3.90%
Province of Alberta Canada 2.20% 6/1/26	CAD	1,290,000		937,273
Province of Quebec Canada 2.30% 9/1/29	CAD	1,280,000		945,543
				1,882,816
Japan – 4.85%
Japan Finance Organization For Municipalities
0.205% 5/28/27	JPY	250,000,000		2,339,228
				2,339,228
Total Regional Bonds (cost $4,305,394)				4,222,044
Sovereign Bonds – 67.38%Δ
Australia – 4.45%
Australia Government Bonds
1.75% 11/21/20	AUD	1,165,000		723,917
2.25% 11/21/22	AUD	1,435,000		929,299
2.75% 11/21/29	AUD	400,000		292,078
3.00% 3/21/47	AUD	255,000		203,797
				2,149,091
Austria – 0.76%
Republic of Austria Government Bond 144A
1.50% 2/20/47 #	EUR	265,000		366,057
				366,057
Belgium – 2.17%
Kingdom of Belgium Government Bonds
144A 1.45% 6/22/37 #	EUR	480,000		613,132
144A 4.25% 3/28/41 #	EUR	230,000		433,812
				1,046,944
Canada – 1.70%
Canadian Government Bonds 2.50% 6/1/24	CAD	615,000		471,386
Canadian When Issued Government Bonds
2.00% 6/1/29	CAD	300,000		242,027

73

Schedules of investments
Delaware International Opportunities Bond Fund

		Principal amount°	Value (US $)
Sovereign BondsΔ (continued)
Canada (continued)
Canadian When Issued Government Bonds
2.75% 12/1/48	CAD	115,000	$	109,386
				822,799
Denmark – 0.79%
Denmark Government Bond 0.50% 11/15/27	DKK	2,415,000		380,022
				380,022
Finland – 0.21%
Finland Government Bond 144A 1.375% 4/15/47 #	EUR	75,000		103,817
				103,817
France – 6.94%
French Republic Government Bond OAT 144A
1.25% 5/25/36 #	EUR	2,675,000		3,347,569
				3,347,569
Germany – 5.06%
Bundesrepublik Deutschland Bundesanleihe
0.00% 8/15/29	EUR	540,000		623,730
0.00% 8/15/50	EUR	765,000		837,775
0.50% 2/15/25	EUR	840,000		980,575
				2,442,080
Ireland – 0.26%
Ireland Government Bond 1.35% 3/18/31	EUR	100,000		124,142
				124,142
Italy – 7.35%
Italy Buoni Poliennali Del Tesoro
1.75% 7/1/24	EUR	965,000		1,105,655
3.00% 8/1/29	EUR	1,155,000		1,445,552
144A 3.85% 9/1/49 #	EUR	695,000		996,111
				3,547,318
Japan – 11.83%
Japan Finance 0.911% 7/19/23	JPY	210,000,000		2,010,049
Japan Government Thirty Year Bond 0.40% 9/20/49	JPY	255,500,000		2,368,785
Tokyo Metropolitan Government 0.475% 9/19/25	JPY	140,000,000		1,331,341
				5,710,175
Mexico – 2.53%
Mexican Bonos
8.00% 9/5/24	MXN	11,000,000		488,683
8.00% 11/7/47	MXN	6,000,000		252,803
8.50% 5/31/29	MXN	10,500,000		478,147
				1,219,633

74

		Principal amount°	Value (US $)
Sovereign BondsΔ (continued)
Netherlands – 1.37%
Netherlands Government Bonds
144A 0.25% 7/15/29 #	EUR	380,000	$	439,925
144A 2.75% 1/15/47 #	EUR	120,000		222,609
				662,534
New Zealand – 4.22%
New Zealand Government Bonds
3.00% 4/20/29	NZD	700,000		486,587
6.00% 5/15/21	NZD	2,440,000		1,549,343
				2,035,930
Poland – 1.44%
Republic of Poland Government Bond 2.25% 4/25/22	PLN	2,800,000		695,846
				695,846
Portugal – 0.49%
Portugal Obrigacoes do Tesouro 144A 2.25% 4/18/34 #	EUR	185,000		235,519
				235,519
Spain – 5.20%
Spain Government Bonds
144A 0.60% 10/31/29 #	EUR	1,435,000		1,578,768
144A 1.50% 4/30/27 #	EUR	210,000		248,358
144A 2.70% 10/31/48 #	EUR	485,000		682,874
				2,510,000
United Kingdom – 10.61%
United Kingdom Gilt
0.50% 7/22/22	GBP	520,000		651,472
0.875% 10/22/29	GBP	1,135,000		1,486,851
1.00% 4/22/24	GBP	435,000		558,835
1.75% 1/22/49	GBP	1,400,000		2,156,268
3.75% 9/7/21	GBP	205,000		267,873
				5,121,299
Total Sovereign Bonds (cost $33,564,679)				32,520,775
Supranational Banks – 6.73%
European Investment Bank
0.375% 5/15/26	EUR	1,960,000		2,235,726
0.875% 1/30/25	SEK	2,000,000		206,893
International Bank for Reconstruction and Development
0.50% 6/21/35	EUR	700,000		804,427
Total Supranational Banks (cost $3,284,167)				3,247,046

75

Schedules of investments
Delaware International Opportunities Bond Fund

	Principal amount°	Value (US $)
US Treasury Obligation – 1.89%
US Treasury Floating Rate Note
0.239% 1/31/22 ●	910,000	$	910,068
Total US Treasury Obligation (cost $910,208)			910,068
	Number of shares
Short-Term Investment – 0.84%
BlackRock FedFund – Institutional Shares (seven-day
effective yield 0.33%)	81,356		81,356
Fidelity Investments Money Market Government
Portfolio – Class I (seven-day effective yield 0.30%)	81,356		81,356
GS Financial Square Government Fund – Institutional
Shares (seven-day effective yield 0.34%)	81,356		81,356
Morgan Stanley Government Portfolio – Institutional Share
Class (seven-day effective yield 0.22%)	81,356		81,356
State Street Institutional US Government Money Market
Fund – Investor Class (seven-day effective yield 0.24%)	81,356		81,356
Total Short-Term Investments (cost $406,780)			406,780
Total Value of Securities – 94.11%
(cost $46,356,165)		$	45,418,066

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2020, the aggregate value of Rule 144A securities was $9,599,303, which represents 19.89% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
Δ	Securities have been classified by country of origin.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their description above.

76

The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2020:¹

Foreign Currency Exchange Contracts

	Currency to						Settlement	Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date	Appreciation		Depreciation
BNYM	EUR	(19,500	)	USD	21,396		4/1/20	$	—	$	(111	)
BNYM	JPY	170,981		USD	(1,583	)	4/1/20		6		—
JPMCB	JPY	697,900,000		USD	(6,532,925	)	6/12/20		—		(21,788	)
JPMCB	MXN	(10,700,000	)	USD	543,394		6/12/20		97,257		—
TD	AUD	(2,402,134	)	USD	1,476,159		4/1/20		—		(1,400	)
TD	AUD	(1,975,000	)	USD	1,304,744		6/12/20		89,676		—
TD	CAD	(2,855,000	)	USD	2,133,773		6/12/20		103,658		—
TD	EUR	2,320,000		USD	(2,604,292	)	6/12/20		—		(38,317	)
TD	NZD	(3,130,000	)	USD	1,968,425		6/12/20		101,807		—
Total Foreign Currency Exchange Contracts								$	392,404	$	(61,616	)

Futures Contracts
													Variation
													Margin
				Notional				Value/		Value/			Due from
	Notional			Cost			Expiration	Unrealized		Unrealized			(Due to)
Contracts to Buy (Sell)	Amount			(Proceeds)			Date	Appreciation		Depreciation			Brokers
(65) Euro-BOBL	$	(9,693,002	)	$	(9,748,202	)	6/8/20	$	55,200	$	—		$	21,438
5 JPN 10 yr Bond		7,094,629			7,165,791		6/15/20		—		(71,162	)		(1,817	)
27 US Treasury 2 yr
Notes		5,950,336			5,896,890		6/30/20		53,446		—			(844	)
Total Futures
Contracts				$	3,314,479			$	108,646	$	(71,162	)	$	18,777

The use of foreign currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts and notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) and variation margin are reflected in the Fund’s net assets.

¹See Note 6 in “Notes to financial statements.”

77

Schedules of investments
Delaware International Opportunities Bond Fund

Summary of abbreviations:

AUD – Australian Dollar

BNYM – The Bank of New York Mellon

BOBL – Bundesobligationen

CAD – Canadian Dollar

DKK – Danish Krone

EUR – Euro

GBP – British Pound Sterling

GS – Goldman Sachs

JPMCB – JPMorgan Chase Bank

JPY – Japanese Yen

MXN – Mexican Peso

NZD – New Zealand Dollar

OAT – Obligations Assimilables du Tresor

PLN – Polish Zloty

SEK – Swedish Krona

TD – TD Bank

USD – US Dollar

yr – Year

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

78

Schedules of investments
Delaware Investment Grade Fund	March 31, 2020 (Unaudited

	Principal amount°	Value (US $)
Convertible Bond – 0.35%
Cheniere Energy 144A 4.875% exercise price $93.64,
expiration date 5/28/21 #❆	1,020,000	$	989,414
Total Convertible Bond (cost $1,028,925)			989,414
Corporate Bonds – 96.46%
Banking – 24.09%
Banco Bilbao Vizcaya Argentaria 6.50% µψ	1,600,000		1,241,112
Bank of America
2.114% (LIBOR03M + 0.32%) 7/26/21 ●	695,000		680,405
2.496% 2/13/31 µ	580,000		558,634
2.625% 10/19/20	825,000		826,363
4.083% 3/20/51 µ	785,000		893,528
5.125% µψ	1,215,000		1,155,094
Barclays 5.20% 5/12/26	2,748,000		2,828,940
BBVA USA
2.875% 6/29/22	1,095,000		1,068,751
3.875% 4/10/25	1,290,000		1,223,444
BNP Paribas 144A 4.50% #µψ	1,510,000		1,163,644
Citigroup
4.044% 6/1/24 µ	1,535,000		1,623,623
4.412% 3/31/31 µ	1,480,000		1,631,734
4.70% µψ	1,585,000		1,373,997
Citizens Financial Group 2.85% 7/27/26	3,215,000		3,142,929
Credit Agricole 144A 3.25% 1/14/30 #	1,790,000		1,706,477
Credit Suisse Group
144A 2.593% 9/11/25 #µ	3,475,000		3,307,401
144A 5.10% #µψ	1,010,000		781,488
144A 6.375% #µψ	1,195,000		1,049,849
Deutsche Bank 6.00% µψ	400,000		268,800
Fifth Third Bancorp 2.375% 1/28/25	825,000		805,136
Fifth Third Bank 3.85% 3/15/26	2,325,000		2,455,287
Goldman Sachs Group
2.60% 2/7/30	2,115,000		1,994,844
3.50% 4/1/25	405,000		411,425
4.95% µψ	1,510,000		1,344,949
JPMorgan Chase & Co.
4.023% 12/5/24 µ	2,535,000		2,689,922
5.00% µψ	1,855,000		1,740,352
KeyBank 3.40% 5/20/26	3,420,000		3,571,260
Lloyds Banking Group 2.438% 2/5/26 µ	940,000		889,577
Morgan Stanley
2.954% (LIBOR03M + 1.22%) 5/8/24 ●	1,135,000		1,088,886

79

Schedules of investments
Delaware Investment Grade Fund

		Principal amount°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	Morgan Stanley
	3.622% 4/1/31 µ	700,000	$	730,045
	5.00% 11/24/25	1,715,000		1,899,038
	PNC Bank 4.05% 7/26/28	1,010,000		1,098,676
	PNC Financial Services Group 2.60% 7/23/26	1,570,000		1,589,291
	Regions Financial 3.80% 8/14/23	1,095,000		1,110,625
	Royal Bank of Scotland Group
	3.754% 11/1/29 µ	705,000		652,847
	8.625% µψ	1,180,000		1,156,784
	Santander UK 144A 5.00% 11/7/23 #	345,000		348,171
	State Street 144A 2.901% 3/30/26 #µ	430,000		440,544
	Truist Bank
	2.25% 3/11/30	1,080,000		991,553
	2.636% 9/17/29 µ	4,010,000		3,846,151
	UBS 7.625% 8/17/22	1,125,000		1,159,301
	UBS Group
	144A 3.126% 8/13/30 #µ	890,000		870,075
	6.875% µψ	1,335,000		1,308,300
	US Bancorp 3.00% 7/30/29	4,385,000		4,384,040
	Wells Fargo & Co. 4.478% 4/4/31 µ	945,000		1,072,900
	Wells Fargo Bank 2.60% 1/15/21	1,380,000		1,386,720
				67,562,912
Basic Industry – 3.39%
	BHP Billiton Finance USA 144A 6.25% 10/19/75 #µ	3,090,000		3,037,764
	Chevron Phillips Chemical 144A 5.125% 4/1/25 #	445,000		458,663
	Methanex 5.25% 12/15/29	1,070,000		806,213
	Newmont
	2.25% 10/1/30	570,000		528,558
	2.80% 10/1/29	2,750,000		2,636,454
	Steel Dynamics 2.80% 12/15/24	510,000		476,100
	Teck Resources 6.25% 7/15/41	1,815,000		1,576,337
				9,520,089
Brokerage – 0.35%
	Jefferies Group
	4.15% 1/23/30	580,000		556,605
	6.50% 1/20/43	515,000		428,870
				985,475
Capital Goods – 5.02%
	Carrier Global
	144A 2.242% 2/15/25 #	540,000		529,161
	144A 2.493% 2/15/27 #	625,000		599,467
	144A 2.722% 2/15/30 #	555,000		513,920

80

		Principal amount°	Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
	General Dynamics
	3.25% 4/1/25	135,000	$	142,317
	4.25% 4/1/40	1,120,000		1,338,681
	4.25% 4/1/50	645,000		803,134
	L3Harris Technologies 144A 3.85% 6/15/23 #	550,000		572,932
	Otis Worldwide
	144A 2.056% 4/5/25 #	700,000		686,692
	144A 2.565% 2/15/30 #	1,175,000		1,145,422
	144A 3.112% 2/15/40 #	720,000		689,993
	144A 3.362% 2/15/50 #	430,000		424,019
	Roper Technologies 2.35% 9/15/24	2,575,000		2,508,195
	United Technologies 3.65% 8/16/23	283,000		298,108
	Waste Connections
	2.60% 2/1/30	1,345,000		1,261,895
	3.05% 4/1/50	1,090,000		985,845
	Waste Management 2.95% 6/15/24	1,535,000		1,563,811
				14,063,592
Communications – 14.78%
	AMC Networks 4.75% 8/1/25	875,000		856,411
	American Tower 3.375% 5/15/24	2,435,000		2,450,791
	AT&T
	4.35% 3/1/29	1,690,000		1,821,092
	4.50% 3/9/48	1,520,000		1,657,628
	4.90% 8/15/37	795,000		895,392
	Charter Communications Operating 4.908% 7/23/25	1,295,000		1,397,587
	Comcast
	3.20% 7/15/36	2,280,000		2,415,989
	3.75% 4/1/40	305,000		337,797
	Crown Castle International 5.25% 1/15/23	1,635,000		1,736,272
	CSC Holdings 144A 5.375% 2/1/28 #	422,000		433,380
	Deutsche Telekom 144A 3.625% 1/21/50 #	1,345,000		1,344,678
	Discovery Communications
	4.125% 5/15/29	1,750,000		1,699,886
	5.00% 9/20/37	1,390,000		1,381,137
	5.20% 9/20/47	30,000		30,796
	Fox 144A 4.03% 1/25/24 #	2,260,000		2,352,502
	Interpublic Group of Cos 4.75% 3/30/30	1,165,000		1,160,277
	Telefonica Emisiones 5.52% 3/1/49	2,080,000		2,450,176
	Time Warner Cable 7.30% 7/1/38	1,825,000		2,247,867
	Time Warner Entertainment 8.375% 3/15/23	1,650,000		1,813,683
	T-Mobile USA Escrow =†	275,000		0

81

Schedules of investments
Delaware Investment Grade Fund

		Principal amount°	Value (US $)
Corporate Bonds (continued)
Communications (continued)
	Verizon Communications
	3.15% 3/22/30	370,000	$	398,727
	4.00% 3/22/50	255,000		304,026
	4.50% 8/10/33	4,290,000		5,174,880
	ViacomCBS
	4.375% 3/15/43	2,815,000		2,509,608
	4.95% 1/15/31	605,000		600,115
	Virgin Media Secured Finance 144A 5.50% 5/15/29 #	823,000		827,568
	Vodafone Group
	4.25% 9/17/50	695,000		716,940
	4.875% 6/19/49	2,185,000		2,443,411
				41,458,616
Consumer Cyclical – 2.63%
	Dollar Tree 4.00% 5/15/25	1,450,000		1,487,940
	Ford Motor Credit 3.087% 1/9/23	1,050,000		950,250
	General Motors 6.25% 10/2/43	734,000		585,131
	General Motors Financial 5.25% 3/1/26	705,000		623,492
	Home Depot
	2.70% 4/15/30	585,000		596,961
	3.35% 4/15/50	510,000		556,150
	Lowe’s 5.125% 4/15/50	660,000		798,272
	Mastercard
	3.30% 3/26/27	370,000		402,679
	3.85% 3/26/50	185,000		226,872
	TJX
	3.875% 4/15/30	715,000		741,350
	4.50% 4/15/50	385,000		414,366
				7,383,463
Consumer Non-Cyclical – 9.01%
	AbbVie
	144A 2.60% 11/21/24 #	945,000		961,991
	144A 2.95% 11/21/26 #	2,070,000		2,113,990
	144A 4.05% 11/21/39 #	1,180,000		1,243,313
	Amgen 3.15% 2/21/40	605,000		602,929
	Anheuser-Busch InBev Worldwide
	3.65% 2/1/26	1,900,000		2,000,013
	4.15% 1/23/25	2,615,000		2,825,609
	Bristol-Myers Squibb 144A 2.90% 7/26/24 #	3,910,000		4,152,042
	Cigna
	2.40% 3/15/30	555,000		528,447
	3.20% 3/15/40	530,000		490,668

82

		Principal amount°	Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
	CVS Health
	3.25% 8/15/29	725,000	$	710,374
	3.75% 4/1/30	585,000		606,527
	4.78% 3/25/38	1,875,000		2,066,719
	DH Europe Finance II
	3.25% 11/15/39	982,000		962,434
	3.40% 11/15/49	43,000		42,478
	General Mills 2.875% 4/15/30	765,000		763,470
	Gilead Sciences 4.15% 3/1/47	2,195,000		2,696,832
	Perrigo Finance Unlimited 4.375% 3/15/26	1,600,000		1,656,859
	Zimmer Biomet Holdings 3.55% 3/20/30	855,000		856,367
				25,281,062
Electric – 12.03%
	AEP Texas 3.45% 1/15/50	640,000		578,593
	AES 4.50% 3/15/23	685,000		675,585
	Berkshire Hathaway Energy 144A 4.25% 10/15/50 #	550,000		630,197
	CenterPoint Energy 2.95% 3/1/30	1,735,000		1,651,894
	Consumers Energy 3.50% 8/1/51	650,000		701,242
	Dominion Energy 4.65% µψ	1,960,000		1,762,638
	Duke Energy 4.875% µψ	1,495,000		1,256,839
	Duke Energy Indiana 2.75% 4/1/50	910,000		840,327
	Edison International
	3.125% 11/15/22	985,000		969,239
	4.95% 4/15/25	650,000		648,499
	Emera 6.75% 6/15/76 µ	1,390,000		1,288,176
	Entergy Arkansas 4.20% 4/1/49	1,940,000		2,212,410
	Entergy Louisiana 2.90% 3/15/51	815,000		721,563
	Entergy Mississippi 3.85% 6/1/49	280,000		286,814
	Entergy Texas 3.55% 9/30/49	665,000		683,659
	Exelon 4.05% 4/15/30	950,000		942,784
	FirstEnergy Transmission 144A 4.55% 4/1/49 #	1,445,000		1,450,024
	Idaho Power 4.20% 3/1/48	595,000		693,169
	Interstate Power & Light 4.10% 9/26/28	1,145,000		1,285,295
	Louisville Gas & Electric 4.25% 4/1/49	1,985,000		2,268,039
	National Rural Utilities Cooperative Finance 5.25%
	4/20/46 µ	620,000		591,645
	Nevada Power 3.125% 8/1/50	1,220,000		1,136,707
	NRG Energy
	144A 3.75% 6/15/24 #	650,000		645,273
	144A 4.45% 6/15/29 #	1,040,000		1,059,650
	San Diego Gas & Electric 3.32% 4/15/50	595,000		594,209

83

Schedules of investments
Delaware Investment Grade Fund

		Principal amount°	Value (US $)
Corporate Bonds (continued)
Electric (continued)
	Southern California Edison
	3.65% 2/1/50	1,035,000	$	1,010,086
	4.875% 3/1/49	1,160,000		1,345,862
	Southwestern Electric Power 4.10% 9/15/28	1,780,000		1,913,226
	Vistra Operations
	144A 3.55% 7/15/24 #	1,660,000		1,565,463
	144A 3.70% 1/30/27 #	695,000		621,143
	144A 4.30% 7/15/29 #	290,000		258,438
	Xcel Energy
	2.60% 12/1/29	410,000		389,698
	3.40% 6/1/30	470,000		477,379
	3.50% 12/1/49	645,000		575,905
				33,731,670
Energy – 7.58%
	BP Capital Markets America 3.796% 9/21/25	1,450,000		1,492,807
	Cheniere Corpus Christi Holdings 7.00% 6/30/24	1,545,000		1,359,613
	Continental Resources 5.00% 9/15/22	1,629,000		1,011,396
	Energy Transfer Operating
	6.25% 4/15/49	1,565,000		1,329,288
	7.125% µψ	1,630,000		983,020
	Husky Energy 4.40% 4/15/29	1,133,000		805,290
	Magellan Midstream Partners 5.00% 3/1/26	2,395,000		2,372,883
	Marathon Oil 4.40% 7/15/27	1,475,000		986,737
	MPLX
	4.125% 3/1/27	3,340,000		2,854,896
	5.50% 2/15/49	745,000		631,454
	Noble Energy 4.20% 10/15/49	1,565,000		852,506
	NuStar Logistics 5.625% 4/28/27	859,000		665,167
	Occidental Petroleum 2.90% 8/15/24	1,125,000		614,257
	ONEOK 7.50% 9/1/23	1,640,000		1,635,118
	Sabine Pass Liquefaction 5.75% 5/15/24	1,815,000		1,706,504
	Targa Resources Partners 5.875% 4/15/26	854,000		715,756
	Transcanada Trust 5.50% 9/15/79 µ	1,610,000		1,234,459
				21,251,151
Finance Companies – 2.19%
	AerCap Ireland Capital 3.65% 7/21/27	500,000		388,324
	Air Lease 3.00% 2/1/30	1,545,000		1,123,801
	Aviation Capital Group 144A 3.50% 11/1/27 #	2,700,000		2,064,736
	Avolon Holdings Funding
	144A 3.25% 2/15/27 #	435,000		342,917

84

	Principal amount°	Value (US $)
Corporate Bonds (continued)
Finance Companies (continued)
Avolon Holdings Funding
144A 3.95% 7/1/24 #	1,075,000	$	901,390
144A 5.25% 5/15/24 #	1,555,000		1,327,851
			6,149,019
Insurance – 3.07%
Berkshire Hathaway Finance 1.85% 3/12/30	2,350,000		2,293,493
Brighthouse Financial 4.70% 6/22/47	2,765,000		2,229,442
Centene
144A 3.375% 2/15/30 #	915,000		854,381
144A 4.625% 12/15/29 #	640,000		646,752
Reinsurance Group of America 3.90% 5/15/29	2,635,000		2,578,574
			8,602,642
Real Estate Investment Trusts – 1.62%
Alexandria Real Estate Equities 4.90% 12/15/30	265,000		289,079
CubeSmart 3.00% 2/15/30	2,790,000		2,607,202
UDR 3.00% 8/15/31	1,730,000		1,659,185
			4,555,466
Technology – 9.32%
Amphenol 2.05% 3/1/25	3,205,000		3,041,410
Citrix Systems 3.30% 3/1/30	1,335,000		1,249,653
Fiserv 3.20% 7/1/26	1,825,000		1,882,568
Global Payments 2.65% 2/15/25	3,005,000		2,984,693
International Business Machines 3.00% 5/15/24	2,905,000		3,043,472
KLA 3.30% 3/1/50	2,980,000		2,879,881
Microchip Technology
3.922% 6/1/21	435,000		424,157
4.333% 6/1/23	3,110,000		3,104,341
NVIDIA 2.85% 4/1/30	1,039,000		1,081,253
NXP
144A 4.125% 6/1/21 #	630,000		636,117
144A 4.30% 6/18/29 #	1,105,000		1,137,632
144A 4.875% 3/1/24 #	2,585,000		2,764,788
Oracle 2.95% 4/1/30	1,020,000		1,028,286
SS&C Technologies 144A 5.50% 9/30/27 #	836,000		866,828
			26,125,079
Transportation – 0.95%
Union Pacific
2.40% 2/5/30	1,100,000		1,077,508
3.25% 2/5/50	1,610,000		1,586,698
			2,664,206
Utilities – 0.43%
American Water Capital 3.45% 6/1/29	30,000		32,087

85

Schedules of investments
Delaware Investment Grade Fund

	Principal amount°	Value (US $)
Corporate Bonds (continued)
Utilities (continued)
Essential Utilities 4.276% 5/1/49	1,075,000	$	1,166,717
			1,198,804
Total Corporate Bonds (cost $288,378,355)			270,533,246
Loan Agreements – 0.27%
Zayo Group Holdings 3.989% (LIBOR01M + 3.00%)
3/9/27 ●	815,000		764,063
Total Loan Agreements (cost $812,976)			764,063
	Number of shares
Preferred Stock – 0.60%
Morgan Stanley 5.55% µ	1,905,000		1,675,962
Total Preferred Stock (cost $1,933,575)			1,675,962
Short-Term Investments – 2.27%
Money Market Mutual Funds – 2.27%
BlackRock FedFund – Institutional Shares (seven-day
effective yield 0.33%)	1,272,810		1,272,810
Fidelity Investments Money Market Government
Portfolio – Class I (seven-day effective yield 0.30%)	1,272,809		1,272,809
GS Financial Square Government Fund – Institutional
Shares (seven-day effective yield 0.34%)	1,272,809		1,272,809
Morgan Stanley Government Portfolio – Institutional Share
Class (seven-day effective yield 0.22%)	1,272,809		1,272,809
State Street Institutional US Government Money Market
Fund – Investor Class (seven-day effective yield 0.24%)	1,272,809		1,272,809
Total Short-Term Investments (cost $6,364,046)			6,364,046
Total Value of Securities – 99.95%
(cost $298,517,877)		$	280,326,731

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2020, the aggregate value of Rule 144A securities was $50,518,140, which represents 18.01% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
❄	PIK. 100% of the income received was in the form of cash.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.

86

µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2020. Rate will reset at a future date.
Ψ	No contractual maturity date.
†	Non-income producing security.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their description above.

The following futures contracts were outstanding at March 31, 2020:¹

Futures Contracts

									Variation
									Margin
				Notional			Value/		Due from
		Notional		Cost		Expiration	Unrealized		(Due to)
Contracts to Buy (Sell)		Amount		(Proceeds)		Date	Appreciation		Brokers
	US Treasury 10
105	yr Notes	$	14,562,188	$	13,918,502	6/19/20	$	643,686	$	(14,766	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amount presented above represents the Fund’s total exposure in such contracts, whereas only the variation margin is reflected in the Fund’s net assets. ¹See Note 6 in “Notes to financial statements.”

Summary of abbreviations:
GS – Goldman Sachs
ICE – Intercontinental Exchange
LIBOR – London interbank offered rate
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
PIK – Pay-in-Kind
USD – US Dollar
yr – Year

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

87

Schedules of investments
Delaware Limited Duration Bond Fund	March 31, 2020 (Unaudited)

	Principal amount°	Value (US $)
Agency Commercial Mortgage-Backed Security – 1.66%
Freddie Mac Multifamily Structured Pass Through
Certificates
Series K734 A1 3.139% 6/25/25 ◆	2,958,694	$	3,183,217
Total Agency Commercial Mortgage-Backed Security (cost $3,017,865)			3,183,217
Agency Mortgage-Backed Securities – 17.40%
Fannie Mae S.F. 30 yr
4.50% 1/1/43	2,195,754		2,403,466
4.50% 2/1/44	1,691,455		1,874,300
4.50% 4/1/44	1,970,735		2,183,783
4.50% 11/1/44	2,115,677		2,335,854
4.50% 10/1/45	4,881,212		5,342,477
5.00% 5/1/48	3,361,495		3,639,201
5.50% 5/1/44	1,824,004		2,064,026
Freddie Mac S.F. 30 yr
4.00% 9/1/49	3,376,855		3,673,569
4.50% 7/1/45	413,252		452,754
4.50% 4/1/49	969,666		1,042,872
5.00% 7/1/45	4,828,588		5,355,344
5.00% 8/1/48	2,805,923		3,031,930
Total Agency Mortgage-Backed Securities (cost $33,169,628)			33,399,576
Corporate Bonds – 33.37%
Banking – 15.95%
Banco Santander 3.50% 4/11/22	1,200,000		1,187,869
Bank of America
3.458% 3/15/25 µ	1,500,000		1,549,328
5.625% 7/1/20	520,000		523,290
Citizens Financial Group 2.85% 7/27/26	920,000		899,376
DNB Boligkreditt 144A 2.50% 3/28/22 #	4,500,000		4,658,850
Goldman Sachs Group
3.50% 4/1/25	135,000		137,142
5.75% 1/24/22	4,000,000		4,247,386
Huntington National Bank
2.50% 8/7/22	285,000		286,068
3.125% 4/1/22	910,000		922,730
JPMorgan Chase & Co.
4.023% 12/5/24 µ	3,410,000		3,618,396
4.60%µψ	335,000		293,611
KeyBank
2.40% 6/9/22	250,000		250,984
3.18% 5/22/22	655,000		657,480

88

	Principal amount°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
Morgan Stanley
2.75% 5/19/22	120,000	$	121,372
2.954% (LIBOR03M + 1.22%) 5/8/24 ●	1,290,000		1,237,588
3.622% 4/1/31 µ	230,000		239,872
3.737% 4/24/24 µ	350,000		360,886
PNC Bank
1.206% (LIBOR03M + 0.31%) 6/10/21 ●	3,120,000		3,067,879
2.70% 11/1/22	455,000		461,350
Regions Financial
2.75% 8/14/22	300,000		297,017
3.80% 8/14/23	235,000		238,353
Truist Bank 2.636% 9/17/29 µ	1,015,000		973,527
Truist Financial 2.70% 1/27/22	1,650,000		1,660,271
UBS Group
144A 2.65% 2/1/22 #	580,000		579,595
144A 3.00% 4/15/21 #	1,605,000		1,608,587
US Bank
2.05% 10/23/20	265,000		264,807
3.40% 7/24/23	250,000		263,453
			30,607,067
Basic Industry – 1.36%
Georgia-Pacific 144A 5.40% 11/1/20 #	2,587,000		2,611,979
			2,611,979
Capital Goods – 1.47%
Carrier Global 144A 2.242% 2/15/25 #	170,000		166,588
L3Harris Technologies 144A 3.85% 6/15/23 #	225,000		234,381
Otis Worldwide 144A 2.056% 4/5/25 #	425,000		416,920
Roper Technologies 2.35% 9/15/24	2,050,000		1,996,815
			2,814,704
Communications – 2.58%
AT&T 1.964% (LIBOR03M + 1.18%) 6/12/24 ●	1,365,000		1,268,501
Crown Castle International 5.25% 1/15/23	435,000		461,944
Fox 144A 4.03% 1/25/24 #	2,985,000		3,107,176
T-Mobile USA Escrow=†	50,000		0
Verizon Communications 3.15% 3/22/30	115,000		123,929
			4,961,550
Consumer Cyclical – 1.23%
Ford Motor Credit
3.087% 1/9/23	335,000		303,175
3.336% 3/18/21	525,000		504,000

89

Schedules of investments
Delaware Limited Duration Bond Fund

	Principal amount°	Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
General Motors Financial
3.45% 4/10/22	960,000	$	887,333
4.15% 6/19/23	575,000		523,667
Mastercard 3.30% 3/26/27	125,000		136,040
			2,354,215
Consumer Non-Cyclical – 2.37%
AbbVie 144A 2.60% 11/21/24 #	710,000		722,766
Amgen 2.20% 2/21/27	560,000		559,783
Anheuser-Busch InBev Worldwide 4.15% 1/23/25	2,435,000		2,631,112
CVS Health 3.35% 3/9/21	635,000		639,589
			4,553,250
Electric – 3.45%
Cleveland Electric Illuminating 5.50% 8/15/24	1,150,000		1,341,652
Duke Energy 4.875%µψ	460,000		386,720
Entergy 4.00% 7/15/22	845,000		868,055
Entergy Louisiana 4.05% 9/1/23	905,000		926,295
ITC Holdings 2.70% 11/15/22	1,755,000		1,745,037
NRG Energy 144A 3.75% 6/15/24 #	690,000		684,982
Vistra Operations 144A 3.55% 7/15/24 #	705,000		664,850
			6,617,591
Energy – 1.79%
Continental Resources 3.80% 6/1/24	505,000		255,663
Marathon Oil 2.80% 11/1/22	545,000		417,685
ONEOK 7.50% 9/1/23	1,330,000		1,326,041
Sabine Pass Liquefaction 5.75% 5/15/24	585,000		550,030
Schlumberger Holdings 144A 3.75% 5/1/24 #	930,000		881,799
			3,431,218
Finance Companies – 2.10%
Aviation Capital Group 144A 2.875% 1/20/22 #	485,000		438,680
Avolon Holdings Funding 144A 3.95% 7/1/24 #	3,285,000		2,754,481
International Lease Finance 8.625% 1/15/22	870,000		844,457
			4,037,618
Insurance – 0.24%
Equitable Holdings 3.90% 4/20/23	465,000		463,930
			463,930
Technology – 0.83%
Global Payments 2.65% 2/15/25	430,000		427,094
International Business Machines 3.00% 5/15/24	390,000		408,590

90

	Principal amount°	Value (US $)
Corporate Bonds (continued)
Technology (continued)
Microchip Technology
3.922% 6/1/21	145,000	$	141,386
4.333% 6/1/23	615,000		613,881
			1,590,951
Total Corporate Bonds (cost $66,369,060)			64,044,073
Non-Agency Asset-Backed Securities – 25.49%
American Express Credit Account Master Trust
Series 2019-4 A 0.945% (LIBOR01M + 0.24%)
4/15/24 ●	2,000,000		1,977,642
Americredit Automobile Receivables Trust
Series 2019-1 B 3.13% 2/18/25	1,200,000		1,202,314
ARI Fleet Lease Trust
Series 2019-A A2B 144A 1.185% (LIBOR01M + 0.48%)
11/15/27 #●	4,890,000		4,786,681
BMW Vehicle Lease Trust
Series 2018-1 A3 3.26% 7/20/21	900,000		900,890
CarMax Auto Owner Trust
Series 2018-2 B 3.37% 10/16/23	1,850,000		1,873,695
Series 2019-2 A3 2.68% 3/15/24	2,000,000		2,021,469
Citibank Credit Card Issuance Trust
Series 2018-A1 A1 2.49% 1/20/23	6,030,000		6,074,020
Ford Credit Floorplan Master Owner Trust A
Series 2017-1 A2 1.125% (LIBOR01M + 0.42%)
5/15/22 ●	2,000,000		1,994,020
GM Financial Automobile Leasing Trust
Series 2018-2 B 3.31% 4/20/22	1,400,000		1,402,968
Series 2018-3 A3 3.18% 6/21/21	2,500,043		2,503,755
Hertz Vehicle Financing II
Series 2017-1A A 144A 2.96% 10/25/21 #	1,500,000		1,475,718
Hyundai Auto Receivables Trust
Series 2019-B A2 1.93% 7/15/22	1,000,000		997,549
John Deere Owner Trust
Series 2019-A A3 2.91% 7/17/23	8,000,000		8,142,292
Kubota Credit Owner Trust
Series 2018-1A A3 144A 3.10% 8/15/22 #	3,600,000		3,608,918
Mercedes-Benz Auto Lease Trust
Series 2019-B A2 2.01% 12/15/21	2,000,000		1,997,996
Nissan Auto Receivables Owner Trust
Series 2019-B A3 2.50% 11/15/23	3,000,000		3,042,826
Tesla Auto Lease Trust
Series 2018-B A 144A 3.71% 8/20/21 #	3,766,561		3,783,545

91

Schedules of investments
Delaware Limited Duration Bond Fund

	Principal amount°	Value (US $)
Non-Agency Asset-Backed Securities (continued)
Verizon Owner Trust
Series 2017-2A A 144A 1.92% 12/20/21 #	1,135,538	$	1,131,650
Total Non-Agency Asset-Backed Securities
(cost $48,784,474)			48,917,948
US Treasury Obligations – 12.37%
US Treasury Bond
2.00% 2/15/50	30,000		34,860
US Treasury Notes
0.50% 3/31/25	5,100,000		5,132,772
1.125% 2/28/25	4,050,000		4,201,875
1.375% 1/31/25	3,965,000		4,154,886
1.50% 2/15/30	1,870,000		2,016,203
1.625% 12/31/21	2,770,000		2,838,006
1.75% 12/31/24	2,805,000		2,987,435
1.75% 11/15/29	2,160,000		2,374,819
Total US Treasury Obligations (cost $23,269,340)			23,740,856
	Number of shares
Short-Term Investments – 8.43%
Money Market Mutual Funds – 0.63%
BlackRock FedFund – Institutional Shares (seven-day
effective yield 0.33%)	240,257		240,257
Fidelity Investments Money Market Government
Portfolio – Class I (seven-day effective yield 0.30%)	240,257		240,257
GS Financial Square Government Fund – Institutional
Shares (seven-day effective yield 0.34%)	240,257		240,257
Morgan Stanley Government Portfolio – Institutional Share
Class (seven-day effective yield 0.22%)	240,257		240,257
State Street Institutional US Government Money Market
Fund – Investor Class (seven-day effective yield 0.24%)	240,257		240,257
			1,201,285
	Principal amount°
US Treasury Obligation – 7.80%≠
US Treasury Bill 1.50% 7/15/20	14,910,000		14,968,534
			14,968,534
Total Short-Term Investments (cost $16,111,318)			16,169,819
Total Value of Securities – 98.72%
(cost $190,721,685)		$	189,455,489

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2020, the aggregate value of Rule 144A securities was $34,318,146, which represents 17.88% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”

92

◆	Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
≠	The rate shown is the effective yield at the time of purchase.
°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2020. Rate will reset at a future date.
ψ	No contractual maturity date.
†	Non-income producing security.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their description above.

