Delaware Group Foundation Funds NCSRS Certified semi-annual shareholder report (management investment company)

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:	811-08457

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

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, 2014

Item 1. Reports to Stockholders


		Delaware Foundation Funds^® Delaware Foundation^® Growth Allocation Fund Delaware Foundation Moderate Allocation Fund Delaware Foundation Conservative Allocation Fund Semiannual report March 31, 2014 Multi-asset mutual funds
		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 delawareinvestments.com 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 delawareinvestments.com/edelivery.

LOGO

Table of contents


Disclosure of Fund expenses			1

Security type / sector allocations, top 10 equity holdings and country allocations			3

Financial statements

Schedules of investments			9

Statements of assets and liabilities			88

Statements of operations			90

Statements of changes in net assets			92

Financial highlights			98

Notes to financial statements			113

About the organization			133

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

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

Unless otherwise noted, views expressed herein are current as of March 31, 2014, and subject to change.

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

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

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

Disclosure of Fund expenses

For the six-month period from October 1, 2013 to March 31, 2014 (Unaudited)

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/or 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 the 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, 2013 to March 31, 2014.

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 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 a 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. The expenses shown in each table assume reinvestment of all dividends and distributions.

Delaware Foundation^® Growth Allocation Fund

Expense analysis of an investment of $ 1,000


	Beginning Account Value 10/1/13		Ending Account Value 3/31/14		Annualized Expense Ratio		Expenses Paid During Period 10/1/13 to 3/31/14*
Actual Fund return^†
Class A	$	1,000.00	$	1,066.80		1.15%		$5.93
Class B		1,000.00		1,066.40		1.15%		5.92
Class C		1,000.00		1,062.60		1.90%		9.77
Class R		1,000.00		1,064.70		1.40%		7.21
Institutional Class		1,000.00		1,067.20		0.90%		4.64
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.20		1.15%		$5.79
Class B		1,000.00		1,019.20		1.15%		5.79
Class C		1,000.00		1,015.46		1.90%		9.55
Class R		1,000.00		1,017.95		1.40%		7.04
Institutional Class		1,000.00		1,020.44		0.90%		4.53

Delaware Foundation Moderate Allocation Fund

Expense analysis of an investment of $ 1,000


	Beginning Account Value 10/1/13		Ending Account Value 3/31/14		Annualized Expense Ratio		Expenses Paid During Period 10/1/13 to 3/31/14*
Actual Fund return^†
Class A	$	1,000.00	$	1,058.80		1.13%		$5.80
Class B		1,000.00		1,058.80		1.15%		5.90
Class C		1,000.00		1,054.20		1.90%		9.73
Class R		1,000.00		1,056.60		1.40%		7.18
Institutional Class		1,000.00		1,059.40		0.90%		4.62
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.30		1.13%		$5.69
Class B		1,000.00		1,019.20		1.15%		5.79
Class C		1,000.00		1,015.46		1.90%		9.55
Class R		1,000.00		1,017.95		1.40%		7.04
Institutional Class		1,000.00		1,020.44		0.90%		4.53

(continues) 1

Disclosure of Fund expenses

Delaware Foundation^® Conservative Allocation Fund

Expense analysis of an investment of $ 1,000


	Beginning Account Value 10/1/13		Ending Account Value 3/31/14		Annualized Expense Ratio		Expenses Paid During Period 10/1/13 to 3/31/14*
Actual Fund return ^†
Class A	$	1,000.00	$	1,050.40		1.13%		$5.78
Class B		1,000.00		1,050.00		1.13%		5.78
Class C		1,000.00		1,046.80		1.88%		9.59
Class R		1,000.00		1,049.00		1.38%		7.05
Institutional Class		1,000.00		1,051.60		0.88%		4.50
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.30		1.13%		$5.69
Class B		1,000.00		1,019.30		1.13%		5.69
Class C		1,000.00		1,015.56		1.88%		9.45
Class R		1,000.00		1,018.05		1.38%		6.94
Institutional Class		1,000.00		1,020.54		0.88%		4.43

*“ 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 182/365 (to reflect the one-half year period).

^†Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

Security type / sector allocations, top 10 equity holdings and country allocations

Delaware Foundation^® Growth Allocation Fund

As of March 31, 2014 (Unaudited)

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


Security type / sector	Percentage of net assets
Common Stock		81.12	%
U.S. Markets		43.39	%
Consumer Discretionary		4.44	%
Consumer Staples		3.31	%
Energy		4.34	%
Financials		8.43	%
Healthcare		5.96	%
Industrials		3.40	%
Information Technology		10.53	%
Materials		1.17	%
Telecommunication Services		1.04	%
Utilities		0.77	%
Developed Markets		26.85	%
Consumer Discretionary		4.27	%
Consumer Staples		3.17	%
Energy		1.40	%
Financials		4.23	%
Healthcare		4.26	%
Industrials		4.21	%
Information Technology		1.59	%
Materials		2.38	%
Telecommunication Services		1.09	%
Utilities		0.25	%
Emerging Markets		10.88	%
Consumer Discretionary		0.63	%
Consumer Staples		1.58	%
Energy		1.64	%
Financials		1.63	%
Industrials		0.46	%
Information Technology		1.93	%
Materials		1.14	%
Telecommunication Services		1.87	%
Utilities		0.00	%
Convertible Preferred Stock		0.13	%
Exchange-Traded Funds		0.16	%
Agency Collateralized Mortgage Obligations		0.27	%
Agency Mortgage-Backed Securities		2.30	%
Commercial Mortgage-Backed Securities		0.35	%
Convertible Bonds		0.43	%


Security type / sector	Percentage of net assets
Corporate Bonds		10.42	%
Banking		1.31	%
Basic Industry		0.75	%
Brokerage		0.08	%
Capital Goods		0.57	%
Consumer Cyclical		0.64	%
Consumer Non-Cyclical		0.79	%
Energy		1.69	%
Financials		0.31	%
Insurance		0.36	%
Media		0.38	%
Real Estate		0.52	%
Services		0.18	%
Technology		0.52	%
Telecommunications		1.05	%
Transportation		0.14	%
Utilities		1.13	%
Municipal Bonds		0.11	%
Non-Agency Asset-Backed Securities		0.35	%
Non-Agency Collateralized Mortgage Obligations		0.08	%
Senior Secured Loans		2.40	%
Sovereign Bonds		0.40	%
Supranational Banks		0.07	%
U.S. Treasury Obligations		0.68	%
Preferred Stock		0.07	%
Right		0.00	%
Option Purchased		0.00	%
Short-Term Investments		1.24	%
Total Value of Securities		100.58	%
Liabilities Net of Receivables and Other Assets		(0.58	%)
Total Net Assets		100.00	%

(continues) 3

Security type / sector allocations, top 10 equity holdings and country allocations

Delaware Foundation^® Growth Allocation 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
Teva Pharmaceutical Industries ADR		1.01	%
Microsoft		0.88	%
EOG Resources		0.85	%
Toyota Motor		0.83	%
Google Class A		0.81	%
QUALCOMM		0.81	%
Aryzta		0.80	%
Visa Class A		0.78	%
Novartis		0.75	%
MasterCard Class A		0.72	%


*Country / market	Percentage of net assets
Developed Markets		28.64	%
Australia		0.95	%
Austria		0.22	%
Belgium		0.18	%
Bermuda		0.05	%
Canada		1.45	%
Cayman Islands		0.04	%
Denmark		0.97	%
France		4.46	%
Germany		1.87	%
Hong Kong		0.96	%
Ireland		0.33	%
Israel		1.26	%
Italy		0.93	%
Japan		5.09	%
Luxembourg		0.48	%
Netherlands		0.89	%
Norway		0.39	%
Portugal		0.07	%
Singapore		0.14	%


*Country / market	Percentage of net assets
Spain		0.53	%
Sweden		0.90	%
Switzerland		3.09	%
United Kingdom		3.39	%
Emerging Markets		11.77	%
Argentina		0.16	%
Brazil		1.79	%
Chile		0.12	%
China		1.95	%
Colombia		0.16	%
Cyprus		0.02	%
Hungary		0.02	%
India		0.77	%
Indonesia		0.05	%
Jersey		0.05	%
Malaysia		0.11	%
Mexico		1.23	%
Panama		0.01	%
Poland		0.14	%
Republic of Korea		2.35	%
Romania		0.01	%
Russia		0.71	%
Slovenia		0.23	%
South Africa		0.66	%
Taiwan		0.75	%
Thailand		0.27	%
Turkey		0.19	%
Venezuela		0.02	%
Supranational		0.07	%
U.S. Markets		58.86	%
Total		99.34	%

* Allocation includes all investments except for short-term investments.

Security type / sector allocations, top 10 equity holdings and country allocations

Delaware Foundation^® Moderate Allocation Fund

As of March 31, 2014 (Unaudited)


Security type / sector	Percentage of net assets
Common Stock		60.39	%
U.S. Markets		32.50	%
Consumer Discretionary		3.29	%
Consumer Staples		2.48	%
Energy		3.25	%
Financials		6.31	%
Healthcare		4.51	%
Industrials		2.54	%
Information Technology		7.86	%
Materials		0.89	%
Telecommunication Services		0.78	%
Utilities		0.59	%
Developed Markets		19.90	%
Consumer Discretionary		3.16	%
Consumer Staples		2.40	%
Energy		1.01	%
Financials		3.14	%
Healthcare		3.16	%
Industrials		3.11	%
Information Technology		1.17	%
Materials		1.77	%
Telecommunication Services		0.80	%
Utilities		0.18	%
Emerging Markets		7.99	%
Consumer Discretionary		0.47	%
Consumer Staples		1.14	%
Energy		1.25	%
Financials		1.20	%
Industrials		0.34	%
Information Technology		1.36	%
Materials		0.85	%
Telecommunication Services		1.38	%
Convertible Preferred Stock		0.29	%
Exchange-Traded Funds		0.12	%
Agency Asset-Backed Securities		0.02	%
Agency Collateralized Mortgage Obligations		0.32	%
Agency Mortgage-Backed Securities		5.11	%
Commercial Mortgage-Backed Securities		0.81	%
Convertible Bonds		1.10	%


Security type / sector	Percentage of net assets
Corporate Bonds		22.26	%
Banking		2.81	%
Basic Industry		2.20	%
Brokerage		0.17	%
Capital Goods		0.80	%
Consumer Cyclical		1.20	%
Consumer Non-Cyclical		2.03	%
Energy		2.99	%
Financials		0.74	%
Insurance		0.81	%
Media		0.96	%
Real Estate		0.81	%
Services		0.34	%
Technology		1.30	%
Telecommunications		2.36	%
Transportation		0.40	%
Utilities		2.34	%
Municipal Bonds		0.29	%
Non-Agency Asset-Backed Securities		0.40	%
Non-Agency Collateralized Mortgage Obligations		0.16	%
Senior Secured Loans		4.30	%
Sovereign Bonds		0.56	%
Supranational Banks		0.14	%
U.S. Treasury Obligations		1.88	%
Preferred Stock		0.23	%
Right		0.00	%
Option Purchased		0.00	%
Short-Term Investments		3.72	%
Total Value of Securities		102.10	%
Liabilities Net of Receivables and Other Assets		(2.10	%)
Total Net Assets		100.00	%

(continues) 5

Security type / sector allocations, top 10 equity

holdings and country allocations

Delaware Foundation^® Moderate Allocation 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
Teva Pharmaceutical Industries ADR		0.74	%
Microsoft		0.66	%
EOG Resources		0.64	%
Toyota Motor		0.61	%
Aryzta		0.60	%
QUALCOMM		0.60	%
Google Class A		0.59	%
Visa Class A		0.58	%
Novartis		0.55	%
MasterCard Class A		0.54	%

*Country / market	Percentage of net assets
Developed Markets		24.63	%
Australia		1.01	%
Austria		0.06	%
Belgium		0.14	%
Bermuda		0.23	%
Canada		1.45	%
Cayman Islands		0.56	%
Denmark		0.73	%
France		3.52	%
Germany		1.40	%
Hong Kong		0.70	%
Ireland		0.38	%
Israel		0.93	%
Italy		0.74	%
Japan		3.76	%
Luxembourg		0.63	%
Netherlands		1.13	%
Norway		0.33	%
Portugal		0.05	%
Singapore		0.11	%
Spain		0.49	%
Sweden		0.74	%


*Country / market	Percentage of net assets
Switzerland		2.46	%
United Kingdom		3.08	%
Emerging Markets		10.16	%
Argentina		0.12	%
Barbados		0.12	%
Brazil		1.60	%
British Virgin Islands		0.06	%
Chile		0.15	%
China		1.47	%
Colombia		0.21	%
Costa Rica		0.12	%
Cyprus		0.04	%
Gabon		0.06	%
Hungary		0.03	%
Iceland		0.06	%
India		0.62	%
Indonesia		0.03	%
Jersey		0.10	%
Kazakhstan		0.07	%
Malaysia		0.08	%
Mexico		1.02	%
Panama		0.07	%
Peru		0.06	%
Poland		0.11	%
Republic of Korea		1.74	%
Romania		0.03	%
Russia		0.55	%
Slovenia		0.06	%
South Africa		0.52	%
Taiwan		0.51	%
Thailand		0.19	%
Turkey		0.32	%
Venezuela		0.04	%
Supranational		0.14	%
U.S. Markets		63.45	%
Total		98.38	%

*Allocation includes all investments except for short-term investments.

Security type / sector allocations, top 10 equity

holdings and country allocations

Delaware Foundation^® Conservative Allocation Fund

As of March 31, 2014 (Unaudited)


Security type / sector	Percentage of net assets
Common Stocks		40.98	%
U.S. Markets		22.09	%
Consumer Discretionary		2.24	%
Consumer Staples		1.78	%
Energy		2.20	%
Financials		4.27	%
Healthcare		2.99	%
Industrials		1.72	%
Information Technology		5.37	%
Materials		0.60	%
Telecommunication Services		0.53	%
Utilities		0.39	%
Developed Markets		13.58	%
Consumer Discretionary		2.16	%
Consumer Staples		1.63	%
Energy		0.70	%
Financials		2.14	%
Healthcare		2.17	%
Industrials		2.11	%
Information Technology		0.80	%
Materials		1.20	%
Telecommunication Services		0.55	%
Utilities		0.12	%
Emerging Markets		5.31	%
Consumer Discretionary		0.32	%
Consumer Staples		0.77	%
Energy		0.82	%
Financials		0.78	%
Industrials		0.22	%
Information Technology		0.93	%
Materials		0.54	%
Telecommunication Services		0.93	%
Convertible Preferred Stock		0.44	%
Exchange-Traded Funds		0.04	%
Agency Collateralized Mortgage Obligations		0.47	%
Agency Mortgage-Backed Securities		7.94	%
Commercial Mortgage-Backed Securities		1.36	%
Convertible Bonds		1.53	%


Security type / sector	Percentage of net assets
Corporate Bonds		33.86	%
Banking		3.35	%
Basic Industry		2.94	%
Brokerage		0.28	%
Capital Goods		1.28	%
Consumer Cyclical		2.12	%
Consumer Non-Cyclical		3.34	%
Energy		4.77	%
Financials		1.16	%
Insurance		1.30	%
Media		1.49	%
Real Estate		1.46	%
Services		0.56	%
Technology		1.85	%
Telecommunications		3.54	%
Transportation		0.76	%
Utilities		3.66	%
Municipal Bonds		0.33	%
Non-Agency Asset-Backed Securities		0.73	%
Non-Agency Collateralized Mortgage Obligations		0.20	%
Senior Secured Loans		6.69	%
Sovereign Bonds		1.00	%
Supranational Banks		0.13	%
U.S. Treasury Obligations		3.15	%
Preferred Stock		0.37	%
Right		0.00	%
Option Purchased		0.00	%
Short-Term Investments		4.66	%
Total Value of Securities		103.88	%
Liabilities Net of Receivables and Other Assets		(3.88	%)
Total Net Assets		100.00	%

(continues) 7

Security type / sector allocations, top 10 equity

holdings and country allocations

Delaware Foundation^® Conservative Allocation 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
Teva Pharmaceutical Industries ADR	0.52	%
Microsoft	0.45	%
EOG Resources	0.43	%
Toyota Motor	0.42	%
Aryzta	0.41	%
QUALCOMM	0.41	%
Google Class A	0.40	%
Visa Class A	0.39	%
Novartis	0.38	%
MasterCard Class A	0.36	%


*Country / market	Percentage of net assets
Developed Markets	20.64	%
Australia	1.02	%
Austria	0.14	%
Belgium	0.09	%
Bermuda	0.39	%
Canada	1.45	%
Cayman Islands	1.05	%
Denmark	0.50	%
France	2.60	%
Germany	1.00	%
Hong Kong	0.48	%
Ireland	0.64	%
Israel	0.64	%
Italy	0.61	%
Japan	2.56	%
Luxembourg	1.14	%
Netherlands	1.24	%
Norway	0.28	%
Portugal	0.03	%
Singapore	0.07	%
Spain	0.38	%
Sweden	0.50	%


*Country / market	Percentage of net assets
Switzerland	1.58	%
United Kingdom	2.25	%
Emerging Markets	8.71	%
Argentina	0.08	%
Barbados	0.22	%
Brazil	1.20	%
Chile	0.21	%
China	1.01	%
Colombia	0.29	%
Cyprus	0.06	%
Gabon	0.14	%
Hungary	0.04	%
Iceland	0.07	%
India	0.50	%
Indonesia	0.29	%
Jersey	0.13	%
Kazakhstan	0.08	%
Malaysia	0.05	%
Mexico	1.18	%
Panama	0.05	%
Peru	0.14	%
Poland	0.12	%
Republic of Korea	1.31	%
Romania	0.04	%
Russia	0.34	%
Slovenia	0.14	%
South Africa	0.34	%
Taiwan	0.33	%
Thailand	0.13	%
Turkey	0.09	%
United Arab Emirates	0.07	%
Venezuela	0.06	%
Supranational	0.13	%
U.S. Markets	69.74	%
Total	99.22	%

*Allocation includes all investments except for short-term investments.