Summary of abbreviations:

GS – Goldman Sachs

ICE – Intercontinental Exchange

LIBOR – London interbank offered rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

S.F. – single family

USD – US Dollar

yr – Year

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

93

Schedules of investments
Delaware Strategic Income II Fund	March 31, 2020 (Unaudited)

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations – 7.30%
Fannie Mae Connecticut Avenue Securities
Series 2018-C03 1M2 3.097% (LIBOR01M + 2.15%,
Floor 2.15%) 10/25/30 ●	1,350,000	$	1,121,992
Series 2018-C05 1M2 3.297% (LIBOR01M + 2.35%,
Floor 2.35%) 1/25/31 ●	1,350,000		1,133,734
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2018-HQA1 M2 3.247% (LIBOR01M + 2.30%)
9/25/30 ●	1,340,668		1,129,110
Freddie Mac Structured Agency Credit Risk REMIC
Series 2020-HQA2 M2 144A 3.911% (LIBOR01M +
3.10%) 3/25/50 #●	2,500,000		1,608,709
Freddie Mac Structured Agency Credit Risk REMIC Trust
Series 2019-HQA4 M2 144A 2.997% (LIBOR01M +
2.05%) 11/25/49 #●	1,500,000		1,108,151
Series 2020-DNA2 M2 144A 2.797% (LIBOR01M +
1.85%, Floor 1.85%) 2/25/50 #●	2,000,000		1,270,403
Total Agency Collateralized Mortgage Obligations (cost $10,072,038)			7,372,099
Agency Mortgage-Backed Securities – 3.56%
Fannie Mae S.F. 30 yr
4.00% 12/1/48	1,151,103		1,227,318
4.50% 6/1/48	1,356,172		1,462,108
4.50% 1/1/49	400,549		430,501
Freddie Mac S.F. 30 yr
5.00% 10/1/48	439,891		475,445
Total Agency Mortgage-Backed Securities (cost $3,451,347)			3,595,372
Convertible Bonds – 1.47%
Boingo Wireless 1.00% exercise price $42.32, expiration
date 10/1/23	1,079,000		964,092
Cheniere Energy 4.25% exercise price $138.38, expiration
date 3/15/45	1,046,000		517,929
Total Convertible Bonds (cost $1,729,947)			1,482,021
Corporate Bonds – 46.80%
Banking – 6.77%
Bank of America
2.496% 2/13/31 µ	205,000		197,448
2.884% 10/22/30 µ	170,000		170,113
5.125%µψ	510,000		484,854
BBVA Bancomer 144A 6.75% 9/30/22 #	667,000		665,559
Credit Suisse Group 144A 6.25%#µψ	1,050,000		975,038
JPMorgan Chase & Co. 5.00%µψ	465,000		436,261

94

		Principal amount°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	Popular 6.125% 9/14/23	1,301,000	$	1,214,802
	Royal Bank of Scotland Group 8.625%µψ	1,150,000		1,127,374
	Turkiye Garanti Bankasi 144A 5.875% 3/16/23 #	605,000		563,657
	UBS Group 6.875%µψ	565,000		553,700
	USB Capital IX 3.50% (LIBOR03M + 1.02%)ψ●	600,000		448,047
				6,836,853
Basic Industry – 8.04%
	BHP Billiton Finance USA 144A 6.25% 10/19/75 #µ	1,130,000		1,110,897
	Corp Nacional del Cobre de Chile 144A 3.15% 1/14/30 #	588,000		548,130
	CSN Islands XI 144A 6.75% 1/28/28 #	655,000		422,468
	Equate Petrochemical 144A 3.00% 3/3/22 #	564,000		543,976
	Freeport-McMoRan 5.45% 3/15/43	1,526,000		1,377,673
	Gold Fields Orogen Holdings BVI 144A 6.125% 5/15/29 #	568,000		539,912
	GUSAP III 144A 4.25% 1/21/30 #	1,180,000		1,045,787
	Hudbay Minerals 144A 7.625% 1/15/25 #	393,000		344,368
	Methanex 5.25% 12/15/29	665,000		501,058
	Newmont 2.25% 10/1/30	125,000		115,912
	Novolipetsk Steel Via Steel Funding DAC 144A
	4.00% 9/21/24 #	564,000		561,386
	Petkim Petrokimya Holding 144A 5.875% 1/26/23 #	573,000		478,180
	Teck Resources 6.25% 7/15/41	610,000		529,788
				8,119,535
Brokerage – 0.85%
	Jefferies Group 6.50% 1/20/43	1,035,000		861,904
				861,904
Capital Goods – 1.21%
	Grupo Cementos de Chihuahua 144A 5.25% 6/23/24 #	565,000		524,741
	Mauser Packaging Solutions Holding 144A
	7.25% 4/15/25 #	699,000		534,756
	TransDigm 144A 6.25% 3/15/26 #	165,000		165,103
				1,224,600
Communications – 5.27%
	Altice Financing 144A 5.00% 1/15/28 #	635,000		566,737
	AMC Networks 4.75% 8/1/25	33,000		32,299
	AT&T 4.35% 3/1/29	580,000		624,990
	Cablevision Systems 5.875% 9/15/22	50,000		50,767
	Charter Communications Operating
	4.80% 3/1/50	90,000		94,224
	5.125% 7/1/49	230,000		245,788
	Clear Channel Worldwide Holdings 144A 9.25% 2/15/24 #	95,000		82,294
	Comcast 3.20% 7/15/36	85,000		90,070
	LCPR Senior Secured Financing 144A 6.75% 10/15/27 #	340,000		336,787

95

Schedules of investments
Delaware Strategic Income II Fund

		Principal amount°	Value (US $)
Corporate Bonds (continued)
Communications (continued)
	Radiate Holdco 144A 6.625% 2/15/25 #	621,000	$	533,281
	Sirius XM Radio 144A 4.625% 7/15/24 #	147,000		150,114
	Sprint 7.875% 9/15/23	570,000		631,922
	Time Warner Cable 7.30% 7/1/38	480,000		591,220
	Time Warner Entertainment 8.375% 3/15/23	225,000		247,320
	Verizon Communications 4.50% 8/10/33	865,000		1,043,420
				5,321,233
Consumer Cyclical – 2.69%
	Future Retail 144A 5.60% 1/22/25 #	630,000		317,549
	M/I Homes 5.625% 8/1/25	644,000		582,012
	Prime Security Services Borrower 144A 5.75% 4/15/26 #	991,000		976,751
	Resorts World Las Vegas 144A 4.625% 4/16/29 #	600,000		531,719
	Scientific Games International 144A 8.25% 3/15/26 #	480,000		309,951
				2,717,982
Consumer Non-Cyclical – 1.89%
	Aramark Services 144A 5.00% 2/1/28 #	105,000		98,298
	Bausch Health 144A 5.50% 11/1/25 #	120,000		121,987
	CVS Health 4.30% 3/25/28	140,000		148,975
	MHP 144A 6.95% 4/3/26 #	566,000		459,240
	Rede D’or Finance 144A 4.50% 1/22/30 #	765,000		667,654
	Tenet Healthcare 6.875% 11/15/31	270,000		229,106
	Zimmer Biomet Holdings 3.05% 1/15/26	180,000		177,129
				1,902,389
Energy – 6.62%
	Cheniere Corpus Christi Holdings 7.00% 6/30/24	815,000		717,207
	Energy Transfer Operating 7.125%µψ	545,000		328,679
	Gazprom via Gaz Finance 144A 3.25% 2/25/30 #	620,000		574,120
	KazMunayGas National JSC 144A 6.375% 10/24/48 #	1,134,000		1,127,763
	KazTransGas JSC 144A 4.375% 9/26/27 #	570,000		511,837
	Marathon Oil
	2.80% 11/1/22	285,000		218,423
	4.40% 7/15/27	695,000		464,937
	MPLX
	4.00% 3/15/28	200,000		178,158
	5.50% 2/15/49	295,000		250,039
	Noble Energy 4.20% 10/15/49	550,000		299,603
	Petrobras Global Finance 144A 5.093% 1/15/30 #	558,000		511,267
	Petroleos Mexicanos 144A 6.84% 1/23/30 #	563,000		410,298
	Saudi Arabian Oil 144A 4.25% 4/16/39 #	565,000		562,533
	Southwestern Energy 7.75% 10/1/27	800,000		532,060
				6,686,924

96

		Principal amount°	Value (US $)
Corporate Bonds (continued)
	Finance Companies – 0.88%
	Avolon Holdings Funding 144A 4.375% 5/1/26 #	950,000	$	763,312
	International Lease Finance 8.625% 1/15/22	125,000		121,330
				884,642
Insurance – 2.37%
	AssuredPartners 144A 7.00% 8/15/25 #	674,000		611,635
	Brighthouse Financial
	3.70% 6/22/27	335,000		291,401
	4.70% 6/22/47	595,000		479,753
	HUB International 144A 7.00% 5/1/26 #	389,000		388,057
	USI 144A 6.875% 5/1/25 #	665,000		623,418
				2,394,264
Technology – 2.33%
	CDK Global 5.875% 6/15/26	60,000		63,723
	CommScope Technologies 144A 5.00% 3/15/27 #	1,270,000		1,111,345
	Micron Technology 4.663% 2/15/30	960,000		1,007,438
	NXP 144A 4.30% 6/18/29 #	160,000		164,725
				2,347,231
Transportation – 1.13%
	Aerovias de Mexico 144A 7.00% 2/5/25 #	625,000		192,187
	ASG Finance Designated Activity 144A 7.875% 12/3/24 #	645,000		403,257
	Rutas 2 and 7 Finance 144A 2.932% 9/30/36 #^	705,000		416,165
	Union Pacific 3.25% 2/5/50	130,000		128,118
				1,139,727
Utilities – 6.75%
	Aegea Finance 144A 5.75% 10/10/24 #	600,000		557,253
	Calpine 144A 5.25% 6/1/26 #	1,288,000		1,232,574
	Comision Federal de Electricidad 144A 4.875% 1/15/24 #	513,000		491,836
	Duke Energy 4.875%µψ	650,000		546,452
	Israel Electric 144A 5.00% 11/12/24 #	570,000		598,503
	NRG Energy 144A 4.45% 6/15/29 #	950,000		967,950
	Southern California Edison
	3.65% 2/1/50	140,000		136,630
	4.00% 4/1/47	100,000		104,605
	4.20% 3/1/29	185,000		197,084
	4.875% 3/1/49	550,000		638,124
	Vistra Operations
	144A 3.55% 7/15/24 #	1,240,000		1,169,382
	144A 5.50% 9/1/26 #	165,000		171,100
				6,811,493
Total Corporate Bonds (cost $53,912,835)				47,248,777

97

Schedules of investments
Delaware Strategic Income II Fund

		Principal amount°	Value (US $)
Loan Agreements – 5.05%
	Acrisure Tranche B 5.207% (LIBOR03M + 3.50%)      2/15/27 ●	339,139	$	288,268
	Applied Systems 2nd Lien 8.45% (LIBOR03M + 7.00%)
	9/19/25 ●	325,000		300,625
	AssuredPartners 4.489% (LIBOR01M + 3.50%) 2/12/27 ●	338,218		301,859
	AthenaHealth Tranche B 1st Lien 5.284% (LIBOR03M +
	4.50%) 2/11/26 ●	338,291		317,994
	Blackstone CQP Holdco 4.616% (LIBOR03M + 3.50%)
	9/30/24 ●	148,517		121,041
	Blue Ribbon 1st Lien 5.623% (LIBOR03M + 4.00%)
	11/15/21 ●	150,000		118,750
	Buckeye Partners 4.265% (LIBOR01M + 2.75%) 11/1/26 ●	222,650		207,065
	BWay Holding 5.084% (LIBOR03M + 3.25%) 4/3/24 ●	208,926		173,408
	Calpine 0.00% 1/15/24 X	28,882		27,896
	Connect US Finco 5.49% (LIBOR01M + 4.50%)
	12/12/26 ●	210,000		171,675
	Cushman & Wakefield US Borrower 3.739% (LIBOR01M +
	2.75%) 8/21/25 ●	269,318		242,386
	Frontier Communications Tranche B-1 5.35% (LIBOR03M
	+ 3.75%) 6/17/24 ●	789,261		748,482
	Gentiva Health Services Tranche B 4.25% (LIBOR01M +
	3.75%) 7/2/25 ●	269,318		254,506
	Granite Generation 4.818% (LIBOR01M + 3.75%)
	11/9/26 ●	169,714		146,802
	Kronos 4.763% (LIBOR03M + 3.00%) 11/1/23 ●	379,591		351,596
	Kronos 2nd Lien 10.013% (LIBOR03M + 8.25%) 11/1/24 ●	275,000		259,325
	Panda Patriot Tranche B-1 0.00% 12/19/20 X	51,657		43,822
	Sprint Communications 3.50% (LIBOR01M + 2.50%)
	2/2/24 ●	26,637		26,537
	Stars Group Holdings 4.95% (LIBOR03M + 3.50%)
	7/10/25 ●	192,347		184,412
	Summit Midstream Partners Holdings 7.00% (LIBOR01M +
	6.00%) 5/13/22 ●	461,345		221,446
	Terrier Media Buyer 0.00% 12/17/26 X	38,000		32,941
	Ultimate Software Group 1st Lien 4.739% (LIBOR01M +
	3.75%) 5/4/26 ●	314,356		297,066
	Verscend Holding Tranche B 5.489% (LIBOR01M +
	4.50%) 8/27/25 ●	273,611		259,931
Total Loan Agreements (cost $5,731,958)				5,097,833
Non-Agency Asset-Backed Security – 0.75%
	Towd Point Mortgage Trust
	Series 2017-4 M1 144A 3.25% 6/25/57 #●	844,391		759,843
Total Non-Agency Asset-Backed Security (cost $874,934)				759,843

98

		Principal amount°	Value (US $)
Non-Agency Collateralized Mortgage Obligations – 12.19%
	Connecticut Avenue Securities Trust
	Series 2019-R07 1M2 144A 3.047% (LIBOR01M +
	2.10%) 10/25/39 #●	1,500,000	$	1,208,600
	Series 2020-R01 1M2 144A 2.997% (LIBOR01M +
	2.05%) 1/25/40 #●	1,500,000		892,500
	GS Mortgage-Backed Securities Trust
	Series 2020-PJ1 A1 144A 3.50% 5/25/50 #●	1,471,163		1,486,509
	JPMorgan Mortgage Trust
	Series 2020-1 A4 144A 3.50% 6/25/50 #●	1,455,305		1,454,195
	Series 2020-2 A3 144A 3.50% 7/25/50 #●	1,986,108		2,004,019
	Sequoia Mortgage Trust
	Series 2014-1 B3 144A 3.929% 4/25/44 #●	1,404,617		1,326,050
	Series 2017-5 B2 144A 3.842% 8/25/47 #●	1,405,444		1,311,284
	Series 2017-6 B2 144A 3.754% 9/25/47 #●	1,406,286		1,307,762
	Series 2017-7 B2 144A 3.758% 10/25/47 #●	1,411,738		1,309,943
Total Non-Agency Collateralized Mortgage Obligations (cost $13,868,659)				12,300,862
Non-Agency Commercial Mortgage-Backed Securities – 14.23%
	BANK
	Series 2017-BNK8 C 4.072% 11/15/50 ●	1,350,000		1,036,892
	Series 2019-BN20 A3 3.011% 9/15/62	1,350,000		1,406,165
	Cantor Commercial Real Estate Lending
	Series 2019-CF2 A5 2.874% 11/15/52	1,350,000		1,385,176
	Citigroup Commercial Mortgage Trust
	Series 2016-P3 A4 3.329% 4/15/49	1,250,000		1,281,195
	DB-JPM Mortgage Trust
	Series 2016-C1 B 4.195% 5/10/49 ●	1,000,000		964,531
	Series 2016-C3 A5 2.89% 8/10/49	1,000,000		1,035,550
	GS Mortgage Securities Trust
	Series 2017-GS5 A4 3.674% 3/10/50	1,350,000		1,413,799
	Series 2017-GS6 A3 3.433% 5/10/50	1,360,000		1,383,010
	Series 2018-GS9 A4 3.992% 3/10/51 ●	1,535,000		1,646,268
	JPM-DB Commercial Mortgage Securities Trust
	Series 2017-C7 A5 3.409% 10/15/50	1,350,000		1,433,276
	Morgan Stanley Bank of America Merrill Lynch Trust
	Series 2016-C29 A4 3.325% 5/15/49	1,350,000		1,383,445
Total Non-Agency Commercial Mortgage-Backed Securities (cost $15,261,881)				14,369,307

99

Schedules of investments
Delaware Strategic Income II Fund

		Principal amount°	Value (US $)
Sovereign Bonds – 4.93%Δ
Brazil – 0.50%
Brazilian Government International Bond 4.75% 1/14/50		550,000	$	507,953
				507,953
Egypt – 0.50%
Egypt Government International Bond 144A
7.60% 3/1/29 #		564,000		506,878
				506,878
El Salvador – 0.50%
El Salvador Government International Bond 144A
7.65% 6/15/35 #		584,000		502,418
				502,418
Ghana – 0.42%
Ghana Government International Bond 144A
7.875% 3/26/27 #		562,000		418,873
				418,873
Ivory Coast – 0.50%
Ivory Coast Government International Bond 144A
6.125% 6/15/33 #		574,000		503,372
				503,372
Mongolia – 0.58%
Mongolia Government International Bond 144A
5.625% 5/1/23 #		647,000		582,279
				582,279
Peru – 0.57%
Peruvian Government International Bond 2.844% 6/20/30		536,000		570,595
				570,595
Russia – 0.28%
Russian Federal Bond 7.65% 4/10/30	RUB	20,696,000		282,337
				282,337
Senegal – 0.46%
Senegal Government International Bond 144A
6.75% 3/13/48 #		564,000		466,922
				466,922
Uzbekistan – 0.62%
Republic of Uzbekistan Bond 144A 4.75% 2/20/24 #		636,000		628,909
				628,909
Total Sovereign Bonds (cost $5,480,847)				4,970,536

100

	Number of shares		Value (US $)
Preferred Stock – 0.28%
Morgan Stanley 5.55% µ	325,000	$	285,925
Total Preferred Stock (cost $330,242)			285,925
Short-Term Investments – 0.59%
BlackRock FedFund – Institutional Shares (seven-day
effective yield 0.33%)	119,415		119,415
Fidelity Investments Money Market Government
Portfolio – Class I (seven-day effective yield 0.30%)	119,415		119,415
GS Financial Square Government Fund – Institutional
Shares (seven-day effective yield 0.34%)	119,415		119,415
Morgan Stanley Government Portfolio – Institutional Share
Class (seven-day effective yield 0.22%)	119,415		119,415
State Street Institutional US Government Money Market
Fund – Investor Class (seven-day effective yield 0.24%)	119,415		119,415
Total Short-Term Investments (cost $597,075)			597,075
Total Value of Securities – 97.15%
(cost $111,311,763)		$	98,079,650

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2020, the aggregate value of Rule 144A securities was $48,394,456, which represents 47.94% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
Δ	Securities have been classified by country of origin.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2020. Rate will reset at a future date.
ψ	No contractual maturity date.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their description above.
X	This loan will settle after March 31, 2020, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.

101

Schedules of investments
Delaware Strategic Income II Fund

The following futures contracts were outstanding at March 31, 2020:¹

Futures Contracts

Variation

Margin

Notional

Value/

Due from

Notional

Cost

Expiration

Unrealized

(Due to)

Contracts to Buy (Sell)

Amount

(Proceeds)

Date

Depreciation

Brokers

(14) US Treasury 10 yr Notes

$

(1,941,625

)

$

(1,904,641

)

6/19/20

$

(36,984

)

$

1,969

The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amount presented above represents the Fund’s total exposure in such contracts, whereas only the variation margin is reflected in the Fund’s net assets.

¹See Note 9 in “Notes to Financial statements.”

Summary of abbreviations:
DB – Deutsche Bank
GS – Goldman Sachs
ICE – Intercontinental Exchange
JPM – JPMorgan
JSC – Joint-Stock Company
LIBOR – London interbank offered rate
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
REMIC – Real Estate Mortgage Investment Conduit
RUB – Russian Ruble
S.F. – single family
yr – Year

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

102

Schedules of investments

Delaware Covered Call Strategy Fund March 31, 2020 (Unaudited)

	Number of shares	Value (US $)
Common Stock – 102.93%✧
Communication Services – 1.04%
AT&T ∞	61,300	$	1,786,895
			1,786,895
Consumer Discretionary – 7.90%
Home Depot ∞	43,800		8,177,898
Whirlpool ∞	62,300		5,345,340
			13,523,238
Consumer Staples – 13.12%
Constellation Brands Class A ∞	20,300		2,910,208
Costco Wholesale ∞	25,700		7,327,841
Kroger ∞	193,300		5,822,196
Mondelez International Class A ∞	127,900		6,405,232
			22,465,477
Energy – 3.95%
Chevron ∞	68,000		4,927,280
ConocoPhillips ∞	59,300		1,826,440
			6,753,720
Financials – 15.78%
Allstate ∞	39,300		3,604,989
American Express ∞	59,700		5,110,917
BlackRock ∞	13,600		5,983,592
Blackstone Group Class A ∞	107,400		4,894,218
JPMorgan Chase & Co. ∞	82,400		7,418,472
			27,012,188
Healthcare – 11.44%
Bristol-Myers Squibb ∞	68,700		3,829,338
Medtronic ∞	77,100		6,952,878
Merck & Co. ∞	74,000		5,693,560
Stryker ∞	18,700		3,113,363
			19,589,139
Industrials – 16.07%
Boeing ∞	32,200		4,802,308
Caterpillar ∞	30,900		3,585,636
Delta Air Lines ∞	103,200		2,944,296
Lockheed Martin ∞	14,700		4,982,565
Raytheon ∞	24,900		3,265,635
Union Pacific ∞	14,200		2,002,768
United Parcel Service Class B ∞	27,900		2,606,418
United Technologies ∞	35,100		3,310,983
			27,500,609
Information Technology – 31.37%
Apple ∞	40,200		10,222,458

103

Schedules of investments
Delaware Covered Call Strategy Fund

	Number of shares		Value (US $)
Common Stock✧(continued)
Information Technology (continued)
Broadcom ∞	27,900		$	6,615,090
Corning ∞	185,800			3,816,332
International Business Machines ∞	32,500			3,605,225
Mastercard Class A ∞	37,800			9,130,968
Microsoft ∞	72,600			11,449,748
Oracle ∞	91,000			4,398,030
Texas Instruments ∞	44,700			4,466,871
				53,704,722
Materials – 2.26%
Dow ∞	49,400			1,444,455
Nucor ∞	67,100			2,416,942
				3,861,397
Total Common Stock (cost $178,872,962)				176,197,385
Short-Term Investments – 3.64%
Money Market Mutual Funds – 3.64%
BlackRock FedFund – Institutional Shares (seven-day
effective yield 0.33%)	1,244,205			1,244,205
Fidelity Investments Money Market Government
Portfolio – Class I (seven-day effective yield 0.30%)	1,244,206			1,244,206
GS Financial Square Government Fund – Institutional
Shares (seven-day effective yield 0.34%)	1,244,205			1,244,205
Morgan Stanley Government Portfolio – Institutional Share
Class (seven-day effective yield 0.22%)	1,244,205			1,244,205
State Street Institutional US Government Money Market
Fund – Investor Class (seven-day effective yield 0.24%)	1,244,206			1,244,206
Total Short-Term Investments (cost $6,221,027)				6,221,027
Total Value of Securities Before Options Written – 106.57%
(cost $185,093,989)				182,418,412
	Number of contracts
Options Written – (7.05%)
Equity Call Options – (7.05%)
Allstate strike price $115, expiration date 7/17/20, notional
amount ($4,519,500)	(393	)		(73,294	)
American Express strike price $140, expiration date
7/17/20, notional amount ($8,358,000)	(597	)		(22,388	)
Apple strike price $300, expiration date 6/19/20, notional
amount ($12,060,000)	(402	)		(173,865	)

104

	Number of contracts		Value (US $)
Options Written (continued)
Equity Call Options (continued)
AT&T strike price $39, expiration date 10/16/20, notional
amount ($2,390,700)	(613	)	$	(15,632	)
BlackRock strike price $450, expiration date 9/18/20,
notional amount ($3,960,000)	(88	)		(428,560	)
BlackRock strike price $480, expiration date 10/16/20,
notional amount ($2,304,000)	(48	)		(176,640	)
Blackstone Group strike price $47, expiration date
1/15/21, notional amount ($3,468,600)	(738	)		(523,980	)
Blackstone Group strike price $52.50, expiration date
1/15/21, notional amount ($1,764,000)	(336	)		(177,240	)
Boeing strike price $200, expiration date 10/16/20,
notional amount ($2,480,000)	(124	)		(200,880	)
Boeing strike price $240, expiration date 10/16/20,
notional amount ($4,752,000)	(198	)		(156,420	)
Bristol-Myers Squibb strike price $65, expiration date
9/18/20, notional amount ($4,465,500)	(687	)		(101,332	)
Broadcom strike price $230, expiration date 9/18/20,
notional amount ($6,417,000)	(279	)		(929,070	)
Caterpillar strike price $115, expiration date 8/21/20,
notional amount ($3,553,500)	(309	)		(381,615	)
Chevron strike price $90, expiration date 9/18/20, notional
amount ($6,120,000)	(680	)		(244,800	)
ConocoPhillips strike price $36, expiration date 8/21/20,
notional amount ($993,600)	(276	)		(71,898	)
ConocoPhillips strike price $40, expiration date 6/19/20,
notional amount ($1,268,000)	(317	)		(114,120	)
Constellation Brands strike price $175, expiration date
7/17/20, notional amount ($3,552,500)	(203	)		(96,425	)
Corning strike price $22, expiration date 8/21/20, notional
amount ($3,214,200)	(1,461	)		(458,754	)
Corning strike price $25, expiration date 8/21/20, notional
amount ($992,500)	(397	)		(59,947	)
Costco Wholesale strike price $320, expiration date
7/17/20, notional amount ($8,224,000)	(257	)		(226,802	)
Delta Air Lines strike price $30, expiration date 9/18/20,
notional amount ($1,353,000)	(451	)		(260,452	)
Delta Air Lines strike price $35, expiration date 9/18/20,
notional amount ($2,033,500)	(581	)		(225,138	)
Dow strike price $35, expiration date 9/18/20, notional
amount ($1,729,000)	(494	)		(96,330	)
Home Depot strike price $230, expiration date 9/18/20,
notional amount ($1,794,000)	(78	)		(44,265	)
Home Depot strike price $245, expiration date 9/18/20,
notional amount ($8,820,000)	(360	)		(144,900	)

105

Schedules of investments
Delaware Covered Call Strategy Fund

	Number of contracts		Value (US $)
Options Written (continued)
Equity Call Options (continued)
International Business Machines strike price $115,
expiration date 9/18/20, notional amount ($3,737,500)	(325	)	$	(274,625	)
JPMorgan Chase & Co. strike price $105, expiration date
9/18/20, notional amount ($8,652,000)	(824	)		(401,700	)
Kroger strike price $30, expiration date 6/19/20, notional
amount ($2,895,000)	(965	)		(236,908	)
Kroger strike price $31, expiration date 10/16/20, notional
amount ($3,000,800)	(968	)		(353,320	)
Lockheed Martin strike price $320, expiration date
9/18/20, notional amount ($4,704,000)	(147	)		(695,310	)
Mastercard strike price $250, expiration date 10/16/20,
notional amount ($9,450,000)	(378	)		(1,058,400	)
Medtronic strike price $90, expiration date 8/21/20,
notional amount ($6,939,000)	(771	)		(726,668	)
Merck & Co. strike price $87.50, expiration date 6/19/20,
notional amount ($6,475,000)	(740	)		(64,380	)
Microsoft strike price $175, expiration date 9/18/20,
notional amount ($7,122,500)	(407	)		(339,845	)
Microsoft strike price $180, expiration date 9/18/20,
notional amount ($5,742,000)	(319	)		(214,528	)
Mondelez International strike price $55, expiration date
9/18/20, notional amount ($1,848,000)	(336	)		(76,776	)
Mondelez International strike price $60, expiration date
6/19/20, notional amount ($5,658,000)	(943	)		(170,683	)
Nucor strike price $40, expiration date 10/16/20, notional
amount ($2,684,000)	(671	)		(290,208	)
Oracle strike price $55, expiration date 9/18/20, notional
amount ($5,005,000)	(910	)		(176,085	)
Raytheon strike price $140, expiration date 6/19/20,
notional amount ($3,486,000)	(249	)		(220,988	)
Stryker strike price $185, expiration date 1/15/21, notional
amount ($3,459,500)	(187	)		(342,210	)
Texas Instruments strike price $120, expiration date
9/18/20, notional amount ($5,364,000)	(447	)		(151,980	)
Union Pacific strike price $155, expiration date 6/19/20,
notional amount ($2,201,000)	(142	)		(86,265	)
United Parcel Service strike price $100, expiration date
7/17/20, notional amount ($2,790,000)	(279	)		(163,215	)
United Technologies strike price $155, expiration date
4/17/20, notional amount ($5,440,500)	(351	)		(5,265	)

106

	Number of contracts		Value (US $)
Options Written (continued)
Equity Call Options (continued)
Whirlpool strike price $95, expiration date 9/18/20,
notional amount ($5,918,500)	(623	)	$	(615,211	)
Total Options Written
(premium received $9,415,978)				(12,069,317	)

✧	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
∞	All or portion of the security has been pledged as collateral with outstanding options written.

GS – Goldman Sachs

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

107

Schedules of investments
Delaware Hedged U.S. Equity Opportunities Fund	March 31, 2020 (Unaudited)

	Number of shares	Value (US $)
Common Stock – 90.60%
Communication Services – 5.27%
Activision Blizzard	6,357	$	378,114
Alphabet Class A †	73		84,822
AT&T	16,523		481,645
Charter Communications Class A †	31		13,526
Cinemark Holdings	4,231		43,114
Comcast Class A	7,713		265,173
Electronic Arts †	920		92,156
Facebook Class A †	1,500		250,200
Live Nation Entertainment †	910		41,369
Match Group †	2,301		151,958
Netflix †	1,523		571,887
Pinterest Class A †	9,930		153,319
Roku †	2,327		203,566
Spotify Technology †	3,818		463,658
T-Mobile US †	4,309		361,525
Verizon Communications	1,785		95,908
ViacomCBS Class B	2,122		29,729
Walt Disney	2,908		280,913
			3,962,582
Consumer Discretionary – 12.10%
Alibaba Group Holding ADR †	1,195		232,404
Amazon.com †	700		1,364,804
Aramark	4,022		80,319
Autoliv	313		14,401
CarMax †	2,702		145,449
Carter’s	2,589		170,175
Chipotle Mexican Grill †	225		147,240
Choice Hotels International	3,355		205,494
Compass Group	14,145		220,381
Dollar Tree †	1,840		135,185
Expedia Group	2,471		139,043
General Motors	4,387		91,162
Genuine Parts	2,100		141,393
Home Depot	3,352		625,852
Las Vegas Sands	1,744		74,068
Lennar Class A	3,268		124,838
Lowe’s	3,890		334,735
Marriott International Class A	768		57,454
Marriott Vacations Worldwide	465		25,845
McDonald’s	5,493		908,267
NIKE Class B	10,045		831,123

108

	Number of shares	Value (US $)
Common Stock (continued)
Consumer Discretionary (continued)
Norwegian Cruise Line Holdings †	2,077	$	22,764
NVR †	125		321,139
Peloton Interactive Class A †	6,921		183,752
Planet Fitness Class A †	3,561		173,421
Ross Stores	3,879		337,357
Royal Caribbean Cruises	2,563		82,452
Steven Madden	9,457		219,686
Tesla †	216		113,184
TJX	22,210		1,061,860
Tractor Supply	1,887		159,546
Vail Resorts	660		97,489
Veoneer †	290		2,123
VF	1,529		82,688
Whirlpool	220		18,876
Wyndham Destinations	736		15,971
Wyndham Hotels & Resorts	4,715		148,570
			9,110,510
Consumer Staples – 6.19%
Altria Group	8,604		332,717
Archer-Daniels-Midland	2,094		73,667
Bunge	318		13,047
Coca-Cola	20,134		890,929
Colgate-Palmolive	10,441		692,865
Diageo	21,810		691,585
JM Smucker	442		49,062
Kellogg	1,128		67,669
Keurig Dr Pepper	4,975		120,743
Monster Beverage †	9,768		549,548
PepsiCo	6,015		722,401
Philip Morris International	3,464		252,733
Sysco	1,765		80,537
US Foods Holding †	7,062		125,068
			4,662,571
Energy – 0.47%
Apergy †	320		1,840
Canadian Natural Resources	5,880		79,674
Cimarex Energy	1,165		19,607
Concho Resources	1,620		69,417
Diamondback Energy	4,323		113,263
Halliburton	3,149		21,571
Marathon Petroleum	464		10,960

109

Schedules of investments
Delaware Hedged U.S. Equity Opportunities Fund

		Number of shares	Value (US $)
Common Stock (continued)
Energy (continued)
	Tenaris ADR	3,001	$	36,162
				352,494
Financials – 10.85%
	Aflac	8,454		289,465
	Alleghany	124		68,491
	Allstate	1,563		143,374
	American Express	9,330		798,741
	Assurant	1,609		167,481
	Athene Holding Class A †	3,806		94,465
	Atlantic Union Bankshares	2,201		48,202
	Bank of America	6,533		138,696
	Bank OZK	3,210		53,607
	Berkshire Hathaway Class B †	1,320		241,336
	Blackstone Group Class A	3,860		175,900
	Charles Schwab	9,629		323,727
	Chubb (Switzerland)	7,000		781,830
	Citigroup	2,091		88,073
	CNO Financial Group	20,400		252,756
	Credit Acceptance †	694		177,449
	Equitable Holdings	3,519		50,849
	FactSet Research Systems	207		53,961
	Fidelity National Financial	4,432		110,268
	First Citizens BancShares Class A	177		58,918
	First Republic Bank	1,557		128,110
	Hanover Insurance Group	553		50,091
	IBERIABANK	2,240		80,998
	Kemper	2,510		186,669
	KeyCorp	11,254		116,704
	Lincoln National	4,506		118,598
	London Stock Exchange Group	842		75,322
	M&T Bank	2,795		289,087
	Markel †	439		407,344
	Marsh & McLennan	6,007		519,365
	MetLife	5,088		155,540
	Moody’s	508		107,442
	People’s United Financial	8,272		91,406
	PNC Financial Services Group	3,346		320,279
	Progressive	3,269		241,383
	Raymond James Financial	2,799		176,897
	SLM	11,878		85,403
	TD Ameritrade Holding	2,234		77,430
	Travelers	1,757		174,558

110

		Number of shares	Value (US $)
Common Stock (continued)
Financials (continued)
	Unum Group	4,258	$	63,913
	Voya Financial	6,447		261,426
	White Mountains Insurance Group	147		133,770
	Zions Bancorp	7,117		190,451
				8,169,775
Healthcare – 17.75%
	ABIOMED †	1,975		286,691
	Acadia Healthcare †	4,622		84,814
	Alnylam Pharmaceuticals †	2,250		244,913
	Anthem	263		59,711
	AstraZeneca ADR	5,042		225,176
	Baxter International	6,389		518,723
	Becton Dickinson and Co.	2,072		476,083
	Bristol-Myers Squibb	1,529		85,226
	Centene †	6,148		365,253
	CVS Health	4,967		294,692
	Danaher	4,264		590,180
	DENTSPLY SIRONA	3,099		120,334
	DexCom †	1,923		517,806
	Elanco Animal Health †	9,619		215,369
	Eli Lilly & Co.	556		77,128
	Encompass Health	2,692		172,369
	Exact Sciences †	3,457		200,506
	Galapagos ADR †	1,132		221,781
	Gilead Sciences	650		48,594
	Haemonetics †	109		10,863
	Hill-Rom Holdings	2,049		206,129
	Insulet †	3,717		615,832
	Intuitive Surgical †	1,288		637,830
	Ionis Pharmaceuticals †	4,607		217,819
	Johnson & Johnson	10,982		1,440,070
	Koninklijke Philips	711		28,554
	Laboratory Corp. of America Holdings †	998		126,137
	Medtronic	10,015		903,153
	Merck & Co.	6,626		509,804
	Mettler-Toledo International †	330		227,868
	Molina Healthcare †	1,434		200,344
	Pfizer	15,498		505,855
	Regeneron Pharmaceuticals †	129		62,989
	Seattle Genetics †	2,251		259,720
	Stryker	2,722		453,186

111

Schedules of investments
Delaware Hedged U.S. Equity Opportunities Fund

		Number of shares	Value (US $)
Common Stock (continued)
Healthcare (continued)
	Teleflex	822	$	240,731
	Thermo Fisher Scientific	1,600		453,760
	UnitedHealth Group	4,155		1,036,174
	Veeva Systems Class A †	2,689		420,479
				13,362,646
Industrials – 13.19%
	AMERCO	659		191,472
	AO Smith	2,259		85,413
	Canadian National Railway	10,010		782,634
	Cintas	1,554		269,184
	Clean Harbors †	3,330		170,962
	Colfax †	3,126		61,895
	Copart †	7,711		528,358
	CoStar Group †	697		409,285
	Cummins	541		73,208
	Deere & Co.	1,364		188,450
	Dover	1,382		116,005
	Equifax	1,465		174,994
	Expeditors International of Washington	2,761		184,214
	Fastenal	4,483		140,094
	Fortive	3,162		174,511
	General Dynamics	5,822		770,309
	Herman Miller	1,902		42,224
	Huntington Ingalls Industries	202		36,806
	IDEX	2,219		306,466
	Ingersoll Rand †	9,612		238,378
	JELD-WEN Holding †	6,355		61,834
	Kennametal	6,478		120,620
	L3Harris Technologies	3,239		583,409
	Lennox International	1,462		265,777
	Lockheed Martin	1,007		341,323
	Middleby †	922		52,443
	PACCAR	3,593		219,640
	Pentair	1,448		43,092
	Republic Services	5,056		379,503
	Rockwell Automation	1,562		235,721
	Sanwa Holdings	8,443		65,568
	Southwest Airlines	3,372		120,077
	SPX FLOW †	4,639		131,840
	Steelcase Class A	3,261		32,186
	Trane Technologies	5,655		467,046

112

		Number of shares	Value (US $)
Common Stock (continued)
Industrials (continued)
	TransUnion	3,031	$	200,592
	Uber Technologies †	17,275		482,318
	Union Pacific	4,577		645,540
	Waste Connections	2,348		181,970
	Westinghouse Air Brake Technologies	3,288		158,251
	Xylem	3,009		195,976
				9,929,588
Information Technology – 15.19%
	Accenture Class A	2,486		405,864
	Advanced Micro Devices †	12,524		569,591
	Amdocs	4,484		246,485
	Apple	1,919		487,982
	Black Knight †	3,486		202,397
	Broadcom	501		118,787
	CDW	2,122		197,919
	Cisco Systems	3,697		145,329
	Coherent †	1,510		160,679
	Constellation Software	335		304,464
	Fair Isaac †	588		180,922
	Fleetcor Technologies †	1,292		241,010
	Genpact	10,845		316,674
	Global Payments	1,495		215,624
	GoDaddy Class A †	8,735		498,856
	Guidewire Software †	3,329		264,023
	Intel	4,130		223,516
	International Business Machines	1,321		146,538
	KLA	723		103,924
	Lumentum Holdings †	4,862		358,329
	Marvell Technology Group	10,561		238,995
	Maxim Integrated Products	2,330		113,261
	Micron Technology †	1,744		73,353
	Microsoft	4,529		714,269
	MKS Instruments	1,992		162,248
	Motorola Solutions	616		81,879
	NVIDIA	1,923		506,903
	PayPal Holdings †	3,936		376,833
	RingCentral Class A †	370		78,407
	Samsung Electronics GDR	145		118,953
	ServiceNow †	1,586		454,516
	Slack Technologies Class A †	21,126		567,022
	Splunk †	4,080		515,018

113

Schedules of investments
Delaware Hedged U.S. Equity Opportunities Fund

		Number of shares	Value (US $)
Common Stock (continued)
Information Technology (continued)
	Square Class A †	6,362	$	333,242
	TE Connectivity	5,116		322,206
	Trade Desk Class A †	234		45,162
	VeriSign †	1,366		246,003
	Visa Class A	2,022		325,785
	Western Digital	1,260		52,441
	WEX †	1,140		119,187
	Workday Class A †	3,444		448,478
	Zoom Video Communications Class A †	1,028		150,211
				11,433,285
Materials – 2.94%
	Ball	2,769		179,043
	Carpenter Technology	4,397		85,741
	Celanese	3,594		263,764
	CRH	2,287		62,057
	Eastman Chemical	2,200		102,476
	FMC	5,080		414,985
	Linde	3,539		612,247
	Nucor	3,029		109,105
	Nutrien	1,203		41,126
	Reliance Steel & Aluminum	1,462		128,057
	Sherwin-Williams	457		210,001
				2,208,602
Real Estate – 4.74%
	Alexandria Real Estate Equities	1,241		170,091
	American Tower	2,262		492,551
	Americold Realty Trust	4,734		161,145
	AvalonBay Communities	1,545		227,378
	Boston Properties	1,443		133,088
	Columbia Property Trust	3,792		47,400
	Digital Realty Trust	815		113,212
	Equinix	514		321,029
	Federal Realty Investment Trust	319		23,801
	Gaming and Leisure Properties	6,807		188,622
	Highwoods Properties	5,860		207,561
	Host Hotels & Resorts	9,583		105,796
	Kimco Realty	5,348		51,715
	Life Storage	2,103		198,839
	Mid-America Apartment Communities	414		42,654
	Prologis	1,050		84,389
	Public Storage	3,196		634,758

114

		Number of shares	Value (US $)
Common Stock (continued)
Real Estate (continued)
	SL Green Realty	294	$	12,671
	UDR	2,061		75,309
	VICI Properties	7,007		116,596
	Welltower	3,541		162,107
				3,570,712
Utilities – 1.91%
	CMS Energy	1,885		110,744
	Dominion Energy	1,914		138,172
	Duke Energy	1,051		85,005
	Eversource Energy	1,650		129,047
	Exelon	5,088		187,289
	Iberdrola ADR	2,499		97,230
	Pinnacle West Capital	754		57,146
	Portland General Electric	1,982		95,017
	Southern	7,651		414,225
	UGI	4,722		125,936
				1,439,811
Total Common Stock (cost $72,032,245)				68,202,576
Exchange-Traded Fund – 0.54%
iShares Russell 1000 Growth ETF		2,698		406,454
Total Exchange-Traded Fund (cost $401,954)				406,454
		Number of contracts
Options Purchased – 1.56%
Equity Put Options – 1.56%
	S&P 500 Index strike price $2,225, expiration date 6/19/20,
	notional amount $9,790,000	44		416,460
	S&P 500 Index strike price $2,375, expiration date 9/18/20,
	notional amount $9,975,000	42		757,260
Total Options Purchased (cost $1,236,708)				1,173,720
		Number of shares
Short-Term Investments – 5.86%
Money Market Mutual Funds – 5.86%
	BlackRock FedFund – Institutional Shares (seven-day
	effective yield 0.33%)	882,737		882,737
	Fidelity Investments Money Market Government
	Portfolio – Class I (seven-day effective yield 0.30%)	882,738		882,738
	GS Financial Square Government Fund – Institutional
	Shares (seven-day effective yield 0.34%)	882,738		882,738

115

Schedules of investments
Delaware Hedged U.S. Equity Opportunities Fund

		Number of shares		Value (US $)
Short-Term Investments (continued)
	Morgan Stanley Government Portfolio – Institutional Share
	Class (seven-day effective yield 0.22%)	882,738		$	882,738
	State Street Institutional US Government Money Market
	Fund – Investor Class (seven-day effective yield 0.24%)	882,738			882,738
Total Short-Term Investments (cost $4,413,689)					4,413,689
Total Value of Securities Before Options Written – 98.56%
	(cost $78,084,596)				74,196,439
		Number of contracts
Options Written – (1.06%)
Equity Put Options – (1.06%)
	S&P 500 Index strike price $2,050, expiration date 6/19/20,
	notional amount ($9,020,000)	(44	)		(271,700	)
	S&P 500 Index strike price $2,175, expiration date 9/18/20,
	notional amount ($9,135,000)	(42	)		(528,990	)
Total Options Written (premium received $842,722)					(800,690	)

† Non-income producing security.

The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2020:¹

Foreign Currency Exchange Contracts

	Currency to						Settlement		Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date		Appreciation		Depreciation
BMO	GBP	(1,271,000	)	USD	1,594,259			6/17/20	$	13,390	$	—
BNYM	CAD	47,960		USD	(34,051	)		4/1/20		28		—
BNYM	CAD	(4,801	)	USD	3,384			4/1/20		—		(27	)
BNYM	GBP	20,250		USD	(25,108	)		4/1/20		44		—
MSCS	CAD	(1,590,000	)	USD	1,145,024			6/17/20		14,359		—
Total Foreign Currency Exchange Contracts									$	27,821	$	(27	)

116

Futures Contracts

														Variation
														Margin
					Notional				Value/		Value/			Due from
		Notional			Cost			Expiration	Unrealized		Unrealized			(Due to)
Contracts to Buy (Sell)		Amount			(Proceeds)			Date	Appreciation		Depreciation			Brokers
	E-mini S&P
(10)	500 Index	$	(1,284,850	)	$	(1,228,166	)	6/19/20	$	—	$	(56,684	)	$	20,750
	E-mini S&P
	MidCap 400
(73)	Index		(10,495,940	)		(10,083,801	)	6/19/20		—		(412,139	)		113,880
	FTSE 100
(25)	Index		(1,749,964	)		(1,550,965	)	6/19/20		—		(198,999	)		(25,244	)
	MSCI EAFE
(7)	Index		(545,755	)		(517,615	)	6/19/20		—		(28,140	)		4,095
	MSCI
	Emerging
	Markets
(9)	Index		(379,305	)		(391,230	)	6/19/20		11,925		—			(3,375	)
	S&P/TSX 60
(11)	Index		(1,272,820	)		(1,152,857	)	6/18/20		—		(119,963	)		(34,498	)
Total Futures
Contracts					$	(14,924,634	)		$	11,925	$	(815,925	)	$	75,608

The use of foreign currency exchange contracts and futures contracts involve elements of market risk and risks in excess of the amounts disclosed in these financial statements. The foreign currency exchange contracts and notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) and variation margin are reflected in the Fund’s net assets.

¹See Note 6 in “Notes to financial statements.”

Summary of abbreviations:
ADR – American Depositary Receipt
BMO – Bank of Montreal
BNYM – Bank of New York Mellon
CAD – Canadian Dollar
EAFE – Europe Australasia Far East
ETF – Exchange-Traded Fund
FTSE – Financial Times Stock Exchange
GBP – British Pound Sterling
GDR – Global Depositary Receipt
GS – Goldman Sachs
LLC – Limited Liability Company
MSCI – Morgan Stanley Capital International
MSCS – Morgan Stanley Capital Services LLC

117

Schedules of investments
Delaware Hedged U.S. Equity Opportunities Fund

Summary of abbreviations: (continued)
S&P – Standard & Poor’s Financial Services LLC
TSX – Toronto Stock Exchange
USD – US Dollar

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

118

Schedules of investments
Delaware Premium Income Fund	March 31, 2020 (Unaudited)

		Number of shares	Value (US $)
Common Stock – 111.89%
Communication Services – 7.12%
	Comcast Class A ~	64,600	$	2,220,948
	Verizon Communications ~	50,600		2,718,738
	ViacomCBS Class B ~	61,200		857,412
				5,797,098
Consumer Discretionary – 7.34%
	Home Depot ~	10,500		1,960,455
	TJX ~	35,300		1,687,693
	Whirlpool ~	27,100		2,325,180
				5,973,328
Consumer Staples – 14.85%
	Colgate-Palmolive ~	15,600		1,035,216
	Constellation Brands Class A ~	14,400		2,064,384
	General Mills ~	59,900		3,160,923
	Kellogg ~	17,100		1,025,829
	Mondelez International Class A ~	29,200		1,462,336
	Philip Morris International ~	45,700		3,334,272
				12,082,960
Energy – 6.37%
	Chevron ~	36,100		2,615,806
	ConocoPhillips ~	40,600		1,250,480
	Exxon Mobil ~	16,200		615,114
	Halliburton ~	88,800		608,280
	Kinder Morgan ~	2,000		27,840
	Occidental Petroleum ~	5,500		63,690
				5,181,210
Financials – 17.34%
	American Express ~	39,200		3,355,912
	Bank of America ~	97,200		2,063,556
	BlackRock ~	10,200		4,487,694
	Discover Financial Services ~	41,900		1,494,573
	JPMorgan Chase & Co. ~	8,600		774,258
	Travelers ~	16,000		1,589,600
	Wells Fargo & Co. ~	11,900		341,530
				14,107,123
Healthcare – 11.47%
	Amgen ~	19,100		3,872,143
	Bristol-Myers Squibb ~	32,300		1,800,402
	Merck & Co. ~	19,900		1,531,106
	Pfizer ~	65,100		2,124,864
				9,328,515
Industrials – 19.80%
	Boeing ~	7,500		1,118,550

119

Schedules of investments
Delaware Premium Income Fund

	Number of shares	Value (US $)
Common Stock (continued)
Industrials (continued)
CSX ~	30,200	$	1,730,460
Delta Air Lines ~	31,200		890,136
General Dynamics ~	16,600		2,196,346
Honeywell International ~	15,600		2,087,124
Lockheed Martin ~	8,700		2,948,865
Raytheon ~	16,900		2,216,435
United Parcel Service Class B ~	31,300		2,924,046
			16,111,962
Information Technology – 19.43%
Apple ~	7,400		1,881,746
Broadcom ~	13,900		3,295,690
Cisco Systems ~	77,600		3,050,456
Corning ~	94,100		1,932,814
International Business Machines ~	7,400		820,882
Microsoft ~	11,700		1,845,207
Oracle ~	53,500		2,585,655
Texas Instruments ~	4,000		399,720
			15,812,170
Materials – 5.55%
Dow ~	31,700		926,908
DuPont de Nemours ~	50,600		1,725,460
Nucor ~	51,700		1,862,234
			4,514,602
Utilities – 2.62%
Exelon ~	58,000		2,134,980
			2,134,980
Total Common Stock (cost $121,197,270)			91,043,948
Short-Term Investments – 2.90%
Money Market Mutual Fund – 2.90%
BlackRock FedFund – Institutional Shares (seven-day
effective yield 0.33%)	472,087		472,087
Fidelity Investments Money Market Government
Portfolio – Class I (seven-day effective yield 0.30%)	472,087		472,087
GS Financial Square Government Fund – Institutional
Shares (seven-day effective yield 0.34%)	472,088		472,088
Morgan Stanley Government Portfolio – Institutional Share
Class (seven-day effective yield 0.22%)	472,088		472,088

120

	Number of shares		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Fund (continued)
State Street Institutional US Government Money Market
Fund – Investor Class (seven-day effective yield 0.24%)	472,088		$	472,088
Total Short-Term Investments (cost $2,360,438)				2,360,438
Total Value of Securities Before Options Written – 114.79%
(cost $123,557,708)				93,404,386
	Number of contracts
Options Written – (13.90%)
Equity Call Options – (13.90%)
American Express strike price $110, expiration date
1/15/21, notional amount ($4,312,000)	(392	)		(196,980	)
Amgen strike price $190, expiration date 10/16/20,
notional amount ($3,629,000)	(191	)		(521,907	)
Apple strike price $240, expiration date 1/15/21, notional
amount ($888,000)	(37	)		(141,062	)
Apple strike price $250, expiration date 9/18/20, notional
amount ($925,000)	(37	)		(109,520	)
Bank of America strike price $25, expiration date 1/15/21,
notional amount ($2,430,000)	(972	)		(174,960	)
BlackRock strike price $410, expiration date 1/15/21,
notional amount ($451,000)	(11	)		(87,175	)
BlackRock strike price $420, expiration date 9/18/20,
notional amount ($2,604,000)	(62	)		(399,280	)
BlackRock strike price $460, expiration date 1/15/21,
notional amount ($1,334,000)	(29	)		(155,150	)
Boeing strike price $200, expiration date 1/15/21, notional
amount ($400,000)	(20	)		(42,200	)
Boeing strike price $260, expiration date 9/18/20, notional
amount ($988,000)	(38	)		(17,385	)
Boeing strike price $270, expiration date 9/18/20, notional
amount ($459,000)	(17	)		(6,290	)
Bristol-Myers Squibb strike price $40, expiration date
6/19/20, notional amount ($20,000)	(5	)		(7,912	)
Bristol-Myers Squibb strike price $43, expiration date
6/19/20, notional amount ($51,600)	(12	)		(15,780	)
Bristol-Myers Squibb strike price $52.50, expiration date
1/15/21, notional amount ($1,606,500)	(306	)		(221,085	)
Broadcom strike price $240, expiration date 6/19/20,
notional amount ($984,000)	(41	)		(90,610	)
Broadcom strike price $270, expiration date 9/18/20,
notional amount ($2,646,000)	(98	)		(142,590	)
Chevron strike price $52.50, expiration date 3/19/21,
notional amount ($1,338,750)	(255	)		(618,375	)

121

Schedules of investments
Delaware Premium Income Fund

	Number of contracts		Value (US $)
Options Written (continued)
Equity Call Options (continued)
Chevron strike price $100, expiration date 1/15/21,
notional amount ($1,060,000)	(106	)	$	(22,525	)
Cisco Systems strike price $30, expiration date 1/15/21,
notional amount ($387,000)	(129	)		(133,515	)
Cisco Systems strike price $42.50, expiration date
9/18/20, notional amount ($2,749,750)	(647	)		(164,338	)
Colgate-Palmolive strike price $60, expiration date
8/21/20, notional amount ($936,000)	(156	)		(145,860	)
Comcast strike price $35, expiration date 1/15/21, notional
amount ($1,718,500)	(491	)		(220,950	)
Comcast strike price $37.50, expiration date 1/15/21,
notional amount ($581,250)	(155	)		(49,988	)
ConocoPhillips strike price $30, expiration date 1/15/21,
notional amount ($375,000)	(125	)		(72,500	)
ConocoPhillips strike price $35, expiration date 1/15/21,
notional amount ($983,500)	(281	)		(129,962	)
Constellation Brands strike price $155, expiration date
7/17/20, notional amount ($403,000)	(26	)		(28,470	)
Constellation Brands strike price $165, expiration date
1/15/21, notional amount ($1,947,000)	(118	)		(162,250	)
Corning strike price $20, expiration date 1/15/21, notional
amount ($1,100,000)	(550	)		(191,125	)
Corning strike price $25, expiration date 1/15/21, notional
amount ($977,500)	(391	)		(65,688	)
CSX strike price $60, expiration date 1/15/21, notional
amount ($1,812,000)	(302	)		(231,030	)
Delta Air Lines strike price $37, expiration date 9/18/20,
notional amount ($666,000)	(180	)		(58,050	)
Delta Air Lines strike price $50, expiration date 9/18/20,
notional amount ($660,000)	(132	)		(14,256	)
Discover Financial Services strike price $50, expiration
date 1/15/21, notional amount ($430,000)	(86	)		(22,790	)
Discover Financial Services strike price $57.50, expiration
date 1/15/21, notional amount ($1,489,250)	(259	)		(40,145	)
Discover Financial Services strike price $65, expiration
date 1/15/21, notional amount ($481,000)	(74	)		(5,180	)
Dow strike price $25, expiration date 1/15/21, notional
amount ($280,000)	(112	)		(87,360	)
Dow strike price $32.50, expiration date 1/15/21, notional
amount ($666,250)	(205	)		(70,725	)
DuPont de Nemours strike price $52.50, expiration date
1/15/21, notional amount ($2,656,500)	(506	)		(54,395	)
Exelon strike price $40, expiration date 1/15/21, notional
amount ($2,320,000)	(580	)		(187,050	)

122

	Number of contracts		Value (US $)
Options Written (continued)
Equity Call Options (continued)
Exxon Mobil strike price $45, expiration date 1/15/21,
notional amount ($729,000)	(162	)	$	(54,270	)
General Dynamics strike price $150, expiration date
1/15/21, notional amount ($1,170,000)	(78	)		(70,200	)
General Dynamics strike price $155, expiration date
1/15/21, notional amount ($1,364,000)	(88	)		(56,760	)
General Mills strike price $45, expiration date 1/15/21,
notional amount ($2,389,500)	(531	)		(545,602	)
General Mills strike price $47.50, expiration date 4/17/20,
notional amount ($323,000)	(68	)		(34,680	)
Halliburton strike price $10, expiration date 1/15/21,
notional amount ($888,000)	(888	)		(116,772	)
Home Depot strike price $185, expiration date 9/18/20,
notional amount ($1,350,500)	(73	)		(175,018	)
Home Depot strike price $190, expiration date 9/18/20,
notional amount ($608,000)	(32	)		(62,640	)
Honeywell International strike price $95, expiration date
1/15/21, notional amount ($1,130,500)	(119	)		(536,690	)
Honeywell International strike price $105, expiration date
1/15/21, notional amount ($388,500)	(37	)		(137,363	)
International Business Machines strike price $115,
expiration date 1/15/21, notional amount ($241,500)	(21	)		(22,470	)
International Business Machines strike price $125,
expiration date 9/18/20, notional amount ($662,500)	(53	)		(29,150	)
JPMorgan Chase & Co. strike price $100, expiration date
1/15/21, notional amount ($10,000)	(1	)		(800	)
JPMorgan Chase & Co. strike price $105, expiration date
1/15/21, notional amount ($892,500)	(85	)		(54,825	)
Kellogg strike price $57.50, expiration date 1/15/21,
notional amount ($983,250)	(171	)		(147,060	)
Kinder Morgan strike price $17, expiration date 6/19/20,
notional amount ($34,000)	(20	)		(640	)
Lockheed Martin strike price $365, expiration date
1/15/21, notional amount ($3,175,500)	(87	)		(271,440	)
Merck & Co. strike price $72.50, expiration date 1/15/21,
notional amount ($1,442,750)	(199	)		(175,120	)
Microsoft strike price $135, expiration date 10/16/20,
notional amount ($904,500)	(67	)		(210,548	)
Microsoft strike price $140, expiration date 1/15/21,
notional amount ($700,000)	(50	)		(148,625	)
Mondelez International strike price $45, expiration date
6/19/20, notional amount ($1,314,000)	(292	)		(205,860	)
Nucor strike price $35, expiration date 1/15/21, notional
amount ($1,809,500)	(517	)		(368,362	)

123

Schedules of investments
Delaware Premium Income Fund

	Number of contracts		Value (US $)
Options Written (continued)
Equity Call Options (continued)
Occidental Petroleum strike price $20, expiration date
1/15/21, notional amount ($110,000)	(55	)	$	(13,805	)
Oracle strike price $42.50, expiration date 9/18/20,
notional amount ($918,000)	(216	)		(189,540	)
Oracle strike price $47, expiration date 1/15/21, notional
amount ($484,100)	(103	)		(63,860	)
Oracle strike price $47.50, expiration date 6/19/20,
notional amount ($1,026,000)	(216	)		(95,580	)
Pfizer strike price $30, expiration date 1/15/21, notional
amount ($318,000)	(106	)		(46,640	)
Pfizer strike price $33, expiration date 1/15/21, notional
amount ($732,600)	(222	)		(60,495	)
Pfizer strike price $35, expiration date 1/15/21, notional
amount ($1,130,500)	(323	)		(56,848	)
Philip Morris International strike price $72.50, expiration
date 1/15/21, notional amount ($3,313,250)	(457	)		(413,585	)
Raytheon strike price $165, expiration date 6/19/20,
notional amount ($2,508,000)	(152	)		(47,500	)
Raytheon strike price $195, expiration date 8/21/20,
notional amount ($331,500)	(17	)		(3,613	)
Texas Instruments strike price $87.50, expiration date
1/15/21, notional amount ($350,000)	(40	)		(78,600	)
TJX strike price $42.50, expiration date 1/15/21, notional
amount ($93,500)	(22	)		(23,870	)
TJX strike price $47.50, expiration date 4/17/20, notional
amount ($23,750)	(5	)		(1,838	)
TJX strike price $50, expiration date 1/15/21, notional
amount ($570,000)	(114	)		(72,960	)
TJX strike price $55, expiration date 7/17/20, notional
amount ($1,166,000)	(212	)		(47,700	)
Travelers strike price $95, expiration date 1/15/21, notional
amount ($1,520,000)	(160	)		(284,800	)
United Parcel Service strike price $80, expiration date
1/15/21, notional amount ($2,504,000)	(313	)		(622,870	)
Verizon Communications strike price $52.50, expiration
date 1/15/21, notional amount ($2,656,500)	(506	)		(258,060	)
ViacomCBS strike price $20, expiration date 1/15/21,
notional amount ($1,224,000)	(612	)		(97,920	)
Wells Fargo & Co. strike price $40, expiration date
10/16/20, notional amount ($476,000)	(119	)		(8,330	)

124

	Number of contracts		Value (US $)
Options Written (continued)
Equity Call Options (continued)
Whirlpool strike price $100, expiration date 1/15/21,
notional amount ($2,460,000)	(246	)	$	(276,750	)
Whirlpool strike price $125, expiration date 1/15/21,
notional amount ($312,500)	(25	)		(11,875	)
Total Options Written
(premium received $19,880,764)			$	(11,308,347	)

~ All or portion of the security has been pledged as collateral with outstanding options written.

GS – Goldman Sachs

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

125

Schedules of investments
Delaware Total Return Fund	March 31, 2020 (Unaudited)

	Number of Shares	Value (US $)
Common Stock – 57.93%
Communication Services – 5.08%
AT&T	237,800	$	6,931,870
Comcast Class A	184,867		6,355,727
KDDI	26,500		782,773
Orange	50,100		606,584
Publicis Groupe	20,790		594,156
Verizon Communications	132,800		7,135,344
Walt Disney	59,378		5,735,915
			28,142,369
Consumer Discretionary – 3.82%
adidas AG	1,750		388,548
Amazon.com †	2,489		4,852,853
Dollar Tree †	102,900		7,560,063
Hennes & Mauritz Class B	12,600		161,240
Lowe’s	82,700		7,116,335
Next	3,330		167,062
Sodexo	7,300		490,233
Swatch Group	2,060		404,581
			21,140,915
Consumer Staples – 5.42%
Archer-Daniels-Midland	222,900		7,841,622
Asahi Group Holdings	11,900		386,074
Conagra Brands	268,400		7,874,856
Danone	15,280		977,893
Diageo	19,630		622,458
Kao	4,200		342,167
Kerry Group Class A	2,210		256,415
Kirin Holdings	11,100		219,228
Koninklijke Ahold Delhaize	51,170		1,192,085
Lawson	7,600		417,162
Mondelez International Class A	159,000		7,962,720
Nestle	10,190		1,043,128
Seven & i Holdings	25,600		845,437
			29,981,245
Energy – 1.60%
ConocoPhillips	159,600		4,915,680
Marathon Oil	411,979		1,355,411
Occidental Petroleum	223,000		2,582,340
			8,853,431
Financials – 8.54%
Allstate	81,000		7,430,130
American International Group	197,600		4,791,800
Annaly Capital Management	59,906		303,723

126

	Number of Shares	Value (US $)
Common Stock (continued)
Financials (continued)
Bank of New York Mellon	199,700	$	6,725,896
Blackstone Group Class A	22,158		1,009,740
Hercules Capital	337,200		2,576,208
JPMorgan Chase & Co.	53,942		4,856,398
Marsh & McLennan	81,900		7,081,074
Sc Hixson Pp =	7,200,000		6,840,000
Truist Financial	183,100		5,646,804
			47,261,773
Healthcare – 11.58%
Abbott Laboratories	94,300		7,441,213
AbbVie	27,334		2,082,577
Brookdale Senior Living †	1,503,698		4,691,538
Cardinal Health	164,300		7,876,542
Cigna	45,700		8,097,126
CVS Health	129,900		7,706,967
Fresenius Medical Care AG & Co.	13,040		851,199
Johnson & Johnson	56,000		7,343,280
Merck & Co.	99,800		7,678,612
Novo Nordisk Class B	20,820		1,243,289
Pfizer	242,600		7,918,464
Roche Holding	3,650		1,174,358
			64,105,165
Industrials – 4.79%
Caterpillar	37,451		4,345,814
G4S	304,830		346,715
General Electric	123,782		982,829
Honeywell International	34,750		4,649,203
Makita	14,700		448,405
Northrop Grumman	25,700		7,775,535
Raytheon	44,900		5,888,635
Secom	3,100		256,396
Securitas Class B	44,390		476,858
Waste Management	14,387		1,331,661
			26,502,051
Information Technology – 7.11%
Broadcom	31,700		7,516,070
Cisco Systems	206,000		8,097,860
Intel	143,100		7,744,572
Microsoft	41,365		6,523,674
Oracle	151,600		7,326,828
Texas Instruments	21,747		2,173,178
			39,382,182

127

Schedules of investments
Delaware Total Return Fund

	Number of Shares	Value (US $)
Common Stock (continued)
Materials – 1.24%
Air Liquide	7,670	$	979,056
DuPont de Nemours	173,000		5,899,300
			6,878,356
REITs Diversified – 0.31%
Lexington Realty Trust	171,358		1,701,585
			1,701,585
REITs Healthcare – 0.93%
Assura	2,183,187		2,263,107
Healthpeak Properties	84,082		2,005,356
Sabra Health Care REIT	50,300		549,276
Welltower	7,527		344,586
			5,162,325
REITs Hotel – 0.36%
MGM Growth Properties Class A	24,700		584,649
VICI Properties	83,365		1,387,194
			1,971,843
REITs Industrial – 0.59%
Americold Realty Trust	16,735		569,659
Granite Real Estate Investment Trust	20,445		844,502
Prologis	22,700		1,824,399
			3,238,560
REITs Information Technology – 0.04%
American Tower	973		211,871
			211,871
REITs Mall – 0.06%
Simon Property Group	6,374		349,678
			349,678
REITs Manufactured Housing – 0.58%
Equity LifeStyle Properties	25,000		1,437,000
Sun Communities	14,400		1,797,840
			3,234,840
REITs Multifamily – 3.13%
Apartment Investment & Management Class A	23,608		829,821
AvalonBay Communities	500		73,585
Bluerock Residential Growth REIT	88,055		490,466
Camden Property Trust	19,344		1,532,819
Equity Residential	115,300		7,115,163
Front Yard Residential	63,537		759,267
Grainger	309,506		984,952
Invitation Homes	79,451		1,697,868
Killam Apartment Real Estate Investment Trust	98,771		1,107,515

128

	Number of Shares	Value (US $)
Common Stock (continued)
REITs Multifamily (continued)
NexPoint Residential Trust	23,710	$	597,729
UDR	57,900		2,115,666
			17,304,851
REITs Office – 0.35%
Alpine Income Property Trust	100,000		1,231,000
Cousins Properties	13,321		389,906
Postal Realty Trust Class A	20,291		321,004
			1,941,910
REITs Self-Storage – 0.16%
Extra Space Storage	9,201		881,088
			881,088
REITs Single Tenant – 0.38%
National Retail Properties	16,600		534,354
Spirit Realty Capital	28,600		747,890
STORE Capital	44,102		799,128
			2,081,372
REITs Specialty – 0.13%
Safehold	11,778		744,723
			744,723
Utilities – 1.73%
Edison International	130,200		7,133,658
NextEra Energy	7,065		1,699,980
TerraForm Power Class A	46,406		731,823
			9,565,461
Total Common Stock (cost $380,211,294)			320,637,594
Convertible Preferred Stock – 2.48%
AMG Capital Trust II 5.15% exercise price $195.47,
maturity date 10/15/37	44,463		1,353,343
Bank of America 7.25% exercise price $50.00 Ψ	1,598		2,023,100
El Paso Energy Capital Trust I 4.75% exercise price
$34.49, maturity date 3/31/28	60,947		2,620,721
Lyondellbasell Advanced Polymers 6.00% exercise price
$52.33 Ψ	3,298		3,411,163
QTS Realty Trust 6.50% exercise price $46.94 Ψ	18,800		2,416,928
Wells Fargo & Co. 7.50% exercise price $156.71 Ψ	1,475		1,879,180
Total Convertible Preferred Stock (cost $15,552,827)			13,704,435
Exchange-Traded Funds – 1.16%
iShares MSCI EAFE ETF	60		3,208
SPDR Gold Shares †	22,903		3,390,789

129

Schedules of investments
Delaware Total Return Fund

			Number of Shares	Value (US $)
Exchange-Traded Funds (continued)
	VanEck Vectors High-Yield Municipal Index ETF		56,489	$	2,952,115
	Vanguard FTSE Developed Markets ETF		2,230		74,348
Total Exchange-Traded Funds (cost $7,007,444)					6,420,460
			Principal amount°
Agency Mortgage-Backed Securities – 0.69%
	Fannie Mae S.F. 30 yr
		4.00% 3/1/47	660,887		710,996
		4.50% 9/1/40	310,147		339,822
		5.00% 11/1/40	194,268		215,526
		5.50% 5/1/33	45,657		51,350
		5.50% 10/1/33	67,194		75,926
		5.50% 12/1/34	82,722		93,503
		5.50% 9/1/35	49,538		56,085
		5.50% 1/1/37	60,740		68,812
		5.50% 10/1/39	98,650		111,866
		6.00% 5/1/36	57,149		63,744
		6.00% 6/1/37	16,349		18,784
		6.00% 7/1/37	21,430		24,619
		6.00% 8/1/37	22,136		25,437
		6.00% 10/1/40	197,157		227,021
		6.50% 11/1/33	96,638		109,273
		6.50% 6/1/36	38,267		43,960
		7.00% 3/1/32	185,031		210,695
		7.00% 8/1/32	271,782		298,284
	Freddie Mac S.F. 30 yr
		4.50% 10/1/40	500,716		548,921
		5.50% 5/1/38	152,051		172,124
		5.50% 9/1/39	110,688		125,574
		5.50% 10/1/39	214,042		235,744
Total Agency Mortgage-Backed Securities (cost $3,660,166)					3,828,066
Collateralized Debt Obligation – 0.17%
	Octagon Investment Partners
		144A 2.959% (LIBOR03M + 1.14%) 1/20/30 #●	1,000,000		960,431
Total Collateralized Debt Obligation (cost $998,845)					960,431
Convertible Bonds – 10.36%
Capital Goods – 0.38%
	Chart Industries 144A 1.00% exercise price $58.73,
		expiration date 11/15/24 #	1,424,000		1,120,010

130

		Principal amount°	Value (US $)
Convertible Bonds (continued)
Capital Goods (continued)
	Dycom Industries 0.75% exercise price $96.89, expiration
	date 9/15/21	1,194,000	$	1,013,407
				2,133,417
Communications – 1.81%
	DISH Network 2.375% exercise price $82.22, expiration
	date 3/15/24	3,290,000		2,619,663
	GCI Liberty 144A 1.75% exercise price $370.52, expiration
	date 9/30/46 #	2,506,000		3,167,003
	InterDigital 144A 2.00% exercise price $81.29, expiration
	date 6/1/24 #	2,157,000		1,985,842
	Liberty Media 2.25% exercise price $33.85, expiration date
	9/30/46	4,788,000		2,252,697
				10,025,205
Consumer Cyclical – 0.19%
	Meritor 3.25% exercise price $39.92, expiration date
	10/15/37	1,238,000		1,053,848
				1,053,848
Consumer Non-Cyclical – 2.29%
	BioMarin Pharmaceutical 0.599% exercise price $124.67,
	expiration date 8/1/24	1,762,000		1,850,862
	Chefs’ Warehouse 144A 1.875% exercise price $44.20,
	expiration date 12/1/24 #	1,030,000		640,531
	Collegium Pharmaceutical 2.625% exercise price $29.19,
	expiration date 2/15/26	478,000		437,623
	FTI Consulting 2.00% exercise price $101.38, expiration
	date 8/15/23	2,328,000		3,048,012
	Integra LifeSciences Holdings 144A 0.50% exercise price
	$73.67, expiration date 8/15/25 #	1,651,000		1,467,049
	Jazz Investments I 1.875% exercise price $199.77,
	expiration date 8/15/21	1,703,000		1,619,979
	Paratek Pharmaceuticals 4.75% exercise price $15.90,
	expiration date 5/1/24	2,298,000		1,789,682
	Team 5.00% exercise price $21.70, expiration date
	8/1/23	2,422,000		1,846,775
				12,700,513
Energy – 1.27%
	Cheniere Energy 4.25% exercise price $138.38, expiration
	date 3/15/45	4,457,000		2,206,894
	Helix Energy Solutions Group 4.25% exercise price
	$13.89, expiration date 5/1/22	2,113,000		1,594,219
	PDC Energy 1.125% exercise price $85.39, expiration date
	9/15/21	3,930,000		3,225,162
				7,026,275

131

Schedules of investments
Delaware Total Return Fund

		Principal amount°	Value (US $)
Convertible Bonds (continued)
Financials – 0.49%
	GAIN Capital Holdings 5.00% exercise price $8.20,
	expiration date 8/15/22	2,719,000	$	2,709,410
				2,709,410
Real Estate Investment Trusts – 0.35%
	Blackstone Mortgage Trust 4.75% exercise price $36.23,
	expiration date 3/15/23	2,464,000		1,946,560
				1,946,560
Technology – 3.23%
	Boingo Wireless 1.00% exercise price $42.32, expiration
	date 10/1/23	4,145,000		3,703,578
	CSG Systems International 4.25% exercise price $56.81,
	expiration date 3/15/36	2,198,000		2,243,974
	Knowles 3.25% exercise price $18.43, expiration date
	11/1/21	932,000		961,708
	Ligand Pharmaceuticals 0.75% exercise price $248.48,
	expiration date 5/15/23	1,332,000		1,103,063
	ON Semiconductor 1.625% exercise price $20.72,
	expiration date 10/15/23	819,000		815,498
	Pluralsight 144A 0.375% exercise price $38.76, expiration
	date 3/1/24 #	2,801,000		2,073,440
	Quotient Technology 1.75% exercise price $17.36,
	expiration date 12/1/22	2,421,000		2,173,185
	Retrophin 2.50% exercise price $38.80, expiration date
	9/15/25	2,142,000		1,690,889
	Synaptics 0.50% exercise price $73.02, expiration date
	6/15/22	819,000		853,496
	Verint Systems 1.50% exercise price $64.46, expiration
	date 6/1/21	2,316,000		2,244,583
				17,863,414
Utilities – 0.35%
	NRG Energy 2.75% exercise price $47.74, expiration date
	6/1/48	2,008,000		1,917,640
				1,917,640
Total Convertible Bonds (cost $64,654,567)				57,376,282

132

		Principal amount°	Value (US $)
Corporate Bonds – 14.57%
Banking – 1.39%
	Ally Financial
	5.75% 11/20/25	1,275,000	$	1,256,767
	8.00% 11/1/31	50,000		57,753
	Banco de Credito del Peru 144A 2.70% 1/11/25 #	302,000		277,463
	Bancolombia 3.00% 1/29/25	270,000		242,935
	Bank of America
	2.496% 2/13/31 µ	475,000		457,502
	3.458% 3/15/25 µ	275,000		284,043
	4.083% 3/20/51 µ	20,000		22,765
	BBVA Bancomer 144A 5.125% 1/18/33 #µ	577,000		482,127
	Credit Suisse Group
	144A 3.869% 1/12/29 #µ	275,000		278,926
	144A 6.25%#µψ	625,000		580,380
	Development Bank of Mongolia 144A 7.25% 10/23/23 #	265,000		229,216
	Goldman Sachs Group
	2.60% 2/7/30	25,000		23,580
	3.50% 4/1/25	10,000		10,159
	JPMorgan Chase & Co.
	4.023% 12/5/24 µ	150,000		159,167
	4.60% µψ	30,000		26,293
	5.00% µψ	130,000		121,965
	KeyBank 3.40% 5/20/26	275,000		287,163
	Morgan Stanley
	2.954% (LIBOR03M + 1.22%) 5/8/24 ●	90,000		86,343
	3.622% 4/1/31 µ	20,000		20,858
	5.00% 11/24/25	165,000		182,706
	PNC Financial Services Group 2.60% 7/23/26	295,000		298,625
	Popular 6.125% 9/14/23	935,000		873,052
	Royal Bank of Scotland Group 8.625%µψ	910,000		892,096
	Truist Bank
	2.25% 3/11/30	260,000		238,707
	2.636% 9/17/29 µ	275,000		263,763
	USB Capital IX 3.50% (LIBOR03M + 1.02%)ψ●	85,000		63,473
				7,717,827
Basic Industry – 1.32%
	Allegheny Technologies 7.875% 8/15/23	75,000		72,822
	Chemours
	5.375% 5/15/27	665,000		513,663
	7.00% 5/15/25	160,000		134,201
	FMG Resources August 2006 144A 5.125% 5/15/24 #	430,000		426,240
	Freeport-McMoRan
	4.55% 11/14/24	345,000		327,959

133

Schedules of investments
Delaware Total Return Fund

		Principal amount°	Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
	Freeport-McMoRan
	5.45% 3/15/43	580,000	$	523,624
	HD Supply 144A 5.375% 10/15/26 #	515,000		504,230
	Hudbay Minerals
	144A 7.25% 1/15/23 #	175,000		153,780
	144A 7.625% 1/15/25 #	25,000		21,906
	Joseph T Ryerson & Son 144A 11.00% 5/15/22 #	50,000		46,874
	Koppers 144A 6.00% 2/15/25 #	50,000		40,374
	Kraton Polymers 144A 7.00% 4/15/25 #	50,000		44,672
	Lennar 5.00% 6/15/27	195,000		180,091
	Methanex 5.25% 12/15/29	275,000		207,204
	Minera Mexico 144A 4.50% 1/26/50 #	307,000		261,044
	New Enterprise Stone & Lime 144A 6.25% 3/15/26 #	50,000		46,427
	Newmont
	2.25% 10/1/30	130,000		120,548
	2.80% 10/1/29	275,000		263,645
	Novelis 144A 5.875% 9/30/26 #	100,000		98,833
	Olin
	5.00% 2/1/30	245,000		211,790
	5.125% 9/15/27	785,000		706,918
	PulteGroup 5.00% 1/15/27	185,000		185,555
	Standard Industries
	144A 4.75% 1/15/28 #	870,000		807,288
	144A 5.00% 2/15/27 #	50,000		45,848
	144A 5.375% 11/15/24 #	100,000		96,753
	144A 6.00% 10/15/25 #	50,000		49,513
	Steel Dynamics 5.00% 12/15/26	890,000		930,308
	Univar Solutions USA 144A 5.125% 12/1/27 #	320,000		292,976
				7,315,086
Brokerage – 0.05%
	Jefferies Group 4.15% 1/23/30	275,000		263,907
				263,907
Capital Goods – 1.06%
	Ashtead Capital 144A 4.00% 5/1/28 #	1,120,000		968,240
	Berry Global 144A 5.625% 7/15/27 #	50,000		52,035
	Bombardier 144A 6.00% 10/15/22 #	425,000		321,937
	Carrier Global
	144A 2.242% 2/15/25 #	15,000		14,699
	144A 2.493% 2/15/27 #	15,000		14,387
	144A 2.722% 2/15/30 #	15,000		13,890
	Cloud Crane 144A 10.125% 8/1/24 #	25,000		19,844
	Colfax 144A 6.00% 2/15/24 #	25,000		25,031

134

		Principal amount°	Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
	Crown Americas 4.25% 9/30/26	775,000	$	769,995
	Gates Global 144A 6.25% 1/15/26 #	246,000		219,064
	Greif 144A 6.50% 3/1/27 #	50,000		48,233
	L3Harris Technologies
	2.90% 12/15/29	50,000		47,540
	144A 3.85% 6/15/23 #	15,000		15,625
	Mauser Packaging Solutions Holding 144A 5.50%
	4/15/24 #	970,000		899,646
	Otis Worldwide
	144A 2.056% 4/5/25 #	20,000		19,620
	144A 2.565% 2/15/30 #	30,000		29,245
	144A 3.112% 2/15/40 #	20,000		19,166
	144A 3.362% 2/15/50 #	10,000		9,861
	Reynolds Group Issuer 144A 5.125% 7/15/23 #	175,000		174,780
	Roper Technologies 2.35% 9/15/24	275,000		267,865
	TransDigm 144A 6.25% 3/15/26 #	790,000		790,491
	United Rentals North America
	4.625% 10/15/25	175,000		166,468
	5.25% 1/15/30	945,000		949,961
				5,857,623
Communication Services – 1.87%
	AMC Networks 4.75% 8/1/25	929,000		909,263
	Cablevision Systems 5.875% 9/15/22	36,000		36,552
	CCO Holdings
	144A 4.75% 3/1/30 #	50,000		50,153
	144A 5.375% 6/1/29 #	565,000		583,730
	144A 5.875% 5/1/27 #	975,000		1,010,926
	Clear Channel Worldwide Holdings
	144A 5.125% 8/15/27 #	125,000		117,744
	144A 9.25% 2/15/24 #	42,000		36,383
	CSC Holdings
	144A 5.375% 7/15/23 #	200,000		203,251
	6.75% 11/15/21	665,000		689,439
	144A 7.50% 4/1/28 #	720,000		772,119
	144A 7.75% 7/15/25 #	745,000		780,365
	144A 10.875% 10/15/25 #	200,000		216,625
	Gray Television
	144A 5.875% 7/15/26 #	175,000		169,461
	144A 7.00% 5/15/27 #	600,000		600,330
	Lamar Media 5.75% 2/1/26	840,000		864,150
	Netflix
	4.875% 4/15/28	25,000		25,689

135

Schedules of investments
Delaware Total Return Fund

		Principal amount°	Value (US $)
Corporate Bonds (continued)
Communication Services (continued)
	Netflix
	5.875% 2/15/25	75,000	$	79,669
	5.875% 11/15/28	935,000		1,005,639
	Nexstar Broadcasting
	144A 5.625% 8/1/24 #	125,000		118,437
	144A 5.625% 7/15/27 #	25,000		24,576
	Sinclair Television Group
	144A 5.125% 2/15/27 #	565,000		482,252
	144A 5.625% 8/1/24 #	75,000		69,563
	Sirius XM Radio
	144A 4.625% 7/15/24 #	75,000		76,589
	144A 5.00% 8/1/27 #	305,000		311,237
	144A 5.50% 7/1/29 #	925,000		948,634
	T-Mobile USA 6.00% 3/1/23	175,000		177,059
				10,359,835
Communications – 1.04%
	Altice Financing 144A 5.00% 1/15/28 #	200,000		178,500
	Altice France 144A 7.375% 5/1/26 #	980,000		995,239
	AT&T
	4.35% 3/1/29	175,000		188,575
	4.90% 8/15/37	125,000		140,785
	Charter Communications Operating
	4.80% 3/1/50	70,000		73,285
	5.05% 3/30/29	165,000		179,499
	Comcast 3.20% 7/15/36	190,000		201,332
	Front Range BidCo 144A 4.00% 3/1/27 #	745,000		717,063
	Hughes Satellite Systems 6.625% 8/1/26	25,000		25,536
	Level 3 Financing 144A 3.875% 11/15/29 #	640,000		604,218
	Ooredoo International Finance 144A 5.00% 10/19/25 #	267,000		282,470
	Qwest 7.25% 9/15/25	75,000		76,337
	Sprint
	7.125% 6/15/24	815,000		900,563
	7.625% 3/1/26	50,000		56,868
	7.875% 9/15/23	125,000		138,579
	Time Warner Cable 7.30% 7/1/38	110,000		135,488
	Time Warner Entertainment 8.375% 3/15/23	55,000		60,456
	T-Mobile USA 6.375% 3/1/25	25,000		25,719
	T-Mobile USA Escrow=†	175,000		0
	Verizon Communications
	3.15% 3/22/30	10,000		10,776
	4.00% 3/22/50	5,000		5,961
	4.50% 8/10/33	220,000		265,379

136

		Principal amount°	Value (US $)
Corporate Bonds (continued)
Communications (continued)
	ViacomCBS
	4.375% 3/15/43	270,000	$	240,708
	4.95% 1/15/31	15,000		14,879
	Vodafone Group
	4.25% 9/17/50	115,000		118,630
	4.875% 6/19/49	130,000		145,375
				5,782,220
Consumer Cyclical – 1.02%
	Allison Transmission 144A 5.875% 6/1/29 #	765,000		755,030
	Boyd Gaming 6.00% 8/15/26	750,000		651,407
	Future Retail 144A 5.60% 1/22/25 #	285,000		143,653
	General Motors Financial
	4.35% 4/9/25	110,000		98,721
	5.25% 3/1/26	165,000		145,924
	Hilton Worldwide Finance 4.875% 4/1/27	965,000		922,106
	Home Depot
	2.70% 4/15/30	15,000		15,307
	3.35% 4/15/50	15,000		16,357
	KFC Holding 144A 5.00% 6/1/24 #	175,000		172,595
	Lowe’s 4.55% 4/5/49	210,000		233,356
	Mastercard
	3.30% 3/26/27	10,000		10,883
	3.85% 3/26/50	5,000		6,132
	MGM Resorts International
	5.75% 6/15/25	76,000		68,588
	6.00% 3/15/23	50,000		48,563
	Murphy Oil USA 4.75% 9/15/29	1,143,000		1,077,906
	Scientific Games International 144A 8.25% 3/15/26 #	292,000		188,554
	Stars Group Holdings 144A 7.00% 7/15/26 #	50,000		47,288
	TJX
	3.875% 4/15/30	20,000		20,737
	4.50% 4/15/50	10,000		10,763
	William Carter 144A 5.625% 3/15/27 #	355,000		342,764
	Wynn Las Vegas 144A 5.50% 3/1/25 #	50,000		46,874
	Yum! Brands 144A 4.75% 1/15/30 #	690,000		646,496
				5,670,004
Consumer Non-Cyclical – 1.17%
	AbbVie
	144A 2.60% 11/21/24 #	30,000		30,539
	144A 2.95% 11/21/26 #	25,000		25,531
	144A 4.05% 11/21/39 #	10,000		10,537
	144A 4.25% 11/21/49 #	30,000		32,779

137

Schedules of investments
Delaware Total Return Fund

		Principal amount°	Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
	Alcon Finance 144A 3.00% 9/23/29 #	275,000	$	274,811
	Amgen
	2.20% 2/21/27	10,000		9,996
	2.45% 2/21/30	35,000		34,956
	Anheuser-Busch InBev Worldwide 3.65% 2/1/26	200,000		210,528
	Aramark Services 144A 5.00% 2/1/28 #	800,000		748,936
	Cigna
	2.40% 3/15/30	15,000		14,282
	3.20% 3/15/40	15,000		13,887
	Cott Holdings 144A 5.50% 4/1/25 #	466,000		454,935
	CVS Health
	3.25% 8/15/29	280,000		274,351
	3.75% 4/1/30	15,000		15,552
	DH Europe Finance II
	2.60% 11/15/29	40,000		39,139
	3.25% 11/15/39	45,000		44,103
	Energizer Holdings
	144A 5.50% 6/15/25 #	50,000		48,813
	144A 6.375% 7/15/26 #	25,000		25,389
	Gilead Sciences 4.15% 3/1/47	275,000		337,872
	HLF Financing 144A 7.25% 8/15/26 #	50,000		42,687
	JBS USA 144A 6.50% 4/15/29 #	1,077,000		1,161,275
	Pilgrim’s Pride 144A 5.875% 9/30/27 #	875,000		876,706
	Post Holdings
	144A 5.50% 12/15/29 #	1,188,000		1,238,906
	144A 5.75% 3/1/27 #	175,000		180,544
	Rede D’or Finance 144A 4.50% 1/22/30 #	345,000		301,099
				6,448,153
Energy – 1.03%
	Apergy 6.375% 5/1/26	50,000		38,927
	Archrock Partners 6.00% 10/1/22	170,000		170,000
	Cheniere Corpus Christi Holdings 7.00% 6/30/24	235,000		206,802
	Cheniere Energy Partners 144A 4.50% 10/1/29 #	547,000		489,866
	Crestwood Midstream Partners
	144A 5.625% 5/1/27 #	390,000		217,341
	6.25% 4/1/23	80,000		45,316
	DCP Midstream Operating
	3.875% 3/15/23	50,000		40,359
	5.125% 5/15/29	25,000		15,887
	Energy Transfer Operating
	5.25% 4/15/29	165,000		140,008
	6.25% 4/15/49	55,000		46,716

138

		Principal amount°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
	Enterprise Products Operating 3.70% 1/31/51	10,000	$	9,042
	Gazprom via Gaz Finance 144A 3.25% 2/25/30 #	280,000		259,280
	Genesis Energy 6.50% 10/1/25	50,000		36,513
	Hilcorp Energy I 144A 5.00% 12/1/24 #	445,000		208,592
	Israel Electric 144A 4.25% 8/14/28 #	498,000		510,258
	KazTransGas JSC 144A 4.375% 9/26/27 #	579,000		519,919
	Marathon Oil 4.40% 7/15/27	260,000		173,933
	MPLX
	4.00% 3/15/28	35,000		31,178
	4.80% 2/15/29	150,000		132,496
	5.50% 2/15/49	90,000		76,283
	Murphy Oil 5.875% 12/1/27	513,000		270,120
	Noble Energy
	3.25% 10/15/29	130,000		76,440
	4.95% 8/15/47	90,000		54,674
	NuStar Logistics 5.625% 4/28/27	405,000		313,612
	Sinopec Group Overseas Development 2018 144A 2.50%
	8/8/24 #	898,000		900,331
	Southwestern Energy
	6.20% 1/23/25	50,000		34,421
	7.75% 10/1/27	472,000		313,915
	Sunoco 4.875% 1/15/23	75,000		73,081
	Targa Resources Partners 5.375% 2/1/27	310,000		256,851
	USA Compression Partners 6.875% 9/1/27	50,000		31,278
				5,693,439
Financials – 0.48%
	AerCap Global Aviation Trust 144A 6.50% 6/15/45 #µ	425,000		355,534
	AerCap Ireland Capital 4.45% 4/3/26	185,000		158,955
	Air Lease 3.00% 2/1/30	45,000		32,732
	Avolon Holdings Funding
	144A 3.25% 2/15/27 #	10,000		7,883
	144A 3.95% 7/1/24 #	75,000		62,888
	144A 4.375% 5/1/26 #	200,000		160,697
	Banco del Estado de Chile 144A 2.704% 1/9/25 #	280,000		261,873
	Bank of Georgia 144A 6.00% 7/26/23 #	255,000		265,316
	E*TRADE Financial 5.875%µψ	940,000		900,186
	Icahn Enterprises 6.25% 5/15/26	100,000		95,062
	International Lease Finance 8.625% 1/15/22	355,000		344,577
				2,645,703
Healthcare – 1.13%
	Bausch Health 144A 5.50% 11/1/25 #	1,080,000		1,097,879

139

Schedules of investments
Delaware Total Return Fund

	Principal amount°	Value (US $)
Corporate Bonds (continued)
Healthcare (continued)
Charles River Laboratories International 144A 4.25%
5/1/28 #	1,160,000	$	1,124,562
CHS 144A 6.625% 2/15/25 #	305,000		284,413
DaVita 5.125% 7/15/24	125,000		125,407
Encompass Health
4.75% 2/1/30	950,000		941,023
5.75% 11/1/24	101,000		102,106
HCA
5.375% 2/1/25	930,000		952,083
5.875% 2/1/29	350,000		371,437
Hill-Rom Holdings 144A 4.375% 9/15/27 #	400,000		397,417
Hologic 144A 4.625% 2/1/28 #	535,000		534,220
Tenet Healthcare 8.125% 4/1/22	360,000		342,122
			6,272,669
Insurance – 0.64%
AIA Group 144A 3.375% 4/7/30 #	200,000		202,442
Centene
144A 3.375% 2/15/30 #	530,000		494,887
144A 4.625% 12/15/29 #	360,000		363,798
144A 5.375% 8/15/26 #	830,000		855,937
GTCR AP Finance 144A 8.00% 5/15/27 #	16,000		14,857
HUB International 144A 7.00% 5/1/26 #	640,000		638,448
Molina Healthcare 144A 4.875% 6/15/25 #	175,000		172,155
USI 144A 6.875% 5/1/25 #	825,000		773,413
			3,515,937
Media – 0.06%
AMC Networks 5.00% 4/1/24	100,000		96,500
DISH DBS 5.00% 3/15/23	175,000		169,316
Midcontinent Communications 144A 5.375% 8/15/27 #	75,000		73,257
			339,073
Real Estate Investment Trusts – 0.08%
Crown Castle International 5.25% 1/15/23	225,000		238,937
HAT Holdings I 144A 5.25% 7/15/24 #	25,000		24,156
Ladder Capital Finance Holdings 144A 5.25% 10/1/25 #	175,000		145,520
MGM Growth Properties Operating Partnership 5.75%
2/1/27	50,000		43,688
			452,301
Services – 0.33%
Covanta Holding 5.875% 3/1/24	175,000		166,468
Greystar Real Estate Partners 144A 5.75% 12/1/25 #	200,000		182,506
Prime Security Services Borrower 144A 5.75% 4/15/26 #	968,000		954,082
Realogy Group 144A 9.375% 4/1/27 #	50,000		42,518

140

	Principal amount°	Value (US $)
Corporate Bonds (continued)
Services (continued)
Service Corp. International 4.625% 12/15/27	499,000	$	502,477
			1,848,051
Technology – 0.10%
Global Payments
2.65% 2/15/25	200,000		198,648
3.20% 8/15/29	75,000		73,712
NXP 144A 4.875% 3/1/24 #	255,000		272,735
Oracle 2.95% 4/1/30	30,000		30,244
			575,339
Technology & Electronics – 0.70%
CDK Global 144A 5.25% 5/15/29 #	970,000		993,037
CommScope Technologies 144A 5.00% 3/15/27 #	340,000		297,525
Iron Mountain
144A 5.25% 3/15/28 #	530,000		526,475
5.75% 8/15/24	325,000		325,803
Sensata Technologies UK Financing 144A 6.25%
2/15/26 #	505,000		497,703
SS&C Technologies 144A 5.50% 9/30/27 #	1,100,000		1,140,563
VeriSign 4.75% 7/15/27	25,000		26,049
Verscend Escrow 144A 9.75% 8/15/26 #	50,000		50,285
			3,857,440
Transportation – 0.17%
DAE Funding 144A 5.75% 11/15/23 #	390,000		364,161
FedEx 4.05% 2/15/48	150,000		132,750
Rutas 2 and 7 Finance 144A 3.08% 9/30/36 #^	302,000		178,272
Union Pacific 3.25% 2/5/50	180,000		177,395
VistaJet Malta Finance 144A 10.50% 6/1/24 #	75,000		61,125
			913,703
Utilities – 0.93%
AEP Texas 3.45% 1/15/50	10,000		9,041
Calpine
144A 4.50% 2/15/28 #	135,000		131,355
144A 5.25% 6/1/26 #	780,000		746,435
Centrais Eletricas Brasileiras 144A 3.625% 2/4/25 #	200,000		178,102
Duke Energy 4.875%µψ	125,000		105,087
Duke Energy Indiana
2.75% 4/1/50	190,000		175,453
3.25% 10/1/49	150,000		152,304
Empresas Publicas de Medellin 144A 4.25% 7/18/29 #	575,000		495,099
Entergy Mississippi 2.85% 6/1/28	90,000		90,656
Entergy Texas 3.55% 9/30/49	185,000		190,191
Infraestructura Energetica Nova 144A 3.75% 1/14/28 #	275,000		241,599

141

Schedules of investments
Delaware Total Return Fund

	Principal amount°	Value (US $)
Corporate Bonds (continued)
Utilities (continued)
Mong Duong Finance Holdings 144A 5.125% 5/7/29 #	749,000	$	637,819
Nevada Power 3.125% 8/1/50	15,000		13,976
NextEra Energy Capital Holdings
2.90% 4/1/22	75,000		75,753
3.15% 4/1/24	110,000		112,777
PacifiCorp 3.50% 6/15/29	80,000		81,641
Southern California Edison
3.65% 2/1/50	30,000		29,278
4.00% 4/1/47	35,000		36,612
4.20% 3/1/29	150,000		159,798
4.875% 3/1/49	90,000		104,420
Southwestern Electric Power 4.10% 9/15/28	275,000		295,583
Vistra Operations
144A 5.00% 7/31/27 #	780,000		796,029
144A 5.50% 9/1/26 #	240,000		248,872
Xcel Energy 3.40% 6/1/30	15,000		15,236
			5,123,116
Total Corporate Bonds (cost $86,781,756)			80,651,426
Loan Agreement – 0.13%
Frontier Communications Tranche B-1 6/17/24 X	772,000		732,113
Total Loan Agreement (cost $750,973)			732,113
Municipal Bonds – 5.41%
Allegheny County Industrial Development Authority
Revenue
(United States Steel Corporation Project)
4.875% 11/1/24	1,000,000		905,790
Capital Trust Agency, Florida
(University Bridge, LLC Student Housing Project) Series
A 144A 5.25% 12/1/58 #	1,500,000		1,404,450
Chicago, Illinois
Series A 5.00% 1/1/44	2,000,000		2,008,600
Colorado Health Facilities Authority Revenue
(Cappella of Grand Junction Project) 144A
5.00% 12/1/54 #	1,000,000		845,810
Cumberland County, Pennsylvania Municipal Authority
Revenue
(Asbury Pennsylvania Obligation Group) 5.00% 1/1/45	1,000,000		853,550
Illinois State
5.00% 11/1/29	2,250,000		2,332,440