Schedules of investments

Delaware Foundation^® Growth Allocation Fund

March 31, 2014 (Unaudited)


	Number of Shares		Value (U.S. $)
Common Stock – 81.12%
U.S. Markets – 43.39%
Consumer Discretionary – 4.44%
BorgWarner		650	$	39,955
Buffalo Wild Wings †		300		44,670
Carnival		900		34,074
Cheesecake Factory		660		31,436
Cinemark Holdings		680		19,727
Comcast Special Class A		1,950		95,082
Del Frisco’s Restaurant Group †		1,055		29,435
DSW Class A		1,650		59,169
Express †		1,315		20,882
Ford Motor		5,850		91,260
Francesca’s Holdings †		1,830		33,196
G-III Apparel Group †		710		50,822
Iconix Brand Group †		1,195		46,928
Jack in the Box †		855		50,394
Johnson Controls		8,000		378,560
L Brands		6,877		390,407
Liberty Interactive Class A †		18,466		533,113
Lowe’s		7,500		366,750
Macy’s		1,630		96,643
Madden (Steven) †		1,572		56,561
McDonald’s		1,170		114,695
National CineMedia		1,620		24,300
NIKE Class B		3,694		272,839
Nordstrom		1,380		86,181
Popeyes Louisiana Kitchen †		1,135		46,126
Priceline Group †		452		538,734
Regal Entertainment Group Class A		1,120		20,922
Sally Beauty Holdings †		6,779		185,745
Shutterfly †		690		29,449
Starbucks		1,400		102,732
Tenneco †		930		54,005
Tractor Supply		740		52,266
Urban Outfitters †		1,700		61,999
Viacom Class B		510		43,345

				4,102,402

Consumer Staples – 3.31%
Archer-Daniels-Midland		10,400		451,256
Avon Products		5,800		84,912
Casey’s General Stores		645		43,596
Coca-Cola		990		38,273
CVS Caremark		6,840		512,042
General Mills		1,840		95,349
J&J Snack Foods		365		35,029


	Number of Shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Consumer Staples (continued)
Kimberly-Clark		620	$	68,355
Kraft Foods Group		6,733		377,721
Mondelez International Class A		11,100		383,505
PepsiCo		1,580		131,930
Procter & Gamble		2,340		188,604
Susser Holdings †		895		55,911
Walgreen		8,870		585,686

				3,052,169

Energy – 4.34%
Bonanza Creek Energy †		340		15,096
Bristow Group		275		20,768
C&J Energy Services †		920		26,827
Carrizo Oil & Gas †		740		39,560
Chevron		4,800		570,768
ConocoPhillips		5,500		386,925
Diamondback Energy †		355		23,895
EOG Resources		4,020		788,603
Exxon Mobil		1,770		172,894
Halliburton		6,400		376,896
Jones Energy Class A †		1,410		21,347
Kinder Morgan		8,013		260,342
Kodiak Oil & Gas †		2,530		30,714
Marathon Oil		12,740		452,525
National Oilwell Varco		790		61,517
Occidental Petroleum		4,940		470,733
Pioneer Energy Services †		2,515		32,569
RigNet †		950		51,139
Rosetta Resources †		800		37,264
RSP Permian †		520		15,023
Schlumberger		1,510		147,225

				4,002,630

Financials – 8.43%
AFLAC		1,410		88,886
Allstate		6,700		379,086
American Campus Communities		550		20,543
American Equity Investment Life Holding		1,880		44,406
American Tower		1,050		85,963
Ameriprise Financial		550		60,539
AMERISAFE		800		35,128
Apartment Investment & Management		900		27,198
AvalonBay Communities		650		85,358

(continues) 9

Schedules of investments

Delaware Foundation^® Growth Allocation Fund


	Number of Shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Financials (continued)
Bank of New York Mellon		10,700	$	377,603
BB&T		9,300		373,581
BBCN Bancorp		1,970		33,766
BlackRock		260		81,765
Boston Properties		850		97,351
Brandywine Realty Trust		2,750		39,765
Bryn Mawr Bank		350		10,055
Camden Property Trust		400		26,936
Capital Bank Financial †		1,085		27,244
Capital One Financial		1,390		107,252
Cardinal Financial		1,925		34,323
Citigroup		2,570		122,332
City Holding		755		33,869
CME Group		3,451		255,408
Corporate Office Properties Trust		725		19,314
Cousins Properties		1,750		20,073
Crown Castle International		7,776		573,713
DCT Industrial Trust		5,880		46,334
DDR		3,150		51,912
Douglas Emmett		1,725		46,817
Duke Realty		3,400		57,392
DuPont Fabros Technology		1,420		34,179
EastGroup Properties		320		20,131
EPR Properties		1,310		69,941
Equity Lifestyle Properties		475		19,309
Equity One		900		20,106
Equity Residential		1,675		97,133
Essex Property Trust		350		59,517
Evercore Partners Class A		580		32,045
Extra Space Storage		450		21,829
Federal Realty Investment Trust		175		20,076
Fidelity & Guaranty Life		1,620		38,232
First Industrial Realty Trust		1,975		38,157
First Potomac Realty Trust		1,050		13,566
Flushing Financial		1,305		27,496
General Growth Properties		3,625		79,750
Greenhill & Co		450		23,391
Health Care REIT		500		29,800
Healthcare Realty Trust		975		23,546
Healthcare Trust of America Class A		1,825		20,787
Highwoods Properties		975		37,450
Host Hotels & Resorts		6,935		140,364


	Number of Shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Financials (continued)
Independent Bank		850	$	33,465
IntercontinentalExchange Group		2,162		427,708
Invesco		1,830		67,710
JPMorgan Chase		3,300		200,343
Kilroy Realty		600		35,148
Kimco Realty		1,800		39,384
Kite Realty Group Trust		5,155		30,930
LaSalle Hotel Properties		1,915		59,959
Lexington Realty Trust		2,075		22,638
Liberty Property Trust		500		18,480
LTC Properties		175		6,585
Macerich		525		32,723
Maiden Holdings		1,990		24,835
Marsh & McLennan		7,700		379,610
National Retail Properties		2,275		78,078
Park National		410		31,525
Pebblebrook Hotel Trust		700		23,639
Post Properties		600		29,460
Primerica		930		43,812
Progressive		12,589		304,906
Prologis		2,400		97,992
Prosperity Bancshares		705		46,636
Prudential Financial		680		57,562
PS Business Parks		275		22,995
Public Storage		450		75,821
Ramco-Gershenson Properties Trust		3,075		50,123
Raymond James Financial		1,660		92,844
Regency Centers		750		38,295
RLJ Lodging Trust		1,025		27,409
Sabra Health Care REIT		525		14,642
Simon Property Group		1,425		233,700
SL Green Realty		650		65,403
Sovran Self Storage		475		34,889
Spirit Realty Capital		2,625		28,823
State Street		1,040		72,332
Sterling Bancorp		2,280		28,865
Stifel Financial †		775		38,564
Strategic Hotels & Resorts †		2,825		28,787
Susquehanna Bancshares		3,195		36,391
Tanger Factory Outlet Centers		1,025		35,875
Taubman Centers		250		17,697
Texas Capital Bancshares †		560		36,366
Travelers		960		81,696
UDR		1,550		40,037


	Number of Shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Financials (continued)
United Fire Group		835	$	25,342
Ventas		1,450		87,827
Vornado Realty Trust		975		96,096
Webster Financial		1,370		42,552
Wells Fargo		3,300		164,142
Western Alliance Bancorp †		1,560		38,376

				7,779,734

Healthcare – 5.96%
AbbVie		2,460		126,444
Acorda Therapeutics †		1,035		39,237
Air Methods †		1,145		61,177
Akorn †		1,005		22,110
Align Technology †		940		48,683
Alkermes †		1,100		48,499
Allergan		4,082		506,576
Auxilium Pharmaceuticals †		1,580		42,944
Baxter International		5,500		404,690
Cardinal Health		5,400		377,892
Celgene †		4,383		611,867
Cepheid †		710		36,622
Conmed		940		40,843
Cross Country Healthcare †		2,310		18,642
CryoLife		2,285		22,759
Express Scripts †		1,700		127,653
Gilead Sciences †		1,880		133,217
Haemonetics †		835		27,213
InterMune †		1,530		51,209
Johnson & Johnson		4,140		406,672
Medicines †		605		17,194
Merck		9,360		531,367
Merit Medical Systems †		1,313		18,776
NPS Pharmaceuticals †		1,120		33,522
Perrigo		1,682		260,138
Pfizer		17,218		553,042
Prestige Brands Holdings †		1,140		31,065
Quest Diagnostics		6,900		399,648
Quidel †		1,275		34,807
Spectrum Pharmaceuticals †		2,355		18,463
Thermo Fisher Scientific		1,100		132,264
UnitedHealth Group		1,540		126,265
Vertex Pharmaceuticals †		910		64,355
WellCare Health Plans †		480		30,490
West Pharmaceutical Services		1,110		48,895
Zoetis		1,620		46,883

				5,502,123


	Number of Shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Industrials – 3.40%
AAON		1,762	$	49,107
Acuity Brands		170		22,537
Applied Industrial Technologies		895		43,175
Barnes Group		1,190		45,779
Caterpillar		330		32,792
Chart Industries †		180		14,319
Columbus McKinnon †		1,405		37,640
Cummins		360		53,636
Deere		440		39,952
Eaton		940		70,613
ESCO Technologies		645		22,698
Esterline Technologies †		205		21,841
FedEx		470		62,303
FTI Consulting †		1,220		40,675
General Electric		6,770		175,275
Granite Construction		1,010		40,329
Honeywell International		1,390		128,936
Hunt (J.B.) Transport Services		720		51,782
Kadant		1,015		37,017
KEYW Holding †		2,410		45,091
Kforce		2,220		47,330
Lockheed Martin		570		93,047
McGrath RentCorp		645		22,549
MYR Group †		825		20,889
Nielsen Holdings		1,310		58,465
Northrop Grumman		3,100		382,478
Parker Hannifin		560		67,038
Paylocity Holding †		130		3,127
Raytheon		3,800		375,402
Republic Services		1,720		58,755
Roadrunner Transportation
Systems †		1,290		32,560
Rockwell Collins		380		30,275
Tetra Tech †		1,075		31,809
Union Pacific		730		136,992
United Stationers		1,060		43,534
United Technologies		1,270		148,387
URS		1,150		54,119
US Ecology		950		35,264
WageWorks †		545		30,580
Waste Management		9,200		387,044
XPO Logistics †		1,515		44,556

				3,139,697

Information Technology – 10.53%
Accenture Class A		1,270		101,244

(continues) 11

Schedules of investments

Delaware Foundation^® Growth Allocation Fund


	Number of Shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Information Technology (continued)
Adobe Systems †		8,101	$	532,560
Amkor Technology †		5,010		34,369
Anixter International		435		44,161
Apple		390		209,329
Applied Micro Circuits †		3,290		32,571
Avago Technologies		1,730		111,429
Brightcove †		3,635		35,732
Broadcom Class A		12,200		384,056
Callidus Software †		1,150		14,398
Cisco Systems		19,490		436,771
eBay †		8,979		496,000
EMC		4,630		126,908
Equinix †		794		146,763
ExlService Holdings †		545		16,846
Facebook Class A †		1,390		83,734
FARO Technologies †		655		34,715
Google Class A †		675		752,294
Intel		17,950		463,289
International Business Machines		230		44,273
InterXion Holding †		1,120		26,858
Intuit		5,055		392,925
j2 Global		820		41,041
Marin Software †		1,440		15,221
MasterCard Class A		8,891		664,158
Microsoft		19,862		814,143
Motorola Solutions		5,771		371,018
NETGEAR †		905		30,526
Plantronics		600		26,670
Proofpoint †		920		34,114
QUALCOMM		9,433		743,886
Rally Software Development †		1,950		26,091
Rocket Fuel †		665		28,515
Rofin-Sinar Technologies †		1,355		32,466
Salesforce.com †		1,120		63,941
SciQuest †		1,010		27,285
Semtech †		1,485		37,630
SS&C Technologies Holdings †		795		31,816
Synaptics †		800		48,016
TeleTech Holdings †		1,535		37,623
Teradata †		4,788		235,522
Texas Instruments		1,480		69,782
Trulia †		940		31,208
VeriFone Systems †		3,791		128,212
VeriSign †		4,294		231,490
Visa Class A		3,329		718,598
Xerox		34,100		385,330


	Number of Shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Information Technology (continued)
Yahoo †		6,200	$	222,580
Yelp †		1,409		108,394

				9,726,501

Materials – 1.17%
Axiall		805		36,161
Boise Cascade †		1,170		33,509
Cabot		585		34,550
Chemtura †		1,680		42,487
duPont (E.I.) deNemours		6,930		465,003
Eastman Chemical		1,060		91,383
Huntsman		1,930		47,131
Innophos Holdings		485		27,499
International Paper		720		33,034
Kaiser Aluminum		435		31,068
Kraton Performance Polymers †		1,180		30,845
Materion		875		29,689
MeadWestvaco		2,020		76,033
Neenah Paper		655		33,877
Stepan		360		23,242
Taminco †		1,555		32,671
U.S. Silica Holdings		350		13,359

				1,081,541

Telecommunication Services – 1.04%
AT&T		14,770		517,984
Atlantic Tele-Network		410		27,027
inContact †		3,570		34,272
Verizon Communications		8,100		385,317

				964,600

Utilities – 0.77%
Cleco		770		38,947
Edison International		7,650		433,067
MDU Resources Group		2,070		71,022
NorthWestern		715		33,912
OGE Energy		1,850		68,006
Sempra Energy		650		62,894

				707,848

Total U.S. Markets (cost $24,023,736)				40,059,245

Developed Markets – 26.85%§
Consumer Discretionary – 4.27%
Adidas		925		100,020
Bayerische Motoren Werke		2,753		347,886
Benesse Holdings		1,700		65,025


	Number of Shares		Value (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Consumer Discretionary (continued)
Cie Financiere Richemont Class A		640	$	61,148
Compass Group		7,000		106,885
Denso		1,700		81,530
Don Quijote Holdings		1,900		98,099
Hennes & Mauritz Class B		2,300		98,096
Honda Motor		2,900		102,046
Inditex		420		63,012
Kering		958		195,332
LVMH Moet Hennessy Louis Vuitton		360		65,236
NHK Spring		5,600		52,080
Nitori Holdings		6,642		288,251
Publicis Groupe		5,090		459,531
Sands China		10,400		78,000
Shimamura		700		60,577
Shimano		800		80,473
Sodexo		810		84,897
Techtronic Industries		66,500		185,674
Toyota Motor		13,586		766,204
USS		4,900		68,838
WPP		4,670		96,495
Yue Yuen Industrial Holdings		103,500		337,267

				3,942,602

Consumer Staples – 3.17%
Anheuser-Busch InBev		1,570		165,345
Aryzta †		8,320		735,740
British American Tobacco		2,720		151,742
Carlsberg Class B		3,128		310,956
Danone		720		50,866
Diageo		3,620		112,437
Heineken		1,030		71,675
Kao		2,700		95,622
Koninklijke Ahold		3,157		63,403
L’Oreal		665		109,712
Meiji Holdings		900		56,734
Nestle		3,115		234,478
Reckitt Benckiser Group		1,640		133,836
SABMiller		1,100		55,004
Tesco		48,155		237,513
Unilever		1,755		75,063
Unilever CVA		2,235		91,936
Wesfarmers		1,400		53,636
Woolworths		3,580		118,707

				2,924,405


	Number of Shares		Value (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Energy – 1.40%
AMEC		3,740	$	70,047
BG Group		4,450		83,081
CGG †		4,000		64,105
Saipem		16,447		401,715
Subsea 7		16,996		315,929
Total		5,408		355,979

				1,290,856

Financials – 4.23%
AEON Financial Service		1,900		42,870
AIA Group		14,200		67,538
AXA		17,938		466,007
Baloise Holding		535		67,350
Banco Bilbao Vizcaya Argentaria		4,810		57,836
Banco Espirito Santo Class R †		32,500		60,862
Banco Santander		7,600		72,551
Bank Leumi Le-Israel BM †		17,700		69,081
Commonwealth Bank of Australia		1,480		106,533
Credit Suisse Group Class REG		1,930		62,474
Daito Trust Construction		800		74,106
Daiwa Securities Group		8,000		69,509
Exor		1,520		68,216
Intesa Sanpaolo		24,000		81,437
Lloyds Banking Group †		106,000		132,612
Mitsubishi UFJ Financial Group		73,414		404,295
Nordea Bank		35,610		505,153
OCBC Bank =		10,000		75,596
Prudential		3,840		81,312
QBE Insurance Group		7,190		85,436
SCOR SE		1,685		59,018
Seven Bank		17,500		68,680
Societe Generale		1,640		100,951
Sony Financial Holdings		3,900		63,775
Standard Chartered		21,383		447,145
Swire Pacific Class A		5,000		58,401
UBS †		4,750		98,299
UniCredit		33,890		309,790
Wharf Holdings		8,000		51,310

				3,908,143

Healthcare – 4.26%
Bayer		1,145		155,060

(continues) 13

Schedules of investments

Delaware Foundation^® Growth Allocation Fund


	Number of Shares		Value (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Healthcare (continued)
CSL		1,730	$	111,731
Dainippon Sumitomo Pharma		4,200		66,676
Fresenius		550		86,333
ICON †		1,105		52,543
Meda Class A		3,382		52,039
Miraca Holdings		1,300		56,951
Novartis		8,132		690,510
Novo Nordisk ADR		8,166		372,778
Novo Nordisk Class B		2,970		135,235
Roche Holding		1,270		381,992
Sanofi		4,308		450,182
Shire		2,040		100,994
Smith & Nephew		5,900		89,611
Stada Arzneimittel		4,755		203,685
Teva Pharmaceutical Industries ADR		17,600		929,984

				3,936,304

Industrials – 4.21%
ABB †		5,590		144,403
Aggreko		2,880		72,152
Cathay Pacific Airways		29,000		54,166
Cobham		14,330		71,542
Deutsche Lufthansa †		3,350		87,835
Deutsche Post		11,006		409,175
East Japan Railway		4,903		361,160
Elbit Systems		1,360		82,832
European Aeronautic Defence & Space		1,680		120,323
IHI		14,000		58,908
ITOCHU		32,473		379,966
Koninklijke Philips Electronics		13,085		460,319
Kubota		5,000		66,456
Mitsubishi Electric		9,000		101,316
Rolls-Royce Holdings		4,800		85,929
Sandvik		5,830		82,461
Schindler Holding		475		70,030
Schneider Electric		1,520		134,712
Singapore Airlines		7,000		58,317
Travis Perkins		2,585		81,398
Vinci		6,655		493,996
Volvo Class B		5,400		85,841
Westjet Airlines		11,426		250,879
Yamato Holdings		3,500		75,328

				3,889,444

Information Technology – 1.59%
CGI Group Class A †		15,046		464,577


	Number of Shares		Value (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Information Technology (continued)
Citizen Holdings		8,500	$	63,905
Computershare		7,100		79,840
FIH Mobile †		93,000		51,390
Infineon Technologies		7,000		83,511
NICE Systems		1,780		79,373
SAP		1,315		106,667
Seiko Epson		3,000		93,745
Teleperformance		6,636		384,533
Trend Micro		1,800		55,616

				1,463,157

Materials – 2.38%
Air Liquide		850		115,107
Anglo American ADR		3,200		40,718
AuRico Gold		22,666		98,838
BASF		520		57,862
BHP Billiton Limited		5,850		198,266
Johnson Matthey		1,500		81,901
Lafarge		4,470		348,883
LANXESS		1,005		75,859
Novozymes Class B		1,850		81,326
Rexam		36,706		298,287
Rio Tinto		5,018		279,851
Shin-Etsu Chemical		1,500		85,513
Syngenta		210		79,726
Syngenta ADR		2,940		222,793
Yamana Gold		15,548		136,160

				2,201,090

Telecommunication Services – 1.09%
KDDI		2,408		139,827
Nippon Telegraph &
Telephone		8,556		464,969
Softbank		1,200		90,686
Telefonica		8,100		128,359
Vodafone Group		23,772		87,420
Ziggo		2,025		89,929