142

	Principal amount°	Value (US $)
Municipal Bonds (continued)
Lower Alabama Gas District
Series A 5.00% 9/1/46	2,250,000	$	2,646,180
Mississippi Business Finance Corporation Gulf Opportunity
Zone Industrial Development Revenue
(Chevron USA Project)
Series A 0.65% 12/1/30 ¤	1,000,000		1,000,000
Series L 0.65% 11/1/35 ¤	400,000		400,000
New Hampshire Business Finance Authority
(The Vista Project) Series A 144A 5.25% 7/1/39 #	1,000,000		944,380
New Jersey Tobacco Settlement Financing Corporation
Series B 5.00% 6/1/46	4,500,000		4,337,505
New Jersey Transportation Trust Fund Authority
(Transportation Program) 4.00% 6/15/50	3,000,000		2,912,700
Puerto Rico Sales Tax Financing Revenue
(Restructured)
Series A-1 4.75% 7/1/53	1,250,000		1,180,200
Series A-1 5.00% 7/1/58	2,500,000		2,437,375
Seminole County Industrial Development Authority, Florida
(Legacy Pointe at UCF Project) 5.50% 11/15/49	500,000		409,445
Texas Private Activity Bond Surface Transportation
Corporate Senior Lien
(NTE Mobility Partners Segments 3 LLC Segment 3C
Project) 5.00% 6/30/58 (AMT)	2,250,000		2,413,328
Union County, New Jersey Improvement Authority
(Aries Linden, LLC Project) 144A 6.75% 12/1/41 (AMT)#	1,000,000		889,000
Washington Health Care Facilities Authority
(CommonSpirit Health) 4.00% 8/1/44	2,000,000		2,004,900
Total Municipal Bonds (cost $33,510,513)			29,925,653
Non-Agency Asset-Backed Securities – 0.12%
Citibank Credit Card Issuance Trust
Series 2018-A1 A1 2.49% 1/20/23	500,000		503,650
Verizon Owner Trust
Series 2017-2A A 144A 1.92% 12/20/21 #	162,840		162,283
Total Non-Agency Asset-Backed Securities
(cost $666,128)			665,933
Non-Agency Commercial Mortgage-Backed Securities – 0.55%
BANK
Series 2019-BN21 A5 2.851% 10/17/52	100,000		102,832
Benchmark Mortgage Trust
Series 2019-B9 A5 4.016% 3/15/52	350,000		387,341

143

Schedules of investments
Delaware Total Return Fund

Principal amount°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
Cantor Commercial Real Estate Lending
Series 2019-CF2 A5 2.874% 11/15/52	350,000	$	359,120
GS Mortgage Securities Trust
Series 2017-GS5 A4 3.674% 3/10/50	350,000		366,540
Series 2017-GS6 A3 3.433% 5/10/50	350,000		355,922
JPM-BB Commercial Mortgage Securities Trust
Series 2015-C31 A3 3.801% 8/15/48	350,000		373,613
JPM-DB Commercial Mortgage Securities Trust
Series 2017-C7 A5 3.409% 10/15/50	350,000		371,590
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2016-C29 A4 3.325% 5/15/49	350,000		358,671
Wells Fargo Commercial Mortgage Trust
Series 2016-BNK1 A3 2.652% 8/15/49	350,000		344,420
Total Non-Agency Commercial Mortgage-Backed Securities (cost $3,111,557)			3,020,049
Sovereign Bonds – 1.39%Δ
Azerbaijan – 0.14%
Republic of Azerbaijan International Bond 144A
3.50% 9/1/32 #	940,000		797,182
			797,182
Dominican Republic – 0.11%
Dominican Republic International Bond
144A 4.50% 1/30/30 #	283,000		247,483
144A 6.00% 7/19/28 #	381,000		364,386
			611,869
El Salvador – 0.10%
El Salvador Government International Bond
144A 7.125% 1/20/50 #	398,000		310,042
144A 7.65% 6/15/35 #	249,000		214,216
			524,258
Gabon – 0.02%
Gabon Government International Bond 144A
6.625% 2/6/31 #	200,000		123,767
			123,767
Georgia – 0.06%
Georgia Government International Bond 6.875% 4/12/21	299,000		301,173
			301,173
Guatemala – 0.05%
Guatemala Government Bond 144A 4.875% 2/13/28 #	281,000		274,970
			274,970
Israel – 0.06%
Israel Government International Bond 2.75% 7/3/30	300,000		300,000
			300,000

144

		Principal amount°	Value (US $)
Sovereign BondsΔ(continued)
Ivory Coast – 0.07%
Ivory Coast Government International Bond
144A 6.125% 6/15/33 #		306,000	$	268,348
144A 6.875% 10/17/40 #	EUR	100,000		95,098
				363,446
Mexico – 0.04%
Mexican Bonos 7.75% 5/29/31	MXN	4,900,000		211,994
				211,994
Mongolia – 0.04%
Mongolia Government International Bond 144A
5.625% 5/1/23 #		269,000		242,091
				242,091
Paraguay – 0.09%
Paraguay Government International Bond
144A 4.625% 1/25/23 #		257,000		260,858
144A 5.60% 3/13/48 #		223,000		229,692
				490,550
Peru – 0.21%
Peruvian Government International Bond 2.844% 6/20/30		1,092,000		1,162,480
				1,162,480
Republic of Vietnam – 0.04%
Vietnam Government International Bond 144A
4.80% 11/19/24 #		241,000		244,600
				244,600
Romania – 0.02%
Romanian Government International Bond 144A
3.375% 1/28/50 #	EUR	119,000		117,910
				117,910
Russia – 0.11%
Russian Foreign Bond – Eurobond 144A 4.25% 6/23/27 #		600,000		630,258
				630,258
Ukraine – 0.15%
Ukraine Government International Bond 144A
7.75% 9/1/21 #		877,000		846,928
				846,928
Uruguay – 0.01%
Uruguay Government International Bond 4.50% 8/14/24		69,000		73,485
				73,485

145

Schedules of investments
Delaware Total Return Fund

	Principal amount°	Value (US $)
Sovereign BondsΔ (continued)
Uzbekistan – 0.07%
Republic of Uzbekistan Bond 144A 4.75% 2/20/24 #	374,000	$	369,830
			369,830
Total Sovereign Bonds (cost $8,202,835)			7,686,791
Supranational Bank – 0.05%
Banque Ouest Africaine de Developpement 144A
4.70% 10/22/31 #	306,000		279,149
Total Supranational Bank (cost $306,000)			279,149
US Treasury Obligations – 0.28%
US Treasury Bond
4.50% 2/15/36	255,000		391,983
US Treasury Inflation
Indexed Note
0.125% 1/15/30	912,430		941,431
US Treasury Strip Principal
2.26% 5/15/44 ^	345,000		247,357
Total US Treasury Obligations (cost $1,490,198)			1,580,771
	Number of
	Shares
Preferred Stock – 0.14%
Bank of America 6.50% µ	735,000		775,936
Total Preferred Stock (cost $830,601)			775,936
Short-Term Investments – 4.01%
Money Market Mutual Funds – 4.01%
BlackRock FedFund – Institutional Shares (seven-day
effective yield 0.33%)	4,436,397		4,436,397
Fidelity Investments Money Market Government
Portfolio – Class I (seven-day effective yield 0.30%)	4,436,397		4,436,397
GS Financial Square Government Fund – Institutional
Shares (seven-day effective yield 0.34%)	4,436,397		4,436,397
Morgan Stanley Government Portfolio – Institutional Share
Class (seven-day effective yield 0.22%)	4,436,397		4,436,397
State Street Institutional US Government Money Market
Fund – Investor Class (seven-day effective yield 0.24%)	4,436,397		4,436,397
Total Short-Term Investments (cost $22,181,985)			22,181,985
Total Value of Securities – 99.44%
(cost $629,917,689)		$	550,427,074

146

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2020, the aggregate value of Rule 144A securities was $67,617,743, which represents 12.22% of the Fund’s net assets. See Note 9 in “Notes to financial statements.
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of March 31, 2020.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
Δ	Securities have been classified by country of origin.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2020. Rate will reset at a future date.
ψ	No contractual maturity date.
†	Non-income producing security.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their description above.
X	This loan will settle after March 31, 2020, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.

147

Schedules of investments
Delaware Total Return Fund

The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2020:¹

Foreign Currency Exchange Contracts

	Currency to						Settlement	Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date	Appreciation		Depreciation
BNYM	CHF	(50,329	)	USD	52,199		4/2/20	$	—	$	(94	)
BNYM	DKK	(161,184	)	USD	23,772		4/2/20		—		(41	)
BNYM	EUR	(46,630	)	USD	51,306		4/2/20		—		(124	)
BNYM	JPY	(8,788,513	)	USD	80,859		4/2/20		—		(880	)
BNYM	SEK	1,600,959		USD	(161,871	)	4/2/20		—		(29	)
JPMCB	EUR	(100,000	)	USD	112,252		6/12/20		1,649		—
JPMCB	EUR	(145,834	)	USD	167,417		6/19/20		6,907		—
Total Foreign Currency Exchange Contracts								$	8,556	$	(1,168	)

Futures Contracts

Variation

Margin

Notional

Value/

Due from

Notional

Cost

Expiration

Unrealized

(Due to)

Contracts to Buy (Sell)

Amount

(Proceeds)

Date

Depreciation

Brokers

US Treasury

(25)

10 yr Notes

$

(3,467,187

)

$

(3,348,410

)

6/19/20

$

(118,777

)

$

3,516

148

Swap Contracts
CDS Contracts²

											Variation
						Upfront					Margin
Reference Obligation/		Annual				Payments					Due from
Termination Date/	Notional	Protection				Paid		Unrealized			(Due to)
Payment Frequency	Amount3	Payments		Value		(Received)		Depreciation4			Brokers
Over-The-Counter/
Protection Purchases
Moody’s Ratings:
JPMCB-Mexico
3.60%
12/31/21 WR
6/20/25-
Quarterly	1,134,000	1.00	%	$	72,979	$	84,702	$	(11,723	)	$	—
JPMCB-Republic
of Indonesia
3.40%
9/18/29 Baa2
6/20/25-
Quarterly	830,000	1.00	%		43,771		58,301		(14,530	)		—
Total CDS Contracts				$	116,750	$	143,003	$	(26,253	)	$	—

The use of foreign currency exchange contracts, futures contracts, and swap contracts involve elements of market risk and risks in excess of the amounts disclosed in these financial statements. The foreign currency exchange contracts and notional amounts presented on the previous page represent the Fund’s total exposure in such contracts, whereas only the variation margin is reflected in the Fund’s net assets.

¹See Note 6 in “Notes to financial statements.”
²A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement.
³Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.
⁴Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of ($508).

149

Schedules of investments
Delaware Total Return Fund

Summary of abbreviations:

AG – Aktiengesellschaft

AMT – Subject to Alternative Minimum Tax

BNYM – Bank of New York Mellon

CDS – Credit Default Swap

CHF – Swiss Franc

DB – Deutsche Bank

DKK – Danish Krone

EAFE – Europe, Australasia and Far East

ETF – Exchange-Traded Fund

EUR – Euro

FTSE – Financial Times Stock Exchange 100 Index

GS – Goldman Sachs

ICE – Intercontinental Exchange, Inc.

JPM – JPMorgan

JPMCB – JPMorgan Chase Bank

JPY – Japanese Yen

LIBOR – London interbank offered rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LLC – Limited Liability Company

MSCI – Morgan Stanley Capital International

MXN – Mexican Peso

REIT – Real Estate Investment Trust

S&P – Standard & Poor’s Financial Services LLC

S.F. – single family

SEK – Swedish Krona

SPDR – S&P Depositary Receipts

USD – US Dollar

Yr – Year

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

150

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Statements of assets and liabilities
	March 31, 2020 (Unaudited)

	Delaware		Delaware		Delaware
	Equity		Growth and		Growth
	Income Fund		Income Fund		Equity Fund
Assets:
Investments, at value1	$	299,957,846	$	972,735,918	$	505,618,869
Cash		—		2,017,202		—
Receivable for securities sold		4,148,706		19,733,960		—
Dividends and interest receivable		793,560		2,592,836		288,646
Receivable for fund shares sold		123,612		420,346		179,437
Other assets		19,982		57,616		24,395
Total assets		305,043,706		997,557,878		506,111,347
Liabilities:
Due to custodian		683		—		910
Payable for securities purchased		3,258,442		12,646,032		—
Payable for fund shares redeemed		136,970		828,798		614,409
Custody fees payable		3,198		18,608		5,215
Distribution payable		46		178		—
Legal fees payable to non-affiliates		5,493		15,685		6,107
Investment management fees payable to
affiliates		173,804		541,313		276,149
Dividend disbursing and transfer agent
fees and expenses payable to
non-affiliates		78,787		292,670		186,500
Distribution fees payable to affiliates		67,012		217,194		87,635
Other accrued expenses		25,088		42,380		22,930
Audit and tax fees payable		17,713		17,712		17,713
Reports and statements to shareholders
expenses payable to non-affiliates		16,851		34,957		23,414
Dividend disbursing and transfer agent
fees and expenses payable to affiliates		2,653		8,626		4,374
Trustees’ fees and expenses payable		2,457		7,952		3,897
Accounting and administration expenses
payable to affiliates		1,281		3,403		1,892
Legal fees payable to affiliates		657		2,126		1,041
Reports and statements to shareholders
expenses payable to affiliates		360		1,181		622
Total liabilities		3,791,495		14,678,815		1,252,808
Total Net Assets	$	301,252,211	$	982,879,063	$	504,858,539

152

	Delaware			Delaware			Delaware
	Equity			Growth and			Growth
	Income Fund			Income Fund			Equity Fund
Net Assets Consist of:
Paid-in capital	$	346,903,937		$	1,137,369,256		$	438,632,530
Total distributable earnings (loss)		(45,651,726	)		(154,490,193	)		66,226,009
Total Net Assets	$	301,252,211		$	982,879,063		$	504,858,539
Net Asset Value
Class A:
Net assets	$	299,726,442		$	975,542,819		$	402,372,754
Shares of beneficial interest outstanding,
unlimited authorization, no par		56,228,604			95,505,521			39,789,915
Net asset value per share	$	5.33		$	10.21		$	10.11
Sales charge		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net
asset value per share / (1 – sales
charge)	$	5.66		$	10.83		$	10.73
Institutional Class*:
Net assets	$	758,534		$	3,888,954		$	99,959,073
Shares of beneficial interest outstanding,
unlimited authorization, no par		141,297			379,113			9,646,122
Net asset value per share	$	5.37		$	10.26		$	10.36
Class R6**:
Net assets	$	767,235		$	3,447,290		$	2,526,712
Shares of beneficial interest outstanding,
unlimited authorization, no par		144,210			335,600			242,159
Net asset value per share	$	5.32		$	10.27		$	10.43
____________________
1 Investments, at cost	$	353,702,086		$	1,152,515,785		$	460,337,473

*On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
**On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

153

Statements of assets and liabilities

	Delaware		Delaware		Delaware
	Opportunity		Special		Global
	Fund		Situations Fund		Equity Fund
Assets:
Investments, at value1	$	543,853,044	$	272,731,126	$	283,397,300
Foreign currencies, at value2		—		—		160,281
Foreign tax reclaims receivable		9,929		—		557,801
Dividends and interest receivable		1,050,249		556,053		758,319
Receivable for fund shares sold		224,442		141,957		31,161
Receivable for securities sold		—		1,843,007		2,898,007
Other assets		37,070		23,221		19,900
Total assets		545,174,734		275,295,364		287,822,769
Liabilities:
Due to custodian		1,327		683		607
Payable for securities purchased		664,336		593,610		2,888,368
Payable for fund shares redeemed		330,805		261,891		212,573
Custody fees payable		6,729		8,056		39,392
Unrealized loss on foreign currency
exchange contracts		—		—		15,814
Investment management fees payable to
affiliates		372,274		162,967		204,261
Dividend disbursing and transfer agent
fees and expenses payable to
non-affiliates		279,927		110,597		103,119
Distribution fees payable to affiliates		126,141		63,113		56,734
Reports and statements to shareholders
expenses payable to non-affiliates		37,687		22,880		16,725
Audit and tax fees payable		17,713		17,713		17,947
Other accrued expenses		14,350		31,044		24,052
Legal fees payable to non-affiliates		8,953		3,644		6,229
Dividend disbursing and transfer agent
fees and expenses payable to affiliates		4,973		2,508		2,418
Trustees’ fees and expenses payable		4,952		2,558		2,103
Accounting and administration expenses
payable to affiliates		2,105		1,230		1,198
Legal fees payable to affiliates		1,325		685		562
Reports and statements to shareholders
expenses payable to affiliates		652		324		350
Total liabilities		1,874,249		1,283,503		3,592,452
Total Net Assets	$	543,300,485	$	274,011,861	$	284,230,317

154

	Delaware			Delaware			Delaware
	Opportunity			Special			Global
	Fund			Situations Fund			Equity Fund
Net Assets Consist of:
Paid-in capital	$	731,063,621		$	392,915,443		$	312,127,688
Total distributable earnings (loss)		(187,763,136	)		(118,903,582	)		(27,897,371	)
Total Net Assets	$	543,300,485		$	274,011,861		$	284,230,317
Net Asset Value
Class A:
Net assets	$	539,885,879		$	270,127,324		$	263,993,043
Shares of beneficial interest outstanding,
unlimited authorization, no par		29,094,264			18,434,131			46,187,109
Net asset value per share	$	18.56		$	14.65		$	5.72
Sales charge		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net
asset value per share / (1 – sales
charge)	$	19.69		$	15.54		$	6.07
Institutional Class*:
Net assets	$	2,419,916		$	1,820,980		$	18,769,035
Shares of beneficial interest outstanding,
unlimited authorization, no par		124,681			121,246			3,145,248
Net asset value per share	$	19.41		$	15.02		$	5.97
Class R6**:
Net assets	$	994,690		$	2,063,557		$	1,468,239
Shares of beneficial interest outstanding,
unlimited authorization, no par		51,977			137,169			245,883
Net asset value per share	$	19.14		$	15.04		$	5.97
____________________
1 Investments, at cost	$	722,846,339		$	387,399,773		$	313,543,098
2 Foreign currencies, at cost		—			—			158,503
*On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements. **On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

155

Statements of assets and liabilities

		Delaware		Delaware		Delaware
		International		Floating		Fund
		Fund		Rate II Fund		for Income
Assets:
	Investments, at value1	$	311,921,735	$	66,322,654	$	405,673,040
	Foreign currencies, at value2		420,525		—		—
	Cash		—		171,760		222,818
	Receivable for securities sold		4,548,402		9,695,003		3,155,215
	Dividends and interest receivable		850,304		181,359		5,818,585
	Receivable for fund shares sold		92,464		16,396		61,204
	Foreign tax reclaims receivable		688,594		—		—
	Other assets		12,749		18,180		33,751
	Total assets		318,534,773		76,405,352		414,964,613
Liabilities:
	Due to custodian		22,488,307		—		—
	Payable for securities purchased		3,211,010		10,115,804		13,141,010
	Payable for fund shares redeemed		461,386		105,488		315,368
	Custody fees payable		57,027		1,904		5,422
	Unrealized loss on foreign currency
	exchange contracts		24,718		—		—
	Distribution payable		—		17,705		206,436
	Investment management fees payable to      affiliates		231,475		28,445		227,805
	Dividend disbursing and transfer agent      fees and expenses payable to      non-affiliates		165,444		36,294		89,406
	Distribution fees payable to affiliates		38,200		9,851		80,620
	Other accrued expenses		22,931		12,590		26,533
	Audit and tax fees payable		17,947		24,353		23,153
	Reports and statements to shareholders       expenses payable to non-affiliates		12,949		9,350		24,660
	Legal fees payable to non-affiliates		4,727		2,298		6,185
	Dividend disbursing and transfer agent      fees and expenses payable to affiliates		2,699		610		3,387
	Trustees’ fees and expenses payable		2,447		560		3,021
	Accounting and administration expenses       payable to affiliates		1,297		556		1,542
	Legal fees payable to affiliates		654		150		807
	Reports and statements to shareholders
	expenses payable to affiliates		358		84		512
	Total liabilities		26,743,576		10,366,042		14,155,867
Total Net Assets		$	291,791,197	$	66,039,310	$	400,808,746

156

		Delaware			Delaware			Delaware
		International			Floating			Fund
		Fund			Rate II Fund			for Income
Net Assets Consist of:
	Paid-in capital	$	337,497,815		$	80,313,521		$	497,968,232
	Total distributable earnings (loss)		(45,706,618	)		(14,274,211	)		(97,159,486	)
Total Net Assets		$	291,791,197		$	66,039,310		$	400,808,746
Net Asset Value
Class A:
	Net assets	$	176,754,279		$	43,741,815		$	365,482,370
	Shares of beneficial interest outstanding,
	unlimited authorization, no par		16,454,257			5,128,143			170,324,455
	Net asset value per share	$	10.74		$	8.53		$	2.15
	Sales charge		5.75	%		2.75	%		4.00	%
	Offering price per share, equal to net
	asset value per share / (1 – sales
	charge)	$	11.40		$	8.77		$	2.24
Institutional Class*:
	Net assets	$	114,325,870		$	22,249,104		$	34,190,677
	Shares of beneficial interest outstanding,
	unlimited authorization, no par		10,382,411			2,611,520			16,052,930
	Net asset value per share	$	11.01		$	8.52		$	2.13
Class R6**:
	Net assets	$	711,048		$	48,391		$	1,135,699
	Shares of beneficial interest outstanding,
	unlimited authorization, no par		64,249			5,666			526,691
	Net asset value per share	$	11.07		$	8.54		$	2.16
____________________
1 Investments, at cost		$	354,658,637		$	73,616,082		$	446,381,989
2 Foreign currencies, at cost			415,875			—			—
*On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements. **On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

157

Statements of assets and liabilities

					Delaware
		Delaware			International		Delaware
		Government Cash			Opportunities		Investment
		Management Fund			Bond Fund		Grade Fund
Assets:
	Investments, at value1		$	172,290,833	$	45,418,066	$	280,326,731
	Cash			32,479,016		—		74,611
	Cash collateral for derivatives			—		21,533		213,675
	Foreign currencies, at value2			—		1,500,073		—
	Receivable for fund shares sold			381,255		22,489		35,997
	Dividends and interest receivable			2,739		212,232		2,238,360
	Receivable for securities sold			—		4,289,689		5,807,838
	Variation margin due from HSBC on      futures contracts			—		18,777		—
	Unrealized gain on foreign currency      exchange contracts			—		392,404		—
	Foreign tax reclaims receivable			—		126,772		—
	Other assets			4,781		4,781		19,124
	Total assets			205,158,624		52,006,816		288,716,336

158

					Delaware
		Delaware			International			Delaware
		Government Cash			Opportunities			Investment
		Management Fund			Bond Fund			Grade Fund
Liabilities:
	Due to custodian		$	—	$	3,476,819		$	—
	Payable for securities purchased			2,999,994		—			7,579,981
	Payable for fund shares redeemed			2,850,903		54,327			277,385
	Distribution payable			4,337		832			45,219
	Custody fees payable			3,548		9,155			5,278
	Unrealized loss on foreign currency      exchange contracts			—		61,616			—
	Variation margin due to HSBC on futures      contracts			—		—			14,766
	Dividend disbursing and transfer agent      fees and expenses payable to      non-affiliates			37,547		40,207			57,509
	Investment management fees payable to      affiliates			26,997		53,806			143,057
	Audit and tax fees payable			18,338		24,213			23,152
	Reports and statements to shareholders      expenses payable to non-affiliates			11,698		10,666			19,185
	Legal fees payable to non-affiliates			2,252		1,833			5,232
	Dividend disbursing and transfer agent      fees and expenses payable to affiliates			1,603		621			2,439
	Trustees’ fees and expenses payable			1,219		530			2,156
	Accounting and administration expenses      payable to affiliates			908		559			1,205
	Legal fees payable to affiliates			325		142			576
	Reports and statements to shareholders      expenses payable to affiliates			253		63			362
	Other accrued expenses			148		1,281			20,256
	Distribution fees payable			—		7,128			61,051
	Total liabilities			5,960,070		3,743,798			8,258,809
Total Net Assets			$	199,198,554	$	48,263,018		$	280,457,527
Net Assets Consist of:
	Paid-in capital		$	199,198,554	$	74,480,762		$	300,214,286
	Total distributable earnings (loss)			—		(26,217,744	)		(19,756,759	)
Total Net Assets			$	199,198,554	$	48,263,018		$	280,457,527

159

Statements of assets and liabilities

				Delaware
	Delaware			International			Delaware
	Government Cash			Opportunities			Investment
	Management Fund			Bond Fund			Grade Fund
Net Asset Value
Class A:
Net assets		$	199,188,502	$	31,862,320		$	277,323,330
Shares of beneficial interest outstanding,
unlimited authorization, no par			199,188,541		3,839,988			30,869,424
Net asset value per share		$	1.00	$	8.30		$	8.98
Sales charge			—		4.50	%		4.50	%
Offering price per share, equal to net
asset value per share / (1 – sales
charge)		$	1.00	$	8.69		$	9.40
Institutional Class*:
Net assets		$	10,052	$	16,326,172		$	2,228,217
Shares of beneficial interest outstanding,
unlimited authorization, no par			10,052		1,942,673			246,630
Net asset value per share		$	1.00	$	8.40		$	9.03
Class R6**:
Net assets		$	—	$	74,526		$	905,980
Shares of beneficial interest outstanding,
unlimited authorization, no par			—		8,773			100,533
Net asset value per share		$	—	$	8.49		$	9.01
____________________
1 Investments, at cost		$	172,290,833	$	46,356,165		$	298,517,877
2 Foreign currencies, at cost			—	$	1,446,732			—

*On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.

**On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

160

	Delaware
	Limited		Delaware		Delaware
	Duration		Strategic		Covered Call
	Bond Fund		Income II Fund		Strategy Fund
Assets:
Investments, at value1	$	189,455,489	$	98,079,650	$	182,418,412
Cash		—		52,457		—
Cash collateral for derivatives		—		28,490		—
Receivable for securities sold		1,907,586		2,849,947		6,834,935
Dividends and interest receivable		842,463		853,171		207,829
Receivable for fund shares sold		58,292		26,718		44,839
Variation margin due from HSBC on
futures contracts		—		1,969		—
Foreign tax reclaims receivable		—		—		13,244
Other assets		10,216		4,822		11,236
Total assets		192,274,046		101,897,224		189,530,495
Liabilities:
Options written, at value2		—		—		12,069,317
Due to custodian		455		—		379
Payable for fund shares redeemed		136,867		89,728		155,409
Distribution payable		18,947		16,275		17
Payable for securities purchased		—		704,463		5,868,311
Investment management fees payable to
affiliates		59,368		50,518		106,633
Dividend disbursing and transfer agent
fees and expenses payable to
non-affiliates		53,646		18,181		72,441
Distribution fees payable to affiliates		23,418		23,030		29,491
Audit and tax fees payable		23,152		14,877		19,837
Other accrued expenses		17,928		9,306		8,332
Reports and statements to shareholders
expenses payable to non-affiliates		15,459		7,316		11,492
Custody fees payable		4,657		1,069		1,167
Legal fees payable to non-affiliates		3,101		1,809		4,491
Dividend disbursing and transfer agent
fees and expenses payable to affiliates		1,655		911		1,530
Trustees’ fees and expenses payable		1,421		812		1,439
Accounting and administration expenses
payable to affiliates		927		662		882
Legal fees payable to affiliates		380		976		385
Reports and statements to shareholders
expenses payable to affiliates		245		130		206
Total liabilities		361,626		940,063		18,351,759

161

Statements of assets and liabilities

	Delaware
	Limited			Delaware			Delaware
	Duration			Strategic			Covered Call
	Bond Fund			Income II Fund			Strategy Fund
Total Net Assets	$	191,912,420		$	100,957,161		$	171,178,736
Net Assets Consist of:
Paid-in capital	$	227,050,357		$	123,325,987		$	188,781,327
Total distributable earnings (loss)		(35,137,937	)		(22,368,826	)		(17,602,591	)
Total Net Assets	$	191,912,420		$	100,957,161		$	171,178,736
Net Asset Value
Class A:
Net assets	$	181,119,221		$	100,598,810		$	129,033,313
Shares of beneficial interest outstanding,
unlimited authorization, no par		19,700,504			12,236,103			13,903,904
Net asset value per share	$	9.19		$	8.22		$	9.28
Sales charge		2.75	%		4.50	%		5.75	%
Offering price per share, equal to net
asset value per share / (1 – sales
charge)	$	9.45		$	8.61		$	9.85
Institutional Class*:
Net assets	$	10,390,593		$	358,351		$	41,266,367
Shares of beneficial interest outstanding,
unlimited authorization, no par		1,126,982			43,619			4,457,827
Net asset value per share	$	9.22		$	8.22		$	9.26
Class R6**:
Net assets	$	402,606		$	—		$	879,056
Shares of beneficial interest outstanding,
unlimited authorization, no par		43,590			—			95,761
Net asset value per share	$	9.24		$	—		$	9.18
____________________
1 Investments, at cost	$	190,721,685		$	111,311,763		$	185,093,989
2 Premium received		—			—			(9,415,978	)

*On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.

**On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

162

	Delaware
	Hedged			Delaware		Delaware
	U.S. Equity			Premium		Total
	Opportunities Fund			Income Fund		Return Fund
Assets:
Investments, at value1		$	74,196,439	$	93,404,386	$	550,427,074
Cash collateral for derivatives			2,006,226		—		50,875
Cash			84,683		—		269,050
Foreign currencies, at value2			—		—		12,883
Receivable for securities sold			596,622		642,209		5,587,516
Dividends and interest receivable			90,408		154,710		2,828,199
Variation margin due from HSBC on
futures contracts			—		—		3,516
Variation margin due from Morgan
Stanley on futures contracts			75,608		—		—
Receivable for fund shares sold			30,280		14,532		96,063
Unrealized gain on foreign currency
exchange contracts			27,821		—		8,556
Foreign tax reclaims receivable			5,731		—		23,857
Upfront payments paid on credit default
swap contracts			—		—		143,003
Other assets			5,108		3,168		29,462
Total assets			77,118,926		94,219,005		559,480,054

163

Statements of assets and liabilities

	Delaware
	Hedged			Delaware		Delaware
	U.S. Equity			Premium		Total
	Opportunities Fund			Income Fund		Return Fund
Liabilities:
Options written, at value3		$	800,690	$	11,308,347	$	—
Due to custodian			54,238		2,350		—
Payable for securities purchased			558,693		1,258,518		4,790,860
Payable for fund shares redeemed			246,570		150,992		371,411
Custody fees payable			15,143		799		20,960
Unrealized depreciation on foreign
currency exchange contracts			27		—		1,168
Annual protection payments on credit
default swap contracts			—		—		655
Distribution payable			—		7		—
Unrealized depreciation on credit default
swap contracts			—		—		26,253
Investment management fees payable to
affiliates			67,828		41,602		319,800
Dividend disbursing and transfer agent
fees and expenses payable to
non-affiliates			34,715		39,575		148,366
Audit and tax fees payable			20,898		19,837		24,118
Reports and statements to shareholders
expenses payable to non-affiliates			13,579		4,086		42,450
Distribution fees payable to affiliates			12,476		8,605		123,714
Other accrued expenses			9,978		12,695		58,492
Legal fees payable to non-affiliates			2,525		2,304		11,101
Dividend disbursing and transfer agent
fees and expenses payable to affiliates			664		735		4,890
Trustees’ fees and expenses payable			596		689		4,464
Accounting and administration expenses
payable to affiliates			575		600		2,076
Legal fees payable to affiliates			159		184		1,953
Reports and statements to shareholders
expenses payable to affiliates			94		101		688
Total liabilities			1,839,448		12,852,026		5,953,419
Total Net Assets		$	75,279,478	$	81,366,979	$	553,526,635

164

	Delaware
	Hedged				Delaware				Delaware
	U.S. Equity				Premium				Total
	Opportunities Fund				Income Fund				Return Fund
Net Assets Consist of:
Paid-in capital		$	67,369,175			$	101,929,241			$	631,020,629
Total distributable earnings (loss)			7,910,303				(20,562,262	)			(77,493,994	)
Total Net Assets		$	75,279,478			$	81,366,979			$	553,526,635
Net Asset Value
Class A:
Net assets		$	55,979,401			$	37,057,096			$	551,947,680
Shares of beneficial interest outstanding,
unlimited authorization, no par			5,917,347				4,508,503				43,828,250
Net asset value per share		$	9.46			$	8.22			$	12.59
Sales charge			5.75	%			5.75	%			5.75	%
Offering price per share, equal to net
asset value per share / (1 – sales
charge)		$	10.04			$	8.72			$	13.36
Institutional Class*:
Net assets		$	19,195,880			$	44,273,947			$	498,951
Shares of beneficial interest outstanding,
unlimited authorization, no par			2,000,363				5,383,580				39,451
Net asset value per share		$	9.60			$	8.22			$	12.65
Class R6**:
Net assets		$	104,197			$	35,936			$	1,080,004
Shares of beneficial interest outstanding,
unlimited authorization, no par			10,862				8,260				85,180
Net asset value per share		$	9.59			$	4.35			$	12.68
____________________
1 Investments, at cost		$	78,084,596			$	123,557,708			$	629,917,689
2 Foreign currencies, at cost			—				—				12,879
3 Premium received			(842,722	)			(19,880,764	)			—
*On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
**On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

165

Statements of operations

Six months ended March 31, 2020 (Unaudited)

	Delaware				Delaware				Delaware
	Equity				Growth and				Growth
	Income Fund				Income Fund				Equity Fund
Investment Income:
Dividends		$	5,994,126			$	19,145,346			$	3,162,865
Interest			20,144				46,728				7,799
			6,014,270				19,192,074				3,170,664
Expenses:
Management fees			1,378,075				4,123,488				2,032,391
Distribution expenses — Class A			524,813				1,672,506				619,106
Dividend disbursing and transfer agent
fees and expenses			328,446				1,085,698				557,851
Registration fees			62,855				82,162				62,400
Accounting and administration expenses			51,557				124,126				68,236
Reports and statements to shareholders
expenses			43,739				130,235				74,491
Trustees’ fees and expenses			17,795				56,747				25,839
Audit and tax fees			17,713				17,712				17,713
Legal fees			12,956				36,800				16,340
Custodian fees			6,872				31,410				13,119
Other			8,026				26,891				21,373
			2,452,847				7,387,775				3,508,859
Less expenses waived			(651	)			(2,003	)			(26,382	)
Less expenses paid indirectly			(1,530	)			(5,132	)			(4,831	)
Total operating expenses			2,450,666				7,380,640				3,477,646
Net Investment Income (Loss)			3,563,604				11,811,434				(306,982	)
Net Realized and Unrealized Gain
(Loss):
Net realized gain on investments			104,925,193				356,867,588				26,629,011
Net change in unrealized appreciation
(depreciation) of investments			(194,283,350	)			(645,997,531	)			(59,429,096	)
Net Realized and Unrealized Loss			(89,358,157	)			(289,129,943	)			(32,800,085	)
Net Decrease in Net Assets Resulting
from Operations		$	(85,794,553	)		$	(277,318,509	)		$	(33,107,067	)

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

166

	Delaware				Delaware				Delaware
	Opportunity				Special				Global
	Fund				Situations Fund				Equity Fund
Investment Income:
Dividends		$	8,445,706			$	4,805,450			$	3,554,438
Interest			27,910				19,396				1,970
Foreign tax withheld			(4,432	)			—				(234,316	)
			8,469,184				4,824,846				3,322,092
Expenses:
Management fees			3,069,176				1,656,918				1,516,795
Distribution expenses — Class A			1,041,429				539,983				398,598
Dividend disbursing and transfer agent
fees and expenses			848,344				455,002				348,496
Reports and statements to shareholders
expenses			93,265				67,846				50,301
Accounting and administration expenses			84,041				52,930				46,363
Registration fees			67,522				60,968				60,409
Trustees’ fees and expenses			35,382				18,666				15,599
Legal fees			22,344				11,421				12,944
Custodian fees			18,090				15,101				37,473
Audit and tax fees			17,728				17,724				30,704
Other			17,352				10,743				12,362
			5,314,673				2,907,302				2,530,044
Less expenses waived			(192,342	)			(74,268	)			(60,253	)
Less expenses paid indirectly			(6,133	)			(2,439	)			—
Total operating expenses			5,116,198				2,830,595				2,469,791
Net Investment Income			3,352,986				1,994,251				852,301

167

Statements of operations

	Delaware				Delaware				Delaware
	Opportunity				Special				Global
	Fund				Situations Fund				Equity Fund
Net Realized and Unrealized Gain
(Loss):
Net realized gain (loss) on:
Investments		$	161,499,140			$	22,612,585			$	58,191,744
Foreign currencies			—				—				306,203
Foreign currency exchange contracts			—				—				(285,130	)
Net realized gain			161,499,140				22,612,585				58,212,817
Net change in unrealized appreciation
(depreciation) of:
Investments			(408,142,219	)			(160,006,100	)			(94,107,004	)
Foreign currencies			—				—				37,400
Foreign currency exchange contracts			—				—				(15,814	)
Net change in unrealized appreciation
(depreciation)			(408,142,219	)			(160,006,100	)			(94,085,418	)
Net Realized and Unrealized Loss			(246,643,079	)			(137,393,515	)			(35,872,601	)
Net Decrease in Net Assets Resulting
from Operations		$	(243,290,093	)		$	(135,399,264	)		$	(35,020,300	)

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

168

	Delaware				Delaware				Delaware
	International				Floating				Fund
	Fund				Rate II Fund				for Income
Investment Income:
Dividends		$	3,589,491			$	36,671			$	142,031
Interest			19,807				2,383,109				13,718,244
Foreign tax withheld			(351,064	)			—				—
			3,258,234				2,419,780				13,860,275
Expenses:
Management fees			1,738,758				217,965				1,524,146
Distribution expenses — Class A			280,449				69,372				549,316
Dividend disbursing and transfer agent
fees and expenses			418,341				97,336				402,390
Registration fees			60,579				46,635				41,940
Custodian fees			52,493				1,641				12,817
Accounting and administration expenses			50,429				25,646				55,189
Reports and statements to shareholders
expenses			47,327				17,801				64,984
Audit and tax fees			30,704				24,353				23,153
Trustees’ fees and expenses			17,121				4,015				20,101
Legal fees			11,815				4,740				14,457
Other			10,435				2,504				36,565
			2,718,451				512,008				2,745,058
Less expenses waived			(28	)			(62,590	)			(1,022	)
Less expenses paid indirectly			(1,478	)			(1,428	)			(4,908	)
Total operating expenses			2,716,945				447,990				2,739,128
Net Investment Income			541,289				1,971,790				11,121,147

169

Statements of operations

	Delaware				Delaware				Delaware
	International				Floating				Fund
	Fund				Rate II Fund				for Income
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		$	73,314,887			$	(2,964,314	)		$	(8,851,628	)
Foreign currencies			523,368				—				—
Foreign currency exchange contracts			(337,974	)			—				—
Swap contracts			—				(52,031	)			—
Net realized gain (loss)			73,500,281				(3,016,345	)			(8,851,628	)
Net change in unrealized appreciation
(depreciation) of:
Investments			(126,044,529	)			(6,270,003	)			(47,214,612	)
Foreign currencies			104,400				—				—
Foreign currency exchange contracts			(24,718	)			—				—
Net change in unrealized appreciation
(depreciation)			(125,964,847	)			(6,270,003	)			(47,214,612	)
Net Realized and Unrealized Loss			(52,464,566	)			(9,286,348	)			(56,066,240	)
Net Decrease in Net Assets Resulting
from Operations		$	(51,923,277	)		$	(7,314,558	)		$	(44,945,093	)

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

170

					Delaware
	Delaware				International				Delaware
	Government Cash				Opportunities				Investment
	Management Fund				Bond Fund				Grade Fund
Investment Income:
Interest		$	1,392,127			$	576,715			$	5,026,498
Dividends			—				19,090				37,031
Foreign tax withheld			—				3,813				—
			1,392,127				599,618				5,063,529
Expenses:
Management fees			411,369				311,548				836,775
Distribution expenses — Class A			—				46,920				408,798
Dividend disbursing and transfer agent
fees and expenses			238,540				100,300				280,620
Registration fees			33,622				30,110				48,407
Accounting and administration expenses			28,895				25,178				44,612
Reports and statements to shareholders
expenses			19,937				23,661				51,390
Audit and tax fees			18,338				24,213				23,153
Trustees’ fees and expenses			7,068				3,773				14,636
Legal fees			5,120				4,154				11,549
Custodian fees			4,905				6,690				10,278
Other			1,756				10,333				21,578
			769,550				586,880				1,751,796
Less expenses waived			(270,630	)			(72,814	)			(18,298	)
Less expenses paid indirectly			—				—				(3,256	)
Total operating expenses			498,920				514,066				1,730,242
Net Investment Income			893,207				85,552				3,333,287

171

Statements of operations

				Delaware
	Delaware			International				Delaware
	Government Cash			Opportunities				Investment
	Management Fund			Bond Fund				Grade Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		$	—		$	(1,249,876	)		$	26,248,037
Foreign currencies			—			(12,698,179	)			—
Foreign currency exchange contracts			—			(1,304,570	)			—
Futures contracts			—			(7,394	)			446,575
Options purchased			—			211,219				—
Net realized gain (loss)			—			(15,048,800	)			26,694,612
Net change in unrealized appreciation
(depreciation) of:
Investments			—			11,187,818				(45,465,658	)
Foreign currencies			—			49,005				—
Foreign currency exchange contracts			—			1,312,828				—
Futures contracts			—			37,484				643,686
Net change in unrealized appreciation
(depreciation)			—			12,587,135				(44,821,972	)
Net Realized and Unrealized Loss			—			(2,461,665	)			(18,127,360	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		$	893,207		$	(2,376,113	)		$	(14,794,073	)

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

172

	Delaware
	Limited				Delaware				Delaware
	Duration				Strategic				Covered Call
	Bond Fund				Income II Fund				Strategy Fund
Investment Income:
Interest		$	2,817,423			$	2,389,939			$	—
Dividends			17,875				118,234				3,166,879
			2,835,298				2,508,173				3,166,879
Expenses:
Management fees			562,757				334,912				991,257
Distribution expenses — Class A			251,820				155,616				233,706
Dividend disbursing and transfer agent
fees and expenses			216,356				93,652				221,749
Registration fees			51,093				31,409				51,019
Reports and statements to shareholders
expenses			38,201				15,509				25,879
Accounting and administration expenses			36,629				28,416				38,670
Audit and tax fees			23,152				14,878				19,841
Trustees’ fees and expenses			10,580				5,274				10,501
Legal fees			9,658				6,322				9,393
Custodian fees			6,360				3,041				4,112
Other			15,453				11,560				5,959
			1,222,059				700,589				1,612,086
Less expenses waived			(298,371	)			—				(43,019	)
Less waived distribution
expenses — Class A			(98,314	)			—				—
Less expenses paid indirectly			(2,976	)			(2,445	)			(1,926	)
Total operating expenses			822,398				698,144				1,567,141
Net Investment Income			2,012,900				1,810,029				1,599,738

173

Statements of operations

	Delaware
	Limited				Delaware				Delaware
	Duration				Strategic				Covered Call
	Bond Fund				Income II Fund				Strategy Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		$	4,560,876			$	(4,664,791	)		$	18,539,436
Foreign currencies			—				8,213				—
Futures contracts			—				144,113				—
Options written			—				—				(6,172,376	)
Net realized gain (loss)			4,560,876				(4,512,465	)			12,367,060
Net change in unrealized appreciation
(depreciation) of:
Investments			(6,101,720	)			(8,898,010	)			(60,879,863	)
Foreign currencies			—				(2,091	)			—
Futures contracts			—				(36,984	)			—
Options written			—				—				609,849
Net change in unrealized appreciation
(depreciation)			(6,101,720	)			(8,937,085	)			(60,270,014	)
Net Realized and Unrealized Loss			(1,540,844	)			(13,449,550	)			(47,902,954	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		$	472,056			$	(11,639,521	)		$	(46,303,216	)

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

174

		Delaware
		Hedged				Delaware			Delaware
		U.S. Equity				Premium			Total
		Opportunities Fund				Income Fund			Return Fund
Investment Income:
	Dividends		$	850,858		$	1,925,514		$	7,162,812
	Interest			33,084			—			4,203,620
	Foreign tax withheld			(3,489	)		(2,160	)		(31,597	)
				880,453			1,923,354			11,334,835
Expenses:
	Management fees			575,465			452,170			2,315,725
	Distribution expenses — Class A			88,576			66,980			905,854
	Dividend disbursing and transfer agent
	fees and expenses			93,228			94,811			625,366
	Registration fees			47,940			53,902			60,703
	Reports and statements to shareholders
	expenses			29,425			5,947			100,613
	Accounting and administration expenses			26,469			27,560			75,323
	Audit and tax fees			21,124			19,844			24,134
	Custodian fees			20,835			2,087			43,297
	Legal fees			5,322			3,800			25,011
	Trustees’ fees and expenses			4,530			4,835			31,009
	Other			5,645			1,551			52,486
				918,559			733,487			4,259,521
	Less expenses waived			(114,207	)		(65,074	)		(723	)
	Less expenses paid indirectly			(13,390	)		(1,174	)		(18,866	)
	Total operating expenses			790,962			667,239			4,239,932
Net Investment Income				89,491			1,256,115			7,094,903

175

Statements of operations

		Delaware
		Hedged				Delaware			Delaware
		U.S. Equity				Premium			Total
		Opportunities Fund				Income Fund			Return Fund
Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
	Investments			13,300,992			112,390			107,847,243
	Foreign currencies			44,196			—			13,165
	Foreign currency exchange contracts			43,323			—			(91,936	)
	Futures contracts			4,203,335			—			(241,535	)
	Options purchased			3,014,405			—			—
	Options written			(2,172,349	)		1,290,896			—
	Swap contracts			—			—			247,262
	Net realized gain			18,433,902			1,403,286			107,774,199
	Net change in unrealized appreciation
	(depreciation) of:
	Investments			(24,832,529	)		(33,156,926	)		(231,369,975	)
	Foreign currencies			(1,168	)		—			(1,485	)
	Foreign currency exchange contracts			7,771			—			7,388
	Futures contracts			(969,560	)		—			(118,777	)
	Options purchased			(62,987	)		—			—
	Options written			(392,280	)		12,565,936			—
	Swap contracts			—			—			(26,761	)
	Net change in unrealized appreciation
	(depreciation)			(26,250,753	)		(20,590,990	)		(231,509,610	)
Net Realized and Unrealized Loss				(7,816,851	)		(19,187,704	)		(123,735,411	)
Net Decrease in Net Assets Resulting
	from Operations		$	(7,727,360	)	$	(17,931,589	)	$	(116,640,508	)

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

176

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Statements of changes in net assets

Delaware Equity Income Fund

		Six months
		ended
		3/31/20			Year ended
		(Unaudited)			9/30/19
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	3,563,604		$	8,879,846
	Net realized gain		104,925,193			33,813,012
	Net change in unrealized appreciation (depreciation)		(194,283,350	)		(38,030,962	)
	Net increase (decrease) in net assets resulting from
	operations		(85,794,553	)		4,661,896
Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(130,089,227	)		(67,899,359	)
	Class B*		—			(286,459	)
	Institutional Class**		(326,346	)		(9,736,043	)
	Class R6***		(378,413	)		(284,978	)
			(130,793,986	)		(78,206,839	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A		14,843,168			41,356,189
	Class B*		—			93,212
	Institutional Class**		353,493			9,803,002
	Class R6***		157,909			1,785,192
	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		128,580,422			66,810,971
	Class B*		—			286,459
	Institutional Class**		301,625			9,664,501
	Class R6***		378,413			284,977
			144,615,030			130,084,503

178

		Six months
		ended
		3/31/20			Year ended
		(Unaudited)			9/30/19
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(96,851,528	)	$	(124,019,685	)
	Class B*		—			(2,586,603	)
	Institutional Class**		(1,183,388	)		(86,468,280	)
	Class R6***		(569,476	)		(2,892,185	)
			(98,604,392	)		(215,966,753	)
Increase (Decrease) in net assets derived from capital share
	transactions		46,010,638			(85,882,250	)
Net Decrease in Net Assets			(170,577,901	)		(159,427,193	)
Net Assets:
	Beginning of period		471,830,112			631,257,305
	End of period	$	301,252,211		$	471,830,112

*	All Class B shares were converted into Class A shares on June 14, 2019.
**	On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
***	On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

179

Statements of changes in net assets
Delaware Growth and Income Fund

	Six months
	ended
	3/31/20			Year ended
	(Unaudited)			9/30/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	11,811,434		$	22,841,340
Net realized gain		356,867,588			191,416,436
Net change in unrealized appreciation (depreciation)		(645,997,531	)		(189,978,012	)
Net increase (decrease) in net assets resulting from
operations		(277,318,509	)		24,279,764
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(482,570,022	)		(285,704,754	)
Class B*		—			(2,023,413	)
Institutional Class**		(2,819,757	)		(25,839,515	)
Class R6***		(1,873,607	)		(1,676,586	)
		(487,263,386	)		(315,244,268	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		37,713,427			104,698,583
Class B*		—			320,127
Institutional Class**		2,123,209			92,583,930
Class R6***		244,901			709,788
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		478,472,427			282,926,826
Class B*		—			2,019,655
Institutional Class**		2,760,247			25,657,982
Class R6***		1,873,606			1,676,586
		523,187,817			510,593,477

180

	Six months
	ended
	3/31/20			Year ended
	(Unaudited)			9/30/19
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(247,140,492	)	$	(313,279,311	)
Class B*		—			(11,984,237	)
Institutional Class**		(18,763,759	)		(215,436,743	)
Class R6***		(1,409,254	)		(6,215,502	)
		(267,313,505	)		(546,915,793	)
Increase (Decrease) in net assets derived from capital share
transactions		255,874,312			(36,322,316	)
Net Decrease in Net Assets		(508,707,583	)		(327,286,820	)
Net Assets:
Beginning of period		1,491,586,646			1,818,873,466
End of period	$	982,879,063		$	1,491,586,646

*	All Class B shares were converted into Class A shares on June 14, 2019.
**	On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
***	On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

181

Statements of changes in net assets
Delaware Growth Equity Fund

	Six months
	ended
	3/31/20			Year ended
	(Unaudited)			9/30/19
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(306,982	)	$	1,760,472
Net realized gain		26,629,011			59,410,250
Net change in unrealized appreciation (depreciation)		(59,429,096	)		(106,507,568	)
Net decrease in net assets resulting from operations		(33,107,067	)		(45,336,846	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(51,256,384	)		(26,782,811	)
Class B*		—			(154,240	)
Institutional Class**		(14,562,190	)		(9,136,425	)
Class R6***		(406,462	)		(308,565	)
		(66,225,036	)		(36,382,041	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		26,329,867			91,999,515
Class B*		—			165,997
Institutional Class**		13,741,320			118,768,769
Class R6***		152,565			1,197,203
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		50,798,612			26,527,802
Class B*		—			150,066
Institutional Class**		14,146,829			9,075,112
Class R6***		406,461			308,565
		105,575,654			248,193,029

182

	Six months
	ended
	3/31/20			Year ended
	(Unaudited)			9/30/19
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(103,815,400	)	$	(120,862,330	)
Class B*		—			(2,962,433	)
Institutional Class**		(50,708,849	)		(159,103,061	)
Class R6***		(1,560,115	)		(4,543,171	)
		(156,084,364	)		(287,470,995	)
Decrease in net assets derived from capital share transactions		(50,508,710	)		(39,277,966	)
Net Decrease in Net Assets		(149,840,813	)		(120,996,853	)
Net Assets:
Beginning of period		654,699,352			775,696,205
End of period	$	504,858,539		$	654,699,352

*	All Class B shares were converted into Class A shares on June 14, 2019.
**	On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
***	On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

183

Statements of changes in net assets
Delaware Opportunity Fund

	Six months
	ended
	3/31/20			Year ended
	(Unaudited)			9/30/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	3,352,986		$	3,693,300
Net realized gain		161,499,140			107,728,650
Net change in unrealized appreciation (depreciation)		(408,142,219	)		(108,217,293	)
Net increase (decrease) in net assets resulting from
operations		(243,290,093	)		3,204,657
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(260,597,869	)		(89,968,893	)
Class B*		—			(687,500	)
Institutional Class**		(1,436,450	)		(13,689,378	)
Class R6***		(621,869	)		(437,316	)
		(262,656,188	)		(104,783,087	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		26,870,397			85,847,163
Class B*		—			202,837
Institutional Class**		965,028			25,710,508
Class R6***		211,095			652,202
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		258,629,421			89,198,488
Class B*		—			684,857
Institutional Class**		1,387,018			13,608,679
Class R6***		621,869			437,316
		288,684,828			216,342,050

184

	Six months
	ended
	3/31/20			Year ended
	(Unaudited)			9/30/19
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(158,506,360	)	$	(184,561,093	)
Class B*		—			(6,188,675	)
Institutional Class**		(7,850,775	)		(163,748,110	)
Class R6***		(1,082,844	)		(4,052,940	)
		(167,439,979	)		(358,550,818	)
Increase (Decrease) in net assets derived from capital share
transactions		121,244,849			(142,208,768	)
Net Decrease in Net Assets		(384,701,432	)		(243,787,198	)
Net Assets:
Beginning of period		928,001,917			1,171,789,115
End of period	$	543,300,485		$	928,001,917

*	All Class B shares were converted into Class A shares on June 14, 2019.
**	On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
***	On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

185

Statements of changes in net assets
Delaware Special Situations Fund

	Six months
	ended
	3/31/20			Year ended
	(Unaudited)			9/30/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,994,251		$	2,546,193
Net realized gain		22,612,585			37,166,502
Net change in unrealized appreciation (depreciation)		(160,006,100	)		(110,118,154	)
Net decrease in net assets resulting from operations		(135,399,264	)		(70,405,459	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(61,185,168	)		(69,289,188	)
Class B*		—			(397,669	)
Institutional Class**		(770,700	)		(16,747,438	)
Class R6***		(512,755	)		(988,798	)
		(62,468,623	)		(87,423,093	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		17,129,987			57,725,267
Class B*		—			105,962
Institutional Class**		482,169			27,517,981
Class R6***		133,462			675,600
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		60,626,902			68,590,690
Class B*		—			395,996
Institutional Class**		762,955			16,649,603
Class R6***		512,756			987,844
		79,648,231			172,648,943

186

	Six months
	ended
	3/31/20			Year ended
	(Unaudited)			9/30/19
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(89,880,653	)	$	(104,992,077	)
Class B*		—			(2,429,549	)
Institutional Class**		(9,950,166	)		(142,584,431	)
Class R6***		(889,873	)		(5,468,146	)
		(100,720,692	)		(255,474,203	)
Decrease in net assets derived from capital share transactions		(21,072,461	)		(82,825,260	)
Net Decrease in Net Assets		(218,940,348	)		(240,653,812	)
Net Assets:
Beginning of period		492,952,209			733,606,021
End of period	$	274,011,861		$	492,952,209

*	All Class B shares were converted into Class A shares on June 14, 2019.
**	On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
***	On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

187

Statements of changes in net assets
Delaware Global Equity Fund

	Six months
	ended
	3/31/20			Year ended
	(Unaudited)			9/30/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	852,301		$	3,967,886
Net realized gain (loss)		58,212,817			(6,888,442	)
Net change in unrealized appreciation (depreciation)		(94,085,418	)		(4,967,086	)
Net decrease in net assets resulting from operations		(35,020,300	)		(7,887,642	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(47,492,756	)		(43,940,031	)
Class B*		—			(324,786	)
Institutional Class**		(3,789,098	)		(25,969,559	)
Class R6***		(280,865	)		(407,474	)
		(51,562,719	)		(70,641,850	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		7,948,014			27,819,062
Class B*		—			77,755
Institutional Class**		3,366,869			118,947,331
Class R6***		149,897			357,949
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		46,817,307			43,193,288
Class B*		—			324,786
Institutional Class**		3,775,915			25,895,633
Class R6***		280,865			407,474
		62,338,867			217,023,278

188

	Six months
	ended
	3/31/20			Year ended
	(Unaudited)			9/30/19
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(55,128,243	)	$	(68,689,497	)
Class B*		—			(2,265,919	)
Institutional Class**		(57,556,733	)		(271,864,556	)
Class R6***		(456,031	)		(2,717,006	)
		(113,141,007	)		(345,536,978	)
Decrease in net assets derived from capital share transactions		(50,802,140	)		(128,513,700	)
Net Decrease in Net Assets		(137,385,159	)		(207,043,192	)
Net Assets:
Beginning of period		421,615,476			628,658,668
End of period	$	284,230,317		$	421,615,476

*	All Class B shares were converted into Class A shares on June 14, 2019.
**	On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
***	On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

189

Statements of changes in net assets
Delaware International Fund

	Six months
	ended
	3/31/20			Year ended
	(Unaudited)			9/30/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	541,289		$	1,137,496
Net realized gain		73,500,281			21,649,781
Net change in unrealized appreciation (depreciation)		(125,964,847	)		6,761,884
Net increase (decrease) in net assets resulting from
operations		(51,923,277	)		29,549,161
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(49,806,206	)		(16,053,838	)
Class B*		—			(72,818	)
Institutional Class**		(40,763,845	)		(8,663,047	)
Class R6***		(265,507	)		(183,424	)
		(90,835,558	)		(24,973,127	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		9,915,832			30,633,200
Class B*		—			34,643
Institutional Class**		18,228,886			138,845,397
Class R6***		72,039			333,252
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		49,436,814			15,918,971
Class B*		—			72,635
Institutional Class**		40,743,288			8,630,971
Class R6***		265,507			183,425
		118,662,366			194,652,494

190

	Six months
	ended
	3/31/20			Year ended
	(Unaudited)			9/30/19
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(52,381,648	)	$	(59,056,317	)
Class B*		—			(1,289,492	)
Institutional Class**		(81,514,764	)		(86,942,993	)
Class R6***		(589,121	)		(2,625,255	)
		(134,485,533	)		(149,914,057	)
Increase (Decrease) in net assets derived from capital share
transactions		(15,823,167	)		44,738,437
Net Increase (Decrease) in Net Assets		(158,582,002	)		49,314,471
Net Assets:
Beginning of period		450,373,199			401,058,728
End of period	$	291,791,197		$	450,373,199

*	All Class B shares were converted into Class A shares on June 14, 2019.
**	On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
***	On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

191

Statements of changes in net assets
Delaware Floating Rate II Fund

	Six months
	ended
	3/31/20			Year ended
	(Unaudited)			9/30/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,971,790		$	8,274,311
Net realized loss		(3,016,345	)		(231,419	)
Net change in unrealized appreciation (depreciation)		(6,270,003	)		(2,650,231	)
Net increase (decrease) in net assets resulting from
operations		(7,314,558	)		5,392,661
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(1,274,645	)		(2,770,276	)
Institutional Class*		(812,328	)		(4,436,212	)
Class R6**		(7,630	)		(1,069,434	)
		(2,094,603	)		(8,275,922	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		3,244,734			19,796,406
Institutional Class*		5,696,171			55,959,610
Class R6**		37,547			3,204,376
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		1,191,818			2,621,576
Institutional Class*		808,682			4,303,144
Class R6**		7,564			30,284
		10,986,516			85,915,396

192

	Six months
	ended
	3/31/20			Year ended
	(Unaudited)			9/30/19
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(19,073,121	)	$	(25,931,302	)
Institutional Class*		(21,160,800	)		(162,934,169	)
Class R6**		(479,557	)		(34,376,234	)
		(40,713,478	)		(223,241,705	)
Decrease in net assets derived from capital share transactions		(29,726,962	)		(137,326,309	)
Net Decrease in Net Assets		(39,136,123	)		(140,209,570	)
Net Assets:
Beginning of period		105,175,433			245,385,003
End of period	$	66,039,310		$	105,175,433

*	On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
**	On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

193

Statements of changes in net assets
Delaware Fund for Income

	Six months
	ended
	3/31/20			Year ended
	(Unaudited)			9/30/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	11,121,147		$	28,225,944
Net realized loss		(8,851,628	)		(554,649	)
Net change in unrealized appreciation (depreciation)		(47,214,612	)		5,012,920
Net increase (decrease) in net assets resulting from
operations		(44,945,093	)		32,684,215
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(10,891,189	)		(26,190,928	)
Class B*		—			(49,755	)
Institutional Class**		(707,593	)		(2,944,295	)
Class R6***		(77,158	)		(2,093,656	)
		(11,675,940	)		(31,278,634	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		11,830,534			32,589,138
Class B*		—			104,665
Institutional Class**		16,561,023			44,665,685
Class R6***		529,058			18,118,700
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		9,404,053			22,732,227
Class B*		—			41,153
Institutional Class**		703,454			2,736,588
Class R6***		44,659			167,967
		39,072,781			121,156,123

194

	Six months
	ended
	3/31/20			Year ended
	(Unaudited)			9/30/19
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(80,651,346	)	$	(102,791,798	)
Class B*		—			(1,917,196	)
Institutional Class**		(7,990,578	)		(99,019,284	)
Class R6***		(35,752,087	)		(15,224,537	)
		(124,394,011	)		(218,952,815	)
Decrease in net assets derived from capital share transactions		(85,321,230	)		(97,796,692	)
Net Decrease in Net Assets		(141,942,263	)		(96,391,111	)
Net Assets:
Beginning of period		542,751,009			639,142,120
End of period	$	400,808,746		$	542,751,009

*	All Class B shares were converted into Class A shares on June 14, 2019.
**	On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
***	On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

195

Statements of changes in net assets
Delaware Government Cash Management Fund

	Six months
	ended
	3/31/20			Year ended
	(Unaudited)			9/30/19
Increase in Net Assets from Operations:
Net investment income	$	893,207		$	2,943,310
Net increase in net assets resulting from operations		893,207			2,943,310
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(893,164	)		(2,942,231	)
Class B*		—			(1,061	)
Class R6**		(43	)		(18	)
		(893,207	)		(2,943,310	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		198,085,171			243,937,757
Class B*		—			119,589
Class R6**		10,021			—
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		842,900			2,848,143
Class B*		—			1,039
Class R6**		42			18
		198,938,134			246,906,546

196

	Six months
	ended
	3/31/20			Year ended
	(Unaudited)			9/30/19
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(168,644,292	)	$	(231,576,163	)
Class B*		—			(222,047	)
Class R6**		(1,039	)		—
		(168,645,331	)		(231,798,210	)
Increase in net assets derived from capital share transactions		30,292,803			15,108,336
Net Increase in Net Assets		30,292,803			15,108,336
Net Assets:
Beginning of period		168,905,751			153,797,415
End of period	$	199,198,554		$	168,905,751

*	All Class B shares were converted into Class A shares on June 14, 2019.
**	On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

197

Statements of changes in net assets
Delaware International Opportunities Bond Fund

	Six months
	ended
	3/31/20			Year ended
	(Unaudited)			9/30/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	85,552		$	4,288,033
Net realized loss		(15,048,800	)		(7,212,574	)
Net change in unrealized appreciation (depreciation)		12,587,135			1,893,674
Net decrease in net assets resulting from operations		(2,376,113	)		(1,030,867	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(75,240	)		(928,347	)
Institutional Class*		(156,145	)		(1,600,584	)
Class R6**		(791	)		(219,517	)
		(232,176	)		(2,748,448	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		1,287,657			4,177,875
Institutional Class*		4,720,637			36,535,536
Class R6**		17,384			9,908,986
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		72,159			888,921
Institutional Class*		153,257			1,596,425
Class R6**		783			8,115
		6,251,877			53,115,858

198

	Six months
	ended
	3/31/20			Year ended
	(Unaudited)			9/30/19
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(11,108,423	)	$	(15,079,450	)
Institutional Class*		(37,522,852	)		(72,895,176	)
Class R6**		(13,898,132	)		(5,632,160	)
		(62,529,407	)		(93,606,786	)
Decrease in net assets derived from capital share transactions		(56,277,530	)		(40,490,928	)
Net Decrease in Net Assets		(58,885,819	)		(44,270,243	)
Net Assets:
Beginning of period		107,148,837			151,419,080
End of period	$	48,263,018		$	107,148,837

*	On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
**	On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

199

Statements of changes in net assets
Delaware Investment Grade Fund

		Six months
		ended
		3/31/20			Year ended
		(Unaudited)			9/30/19
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	3,333,287		$	16,009,220
	Net realized gain		26,694,612			9,505,082
	Net change in unrealized appreciation (depreciation)		(44,821,972	)		35,715,910
	Net increase (decrease) in net assets resulting from
	operations		(14,794,073	)		61,230,212
Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(15,658,259	)		(13,019,432	)
	Class B*		—			(26,417	)
	Institutional Class**		(203,934	)		(5,307,664	)
	Class R6***		(73,872	)		(829,881	)
			(15,936,065	)		(19,183,394	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A		11,529,867			36,161,680
	Class B*		—			103,617
	Institutional Class**		10,875,523			37,872,470
	Class R6***		137,601			4,059,470
	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		15,177,802			12,267,106
	Class B*		—			26,215
	Institutional Class**		201,623			5,266,597
	Class R6***		61,518			53,717
			37,983,934			95,810,872

200

		Six months
		ended
		3/31/20			Year ended
		(Unaudited)			9/30/19
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(82,333,124	)	$	(116,043,630	)
	Class B*		—			(1,670,389	)
	Institutional Class**		(20,050,339	)		(221,815,011	)
	Class R6***		(22,379,525	)		(6,770,284	)
			(124,762,988	)		(346,299,314	)
Decrease in net assets derived from capital share transactions			(86,779,054	)		(250,488,442	)
Net Decrease in Net Assets			(117,509,192	)		(208,441,624	)
Net Assets:
	Beginning of period		397,966,719			606,408,343
	End of period	$	280,457,527		$	397,966,719

*	All Class B shares were converted into Class A shares on June 14, 2019.
**	On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
***	On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

201

Statements of changes in net assets
Delaware Limited Duration Bond Fund

		Six months
		ended
		3/31/20			Year ended
		(Unaudited)			9/30/19
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	2,012,900		$	7,945,941
	Net realized gain		4,560,876			490,159
	Net change in unrealized appreciation (depreciation)		(6,101,720	)		7,076,563
	Net increase in net assets resulting from operations		472,056			15,512,663
Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(2,492,527	)		(6,578,036	)
	Institutional Class*		(390,418	)		(2,085,773	)
	Class R6**		(28,885	)		(1,128,359	)
			(2,911,830	)		(9,792,168	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A		10,604,783			37,598,776
	Institutional Class*		4,569,767			176,696,611
	Class R6**		34,208			35,842,234
	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		2,373,814			6,298,169
	Institutional Class*		373,519			2,061,691
	Class R6**		7,201			21,676
			17,963,292			258,519,157

202

		Six months
		ended
		3/31/20			Year ended
		(Unaudited)			9/30/19
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(50,309,724	)	$	(74,562,975	)
	Institutional Class*		(50,595,380	)		(159,637,535	)
	Class R6**		(47,709,421	)		(27,257,693	)
			(148,614,525	)		(261,458,203	)
Decrease in net assets derived from capital share transactions			(130,651,233	)		(2,939,046	)
Net Increase (Decrease) in Net Assets			(133,091,007	)		2,781,449
Net Assets:
	Beginning of period		325,003,427			322,221,978
	End of period	$	191,912,420		$	325,003,427

*	On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
**	On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

203

Statements of changes in net assets
Delaware Strategic Income II Fund

		Six months
		ended
		3/31/20			Year ended
		(Unaudited)			9/30/19
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	1,810,029		$	4,768,654
	Net realized loss		(4,512,465	)		(950,833	)
	Net change in unrealized appreciation (depreciation)		(8,937,085	)		2,862,510
	Net increase (decrease) in net assets resulting from
	operations		(11,639,521	)		6,680,331
Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(2,113,105	)		(4,796,353	)
	Institutional Class*		(9,455	)		(26,638	)
			(2,122,560	)		(4,822,991	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A		8,596,941			19,197,484
	Institutional Class*		146,599			457,470
	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		2,014,016			4,582,076
	Institutional Class*		9,363			26,041
			10,766,919			24,263,071

204

		Six months
		ended
		3/31/20			Year ended
		(Unaudited)			9/30/19
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(33,453,592	)	$	(40,650,338	)
	Institutional Class*		(315,268	)		(688,192	)
			(33,768,860	)		(41,338,530	)
Decrease in net assets derived from capital share transactions			(23,001,941	)		(17,075,459	)
Net Decrease in Net Assets			(36,764,022	)		(15,218,119	)
Net Assets:
	Beginning of period		137,721,183			152,939,302
	End of period	$	100,957,161		$	137,721,183

* On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.

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

205

Statements of changes in net assets
Delaware Covered Call Strategy Fund

		Six months
		ended
		3/31/20			Year ended
		(Unaudited)			9/30/19
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	1,599,738		$	3,750,010
	Net realized gain (loss)		12,367,060			(12,573,241	)
	Net change in unrealized appreciation (depreciation)		(60,270,014	)		8,864,550
	Net increase (decrease) in net assets resulting from
	operations		(46,303,216	)		41,319
Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(1,128,031	)		(2,445,494	)
	Institutional Class*		(411,763	)		(1,174,712	)
	Class R6**		(10,963	)		(33,338	)
			(1,550,757	)		(3,653,544	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A		14,579,124			44,574,129
	Institutional Class*		6,324,367			55,309,828
	Class R6**		62,115			307,194
	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		1,109,389			2,403,312
	Institutional Class*		382,056			1,083,507
	Class R6**		10,501			33,020
			22,467,552			103,710,990

206

		Six months
		ended
		3/31/20			Year ended
		(Unaudited)			9/30/19
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(62,447,177	)	$	(71,836,104	)
	Institutional Class*		(20,060,585	)		(101,320,736	)
	Class R6**		(432,258	)		(1,727,818	)
			(82,940,020	)		(174,884,658	)
Decrease in net assets derived from capital share transactions			(60,472,468	)		(71,173,668	)
Net Decrease in Net Assets			(108,326,441	)		(74,785,893	)
Net Assets:
	Beginning of period		279,505,177			354,291,070
	End of period	$	171,178,736		$	279,505,177

*	On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
**	On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

207

Statements of changes in net assets
Delaware Hedged U.S. Equity Opportunities Fund

		Six months
		ended
		3/31/20			Year ended
		(Unaudited)			9/30/19
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	89,491		$	288,569
	Net realized gain		18,433,902			12,517,641
	Net change in unrealized appreciation (depreciation)		(26,250,753	)		3,210,979
	Net increase (decrease) in net assets resulting from
	operations		(7,727,360	)		16,017,189
Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(11,099,496	)		(1,268,295	)
	Institutional Class*		(4,445,817	)		(1,748,223	)
	Class R6**		(49,879	)		(9,534	)
			(15,595,192	)		(3,026,052	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A		4,862,290			24,887,381
	Institutional Class*		2,982,403			157,532,297
	Class R6**		74,366			254,983
	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		10,953,456			1,255,237
	Institutional Class*		4,430,714			1,740,439
	Class R6**		49,879			9,534
			23,353,108			185,679,871

208

		Six months
		ended
		3/31/20			Year ended
		(Unaudited)			9/30/19
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(21,178,106	)	$	(18,330,956	)
	Institutional Class*		(26,441,125	)		(218,918,208	)
	Class R6**		(313,151	)		(515,075	)
			(47,932,382	)		(237,764,239	)
Decrease in net assets derived from capital share transactions			(24,579,274	)		(52,084,368	)
Net Decrease in Net Assets			(47,901,826	)		(39,093,231	)
Net Assets:
	Beginning of period		123,181,304			162,274,535
	End of period	$	75,279,478		$	123,181,304

*	On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
**	On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

209

Statements of changes in net assets
Delaware Premium Income Fund

	Six months
	ended
	3/31/20			Year ended
	(Unaudited)			9/30/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,256,115		$	2,116,901
Net realized gain		1,403,286			3,452,367
Net change in unrealized appreciation (depreciation)		(20,590,990	)		(2,128,498	)
Net increase (decrease) in net assets resulting from
operations		(17,931,589	)		3,440,770
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(1,198,700	)		(2,048,419	)
Institutional Class*		(1,456,836	)		(2,126,770	)
Class R6**		(1,985	)		(20,972	)
		(2,657,521	)		(4,196,161	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		5,999,305			32,786,671
Institutional Class*		11,419,879			77,670,239
Class R6**		21,761			27,464
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		1,174,374			2,001,143
Institutional Class*		1,379,195			2,001,731
Class R6**		1,915			15,731
		19,996,429			114,502,979

210

	Six months
	ended
	3/31/20			Year ended
	(Unaudited)			9/30/19
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(21,389,859	)	$	(15,332,080	)
Institutional Class*		(25,345,682	)		(45,830,176	)
Class R6**		(6,936	)		(3,618,214	)
		(46,742,477	)		(64,780,470	)
Increase (Decrease) in net assets derived from capital share
transactions		(26,746,048	)		49,722,509
Net Increase (Decrease) in Net Assets		(47,335,158	)		48,967,118
Net Assets:
Beginning of period		128,702,137			79,735,019
End of period	$	81,366,979		$	128,702,137

*	On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
**	On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

211

Statements of changes in net assets
Delaware Total Return Fund

	Six months
	ended
	3/31/20			Year ended
	(Unaudited)			9/30/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	7,094,903		$	13,035,330
Net realized gain		107,774,199			55,471,198
Net change in unrealized appreciation (depreciation)		(231,509,610	)		(31,701,223	)
Net increase (decrease) in net assets resulting from
operations		(116,640,508	)		36,805,305
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(150,990,689	)		(79,846,565	)
Class B*		—			(471,925	)
Institutional Class**		(186,042	)		(105,598	)
Class R6***		(352,145	)		(3,088,864	)
		(151,528,876	)		(83,512,952	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		25,102,641			70,130,360
Class B*		—			361,645
Institutional Class**		580,997			696,193
Class R6***		122,364			347,661
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		149,220,883			78,807,381
Class B*		—			471,902
Institutional Class**		168,605			91,540
Class R6***		352,145			3,088,864
		175,547,635			153,995,546

212

	Six months
	ended
	3/31/20			Year ended
	(Unaudited)			9/30/19
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(155,971,495	)	$	(192,814,710	)
Class B*		—			(6,418,944	)
Institutional Class**		(1,142,503	)		(568,268	)
Class R6***		(788,969	)		(34,529,019	)
		(157,902,967	)		(234,330,941	)
Increase (Decrease) in net assets derived from capital share
transactions		17,644,668			(80,335,395	)
Net Decrease in Net Assets		(250,524,716	)		(127,043,042	)
Net Assets:
Beginning of period		804,051,351			931,094,393
End of period	$	553,526,635		$	804,051,351

*	All Class B shares were converted into Class A shares on June 14, 2019.
**	On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
***	On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

213

Financial highlights
Delaware Equity Income Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of net investment income to average net assets

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Class A shares of First Investors Equity Income Fund were reorganized into Class A shares of Delaware Equity Income Fund. See Notes to Financial Statements. The Class A shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Equity Income Fund Class A shares.
3	The average shares outstanding method has been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

214

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	9.68		$	11.09		$	10.71		$	9.72		$	8.99		$	9.99
		0.07			0.15			0.26			0.16			0.16			0.15
		(1.35	)		(0.16	)		0.65			1.22			1.08			(0.54	)
		(1.28	)		(0.01	)		0.91			1.38			1.24			(0.39	)
		(0.16	)		(0.26	)		(0.17	)		(0.21	)		(0.16	)		(0.15	)
		(2.91	)		(1.14	)		(0.36	)		(0.18	)		(0.35	)		(0.46	)
		(3.07	)		(1.40	)		(0.53	)		(0.39	)		(0.51	)		(0.61	)
	$	5.33		$	9.68		$	11.09		$	10.71		$	9.72		$	8.99
		(22.00%	)		1.83%			8.68%			14.46%			14.16%			(4.31%	)
	$	299,726		$	468,634		$	545,810		$	564,918		$	529,327		$	485,342
		1.16%			1.19%			1.20%			1.20%			1.22%			1.21%
		1.68%			1.58%			2.42%			1.58%			1.72%			1.52%
		96%	6		39%			35%			15%			22%			23%

215

Financial highlights
Delaware Equity Income Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Advisor Class shares of First Investors Equity Income Fund were reorganized into Institutional Class shares of Delaware Equity Income Fund. See Notes to Financial Statements. The Institutional Class shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Equity Income Fund Advisor Class shares.
3	The average shares outstanding method has been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

216

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	9.73		$	11.16		$	10.77		$	9.74		$	9.00		$	9.99
		0.08			0.20			0.31			0.19			0.20			0.19
		(1.34	)		(0.20	)		0.65			1.23			1.08			(0.55	)
		(1.26	)		—			0.96			1.42			1.28			(0.36	)
		(0.19	)		(0.29	)		(0.21	)		(0.21	)		(0.19	)		(0.17	)
		(2.91	)		(1.14	)		(0.36	)		(0.18	)		(0.35	)		(0.46	)
		(3.10	)		(1.43	)		(0.57	)		(0.39	)		(0.54	)		(0.63	)
	$	5.37		$	9.73		$	11.16		$	10.77		$	9.74		$	9.00
		(21.89%	)5		1.97	%		9.09%			14.87%			14.63%			(3.96%	)
	$	759		$	1,786		$	80,387		$	71,611		$	54,576		$	38,482
		0.92%			0.86%			0.85%			0.84%			0.85%			0.84%
		0.96%			0.86%			0.85%			0.84%			0.85%			0.84%
		1.95%			2.08%			2.79%			1.94%			2.08%			1.90%
		1.91%			2.08%			2.79%			1.94%			2.08%			1.90%
		96%	7		39%			35%			15%			22%			23%

217

Financial highlights
Delaware Equity Income Fund Class R6

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Institutional Class shares of First Investors Equity Income Fund were reorganized into Class R6 shares of Delaware Equity Income Fund. See Notes to Financial Statements. The Class R6 shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Equity Income Fund Institutional Class shares.
3	The average shares outstanding method has been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

218

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	9.67		$	11.12		$	10.72		$	9.78		$	9.04		$	10.03
		0.08			0.19			0.31			0.37			0.20			0.19
		(1.33	)		(0.17	)		0.66			1.06			1.09			(0.55	)
		(1.25	)		0.02			0.97			1.43			1.29			(0.36	)
		(0.19	)		(0.33	)		(0.21	)		(0.31	)		(0.20	)		(0.17	)
		(2.91	)		(1.14	)		(0.36	)		(0.18	)		(0.35	)		(0.46	)
		(3.10	)		(1.47	)		(0.57	)		(0.49	)		(0.55	)		(0.63	)
	$	5.32		$	9.67		$	11.12		$	10.72		$	9.78		$	9.04
		(21.85%	)5		2.18%			9.21%			14.84%			14.67%			(3.97%	)
	$	767		$	1,411		$	2,499		$	2,193		$	2,448		$	9,773
		0.82%			0.81%			0.80%			0.80%			0.78%			0.81%
		0.89%			0.81%			0.80%			0.80%			0.78%			0.81%
		2.03%			1.94%			2.81%			2.02%			2.08%			1.93%
		1.96%			1.94%			2.81%			2.02%			2.08%			1.93%
		96%	7		39%			35%			15%			22%			23%

219

Financial highlights
Delaware Growth and Income Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of net investment income to average net assets

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Class A shares of First Investors Growth & Income Fund were reorganized into Class A shares of Delaware Growth and Income Fund. See Notes to Financial Statements. The Class A shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Growth & Income Fund Class A shares.
3	The average shares outstanding method has been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

220

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	19.85		$	24.41		$	23.30		$	21.51		$	20.35		$	22.76
		0.13			0.27			0.26			0.25			0.26			0.20
		(2.54	)		(0.54	)		2.11			2.66			2.07			(1.37	)
		(2.41	)		(0.27	)		2.37			2.91			2.33			(1.17	)
		(0.29	)		(0.27	)		(0.32	)		(0.37	)		(0.24	)		(0.19	)
		(6.94	)		(4.02	)		(0.94	)		(0.75	)		(0.93	)		(1.05	)
		(7.23	)		(4.29	)		(1.26	)		(1.12	)		(1.17	)		(1.24	)
	$	10.21		$	19.85		$	24.41		$	23.30		$	21.51		$	20.35
		(21.92%	)		2.02%			10.35%			13.99%			11.72%			(5.62%	)
	$	975,543		$	1,464,393		$	1,653,563		$	1,675,590		$	1,588,423		$	1,496,803
		1.09%			1.13%			1.14%			1.15%			1.16%			1.15%
		1.74%			1.37%			1.08%			1.13%			1.28%			0.89%
		95%	6		55%			34%			16%			23%			23%

221

Financial highlights
Delaware Growth and Income Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Advisor Class shares of First Investors Growth & Income Fund were reorganized into Institutional Class shares of Delaware Growth and Income Fund. See Notes to Financial Statements.
	The Institutional Class shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Growth & Income Fund Advisor Class shares.
3	The average shares outstanding method has been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

222

Six months ended
3/31/201, 2				Year Ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	19.87		$	24.58		$	23.46		$	21.67		$	20.46		$	22.84
		0.17			0.33			0.35			0.33			0.35			0.29
		(2.39	)		(0.55	)		2.11			2.69			2.08			(1.38	)
		(2.22	)		(0.22	)		2.46			3.02			2.43			(1.09	)
		(0.45	)		(0.47	)		(0.40	)		(0.48	)		(0.29	)		(0.24	)
		(6.94	)		(4.02	)		(0.94	)		(0.75	)		(0.93	)		(1.05	)
		(7.39	)		(4.49	)		(1.34	)		(1.23	)		(1.22	)		(1.29	)
	$	10.26		$	19.87		$	24.58		$	23.46		$	21.67		$	20.46
		(21.80%	)5		2.26%			10.73%			14.42%			12.18%			(5.24%	)
	$	3,889		$	21,597		$	142,220		$	166,851		$	132,486		$	141,229
		0.85%			0.83%			0.79%			0.78%			0.77%			0.75%
		0.86%			0.83%			0.79%			0.78%			0.77%			0.75%
		1.99%			1.66%			1.44%			1.50%			1.68%			1.29%
		1.98%			1.66%			1.44%			1.50%			1.68%			1.29%
		95%	7		55%			34%			16%			23%			23%

223

Financial highlights
Delaware Growth and Income Fund Class R6

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Institutional Class shares of First Investors Growth & Income Fund were reorganized into Class R6 shares of Delaware Growth and Income Fund. See Notes to Financial Statements. The Class R6 shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Growth & Income Fund Institutional Class shares.
3	The average shares outstanding method has been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

224

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	19.92		$	24.52		$	23.39		$	21.58		$	20.39		$	22.78
		0.16			0.35			0.36			0.34			0.35			0.29
		(2.50	)		(0.56	)		2.12			2.67			2.07			(1.39	)
		(2.34	)		(0.21	)		2.48			3.01			2.42			(1.10	)
		(0.37	)		(0.37	)		(0.41	)		(0.45	)		(0.30	)		(0.24	)
		(6.94	)		(4.02	)		(0.94	)		(0.75	)		(0.93	)		(1.05	)
		(7.31	)		(4.39	)		(1.35	)		(1.20	)		(1.23	)		(1.29	)
	$	10.27		$	19.92		$	24.52		$	23.39		$	21.58		$	20.39
		(21.82%	)5		2.34%			10.85%			14.47%			12.18%			(5.27%	)
	$	3,447		$	5,597		$	11,067		$	10,839		$	10,596		$	9,380
		0.76%			0.75%			0.74%			0.74%			0.74%			0.75%
		0.81%			0.75%			0.74%			0.74%			0.74%			0.75%
		2.07%			1.75%			1.49%			1.54%			1.70%			1.29%
		2.02%			1.75%			1.49%			1.54%			1.70%			1.29%
		95%	7		55%			34%			16%			23%			23%

225

Financial highlights
Delaware Growth Equity Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income (loss)³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁵

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁷

Ratio of expenses to average net assets prior to fees waived⁷

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

Ratio of net investment income (loss) to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Class A shares of First Investors Select Growth Fund were reorganized into Class A shares of Delaware Growth Equity Fund. See Notes to Financial Statements. The Class A shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Select Growth Fund Class A shares.
3	The average shares outstanding method has been applied for per share information.
4	Amount is less than $0.005 per share.
5	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
6	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
7	Expense ratios do not include expenses of the Underlying Fund in which the Fund invests.

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

226

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	12.09		$	13.61		$	12.04		$	11.24		$	11.64		$	10.97
		(0.01	)		0.02			(0.01	)		—			0.02			0.02
		(0.65	)		(0.92	)		2.66			2.38			0.73			0.65
		(0.66	)		(0.90	)		2.65			2.38			0.75			0.67
		(0.02	)		—			(0.01	)		(0.03	)		(0.02	)		—	4
		(1.30	)		(0.62	)		(1.07	)		(1.55	)		(1.13	)		—
		(1.32	)		(0.62	)		(1.08	)		(1.58	)		(1.15	)		—
	$	10.11		$	12.09		$	13.61		$	12.04		$	11.24		$	11.64
		(7.17%	)		(6.01%	)6		23.22%			24.16%			6.50%			6.12%
	$	402,373		$	507,351		$	570,309		$	444,933		$	373,279		$	352,651
		1.16%			1.19%			1.22%			1.25%			1.27%			1.25%
		1.16%			1.20%			1.22%			1.25%			1.27%			1.25%
		(0.16%	)		0.16%			(0.06%	)		0.00%			0.22%			0.16%
		(0.16%	)		0.15%			0.06%			0.00%			0.22%			0.16%
		16%			51%			37%			58%			59%			48%

227

Financial highlights
Delaware Growth Equity Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Advisor Class shares of First Investors Select Growth Fund were reorganized into Institutional Class shares of Delaware Growth Equity Fund. See Notes to Financial Statements. The Institutional Class shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Select Growth Fund Advisor Class shares.
3	The average shares outstanding method has been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Fund in which the Fund invests.

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

228

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	12.38		$	13.89		$	12.23		$	11.37		$	11.73		$	11.01
		0.01			0.06			0.04			0.05			0.07			0.07
		(0.67	)		(0.94	)		2.71			2.40			0.73			0.66
		(0.66	)		(0.88	)		2.75			2.45			0.80			0.73
		(0.06	)		(0.01	)		(0.02	)		(0.04	)		(0.03	)		(0.01	)
		(1.30	)		(0.62	)		(1.07	)		(1.55	)		(1.13	)		—
		(1.36	)		(0.63	)		(1.09	)		(1.59	)		(1.16	)		(0.01	)
	$	10.36		$	12.38		$	13.89		$	12.23		$	11.37		$	11.73
		(7.05%	)5		(5.74%	)5		23.74%			24.61%			6.93%			6.61%
	$	99,959		$	143,304		$	194,554		$	81,203		$	66,588		$	46,793
		0.87%			0.88%			0.83%			0.84%			0.86%			0.84%
		0.91%			0.89%			0.83%			0.84%			0.86%			0.84%
		0.13%			0.50%			0.34%			0.40%			0.62%			0.57%
		0.09%			0.49%			0.34%			0.40%			0.62%			0.57%
		16%			51%			37%			58%			59%			48%

229

Financial highlights
Delaware Growth Equity Fund Class R6

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Institutional Class shares of First Investors Select Growth Fund were reorganized into Class R6 shares of Delaware Growth Equity Fund. See Notes to Financial Statements. The Class R6 shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Select Growth Fund Institutional Class shares.
3	The average shares outstanding method has been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Fund in which the Fund invests.