				1,001,190

Utilities – 0.25%
National Grid		10,665		146,559
Red Electrica		990		80,502

				227,061

Total Developed Markets (cost $18,465,093)				24,784,252


	Number of Shares		Value (U.S. $)
Common Stock (continued)
Emerging Markets X – 10.88%
Consumer Discretionary – 0.63%
Arcos Dorados Holdings Class A		8,100	$	81,648
Grupo Televisa ADR		7,500		249,675
Hyundai Motor		263		62,160
LG Electronics		1,141		69,721
Mahindra & Mahindra		4,011		65,650
Woolworths Holdings		7,950		55,329

				584,183

Consumer Staples – 1.58%
Anadolu Efes Biracilik Ve Malt Sanayii		9,736		108,347
Brasil Foods ADR		8,800		175,824
China Mengniu Dairy		38,000		190,711
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		2,100		91,896
Cia Cervecerias Unidas ADR		2,300		51,474
Fomento Economico Mexicano ADR		1,175		109,557
Hypermarcas		22,300		161,752
Lotte Chilsung Beverage		93		130,300
Lotte Confectionery		62		106,138
Tingyi Cayman Islands Holding		28,245		81,138
Tsingtao Brewery		9,202		67,501
Uni-President China Holdings		126,000		105,947
Wal-Mart de Mexico Class V		30,815		73,406

				1,453,991

Energy – 1.64%
Cairn India		12,117		67,330
China Petroleum & Chemical		72,000		64,402
CNOOC ADR		400		60,724
Gazprom ADR		15,200		117,257
LUKOIL ADR		2,300		128,627
PetroChina ADR		625		67,813
Petroleo Brasileiro ADR		16,375		215,331
Polski Koncern Naftowy Orlen		4,321		61,793
PTT		9,468		86,139
Reliance Industries GDR 144A #		11,386		353,770
Rosneft GDR		13,910		92,756
Sasol ADR		1,600		89,408
Tambang Batubara Bukit Asam Persero		50,500		41,706
YPF ADR		2,200		68,552

				1,515,608


	Number of Shares		Value (U.S. $)
Common Stock (continued)
Emerging Markets X (continued)
Financials – 1.63%
Banco Santander Brasil ADR		12,510	$	69,681
Bangkok Bank		14,173		78,171
China Construction Bank		114,933		80,677
Etalon Group GDR 144A #=†		6,500		25,285
ICICI Bank ADR		2,600		113,880
Industrial & Commercial Bank of China		223,600		137,846
Itau Unibanco Holding ADR		6,620		98,373
KB Financial Group ADR †		5,493		193,079
Powszechna Kasa Oszczednosci Bank Polski		4,219		59,330
Remgro		3,857		75,029
Samsung Life Insurance		1,050		99,201
Sberbank =		56,095		134,116
Shinhan Financial Group		2,581		114,151
Standard Bank Group		9,815		129,320
UEM Sunrise		146,558		98,968

				1,507,107

Industrials – 0.46%
All America Latina Logistica		8,981		29,798
Empresas ICA ADR †		7,900		52,061
Gol Linhas Aereas Inteligentes ADR †		9,500		46,170
KCC		522		267,852
Santos Brasil Participacoes		3,800		28,200

				424,081

Information Technology – 1.93%
Baidu ADR †		2,100		319,998
Hon Hai Precision Industry		68,973		195,865
LG Display ADR †		6,500		81,250
MediaTek		8,000		118,413
Samsung Electronics		414		523,147
SINA †		1,400		84,574
Sohu.com †		2,100		136,689
Taiwan Semiconductor Manufacturing		40,074		157,673
Taiwan Semiconductor Manufacturing ADR		3,700		74,074
United Microelectronics		153,000		64,948
WNS Holdings ADR †		1,610		28,980

				1,785,611

Materials – 1.14%
Anglo American Platinum †		1,110		49,811
ArcelorMittal South Africa †		6,256		19,910
Braskem ADR †		5,700		89,034

(continues) 15

Schedules of investments

Delaware Foundation^® Growth Allocation Fund


	Number of Shares		Value (U.S. $)
Common Stock (continued)
Emerging Markets X (continued)
Materials (continued)
Cemex ADR †		14,547	$	183,729
Cemex Latam Holdings †		14,456		120,373
Fibria Celulose ADR †		10,597		117,203
Gerdau		5,300		27,359
Gerdau ADR		4,100		26,281
Impala Platinum Holdings		2,345		26,645
Nine Dragons Paper Holdings		62,000		48,457
Siam Cement		3,247		41,962
Siam Cement NVDR		3,000		38,770
Sociedad Quimica y Minera de Chile ADR		1,900		60,306
Ultratech Cement		2,199		80,253
Vale ADR		8,550		118,247

				1,048,340

Telecommunication Services – 1.87%
America Movil ADR		3,800		75,544
China Mobile		15,768		144,774
China Mobile ADR		2,150		98,019
China Telecom		114,000		52,608
China Unicom Hong Kong ADR		4,519		59,470
Chunghwa Telecom ADR		2,580		79,154
KT ADR		9,200		127,788
MegaFon GDR		3,700		104,295
Mobile Telesystems ADR		2,800		48,972
MTN Group		4,425		90,573
SK Telecom ADR		16,500		372,405
Telefonica Brasil ADR		3,880		82,411
Tim Participacoes ADR		9,600		249,216
Turkcell Iletisim Hizmetleri ADR †		4,850		66,785
Vodacom Group		6,315		77,935

				1,729,949

Utilities – 0.00%
Enel OGK-5 GDR †		100		127

				127

Total Emerging Markets (cost $9,293,210)				10,048,997


Total Common Stock (cost $51,782,039)				74,892,494


Convertible Preferred Stock – 0.13%
ArcelorMittal 6.00% exercise price $20.61, expiration date 12/21/15		325		7,866


	Number of Shares		Value (U.S. $)
Convertible Preferred Stock (continued)
Bank of America 7.25% exercise price $50.00, expiration date 12/31/49		5	$	5,736
Chesapeake Energy 144A 5.75% exercise price $27.83, expiration date 12/31/49 #		6		6,724
Dominion Resources 6.00% exercise price $65.27, expiration date 7/1/16		75		4,333
6.125% exercise price $65.27, expiration date 4/1/16		75		4,313
Goodyear Tire & Rubber 5.875% exercise price $18.13, expiration date 4/1/14		200		14,658
Halcon Resources 5.75% exercise price $6.16, expiration date 12/31/49		17		12,750
HealthSouth 6.50% exercise price $30.17, expiration date 12/31/49		8		10,432
Huntington Bancshares 8.50% exercise price $11.95, expiration date 12/31/49		8		10,320
Intelsat 5.75% exercise price $22.05, expiration date 5/1/16		243		13,037
MetLife 5.00% exercise price $44.27, expiration date 10/8/14		450		13,860
SandRidge Energy 8.50% exercise price $8.01, expiration date 12/31/49		102		10,729
Wells Fargo 7.50% exercise price $156.71, expiration date 12/31/49		4		4,692

Total Convertible Preferred Stock (cost $112,270)				119,450


Exchange-Traded Funds – 0.16%
iShares MSCI EAFE Growth Index ETF		640		45,414
iShares MSCI EAFE Index ETF		660		44,332
Vanguard FTSE Developed Markets ETF		1,310		54,064

Total Exchange-Traded Funds (cost $141,378)				143,810


	Principal Amount°		Value (U.S. $)
Agency Collateralized Mortgage Obligations – 0.27%
Fannie Mae REMICs Series 1996-46 ZA 7.50% 11/25/26		558	$	636
Series 2003-26 AT 5.00% 11/25/32		9,482		9,844
Series 2010-29 PA 4.50% 10/25/38		13,977		14,304
Series 2010-41 PN 4.50% 4/25/40		20,000		21,395
Series 2012-122 SD 5.946% 11/25/42 —S		92,631		20,546
Series 2013-38 AI 3.00% 4/25/33 S		186,678		31,122
Series 2013-44 DI 3.00% 5/25/33 S		104,002		17,448
Freddie Mac REMICs Series 2512 PG 5.50% 10/15/22		36,336		39,913
Series 4065 DE 3.00% 6/15/32		5,000		4,874
Series 4185 LI 3.00% 3/15/33 S		93,800		15,745
GNMA Series 2010-113 KE 4.50% 9/20/40		50,000		52,851
NCUA Guaranteed Notes Trust Series 2010-C1 A2 2.90% 10/29/20		20,000		20,734

Total Agency Collateralized Mortgage Obligations (cost $241,537)				249,412


Agency Mortgage-Backed Securities – 2.30%
Fannie Mae ARM
2.411% 5/1/43 —		12,101		11,940
2.546% 6/1/43 —		3,995		3,976
3.293% 9/1/43 —		14,793		15,175
Fannie Mae S.F. 15 yr
2.50% 10/1/27		23,907		23,968
2.50% 2/1/28		40,319		40,423
3.00% 8/1/27		1,650		1,698
3.00% 11/1/27		3,504		3,604
3.50% 7/1/26		13,173		13,823
3.50% 12/1/28		3,893		4,089
4.00% 4/1/24		4,562		4,831
4.00% 5/1/25		6,030		6,386
4.00% 6/1/25		24,296		25,719
4.00% 11/1/25		28,252		30,031
4.00% 12/1/26		10,990		11,637


	Principal Amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 15 yr 4.00% 5/1/27		24,065	$	25,503
4.50% 4/1/18		1,477		1,565
5.00% 12/1/20		1,416		1,522
5.00% 6/1/23		2,464		2,655
5.50% 7/1/22		7,649		8,320
Fannie Mae S.F. 15 yr TBA 2.50% 4/1/29		302,000		301,764
3.00% 4/1/29		282,000		289,667
3.50% 4/1/29		131,000		137,345
Fannie Mae S.F. 20 yr 3.00% 8/1/33		5,801		5,791
3.00% 9/1/33		10,692		10,674
3.50% 4/1/33		1,847		1,901
3.50% 9/1/33		7,784		8,024
4.00% 2/1/31		8,642		9,122
5.00% 11/1/23		922		1,004
5.50% 8/1/28		6,188		6,862
5.50% 12/1/29		1,571		1,738
6.00% 9/1/29		8,053		9,022
Fannie Mae S.F. 30 yr 3.00% 7/1/42		24,405		23,586
3.00% 10/1/42		171,555		165,799
3.00% 12/1/42		28,485		27,530
3.00% 1/1/43		73,195		70,739
3.00% 2/1/43		4,719		4,561
3.00% 4/1/43		42,834		41,397
3.50% 8/1/42		18,492		18,639
4.00% 11/1/40		5,032		5,230
4.00% 1/1/41		23,060		23,978
4.00% 1/1/43		12,757		13,262
4.00% 5/1/43		9,553		9,948
4.00% 8/1/43		4,832		5,027
4.50% 7/1/36		4,058		4,329
4.50% 11/1/40		11,389		12,159
4.50% 2/1/41		5,779		6,169
4.50% 3/1/41		24,687		26,352
4.50% 5/1/41		10,456		11,195
4.50% 10/1/41		13,435		14,330
5.00% 2/1/35		8,574		9,385
5.00% 4/1/35		4,253		4,641
5.00% 7/1/35		5,230		5,703
5.00% 10/1/35		11,902		12,975
5.00% 11/1/35		3,761		4,102
5.00% 2/1/36		5,356		5,839
5.00% 4/1/37		2,833		3,085
5.00% 8/1/37		1,050		1,145
5.00% 2/1/38		3,369		3,675

(continues) 17

Schedules of investments

Delaware Foundation^® Growth Allocation Fund


	Principal Amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr 5.50% 2/1/33		10,585	$	11,784
5.50% 4/1/34		3,588		3,991
5.50% 11/1/34		3,762		4,186
5.50% 3/1/35		6,928		7,704
5.50% 6/1/35		3,611		4,011
5.50% 1/1/37		369		410
5.50% 8/1/37		6,724		7,475
5.50% 1/1/38		9,716		10,821
5.50% 2/1/38		3,662		4,073
5.50% 6/1/38		1,222		1,348
5.50% 9/1/38		12,553		13,933
5.50% 10/1/39		35,205		38,814
5.50% 7/1/40		9,814		10,826
6.00% 2/1/37		4,150		4,631
6.00% 8/1/37		9,845		10,984
6.00% 9/1/37		1,578		1,761
6.00% 11/1/37		2,012		2,246
6.00% 5/1/38		1,959		2,181
6.00% 10/1/38		15,037		16,721
6.00% 1/1/39		6,872		7,642
6.00% 9/1/40		5,495		6,132
6.50% 2/1/36		3,212		3,663
Fannie Mae S.F. 30 yr TBA 3.00% 5/1/44		4,000		3,849
3.50% 5/1/44		25,000		25,063
4.00% 4/1/44		20,000		20,787
4.50% 5/1/44		121,000		128,638
Freddie Mac ARM 2.537% 1/1/44 —		35,660		36,327
Freddie Mac S.F. 15 yr 4.00% 12/1/24		5,586		5,915
4.00% 8/1/25		5,920		6,270
4.50% 8/1/24		10,975		11,748
4.50% 7/1/25		2,205		2,361
4.50% 6/1/26		4,532		4,852
5.50% 6/1/20		1,360		1,477
Freddie Mac S.F. 30 yr 3.00% 10/1/42		12,597		12,162
3.00% 11/1/42		12,890		12,452
4.00% 11/1/40		9,061		9,403
4.50% 10/1/39		16,303		17,386
4.50% 10/1/43		4,795		5,141
5.50% 6/1/36		921		1,016
5.50% 11/1/36		2,261		2,491
5.50% 6/1/38		1,477		1,621
5.50% 3/1/40		5,496		6,033
5.50% 8/1/40		21,442		23,538
5.50% 1/1/41		6,585		7,228


	Principal Amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Freddie Mac S.F. 30 yr 6.00% 8/1/38		24,800	$	27,718
6.00% 5/1/40		1,900		2,109
Freddie Mac S.F. 30 yr TBA 5.50% 5/1/44		15,000		16,477

Total Agency Mortgage-Backed Securities (cost $2,124,914)				2,121,958


Commercial Mortgage-Backed Securities – 0.35%
Banc of America Commercial Mortgage Trust Series 2007-4 AM 5.892% 2/10/51 —		10,000		11,100
Bear Stearns Commercial Mortgage Securities Series 2004-PWR4 A3 5.468% 6/11/41		7,056		7,061
CD Commercial Mortgage Trust Series 2005-CD1 C 5.216% 7/15/44 —		10,000		10,303
Commercial Mortgage Pass Through Certificates Series 2014-CR16 A4 4.051% 4/10/47 ¿		20,000		20,599
Series 2014-LC15 A4 4.006% 4/10/47 ¿		25,000		25,710
FREMF Mortgage Trust Series 2012-K19 B 144A 4.037% 5/25/45 #—		10,000		9,929
Series 2012-K22 B 144A 3.687% 8/25/45 #—		10,000		9,628
Series 2012-K708 B 144A 3.759% 2/25/45 #—		30,000		30,636
Goldman Sachs Mortgage Securities II Series 2004-GG2 A6 5.396% 8/10/38 —		19,482		19,523
Series 2005-GG4 A4A 4.751% 7/10/39		19,072		19,608
Series 2014-GC20 A5 3.998% 4/10/47		10,000		10,300
JPMorgan Chase Commercial Mortgage Securities Series 2005-CB11 E 5.477% 8/12/37 —		10,000		10,733
Series 2006-LDP8 AM 5.44% 5/15/45		25,000		27,290


	Principal Amount°		Value (U.S. $)
Commercial Mortgage-Backed Securities (continued)
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C5 A3 4.171% 8/15/46		20,000	$	21,218
LB-UBS Commercial Mortgage Trust Series 2004-C1 A4 4.568% 1/15/31		1,873		1,943
Series 2005-C3 B 4.895% 7/15/40 —		10,000		10,259
Morgan Stanley Capital I Trust Series 2005-HQ7 AJ 5.208% 11/14/42 —		50,000		52,338
Series 2007-T27 A4 5.648% 6/11/42 —		5,000		5,596
WF-RBS Commercial Mortgage Trust Series 2012-C9 A3 2.87% 11/15/45		15,000		14,403

Total Commercial Mortgage-Backed Securities (cost $315,529)				318,177


Convertible Bonds – 0.43%
Alaska Communications Systems Group 144A 6.25% exercise price $10.28, expiration date 4/27/18 #		14,000		11,743
Alere 3.00% exercise price $43.98, expiration date 5/15/16		10,000		11,044
Ares Capital 5.75% exercise price $19.13, expiration date 2/1/16		12,000		13,110
BGC Partners 4.50% exercise price $9.84, expiration date 7/13/16		11,000		11,715
Blackstone Mortgage Trust 5.25% exercise price $28.66, expiration date 12/1/18		10,000		11,200
Blucora 144A 4.25% exercise price $21.66, expiration date 3/29/19 #		5,000		5,663
Chesapeake Energy 2.25% exercise price $85.40, expiration date 12/14/38		10,000		9,425
Chesapeake Energy 2.50% exercise price $50.90, expiration date 5/15/37		9,000		9,203


	Principal Amount°		Value (U.S. $)
Convertible Bonds (continued)
Ciena 144A 3.75% exercise price $20.17, expiration date 10/15/18 #		7,000	$	9,831
Dendreon 2.875% exercise price $51.24, expiration date 1/13/16		9,000		6,683
Energy XXI Bermuda 144A 3.00% exercise price $40.40, expiration date 12/13/18 #		11,000		10,794
Equinix 4.75% exercise price $84.32, expiration date 6/13/16		4,000		9,037
General Cable 4.50% exercise price $35.88, expiration date 11/15/29 f		13,000		13,097
Gilead Sciences 1.625% exercise price $22.71, expiration date 4/29/16		4,000		12,450
Helix Energy Solutions Group 3.25% exercise price $25.02, expiration date 3/12/32		9,000		11,149
Hologic 2.00% exercise price $31.17, expiration date 2/27/42 f		10,000		10,244
Illumina 144A 0.25% exercise price $83.55, expiration date 3/11/16 #		4,000		7,278
Intel 3.25% exercise price $21.71, expiration date 8/1/39		5,000		7,000
Jefferies Group 3.875% exercise price $45.40, expiration date 10/31/29		11,000		11,749
L-3 Communications Holdings 3.00% exercise price $89.08, expiration date 8/1/35		8,000		10,690
Lam Research 1.25% exercise price $63.02, expiration date 5/11/18		9,000		11,211
Liberty Interactive 144A 0.75% exercise price $1,000.00, expiration date 3/30/43 #		7,000		8,702
Liberty Interactive 144A 1.00% exercise price $74.31, expiration date 9/28/43 #		8,000		8,410