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

230

Six months ended
3/31/201, 2			Year ended
(Unaudited)			9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
$	12.46		$	13.97		$	12.29		$	11.42		$	11.77		$	11.06
	0.01			0.07			0.05			0.05			0.07			0.07
	(0.67	)		(0.95	)		2.72			2.41			0.74			0.66
	(0.66	)		(0.88	)		2.77			2.46			0.81			0.73
	(0.07	)		(0.01	)		(0.02	)		(0.04	)		(0.03	)		(0.02	)
	(1.30	)		(0.62	)		(1.07	)		(1.55	)		(1.13	)		—
	(1.37	)		(0.63	)		(1.09	)		(1.59	)		(1.16	)		(0.02	)
$	10.43		$	12.46		$	13.97		$	12.29		$	11.42		$	11.77
	(7.02%	)5		(5.66%	)		23.81%			24.61%			7.00%			6.56%
$	2,527		$	4,044		$	7,836		$	4,950		$	3,915		$	3,608
	0.80%			0.79%			0.80%			0.82%			0.83%			0.82%
	0.85%			0.80%			0.80%			0.82%			0.83%			0.82%
	0.19%			0.57%			0.35%			0.43%			0.66%			0.59%
	0.14%			0.56%			0.35%			0.43%			0.66%			0.59%
	16%			51%			37%			58%			59%			48%

231

Financial highlights
Delaware Opportunity Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Class A shares of First Investors Opportunity Fund were reorganized into Class A shares of Delaware Opportunity Fund. See Notes to Financial Statements. The Class A shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Opportunity Fund Class A shares.
3	The average shares outstanding method has been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

232

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	37.79		$	42.06		$	41.86		$	37.29		$	37.79		$	40.90
		0.12			0.12			0.39			0.11			0.20			0.04
		(7.67	)		(0.60	)		2.31			6.03			2.52			(0.39	)
		(7.55	)		(0.48	)		2.70			6.14			2.72			(0.35	)
		(0.24	)		(0.38	)		(0.12	)		(0.22	)		(0.04	)		(0.06	)
		(11.44	)		(3.41	)		(2.38	)		(1.35	)		(3.18	)		(2.70	)
		(11.68	)		(3.79	)		(2.50	)		(1.57	)		(3.22	)		(2.76	)
	$	18.56		$	37.79		$	42.06		$	41.86		$	37.29		$	37.79
		(30.82%	)5		0.80%			6.49%			16.99%			7.39%			(1.16%	)
	$	539,886		$	915,339		$	1,010,312		$	1,002,618		$	880,274		$	818,955
		1.22%			1.20%			1.20%			1.20%			1.22%			1.20%
		1.27%			1.20%			1.20%			1.20%			1.22%			1.20%
		0.80%			0.32%			0.93%			0.27%			0.54%			0.11%
		0.75%			0.32%			0.93%			0.27%			0.54%			0.11%
		98%	7		47%			35%			32%			36%			37%

233

Financial highlights
Delaware Opportunity Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Advisor Class shares of First Investors Opportunity Fund were reorganized into Institutional Class shares of Delaware Opportunity Fund. See Notes to Financial Statements. The Institutional Class shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Opportunity Fund Advisor Class shares.
3	The average shares outstanding method has been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

234

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	38.75		$	42.91		$	42.56		$	37.79		$	38.18		$	41.20
		0.16			0.23			0.61			0.24			0.30			0.16
		(8.06	)		(0.58	)		2.27			6.12			2.56			(0.40	)
		(7.90	)		(0.35	)		2.88			6.36			2.86			(0.24	)
		—			(0.40	)		(0.15	)		(0.24	)		(0.07	)		(0.08	)
		(11.44	)		(3.41	)		(2.38	)		(1.35	)		(3.18	)		(2.70	)
		(11.44	)		(3.81	)		(2.53	)		(1.59	)		(3.25	)		(2.78	)
	$	19.41		$	38.75		$	42.91		$	42.56		$	37.79		$	38.18
		(30.74%	)5		1.14%			6.82%			17.37%			7.69%			(0.87%	)
	$	2,420		$	10,325		$	149,481		$	81,773		$	73,477		$	48,322
		0.98%			0.92%			0.89%			0.88%			0.93%			0.91%
		1.07%			0.92%			0.89%			0.88%			0.93%			0.91%
		0.97%			0.62%			1.42%			0.59%			0.83%			0.40%
		0.88%			0.62%			1.42%			0.59%			0.83%			0.40%
		98%	7		47%			35%			32%			36%			37%

235

Financial highlights
Delaware Opportunity Fund Class R6

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Institutional Class shares of First Investors Opportunity Fund were reorganized into Class R6 shares of Delaware Opportunity Fund. See Notes to Financial Statements. The Class R6 shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Opportunity Fund Institutional Class shares.
3	The average shares outstanding method has been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

236

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	38.71		$	42.87		$	42.49		$	37.71		$	38.07		$	41.15
		0.19			0.27			0.59			0.27			0.36			0.22
		(7.92	)		(0.59	)		2.33			6.12			2.54			(0.40	)
		(7.73	)		(0.32	)		2.92			6.39			2.90			(0.18	)
		(0.40	)		(0.43	)		(0.16	)		(0.26	)		(0.08	)		(0.20	)
		(11.44	)		(3.41	)		(2.38	)		(1.35	)		(3.18	)		(2.70	)
		(11.84	)		(3.84	)		(2.54	)		(1.61	)		(3.26	)		(2.90	)
	$	19.14		$	38.71		$	42.87		$	42.49		$	37.71		$	38.07
		(30.68%	)5		1.23%			6.95%			17.49%			7.84%			(0.74%	)
	$	994		$	2,338		$	5,793		$	5,678		$	4,975		$	4,228
		0.79%			0.78%			0.77%			0.78%			0.79%			0.78%
		0.95%			0.78%			0.77%			0.78%			0.79%			0.78%
		1.18%			0.73%			1.38%			0.70%			0.98%			0.52%
		1.02%			0.73%			1.38%			0.70%			0.98%			0.52%
		98%	7		47%			35%			32%			36%			37%

237

Financial highlights
Delaware Special Situations Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

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

Ratio of net investment income (loss) to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Class A shares of First Investors Special Situations Fund were reorganized into Class A shares of Delaware Special Situations Fund. See Notes to Financial Statements. The Class A shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Special Situations Fund Class A shares.
3	The average shares outstanding method has been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

238

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	25.11		$	32.62		$	31.18		$	26.34		$	25.27		$	26.65
		0.10			0.09			0.03			—			0.17			0.02
		(7.04	)		(3.69	)		2.29			5.24			2.36			0.07
		(6.94	)		(3.60	)		2.32			5.24			2.53			0.09
		(0.08	)		(0.08	)		(0.01	)		(0.16	)		(0.02	)		(0.04	)
		(3.44	)		(3.83	)		(0.87	)		(0.24	)		(1.44	)		(1.43	)
		(3.52	)		(3.91	)		(0.88	)		(0.40	)		(1.46	)		(1.47	)
	$	14.65		$	25.11		$	32.62		$	31.18		$	26.34		$	25.27
		(32.91%	)5		(9.54%	)		7.50%			20.06%			10.35%			0.12%	5
	$	270,127		$	476,826		$	580,730		$	549,780		$	472,720		$	432,235
		1.29%			1.31%			1.29%			1.31%			1.34%			1.32%
		1.32%			1.31%			1.29%			1.31%			1.34%			1.33%
		0.90%			0.36%			0.08%			(0.01%	)		0.68%			0.07%
		0.87%			0.36%			0.08%			(0.01%	)		0.68%			0.06%
		102%	7		51%			48%			27%			39%			43%

239

Financial highlights
Delaware Special Situations Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Advisor Class shares of First Investors Special Situations Fund were reorganized into Institutional Class shares of Delaware Special Situations Fund. See Notes to Financial Statements. The Institutional Class shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Special Situations Fund Advisor Class shares.
3	The average shares outstanding method has been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

240

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	25.55		$	33.02		$	31.47		$	26.52		$	25.38		$	26.71
		0.11			0.18			0.14			0.08			0.23			0.10
		(7.20	)		(3.72	)		2.32			5.29			2.39			0.08
		(7.09	)		(3.54	)		2.46			5.37			2.62			0.18
		—			(0.10	)		(0.04	)		(0.18	)		(0.04	)		(0.08	)
		(3.44	)		(3.83	)		(0.87	)		(0.24	)		(1.44	)		(1.43	)
		(3.44	)		(3.93	)		(0.91	)		(0.42	)		(1.48	)		(1.51	)
	$	15.02		$	25.55		$	33.02		$	31.47		$	26.52		$	25.38
		(32.80%	)5		(9.19%	)		7.86%			20.45%			10.67%	5		0.46%	5
	$	1,821		$	12,228		$	140,657		$	120,912		$	59,159		$	38,790
		1.10%			1.01%			0.95%			0.97%			1.03%			1.02%
		1.12%			1.01%			0.95%			0.97%			1.04%			1.04%
		0.92%			0.69%			0.43%			0.34%			0.94%			0.37%
		0.90%			0.69%			0.43%			0.34%			0.93%			0.36%
		102%	7		51%			48%			27%			39%			43%

241

Financial highlights
Delaware Special Situations Fund Class R6

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Institutional Class shares of First Investors Special Situations Fund were reorganized into Class R6 shares of Delaware Special Situations Fund. See Notes to Financial Statements. The Class R6 shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Special Situations Fund Institutional Class shares.
3	The average shares outstanding method has been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

242

Six months ended
3/31/201, 2				Year ended
(Unaudited)				3/31/19			3/31/18			3/31/17			3/31/16			3/31/15
	$	25.75		$	33.25		$	31.66		$	26.65		$	25.47		$	26.84
		0.15			0.21			0.17			0.12			0.28			0.14
		(7.23	)		(3.76	)		2.34			5.31			2.39			0.08
		(7.08	)		(3.55	)		2.51			5.43			2.67			0.22
		(0.19	)		0.12	)		(0.05	)		(0.18	)		(0.05	)		(0.16	)
		(3.44	)		(3.83	)		(0.87	)		(0.24	)		(1.44	)		(1.43	)
		(3.63	)		(3.95	)		(0.92	)		(0.42	)		(1.49	)		(1.59	)
	$	15.04		$	25.75		$	33.25		$	31.66		$	26.65		$	25.47
		(32.77%	)5		(9.16%	)		7.98%			20.56%			10.84%	5		0.60%	5
	$	2,064		$	3,898		$	9,592		$	8,712		$	6,914		$	5,905
		0.89%			0.88%			0.86%			0.87%			0.89%			0.88%
		1.04%			0.88%			0.86%			0.87%			0.90%			0.89%
		1.29%			0.79%			0.52%			0.42%			1.11%			0.51%
		1.14%			0.79%			0.52%			0.42%			1.10%			0.50%
		102%	7		51%			48%			27%			39%			43%

243

Financial highlights
Delaware Global Equity Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income (loss)³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁵

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

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

Ratio of net investment income to average net assets

     prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Class A shares of First Investors Global Fund were reorganized into Class A shares of Delaware Global Equity Fund. See Notes to Financial Statements. The Class A shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Global Fund Class A shares.
3	The average shares outstanding method has been applied for per share information.
4	Amount is less than $0.005 per share.
5	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

244

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	7.50		$	8.81		$	8.60		$	7.30		$	7.26		$	8.66
		0.02			0.04			(0.01	)		0.02			0.01			—
		(0.68	)		(0.35	)		0.89			1.29			0.43			0.11
		(0.66	)		(0.31	)		0.88			1.31			0.44			0.11
		(0.08	)		—			(0.04	)		(0.01	)		—	4		—
		(1.04	)		(1.00	)		(0.63	)		—			(0.40	)		(1.51	)
		(1.12	)		(1.00	)		(0.67	)		(0.01	)		(0.40	)		(1.51	)
	$	5.72		$	7.50		$	8.81		$	8.60		$	7.30		$	7.26
		(10.91%	)		(1.48%	)		10.69%			17.99%			6.03%			0.87%
	$	263,993		$	344,592		$	393,697		$	379,176		$	339,956		$	331,382
		1.42%			1.44%			1.43%			1.44%			1.47%			1.47%
		1.45%			1.46%			1.48%			1.49%			1.52%			1.52%
		0.47%			0.55%			(0.16%	)		0.30%			0.09%			(0.01%	)
		0.44%			0.53%			(0.21%	)		0.25%			0.04%			(0.06%	)
		111%			119%			132%			117%			94%			97%

245

Financial highlights
Delaware Global Equity Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of expenses to average net assets

     prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Advisor Class shares of First Investors Global Fund were reorganized into Institutional Class shares of Delaware Global Equity Fund. See Notes to Financial Statements. The Institutional Class shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Global Fund Advisor Class shares.
3	The average shares outstanding method has been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

246

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	7.74		$	9.03		$	8.78		$	7.43		$	7.36		$	8.72
		0.02			0.07			0.02			0.06			0.04			0.03
		(0.70	)		(0.36	)		0.91			1.31			0.44			0.12
		(0.68	)		(0.29	)		0.93			1.37			0.48			0.15
		(0.05	)		—			(0.05	)		(0.02	)		(0.01	)		—
		(1.04	)		(1.00	)		(0.63	)		—			(0.40	)		(1.51	)
		(1.09	)		(1.00	)		(0.68	)		(0.02	)		(0.41	)		(1.51	)
	$	5.97		$	7.74		$	9.03		$	8.78		$	7.43		$	7.36
		(10.71%	)		(1.20%	)		11.03%			18.46%			6.48%			1.37%
	$	18,769		$	75,077		$	228,234		$	191,839		$	169,088		$	114,556
		1.10%			1.09%			1.05%			1.04%			1.05%			1.06%
		1.21%			1.11%			1.10%			1.09%			1.10%			1.11%
		0.56%			0.95%			0.25%			0.70%			0.53%			0.43%
		0.45%			0.93%			0.20%			0.65%			0.48%			0.38%
		111%			119%			132%			117%			94%			97%

247

Financial highlights
Delaware Global Equity Fund Class R6

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of expenses to average net assets

     prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Institutional Class shares of First Investors Global Fund were reorganized into Class R6 shares of Delaware Global Equity Fund. See Notes to Financial Statements. The Class R6 shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Global Fund Institutional Class shares.
3	The average shares outstanding method has been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

248

Six months ended
3/31/201, 2				Year Ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	7.80		$	9.08		$	8.82		$	7.47		$	7.39		$	8.75
		0.03			0.07			0.03			0.06			0.04			0.04
		(0.71	)		(0.35	)		0.91			1.31			0.45			0.11
		(0.68	)		(0.28	)		0.94			1.37			0.49			0.15
		(0.11	)		—			(0.05	)		(0.02	)		(0.01	)		—
		(1.04	)		(1.00	)		(0.63	)		—			(0.40	)		(1.51	)
		(1.15	)		(1.00	)		(0.68	)		(0.02	)		(0.41	)		(1.51	)
	$	5.97		$	7.80		$	9.08		$	8.82		$	7.47		$	7.39
		(10.78%	)		(1.08%	)		11.12%			18.38%			6.61%			1.37%
	$	1,468		$	1,946		$	4,419		$	3,800		$	3,288		$	2,955
		1.03%			1.02%			1.00%			1.00%			1.01%			1.02%
		1.15%			1.04%			1.05%			1.05%			1.06%			1.07%
		0.84%			0.95%			0.29%			0.74%			0.55%			0.45%
		0.72%			0.93%			0.24%			0.69%			0.50%			0.40%
		111%			119%			132%			117%			94%			97%

249

Financial highlights
Delaware International Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of expenses to average net assets prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Class A shares of First Investors International Fund were reorganized into Class A shares of Delaware International Fund. See Notes to Financial Statements. The Class A shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors International Fund Class A shares.
3	The average shares outstanding method has been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

250

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	15.87		$	15.95		$	15.68		$	13.71		$	12.65		$	13.06
		0.01			0.03			0.01			0.02			0.06			0.05
		(1.63	)		0.88			0.28			2.02			1.05			(0.41	)
		(1.62	)		0.91			0.29			2.04			1.11			(0.36	)
		(0.01	)		(0.03	)		(0.02	)		(0.07	)		(0.05	)		(0.05	)
		(3.50	)		(0.96	)		—			—			—			—
		(3.51	)		(0.99	)		(0.02	)		(0.07	)		(0.05	)		(0.05	)
	$	10.74		$	15.87		$	15.95		$	15.68		$	13.71		$	12.65
		(13.97%	)		7.01%			1.83%			15.00%			8.80%			(2.78%	)
	$	176,754		$	248,302		$	259,683		$	238,770		$	209,205		$	194,991
		1.45%			1.55%			1.56%			1.58%			1.61%			1.64%
		1.45%			1.55%			1.56%			1.58%			1.61%			1.64%
		0.16%			0.19%			0.09%			0.17%			0.45%			0.40%
		0.16%			0.19%			0.09%			0.17%			0.45%			0.40%
		106%			76%			36%			38%			28%			27%

251

Financial highlights
Delaware International Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of expenses to average net assets

     prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

     prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Advisor Class shares of First Investors International Fund were reorganized into Institutional Class shares of Delaware International Fund. See Notes to Financial Statements. The Institutional Class shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors International Fund Advisor Class shares.
3	The average shares outstanding method has been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

252

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	16.23		$	16.24		$	15.92		$	13.87		$	12.76		$	13.13
		0.03			0.09			0.08			0.08			0.11			0.11
		(1.68	)		0.90			0.27			2.05			1.06			(0.43	)
		(1.65	)		0.99			0.35			2.13			1.17			(0.32	)
		(0.07	)		(0.04	)		(0.03	)		(0.08	)		(0.06	)		(0.05	)
		(3.50	)		(0.96	)		—			—			—			—
		(3.57	)		(1.00	)		(0.03	)		(0.08	)		(0.06	)		(0.05	)
	$	11.01		$	16.23		$	16.24		$	15.92		$	13.87		$	12.76
		(13.87%	)		7.43%			2.21%			15.50%			9.22%			(2.45%	)
	$	114,326		$	200,720		$	136,628		$	111,334		$	81,525		$	57,623
		1.19%			1.17%			1.18%			1.18%			1.24%			1.24%
		1.19%			1.17%			1.18%			1.18%			1.24%			1.24%
		0.39%			0.61%			0.48%			0.59%			0.85%			0.83%
		0.39%			0.61%			0.48%			0.59%			0.85%			0.83%
		106%			76%			36%			38%			28%			27%

253

Financial highlights
Delaware International Fund Class R6

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of expenses to average net assets

     prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

     prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Institutional Class shares of First Investors International Fund were reorganized into Class R6 shares of Delaware International Fund. See Notes to Financial Statements. The Class R6 shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors International Fund Institutional Class shares.
3	The average shares outstanding method has been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

254

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	16.29		$	16.30		$	15.96		$	13.91		$	12.78		$	13.19
		0.03			0.07			0.09			0.09			0.13			0.12
		(1.67	)		0.93			0.29			2.05			1.07			(0.43	)
		(1.64	)		1.00			0.38			2.14			1.20			(0.31	)
		(0.08	)		(0.05	)		(0.04	)		(0.09	)		(0.07	)		(0.10	)
		(3.50	)		(0.96	)		—			—			—			—
		(3.58	)		(1.01	)		(0.04	)		(0.09	)		(0.07	)		(0.10	)
	$	11.07		$	16.29		$	16.30		$	15.96		$	13.91		$	12.78
		(13.78%	)		7.46%			2.36%			15.54%			9.39%			(2.33%	)
	$	711		$	1,352		$	3,509		$	3,274		$	2,695		$	2,347
		1.11%			1.09%			1.09%			1.09%			1.12%			1.14%
		1.11%			1.09%			1.09%			1.09%			1.12%			1.14%
		0.38%			0.44%			0.56%			0.65%			0.95%			0.89%
		0.38%			0.44%			0.56%			0.65%			0.95%			0.89%
		106%			76%			36%			38%			28%			27%

255

Financial highlights
Delaware Floating Rate II Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Class A shares of First Investors Floating Rate Fund were reorganized into Class A shares of Delaware Floating Rate II Fund. See Notes to Financial Statements. The Class A shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Floating Rate Fund Class A shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Fund in which the Fund invests.

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

256

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	9.58		$	9.71		$	9.67		$	9.66		$	9.58		$	9.88
		0.21			0.39			0.32			0.27			0.27			0.26
		(0.85	)		(0.13	)		0.04			0.05			0.09			(0.27	)
		(0.64	)		0.26			0.36			0.32			0.36			(0.01	)
		(0.41	)		(0.39	)		(0.32	)		(0.31	)		(0.28	)		(0.29	)
		(0.41	)		(0.39	)		(0.32	)		(0.31	)		(0.28	)		(0.29	)
	$	8.53		$	9.58		$	9.71		$	9.67		$	9.66		$	9.58
		(8.90%	)5		2.71%			3.83%	5		3.47%	5		3.69%	5		(0.08%	)5
	$	43,742		$	64,136		$	68,567		$	66,769		$	61,243		$	57,101
		1.05%			1.10%			1.10%			1.10%			1.10%			1.10%
		1.22%			1.10%			1.21%			1.24%			1.27%			1.33%
		4.34%			4.12%			3.25%			2.90%			2.86%			2.72%
		4.17%			4.12%			3.14%			2.76%			2.69%			2.49%
		110%			88%			60%			89%			38%			49%

257

Financial highlights
Delaware Floating Rate II Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of expenses to average net assets prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Advisor Class shares of First Investors Floating Rate Fund were reorganized into Institutional Class shares of Delaware Floating Rate II Fund. See Notes to Financial Statements. The Institutional Class shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Floating Rate Fund Advisor Class shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Fund in which the Fund invests.

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

258

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	9.57		$	9.72		$	9.68		$	9.65		$	9.58		$	9.88
		0.21			0.39			0.34			0.26			0.29			0.28
		(0.83	)		(0.13	)		0.04			0.09			0.08			(0.26	)
		(0.62	)		0.26			0.38			0.35			0.37			0.02
		(0.43	)		(0.41	)		(0.34	)		(0.32	)		(0.30	)		(0.32	)
		(0.43	)		(0.41	)		(0.34	)		(0.32	)		(0.30	)		(0.32	)
	$	8.52		$	9.57		$	9.72		$	9.68		$	9.65		$	9.58
		(8.83%	)		2.72%			4.03%			3.70%			3.92%			0.18%
	$	22,249		$	40,542		$	144,799		$	98,958		$	61,844		$	50,122
		0.92%			0.90%			0.90%			0.90%			0.90%			0.90%
		1.01%			0.84%			0.86%			0.92%			0.98%			1.03%
		4.51%			4.09%			3.46%			3.07%			3.06%			2.92%
		4.42%			4.15%			3.50%			3.05%			2.98%			2.79%
		110%			88%			60%			89%			38%			49%

259

Financial highlights
Delaware Floating Rate II Fund Class R6

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of expenses to average net assets prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Institutional Class shares of First Investors Floating Rate Fund were reorganized into Class R6 shares of Delaware Floating Rate II Fund. See Notes to Financial Statements. The Class R6 shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Floating Rate Fund Institutional Class shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Fund in which the Fund invests.

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

260

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	9.59		$	9.71		$	9.67		$	9.64		$	9.57		$	9.86
		0.22			0.41			0.36			0.26			0.31			0.30
		(0.83	)		(0.11	)		0.04			0.11			0.08			(0.25	)
		(0.61	)		0.30			0.40			0.37			0.39			0.05
		(0.44	)		(0.42	)		(0.36	)		(0.34	)		(0.32	)		(0.34	)
		(0.44	)		(0.42	)		(0.36	)		(0.34	)		(0.32	)		(0.34	)
	$	8.54		$	9.59		$	9.71		$	9.67		$	9.64		$	9.57
		(8.63%	)		3.21%			4.20%			3.87%			4.14%			0.47%
	$	48		$	497		$	32,019		$	21,277		$	11,456		$	10,458
		0.78%			0.75%			0.70%			0.70%			0.70%			0.70%
		0.97%			0.78%			0.75%			0.80%			0.83%			0.90%
		4.66%			4.31%			3.68%			3.23%			3.27%			3.17%
		4.47%			4.28%			3.63%			3.13%			3.14%			2.97%
		110%			88%			60%			89%			38%			49%

261

Financial highlights
Delaware Fund for Income Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of expenses to average net assets

     prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

     prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Class A shares of First Investors Fund for Income were reorganized into Class A shares of Delaware Fund for Income. See Notes to Financial Statements. The Class A shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Fund for Income Class A shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

262

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	2.45		$	2.44		$	2.52		$	2.48		$	2.39		$	2.59
		0.06			0.12			0.11			0.11			0.11			0.11
		(0.24	)		0.02			(0.06	)		0.05			0.10			(0.18	)
		(0.18	)		0.14			0.05			0.16			0.21			(0.07	)
		(0.12	)		(0.13	)		(0.13	)		(0.12	)		(0.12	)		(0.13	)
		(0.12	)		(0.13	)		(0.13	)		(0.12	)		(0.12	)		(0.13	)
	$	2.15		$	2.45		$	2.44		$	2.52		$	2.48		$	2.39
		(10.02%	)		5.80%			1.88%			6.79%			9.07%			(2.85%	)
	$	365,482		$	477,952		$	523,932		$	572,631		$	571,028		$	567,249
		1.18%			1.20%			1.22%			1.21%			1.22%			1.21%
		1.18%			1.22%			1.24%			1.23%			1.24%			1.23%
		4.73%			4.72%			4.46%			4.57%			4.76%			4.39%
		4.73%			4.70%			4.44%			4.55%			4.74%			4.37%
		93%			71%			67%			65%			55%			47%

263

Financial highlights
Delaware Fund for Income Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of expenses to average net assets

     prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

     prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Advisor Class shares of First Investors Fund for Income were reorganized into Institutional Class shares of Delaware Fund for Income. See Notes to Financial Statements. The Institutional Class shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Fund for Income Advisor Class shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

264

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	2.43		$	2.44		$	2.52		$	2.48		$	2.39		$	2.59
		0.06			0.12			0.12			0.12			0.12			0.12
		(0.23	)		—			(0.07	)		0.05			0.10			(0.18	)
		(0.17	)		0.12			0.05			0.17			0.22			(0.06	)
		(0.13	)		(0.13	)		(0.13	)		(0.13	)		(0.13	)		(0.14	)
		(0.13	)		(0.13	)		(0.13	)		(0.13	)		(0.13	)		(0.14	)
	$	2.13		$	2.43		$	2.44		$	2.52		$	2.48		$	2.39
		(10.00%	)		5.13%			2.17%			7.05%			9.34%			(2.47%	)
	$	34,191		$	28,107		$	79,880		$	73,403		$	68,198		$	41,699
		0.93%			1.01%			0.93%			0.94%			0.93%			0.93%
		0.93%			1.03%			0.95%			0.96%			0.96%			0.95%
		4.96%			4.98%			4.76%			4.84%			5.02%			4.65%
		4.96%			4.96%			4.74%			4.82%			5.00%			4.63%
		93%			71%			67%			65%			55%			47%

265

Financial highlights
Delaware Fund for Income Class R6

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of expenses to average net assets

     prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

     prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Institutional Class shares of First Investors Fund for Income were reorganized into Class R6 shares of Delaware Fund for Income. See Notes to Financial Statements. The Class R6 shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Fund for Income Institutional Class shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

266

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	2.46		$	2.45		$	2.54		$	2.49		$	2.40		$	2.60
		0.06			0.13			0.12			0.13			0.12			0.12
		(0.23	)		0.02			(0.07	)		0.05			0.10			(0.17	)
		(0.17	)		0.15			0.05			0.18			0.22			(0.05	)
		(0.13	)		(0.14	)		(0.14	)		(0.13	)		(0.13	)		(0.15	)
		(0.13	)		(0.14	)		(0.14	)		(0.13	)		(0.13	)		(0.15	)
	$	2.16		$	2.46		$	2.45		$	2.54		$	2.49		$	2.40
		(9.81%	)		6.23%			1.91%			7.59%			9.58%			(2.28%	)
	$	1,136		$	36,692		$	33,545		$	78,784		$	62,340		$	51,704
		0.92%			0.80%			0.79%			0.78%			0.79%			0.78%
		0.99%			0.82%			0.81%			0.80%			0.81%			0.80%
		5.05%			5.12%			4.88%			4.99%			5.19%			4.81%
		4.98%			5.10%			4.86%			4.97%			5.17%			4.79%
		93%			71%			67%			65%			55%			47%

267

Financial highlights
Delaware Government Cash Management Fund Class A

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

Net asset value, beginning of period

Income from investment operations:

Net investment income³

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁵

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets

     prior to fees waived

Ratio of net investment income to average net assets

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

     prior to fees waived

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Class A shares of First Investors Government Cash Management Fund were reorganized into Class A shares of Delaware Government Cash Management Fund. See Notes to Financial Statements. The Class A shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Government Cash Management Fund Class A shares.
3	The average shares outstanding have been applied for per share information.
4	Amount is less than $0.005 per share.
5	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

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

268

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
		0.01			0.02			0.01			—	4		—			—
		0.01			0.02			0.01			—			—			—
		(0.01	)		(0.02	)		(0.01	)		—	4		—			—
		(0.01	)		(0.02	)		(0.01	)		—			—			—
	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
		0.49%			1.73%			0.96%			0.08%			0.00%			0.00%
	$	199,189		$	168,905		$	153,695		$	127,079		$	122,037		$	109,566
		0.54%			0.60%			0.60%			0.60%			0.33%			0.10%
		0.83%			0.85%			1.01%			1.02%			1.05%			1.08%
		0.96%			1.72%			0.98%			0.08%			0.00%			0.00%
		0.67%			1.47%			0.57%			(0.34%	)		(0.72%	)		(0.98%	)

269

Financial highlights
Delaware Government Cash Management Fund Institutional Class

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

Net asset value, beginning of period

Income from investment operations:

Net investment income

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets

     prior to fees waived

Ratio of net investment income to average net assets

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

     prior to fees waived

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Advisor Class shares of First Investors Government Cash Management Fund were reorganized into Institutional Class shares of Delaware Government Cash Management Fund. See Notes to Financial Statements. The Institutional Class shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Government Cash Management Fund Advisor Class shares.
3	Amount is less than $0.005 per share.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

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

270

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
		0.01			0.02			0.01			—	3		—			—
		0.01			0.02			0.01			—			—			—
		(0.01	)		(0.02	)		(0.01	)		—	3		—			—
		(0.01	)		(0.02	)		(0.01	)		—			—			—
	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
		0.48%			1.76%			0.97%			0.07%			0.00%			0.00%
	$	10		$	1		$	1		$	2,394		$	2,844		$	2,267
		0.57%			0.60%			0.60%			0.60%			0.33%			0.10%
		0.84%			0.69%			0.68%			0.68%			0.68%			0.67%
		0.91%			1.77%			0.96%			0.06%			0.00%			0.00%
		0.64%			1.68%			0.88%			(0.02%	)		(0.35%	)		(0.57%	)

271

Financial highlights
Delaware International Opportunities Bond Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁵

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁷

Ratio of expenses to average net assets prior to fees waived⁷

Ratio of net investment income to average net assets

Ratio of net investment income (loss) to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Class A shares of First Investors International Opportunities Bond Fund were reorganized into Class A shares of Delaware International Opportunities Bond Fund. See Notes to Financial Statements. The Class A shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors International Opportunities Bond Fund Class A shares.
3	The average shares outstanding have been applied for per share information.
4	Amount is less than $0.005 per share.
5	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
6	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
7	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
8	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

272

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	8.57		$	8.78		$	9.49		$	9.21		$	8.63		$	9.85
		—	4		0.25			0.23			0.22			0.20			0.12
		(0.25	)		(0.30	)		(0.64	)		0.21			0.51			(1.06	)
		(0.25	)		(0.05	)		(0.41	)		0.43			0.71			(0.94	)
		(0.02	)		(0.16	)		(0.30	)		(0.15	)		(0.13	)		(0.28	)
		(0.02	)		(0.16	)		(0.30	)		(0.15	)		(0.13	)		(0.28	)
	$	8.30		$	8.57		$	8.78		$	9.49		$	9.21		$	8.63
		(2.96%	)6		(0.56%	)6		(4.50%	)		4.70%			8.30%	6		(9.72%	)6
	$	31,862		$	42,814		$	54,060		$	59,782		$	65,456		$	69,394
		1.39%			1.36%			1.40%			1.41%			1.38%			1.30%
		1.51%			1.41%			1.40%			1.41%			1.41%			1.38%
		0.01%			2.92%			2.49%			2.35%			2.29%			1.29%
		(0.11%	)		2.87%			2.49%			2.35%			2.26%			1.21%
		212%	8		85%			41%			76%			72%			61%

273

Financial highlights
Delaware International Opportunities Bond Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Advisor Class shares of First Investors International Opportunities Bond Fund were reorganized into Institutional Class shares of Delaware International Opportunities Bond Fund. See Notes to Financial Statements. The Institutional Class shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors International Opportunities Bond Fund Advisor Class shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

274

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	8.68		$	8.87		$	9.56		$	9.25		$	8.64		$	9.85
		0.01			0.28			0.27			0.24			0.23			0.14
		(0.26	)		(0.31	)		(0.66	)		0.23			0.51			(1.06	)
		(0.25	)		(0.03	)		(0.39	)		0.47			0.74			(0.92	)
		(0.03	)		(0.16	)		(0.30	)		(0.16	)		(0.13	)		(0.29	)
		(0.03	)		(0.16	)		(0.30	)		(0.16	)		(0.13	)		(0.29	)
	$	8.40		$	8.68		$	8.87		$	9.56		$	9.25		$	8.64
		(2.89%	)5		(0.30%	)5		(4.17%	)		5.07%			8.70%	5		(9.51%	)5
	$	16,326		$	50,335		$	87,491		$	68,162		$	50,749		$	50,912
		1.10%			1.08%			1.08%			1.11%			1.08%			1.04%
		1.32%			1.13%			1.08%			1.11%			1.08%			1.04%
		0.30%			3.26%			2.82%			2.66%			2.60%			1.56%
		0.08%			3.21%			2.82%			2.66%			2.60%			1.56%
		212%	7		85%			41%			76%			72%			61%

275

Financial highlights
Delaware International Opportunities Bond Fund Class R6

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period.

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Institutional Class shares of First Investors International Opportunities Bond Fund were reorganized into Class R6 shares of Delaware International Opportunities Bond Fund. See Notes to Financial Statements. The Class R6 shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors International Opportunities Bond Fund Institutional Class shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

276

Six months ended
3/31/201, 2				Year Ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	8.77		$	8.92		$	9.59		$	9.29		$	8.67		$	9.88
		0.21			0.30			0.28			0.22			0.24			0.17
		(0.45	)		(0.33	)		(0.65	)		0.27			0.52			(1.08	)
		(0.24	)		(0.03	)		(0.37	)		0.49			0.76			(0.91	)
		(0.04	)		(0.12	)		(0.30	)		(0.19	)		(0.14	)		(0.30	)
		(0.04	)		(0.12	)		(0.30	)		(0.19	)		(0.14	)		(0.30	)
	$	8.49		$	8.77		$	8.92		$	9.59		$	9.29		$	8.67
		(2.80%	)5		(0.25%	)5		(4.03%	)		5.27%			8.85%	5		(9.36%	)5
	$	75		$	14,000		$	9,868		$	8,669		$	8,289		$	19,097
		1.00%			0.91%			0.93%			0.95%			0.93%			0.90%
		1.13%			0.96%			0.93%			0.95%			0.93%			0.90%
		4.74%			3.37%			2.98%			2.80%			2.75%			1.69%
		4.61%			3.32%			2.98%			2.80%			2.75%			1.69%
		212%	7		85%			41%			76%			72%			61%

277

Financial highlights
Delaware Investment Grade Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period.

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of expenses to average net assets prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Class A shares of First Investors Investment Grade Fund were reorganized into Class A shares of Delaware Investment Grade Fund. See Notes to Financial Statements. The Class A shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Investment Grade Fund Class A shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

278

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	9.93		$	9.17		$	9.66		$	9.90		$	9.64		$	9.92
		0.10			0.26			0.26			0.26			0.27			0.28
		(0.43	)		0.82			(0.42	)		(0.17	)		0.35			(0.17	)
		(0.33	)		1.08			(0.16	)		0.09			0.62			0.11
		(0.29	)		(0.32	)		(0.33	)		(0.33	)		(0.36	)		(0.39	)
		(0.33	)		—			—			—			—			—
		(0.62	)		(0.32	)		(0.33	)		(0.33	)		(0.36	)		(0.39	)
	$	8.98		$	9.93		$	9.17		$	9.66		$	9.90		$	9.64
		(5.10%	)		12.00%			(1.69%	)		0.97%			6.55%			1.12%
	$	277,324		$	363,366		$	400,673		$	462,999		$	477,010		$	458,704
		1.04%			1.07%			1.06%			1.04%			1.05%			1.04%
		1.05%			1.16%			1.17%			1.15%			1.15%			1.15%
		2.00%			2.83%			2.80%			2.68%			2.78%			2.85%
		1.99%			2.74%			2.69%			2.57%			2.68%			2.74%
		165%	6		60%			58%			52%			37%			36%

279

Financial highlights
Delaware Investment Grade Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of expenses to average net assets prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Advisor Class shares of First Investors Investment Grade Fund were reorganized into Institutional Class shares of Delaware Investment Grade Fund. See Notes to Financial Statements. The Institutional Class shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Investment Grade Fund Advisor Class shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Fund in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

280

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	9.99		$	9.23		$	9.71		$	9.94		$	9.67		$	9.92
		0.11			0.30			0.30			0.26			0.30			0.31
		(0.41	)		0.82			(0.42	)		(0.14	)		0.34			(0.16	)
		(0.30	)		1.12			(0.12	)		0.12			0.64			0.15
		(0.33	)		(0.36	)		(0.36	)		(0.35	)		(0.37	)		(0.40	)
		(0.33	)		—			—			—			—			—
		(0.66	)		(0.36	)		(0.36	)		(0.35	)		(0.37	)		(0.40	)
	$	9.03		$	9.99		$	9.23		$	9.71		$	9.94		$	9.67
		(5.02%	)		12.37%			(1.25%	)		1.32%			6.78%			1.53%
	$	2,228		$	11,518		$	180,286		$	136,316		$	83,659		$	63,614
		0.84%			0.75%			0.72%			0.72%			0.74%			0.73%
		0.89%			0.84%			0.83%			0.82%			0.85%			0.84%
		2.25%			3.22%			3.15%			2.99%			3.08%			3.17%
		2.20%			3.13%			3.04%			2.89%			2.97%			3.06%
		165%	6		60%			58%			52%			37%			36%

281

Financial highlights
Delaware Investment Grade Fund Class R6

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of expenses to average net assets prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Institutional Class shares of First Investors Investment Grade Fund were reorganized into Class R6 shares of Delaware Investment Grade Fund. See Notes to Financial Statements. The Class R6 shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Investment Grade Fund Institutional Class shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during some of the periods reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

282

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	9.96		$	9.20		$	9.68		$	9.92		$	9.66		$	9.94
		0.11			0.30			0.31			0.31			0.31			0.32
		(0.40	)		0.82			(0.42	)		(0.18	)		0.35			(0.17	)
		(0.29	)		1.12			(0.11	)		0.13			0.66			0.15
		(0.33	)		(0.36	)		(0.37	)		(0.37	)		(0.40	)		(0.43	)
		(0.33	)		—			—			—			—			—
		(0.66	)		(0.36	)		(0.37	)		(0.37	)		(0.40	)		(0.43	)
	$	9.01		$	9.96		$	9.20		$	9.68		$	9.92		$	9.66
		(4.91%	)		12.43%			(1.18%	)		1.41%			6.97%			1.48%
	$	906		$	23,083		$	23,974		$	26,127		$	31,395		$	15,025
		0.79%			0.67%			0.64%			0.63%			0.63%			0.63%
		0.87%			0.76%			0.75%			0.74%			0.74%			0.74%
		2.30%			3.19%			3.23%			3.10%			3.17%			3.26%
		2.22%			3.10%			3.12%			2.99%			3.06%			3.15%
		165%	6		60%			58%			52%			37%			36%

283

Financial highlights
Delaware Limited Duration Bond Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income (loss)³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of expenses to average net assets prior to fees waived⁵

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

Ratio of net investment income (loss) to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Class A shares of First Investors Limited Duration Bond Fund were reorganized into Class A shares of Delaware Limited Duration Bond Fund. See Notes to Financial Statements. The Class A shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Limited Duration Bond Fund Class A shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

284

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	9.31		$	9.17		$	9.47		$	9.66		$	9.76		$	9.89
		0.08			0.21			—			0.08			(0.03	)		0.03
		0.04			0.19			(0.05	)		(0.06	)		0.15			0.04
		0.12			0.40			(0.05	)		0.02			0.12			0.07
		(0.24	)		(0.26	)		(0.25	)		(0.21	)		(0.22	)		(0.20	)
		(0.24	)		(0.26	)		(0.25	)		(0.21	)		(0.22	)		(0.20	)
	$	9.19		$	9.31		$	9.17		$	9.47		$	9.66		$	9.76
		(0.06%	)		4.37%			(0.52%	)		0.22%			1.21%			0.67%
	$	181,119		$	220,830		$	247,902		$	62,841		$	48,342		$	26,852
		0.74%			0.79%			0.89%			1.05%			1.05%			1.05%
		1.09%			0.99%			1.11%			1.22%			1.23%			1.32%
		1.70%			2.22%			0.02%			0.85%			(0.25%	)		0.37%
		1.35%			2.02%			(0.20%	)		0.68%			(0.43%	)		0.10%
		103%	6		87%			102%			60%			54%			57%

285

Financial highlights
Delaware Limited Duration Bond Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of expenses to average net assets prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Advisor Class shares of First Investors Limited Duration Bond Fund were reorganized into Institutional Class shares of Delaware Limited Duration Bond Fund. See Notes to Financial Statements. The Institutional Class shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Limited Duration Bond Fund Advisor Class shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

286

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	9.34		$	9.20		$	9.50		$	9.69		$	9.80		$	9.91
		0.09			0.23			0.03			0.13			—			0.06
		0.05			0.19			(0.05	)		(0.08	)		0.14			0.05
		0.14			0.42			(0.02	)		0.05			0.14			0.11
		(0.26	)		(0.28	)		(0.28	)		(0.24	)		(0.25	)		(0.22	)
		(0.26	)		(0.28	)		(0.28	)		(0.24	)		(0.25	)		(0.22	)
	$	9.22		$	9.34		$	9.20		$	9.50		$	9.69		$	9.80
		0.06%			4.65%			(0.25%	)		0.54%			1.47%			1.08%
	$	10,390		$	56,209		$	35,498		$	31,638		$	50,645		$	40,502
		0.51%			0.51%			0.62%			0.75%			0.75%			0.75%
		0.83%			0.69%			0.84%			1.02%			1.01%			1.09%
		2.00%			2.47%			0.33%			1.14%			0.04%			0.66%
		1.68%			2.29%			0.11%			0.87%			(0.22%	)		0.32%
		103%	6		87%			102%			60%			54%			57%

287

Financial highlights
Delaware Limited Duration Bond Fund Class R6

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of expenses to average net assets prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income (loss) to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Institutional Class shares of First Investors Limited Duration Bond Fund were reorganized into Class R6 shares of Delaware Limited Duration Bond Fund. See Notes to Financial Statements. The Class R6 shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Limited Duration Bond Fund Institutional Class shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects waivers by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

288

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	9.35		$	9.21		$	9.52		$	9.70		$	9.81		$	9.92
		0.10			0.25			0.04			0.11			0.02			0.08
		0.07			0.19			(0.06	)		(0.04	)		0.14			0.04
		0.17			0.44			(0.02	)		0.07			0.16			0.12
		(0.28	)		(0.30	)		(0.29	)		(0.25	)		(0.27	)		(0.23	)
		(0.28	)		(0.30	)		(0.29	)		(0.25	)		(0.27	)		(0.23	)
	$	9.24		$	9.35		$	9.21		$	9.52		$	9.70		$	9.81
		0.24%			4.83%			(0.19%	)		0.77%			1.64%			1.21%
	$	403		$	47,965		$	38,822		$	41,065		$	22,296		$	6,747
		0.35%			0.36%			0.47%			0.60%			0.60%			0.60%
		0.57%			0.56%			0.68%			0.82%			0.82%			0.92%
		2.11%			2.64%			0.46%			1.30%			0.20%			0.81%
		1.89%			2.44%			0.25%			1.08%			(0.02%	)		0.49%
		103%	6		87%			102%			60%			54%			57%

289

Financial highlights
Delaware Strategic Income II Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Class A shares of First Investors Strategic Income Fund were reorganized into Class A shares of Delaware Strategic Income II Fund. See Notes to Financial Statements. The Class A shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Strategic Income Fund Class A shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Fund in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

290

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	9.32		$	9.20		$	9.53		$	9.48		$	9.30		$	9.94
		0.13			0.30			0.31			0.30			0.30			0.34
		(0.93	)		0.12			(0.32	)		0.05			0.22			(0.57	)
		(0.80	)		0.42			(0.01	)		0.35			0.52			(0.23	)
		(0.30	)		(0.30	)		(0.32	)		(0.30	)		(0.32	)		(0.34	)
		—			—			—			—			(0.02	)		(0.07	)
		(0.30	)		(0.30	)		(0.32	)		(0.30	)		(0.34	)		(0.41	)
	$	8.22		$	9.32		$	9.20		$	9.53		$	9.48		$	9.30
		(10.27%	)		4.67%	5		(0.10%	)		3.73%			5.64%			(2.37%	)
	$	100,599		$	137,155		$	152,180		$	162,789		$	149,190		$	131,734
		1.12%			0.53%			0.56%			0.57%			0.58%			0.59%
		1.12%			0.55%			0.56%			0.57%			0.58%			0.59%
		2.90%			3.24%			3.36%			3.24%			3.19%			3.55%
		2.90%			3.22%			3.36%			3.24%			3.19%			3.55%
		182%	7		70%			58%			37%			49%			40%

291

Financial highlights
Delaware Strategic Income II Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Advisor Class shares of First Investors Strategic Income Fund were reorganized into Institutional Class shares of Delaware Strategic Income II Fund. See Notes to Financial Statements. The Institutional Class shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Strategic Income Fund Advisor Class shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Fund in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

292

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17				9/30/16			9/30/15
	$	9.32		$	9.19		$	9.52			$	9.47		$	9.29		$	9.92
		0.15			0.48			0.34				0.29			0.33			0.38
		(0.93	)		0.13			(0.32	)			0.09			0.23			(0.56	)
		(0.78	)		0.61			0.02				0.38			0.56			(0.18	)
		(0.32	)		(0.65	)		(0.35	)			(0.33	)		(0.36	)		(0.38	)
		—			—			—				—			(0.02	)		(0.07	)
		(0.32	)		(0.65	)		(0.35	)			(0.33	)		(0.38	)		(0.45	)
	$	8.22		$	9.32		$	9.19			$	9.52		$	9.47		$	9.29
		(10.15%	)		(5.04%	)5		0.22%				4.14%			6.14%			(1.93%	)
	$	358		$	924		$	759			$	963		$	415		$	306
		0.87%			1.06%			0.21%				0.18%			0.17%			0.19%
		0.87%			1.08%			0.21%				0.18%			0.17%			0.19%
		3.14%			6.74%			3.70%				3.66%			3.59%			3.95%
		3.14%			6.72%			3.70%				3.66%			3.59%			3.95%
		182%	7		70%			58%				37%			49%			40%

293

Financial highlights
Delaware Covered Call Strategy Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income⁴

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁵

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Class A shares of First Investors Covered Call Strategy Fund were reorganized into Class A shares of Delaware Covered Call Strategy Fund. See Notes to Financial Statements. The Class A shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Covered Call Strategy Fund Class A shares.
3	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
4	The average shares outstanding method has been applied for per share information.
5	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

294

Six months ended													4/1/163
3/31/201, 2				Year ended									to
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16
	$	11.81		$	11.83		$	11.18		$	10.36		$	10.00
		0.07			0.12			0.11			0.10			0.06
		(2.47	)		(0.02	)		0.64			0.85			0.33
		(2.40	)		0.10			0.75			0.95			0.39
		(0.13	)		(0.12	)		(0.10	)		(0.11	)		(0.03	)
		—			—			—			(0.02	)		—
		(0.13	)		(0.12	)		(0.10	)		(0.13	)		(0.03	)
	$	9.28		$	11.81		$	11.83		$	11.18		$	10.36
		(20.85%	)		0.97%			6.79%			9.17%			3.94%
	$	129,033		$	211,777		$	237,103		$	167,906		$	48,514
		1.33%			1.30%			1.30%			1.30%			1.30%
		1.37%			1.28%			1.28%			1.36%			1.73%
		1.24%			1.11%			0.95%			1.18%			1.19%
		1.20%			1.13%			0.97%			1.12%			0.76%
		27%			34%			107%			121%			83%