(continues) 19

Schedules of investments

Delaware Foundation^® Growth Allocation Fund


	Principal Amount°		Value (U.S. $)
Convertible Bonds (continued)
Live Nation Entertainment 2.875% exercise price $27.14, expiration date 7/14/27		9,000	$	9,169
Meritor 4.00% exercise price $26.73, expiration date 2/12/27 f		18,000		18,990
MGM Resorts International 4.25% exercise price $18.58, expiration date 4/10/15		4,000		5,833
Mylan 3.75% exercise price $13.32, expiration date 9/15/15		3,000		11,042
Nuance Communications 2.75% exercise price $32.30, expiration date 11/1/31		12,000		12,083
NuVasive 2.75% exercise price $42.13, expiration date 6/30/17		17,000		20,273
Peabody Energy 4.75% exercise price $57.62, expiration date 12/15/41		17,000		13,834
Ryman Hospitality Properties 144A 3.75% exercise price $21.38, expiration date 9/29/14 #		6,000		11,944
SanDisk 1.50% exercise price $51.83, expiration date 8/11/17		7,000		11,546
SBA Communications 4.00% exercise price $30.38, expiration date 9/29/14		2,000		5,976
Steel Dynamics 5.125% exercise price $17.10, expiration date 6/15/14		4,000		4,335
TIBCO Software 2.25% exercise price $50.57, expiration date 4/30/32		9,000		9,079
Titan Machinery 3.75% exercise price $43.17, expiration date 4/30/19		9,000		7,678
Vantage Drilling 144A 5.50% exercise price $2.39, expiration date 7/15/43 #		9,000		9,456
Vector Group 2.50% exercise price $17.62, expiration date 1/14/19 —		4,000		5,500


	Principal Amount°	Value (U.S. $)
Convertible Bonds (continued)
VeriSign 3.25% exercise price $34.37, expiration date 8/15/37	5,000	$	8,269

Total Convertible Bonds (cost $328,179)			396,435


Corporate Bonds – 10.42%
Banking – 1.31%
Australia & New Zealand Banking Group 3.505% 11/6/18 —	AUD 16,000		14,860
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 144A 5.95% 1/30/24 #—	200,000		207,000
Bank of America 2.00% 1/11/18	10,000		9,990
2.65% 4/1/19	15,000		15,065
4.00% 4/1/24	40,000		40,035
BB&T 5.25% 11/1/19	95,000		107,115
BBVA Bancomer 144A 6.50% 3/10/21 #	150,000		162,937
City National 5.25% 9/15/20	15,000		16,750
Fifth Third Bancorp 4.30% 1/16/24	15,000		15,237
Goldman Sachs Group 4.00% 3/3/24	25,000		24,940
HBOS Capital Funding 144A 6.071% 6/29/49 #—	45,000		45,225
JPMorgan Chase 0.865% 1/28/19 —	7,000		7,002
3.875% 2/1/24	25,000		25,276
4.25% 11/2/18	NZD 15,000		12,464
6.75% 1/29/49 —	25,000		26,437
Morgan Stanley 1.087% 1/24/19 —	8,000		8,021
4.10% 5/22/23	45,000		44,628
5.00% 11/24/25	25,000		25,780
7.60% 8/8/17	NZD 12,000		11,074
Northern Trust 3.95% 10/30/25	15,000		15,126
PNC Financial Services Group 2.854% 11/9/22 f	115,000		109,857
PNC Funding 5.625% 2/1/17	37,000		40,988
RBS Capital Trust I 2.099% 12/29/49 —	10,000		9,750
Santander Holdings USA 3.45% 8/27/18	15,000		15,535
State Street 3.10% 5/15/23	30,000		28,574


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Banking (continued)
SunTrust Bank 2.35% 11/1/18		25,000	$	25,036
SVB Financial Group 5.375% 9/15/20		35,000		38,948
USB Capital IX 3.50% 10/29/49 —		60,000		50,700
Wachovia 0.609% 10/15/16 —		15,000		14,953
Wells Fargo 4.48% 1/16/24		10,000		10,352
Zions Bancorp 4.50% 3/27/17		5,000		5,342
4.50% 6/13/23		20,000		20,000
7.75% 9/23/14		5,000		5,154

				1,210,151

Basic Industry – 0.75%
AK Steel 7.625% 5/15/20		10,000		10,025
ArcelorMittal 10.35% 6/1/19		30,000		38,137
Ball 5.00% 3/15/22		15,000		15,450
Barrick Gold 4.10% 5/1/23		25,000		23,760
Barrick North America Finance 5.75% 5/1/43		5,000		4,889
CF Industries 5.15% 3/15/34		10,000		10,314
6.875% 5/1/18		40,000		46,665
7.125% 5/1/20		22,000		26,190
Crown Americas 4.50% 1/15/23		10,000		9,600
Dow Chemical 8.55% 5/15/19		98,000		125,619
FMG Resources August 2006 144A 6.875% 4/1/22 #		71,000		76,769
Georgia-Pacific 8.00% 1/15/24		50,000		65,821
Headwaters 7.625% 4/1/19		10,000		10,825
Immucor 11.125% 8/15/19		15,000		17,025
International Paper 6.00% 11/15/41		20,000		23,012
7.50% 8/15/21		5,000		6,300
LSB Industries 144A 7.75% 8/1/19 #		5,000		5,387
Masonite International 144A 8.25% 4/15/21 #		10,000		11,087
Mosaic 5.625% 11/15/43		10,000		10,779
Nortek 8.50% 4/15/21		15,000		16,837
Novelis 8.75% 12/15/20		10,000		11,225
Packaging Corp. of America 4.50% 11/1/23		10,000		10,371


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
Plains Exploration & Production 6.50% 11/15/20		20,000	$	22,125
PolyOne 5.25% 3/15/23		15,000		15,150
Potash Corp of Saskatchewan 3.625% 3/15/24		10,000		9,938
Rio Tinto Finance USA 3.50% 11/2/20		20,000		20,513
Ryerson 9.00% 10/15/17		15,000		16,219
11.25% 10/15/18		5,000		5,625
Teck Resources 3.75% 2/1/23		15,000		14,125
TPC Group 144A
8.75% 12/15/20 #		10,000		11,013

				690,795

Brokerage – 0.08%
Jefferies Group 5.125% 1/20/23		5,000		5,264
6.45% 6/8/27		5,000		5,370
6.50% 1/20/43		5,000		5,254
Lazard Group 4.25% 11/14/20		15,000		15,563
6.85% 6/15/17		35,000		39,822

				71,273

Capital Goods – 0.57%
Allegion U.S. Holding 144A 5.75% 10/1/21 #		25,000		26,437
Ball 4.00% 11/15/23		30,000		28,200
Berry Plastics 9.75% 1/15/21		10,000		11,663
Builders FirstSource 144A 7.625% 6/1/21 #		20,000		21,700
Consolidated Container 144A 10.125% 7/15/20 #		10,000		10,675
Crane 2.75% 12/15/18		5,000		5,020
4.45% 12/15/23		30,000		30,935
General Electric 4.50% 3/11/44		15,000		15,296
General Electric Capital Canada Funding 2.42% 5/31/18		CAD 7,000		6,379
Ingersoll-Rand Global Holding 144A 4.25% 6/15/23 #		35,000		35,803
Milacron 144A 7.75% 2/15/21 #		15,000		16,275
OAS Investments 144A 8.25% 10/19/19 #		200,000		201,500

(continues) 21

Schedules of investments

Delaware Foundation^® Growth Allocation Fund


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Capital Goods (continued)
Plastipak Holdings 144A 6.50% 10/1/21 #		15,000	$	15,806
Rock-Tenn 3.50% 3/1/20		10,000		10,157
4.00% 3/1/23		10,000		10,073
4.45% 3/1/19		10,000		10,725
Sealed Air 144A 6.50% 12/1/20 #		25,000		27,687
Service Corporation International 144A 5.375% 1/15/22 #		20,000		20,350
TransDigm 7.50% 7/15/21		15,000		16,687
URS 3.85% 4/1/17		5,000		5,178

				526,546

Consumer Cyclical – 0.64%
Amazon.com 2.50% 11/29/22		75,000		69,816
American Axle & Manufacturing 6.25% 3/15/21		10,000		10,700
Chinos Intermediate Holdings 144A PIK 7.75% 5/1/19 #T		20,000		20,700
Delphi 6.125% 5/15/21		20,000		22,300
Ford Motor 7.45% 7/16/31		14,000		18,011
General Motors 144A 3.50% 10/2/18 #		15,000		15,356
HD Supply 7.50% 7/15/20		8,000		8,770
11.50% 7/15/20		25,000		29,813
Historic TW 6.875% 6/15/18		50,000		59,312
Host Hotels & Resorts 3.75% 10/15/23		25,000		24,258
4.75% 3/1/23		20,000		20,956
5.875% 6/15/19		5,000		5,418
Hyundai Capital America 144A 2.55% 2/6/19 #		20,000		20,012
International Game Technology 5.35% 10/15/23		35,000		37,487
Landry’s 144A 9.375% 5/1/20 #		25,000		27,656
Levi Strauss 6.875% 5/1/22		15,000		16,537
Marriott International 3.375% 10/15/20		15,000		15,143
Meritor 6.75% 6/15/21		10,000		10,625
PF Chang’s China Bistro 144A 10.25% 6/30/20 #		5,000		5,287


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
QVC 144A 3.125% 4/1/19 #		10,000	$	9,949
4.375% 3/15/23		35,000		34,555
144A 4.85% 4/1/24 #		15,000		15,226
Rite Aid 9.25% 3/15/20		15,000		17,156
Sally Holdings 5.75% 6/1/22		15,000		15,937
Suburban Propane Partners 7.375% 8/1/21		6,000		6,645
TRW Automotive 144A 4.45% 12/1/23 #		20,000		20,150
144A 4.50% 3/1/21 #		10,000		10,325
United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26 ¿		5,000		5,019
Wyndham Worldwide 5.625% 3/1/21		15,000		16,412

				589,531

Consumer Non-Cyclical – 0.79%
Alere 7.25% 7/1/18		5,000		5,525
Biomet 6.50% 8/1/20		10,000		10,820
6.50% 10/1/20		30,000		32,025
Boston Scientific 2.65% 10/1/18		20,000		20,172
6.00% 1/15/20		35,000		40,221
CareFusion 6.375% 8/1/19		80,000		91,435
Celgene 3.25% 8/15/22		5,000		4,882
3.95% 10/15/20		40,000		41,860
Community Health Systems 144A 6.875% 2/1/22 #		10,000		10,500
8.00% 11/15/19		5,000		5,519
Constellation Brands 6.00% 5/1/22		10,000		11,100
Fresenius Medical Care US Finance II 144A 5.875% 1/31/22 #		10,000		10,675
Gilead Sciences 3.70% 4/1/24		30,000		30,075
HCA Holdings 6.25% 2/15/21		77,000		82,621
Jarden 6.125% 11/15/22		15,000		16,200
Kinetic Concepts 10.50% 11/1/18		15,000		17,306
Kroger 3.30% 1/15/21		25,000		25,015
McKesson 3.796% 3/15/24		35,000		35,105
MultiPlan 144A 9.875% 9/1/18 #		15,000		16,350


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
PepsiCo 3.60% 3/1/24		15,000	$	15,050
Prestige Brands 144A 5.375% 12/15/21 #		20,000		20,575
Quest Diagnostics 2.70% 4/1/19		10,000		9,997
Salix Pharmaceuticals 144A 6.00% 1/15/21 #		25,000		26,750
Scotts Miracle-Gro 6.625% 12/15/20		10,000		10,863
Smithfield Foods 6.625% 8/15/22		10,000		10,850
Spectrum Brands 6.375% 11/15/20		10,000		10,875
Tenet Healthcare 144A 6.00% 10/1/20 #		39,000		41,803
8.00% 8/1/20		5,000		5,475
Valeant Pharmaceuticals International 144A 5.625% 12/1/21 #		5,000		5,263
144A 7.00% 10/1/20 #		5,000		5,437
Valeant Pharmaceuticals International Escrow 144A 6.375% 10/15/20 #		15,000		16,275
Zimmer Holdings 3.375% 11/30/21		20,000		20,296
4.625% 11/30/19		20,000		22,188

				729,103

Energy – 1.69%
AmeriGas Finance 7.00% 5/20/22		20,000		21,950
Bristow Group 6.25% 10/15/22		15,000		15,956
Canadian Natural Resources 3.80% 4/15/24		15,000		15,106
Chaparral Energy 7.625% 11/15/22		5,000		5,437
Chesapeake Energy 5.375% 6/15/21		5,000		5,287
5.75% 3/15/23		25,000		26,594
Comstock Resources 7.75% 4/1/19		5,000		5,350
Continental Resources 4.50% 4/15/23		45,000		46,690
Drill Rigs Holdings 144A 6.50% 10/1/17 #		20,000		20,950
Ecopetrol 7.625% 7/23/19		21,000		25,279
El Paso Pipeline Partners Operating 6.50% 4/1/20		40,000		45,984


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Energy (continued)
Enbridge Energy Partners 8.05% 10/1/37 —		45,000	$	50,771
Energy Transfer Partners 5.95% 10/1/43		10,000		10,800
9.70% 3/15/19		20,000		25,868
Energy XXI Gulf Coast 144A 7.50% 12/15/21 #		25,000		26,313
EnLink Midstream Partners 4.40% 4/1/24		25,000		25,538
Enterprise Products Operating 7.034% 1/15/68 —		55,000		62,340
Exterran Partners 6.00% 4/1/21		5,000		5,000
Gazprom Neft 144A 6.00% 11/27/23 #		200,000		196,750
Halcon Resources 8.875% 5/15/21		10,000		10,425
Hercules Offshore 144A 6.75% 4/1/22 #		5,000		4,856
144A 8.75% 7/15/21 #		5,000		5,450
Husky Energy 4.00% 4/15/24		25,000		25,477
Key Energy Services 6.75% 3/1/21		10,000		10,563
Kinder Morgan Energy Partners 3.50% 9/1/23		10,000		9,461
9.00% 2/1/19		30,000		38,022
Laredo Petroleum 7.375% 5/1/22		20,000		22,300
Linn Energy 6.50% 5/15/19		5,000		5,237
8.625% 4/15/20		10,000		10,913
MarkWest Energy Partners 5.50% 2/15/23		5,000		5,163
Midstates Petroleum 9.25% 6/1/21		20,000		21,000
Murphy Oil USA 144A 6.00% 8/15/23 #		25,000		25,937
Newfield Exploration 5.625% 7/1/24		15,000		15,637
Northern Oil & Gas 8.00% 6/1/20		10,000		10,675
Oasis Petroleum 144A 6.875% 3/15/22 #		25,000		27,187
Pacific Rubiales Energy 144A 7.25% 12/12/21 #		100,000		110,250
PDC Energy 7.75% 10/15/22		5,000		5,500
Petrobras Global Finance 3.00% 1/15/19		22,000		20,846

(continues) 23

Schedules of investments

Delaware Foundation^® Growth Allocation Fund


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Energy (continued)
Petrobras Global Finance 4.875% 3/17/20		10,000	$	10,047
6.25% 3/17/24		10,000		10,328
Petrobras International Finance 5.375% 1/27/21		11,000		11,180
Petrohawk Energy 7.25% 8/15/18		20,000		21,270
Petroleos de Venezuela 8.50% 11/2/17		20,000		16,800
Petroleos Mexicanos 5.50% 1/21/21		10,000		10,975
144A 6.375% 1/23/45 #		10,000		10,813
Plains All American Pipeline 8.75% 5/1/19		30,000		38,383
Pride International 6.875% 8/15/20		60,000		71,722
Regency Energy Partners 4.50% 11/1/23		20,000		18,700
5.50% 4/15/23		20,000		20,250
Samson Investment 144A 10.75% 2/15/20 #		10,000		10,950
SandRidge Energy 8.125% 10/15/22		55,000		60,225
Statoil 2.90% 11/8/20		15,000		15,156
Sunoco Logistics Partners Operations 3.45% 1/15/23		50,000		47,623
Talisman Energy 3.75% 2/1/21		10,000		9,958
5.50% 5/15/42		50,000		49,706
TransCanada PipeLines 6.35% 5/15/67 ·		50,000		51,925
Williams Partners 4.50% 11/15/23		25,000		25,628
7.25% 2/1/17		25,000		28,796

				1,563,297

Financials – 0.31%
E*TRADE Financial 6.375% 11/15/19		25,000		27,313
General Electric Capital 2.10% 12/11/19		10,000		9,933
4.375% 9/16/20		70,000		76,137
6.00% 8/7/19		34,000		39,961
General Electric Capital European Funding 2.25% 7/20/20	EUR	6,000		8,492
International Lease Finance 5.875% 4/1/19		5,000		5,487


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Financials (continued)
International Lease Finance 6.25% 5/15/19		16,000	$	17,720
8.25% 12/15/20		35,000		42,420
8.75% 3/15/17		25,000		29,437
Nuveen Investments 144A 9.50% 10/15/20 #		20,000		21,400
Woodside Finance 144A 8.75% 3/1/19 #		5,000		6,354

				284,654

Insurance – 0.36%
Allstate 5.75% 8/15/53 ·		20,000		21,037
American International Group 6.40% 12/15/20		5,000		5,966
Berkshire Hathaway Finance 2.90% 10/15/20		20,000		20,302
Chubb 6.375% 3/29/67 ·		35,000		39,025
Highmark 144A 4.75% 5/15/21 #		10,000		9,837
144A 6.125% 5/15/41 #		5,000		4,538
Hockey Merger 144A 7.875% 10/1/21 #		15,000		16,087
ING U.S. 5.65% 5/15/53 ·		15,000		14,985
Liberty Mutual Group 144A 4.25% 6/15/23 #		15,000		15,252
144A 4.95% 5/1/22 #		10,000		10,722
144A 7.00% 3/15/37 #·		10,000		10,500
MetLife 6.40% 12/15/36		35,000		37,100
6.817% 8/15/18		35,000		41,810
Onex USI Aquisition 144A 7.75% 1/15/21 #		5,000		5,237
Prudential Financial 3.875% 1/14/15		5,000		5,130
4.50% 11/15/20		5,000		5,429
5.625% 6/15/43 ·		10,000		10,250
5.875% 9/15/42 ·		20,000		20,975
6.00% 12/1/17		15,000		17,260
XL Group 6.50% 12/29/49 ·		25,000		24,719

				336,161

Media – 0.38%
CCO Holdings 5.25% 9/30/22		10,000		9,913
Cequel Communications Holdings I 144A 6.375% 9/15/20 #		20,000		21,000
Comcast 3.60% 3/1/24		15,000		15,113
4.75% 3/1/44		15,000		15,287


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Media (continued)
CSC Holdings 6.75% 11/15/21		15,000	$	16,837
DIRECTV Holdings 4.45% 4/1/24		20,000		20,097
DISH DBS 5.00% 3/15/23		20,000		20,200
5.875% 7/15/22		10,000		10,700
7.875% 9/1/19		10,000		11,850
Gray Television 7.50% 10/1/20		15,000		16,350
Netflix 144A 5.75% 3/1/24 #		30,000		31,200
Nielsen Finance 4.50% 10/1/20		10,000		10,125
Nielsen Luxembourg 144A 5.50% 10/1/21 #		10,000		10,487
Sinclair Television Group 5.375% 4/1/21		20,000		19,950
6.125% 10/1/22		10,000		10,175
Sirius XM Radio 144A 4.625% 5/15/23 #		20,000		18,900
Time Warner Cable 5.85% 5/1/17		10,000		11,251
8.25% 4/1/19		20,000		24,945
Univision Communications 144A 5.125% 5/15/23 #		25,000		25,687
Viacom 3.875% 4/1/24		20,000		19,992
5.25% 4/1/44		10,000		10,256