295

Financial highlights
Delaware Covered Call Strategy Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income⁴

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁵

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Advisor Class shares of First Investors Covered Call Strategy Fund were reorganized into Institutional Class shares of Delaware Covered Call Strategy Fund. See Notes to Financial Statements. The Institutional Class shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Covered Call Strategy Fund Advisor Class shares.
3	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
4	The average shares outstanding method has been applied for per share information.
5	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

296

Six months ended													4/1/163
3/31/201, 2				Year ended									to
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16
	$	11.78		$	11.80		$	11.16		$	10.34		$	10.00
		0.09			0.16			0.14			0.13			0.08
		(2.45	)		(0.02	)		0.64			0.86			0.32
		(2.36	)		0.14			0.78			0.99			0.40
		(0.16	)		(0.16	)		(0.14	)		(0.15	)		(0.06	)
		—			—			—			(0.02	)		—
		(0.16	)		(0.16	)		(0.14	)		(0.17	)		(0.06	)
	$	9.26		$	11.78		$	11.80		$	11.16		$	10.34
		(20.72%	)		1.25%			7.09%			9.62%			4.05%
	$	41,267		$	66,252		$	114,275		$	109,360		$	39,129
		1.10%			1.00%			0.97%			0.97%			0.97%
		1.11%			0.96%			1.03%			1.06%			1.50%
		1.47%			1.41%			1.25%			1.53%			1.64%
		1.46%			1.45%			1.19%			1.44%			1.11%
		27%			34%			107%			121%			83%

297

Financial highlights
Delaware Covered Call Strategy Fund Class R6

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income⁴

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁵

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Institutional Class shares of First Investors Covered Call Strategy Fund were reorganized into Class R6 shares of Delaware Covered Call Strategy Fund. See Notes to Financial Statements. The Class R6 shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Covered Call Strategy Fund Institutional Class shares.
3	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
4	The average shares outstanding method has been applied for per share information.
5	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

298

Six months ended													4/1/163
3/31/201, 2				Year ended									to
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16
	$	11.69		$	11.72		$	11.17		$	10.35		$	10.00
		0.10			0.17			0.16			0.16			0.09
		(2.42	)		(0.02	)		0.63			0.85			0.33
		(2.32	)		0.15			0.79			1.01			0.42
		(0.19	)		(0.18	)		(0.24	)		(0.17	)		(0.07	)
		—			—			—			(0.02	)		—
		(0.19	)		(0.18	)		(0.24	)		(0.19	)		(0.07	)
	$	9.18		$	11.69		$	11.72		$	11.17		$	10.35
		(20.68%	)		1.42%			7.19%			9.77%			4.18%
	$	879		$	1,477		$	2,913		$	7,334		$	4,214
		0.89%			0.87%			0.84%			0.84%			0.84%
		1.06%			0.90%			0.89%			0.96%			1.25%
		1.67%			1.54%			1.38%			1.65%			1.76%
		1.50%			1.51%			1.33%			1.53%			1.35%
		27%			34%			107%			121%			83%

299

Financial highlights
Delaware Hedged U.S. Equity Opportunities Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income (loss)⁴

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁵

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

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

Ratio of net investment income (loss) to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Class A shares of First Investors Hedged U.S. Equity Opportunities Fund were reorganized into Class A shares of Delaware Hedged U.S. Equity Opportunities Fund. See Notes to Financial Statements. The Class A shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Hedged U.S. Equity Opportunities Fund Class A shares.
3	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
4	The average shares outstanding method has been applied for per share information.
5	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager.
	Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

300

Six months ended													8/1/163
3/31/201, 2				Year ended									to
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16
	$	12.36		$	11.90		$	10.77		$	9.91		$	10.00
		0.01			(0.01	)		(0.03	)		(0.02	)		—
		(0.95	)		0.68			1.16			0.88			(0.09	)
		(0.94	)		0.67			1.13			0.86			(0.09	)
		(0.05	)		—			—			—			—
		(1.91	)		(0.21	)		—			—			—
		(1.96	)		(0.21	)		—			—			—
	$	9.46		$	12.36		$	11.90		$	10.77		$	9.91
		(9.63%	)		5.92%			10.49%			8.68%			(0.90%	)
	$	55,979		$	78,297		$	66,746		$	44,228		$	9,265
		1.67%			1.75%			1.75%			1.75%			1.75%
		1.87%			1.68%			1.76%			2.09%			4.24%
		0.09%			(0.05%	)		(0.22%	)		(0.21%	)		(0.02%	)
		(0.11%	)		0.02%			(0.23%	)		(0.55%	)		(2.51%	)
		59%			124%			56%			75%			7%

301

Financial highlights
Delaware Hedged U.S. Equity Opportunities Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income⁴

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁶

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁷

Ratio of expenses to average net assets prior to fees waived⁷

Ratio of net investment income to average net assets

Ratio of net investment income (loss) to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Advisor Class shares of First Investors Hedged U.S. Equity Opportunities Fund were reorganized into Institutional Class shares of Delaware Hedged U.S. Equity Opportunities Fund. See Notes to Financial Statements. The Institutional Class shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Hedged U.S. Equity Opportunities Fund Advisor Class shares.
3	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
4	The average shares outstanding method has been applied for per share information.
5	Amount is less than $0.005 per share.
6	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
7	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

302

Six months ended												8/1/163
3/31/201, 2				Year ended								to
(Unaudited)				9/30/19			9/30/18		9/30/17			9/30/16
	$	12.48		$	11.99		$	10.81	$	9.91		$	10.00
		0.02			0.03			0.02		0.01			—
		(0.94	)		0.67			1.16		0.89			(0.09	)
		(0.92	)		0.70			1.18		0.90			(0.09	)
		(0.05	)		—	5		—		—	5		—
		(1.91	)		(0.21	)		—		—			—
		(1.96	)		(0.21	)		—		—			—
	$	9.60		$	12.48		$	11.99	$	10.81		$	9.91
		(9.39%	)		6.14%			10.92%		9.11%			(0.90%	)
	$	19,196		$	44,543		$	94,955	$	33,770		$	24,539
		1.35%			1.42%			1.42%		1.42%			1.42%
		1.65%			1.39%			1.40%		1.76%			3.37%
		0.39%			0.27%			0.16%		0.10%			0.26%
		0.09%			0.30%			0.18%		(0.24%	)		(1.69%	)
		59%			124%			56%		75%			7%

303

Financial highlights
Delaware Hedged U.S. Equity Opportunities Fund Class R6

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income⁴

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁶

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁷

Ratio of expenses to average net assets prior to fees waived⁷

Ratio of net investment income to average net assets

Ratio of net investment income (loss) to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Institutional Class shares of First Investors Hedged U.S. Equity Opportunities Fund were reorganized into Class R6 shares of Delaware Hedged U.S. Equity Opportunities Fund. See Notes to Financial Statements. The Class R6 shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Hedged U.S. Equity Opportunities Fund Institutional Class shares.
3	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
4	The average shares outstanding method has been applied for per share information.
5	Amount is less than $0.005 per share.
6	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
7	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

304

Six months ended													8/1/163
3/31/201, 2				Year ended									to
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16
	$	12.53		$	12.01			$	10.82	$	9.91		$	10.00
		0.03			0.04				0.02		0.02			0.01
		(0.96	)		0.69				1.17		0.89			(0.10	)
		(0.93	)		0.73				1.19		0.91			(0.09	)
		(0.10	)		—	5			—		—	5		—
		(1.91	)		(0.21	)			—		—			—
		(2.01	)		(0.21	)			—		—			—
	$	9.59		$	12.53			$	12.01	$	10.82		$	9.91
		(9.45%	)		6.39%				11.00%		9.21%			(0.90%	)
	$	104		$	341			$	574	$	472		$	99
		1.24%			1.31%				1.31%		1.31%			1.31%
		1.56%			1.30%				1.39%		1.74%			3.24%
		0.45%			0.37%				0.21%		0.23%			0.30%
		0.13%			0.38%				0.13%		(0.20%	)		(1.63%	)
		59%			124%				56%		75%			7%

305

Financial highlights
Delaware Premium Income Fund Class A

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

	Six months ended							4/2/183
	3/31/201, 2				Year ended			to
	(Unaudited)				9/30/19			9/30/18
Net asset value, beginning of period		$	10.14		$	10.26		$	10.00
Income (loss) from investment operations:
Net investment income4			0.10			0.18			0.08
Net realized and unrealized gain (loss)			(1.62	)		0.05			0.23
Total from investment operations			(1.52	)		0.23			0.31
Less dividends and distributions from:
Net investment income			(0.18	)		(0.17	)		(0.05	)
Net realized gain			(0.22	)		(0.18	)		—
Total dividends and distributions			(0.40	)		(0.35	)		(0.05	)
Net asset value, end of period		$	8.22		$	10.14		$	10.26
Total return5			(16.96%	)		2.33%			3.06%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	37,057		$	60,830		$	41,688
Ratio of expenses to average net assets6			1.30%			1.30%			1.30%
Ratio of expenses to average net assets prior to fees waived6			1.41%			1.35%			2.07%
Ratio of net investment income to average net assets			2.06%			1.74%			1.57%
Ratio of net investment income to average net assets
prior to fees waived			1.95%			1.69%			0.80%
Portfolio turnover			27%			63%			77%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Class A shares of First Investors Premium Income Fund were reorganized into Class A shares of Delaware Premium Income Fund. See Notes to Financial Statements. The Class A shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Premium Income Fund Class A shares.
3	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
4	The average shares outstanding method has been applied for per share information.
5	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

306

Financial highlights
Delaware Premium Income Fund Institutional Class

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

	Six months ended							4/2/183
	3/31/201, 2				Year ended			to
	(Unaudited)				9/30/19			9/30/18
Net asset value, beginning of period		$	10.16		$	10.26		$	10.00
Income (loss) from investment operations:
Net investment income4			0.12			0.20			0.10
Net realized and unrealized gain (loss)			(1.63	)		0.07			0.22
Total from investment operations			(1.51	)		0.27			0.32
Less dividends and distributions from:
Net investment income			(0.21	)		(0.19	)		(0.06	)
Net realized gain			(0.22	)		(0.18	)		—
Total dividends and distributions			(0.43	)		(0.37	)		(0.06	)
Net asset value, end of period		$	8.22		$	10.16		$	10.26
Total return5			(16.98%	)		2.67%			3.18%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	44,274		$	67,844		$	34,170
Ratio of expenses to average net assets6			1.05%			1.05%			1.02%
Ratio of expenses to average net assets prior to fees waived6			1.16%			1.10%			1.52%
Ratio of net investment income to average net assets			2.33%			1.98%			1.86%
Ratio of net investment income to average net assets
prior to fees waived			2.22%			1.93%			1.36%
Portfolio turnover			27%			63%			77%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Advisor Class shares of First Investors Premium Income Fund were reorganized into Institutional Class shares of Delaware Premium Income Fund. See Notes to Financial Statements. The Institutional Class shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Premium Income Fund Advisor Class shares.
3	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
4	The average shares outstanding method has been applied for per share information.
5	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

307

Financial highlights
Delaware Premium Income Fund Class R6

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

	Six months ended								4/2/183
	3/31/201, 2				Year Ended				to
	(Unaudited)				9/30/19				9/30/18
Net asset value, beginning of period		$	5.53			$	10.16		$	10.00
Income (loss) from investment operations:
Net investment income4			0.07				0.20			0.10
Net realized and unrealized gain (loss)			(0.87	)			(0.27	)		0.23
Total from investment operations			(0.80	)			(0.07	)		0.33
Less dividends and distributions from:
Net investment income			(0.16	)			(4.38	)		(0.17	)
Net realized gain			(0.22	)			(0.18	)		—
Total dividends and distributions			(0.38	)			(4.56	)		(0.17	)
Net asset value, end of period		$	4.35			$	5.53		$	10.16
Total return5			(16.91%	)			2.90%			3.27%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	36			$	29		$	3,877
Ratio of expenses to average net assets6			0.90%				0.90%			0.89%
Ratio of expenses to average net assets prior to fees waived6			1.10%				1.05%			1.88%
Ratio of net investment income to average net assets			2.52%				2.06%			1.88%
Ratio of net investment income to average net assets
prior to fees waived			2.32%				1.91%			0.89%
Portfolio turnover			27%				63%			77%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Institutional Class shares of First Investors Premium Income Fund were reorganized into Class R6 shares of Delaware Premium Income Fund. See Notes to Financial Statements. The Class R6 shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Premium Income Fund Institutional Class shares.
3	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
4	The average shares outstanding method has been applied for per share information.
5	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

308

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Financial highlights
Delaware Total Return Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of net investment income to average net assets

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Class A shares of First Investors Total Return Fund were reorganized into Class A shares of Delaware Total Return Fund. See Notes to Financial Statements. The Class A shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Total Return Fund Class A shares.
3	The average shares outstanding method has been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

310

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	19.03		$	20.22		$	19.88		$	19.00		$	18.21		$	19.63
		0.16			0.28			0.31			0.23			0.23			0.21
		(2.52	)		0.39			0.74			1.27			1.26			(0.68	)
		(2.36	)		0.67			1.05			1.50			1.49			(0.47	)
		(0.35	)		(0.34	)		(0.36	)		(0.32	)		(0.27	)		(0.28	)
		(3.73	)		(1.52	)		(0.35	)		(0.30	)		(0.43	)		(0.67	)
		(4.08	)		(1.86	)		(0.71	)		(0.62	)		(0.70	)		(0.95	)
	$	12.59		$	19.03		$	20.22		$	19.88		$	19.00		$	18.21
		(17.22%	)		4.58%			5.32%			8.09%			8.36%			(2.65%	)
	$	551,948		$	800,910		$	889,473		$	877,311		$	845,726		$	784,281
		1.17%			1.17%			1.18%			1.19%			1.19%			1.18%
		1.95%			1.50%			1.55%			1.22%			1.27%			1.05%
		112%	6		59%			53%			39%			63%			40%

311

Financial highlights
Delaware Total Return Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of net investment income to average net assets

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Advisor Class shares of First Investors Total Return Fund were reorganized into Institutional Class shares of Delaware Total Return Fund. See Notes to Financial Statements. The Institutional Class shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Total Return Fund Advisor Class shares.
3	The average shares outstanding method has been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

312

Six months ended
3/31/201, 2										Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	19.10		$	20.32		$	19.98		$	19.04		$	18.26		$	19.64
		0.19			0.34			0.37			0.32			0.26			0.29
		(2.46	)		0.40			0.75			1.30			1.27			(0.69	)
		(2.27	)		0.74			1.12			1.62			1.53			(0.40	)
		(0.45	)		(0.44	)		(0.43	)		(0.38	)		(0.32	)		(0.31	)
		(3.73	)		(1.52	)		(0.35	)		(0.30	)		(0.43	)		(0.67	)
		(4.18	)		(1.96	)		(0.78	)		(0.68	)		(0.75	)		(0.98	)
	$	12.65		$	19.10		$	20.32		$	19.98		$	19.04		$	18.26
		(17.09%	)		4.93%			5.69%			8.69%			8.55%			(2.24%	)
	$	499		$	1,166		$	1,006		$	996		$	1,213		$	976
		0.90%			0.85%			0.84%			0.80%			0.82%			0.78%
		2.16%			1.80%			1.83%			1.61%			1.63%			1.44%
		112%	6		59%			53%			39%			63%			40%

313

Financial highlights
Delaware Total Return Fund Class R6

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On Oct. 4, 2019, Institutional Class shares of First Investors Total Return Fund were reorganized into Class R6 shares of Delaware Total Return Fund. See Notes to Financial Statements. The Class R6 shares financial highlights for the periods prior to Oct. 4, 2019, reflect the performance of First Investors Total Return Fund Institutional Class shares.
3	The average shares outstanding method has been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

314

Six months ended
3/31/201, 2				Year ended
(Unaudited)				9/30/19			9/30/18			9/30/17			9/30/16			9/30/15
	$	19.14		$	20.38		$	20.05		$	19.13		$	18.29		$	19.65
		0.19			0.35			0.40			0.32			0.31			0.29
		(2.43	)		0.41			0.74			1.27			1.28			(0.70	)
		(2.24	)		0.76			1.14			1.59			1.59			(0.41	)
		(0.49	)		(0.48	)		(0.46	)		(0.37	)		(0.32	)		(0.28	)
		(3.73	)		(1.52	)		(0.35	)		(0.30	)		(0.43	)		(0.67	)
		(4.22	)		(2.00	)		(0.81	)		(0.67	)		(0.75	)		(0.95	)
	$	12.68		$	19.14		$	20.38		$	20.05		$	19.13		$	18.29
		(17.06%	)5		5.06%			5.77%			8.50%			8.88%			(2.28%	)
	$	1,080		$	1,976		$	34,555		$	33,545		$	32,525		$	30,644
		0.82%			0.79%			0.77%			0.77%			0.77%			0.77%
		0.91%			0.79%			0.77%			0.77%			0.77%			0.77%
		2.28%			1.86%			1.96%			1.65%			1.68%			1.47%
		2.19%			1.86%			1.96%			1.65%			1.68%			1.47%
		112%	7		59%			53%			39%			63%			40%

315

Notes to financial statements
Delaware Group® Equity Funds IV (Trust)	March 31, 2020 (Unaudited)

Delaware Group^® Equity Funds IV (Trust) is organized as a Delaware statutory trust and offers 21 series. These financial statements and the related notes pertain to 18 funds listed below (each a Fund, or collectively, the Funds). Each Fund is an open-end investment company. The Funds are considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offer Class A, Institutional Class and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.75% for Delaware Growth and Income Fund, Delaware Equity Income Fund, Delaware Growth Equity Fund, Delaware Opportunity Fund, Delaware Special Situations Fund, Delaware Global Equity Fund, Delaware International Fund, Delaware Total Return Fund, Delaware Covered Call Strategy Fund, Delaware Hedged U.S. Equity Opportunities Fund, and Delaware Premium Income Fund; 4.50% for Delaware Investment Grade Fund, Delaware Fund for Income, Delaware Strategic Income II Fund, and Delaware International Opportunities Bond Fund; and 2.75% for Delaware Limited Duration Bond Fund and Delaware Floating Rate II Fund. There is no front-end sales charge for Delaware Government Cash Management Fund. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) instead of a front-end sales charge of 1.00%, if redeemed during the first year, and 0.50% during the second year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Institutional Class and Class R6 shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers or other financial intermediaries.

Before each Fund commenced operations, on Oct. 4, 2019, all of the assets and liabilities of the corresponding fund identified as its respective Predecessor Fund (the “Predecessor Fund”) were transferred to the Fund in a tax-free reorganization as set forth in an agreement and plan of reorganization (each a Foresters Reorganization) between the Trust, on behalf of the Funds, and Foresters Investment Management Company, Inc., on behalf of the Predecessor Funds. As a result of each Foresters Reorganization, the applicable Fund assumed the performance and accounting history of its corresponding Predecessor Fund. Financial information included for the dates prior to the Foresters Reorganization is that of the Predecessor Funds.

Fund	Predecessor Fund
Delaware Equity Income Fund	First Investors Equity Income Fund
Delaware Growth and Income Fund	First Investors Growth & Income Fund
Delaware Growth Equity Fund	First Investors Select Growth Fund
Delaware Opportunity Fund	First Investors Opportunity Fund
Delaware Special Situations Fund	First Investors Special Situations Fund
Delaware Global Equity Fund	First Investors Global Fund
Delaware International Fund	First Investors International Fund
Delaware Floating Rate II Fund	First Investors Floating Rate Fund
Delaware Fund for Income	First Investors Fund For Income
Delaware Government Cash
Management Fund	First Investors Government Cash Management Fund
Delaware International Opportunities
Bond Fund	First Investors International Opportunities Bond Fund
Delaware Investment Grade Fund	First Investors Investment Grade Fund

316

Fund	Predecessor Fund
Delaware Limited Duration Bond Fund	First Investors Limited Duration Bond Fund
Delaware Strategic Income II Fund	First Investors Strategic Income
Delaware Covered Call Strategy Fund	First Investors Covered Call Strategy Fund
Delaware Hedged U.S. Equity
Opportunities Fund	First Investors Hedged U.S. Equity Opportunities Fund
Delaware Premium Income Fund	First Investors Premium Income Fund
Delaware Total Return Fund	First Investors Total Return Fund

1. Significant Accounting Policies

Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.

Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Debt securities and credit default swap contracts (CDS) are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations, commercial mortgage securities, and US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed; attributes of the collateral; yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. Futures contracts are valued at the daily quoted settlement prices. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Open-end investment companies are valued at their published net asset value (NAV). Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market

317

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

1. Significant Accounting Policies (continued)

closures or suspension of trading in a 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, generally as of 4:00pm Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing.) Restricted securities are valued at fair value using methods approved by the Board.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended March 31, 2020 and for all open tax years (years ended Sept. 30, 2017–Sept. 30, 2019), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. In regard to foreign taxes only, a Fund has open tax years in certain foreign countries in which it invests in that may date back to the inception of the Fund. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended March 31, 2020, the Funds did not incur any interest or tax penalties.

Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes for each Fund on the basis of daily net assets of each class. For 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, investment income and common expenses are allocated to the various classes of each Fund on the basis of “settled shares” of each class in relation to the net assets of each respective Fund. Realized and unrealized gain (loss) on investments are allocated to the various classes of each Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. Class R6 shares will not be allocated any expenses related to service fees, sub-accounting fees, and/or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Funds’ prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Funds generally bifurcate that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange

318

rates from that which is due to changes in market prices of debt securities. That portion of gains (losses) attributable to changes in foreign exchange rates is included on the “Statement of operations” under “Net realized gain (loss) on foreign currencies.” For foreign equity securities, these changes are included on the “Statements of operations” under “Net realized and unrealized gain (loss) on investments.” The Funds report certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

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

Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. Distributions received from investments in master limited partnerships are recorded as return of capital on investments on the ex-dividend date. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Funds are aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends and interest have been recorded in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. 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 declare dividends daily from net investment income and pay the dividends monthly. Delaware Total Return Fund declares and pays dividends monthly. Delaware Equity Income Fund, Delaware Growth and Income Fund, Delaware Covered Call Strategy Fund, and Delaware Premium Income Fund declare and pay dividends quarterly. Delaware Growth Equity Fund, Delaware Opportunity Fund, Delaware Special Situations Fund, Delaware Global Equity Fund, Delaware International Fund, and Delaware Hedged U.S. Equity Opportunities Fund declare and pay dividends annually. Each Fund declares and pays distributions from net realized gain on investments, if any, annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

319

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

1. Significant Accounting Policies (continued)

Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.”

For the six months ended March 31, 2020, each Fund earned the following amounts under this arrangement:

Fund	Credit
Delaware Equity Income Fund	$	1,530
Delaware Growth and Income
Fund		5,132
Delaware Growth Equity Fund		4,831
Delaware Opportunity Fund		6,133
Delaware Special Situations Fund		2,439
Delaware Global Equity Fund		—
Delaware International Fund		1,478
Delaware Floating Rate II Fund		1,428
Delaware Fund for Income		4,908
Delaware Government Cash Management Fund		—
Delaware International Opportunities Bond Fund		—
Delaware Investment Grade Fund		3,256
Delaware Limited Duration Bond Fund		2,976
Delaware Strategic Income II Fund		2,445
Delaware Covered Call Strategy Fund		1,926
Delaware Hedged U.S. Equity Opportunities
Fund		13,390
Delaware Premium Income Fund		1,174
Delaware Total Return Fund		18,866

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

In accordance with the terms of its respective investment management agreement, effective close of business on Oct. 4, 2019, each Fund pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly based on each Fund’s average daily net assets as follows:

	On the first	On the next	On the next	In excess of
	$500 million	$500 million	$1.5 billion	$2.5 billion
Delaware Equity Income Fund	0.650%	0.600%	0.550%	0.500%
Delaware Growth and Income
Fund	0.650%	0.600%	0.550%	0.500%
Delaware Growth Equity Fund	0.650%	0.600%	0.550%	0.500%
Delaware Opportunity Fund	0.750%	0.700%	0.650%	0.600%
Delaware Special Situations
Fund	0.750%	0.700%	0.650%	0.600%
Delaware Global Equity Fund	0.850%	0.800%	0.750%	0.700%
Delaware International Fund	0.850%	0.800%	0.750%	0.700%
Delaware Floating Rate II Fund	0.500%	0.475%	0.450%	0.425%
Delaware Fund for Income	0.650%	0.600%	0.550%	0.500%
Delaware International
Opportunities Bond Fund	0.750%	0.700%	0.650%	0.600%

320

	On the first	On the next	On the next	In excess of
	$500 million	$500 million	$1.5 billion	$2.5 billion
Delaware Investment Grade
Fund	0.500%	0.475%	0.450%	0.425%
Delaware Limited Duration
Bond Fund	0.500%	0.475%	0.450%	0.425%
Delaware Strategic Income II
Fund	0.550%	0.500%	0.450%	0.425%
Delaware Total Return Fund	0.650%	0.600%	0.550%	0.500%

	On the	On the	On the	On the	On the	In excess
	first $300	next $200	next $500	next $1	next $1	of $3
	million	million	million	billion	billion	billion
Delaware Covered Call
Strategy Fund	0.800%	0.750%	0.700%	0.650%	0.600%	0.550%
	On the	On the	On the	On the	On the	In excess
	first $100	next $400	next $500	next $1	next $1	of $3
	million	million	million	billion	billion	billion
Delaware Hedged U.S. Equity
Opportunities Fund	1.150%	1.100%	1.050%	1.000%	0.950%	0.900%

Delaware Government Cash Management Fund and Delaware Premium Income Fund pay 0.45% and 0.80% of each Fund’s average daily net assets, respectively.

Prior to Oct. 4, 2019, each Fund paid Foresters Investment Management Company, Inc. (FIMCO), an annual fee which was calculated daily and paid monthly based on each Fund’s average daily net assets at the following annual rates: Delaware Equity Income Fund, Delaware Growth and Income Fund, Delaware Growth Equity Fund, and Delaware Opportunity Fund paid 0.75% on the first $300 million; 0.72% on the next $200 million; 0.69% on the next $250 million; 0.66% on the next $500 million; 0.64% on the next $500 million; 0.62% on the next $500 million and 0.60% in excess of $2.25 billion; Delaware Special Situations Fund paid 0.90% on the first $200 million; 0.75% on the next $300 million; 0.72% on the next $250 million; 0.69% on the next $250 million; 0.66% on the next $500 million and 0.64% in excess of $1.5 billion; Delaware Global Equity Fund paid 0.95% on the first $600 million; 0.92% on the next $400 million; 0.90% on the next $500 million and 0.88% in excess of $1.5 billion; Delaware International Fund paid 0.98% on the first $300 million; 0.95% on the next $300 million; 0.92% on the next $400 million; 0.90% on the next $500 million and 0.88% in excess of $1.5 billion; Delaware Floating Rate II Fund paid 0.60% on the first $250 million; 0.55% on the next $250 million; 0.50% on the next $500 million; 0.45% on the next $1 billion and 0.40% on average daily net assets in excess of $2 billion; Delaware Fund For Income and Delaware International Opportunities Bond Fund paid 0.75% on the first $250 million; 0.72% on the next $250 million; 0.69% on the next $250 million; 0.66% on the next $500 million; 0.64% on the next $500 million; 0.62% on the next $500 million and 0.60% in excess of $2.25 billion; Delaware Government Cash Management Fund paid 0.50% of average daily net assets, Delaware Investment Grade Fund paid 0.66% on the first $500 million; 0.64% on the next $500 million; 0.62% on the next $500 million and 0.60% in excess of $1.5 billion; Delaware Limited Duration Bond Fund paid 0.41% on the first $500 million; 0.39% on the next $500 million; 0.37% on the next $500 million and 0.35% in excess of $1.5 billion; Delaware Strategic Income II Fund paid 0.05% of

321

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued) average daily net assets, Delaware Covered Call Strategy Fund and Delaware Premium Income Fund paid 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 and 0.55% in excess of $3 billion; Delaware Hedged U.S. Equity Opportunities Fund paid 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 and 0.90% in excess of $3 billion; Delaware Total Return Fund paid 0.75% on the first $300 million; 0.70% on the next $200 million; 0.65% on the next $500 million; 0.60% on the next $1 billion; 0.55% on the next $1 billion and 0.50% in excess of $3 billion.

DMC 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 the following percentages of each Fund’s average daily net assets from Oct. 4, 2019 through March 31, 2020.* These waivers and reimbursements may only be terminated by agreement of the DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.

	Operating expense	Operating expense	Operating expense
	limitation as a	limitation as a	limitation as a
	percentage of average	percentage of average	percentage of average
	daily net assets	daily net assets	daily net assets
	Oct. 4, 2019 through	Oct. 4, 2019 through	Oct. 4, 2019 through
	March 31, 2020	March 31, 2020	March 31, 2020
	Class A	Institutional Class	Class R6
Delaware Equity Income Fund	1.17%	0.85%	0.81%
Delaware Growth and Income
Fund	1.11%	0.82%	0.75%
Delaware Growth Equity Fund	1.17%	0.86%	0.79%
Delaware Opportunity Fund	1.21%	0.90%	0.78%
Delaware Special Situations
Fund	1.27%	1.02%	0.87%
Delaware Global Equity Fund	1.41%	1.07%	1.02%
Delaware International Fund	1.53%	1.18%	1.09%
Delaware Floating Rate II Fund	1.05%	0.89%	0.74%
Delaware Fund for Income	1.18%	1.03%	0.80%
Delaware Government Cash
Management Fund	0.55%	n/a	0.60%
Delaware International
Opportunities Bond Fund	1.39%	1.09%	0.94%
Delaware Investment Grade
Fund	1.03%	0.74%	0.66%

322

	Operating expense	Operating expense	Operating expense
	limitation as a	limitation as a	limitation as a
	percentage of average	percentage of average	percentage of average
	daily net assets	daily net assets	daily net assets
	Oct. 4, 2019 through	Oct. 4, 2019 through	Oct. 4, 2019 through
	March 31, 2020	March 31, 2020	March 31, 2020
	Class A	Institutional Class	Class R6
Delaware Limited Duration
Bond Fund	0.74%	0.51%	0.36%
Delaware Strategic Income II
Fund	1.20%	0.92%	n/a
Delaware Covered Call Strategy
Fund	1.31%	1.09%	0.88%
Delaware Hedged U.S. Equity
Opportunities Fund	1.64%	1.30%	1.20%
Delaware Premium Income
Fund	1.30%	1.05%	0.90%
Delaware Total Return Fund	1.15%	0.91%	0.79%

Prior to Oct. 4, 2019, FIMCO had waived to limit the advisory fee to each Fund’s daily net assets as follows.

	Operating expense	Operating expense	Operating expense
	limitation as a	limitation as a	limitation as a
	percentage of average	percentage of average	percentage of average
	daily net assets	daily net assets	daily net assets
	Class A	Institutional Class	Class R6
Delaware Floating Rate II Fund	1.10%	n/a	n/a
Delaware Government Cash
Management Fund	0.80%	0.80%	n/a
Delaware Limited Duration
Bond Fund	0.79%	0.51%	0.36%
Delaware Covered Call Strategy
Fund	1.30%	0.97%	0.84%
Delaware Hedged U.S. Equity
Opportunities Fund	1.75%	1.42%	1.31%
Delaware Premium Income
Fund	1.30%	1.06%	0.99%

Effective Oct. 4, 2019, DMC 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 DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not a Portfolio, pays each Affiliated Sub-Advisor a portion of its investment management fee.

323

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

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

Effective Oct. 4, 2019, Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Funds. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended March 31, 2020, each Fund was charged for these services as follows:

Fund	Fees
Delaware Equity Income Fund	$	8,926
Delaware Growth and Income
Fund		24,208
Delaware Growth Equity Fund		12,432
Delaware Opportunity Fund		15,774
Delaware Special Situations Fund		9,221
Delaware Global Equity Fund		7,827
Delaware International Fund		8,685
Delaware Floating Rate II Fund		3,467
Delaware Fund for Income		9,681
Delaware Government Cash Management Fund		5,022
Delaware International Opportunities Bond Fund		3,368
Delaware Investment Grade Fund		7,455
Delaware Limited Duration Bond Fund		5,776
Delaware Strategic Income II Fund		4,049
Delaware Covered Call Strategy Fund		6,036
Delaware Hedged U.S. Equity Opportunities
Fund		3,641
Delaware Premium Income Fund		3,871
Delaware Total Return Fund		13,924

Effective Oct. 4, 2019, DIFSC is also the transfer agent and dividend disbursing agent of the Funds. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.”

324

For the six months ended March 31, 2020, each Fund was charged for these services as follows:

Fund	Fees
Delaware Equity Income Fund	$	18,220
Delaware Growth and Income
Fund		58,445
Delaware Growth Equity Fund		27,469
Delaware Opportunity Fund		36,218
Delaware Special Situations Fund		18,975
Delaware Global Equity Fund		15,346
Delaware International Fund		17,598
Delaware Floating Rate II Fund		3,859
Delaware Fund for Income		20,242
Delaware Government Cash Management Fund		7,974
Delaware International Opportunities Bond Fund		3,600
Delaware Investment Grade Fund		14,378
Delaware Limited Duration Bond Fund		9,951
Delaware Strategic Income II Fund		5,396
Delaware Covered Call Strategy Fund		10,615
Delaware Hedged U.S. Equity Opportunities
Fund		4,315
Delaware Premium Income Fund		4,919
Delaware Total Return Fund		31,399

Prior to Oct. 4, 2019, Foresters Investor Services, Inc. was the transfer agent of the Funds.

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to each Fund. Sub-transfer agency fees are paid by each Fund and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Effective Oct. 4, 2019, pursuant to a distribution agreement and distribution plan, each Fund, other than Delaware Government Cash Management Fund, pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares. DDLP has contracted to limit the Delaware Limited Duration Bond Fund Class A shares’ 12b-1 fees to no more than 0.15% of average daily net assets from Oct. 4, 2019 through March 31, 2020.* This waiver may be terminated only by agreement of DDLP and the Fund. The fees are calculated daily and paid monthly. From Oct. 1, 2019 through Oct. 4, 2019, each Fund, other than Delaware Government Cash Management Fund, was authorized to pay Foresters Financial Services, Inc. a fee up to 0.30% (and for certain Funds, up to 0.25%), of the average daily net assets of the Class A shares, on an annual basis, payable monthly. Institutional Class and Class R6 shares do not pay 12b-1 fees.

As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.”

325

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

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

For the period Oct. 4, 2019 through March 31, 2020, each Fund was charged for internal legal, tax, and regulatory services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Delaware Equity Income Fund	$	4,847
Delaware Growth and Income
Fund		15,554
Delaware Growth Equity Fund		7,325
Delaware Opportunity Fund		9,660
Delaware Special Situations Fund		5,054
Delaware Global Equity Fund		4,093
Delaware International Fund		4,686
Delaware Floating Rate II Fund		1,029
Delaware Fund for Income		4,906
Delaware Government Cash Management Fund		2,152
Delaware International Opportunities Bond Fund		939
Delaware Investment Grade Fund		3,866
Delaware Limited Duration Bond Fund		2,641
Delaware Strategic Income II Fund		3,417
Delaware Covered Call Strategy Fund		2,823
Delaware Hedged U.S. Equity Opportunities
Fund		1,147
Delaware Premium Income Fund		1,312
Delaware Total Return Fund		10,913

For the six months ended March 31, 2020, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Commissions
Delaware Equity Income Fund	$	161,713
Delaware Growth and Income
Fund		679,363
Delaware Growth Equity Fund		410,512
Delaware Opportunity Fund		518,028
Delaware Special Situations Fund		302,828
Delaware Global Equity Fund		132,534
Delaware International Fund		142,381
Delaware Floating Rate II Fund		7,624
Delaware Fund for Income		75,324
Delaware Government Cash Management
Fund		—
Delaware International Opportunities Bond
Fund		10,385
Delaware Investment Grade Fund		72,835
Delaware Limited Duration Bond Fund		22,730
Delaware Strategic Income II Fund		44,394
Delaware Covered Call Strategy Fund		143,643
Delaware Hedged U.S. Equity
Opportunities Fund		57,198
Delaware Premium Income Fund		35,986
Delaware Total Return Fund		452,649

326

For the six months ended March 31, 2020, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A shares, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

Fund	CDSC
Delaware Equity Income Fund	$	1,936
Delaware Growth and Income
Fund		1,956
Delaware Growth Equity Fund		4,630
Delaware Opportunity Fund		1,756
Delaware Special Situations Fund		1,616
Delaware Global Equity Fund		800
Delaware International Fund		1,075
Delaware Floating Rate II Fund		92
Delaware Fund for Income		1,141
Delaware Government Cash Management Fund		4,479
Delaware International Opportunities Bond Fund		—
Delaware Investment Grade Fund		1,269
Delaware Limited Duration Bond Fund		40
Delaware Strategic Income II Fund		512
Delaware Covered Call Strategy Fund		1,098
Delaware Hedged U.S. Equity Opportunities
Fund		2,861
Delaware Premium Income Fund		1,248
Delaware Total Return Fund		2,510

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

In addition to the management fees and other expenses of a Fund, a Fund indirectly bears the investment management fees and other expenses of the investment companies (Underlying Funds) in which it may invest. The amount of these fees and expenses incurred indirectly by a Fund will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

Cross trades for the six months ended March 31, 2020, were executed by the Funds pursuant to procedures adopted by the Board designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At their regularly scheduled meetings, the Board reviews such transactions for compliance with the procedures adopted by the Board. Pursuant to these procedures, for the six months ended March 31, 2020, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, as follows:

	Purchases		Sales
Delaware Fund for Income	$	3,211,905	$	—
Delaware Total Return Fund		7,144,171		200,047

The sales did not result in any realized gain or loss.

____________________

*The aggregate contractual waiver period covering this report is from Oct. 4, 2019 through Oct. 31, 2021.

327

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

3. Investments

For the six months ended March 31, 2020, each Fund made purchases and sales of investment securities other than short-term investments as follows:

	Purchases		Purchases of		Sales		Sales of
	other than		US		other than		US
	US government		government		US government		government
Fund	securities		securities		securities		securities
Delaware Equity Income Fund	$	393,274,627	$	—	$	457,116,288	$	—
Delaware Growth and Income Fund		1,249,135,257		—		1,428,948,781		—
Delaware Growth Equity Fund		101,042,448		—		201,630,749		—
Delaware Opportunity Fund		799,858,453		—		904,081,927		—
Delaware Special Situations Fund		433,670,859		—		501,331,262		—
Delaware Global Equity Fund		391,620,704		—		475,465,025		—
Delaware International Fund		421,217,026		—		454,940,962		—
Delaware Floating Rate II Fund		95,942,062		—		128,179,885		—
Delaware Fund for Income		423,420,579		—		529,061,834		—
Delaware Government Cash Management
Fund		—		—		—		—
Delaware International Opportunities Bond
Fund		98,342,257		67,912,961		156,305,678		66,248,425
Delaware Investment Grade Fund		488,474,455		56,007,236		574,795,478		59,976,101
Delaware Limited Duration Bond Fund		114,219,504		106,162,000		244,157,524		111,877,495
Delaware Strategic Income II Fund		151,461,124		70,744,301		168,344,061		77,903,076
Delaware Covered Call Strategy Fund		65,255,896		—		130,810,110		—
Delaware Hedged U.S. Equity
Opportunities Fund		54,493,006		—		86,277,353		—
Delaware Premium Income Fund		35,645,055		—		65,362,205		—
Delaware Total Return Fund		740,540,668		26,931,244		750,916,904		125,163,930

328

At March 31, 2020, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since the final tax characteristics cannot be determined until fiscal year end. At March 31, 2020, the cost and unrealized appreciation (depreciation) of investments and derivatives for each Fund were as follows:

								Net
			Aggregate		Aggregate			unrealized
			unrealized		unrealized			appreciation
			appreciation		depreciation			(depreciation)
	Cost of		of		of			of
Fund	investments		investments		investments			investments
Delaware Equity Income Fund	$	353,702,086	$	13,965,136	$	(67,709,376	)	$	(53,744,240	)
Delaware Growth and Income
Fund		1,152,515,785		45,151,107		(224,930,974	)		(179,779,867	)
Delaware Growth Equity Fund		460,337,473		85,958,994		(40,677,598	)		45,281,396
Delaware Opportunity Fund		722,846,339		21,402,931		(200,396,226	)		(178,993,295	)
Delaware Special Situations Fund		387,399,773		3,997,949		(118,666,596	)		(114,668,647	)
Delaware Global Equity Fund		313,543,098		9,614,472		(39,776,084	)		(30,161,612	)
Delaware International Fund		354,658,637		12,840,399		(55,602,019	)		(42,761,620	)
Delaware Floating Rate II Fund		73,641,688		39,370		(7,358,404	)		(7,319,034	)
Delaware Fund for Income		447,718,327		1,821,481		(43,866,768	)		(42,045,287	)
Delaware Government Cash Management
Fund		172,290,833		—		—			—
Delaware International Opportunities Bond
Fund		46,604,779		951,306		(1,769,747	)		(818,441	)
Delaware Investment Grade Fund		299,474,872		2,915,220		(21,419,675	)		(18,504,455	)
Delaware Limited Duration Bond Fund		191,288,337		1,505,774		(3,338,622	)		(1,832,848	)
Delaware Strategic Income II Fund		111,513,115		524,528		(13,957,993	)		(13,433,465	)
Delaware Covered Call Strategy Fund		175,678,011		21,547,692		(26,876,608	)		(5,328,916	)
Delaware Hedged U.S. Equity
Opportunities Fund		77,241,874		4,148,794		(8,771,125	)		(4,622,331	)
Delaware Premium Income Fund		103,676,944		9,677,265		(31,258,170	)		(21,580,905	)
Delaware Total Return Fund		631,003,203		19,530,212		(100,100,979	)		(80,570,767	)

329

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

3. Investments (continued)

At Sept. 30, 2019, capital loss carryforwards subject to no expiration available to offset future realized capital gains, were as follows:

	Loss carryforward character
Fund	Short-term		Long-term		Total
Delaware Global Equity Fund	$	5,175,460	$	—	$	5,175,460
Delaware Floating Rate II Fund		486,325		2,807,821		3,294,146
Delaware Fund for Income		7,049,901		33,034,947		40,084,848
Delaware International Opportunities Bond
Fund		—		3,918,295		3,918,295
Delaware Investment Grade Fund		—		5,860,069		5,860,069
Delaware Limited Duration Bond Fund		2,054,630		8,926,600		10,981,230
Delaware Strategic Income II Fund		951,419		2,357,236		3,308,655
Delaware Covered Call Strategy Fund		9,178,030		—		9,178,030

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

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3 –	Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are

330

discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of March 31, 2020:

	Delaware Equity Income Fund
Securities	Level 1
Assets:
Common Stock		$	296,388,408
Short-Term Investments			3,569,438
Total Value of Securities		$	299,957,846

	Delaware Growth and Income Fund
Securities	Level 1
Assets:
Common Stock		$	969,130,016
Short-Term Investments			3,605,902
Total Value of Securities		$	972,735,918

331

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

3. Investments (continued)

	Delaware Growth Equity Fund
Securities	Level 1
Assets:
Common Stock		$	499,360,135
Short-Term Investments			6,258,734
Total Value of Securities		$	505,618,869

	Delaware Opportunity Fund
Securities	Level 1
Assets:
Common Stock		$	537,927,054
Short-Term Investments			5,925,990
Total Value of Securities		$	543,853,044

	Delaware Special Situations Fund
Securities	Level 1
Assets:
Common Stock		$	269,403,761
Short-Term Investments			3,327,365
Total Value of Securities		$	272,731,126

332

	Delaware Global Equity Fund
Securities	Level 1		Level 2			Total
Assets:
Common Stock
Denmark		—		15,569,777			15,569,777
France		—		45,505,233			45,505,233
Germany		—		15,508,325			15,508,325
Ireland		3,129,196		—			3,129,196
Japan		—		44,647,790			44,647,790
Netherlands		—		15,271,367			15,271,367
Sweden		—		8,544,817			8,544,817
Switzerland		—		32,624,978			32,624,978
United Kingdom		—		12,153,604			12,153,604
United States		88,661,632		—			88,661,632
Exchange-Traded Funds		1,320,271		—			1,320,271
Short-Term Investments		460,310		—			460,310
Total Value of Securities	$	93,571,409	$	189,825,891		$	283,397,300
Derivatives1
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(15,814	)	$	(15,814	)

¹Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

333

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

3. Investments (continued)

	Delaware International Fund
Securities	Level 1		Level 2			Total
Assets:
Common Stock
Denmark		—		24,573,769			24,573,769
France		—		72,009,834			72,009,834
Germany		—		24,588,249			24,588,249
Ireland		5,093,501		—			5,093,501
Japan		—		73,198,160			73,198,160
Netherlands		—		23,592,202			23,592,202
Sweden		—		12,626,562			12,626,562
Switzerland		—		51,778,107			51,778,107
United Kingdom		—		22,578,108			22,578,108
Exchange-Traded Funds		1,883,243		—			1,883,243
Total Value of Securities	$	6,976,744	$	304,944,991		$	311,921,735
Derivatives1
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(24,718	)	$	(24,718	)

¹Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

	Delaware Floating Rate II Fund
Securities	Level 1		Level 2		Total
Assets:
Corporate Debt	$	—	$	2,581,508	$	2,581,508
Loan Agreements		—		63,022,535		63,022,535
Short-Term Investments		718,611		—		718,611
Total Value of Securities	$	718,611	$	65,604,043	$	66,322,654