				350,315

Real Estate – 0.52%
Alexandria Real Estate Equities 4.60% 4/1/22		40,000		41,399
American Tower 5.00% 2/15/24		10,000		10,435
American Tower Trust I 144A 1.551% 3/15/43 #		10,000		9,782
144A 3.07% 3/15/23 #		30,000		28,785
CBL & Associates 5.25% 12/1/23		15,000		15,464
Corporate Office Properties 3.60% 5/15/23		20,000		18,524
5.25% 2/15/24		20,000		20,907
CubeSmart 4.375% 12/15/23		10,000		10,097
DDR 4.625% 7/15/22		10,000		10,496
4.75% 4/15/18		25,000		27,129
7.50% 4/1/17		10,000		11,586


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Real Estate (continued)
DDR 7.875% 9/1/20		15,000	$	18,654
Digital Realty Trust 5.25% 3/15/21		70,000		73,702
Duke Realty 3.625% 4/15/23		25,000		23,803
Prologis 3.35% 2/1/21		15,000		14,862
Regency Centers 4.80% 4/15/21		30,000		32,143
UDR 4.625% 1/10/22		35,000		37,133
WEA Finance 144A 4.625% 5/10/21 #		35,000		38,356
Weingarten Realty Investors 3.50% 4/15/23		25,000		23,642
WP Carey 4.60% 4/1/24		15,000		15,024

				481,923

Services – 0.18%
Ameristar Casinos 7.50% 4/15/21		10,000		10,875
Avis Budget Car Rental 5.50% 4/1/23		36,000		36,450
H&E Equipment Services 7.00% 9/1/22		15,000		16,575
MGM Resorts International 11.375% 3/1/18		15,000		19,463
PHH 7.375% 9/1/19		10,000		11,100
Pinnacle Entertainment 8.75% 5/15/20		8,000		8,790
Standard Pacific 10.75% 9/15/16		15,000		18,075
United Rentals North America 5.75% 11/15/24		25,000		25,219
Wynn Las Vegas 144A 4.25% 5/30/23 #		10,000		9,675
5.375% 3/15/22		10,000		10,487

				166,709

Technology – 0.52%
Activision Blizzard 144A 6.125% 9/15/23 #		20,000		21,825
Avaya 144A 7.00% 4/1/19 #		10,000		9,975
BMC Software Finance 144A 8.125% 7/15/21 #		35,000		37,013
Broadridge Financial Solutions 3.95% 9/1/20		15,000		15,262
eBay 4.00% 7/15/42		10,000		8,880
EMC 2.65% 6/1/20		70,000		69,776
Equinix 4.875% 4/1/20		12,000		12,330
5.375% 4/1/23		23,000		23,575

(continues) 25

Schedules of investments

Delaware Foundation^® Growth Allocation Fund


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Technology (continued)
Fidelity National Information Services 3.50% 4/15/23		25,000	$	23,805
First Data 11.25% 1/15/21		25,000		28,656
11.75% 8/15/21		15,000		15,825
Freescale Semiconductor 144A 6.00% 1/15/22 #		10,000		10,637
Google 3.375% 2/25/24		15,000		15,057
Jabil Circuit 7.75% 7/15/16		8,000		9,120
National Semiconductor 6.60% 6/15/17		40,000		46,508
NCR Escrow 144A 6.375% 12/15/23 #		20,000		21,350
NetApp 2.00% 12/15/17		10,000		10,113
3.25% 12/15/22		20,000		18,697
Seagate HDD Cayman 144A 3.75% 11/15/18 #		5,000		5,163
144A 4.75% 6/1/23 #		15,000		14,887
SunGard Availability Services Capital 144A 8.75% 4/1/22 #		10,000		10,063
Thermo Fisher Scientific 2.40% 2/1/19		20,000		19,939
4.15% 2/1/24		15,000		15,464
Total System Services 2.375% 6/1/18		5,000		4,935
VeriSign 4.625% 5/1/23		15,000		14,475

				483,330

Telecommunications – 1.05%
AT&T 2.30% 3/11/19		20,000		19,920
3.90% 3/11/24		25,000		24,980
CC Holdings 3.849% 4/15/23		15,000		14,619
CenturyLink 5.80% 3/15/22		50,000		51,375
6.75% 12/1/23		15,000		15,994
Cisco Systems 2.90% 3/4/21		20,000		20,020
3.625% 3/4/24		15,000		15,156
Crown Castle Towers 144A 4.883% 8/15/20 #		105,000		114,008
DigitalGlobe 5.25% 2/1/21		15,000		14,887
Hughes Satellite Systems 7.625% 6/15/21		10,000		11,325
Intelsat Jackson Holdings 144A 5.50% 8/1/23 #		10,000		9,837


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Telecommunications (continued)
Intelsat Luxembourg 144A 7.75% 6/1/21 #		20,000	$	21,125
144A 8.125% 6/1/23 #		40,000		42,550
Interpublic Group 3.75% 2/15/23		10,000		9,742
4.20% 4/15/24		10,000		9,981
Juniper Networks 4.50% 3/15/24		20,000		20,289
Lamar Media 5.00% 5/1/23		10,000		10,050
Level 3 Financing 144A 6.125% 1/15/21 #		10,000		10,575
7.00% 6/1/20		15,000		16,331
MDC Partners 144A 6.75% 4/1/20 #		10,000		10,575
MetroPCS Wireless 6.625% 11/15/20		10,000		10,713
Rogers Communications 5.00% 3/15/44		20,000		20,214
SBA Tower Trust 144A 2.24% 4/16/18 #		25,000		24,575
SES 144A 3.60% 4/4/23 #		45,000		43,734
SES Global Americas Holdings 144A 2.50% 3/25/19 #		5,000		4,975
144A 5.30% 3/25/44 #		30,000		30,175
Sprint 144A 7.125% 6/15/24 #		45,000		47,363
144A 7.25% 9/15/21 #		25,000		27,344
144A 7.875% 9/15/23 #		5,000		5,513
Sprint Capital 6.90% 5/1/19		15,000		16,537
Telefonica Emisiones SAU 6.421% 6/20/16		75,000		83,092
T-Mobile USA 6.125% 1/15/22		25,000		26,281
Verizon Communications 4.15% 3/15/24		15,000		15,270
5.05% 3/15/34		15,000		15,437
5.15% 9/15/23		65,000		71,265
6.40% 9/15/33		10,000		11,908
Windstream 7.50% 4/1/23		5,000		5,275
7.75% 10/1/21		10,000		10,800
Zayo Group 10.125% 7/1/20		30,000		34,913

				968,723

Transportation – 0.14%
Air Medical Group Holdings 9.25% 11/1/18		11,000		11,921
Brambles USA 144A 3.95% 4/1/15 #		10,000		10,286


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Transportation (continued)
ERAC USA Finance 144A 5.25% 10/1/20 #		30,000	$	33,494
Hunt (J.B.) Transport Services 2.40% 3/15/19		5,000		4,964
3.85% 3/15/24		15,000		15,000
Norfolk Southern 4.80% 8/15/43		20,000		20,631
United Parcel Service 5.125% 4/1/19		25,000		28,369

				124,665

Utilities – 1.13%
AES 5.50% 3/15/24		40,000		39,800
7.375% 7/1/21		6,000		6,870
Ameren Illinois 9.75% 11/15/18		50,000		65,566
American Transmission Systems 144A 5.25% 1/15/22 #		60,000		64,764
Calpine 144A 6.00% 1/15/22 #		25,000		26,375
CenterPoint Energy 5.95% 2/1/17		30,000		33,554
Cleveland Electric Illuminating 5.50% 8/15/24		5,000		5,654
CMS Energy 6.25% 2/1/20		15,000		17,617
ComEd Financing III 6.35% 3/15/33		25,000		24,750
Electricite de France 144A 4.875% 1/22/44 #		60,000		60,033
Entergy Arkansas 3.70% 6/1/24		15,000		15,256
Entergy Louisiana 4.05% 9/1/23		35,000		36,648
Exelon Generation 4.25% 6/15/22		35,000		35,557
Great Plains Energy 4.85% 6/1/21		15,000		16,223
5.292% 6/15/22		30,000		33,329
Integrys Energy Group 6.11% 12/1/66 —		35,000		35,371
Ipalco Enterprises 5.00% 5/1/18		15,000		15,937
LG&E & KU Energy 3.75% 11/15/20		20,000		20,583
4.375% 10/1/21		35,000		36,887
MidAmerican Energy Holdings 144A 3.75% 11/15/23 #		30,000		29,904


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Utilities (continued)
National Rural Utilities Cooperative Finance 4.75% 4/30/43 —		25,000	$	23,687
NextEra Energy Capital Holdings 3.625% 6/15/23		10,000		9,691
6.35%10/1/66 —		30,000		29,492
NiSource Finance 6.125% 3/1/22		55,000		63,464
NRG Energy 7.875% 5/15/21		10,000		11,050
NV Energy 6.25% 11/15/20		30,000		35,072
Pennsylvania Electric 5.20% 4/1/20		20,000		21,896
PPL Capital Funding 6.70% 3/30/67 —		15,000		15,085
Public Service Oklahoma 5.15% 12/1/19		80,000		89,082
Puget Energy 6.00% 9/1/21		10,000		11,539
Puget Sound Energy 6.974% 6/1/67 —		40,000		41,235
SCANA 4.125% 2/1/22		15,000		15,145
Wisconsin Energy 6.25% 5/15/67 —		55,000		56,690

				1,043,806

Total Corporate Bonds (cost $9,229,736)				9,620,982


Municipal Bonds – 0.11%
California Statewide Communities Development Authority (Kaiser Permanente) Series A 5.00% 4/1/42		5,000		5,218
Golden State, California Tobacco Securitization Asset-Backed Senior Notes Series A-1 5.125% 6/1/47		15,000		11,134
5.75% 6/1/47		20,000		16,271
New Jersey State Transportation Trust Fund Series A 5.00% 6/15/42		5,000		5,224
Series AA 5.00% 6/15/44		10,000		10,484

(continues) 27

Schedules of investments

Delaware Foundation^® Growth Allocation Fund


	Principal Amount°		Value (U.S. $)
Municipal Bonds (continued)
New York City Transitional Finance Authority (New York City Recovery) Series 13 5.00% 11/1/22		10,000	$	11,847
New York City Water & Sewer System Series BB 5.00% 6/15/47		5,000		5,279
New York City, New York Series I 5.00% 8/1/22		5,000		5,831
New York State Thruway Authority Series A 5.00% 5/1/19		10,000		11,587
State of Maryland Local Facilities Series A 5.00% 8/1/21		10,000		12,008
Texas Private Activity Bond Surface Transportation Senior Lien Revenue Bond (NTE Mobility) Series AMT 6.75% 6/30/43		5,000		5,579

Total Municipal Bonds (cost $98,084)				100,462


Non-Agency Asset-Backed Securities – 0.35%
Chase Issuance Trust Series 2012-A10 A10 0.415% 12/16/19 —		100,000		99,916
Series 2013-A9 A 0.575% 11/16/20 —		100,000		100,185
Trafigura Securitisation Finance Series 2012-1A A 144A 2.555% 10/15/15 #—		120,000		121,369

Total Non-Agency Asset-Backed Securities (cost $322,215)				321,470


Non-Agency Collateralized Mortgage Obligations – 0.08%
Bank of America Alternative Loan Trust Series 2005-3 2A1 5.50% 4/25/20		908		939
Series 2005-6 7A1 5.50% 7/25/20		1,020		1,041


	Principal Amount°		Value (U.S. $)
Non-Agency Collateralized Mortgage Obligations (continued)
Credit Suisse First Boston Mortgage Securities Series 2005-5 6A3 5.00% 7/25/35		12,883	$	12,910
JPMorgan Mortgage Trust Series 2006-S1 1A1 6.00% 4/25/36		33,653		33,650
Structured Asset Securities Corporation Mortgage Pass Through Certificates Series 2004-20 2A1 5.50% 11/25/34 ¿		8,052		8,316
Wells Fargo Mortgage-Backed Securities Trust Series 2006-2 3A1 5.75% 3/25/36		5,987		6,123
Series 2006-AR5 2A1 2.615% 4/25/36 —		14,169		13,683

Total Non-Agency Collateralized Mortgage Obligations (cost $70,302)				76,662


Senior Secured Loans – 2.40%«
Activision Blizzard Tranche B 1st Lien 3.25% 10/11/20		46,613		46,678
Allegion U.S. Holding Tranche B 3.00% 9/27/20		54,863		54,965
Aramark Tranche E 3.25% 9/7/19		25,000		24,836
Azure Midstream Tranche B 6.50% 11/15/18		29,625		30,199
BJ’s Wholesale Club Tranche B 1st Lien 4.50% 9/26/19		49,812		50,064
Burlington Coat Factory Warehouse Tranche B2 4.25% 2/23/17		55,370		55,708
Calpine Construction Finance Tranche B 3.00% 5/3/20		64,513		63,533
Chrysler Group Tranche B 1st Lien 3.50% 5/24/17		4,949		4,958
Clear Channel Communi-cations Tranche B 3.88% 1/29/16		145,000		143,426
Community Health Systems Tranche D 4.25% 1/27/21		30,375		30,669
Community Health Systems Tranche E 3.48% 1/25/17		9,525		9,603
Davita Tranche B 4.50% 10/20/16		19,595		19,640
Davita Tranche B2 4.00% 11/1/19		24,688		24,868


	Principal Amount°		Value (U.S. $)
Senior Secured Loans« (continued)
Delta Air Lines Tranche B 1st Lien 3.50% 4/20/17		19,499	$	19,567
Drillships Financing Holdings Tranche B1 6.00% 3/31/21		14,925		15,264
Emdeon 1st Lien 3.75% 11/2/18		29,187		29,244
First Data Corp Tranche B 1st Lien 4.23% 3/24/21		37,510		37,631
Gray Television 4.75% 10/12/19		7,162		7,212
HCA Tranche B5 1st Lien 2.98% 3/31/17		53,730		53,780
Hilton Worldwide Finance Tranche B2 3.75% 10/25/20		104,400		104,713
Houghton International 1st Lien 4.00% 12/20/19		88,875		89,153
Huntsman International Tranche B 3.75% 10/15/20		75,000		75,309
IASIS Healthcare Tranche B 1st Lien 4.50% 5/3/18		24,500		24,627
Immucor Tranche B2 5.00% 8/17/18		39,229		39,474
Intelsat Jackson Holdings Tranche B2 3.75% 6/30/19		62,438		62,672
KIK Custom Products 1st Lien 5.50% 4/29/19		250,000		250,000
Landry’s Tranche B 4.75% 4/24/18		18,854		18,998
Level 3 Financing Tranche B 4.00% 1/15/20		35,000		35,109
Moxie Liberty Tranche B 7.50% 8/21/20		5,000		5,138
MultiPlan Tranche B 4.00% 8/18/17		10,339		10,378
NEP 4.25% 1/22/20		20,000		20,108
Novelis Tranche B 3.75% 3/10/17		21,720		21,758
Nuveen Investments 1st Lien 4.23% 5/13/17		25,000		25,105
Nuveen Investments 2nd Lien 6.50% 2/28/19		105,000		105,486
OSI Restaurants Tranche B 1st Lien 3.50% 10/26/19		56,100		56,083
Patheon 4.25% 3/11/21		10,000		9,965
Ply Gem Industries 1st Lien 4.00% 1/30/21		50,000		50,125


	Principal Amount°		Value (U.S. $)
Senior Secured Loans« (continued)
Remy International Tranche B 1st Lien 4.25% 3/5/20		18,893	$	18,940
Samson Investment 2nd Lien 5.00% 9/25/18		20,000		20,208
Scientific Games International 4.25% 10/18/20		29,925		30,003
Sensus USA 2nd Lien 8.50% 5/9/18		25,000		25,172
Smart & Final Tranche B 1st Lien 4.50% 11/15/19		11,850		11,885
Sprouts Farmers 4.00% 4/23/20		21,964		21,999
SunGard Availability Services Capital Tranche B 1st Lien 6.00% 3/31/19		60,000		60,244
Truven Health Analytics Tranche B 4.50% 6/6/19		4,925		4,888
Univision Communications Tranche C4 4.00% 3/1/20		80,714		80,790
USI Insurance Services Tranche B 1st Lien 4.25% 12/30/19		24,688		24,812
Valeant Pharmaceuticals International Tranche BE 3.75% 8/5/20		22,989		23,127
Visant 5.25% 12/22/16		18,350		18,243
Wide Open West Finance 4.75% 4/1/19		64,350		64,603
Zayo Group Tranche B 1st Lien 4.00% 7/2/19		81,416		81,577

Total Senior Secured Loans (cost $2,190,958)				2,212,537


Sovereign Bonds – 0.40%D
Brazil – 0.03%
Brazil Notas do Tesouro Nacional Serie F 10.00% 1/1/17	BRL	72,000		30,114

				30,114

Germany – 0.01%
Bundesrepublik Deutschland 1.50% 2/15/23	EUR	8,400		11,680

				11,680

Hungary – 0.02%
Hungary Government International Bond 4.00% 3/25/19		14,000		13,937

				13,937

(continues) 29

Schedules of investments

Delaware Foundation^® Growth Allocation Fund


	Principal Amount°		Value (U.S. $)
Sovereign BondsD (continued)
Mexico – 0.00%
Mexican Bonos 6.50% 6/10/21	MXN	38,000	$	3,050

				3,050

Norway – 0.04%
Norway Government Bond 4.25% 5/19/17	NOK	96,000		17,266
5.00% 5/15/15	NOK	90,000		15,623

				32,889

Panama – 0.01%
Panama Government International Bond 8.875% 9/30/27		7,000		9,730

				9,730

Poland – 0.01%
Poland Government Bond 5.75% 10/25/21	PLN	25,000		9,169

				9,169

Republic of Korea – 0.02%
Korea Treasury Inflation Linked Bond 1.125% 6/10/23	KRW	21,204,322		19,035

				19,035

Romania – 0.01%
Romanian Government International Bond 144A 4.875% 1/22/24 #		12,000		12,180

				12,180

Slovenia – 0.23%
Slovenia Government International Bond 144A 5.25% 2/18/24 #		200,000		207,964

				207,964

Sweden – 0.01%
Sweden Government Bond 1.50% 11/13/23	SEK	20,000		2,924
4.25% 3/12/19	SEK	30,000		5,259

				8,183

United Kingdom – 0.01%
United Kingdom Gilt 1.00% 9/7/17	GBP	1,700		2,800
1.25% 7/22/18	GBP	4,071		6,664

				9,464

Total Sovereign Bonds (cost $352,794)				367,395


	Principal Amount°		Value (U.S. $)
Supranational Banks – 0.07%
European Investment Bank 3.25% 1/29/24		35,000	$	35,450
International Bank for Reconstruction & Development 2.865% 9/24/18 ·	AUD	36,000		33,403

Total Supranational Banks (cost $68,676)				68,853


U.S. Treasury Obligations – 0.68%
U.S. Treasury Bonds 3.625% 2/15/44		345,000		349,043
3.75% 11/15/43		130,000		134,611
U.S. Treasury Notes 1.50% 2/28/19		45,000		44,554
2.75% 2/15/24		100,000		100,227

Total U.S. Treasury Obligations (cost $629,508)				628,435


	Number of Shares
Preferred Stock – 0.07%
Alabama Power 5.625%		620		15,029
Integrys Energy Group 6.00% ·		600		15,126
National Retail Properties 5.70%		395		8,271
Public Storage 5.20%		450		9,459
U.S. Bancorp 3.50% ·		25		20,409

Total Preferred Stock (cost $68,847)				68,294


Right – 0.00%
Banco Bilbao Vizcaya Argentaria †	EUR	4,810		1,127

Total Right (cost $1,131)				1,127


	Number of Contracts
Option Purchased – 0.00%
Currency Call Option – 0.00%
USD vs CAD strike price CAD 1.144, expiration date 5/13/14		27,341		33

Total Option Purchased (cost $128)				33


	Principal Amount°		Value (U.S. $)
Short-Term Investments – 1.24%
Discount Note – 0.03%≠
Federal Home Loan Bank 0.05% 4/23/14		26,004	$	26,003

				26,003

Repurchase Agreements – 0.18%
Bank of America Merrill Lynch 0.02%, dated 3/31/14, to be repurchased on 4/1/14, repurchase price $99,276 (collateralized by U.S. government obligations 0.00% - 1.00% 2/28/17 - 11/15/27; market value $101,262)		99,276		99,276
Bank of Montreal 0.04%, dated 3/31/14, to be repurchased on 4/1/14, repurchase price $33,092 (collateralized by U.S. government obligations 1.25% - 2.125% 10/31/18 - 1/31/21; market value $33,754)		33,092		33,092
BNP Paribas 0.05%, dated 3/31/14, to be repurchased on 4/1/14, repurchase price $33,632 (collateralized by U.S. government obligations 0.50% 6/15/16; market value $34,304)		33,632		33,632

				166,000

U.S. Treasury Obligations – 1.03%≠
U.S. Treasury Bills 0.02% 4/17/14		39,750		39,750
0.059% 4/24/14		739,677		739,664
0.093% 11/13/14		175,368		175,299

				954,713

Total Short-Term Investments (cost $1,146,668)				1,146,716


Total Value of Securities – 100.58% (cost $69,224,893)			$	92,854,702

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2014, the aggregate value of Rule 144A securities was $3,536,619, which represents 3.83% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”

¿	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.

T	100% of the income received was in the form of additional cash.

=	Security is being fair valued in accordance with the Fund’s fair valuation policy. At March 31, 2014, the aggregate value of fair valued securities was $234,997, which represents 0.25% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”

≠	The rate shown is the effective yield at the time of purchase.

°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

†	Non income producing security.

·	Variable rate security. The rate shown is the rate as of March 31, 2014. Interest rates reset periodically.

D	Securities have been classified by country of origin.

S	Interest only security. An interest only security is the interest only portion of a fixed income security which is separated and sold individually from the principal portion of the security.

X	Emerging Markets – developing countries with relatively low per capita income, often with above-average economic growth potential but with more risk.

Senior secured loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally: (i) the prime rate offered by one or more United States banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (LIBOR), and (iii) the certificate of deposit rate. Senior secured loans may be subject to restrictions on resale. Stated rate in effect at March 31, 2014.

§	Developed Markets – countries that are thought to be most developed and therefore less risky than emerging markets.

f	Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at March 31, 2014.

(continues) 31

Schedules of investments

Delaware Foundation^® Growth Allocation Fund

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at March 31, 2014:¹

Foreign Currency Exchange Contracts


Counter- party	Contracts to Receive (Deliver)		In Exchange For		Settlement Date	Unrealized Appreciation (Depreciation)
BAML	CAD	29,203	USD	(26,331)	4/25/14	$	74
BAML	EUR	(8,712)	USD	12,126	4/25/14		125
BAML	GBP	12,711	USD	(21,112)	4/25/14		76
BAML	NOK	(21,069)	USD	3,539	4/25/14		24
BCLY	MXN	67,796	USD	(5,119)	4/25/14		64
BNP	AUD	(42,366)	USD	38,352	4/24/14		(870	)
BNYM	AUD	(16,675)	USD	15,391	4/1/14		(70	)
BNYM	CHF	(27,548)	USD	31,040	4/1/14		(123	)
BNYM	CHF	(3,743)	USD	4,217	4/2/14		(17	)
BNYM	JPY	(1,071,728)	USD	10,466	4/1/14		82
DB	NOK	(104,281)	USD	17,547	4/25/14		147
GSC	GBP	(1,099)	USD	1,832	4/25/14		(1	)
JPMC	GBP	(16,674)	USD	27,542	4/25/14		(253	)
JPMC	KRW	(17,046,540)	USD	15,934	4/25/14		(54	)
JPMC	PLN	(12,086)	USD	3,982	4/25/14		(9	)
MSC	IDR	70,199,465	USD	(6,139)	4/25/14		29
MSC	TRY	100	USD	(45)	4/25/14		1
TD	CAD	(22,563)	USD	20,187	4/25/14		(214	)
TD	EUR	(27,341)	USD	37,696	4/25/14		32
TD	JPY	(370,125)	USD	3,675	4/25/14		88
UBS	CAD	(20,023)	USD	18,065	4/25/14		(40	)

						$	(909	)

Futures Contracts


Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depre- ciation)
(10)	E-mini MSCI EAFE Index	$	(919,472	)	$	(947,500	)		6/23/14	$	(28,028	)
(20)	E-mini MSCI Emerging Markets Index		(926,198	)		(986,100	)		6/23/14		(59,735	)
(11)	E-mini S&P 500 Index		(1,014,221	)		(1,025,530	)		6/23/14		(11,309	)
4	U.S. Treasury 10 yr Note		494,981			494,000			7/1/14		(981	)
1	U.S. Treasury Long Bond		132,784			133,219			6/19/14		435

		$	(2,232,126	)						$	(99,618	)

Swap Contracts

CDS Contracts²


Counter- party	Swap Refe- renced Obligation	Notional Value		Annual Protection Pay- ments			Termination Date		Unrealized Appre- ciation (Depre- ciation)
	Protection Purchased:
JPMC-ICE	CDX.NA. HY.21	$	85,000		5.00	%		12/20/18	$	(480	)

The use of foreign currency exchange contracts, futures contracts and swap contracts involve elements of market risk and risks in excess of the amounts recognized in the financial statements. The foreign currency exchange contracts and notional values presented 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 7 in “Notes to financial statements.”

² 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). 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 unrealized 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 as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon credit event (as defined in the CDS agreement) or the maturity or termination of the agreement.

Summary of abbreviations:

ADR – American Depositary Receipt

AMT – Subject to Alternative Minimum Tax

ARM – Adjustable Rate Mortgage

AUD – Australian Dollar

BAML – Bank of America Merrill Lynch

BCLY – Barclays Bank

BNP – Banque Paribas

BNYM – Bank of New York Mellon

BRL – Brazilian Real

CAD – Canadian Dollar

CDS – Credit Default Swap

CDX.NA.HY – Credit Default Swap Index North America High Yield

CHF – Swiss Franc

CVA – Dutch Certificate

DB – Deutsche Bank

ETF – Exchange-Traded Fund

EUR – European Monetary Unit

GBP – British Pound Sterling

GDR – Global Depositary Receipt

GNMA – Government National Mortgage Association

GSC – Goldman Sachs Capital

ICE – IntercontinentalExchange, Inc.

IDR – Indonesian Rupiah

JPMC – JPMorgan Chase Bank

JPY – Japanese Yen

KRW – South Korean Won

MSC – Morgan Stanley Capital

MXN – Mexican Peso

NCUA – National Credit Union Administration

NOK – Norwegian Krone

NVDR – Non-Voting Depositary Receipt

NZD – New Zealand Dollar

PIK – Pay-in-kind

PLN – Polish Zloty

REIT – Real Estate Investment Trust

REMIC – Real Estate Mortgage Investment Conduit

SEK – Swedish Krona

S.F. – Single Family

TBA – To be announced

TD – Toronto Dominion Bank

TRY – Turkish Lira

UBS – Union Bank of Switzerland

USD – United States Dollar

yr – Year

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

(continues) 33

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

March 31, 2014 (Unaudited)


	Number of Shares		Value (U.S. $)
Common Stock – 60.39%
U.S. Markets �� 32.50%
Consumer Discretionary – 3.29%
BorgWarner		1,800	$	110,646
Buffalo Wild Wings †		810		120,609
Carnival		2,300		87,078
Century Communications =†		25,000		0
Cheesecake Factory		1,810		86,210
Cinemark Holdings		1,830		53,088
Comcast Special Class A		5,210		254,040
Del Frisco’s Restaurant Group †		2,865		79,933
DSW Class A		4,500		161,370
Express †		3,595		57,089
Ford Motor		16,170		252,252
Francesca’s Holdings †		4,790		86,891
G-III Apparel Group †		1,925		137,791
Iconix Brand Group †		3,300		129,591
Jack in the Box †		2,375		139,983
Johnson Controls		19,900		941,668
L Brands		18,600		1,055,922
Liberty Interactive Class A †		49,900		1,440,613
Lowe’s		20,700		1,012,230
Macy’s		4,390		260,283
Madden (Steven) †		4,155		149,497
McDonald’s		3,120		305,854
National CineMedia		4,400		66,000
NIKE Class B		9,950		734,907
Nordstrom		3,610		225,445
Popeyes Louisiana Kitchen †		3,060		124,358
Priceline Group †		1,205		1,436,227
Regal Entertainment Group Class A		2,980		55,666
Sally Beauty Holdings †		18,325		502,105
Shutterfly †		1,905		81,305
Starbucks		3,840		281,779
Tenneco †		2,530		146,917
Tractor Supply		1,970		139,141
Urban Outfitters †		4,560		166,303
Viacom Class B		1,370		116,436

				10,999,227

Consumer Staples – 2.48%
Archer-Daniels-Midland		28,080		1,218,391
Avon Products		15,400		225,456
Casey’s General Stores		1,815		122,676
Coca-Cola		2,730		105,542
CVS Caremark		19,080		1,428,329
General Mills		5,090		263,764
J&J Snack Foods		980		94,051


	Number of Shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Consumer Staples (continued)
Kimberly-Clark		1,670	$	184,117
Kraft Foods Group		19,167		1,075,250
Mondelez International Class A		28,700		991,585
PepsiCo		4,330		361,555
Procter & Gamble		6,060		488,436
Susser Holdings †		2,480		154,926
Walgreen		23,950		1,581,419

				8,295,497

Energy – 3.25%
Bonanza Creek Energy †		925		41,070
Bristow Group		755		57,018
C&J Energy Services †		2,500		72,900
Carrizo Oil & Gas †		2,030		108,524
Chevron		12,780		1,519,670
ConocoPhillips		14,500		1,020,075
Diamondback Energy †		970		65,291
EOG Resources		10,840		2,126,483
Exxon Mobil		4,820		470,818
Halliburton		18,200		1,071,798
Jones Energy Class A †		3,870		58,592
Kinder Morgan		21,650		703,409
Kodiak Oil & Gas †		6,905		83,827
Marathon Oil		34,440		1,223,309
National Oilwell Varco		2,170		168,978
Occidental Petroleum		13,520		1,288,321
Pioneer Energy Services †		6,955		90,067
RigNet †		2,605		140,227
Rosetta Resources †		2,195		102,243
RSP Permian †		1,405		40,590
Schlumberger		4,150		404,625

				10,857,835

Financials – 6.31%
AFLAC		3,910		246,486
Allstate		19,100		1,080,678
American Campus Communities		1,450		54,157
American Equity Investment Life Holding		4,960		117,155
American Tower		2,860		234,148
Ameriprise Financial		1,560		171,709
AMERISAFE		2,200		96,602
Apartment Investment & Management		2,425		73,283
AvalonBay Communities		1,725		226,527


	Number of Shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Financials (continued)
Bank of New York Mellon		30,200	$	1,065,758
BB&T		25,100		1,008,267
BBCN Bancorp		5,235		89,728
BlackRock		720		226,426
Boston Properties		2,250		257,693
Brandywine Realty Trust		7,325		105,919
Bryn Mawr Bank		965		27,724
Camden Property Trust		1,025		69,023
Capital Bank Financial †		2,950		74,075
Capital One Financial		3,840		296,294
Cardinal Financial		5,155		91,914
Citigroup		6,970		331,772
City Holding		1,975		88,599
CME Group		9,325		690,143
Corporate Office Properties Trust		1,925		51,282
Cousins Properties		4,675		53,622
Crown Castle International		21,025		1,551,225
DCT Industrial Trust		15,820		124,662
DDR		8,375		138,020
Douglas Emmett		4,600		124,844
Duke Realty		9,050		152,764
DuPont Fabros Technology		3,865		93,031
EastGroup Properties		1,285		80,839
EPR Properties		3,480		185,797
Equity Lifestyle Properties		1,275		51,829
Equity One		2,400		53,616
Equity Residential		4,475		259,505
Essex Property Trust		900		153,045
Evercore Partners Class A		1,580		87,295
Extra Space Storage		1,225		59,425
Federal Realty Investment Trust		475		54,492
Fidelity & Guaranty Life		4,400		103,840
First Industrial Realty Trust		5,225		100,947
First Potomac Realty Trust		2,800		36,176
Flushing Financial		3,395		71,533
General Growth Properties		9,700		213,400
Greenhill & Co		1,255		65,235
Health Care REIT		1,325		78,970
Healthcare Realty Trust		2,625		63,394
Healthcare Trust of America Class A		4,825		54,957
Highwoods Properties		2,600		99,866
Host Hotels & Resorts		19,145		387,495


	Number of Shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Financials (continued)
Independent Bank		2,265	$	89,173
IntercontinentalExchange Group		5,810		1,149,392
Invesco		4,910		181,670
JPMorgan Chase		8,620		523,320
Kilroy Realty		1,575		92,263
Kimco Realty		4,800		105,024
Kite Realty Group Trust		14,245		85,470
LaSalle Hotel Properties		5,250		164,377
Lexington Realty Trust		5,525		60,278
Liberty Property Trust		1,300		48,048
LTC Properties		475		17,874
Macerich		1,375		85,704
Maiden Holdings		5,430		67,766
Marsh & McLennan		21,300		1,050,090
National Retail Properties		6,160		211,411
Park National		1,120		86,117
Pebblebrook Hotel Trust		1,875		63,319
Post Properties		1,625		79,787
Primerica		2,530		119,188
Progressive		34,050		824,691
Prologis		6,375		260,291
Prosperity Bancshares		1,875		124,031
Prudential Financial		1,810		153,217
PS Business Parks		750		62,715
Public Storage		1,200		202,188
Ramco-Gershenson Properties Trust		8,290		135,127
Raymond James Financial		4,470		250,007
Regency Centers		2,025		103,397
RLJ Lodging Trust		2,775		74,203
Sabra Health Care REIT		1,400		39,046
Simon Property Group		3,825		627,300
SL Green Realty		1,750		176,085
Sovran Self Storage		1,250		91,813
Spirit Realty Capital		6,975		76,585
State Street		2,880		200,304
Sterling Bancorp		6,300		79,758
Stifel Financial †		2,140		106,486
Strategic Hotels & Resorts †		7,500		76,425
Susquehanna Bancshares		8,605		98,011
Tanger Factory Outlet Centers		2,750		96,250
Taubman Centers		675		47,783
Texas Capital Bancshares †		1,370		88,968
Travelers		2,710		230,621
UDR		4,150		107,195

(continues) 35

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund


	Number of Shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Financials (continued)
United Fire Group		2,290	$	69,501
Ventas		3,850		233,195
Vornado Realty Trust		2,600		256,256
Webster Financial		3,505		108,865
Wells Fargo		9,050		450,147
Western Alliance Bancorp †		4,270		105,042

				21,110,960

Healthcare – 4.51%
AbbVie		6,560		337,184
Acorda Therapeutics †		2,855		108,233
Air Methods †		3,120		166,702
Akorn †		2,740		60,280
Align Technology †		2,600		134,654
Alkermes †		2,940		129,625
Allergan		11,050		1,371,305
Auxilium Pharmaceuticals †		4,335		117,825
Baxter International		14,200		1,044,836
Cardinal Health		14,600		1,021,708
Celgene †		12,060		1,683,576
Cepheid †		1,950		100,581
Conmed		2,600		112,970
Cross Country Healthcare †		6,360		51,325
CryoLife		6,210		61,852
Express Scripts †		4,450		334,151
Gilead Sciences †		5,180		367,055
Haemonetics †		2,260		73,653
InterMune †		4,040		135,219
Johnson & Johnson		11,690		1,148,309
Medicines †		1,680		47,746
Merck		26,340		1,495,322
Merit Medical Systems †		3,575		51,123
NPS Pharmaceuticals †		3,095		92,633
Perrigo		4,525		699,837
Pfizer		49,382		1,586,150
Prestige Brands Holdings †		3,120		85,020
Quest Diagnostics		17,900		1,036,768
Quidel †		3,485		95,141
Spectrum Pharmaceuticals †		6,495		50,921
Thermo Fisher Scientific		2,990		359,518
UnitedHealth Group		4,600		377,154
Vertex Pharmaceuticals †		2,530		178,922
WellCare Health Plans †		1,335		84,799
West Pharmaceutical Services		3,100		136,555
Zoetis		4,580		132,545

				15,071,197


	Number of Shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Industrials – 2.54%
AAON		4,687	$	130,627
Acuity Brands		465		61,645
Applied Industrial Technologies		2,465		118,912
Barnes Group		3,150		121,181
Caterpillar		930		92,414
Chart Industries †		535		42,559
Columbus McKinnon †		3,650		97,783
Cummins		990		147,500
Deere		1,200		108,960
Eaton		2,550		191,556
ESCO Technologies		1,790		62,990
Esterline Technologies †		570		60,728
FedEx		1,810		239,934
FTI Consulting †		3,385		112,856
General Electric		18,200		471,198
Granite Construction		2,803		111,924
Honeywell International		3,730		345,995
Hunt (J.B.) Transport Services		1,600		115,072
Kadant		2,795		101,934
KEYW Holding †		6,540		122,363
Kforce		5,755		122,697
Lockheed Martin		1,550		253,022
McGrath RentCorp		1,750		61,180
MYR Group †		2,290		57,983
Nielsen Holdings		3,380		150,849
Northrop Grumman		8,600		1,061,068
Parker Hannifin		1,490		178,368
Paylocity Holding †		350		8,417
Raytheon		10,600		1,047,174
Republic Services		4,710		160,894
Roadrunner Transportation Systems †		3,515		88,719
Rockwell Collins		1,090		86,840
Tetra Tech †		2,935		86,847
Union Pacific		1,990		373,443
United Stationers		2,890		118,692
United Technologies		3,280		383,235
URS		3,110		146,357
US Ecology		2,550		94,656
WageWorks †		1,490		83,604
Waste Management		23,000		967,610
XPO Logistics †		4,155		122,199