334

	Delaware Fund for Income
Securities	Level 1		Level 2		Total
Assets:
Corporate Debt	$	—	$	345,564,039	$	345,564,039
Loan Agreements		—		26,585,549		26,585,549
Short-Term Investments		33,523,452		—		33,523,452
Total Value of Securities	$	33,523,452	$	372,149,588	$	405,673,040

	Delaware Government Cash Management Fund
Securities	Level 2
Assets:
Agency Obligations		$	10,999,709
Short-Term Investments			161,291,124
Total Value of Securities		$	172,290,833

	Delaware International Opportunities Bond Fund
Securities		Level 1			Level 2			Total
Assets:
Corporate Debt		$	—		$	4,111,353		$	4,111,353
Foreign Debt			—			39,989,865			39,989,865
US Treasury Obligations			—			910,068			910,068
Short-Term Investments			406,780			—			406,780
Total Value of Securities		$	406,780		$	45,011,286		$	45,418,066
Derivatives1
Assets:
Foreign Currency Exchange Contracts		$	—		$	392,404		$	392,404
Futures Contracts			108,646			—			108,646
Liabilities:
Foreign Currency Exchange Contracts		$	—		$	(61,616	)	$	(61,616	)
Futures Contracts			(71,162	)		—			(71,162	)

¹ Foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

335

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

3. Investments (continued)

	Delaware Investment Grade Fund
Securities	Level 1		Level 2		Level 3			Total
Assets:
Corporate Debt	$	—	$	271,522,660		$	—	$	271,522,660
Loan Agreements		—		764,063			—		764,063
Preferred Stock		—		1,675,962			—		1,675,962
Short-Term Investments		6,364,046		—			—		6,364,046
Total Value of Securities	$	6,364,046	$	273,962,685		$	—	$	280,326,731
Derivatives1
Assets:
Futures Contracts	$	643,686	$	—		$	—	$	643,686

¹ Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

	Delaware Limited Duration Bond Fund
Securities	Level 1		Level 2		Level 3			Total
Assets:
Corporate Debt	$	—	$	64,044,073		$	—	$	64,044,073
Agency, Asset-Backed and Mortgage-Backed
Securities		—		85,500,741			—		85,500,741
US Treasury Obligations		—		23,740,856			—		23,740,856
Short-Term Investments1		1,201,285		14,968,534			—		16,169,819
Total Value of Securities	$	1,201,285	$	188,254,204		$	—	$	189,455,489

¹ Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments and Level 2 investments represent investments with observable inputs or matrix-priced investments. The amounts attributed to Level 1 investments and Level 2 investments represent the following percentages of the total market value of these security types:

	Level 1		Level 2		Total
Short-Term Investments	7.43	%	92.57	%	100.00	%

336

	Delaware Strategic Income II Fund
Securities	Level 1			Level 2		Total
Assets:
Agency, Asset-Backed and Mortgage-Backed Securities	$	—		$	38,397,483	$	38,397,483
Corporate Debt		—			48,730,798		48,730,798
Loan Agreements		—			5,097,833		5,097,833
Foreign Debt		—			4,970,536		4,970,536
Preferred Stock		—			285,925		285,925
Short-Term Investments		597,075			—		597,075
Total Value of Securities	$	597,075		$	97,482,575	$	98,079,650
Derivatives1
Assets:
Liabilities:
Futures Contracts		(36,984	)		—		(36,984	)

¹ Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

	Delaware Covered Call Strategy Fund
Securities	Level 1
Assets:
Common Stock		$	176,197,385
Short-Term Investments			6,221,027
Total Value of Securities Before Options Written		$	182,418,412
Liabilities:
Options Written		$	(12,069,317	)

337

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

3. Investments (continued)

	Delaware Hedged U.S. Equity Opportunities Fund
Securities	Level 1			Level 2			Total
Assets:
Common Stock
Communication Services	$	3,962,582		$	—		$	3,962,582
Consumer Discretionary		8,890,129			220,381			9,110,510
Consumer Staples		3,970,986			691,585			4,662,571
Energy		352,494			—			352,494
Financials		8,094,453			75,322			8,169,775
Healthcare		13,362,646			—			13,362,646
Industrials		9,864,020			65,568			9,929,588
Information Technology		11,314,332			118,953			11,433,285
Materials		2,146,545			62,057			2,208,602
Real Estate		3,570,712			—			3,570,712
Utilities		1,439,811			—			1,439,811
Exchange-Traded Funds		406,454			—			406,454
Options Purchased		1,173,720			—			1,173,720
Short-Term Investments		4,413,689			—			4,413,689
Total Value of Securities Before Options Written	$	72,962,573		$	1,233,866		$	74,196,439
Liabilities:
Options Written	$	(800,690	)	$	—		$	(800,690	)
Derivatives1
Assets:
Foreign Currency Exchange Contracts	$	—		$	27,821		$	27,821
Futures Contracts		11,925			—			11,925
Liabilities:
Foreign Currency Exchange Contracts	$	—		$	(27	)	$	(27	)
Futures Contracts		(815,925	)		—			(815,925	)

¹ Foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

338

	Delaware Premium Income Fund
Securities	Level 1
Assets:
Common Stock		$	91,043,948
Short-Term Investments			2,360,438
Total Value of Securities		$	93,404,386
Liabilities:
Options Written		$	(11,308,347	)

339

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

3. Investments (continued)

	Delaware Total Return Fund
Securities	Level 1		Level 2		Level 3		Total
Assets:
Common Stock
Communication Services	$	26,158,856	$	1,983,513	$	—	$	28,142,369
Consumer Discretionary		19,529,251		1,611,664		—		21,140,915
Consumer Staples		23,935,613		6,045,632		—		29,981,245
Energy		8,853,431		—		—		8,853,431
Financials		40,421,773		—		6,840,000		47,261,773
Healthcare		60,836,319		3,268,846		—		64,105,165
Industrials		24,973,677		1,528,374		—		26,502,051
Information Technology		39,382,182		—		—		39,382,182
Materials		5,899,300		979,056		—		6,878,356
REITs Diversified		1,701,585		—		—		1,701,585
REITs Healthcare		2,899,218		2,263,107		—		5,162,325
REITs Hotel		1,971,843		—		—		1,971,843
REITs Industrial		3,238,560		—		—		3,238,560
REITs Information Technology		211,871		—		—		211,871
REITs Mall		349,678		—		—		349,678
REITs Manufactured Housing		3,234,840		—		—		3,234,840
REITs Multifamily		16,319,899		984,952		—		17,304,851
REITs Office		1,941,910		—		—		1,941,910
REITs Self-Storage		881,088		—		—		881,088
REITs Single Tenant		2,081,372		—		—		2,081,372
REITs Specialty		744,723		—		—		744,723
Utilities		9,565,461		—		—		9,565,461
Convertible Preferred Stock1		8,939,929		4,764,506		—		13,704,435
Exchange-Traded Funds		6,420,460		—		—		6,420,460
Agency, Asset-Backed and
Mortgage-Backed Securities		—		7,514,048		—		7,514,048
Corporate Debt		—		138,988,139		—		138,988,139
Loan Agreements		—		732,113		—		732,113
Municipal Bonds		—		29,925,653		—		29,925,653
Foreign Debt		—		7,965,940		—		7,965,940
US Treasury Obligations		—		1,580,771		—		1,580,771
Preferred Stock		—		775,936		—		775,936
Short-Term Investments		22,181,985		—		—		22,181,985
Total Value of Securities	$	332,674,824	$	210,912,250	$	6,840,000	$	550,427,074

340

	Delaware Total Return Fund
	Level 1			Level 2			Level 3		Total
Derivatives2
Assets:
Foreign Currency Exchange Contracts	$	—		$	8,556		$	—	$	8,556
Liabilities:
Foreign Currency Exchange Contracts	$	—		$	(1,168	)	$	—	$	(1,168	)
Futures Contracts		(118,777	)		—			—		(118,777	)
Swap Contracts		(11,723	)		(14,530	)		—		(26,253	)

¹ Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments and Level 2 investments represent investments with observable inputs or matrix-priced investments. The amounts attributed to Level 1 investments and Level 2 investments represent the following percentages of the total market value of these security types:

	Level 1	Level 2	Total
Convertible Preferred Stock	65.23%	34.77%	100.00%

² Foreign currency exchange contracts, futures contracts, and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Common Stock
Balance as of 9/30/19		$	—
Purchases			7,200,000
Net change in unrealized appreciation (depreciation)			(360,000	)
Balance as of 3/31/20		$	6,840,000
Net change in unrealized appreciation (depreciation)
from Level 3 investments still held as of 3/31/20		$	(360,000	)

Securities valued at zero on the “Schedules of investments” are considered to be Level 3 investments in these tables.

As a result of utilizing international fair value pricing at March 31, 2020, a majority of Delaware Global Equity Fund and Delaware International Fund’s common stock investments were categorized as Level 2.

During the six months ended March 31, 2020, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to each Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Funds utilizing international fair value pricing during the period. In accordance with the fair valuation procedures described in Note 1, international fair value pricing of securities in each Fund occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Funds’ NAV is determined) are established using a separate pricing feed from a third-party

341

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

3. Investments (continued)

vendor designed to establish a price for each such security as of the time that the Funds’ NAV is determined. Further, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. Each Fund’s policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to each Fund’s net assets. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to each Fund’s net assets at the end of the period except for Delaware Total Return Fund. There were no Level 3 investments during the six months ended March 31, 2020 for Delaware Equity Income Fund, Delaware Growth and Income Fund, Delaware Growth Equity Fund, Delaware Opportunity Fund, Delaware Special Situations Fund, Delaware Global Equity Fund, Delaware International Fund, Delaware Floating Rate II Fund, Delaware Fund for Income, Delaware Government Cash Management Fund, Delaware International Opportunities Bond Fund, Delaware Strategic Income II Fund, Delaware Covered Call Strategy Fund, Delaware Hedged U.S. Equity Opportunities Fund and Delaware Premium Income Fund.

When market quotations are not readily available for one or more portfolio securities, the Fund’s NAV shall be calculated by using the “fair value” of the securities as determined by the Pricing Committee. Such “fair value” is the amount that the Fund might reasonably expect to receive for the security (or asset) upon its current sale. Each such determination should be based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: (i) the type of security, (ii) the size of the holding, (iii) the initial cost of the security, (iv) the existence of any contractual restrictions of the security’s disposition, (v) the price and extent of public trading in similar securities of the issuer or of comparable companies, (vi) quotations or evaluated prices from broker/dealers and/or pricing services, (vii) information obtained from the issuer, analysts, and/or appropriate stock exchange (for exchange-traded securities), (viii) an analysis of the company’s financial statements, and (ix) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The Pricing Committee, or its delegate, employs various methods for calibrating these valuation approaches, including due diligence of the Fund’s pricing vendors and periodic back-testing of the prices that are fair valued under these procedures and reviews of any market related activity. The pricing of all securities fair valued by the Pricing Committee is subsequently reported to and approved by the Board on a quarterly basis.

Quantitative information about Level 3 fair value measurements for Delaware Total Return Fund are as follows:

		Valuation	Unobservable
Assets	Value	Techniques	Inputs
			Fair value cost
Common Stock	$6,840,000	Cost method	adjusted for liquidity

342

A significant change to the inputs may result in a significant change to the valuation.

4. Capital Shares

Transactions in capital shares were as follows:

	Delaware				Delaware				Delaware
	Equity Income Fund				Growth and Income Fund				Growth Equity Fund
	Six months		Year		Six months		Year		Six months		Year
	ended		ended		ended		ended		ended		ended
	3/31/20		9/30/19		3/31/20		9/30/19		3/31/20		9/30/19
Shares sold:
Class A	1,930,381		4,318,513		2,513,563		5,299,151		2,231,463		7,533,890
Class B*	—		9,779		—		16,927		—		17,259
Institutional Class**	45,452		1,007,631		118,472		4,759,495		1,112,737		9,508,471
Class R6***	16,921		170,775		14,859		35,949		12,213		95,065
Shares issued upon      reinvestment of       dividends      and distributions:
Class A	17,872,914		7,811,540		34,733,647		16,609,882		4,229,693		2,467,703
Class B*	—		34,733		—		131,250		—		17,170
Institutional Class**	41,738		1,129,571		199,444		1,493,783		1,150,149		826,513
Class R6***	52,763		33,369		135,314		97,916		32,832		27,950
	19,960,169		14,515,911		37,715,299		28,444,353		8,769,087		20,494,021
Shares redeemed:
Class A	(11,962,269	)	(12,957,709	)	(15,533,206	)	(15,851,008	)	(8,640,800	)	(9,937,934	)
Class B*	—		(281,000	)	—		(679,786	)	—		(301,167	)
Institutional Class**	(129,416	)	(9,157,830	)	(1,025,628	)	(10,952,002	)	(4,195,783	)	(12,767,501	)
Class R6***	(71,314	)	(283,093	)	(95,496	)	(304,391	)	(127,513	)	(359,535	)
	(12,162,999	)	(22,679,632	)	(16,654,330	)	(27,787,187	)	(12,964,096	)	(23,366,137	)
Net increase (decrease)	7,797,170		(8,163,721	)	21,060,969		657,166		(4,195,009	)	(2,872,116	)

343

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

4. Capital Shares (continued)

	Delaware				Delaware				Delaware
	Opportunity Fund				Special Situations Fund				Global Equity Fund
	Six months		Year		Six months		Year		Six months		Year
	ended		ended		ended		ended		ended		ended
	3/31/20		9/30/19		3/31/20		9/30/19		3/31/20		9/30/19
Shares sold:
Class A	931,165		2,344,495		794,479		2,227,577		1,162,715		3,761,672
Class B*	—		7,413		—		5,576		—		13,695
Institutional
Class**	29,393		691,255		20,426		1,032,850		477,859		15,755,958
Class R6***	7,062		17,522		5,642		25,687		19,717		46,725
Shares issued
upon
reinvestment of
dividends
and
distributions:
Class A	9,042,987		2,871,812		2,586,472		3,073,060		7,061,434		6,812,821
Class B*	—		29,959		—		25,368		—		69,696
Institutional
Class**	46,419		428,350		31,777		735,406		546,442		3,965,640
Class R6***	21,109		13,787		21,330		43,308		40,587		61,926
	10,078,135		6,404,593		3,460,126		7,168,832		9,308,754		30,488,133
Shares
redeemed:
Class A	(5,100,807	)	(5,017,572	)	(3,937,732	)	(4,110,417	)	(7,998,065	)	(9,301,139	)
Class B*	—		(230,205	)	—		(139,106	)	—		(422,809	)
Institutional
Class**	(217,589	)	(4,336,855	)	(409,525	)	(5,548,821	)	(7,576,207	)	(35,292,779	)
Class R6***	(36,590	)	(106,041	)	(41,205	)	(206,063	)	(63,854	)	(345,679	)
	(5,354,986	)	(9,690,673	)	(4,388,462	)	(10,004,407	)	(15,638,126	)	(45,362,406	)
Net increase
(decrease)	4,723,149		(3,286,080	)	(928,336	)	(2,835,575	)	(6,329,372	)	(14,874,273	)

344

	Delaware				Delaware				Delaware
	International Fund				Floating Rate II Fund				Fund for Income
	Six months		Year		Six months		Year		Six months		Year
	ended		ended		ended		ended		ended		ended
	3/31/20		9/30/19		3/31/20		9/30/19		3/31/20		9/30/19
Shares sold:
Class A	727,623		2,053,028		345,129		2,065,800		4,923,133		13,476,860
Class B*	—		2,681		—		—		—		44,612
Institutional Class**	1,231,942		8,826,954		601,545		5,835,139		7,604,211		18,487,987
Class R6***	4,576		22,233		4,045		334,873		203,341		7,440,769
Shares issued upon
reinvestment of
dividends
and distributions:
Class A	3,838,262		1,218,911		126,812		274,136		3,931,151		9,418,798
Class B*	—		6,043		—		—		—		17,139
Institutional Class**	3,088,953		648,458		86,094		450,372		296,489		1,141,753
Class R6***	20,038		13,729		796		3,167		18,533		69,202
	8,911,394		12,792,037		1,164,421		8,963,487		16,976,858		50,097,120
Shares redeemed:
Class A	(3,755,563	)	(3,907,855	)	(2,041,459	)	(2,704,754	)	(33,612,540	)	(42,476,056	)
Class B*	—		(92,547	)	—		—		—		(792,185	)
Institutional Class**	(6,308,108	)	(5,518,155	)	(2,313,972	)	(16,951,823	)	(3,404,423	)	(40,822,238	)
Class R6***	(43,338	)	(168,329	)	(51,031	)	(3,582,801	)	(14,598,960	)	(6,284,488	)
	(10,107,009	)	(9,686,886	)	(4,406,462	)	(23,239,378	)	(51,615,923	)	(90,374,967	)
Net increase (decrease)	(1,195,615	)	3,105,151		(3,242,041	)	(14,275,891	)	(34,639,065	)	(40,277,847	)

345

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

4. Capital Shares (continued)

	Delaware				Delaware
	Government Cash				International Opportunities				Delaware
	Management Fund				Bond Fund				Investment Grade Fund
	Six months		Year		Six months		Year		Six months		Year
	ended		ended		ended		ended		ended		ended
	3/31/20		9/30/19		3/31/20		9/30/19		3/31/20		9/30/19
Shares sold:
Class A	198,085,182		243,937,757		152,339		485,499		1,189,954		3,829,184
Class B*	—		119,589		—		—		—		11,272
Institutional
Class**	—		—		552,413		4,176,296		1,095,373		4,017,946
Class R6***	10,021		—		2,876		1,130,170		13,659		430,263
Shares issued
upon
reinvestment of
dividends
and
distributions:
Class A	842,900		2,848,143		8,527		105,950		1,578,719		1,301,394
Class B*	—		1,039		—		—		—		2,845
Institutional
Class**	—		—		17,898		188,480		20,783		562,605
Class R6***	42		18		90		948		6,376		5,680
	198,938,145		246,906,546		734,143		6,087,343		3,904,864		10,161,189
Shares
redeemed:
Class A	(168,644,264	)	(231,576,163	)	(1,317,826	)	(1,748,393	)	(8,493,958	)	(12,223,963	)
Class B*	—		(222,047	)	—		—		—		(175,762	)
Institutional
Class**	—		—		(4,428,050	)	(8,430,675	)	(2,023,011	)	(22,966,280	)
Class R6***	(1,039	)	—		(1,590,265	)	(641,884	)	(2,237,319	)	(724,416	)
	(168,645,303	)	(231,798,210	)	(7,336,141	)	(10,820,952	)	(12,754,288	)	(36,090,421	)
Net increase
(decrease)	30,292,842		15,108,336		(6,601,998	)	(4,733,609	)	(8,849,424	)	(25,929,232	)

346

	Delaware								Delaware
	Limited Duration Bond				Delaware				Covered Call Strategy
	Fund				Strategic Income II Fund				Fund
	Six months		Year		Six months		Year		Six months		Year
	ended		ended		ended		ended		ended		ended
	3/31/20		9/30/19		3/31/20		9/30/19		3/31/20		9/30/19
Shares sold:
Class A	1,142,326		4,079,233		924,181		2,087,007		1,236,649		3,985,940
Institutional Class**	488,350		19,055,875		15,625		49,781		595,256		4,880,542
Class R6***	3,661		3,860,217		—		—		5,416		28,045
Shares issued upon
reinvestment of
dividends
and distributions:
Class A	255,429		682,501		219,092		498,900		108,164		218,650
Institutional Class**	40,042		222,074		1,017		2,842		37,080		99,537
Class R6***	771		2,338		—		—		1,030		3,036
	1,930,579		27,902,238		1,159,915		2,638,530		1,983,595		9,215,750
Shares redeemed:
Class A	(5,416,119	)	(8,074,919	)	(3,619,529	)	(4,409,875	)	(5,374,533	)	(6,306,714	)
Institutional Class**	(5,422,526	)	(17,117,131	)	(33,755	)	(74,483	)	(1,798,377	)	(9,039,296	)
Class R6***	(5,089,253	)	(2,948,547	)	—		—		(37,024	)	(153,194	)
	(15,927,898	)	(28,140,597	)	(3,653,284	)	(4,484,358	)	(7,209,934	)	(15,499,204	)
Net decrease	(13,997,319	)	(238,359	)	(2,493,369	)	(1,845,828	)	(5,226,339	)	(6,283,454	)

347

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

4. Capital Shares (continued)

	Delaware
	Hedged U.S. Equity				Delaware				Delaware
	Opportunities Fund				Premium Income Fund				Total Return Fund
	Six months		Year		Six months		Year		Six months		Year
	ended		ended		ended		ended		ended		ended
	3/31/20		9/30/19		3/31/20		9/30/19		3/31/20		9/30/19
Shares sold:
Class A	437,019		2,150,509		598,069		3,248,351		1,510,392		3,777,984
Class B*	—		—		—		—		—		20,382
Institutional Class**	264,756		13,176,303		1,200,757		7,684,713		33,069		36,742
Class R6***	6,016		21,405		3,952		2,832		6,892		18,636
Shares issued upon
reinvestment of
dividends
and distributions:
Class A	1,008,606		119,206		124,581		199,417		9,498,345		4,657,392
Class B*	—		—		—		—		—		28,672
Institutional Class**	402,426		164,038		147,756		199,392		10,679		5,359
Class R6***	4,534		896		392		2,970		22,266		181,206
	2,123,357		15,632,357		2,075,507		11,337,675		11,081,643		8,726,373
Shares redeemed:
Class A	(1,864,050	)	(1,540,989	)	(2,210,845	)	(1,512,611	)	(9,262,036	)	(10,344,862	)
Class B*	—		—		—		—		—		(353,408	)
Institutional Class**	(2,234,698	)	(17,694,623	)	(2,645,423	)	(4,532,696	)	(65,349	)	(30,566	)
Class R6***	(26,934	)	(42,838	)	(1,247	)	(382,162	)	(47,207	)	(1,792,261	)
	(4,125,682	)	(19,278,450	)	(4,857,515	)	(6,427,469	)	(9,374,592	)	(12,521,097	)
Net increase (decrease)	(2,002,325	)	(3,646,093	)	(2,782,008	)	4,910,206		1,707,051		(3,794,724	)

348

All Class B shares converted into Class A shares on June 14, 2019. These transactions are included as subscriptions and redemptions in the tables on the previous pages and the “Statements of changes in net assets.” The share transactions associated with the conversion are as follows:

	Year ended 9/30/19
	Class B	Class A
	Shares	Shares	Value
Delaware Equity Income Fund	231,179	225,289	$2,122,225
Delaware Growth and Income Fund	542,744	492,479	9,465,453
Delaware Growth Equity Fund	232,779	188,891	2,274,251
Delaware Opportunity Fund	185,936	136,323	4,981,232
Delaware Special Situations Fund	114,318	79,647	1,961,695
Delaware Global Equity Fund	350,438	256,571	1,867,835
Delaware International Fund	74,800	68,624	1,047,200
Delaware Fund for Income	614,684	614,684	1,493,683
Delaware Government Cash Management Fund	139,584	139,584	139,584
Delaware Investment Grade Fund	147,125	146,512	1,406,515
Delaware Total Return Fund	285,193	279,964	5,190,520

349

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

4. Capital Shares (continued)

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the tables on the previous pages and the “Statements of changes in net assets.” For the six months ended March 31, 2020, the Funds had the following exchange transactions:

		Six months ended
		3/31/20
	Exchange	Exchange
	Redemptions	Subscriptions
		Institutional
	Class A	Class
	Shares	Shares	Value
Delaware Equity Income Fund	45,103	44,785	$	348,357
Delaware Growth and Income Fund	62,518	62,327		1,026,685
Delaware Growth Equity Fund	24,824	24,239		301,071
Delaware Opportunity Fund	25,374	24,519		788,134
Delaware Special Situations Fund	10,708	10,483		235,825
Delaware Global Equity Fund	64,866	62,299		417,670
Delaware International Fund	6,923	6,764		95,987
Delaware Floating Rate II Fund	3,739	3,746		33,790
Delaware Fund for Income	251,433	253,703		603,345
Delaware Investment Grade Fund	29,359	29,202		284,142
Delaware Limited Duration Bond Fund	9,032	9,005		83,978
Delaware Strategic Income II Fund	5,521	5,525		52,234
Delaware Covered Call Strategy Fund	32,207	32,284		385,280
Delaware Hedged U.S. Equity Opportunities Fund	3,419	3,384		43,077
Delaware Premium Income Fund	39,458	39,379		382,888
Delaware Total Return Fund	33,177	33,045		580,408

Delaware International Opportunities Bond Fund and Delaware Government Cash Management Fund did not have any exchange transactions for the six months ended March 31, 2020.

* All Class B shares were converted into Class A shares on June 14, 2019.

** On Oct. 4, 2019, Advisor Class shares were reorganized into Institutional Class shares.

*** On Oct. 4, 2019, Institutional Class shares were reorganized into Class R6 shares.

350

5. Line of Credit

On Nov. 4, 2019, each Fund, along with certain other funds in the Delaware Funds (Participants), is a participant in a $250,000,000 revolving line of credit to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expires on Nov. 2, 2020.

The Funds had no amounts outstanding as of March 31, 2020, or at any time during the period then ended.

6. Derivatives

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

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

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

During the six months ended March 31, 2020, Delaware Global Equity Fund and Delaware International Fund entered into foreign currency exchange contracts and foreign cross currency contracts in order to fix the US dollar value of a security between the trade date and settlement date. Delaware Hedged U.S. Equity Opportunities Bond Fund, Delaware International Opportunities Bond Fund and Delaware Total Return Fund entered into foreign currency exchange contracts and foreign cross currency contracts to

351

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

6. Derivatives (continued)

hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Funds may use futures in the normal course of pursuing its investment objective. The Funds may invest in futures contracts to hedge its existing portfolio securities against fluctuations in fair value caused by changes in prevailing market interest rates. Upon entering into a futures contract, the Funds deposit cash or pledge US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Funds as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Funds because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Delaware International Opportunities Bond Fund posted $21,533, Delaware Investment Grade Fund posted $213,675, Delaware Strategic Income II Fund posted $28,490, Delaware Hedged U.S. Equity Opportunities Bond Fund posted $2,006,226 and Delaware Total Return Fund posted $50,875 cash collateral as margin for open futures contracts.

During the six months ended March 31, 2020, Delaware International Opportunities Bond Fund, Delaware Investment Grade Fund, Delaware Strategic Income II Fund, Delaware Hedged U.S. Equity Opportunities Bond Fund and Delaware Total Return Fund invested in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

Options Contracts — During the six months ended March 31, 2020, the Funds entered into options contracts in the normal course of pursuing their investment objective. Each Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting the Fund’s overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. Each Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When each Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When each Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by each Fund on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the

352

underlying security in determining whether each Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by each Fund. Each Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, each Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change.

During the six months ended March 31, 2020, Delaware International Opportunities Bond Fund, Delaware Covered Call Strategy Fund, Delaware Hedged U.S. Equity Opportunities Fund, and Delaware Premium Income Fund used options contracts to manage the Funds’ exposure to changes in securities prices caused by interest rates or market conditions. In addition, Delaware Covered Call Strategy Fund and Delaware Premium Income Fund used options contracts to receive premiums for writing options and to protect the value of portfolio securities.

Swap Contracts — Delaware Total Return Fund enters into CDS contracts in the normal course of pursuing its investment objective. The Fund entered into CDS contracts in order to hedge against a credit event. The Fund will not be permitted to enter into any swap transactions unless, at the time of entering into such transactions, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by Standard & Poor’s Financial Services LLC (S&P) or Baa3 by Moody’s Investors Service, Inc. (Moody’s) or is determined to be of equivalent credit quality by DMC.

Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. In addition, an upfront payment may be made or received by Delaware Total Return Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the six months ended March 31, 2020, Delaware Total Return Fund entered into CDS contracts as a purchaser of protection. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. For the six months ended March 31, 2020, the Fund did not enter into any contracts as a seller of protection. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty.

353

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

6. Derivatives (continued)

CDS contracts may involve greater risks than if Delaware Total Return Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

Swaps Generally. For centrally cleared swaps, payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded by Delaware Total Return Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, Delaware Total Return Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The value of open swaps may differ from that which would be realized in the event Delaware Total Return Fund terminated its position in the contract on a given day. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the “Schedules of investments.”

Fair values of derivative instruments as of March 31, 2020 were as follows:

	Delaware International Opportunities Bond Fund
	Asset Derivatives Fair Value
	Currency			Interest Rate
Statement of Assets and Liabilities Location	Contracts			Contracts			Total
Unrealized appreciation on foreign currency exchange
contracts		$	392,404		$	—		$	392,404
Variation margin due from broker on futures contracts*			—			108,646			108,646
Total		$	392,404		$	108,646		$	501,050
	Delaware International Opportunities Bond Fund
	Liability Derivatives Fair Value
	Currency			Interest Rate
Statement of Assets and Liabilities Location	Contracts			Contracts			Total
Unrealized depreciation on foreign currency exchange
contracts		$	61,616		$	—		$	61,616
Variation margin due to broker on futures contracts*			—			71,162			71,162
Total		$	61,616		$	71,162		$	132,778

354

	Delaware Hedged U.S. Equity Opportunities Fund
	Asset Derivatives Fair Value
	Currency		Equity
Statement of Assets and Liabilities Location	Contracts		Contracts		Total
Unrealized appreciation on foreign currency exchange
contracts	$	27,821	$	—	$	27,821
Variation margin due from broker on futures contracts*		—		11,925		11,925
Total	$	27,821	$	11,925	$	39,746

	Delaware Hedged U.S. Equity Opportunities Fund
	Liability Derivatives Fair Value
	Currency				Equity
Statement of Assets and Liabilities Location	Contracts				Contracts			Total
Unrealized depreciation on foreign currency exchange
contracts		$	(27	)	$	—		$	(27	)
Variation margin due to broker on futures contracts*			—			(815,925	)		(815,925	)
Options written, at value			—			(800,690	)		(800,690	)
Total		$	(27	)	$	(1,616,615	)	$	(1,616,642	)

	Delaware Total Return Fund
	Asset Derivatives Fair Value
	Currency
Statement of Assets and Liabilities Location	Contracts
Unrealized appreciation on foreign currency exchange contracts	$8,556

	Delaware Total Return Fund
	Liability Derivatives Fair Value
				Interest
	Currency			Rate			Credit
Statement of Assets and Liabilities Location	Contracts			Contracts			Contracts			Total
Unrealized depreciation on foreign currency exchange
contracts	$	(1,168	)	$	—		$	—		$	(1,168	)
Variation margin due to broker on futures contracts*		—			(118,777	)		—			(118,777	)
Unrealized depreciation on credit default swap contracts		—			—			(26,253	)		(26,253	)
Total	$	(1,168	)	$	(118,777	)	$	(26,253	)	$	(146,198	)

____________________

*Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through March 31, 2020. Only current day variation margin is reported on the “Statements of assets and liabilities.”

355

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

6. Derivatives (continued)

The effect of derivative instruments on the Delaware International Opportunities Bond Fund’s “Statements of operations” for the six months ended March 31, 2020 was as follows:

	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange			Futures			Options
	Contracts			Contracts			Purchased		Total
Currency contracts	$	(1,304,570	)	$	—		$	—	$	(1,304,570	)
Equity contracts		—						211,219		211,219
Interest rate contracts		—			(7,394	)		—		(7,394	)
Total	$	(1,304,570	)	$	(7,394	)	$	211,219	$	(1,100,745	)

The effect of derivative instruments on the Delaware Hedged U.S. Equity Opportunities Fund’s “Statements of operations” for the six months ended March 31, 2020 was as follows:

	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange		Futures		Options		Options
	Contracts		Contracts		Purchased		Written			Total
Currency contracts	$	43,323	$	—	$	—	$	—		$	43,323
Equity contracts		—		4,203,335		3,014,405		(2,172,349	)		5,045,391
Total	$	43,323	$	4,203,335	$	3,014,405	$	(2,172,349	)	$	5,088,714

The effect of derivative instruments on the Delaware Total Return Fund’s “Statements of operations” for the six months ended March 31, 2020 was as follows:

	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange			Futures			Swap
	Contracts			Contracts			Contracts		Total
Currency contracts	$	(91,936	)	$	—		$	—	$	(91,936	)
Interest rate contracts		—			(17,946	)		—		(17,946	)
Equity contracts		—			(223,589	)		—		(223,589	)
Credit contracts		—			—			247,262		247,262
Total	$	(91,936	)	$	(241,535	)	$	247,262	$	(86,209	)

356

The effect of derivative instruments on the Delaware International Opportunities Bond Fund’s “Statements of operations” for the six months ended March 31, 2020 was follows:

	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign
	Currency
	Exchange		Futures
	Contracts		Contracts		Total
Currency contracts	$	1,312,828	$	—	$	1,312,828
Interest rate contracts		—		37,484		37,484
Total	$	1,312,828	$	37,484	$	1,350,312

The effect of derivative instruments on the Delaware Hedged U.S. Equity Opportunities Fund’s “Statements of operations” for the six months ended March 31, 2020 was follows:

	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign
	Currency
	Exchange			Futures			Options			Options
	Contracts			Contracts			Purchased			Written			Total
Currency contracts		$	7,771	$	—		$	—		$	—		$	7,771
Equity contracts			—		(969,560	)		(62,987	)		(392,280	)		(1,424,827	)
Total		$	7,771	$	(969,560	)	$	(62,987	)	$	(392,280	)	$	(1,417,056	)

The effect of derivative instruments on the Delaware Total Return Fund’s “Statements of operations” for the six months ended March 31, 2020 was follows:

	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign
	Currency
	Exchange			Futures			Swap
	Contracts			Contracts			Contracts			Total
Credit contracts		$	—	$	—		$	(26,761	)	$	(26,761	)
Currency contracts			7,388		—			—			7,388
Interest rate contracts			—		(118,777	)		—			(118,777	)
Total		$	7,388	$	(118,777	)	$	(26,761	)	$	(138,150	)

During the six months ended March 31, 2020, Delaware Global Equity Fund and Delaware International Fund experienced net realized and unrealized gains or losses attributable to foreign currency holdings, which are disclosed on the “Statements of assets and liabilities” and/or “Statements of operations.”

357

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

6. Derivatives (continued)

During the six months ended March 31, 2020, Delaware Investment Grade Fund and Delaware Strategic Income II Fund experienced net realized and unrealized gains or losses attributable to futures contract holdings, which are disclosed on the “Statements of assets and liabilities” and/or “Statements of operations.”

During the six months ended March 31, 2020, Delaware Covered Call Strategy Fund and Delaware Premium Income Fund experienced net realized and unrealized gains or losses attributable to options contracts, which are disclosed on the “Statements of assets and liabilities” and/or “Statements of operations.”

The table below summarizes the average balance of derivative holdings by each Fund during the six months ended March 31, 2020:

	Long Derivatives Volume
	Foreign currency
	exchange contracts			Futures contracts			Purchased Options contracts			CDS contracts
	(average cost)			(average notional value)			(average notional value)			(average notional value)*
Delaware Global
Equity Fund		$	9,524,441		$	—		$	—		$	—
Delaware
International Fund			60,990,508			—			—			—
Delaware
International
Opportunities
Bond Fund			888,828,660			8,945,253			70,533			—
Delaware Investment
Grade Fund			—			9,133,524			—			—
Delaware Strategic
Income II Fund			—			711,296			—			—
Delaware Hedged
U.S. Equity
Opportunities
Fund			5,844,070			—			1,363,283			—
Delaware Total
Return Fund			953,677			128,888			—			8,751

358

	Short Derivatives Volume
	Foreign currency						Written
	exchange contracts			Futures contracts			Options contracts
	(average cost)			(average notional value)			(average notional value)
Delaware Global
Equity Fund		$	51,507,165		$	—		$	—
Delaware
International Fund			11,041,244			—			—
Delaware
International
Opportunities
Bond Fund			69,424,934			3,249,401			—
Delaware Strategic
Income II Fund			—			634,880			—
Delaware Covered
Call Strategy Fund			—			—			9,081,531
Delaware Hedged
U.S. Equity
Opportunities
Fund			14,206,267			18,188,429			776,159
Delaware Premium
Fund			—			—			23,747,773
Delaware Total
Return Fund			4,663,395			1,116,137			—

7. Offsetting

Each Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define its contractual rights and to secure rights that will help each Fund mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statements of assets and liabilities.”

At March 31, 2020, the Funds had the following assets and liabilities subject to offsetting provisions:

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Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

7. Offsetting (continued)

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

		Delaware Global Equity Fund
	Gross Value of	Gross Value of
Counterparty	Derivative Asset	Derivative Liability				Net Position
The Bank of New York Mellon	$—		$	(15,814	)	$	(15,814	)

Fair Value of

Fair Value of

Non-Cash

Cash Collateral

Non-Cash

Cash Collateral

Net

Counterparty

Net Position

Collateral Received

Received(a)

Collateral Pledged

Pledged

Exposure(b)

The Bank of New

York Mellon

$

(15,814

)

$—

$—

$—

$—

$

(15,814

)

			Delaware International Fund
	Gross Value of		Gross Value of
Counterparty	Derivative Asset		Derivative Liability				Net Position
The Bank of New York Mellon		$—		$	(24,718	)	$	(24,718	)

Fair Value of

Fair Value of

Non-Cash

Cash Collateral

Non-Cash

Cash Collateral

Net

Counterparty

Net Position

Collateral Received

Received(a)

Collateral Pledged

Pledged

Exposure(b)

The Bank of New

York Mellon

$

(24,718

)

$—

$—

$—

$—

$

(24,718

)

	Delaware International Opportunities Bond Fund
	Gross Value of			Gross Value of
Counterparty	Derivative Asset			Derivative Liability				Net Position
JPMorgan Chase Bank		$	97,257		$	(21,788	)	$	75,469
TD Bank			295,141			(39,717	)		255,424
The Bank of New York Mellon			6			(111	)		(105	)
Total		$	392,404		$	(61,616	)	$	330,788

				Fair Value of						Fair Value of
				Non-Cash			Cash Collateral			Non-Cash			Cash Collateral			Net
Counterparty	Net Position			Collateral Received			Received(a)			Collateral Pledged			Pledged			Exposure(b)
JPMorgan Chase
Bank	$	75,469			$	—		$	—		$	—			—	$	75,469
TD Bank		255,424				—			—			—			—		255,424
The Bank of New
York Mellon		(105	)			—			—			—			—		(105	)
Total	$	330,788			$	—		$	—		$	—		$	—	$	330,788

360

	Delaware Hedged U.S. Equity Opportunities Fund
	Gross Value of			Gross Value of
Counterparty	Derivative Asset			Derivative Liability				Net Position
Bank of Montreal		$	13,390		$	—			$	13,390
Morgan Stanley Capital			14,359			—				14,359
The Bank of New York Mellon			72			(27	)			45
Total		$	27,821		$	(27	)		$	27,794

				Fair Value of						Fair Value of
				Non-Cash			Cash Collateral			Non-Cash			Cash Collateral			Net
Counterparty	Net Position			Collateral Received			Received(a)			Collateral Pledged			Pledged			Exposure(b)
Bank of Montreal		$	13,390		$	—		$	—		$	—			—		$	13,390
Morgan Stanley
Capital			14,359			—			—			—			—			14,359
The Bank of New
York Mellon			45			—			—			—			—			45
Total		$	27,794		$	—		$	—		$	—		$	—		$	27,794

				Delaware Total Return Fund
	Gross Value of			Gross Value of
Counterparty	Derivative Asset			Derivative Liability				Net Position
JPMorgan Chase Bank		$	8,556		$	(26,253	)		$	(17,697	)
The Bank of New York Mellon			—			(1,168	)			(1,168	)
Total		$	8,556		$	(27,421	)		$	(18,865	)

					Fair Value of						Fair Value of
					Non-Cash			Cash Collateral			Non-Cash			Cash Collateral			Net
Counterparty	Net Position				Collateral Received			Received(a)			Collateral Pledged			Pledged			Exposure(b)
JPMorgan Chase
Bank		$	(17,697	)		$	—		$	—		$	—			—		$	(17,697	)
The Bank of New
York Mellon			(1,168	)			—			—			—			—			(1,168	)
Total		$	(18,865	)		$	—		$	—		$	—		$	—		$	(18,865	)

^(a)The value of the related collateral exceeded the value of the derivatives and securities lending transactions as of March 31, 2020.

^(b)Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

8. Securities Lending

Each Fund, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day, the aggregate

361

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

8. Securities Lending (continued)

market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities. A fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

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

Each Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of each Fund’s cash collateral account may be less than the amount each Fund would be required to return to the borrowers of the securities and each Fund would be required to make up for this shortfall.

During the six months ended March 31, 2020, the Funds had no securities out on loan.

362

9. Credit and Market Risk

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

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

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.

The risk that potential changes related to the use of the London interbank offered rate (LIBOR) could have adverse impacts on financial instruments which reference LIBOR. The potential abandonment of LIBOR could affect the value and liquidity of instruments which reference LIBOR.

Delaware Floating Rate II Fund, Delaware Fund for Income, Delaware Investment Grade Fund, Delaware Limited Duration Bond Fund, and Delaware Total Return Fund invest in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s Financial Services LLC and lower than Baa3 by Moody’s Investors Service, Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher-rated securities. Additionally, lower-rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

Delaware Floating Rate II Fund, Delaware Fund for Income, Delaware Investment Grade Fund, Delaware Limited Duration Bond Fund, and Delaware Total Return Fund invest in fixed income securities whose value is derived from an underlying pool of mortgages or consumer loans. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations (CMOs). CMOs are debt securities issued by US government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material

363

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

9. Credit and Market Risk (continued)

adverse effect on a Fund’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

Delaware Floating Rate II Fund, Delaware Fund for Income, Delaware Investment Grade Fund, Delaware Limited Duration Bond Fund, and Delaware Total Return Fund invest in bank loans and other securities that may subject them to direct indebtedness risk, the risk that the Funds 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 the Funds 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 direct indebtedness acquired by the Funds may involve revolving credit facilities or other standby financing commitments that obligate the Funds to pay additional cash on a certain date or on demand. These commitments may require each Fund to increase its investment in a company at a time when the Funds 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 each 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. When a loan agreement is purchased, the Funds may pay an assignment fee. On an ongoing basis, the Funds may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by the borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid.

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

Delaware Floating Rate II Fund, Delaware Fund for Income, Delaware Investment Grade Fund, Delaware Limited Duration Bond Fund, and Delaware Total Return Fund invest in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. The Funds will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

Delaware Opportunity Fund, Delaware Special Situations Fund, and Delaware Hedged U.S. Equity Opportunities Fund may invest in REITs and are subject to the risks associated with that industry. If a Fund holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during

364

the year ended March 31, 2020. The Funds’ REIT holdings are also affected by interest rate changes, particularly if the REITs they hold use floating rate debt to finance their ongoing operations. The Funds also invests in real estate acquired as a result of ownership of securities or other instruments, including issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein. These instruments may include interests in private equity limited partnerships or limited liability companies that hold real estate investments (Real Estate Limited Partnerships). The Funds will limit their investments in Real Estate Limited Partnerships to 5% of their total assets at the time of purchase.

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Funds’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to each Fund’s 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedules of investments.”

10. Contractual Obligations

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

11. Recent Accounting Pronouncements

In March 2017, the FASB issued an Accounting Standards Update (ASU), ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain callable debt securities purchased at a premium, shortening such period to the earliest call date. The ASU 2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2018. Management has implemented ASU 2017-08 and determined that the impact of this guidance to each Fund’s net assets at the end of the period is not material.

In August 2018, the FASB issued an ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. At this time, Management is evaluating the implications of these changes on the financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in the ASU 2020-04 provides

365

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021. The ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

12. Subsequent Events

On Nov. 4, 2019, each Fund, along with certain other funds in the Delaware Funds (Participants), entered into an amendment to the agreement for a $250,000,000 revolving line of credit. The revolving line of credit available was increased to $275,000,000 on May 6, 2020. The revolving line of credit is to be used as described above and operates in substantially the same manner as the original agreement. The line of credit available under the agreement expires on Nov. 2, 2020.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand, and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Funds’ performance.

Management has determined that no other material events or transactions occurred subsequent to March 31, 2020, that would require recognition or disclosure in the Funds’ financial statements.

366

About the organization

Board of trustees
Shawn K. Lytle President and Chief Executive Officer Delaware Funds® by Macquarie Philadelphia, PA Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA Jerome D. Abernathy Managing Member Stonebrook Capital Management, LLC Jersey City, NJ	Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA John A. Fry President Drexel University Philadelphia, PA	Lucinda S. Landreth Former Chief Investment Officer Assurant, Inc. New York, NY Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Miami, FL	Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Pittsburgh, PA Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Golden, CO Janet L. Yeomans Former Vice President and Treasurer 3M Company St. Paul, MN
Affiliated officers
David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie Philadelphia, PA	Daniel V. Geatens Vice President and Treasurer Delaware Funds by Macquarie Philadelphia, PA	Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie Philadelphia, PA

This semiannual report is for the information of Delaware Equity Income Fund, Delaware Growth and Income Fund, Delaware Growth Equity Fund, Delaware Opportunity Fund, Delaware Special Situations Fund, Delaware Global Equity Fund, Delaware International 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, Delaware Strategic Income II Fund, Delaware Covered Call Strategy Fund, Delaware Hedged U.S. Equity Opportunities Fund, Delaware Premium Income Fund, and Delaware Total Return Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.

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

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

367

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

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

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits

(a)(1) Code of Ethics

Not applicable.

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

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

Not applicable.

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

SIGNATURES

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

DELAWARE GROUP^® EQUITY FUNDS IV

SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	June 4, 2020

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

SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	June 4, 2020
RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	June 4, 2020