				8,511,985

Information Technology – 7.86%
Accenture Class A		3,470		276,628


	Number of Shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Information Technology (continued)
Adobe Systems †		21,925	$	1,441,349
Amkor Technology †		13,860		95,080
Anixter International		1,210		122,839
Apple		1,145		614,567
Applied Micro Circuits †		8,725		86,377
Avago Technologies		4,290		276,319
Brightcove †		10,055		98,841
Broadcom Class A		33,900		1,067,172
Callidus Software †		3,115		39,000
Cisco Systems		52,420		1,174,732
eBay †		24,225		1,338,189
EMC		12,590		345,092
Equinix †		2,150		397,406
ExlService Holdings †		1,520		46,983
Facebook Class A †		3,890		234,334
FARO Technologies †		1,775		94,075
Google Class A †		1,780		1,983,828
Intel		49,470		1,276,821
International Business Machines		640		123,194
InterXion Holding †		3,065		73,499
Intuit		13,650		1,061,015
j2 Global		2,240		112,112
Marin Software †		3,920		41,434
MasterCard Class A		24,025		1,794,667
Microsoft		53,690		2,200,753
Motorola Solutions		15,614		1,003,824
NETGEAR †		2,485		83,819
Plantronics		1,685		74,898
Proofpoint †		2,515		93,256
QUALCOMM		25,420		2,004,621
Rally Software Development †		5,240		70,111
Rocket Fuel †		1,820		78,042
Rofin-Sinar Technologies †		3,705		88,772
Salesforce.com †		3,020		172,412
SciQuest †		2,735		73,886
Semtech †		3,965		100,473
SS&C Technologies Holdings †		2,170		86,843
Synaptics †		2,170		130,243
TeleTech Holdings †		4,100		100,491
Teradata †		12,925		635,781
Texas Instruments		4,010		189,071
Trulia †		2,570		85,324
VeriFone Systems †		10,225		345,809
VeriSign †		11,639		627,458
Visa Class A		9,025		1,948,137
Xerox		89,000		1,005,700


	Number of Shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Information Technology (continued)
Yahoo †		16,500	$	592,350
Yelp †		3,825		294,257

				26,301,884

Materials – 0.89%
Axiall		2,205		99,049
Boise Cascade †		3,225		92,364
Cabot		1,600		94,496
Chemtura †		4,605		116,460
duPont (E.I.) deNemours		18,910		1,268,861
Eastman Chemical		2,850		245,699
Huntsman		5,200		126,984
Innophos Holdings		1,310		74,277
International Paper		2,510		115,159
Kaiser Aluminum		1,210		86,418
Kraton Performance Polymers †		3,275		85,609
Materion		2,425		82,280
MeadWestvaco		5,390		202,880
Neenah Paper		1,795		92,837
Stepan		980		63,269
Taminco †		4,265		89,608
U.S. Silica Holdings		970		37,025

				2,973,275

Telecommunication Services – 0.78%
AT&T		41,350		1,450,145
Atlantic Tele-Network		1,135		74,819
inContact †		9,865		94,704
Verizon Communications		21,100		1,003,727

				2,623,395

Utilities – 0.59%
Cleco		2,055		103,942
Edison International		21,380		1,210,322
MDU Resources Group		5,620		192,822
NorthWestern		1,940		92,014
OGE Energy		5,060		186,006
Sempra Energy		1,810		175,136

				1,960,242

Total U.S. Markets (cost $62,486,284)				108,705,497

Developed Markets – 19.90%§
Consumer Discretionary – 3.16%
Adidas		2,540		274,648
Bayerische Motoren Werke		7,368		931,065
Benesse Holdings		4,600		175,951

(continues) 37

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund


		Number of Shares		Value (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Consumer Discretionary (continued)
Cie Financiere Richemont Class A			1,730	$	165,290
Compass Group			18,850		287,826
Denso			4,600		220,610
Don Quijote Holdings			5,300		273,645
Hennes & Mauritz Class B			6,300		268,699
Honda Motor			7,900		277,988
Inditex			1,175		176,284
Kering			2,508		511,369
LVMH Moet Hennessy Louis Vuitton			965		174,870
NHK Spring	��		15,500		144,151
Nitori Holdings			17,548		761,552
Publicis Groupe			13,465		1,215,635
Sands China			28,400		213,000
Shimamura			1,900		164,423
Shimano			2,300		231,361
Sodexo			2,170		227,441
Techtronic Industries			175,500		490,012
Toyota Motor			36,289		2,046,575
USS			13,500		189,656
WPP			12,800		264,483
Yue Yuen Industrial Holdings			269,500		878,198

					10,564,732

Consumer Staples – 2.40%
Anheuser-Busch InBev			4,330		456,015
Aryzta †			22,774		2,013,910
British American Tobacco			7,500		418,406
Carlsberg Class B			8,514		846,382
Danone			2,020		142,708
Diageo			9,900		307,494
Heineken			2,850		198,324
Kao			7,300		258,534
Koninklijke Ahold			8,862		177,973
L’Oreal			1,820		300,264
Meiji Holdings			2,400		151,291
Nestle			8,550		643,592
Reckitt Benckiser Group			4,550		371,314
SABMiller			3,000		150,011
Tesco			132,424		653,151
Unilever			4,780		204,445
Unilever CVA			6,160		253,389
Wesfarmers			3,890		149,031
Woolworths			9,850		326,610

					8,022,844


	Number of Shares		Value (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Energy – 1.01%
AMEC		10,200	$	191,038
BG Group		12,450		232,440
CGG †		10,800		173,083
Saipem		40,871		998,268
Subsea 7		44,880		834,248
Total		14,368		945,768

				3,374,845

Financials – 3.14%
AEON Financial Service		5,300		119,583
AIA Group		39,800		189,296
AXA		47,139		1,224,612
Baloise Holding		1,455		183,167
Banco Bilbao Vizcaya Argentaria		13,010		156,435
Banco Espirito Santo Class R †		89,000		166,668
Banco Santander		20,600		196,651
Bank Leumi Le-Israel BM †		47,500		185,388
Commonwealth Bank of Australia		4,090		294,405
Credit Suisse Group Class REG		5,200		168,324
Daito Trust Construction		2,000		185,265
Daiwa Securities Group		22,000		191,151
Exor		4,100		184,003
Intesa Sanpaolo		64,600		219,200
Lloyds Banking Group †		293,000		366,560
Mitsubishi UFJ Financial Group		193,473		1,065,466
Nordea Bank		93,588		1,327,613
OCBC Bank =		27,000		204,110
Prudential		10,350		219,162
QBE Insurance Group		19,900		236,465
SCOR SE		4,550		159,365
Seven Bank		48,300		189,558
Societe Generale		4,480		275,769
Sony Financial Holdings		10,900		178,244
Standard Chartered		57,996		1,212,769
Swire Pacific Class A		13,000		151,842
UBS †		13,300		275,237
UniCredit		92,025		841,204
Wharf Holdings		20,000		128,275

				10,495,787

Healthcare – 3.16%
Bayer		3,170		429,293


	Number of Shares		Value (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Healthcare (continued)
CSL		4,670	$	301,610
Dainippon Sumitomo Pharma		11,700		185,740
Fresenius		1,480		232,314
ICON †		2,910		138,371
Meda Class A		8,950		137,715
Miraca Holdings		3,500		153,330
Novartis		21,709		1,843,370
Novo Nordisk ADR		22,075		1,007,724
Novo Nordisk Class B		8,175		372,237
Roche Holding		3,480		1,046,717
Sanofi		11,323		1,183,244
Shire		5,650		279,713
Smith & Nephew		15,950		242,254
Stada Arzneimittel		12,570		538,448
Teva Pharmaceutical Industries ADR		47,100		2,488,764

				10,580,844

Industrials – 3.11%
ABB †		15,200		392,653
Aggreko		7,720		193,408
Cathay Pacific Airways		78,000		145,688
Cobham		39,400		196,704
Deutsche Lufthansa †		9,100		238,597
Deutsche Post		29,575		1,099,524
East Japan Railway		13,341		982,713
Elbit Systems		3,670		223,523
European Aeronautic Defence & Space		4,530		324,443
IHI		38,000		159,894
ITOCHU		86,349		1,010,369
Koninklijke Philips Electronics		34,639		1,218,571
Kubota		13,000		172,785
Mitsubishi Electric		23,000		258,919
Rolls-Royce Holdings		13,050		233,620
Sandvik		15,750		222,772
Schindler Holding		1,290		190,186
Schneider Electric		4,200		372,231
Singapore Airlines		19,000		158,289
Travis Perkins		6,960		219,161
Vinci		17,462		1,296,193
Volvo Class B		15,000		238,447
Westjet Airlines		30,014		659,013
Yamato Holdings		9,300		200,158

				10,407,861

Information Technology – 1.17%
CGI Group Class A †		39,704		1,225,944


	Number of Shares		Value (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Information Technology (continued)
Citizen Holdings		23,100	$	173,671
Computershare		19,700		221,527
FIH Mobile †		258,000		142,565
Infineon Technologies		19,200		229,060
NICE Systems		4,830		215,377
SAP		3,540		287,149
Seiko Epson		7,900		246,861
Teleperformance		17,486		1,013,253
Trend Micro		4,800		148,310

				3,903,717

Materials – 1.77%
Air Liquide		2,350		318,237
Anglo American ADR		10,000		127,244
AuRico Gold		59,522		259,552
BASF		1,450		161,346
BHP Billiton Limited		16,150		547,349
Johnson Matthey		4,135		225,773
Lafarge		11,705		913,575
LANXESS		2,720		205,311
Novozymes Class B		5,000		219,801
Rexam		96,703		785,846
Rio Tinto		13,588		757,795
Shin-Etsu Chemical		3,900		222,334
Syngenta		580		220,195
Syngenta ADR		7,950		602,451
Yamana Gold		40,883		358,029

				5,924,838

Telecommunication Services – 0.80%
KDDI		6,514		378,254
Nippon Telegraph & Telephone		22,743		1,235,952
Softbank		3,200		241,830
Telefonica		22,150		351,005
Vodafone Group		62,454		229,670
Ziggo		5,300		235,370

				2,672,081

Utilities – 0.18%
National Grid		28,177		387,209
Red Electrica		2,680		217,925

				605,134

Total Developed Markets (cost $48,853,236)				66,552,683

(continues) 39

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund


	Number of Shares		Value (U.S. $)
Common Stock (continued)
Emerging Markets X – 7.99%
Consumer Discretionary – 0.47%
Arcos Dorados Holdings Class A		19,200	$	193,536
Grupo Televisa ADR		19,450		647,491
Hyundai Motor		971		229,497
LG Electronics		2,989		182,643
Mahindra & Mahindra		11,528		188,683
Woolworths Holdings		21,137		147,106

				1,588,956

Consumer Staples – 1.14%
Anadolu Efes Biracilik Ve Malt Sanayii		25,884		288,049
Brasil Foods ADR		23,060		460,739
China Mengniu Dairy		98,000		491,834
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		5,800		253,808
Cia Cervecerias Unidas ADR		6,200		138,756
Fomento Economico Mexicano ADR		3,225		300,699
Hypermarcas		52,800		382,983
Lotte Chilsung Beverage		238		333,455
Lotte Confectionery		159		272,192
Tingyi Cayman Islands Holding		79,816		229,285
Tsingtao Brewery		26,162		191,910
Uni-President China Holdings		315,000		264,866
Wal-Mart de Mexico Class V		80,072		190,743

				3,799,319

Energy – 1.25%
Cairn India		36,076		200,463
China Petroleum & Chemical		182,850		163,554
CNOOC ADR		1,340		203,425
Gazprom ADR		53,630		413,716
LUKOIL ADR		5,600		313,180
PetroChina ADR		1,700		184,450
Petroleo Brasileiro ADR		42,800		562,820
Polski Koncern Naftowy Orlen		10,580		151,300
PTT		24,691		224,637
Reliance Industries GDR 144A #		29,658		921,494
Rosneft GDR		35,600		237,391
Sasol ADR		5,100		284,988
Tambang Batubara Bukit Asam Persero		132,000		109,014
YPF ADR		6,400		199,424

				4,169,856


	Number of Shares		Value (U.S. $)
Common Stock (continued)
Emerging Markets X (continued)
Financials – 1.20%
Banco Santander Brasil ADR		32,650	$	181,861
Bangkok Bank		36,661		202,202
China Construction Bank		344,449		241,785
Etalon Group GDR 144A #=†		16,400		63,796
ICICI Bank ADR		6,700		293,460
Industrial & Commercial Bank of China		606,800		374,083
Itau Unibanco Holding ADR		21,440		318,598
KB Financial Group ADR †		13,989		491,728
Powszechna Kasa Oszczednosci Bank Polski		11,007		154,788
Remgro		9,969		193,925
Samsung Life Insurance		2,703		255,373
Sberbank =		143,664		343,482
Shinhan Financial Group		6,862		303,489
Standard Bank Group		25,365		334,202
UEM Sunrise		380,419		256,890

				4,009,662

Industrials – 0.34%
All America Latina Logistica		22,719		75,379
Empresas ICA ADR †		20,200		133,118
Gol Linhas Aereas Inteligentes ADR †		26,800		130,248
KCC		1,445		741,468
Santos Brasil Participacoes		9,600		71,243

				1,151,456

Information Technology – 1.36%
Baidu ADR †		5,500		838,090
Hon Hai Precision Industry		182,085		517,075
LG Display ADR †		15,800		197,500
MediaTek		21,000		310,835
Samsung Electronics		983		1,242,157
SINA †		3,500		211,435
Sohu.com †		7,400		481,666
Taiwan Semiconductor Manufacturing		68,069		267,820
Taiwan Semiconductor Manufacturing ADR		12,400		248,248
United Microelectronics		398,000		168,950
WNS Holdings ADR †		4,415		79,470

				4,563,246

Materials – 0.85%
Anglo American Platinum †		3,361		150,824
ArcelorMittal South Africa †		18,369		58,459
Braskem ADR †		14,575		227,661


	Number of Shares		Value (U.S. $)
Common Stock (continued)
Emerging Markets X (continued)
Materials (continued)
Cemex ADR †		38,140	$	481,708
Cemex Latam Holdings †		41,949		349,302
Fibria Celulose ADR †		27,090		299,615
Gerdau		13,000		67,108
Gerdau ADR		16,700		107,047
Impala Platinum Holdings		6,881		78,184
Nine Dragons Paper Holdings		163,000		127,394
Siam Cement		9,500		122,770
Siam Cement NVDR		7,500		96,924
Sociedad Quimica y Minera de Chile ADR		5,100		161,874
Ultratech Cement		5,681		207,330
Vale ADR		22,025		304,606

				2,840,806

Telecommunication Services – 1.38%
America Movil ADR		10,000		198,800
China Mobile		41,921		384,897
China Mobile ADR		5,425		247,326
China Telecom		300,000		138,441
China Unicom Hong Kong ADR		11,943		157,170
Chunghwa Telecom ADR		6,860		210,465
KT ADR		27,650		384,059
MegaFon GDR		10,900		307,246
Mobile Telesystems ADR		8,600		150,414
MTN Group		12,126		248,201
SK Telecom ADR		38,200		862,174
Telefonica Brasil ADR		11,205		237,994
Tim Participacoes ADR		26,000		674,960
Turkcell Iletisim Hizmetleri ADR †		12,550		172,813
Vodacom Group		18,537		228,771

				4,603,731

Total Emerging Markets (cost $24,070,095)				26,727,032


Total Common Stock (cost $135,409,615)				201,985,212


Convertible Preferred Stock – 0.29%
ArcelorMittal 6.00% exercise price $20.61, expiration date 12/21/15		2,525		61,113
Bank of America 7.25% exercise price $50.00, expiration date 12/31/49		38		43,591


	Number of Shares		Value (U.S. $)
Convertible Preferred Stock (continued)
Chesapeake Energy 144A 5.75% exercise price $27.83, expiration date 12/31/49 #		66	$	73,961
Dominion Resources 6.00% exercise price $65.27, expiration date 7/1/16		590		34,084
6.125% exercise price $65.27, expiration date 4/1/16		590		33,925
Goodyear Tire & Rubber 5.875% exercise price $18.13, expiration date 4/1/14		1,750		128,257
Halcon Resources 5.75% exercise price $6.16, expiration date 12/31/49		65		48,750
HealthSouth 6.50% exercise price $30.17, expiration date 12/31/49		79		103,016
Huntington Bancshares 8.50% exercise price $11.95, expiration date 12/31/49		49		63,210
Intelsat 5.75% exercise price $22.05, expiration date 5/1/16		2,057		110,358
MetLife 5.00% exercise price $44.27, expiration date 10/8/14		3,200		98,560
SandRidge Energy 8.50% exercise price $8.01, expiration date 12/31/49		1,073		112,866
Wells Fargo 7.50% exercise price $156.71, expiration date 12/31/49		50		58,650

Total Convertible Preferred Stock (cost $886,711)				970,341


Exchange-Traded Funds – 0.12%
iShares MSCI EAFE Growth Index ETF		2,955		209,687
iShares MSCI EAFE Index ETF		1,610		108,144
Vanguard FTSE Developed Markets ETF		2,190		90,381

Total Exchange-Traded Funds (cost $394,939)				408,212

(continues) 41

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund


	Principal Amount°		Value (U.S. $)
Agency Asset-Backed Securities – 0.02%
Fannie Mae Grantor Trust Series 2003-T4 2A5 5.407% 9/26/33		63,272	$	69,433
Fannie Mae REMIC Trust Series 2002-W11 AV1 0.494% 11/25/32 —		7,034		6,421

Total Agency Asset-Backed Securities (cost $69,798)				75,854


Agency Collateralized Mortgage Obligations – 0.32%
Fannie Mae REMICs Series 1996-46 ZA 7.50% 11/25/26		30,113		34,353
Series 2003-26 AT 5.00% 11/25/32		62,159		64,531
Series 2010-41 PN 4.50% 4/25/40		120,000		128,370
Series 2010-96 DC 4.00% 9/25/25		5,000		5,261
Series 2012-122 SD 5.946% 11/25/42 —S		194,525		43,146
Series 2013-38 AI 3.00% 4/25/33 S		541,365		90,253
Series 2013-44 DI 3.00% 5/25/33 S		813,103		136,415
Freddie Mac REMICs Series 1730 Z 7.00% 5/15/24		22,311		25,334
Series 4065 DE 3.00% 6/15/32		30,000		29,245
Series 4148 SA 5.945% 12/15/42 —S		225,418		49,507
Series 4185 LI 3.00% 3/15/33 S		201,670		33,852
Series 4191 CI 3.00% 4/15/33 S		94,914		14,586
GNMA Series 2010-113 KE 4.50% 9/20/40		295,000		311,819
NCUA Guaranteed Notes Trust Series 2010-C1 A2 2.90% 10/29/20		100,000		103,670

Total Agency Collateralized Mortgage Obligations (cost $1,053,692)				1,070,342


Agency Mortgage-Backed Securities – 5.11%
Fannie Mae 6.50% 8/1/17		12,594		13,208


	Principal Amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae ARM 2.411% 5/1/43 —		81,917	$	80,825
2.546% 6/1/43 —		27,964		27,829
3.293% 9/1/43 —		102,563		105,216
Fannie Mae Relocation 30 yr 5.00% 1/1/36		5,989		6,462
Fannie Mae S.F. 15 yr 2.50% 10/1/27		90,681		90,915
2.50% 2/1/28		296,567		297,335
3.00% 11/1/27		26,315		27,070
3.50% 7/1/26		94,848		99,524
4.00% 4/1/24		30,150		31,926
4.00% 5/1/25		49,751		52,684
4.00% 6/1/25		181,504		192,136
4.00% 11/1/25		226,019		240,250
4.00% 12/1/26		85,719		90,770
4.00% 5/1/27		174,232		184,642
4.50% 4/1/18		10,125		10,730
5.00% 9/1/18		16,912		17,986
5.50% 6/1/22		2,617		2,789
Fannie Mae S.F. 15 yr TBA 2.50% 4/1/29		2,426,000		2,424,105
3.00% 4/1/29		2,407,000		2,472,440
3.50% 4/1/29		970,000		1,016,984
Fannie Mae S.F. 20 yr 3.00% 8/1/33		77,341		77,211
3.00% 9/1/33		74,844		74,718
3.50% 4/1/33		14,777		15,206
3.50% 9/1/33		55,462		57,172
4.00% 2/1/31		64,338		67,910
5.00% 11/1/23		7,174		7,813
5.50% 8/1/28		15,469		17,155
5.50% 12/1/29		10,602		11,729
6.00% 9/1/29		53,684		60,149
Fannie Mae S.F. 30 yr 3.00% 7/1/42		76,004		73,453
3.00% 10/1/42		1,191,815		1,151,823
3.00% 12/1/42		200,311		193,588
3.00% 1/1/43		530,819		513,005
3.00% 2/1/43		47,194		45,610
3.00% 4/1/43		293,176		283,337
3.50% 7/1/42		13,132		13,220
4.00% 11/1/40		38,995		40,534
4.00% 1/1/41		179,981		187,147
4.00% 3/1/42		36,248		37,683
4.00% 1/1/43		89,300		92,831
4.00% 8/1/43		33,823		35,189
4.50% 7/1/36		30,844		32,897


	Principal Amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr 4.50% 4/1/40		35,912	$	38,323
4.50% 11/1/40		92,864		99,146
4.50% 2/1/41		43,341		46,266
4.50% 3/1/41		192,915		205,921
4.50% 5/1/41		116,832		125,091
4.50% 10/1/41		107,484		114,636
4.50% 11/1/41		97,735		104,285
4.50% 9/1/43		78,266		83,513
5.00% 2/1/35		6,192		6,778
5.00% 4/1/35		29,773		32,489
5.00% 7/1/35		37,656		41,058
5.00% 10/1/35		87,516		95,410
5.00% 11/1/35		27,193		29,662
5.00% 2/1/36		36,868		40,195
5.00% 2/1/37		79,028		86,289
5.00% 4/1/37		22,256		24,236
5.00% 8/1/37		7,697		8,399
5.00% 2/1/38		24,423		26,645
5.50% 2/1/33		73,423		81,738
5.50% 4/1/34		24,781		27,560
5.50% 11/1/34		26,282		29,236
5.50% 12/1/34		45,161		50,198
5.50% 3/1/35		49,725		55,293
5.50% 5/1/35		41,654		46,677
5.50% 6/1/35		26,309		29,222
5.50% 1/1/36		14,461		16,112
5.50% 5/1/36		12,427		13,785
5.50% 1/1/37		1,475		1,639
5.50% 8/1/37		67,945		75,490
5.50% 1/1/38		78,313		87,238
5.50% 2/1/38		27,464		30,546
5.50% 6/1/38		4,795		5,288
5.50% 9/1/38		87,110		96,685
5.50% 10/1/39		251,126		276,872
5.50% 7/1/40		72,739		80,237
6.00% 5/1/36		80,516		89,979
6.00% 2/1/37		29,312		32,716
6.00% 8/1/37		72,016		80,355
6.00% 9/1/37		10,517		11,742
6.00% 11/1/37		12,074		13,478
6.00% 10/1/38		109,851		122,153
6.00% 1/1/39		50,454		56,109
6.00% 9/1/39		431,443		479,980
6.00% 9/1/40		38,462		42,924
6.50% 2/1/36		27,837		31,743
7.50% 6/1/31		19,029		22,634
Fannie Mae S.F. 30 yr TBA 3.00% 5/1/44		202,000		194,393


	Principal Amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr TBA 3.50% 5/1/44		185,000	$	185,463
4.00% 4/1/44		159,000		165,261
4.50% 5/1/44		878,000		933,424
Freddie Mac ARM 2.464% 4/1/34 —		9,239		9,808
2.495% 7/1/36 —		21,564		22,997
2.537% 1/1/44 —		266,463		271,444
Freddie Mac S.F. 15 yr 4.00% 12/1/24		38,922		41,215
4.00% 8/1/25		34,043		36,052
4.50% 8/1/24		79,156		84,730
4.50% 7/1/25		16,698		17,880
4.50% 6/1/26		34,960		37,427
5.00% 6/1/18		18,976		20,121
5.50% 6/1/20		9,069		9,844
Freddie Mac S.F. 30 yr 3.00% 10/1/42		89,077		86,005
3.00% 11/1/42		96,675		93,392
4.00% 11/1/40		65,556		68,031
4.00% 12/1/40		4,137		4,293
4.00% 2/1/42		44,956		46,656
4.50% 10/1/39		128,853		137,413
4.50% 3/1/42		429,122		457,650
4.50% 10/1/43		38,357		41,131
5.50% 6/1/36		6,908		7,621
5.50% 11/1/36		15,123		16,659
5.50% 6/1/38		9,482		10,409
5.50% 3/1/40		37,557		41,226
5.50% 8/1/40		42,604		46,767
5.50% 1/1/41		40,448		44,401
6.00% 8/1/38		82,479		92,185
6.00% 5/1/40		17,100		18,982
7.00% 11/1/33		19,637		22,718
Freddie Mac S.F. 30 yr TBA 5.50% 5/1/44		20,000		21,969
GNMA I S.F. 30 yr 7.50% 9/15/31		17,306		18,961

Total Agency Mortgage-Backed Securities (cost $17,097,050)				17,077,705


Commercial Mortgage-Backed Securities – 0.81%
BAML Commercial Mortgage Series 2006-4 A4 5.634% 7/10/46		135,000		146,047

(continues) 43

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund


	Principal Amount°		Value (U.S. $)
Commercial Mortgage-Backed Securities (continued)
Banc of America Commercial Mortgage Trust Series 2007-4 AM 5.892% 2/10/51 —		30,000	$	33,300
Bear Stearns Commercial Mortgage Securities Series 2004-PWR4 A3 5.468% 6/11/41		12,348		12,357
CD Commercial Mortgage Trust Series 2005-CD1 C 5.216% 7/15/44 —		80,000		82,421
Commercial Mortgage Pass Through Certificates Series 2005-C6 A5A 5.116% 6/10/44 ¿ —		74,725		77,979
Series 2014-CR16 A4 4.051% 4/10/47 ¿		140,000		144,194
Series 2014-LC15 A4 4.006% 4/10/47 ¿		170,000		174,826
Credit Suisse Commercial Mortgage Trust Series 2006-C1 AAB 5.466% 2/15/39 —		21,167		21,532
DB-UBS Mortgage Trust Series 2011-LC1A A3 144A 5.002% 11/10/46 #		315,000		351,560
FREMF Mortgage Trust Series 2010-K7 B 144A 5.435% 4/25/20 #—		36,000		39,682
Series 2012-K19 B 144A 4.037% 5/25/45 #—		25,000		24,822
Series 2012-K22 B 144A 3.687% 8/25/45 #—		75,000		72,213
Series 2012-K708 B 144A 3.759% 2/25/45 #—		215,000		219,557
Goldman Sachs Mortgage Securities II Series 2004-GG2 A6 5.396% 8/10/38 —		95,247		95,448
Series 2005-GG4 A4A 4.751% 7/10/39		19,072		19,608
Series 2010-C1 A2 144A 4.592% 8/10/43 #		165,000		180,621
Series 2014-GC20 A5 3.998% 4/10/47		80,000		82,400
JPMorgan Chase Commercial Mortgage Securities Series 2005-CB11 E 5.477% 8/12/37 —		40,000		42,934


	Principal Amount°		Value (U.S. $)
Commercial Mortgage-Backed Securities (continued)
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C5 A3 4.171% 8/15/46		130,000	$	137,915
LB-UBS Commercial Mortgage Trust Series 2004-C1 A4 4.568% 1/15/31		11,241		11,658
Series 2005-C3 B 4.895% 7/15/40 —		55,000		56,427
Morgan Stanley Capital I Trust Series 2005-HQ7 AJ 5.208% 11/14/42 —		105,000		109,910
Series 2005-HQ7 C 5.208% 11/14/42 —		265,000		262,217
VNO Mortgage Trust Series 2012-6AVE A 144A 2.996% 11/15/30 #		200,000		192,299
WF-RBS Commercial Mortgage Trust Series 2012-C9 A3 2.87% 11/ 15/45		120,000		115,221

Total Commercial Mortgage-Backed Securities (cost $2,705,513)				2,707,148


Convertible Bonds – 1.10%
Alaska Communications Systems Group 144A 6.25% exercise price $10.28, expiration date 4/27/18 #		124,000		104,005
Alere 3.00% exercise price $43.98, expiration date 5/15/16		96,000		106,020
Ares Capital 5.75% exercise price $19.13, expiration date 2/1/16		88,000		96,140
BGC Partners 4.50% exercise price $9.84, expiration date 7/13/16		112,000		119,280
Blackstone Mortgage Trust 5.25% exercise price $28.66, expiration date 12/1/18		88,000		98,560
Blucora 144A 4.25% exercise price $21.66, expiration date 3/29/19 #		53,000		60,023
Chesapeake Energy 2.25% exercise price $85.40, expiration date 12/14/38		60,000		56,550


	Principal Amount°		Value (U.S. $)
Convertible Bonds (continued)
Chesapeake Energy 2.50% exercise price $50.90, expiration date 5/15/37		62,000	$	63,395
Ciena 144A 3.75% exercise price $20.17, expiration date 10/15/18 #		67,000		94,093
Dendreon 2.875% exercise price $51.24, expiration date 1/13/16		77,000		57,173
Energy XXI Bermuda 144A 3.00% exercise price $40.40, expiration date 12/13/18 #		99,000		97,144
Equinix 4.75% exercise price $84.32, expiration date 6/13/16		33,000		74,559
General Cable 4.50% exercise price $35.88, expiration date 11/15/29 f		126,000		126,945
Gilead Sciences 1.625% exercise price $22.71, expiration date 4/29/16		37,000		115,163
Helix Energy Solutions Group 3.25% exercise price $25.02, expiration date 3/12/32		89,000		110,249
Hologic 2.00% exercise price $31.17, expiration date 2/27/42 f		93,000		95,267
Illumina 144A 0.25% exercise price $83.55, expiration date 3/11/16 #		51,000		92,788
Intel 3.25% exercise price $21.71, expiration date 8/1/39		66,000		92,400
Jefferies Group 3.875% exercise price $45.40, expiration date 10/31/29		93,000		99,336
L-3 Communications Holdings 3.00% exercise price $89.08, expiration date 8/1/35		93,000		124,271
Lam Research 1.25% exercise price $63.02, expiration date 5/11/18		75,000		93,422
Liberty Interactive 144A 0.75% exercise price $1,000.00, expiration date 3/30/43 #		82,000		101,936


	Principal Amount°		Value (U.S. $)
Convertible Bonds (continued)
Liberty Interactive 144A 1.00% exercise price $74.31, expiration date 9/28/43 #		73,000	$	76,741
Live Nation Entertainment 2.875% exercise price $27.14, expiration date 7/14/27		99,000		100,856
Meritor 4.00% exercise price $26.73, expiration date 2/12/27 f		178,000		187,790
MGM Resorts International 4.25% exercise price $18.58, expiration date 4/10/15		44,000		64,157
Mylan 3.75% exercise price $13.32, expiration date 9/15/15		34,000		125,141
Nuance Communications 2.75% exercise price $32.30, expiration date 11/1/31		108,000		108,743
NuVasive 2.75% exercise price $42.13, expiration date 6/30/17		176,000		209,880
Peabody Energy 4.75% exercise price $57.62, expiration date 12/15/41		155,000		126,131
Ryman Hospitality Properties 144A 3.75% exercise price $21.38, expiration date 9/29/14 #		44,000		87,587
SanDisk 1.50% exercise price $51.83, expiration date 8/11/17		69,000		113,807
SBA Communications 4.00% exercise price $30.38, expiration date 9/29/14		19,000		56,774
Steel Dynamics 5.125% exercise price $17.10, expiration date 6/15/14		41,000		44,434
Titan Machinery 3.75% exercise price $43.17, expiration date 4/30/19		89,000		75,928
Vantage Drilling 144A 5.50% exercise price $2.39, expiration date 7/15/43 #		77,000		80,898
Vector Group 2.50% exercise price $17.62, expiration date 1/14/19 —		52,000		71,502

(continues) 45

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund


	Principal Amount°		Value (U.S. $)
Convertible Bonds (continued)
VeriSign 3.25% exercise price $34.37, expiration date 8/15/37		47,000	$	77,726

Total Convertible Bonds (cost $3,066,720)				3,686,814


Corporate Bonds – 22.26%
Banking – 2.81%
Australia & New Zealand Banking Group 2.625% 12/10/18	CAD	102,000		92,555
3.505% 11/6/18 ·	AUD	46,000		42,722
Banco de Costa Rica 144A 5.25% 8/12/18 #		200,000		203,750
Banco Nacional de Costa Rica 144A 4.875% 11/1/18 #		200,000		202,250
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 144A 5.95% 1/30/24 #·		200,000		207,000
BanColombia 5.95% 6/3/21		154,000		165,165
Bank of America 2.00% 1/11/18		65,000		64,937
2.65% 4/1/19		130,000		130,566
4.00% 4/1/24		325,000		325,281
Barclays Bank 7.625% 11/21/22		200,000		221,000
BB&T 5.25% 11/1/19		184,000		207,465
BBVA Bancomer 144A 6.50% 3/10/21 #		150,000		162,937
Branch Banking & Trust 2.85% 4/1/21		250,000		246,873
City National 5.25% 9/15/20		125,000		139,582
Credit Suisse 144A 6.50% 8/8/23 #		250,000		275,000
Credit Suisse Group 144A 7.50% 12/11/49 #·		200,000		217,502
Fifth Third Bancorp 4.30% 1/16/24		120,000		121,898
Goldman Sachs Group 4.00% 3/3/24		165,000		164,602
HBOS 144A 6.75% 5/21/18 #		100,000		113,501
HBOS Capital Funding 144A 6.071% 6/29/49 #·		335,000		336,675
HSBC Holdings 4.25% 3/14/24		400,000		401,299
ING Bank 144A 5.80% 9/25/23 #		200,000		213,680


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Banking (continued)
JPMorgan Chase 0.865% 1/28/19 ·		45,000	$	45,011
3.665% 5/17/18 ·	AUD	190,000		176,949
3.875% 2/1/24		205,000		207,260
4.25% 11/2/18	NZD	110,000		91,405
6.75% 1/29/49 ·		170,000		179,775
KeyBank 5.45% 3/3/16		290,000		314,467
Morgan Stanley 2.50% 1/24/19		15,000		14,975
5.00% 11/24/25		200,000		206,238
7.375% 2/22/18	AUD	185,000		187,191
7.60% 8/8/17	NZD	74,000		68,292
National City Bank 0.604% 6/7/17 ·		250,000		248,268
Northern Trust 3.95% 10/30/25		95,000		95,795
PNC Financial Services Group 2.854% 11/9/22 f		440,000		420,324
PNC Preferred Funding Trust II 144A 1.456% 3/31/49 #·		300,000		288,000
Rabobank 4.625% 12/1/23		250,000		257,764
RBS Capital Trust I 2.099% 12/29/49 ·		85,000		82,875
Santander Holdings USA 3.45% 8/27/18		115,000		119,103
Sberbank of Russia 144A 5.50% 2/26/24 #·		200,000		187,750
State Street 3.10% 5/15/23		240,000		228,589
SunTrust Bank 0.526% 8/24/15 ·		125,000		124,687
2.35% 11/1/18		55,000		55,079
SVB Financial Group 5.375% 9/15/20		215,000		239,252
Turkiye Is Bankasi 144A 7.85% 12/10/23 #		200,000		206,900
USB Capital IX 3.50% 10/29/49 ·		255,000		215,475
USB Realty 144A 1.386% 12/29/49 #·		100,000		93,000
Wachovia 0.609% 10/15/16 ·		90,000		89,720
Wells Fargo 4.48% 1/16/24		118,000		122,154
Yapi ve Kredi Bankasi 144A 5.25% 12/3/18 #		200,000		199,000
Zions Bancorp 4.50% 3/27/17		25,000		26,708
4.50% 6/13/23		195,000		194,997
7.75% 9/23/14		147,000		151,540

				9,394,783


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Basic Industry – 2.20%
AK Steel 7.625% 5/15/20		55,000	$	55,137
Alfa 144A 6.875% 3/25/44 #		200,000		206,250
ArcelorMittal 10.35% 6/1/19		145,000		184,331
Axalta Coating System 144A 7.375% 5/1/21 #		150,000		163,875
Ball 5.00% 3/15/22		100,000		103,000
Barrick Gold 4.10% 5/1/23		170,000		161,568
Barrick North America Finance 5.75% 5/1/43		45,000		43,997
BHP Billiton Finance USA 3.25% 11/21/21		115,000		116,479
Braskem Finance 6.45% 2/3/24		200,000		205,250
Cemex 144A 9.50% 6/15/18 #		200,000		231,500
Cemex Espana Luxembourg 144A 9.25% 5/12/20 #		75,000		82,687
Cemex Finance 144A 6.00% 4/1/24 #		200,000		201,000
CF Industries 5.15% 3/15/34		140,000		144,399
6.875% 5/1/18		250,000		291,655
7.125% 5/1/20		81,000		96,427
Cia Minera Ares 144A 7.75% 1/23/21 #		200,000		206,750
Crown Americas 4.50% 1/15/23		40,000		38,400
Dow Chemical 8.55% 5/15/19		776,000		994,697
FMG Resources August 2006 144A 6.875% 4/1/22 #		444,000		480,075
Georgia-Pacific 8.00% 1/15/24		340,000		447,584
Headwaters 7.625% 4/1/19		85,000		92,013
Immucor 11.125% 8/15/19		110,000		124,850
International Paper 6.00% 11/15/41		140,000		161,087
7.50% 8/15/21		45,000		56,699
LSB Industries 144A 7.75% 8/1/19 #		30,000		32,325
LyondellBasell Industries 5.75% 4/15/24		210,000		242,389
Metalloinvest Finance 144A 6.50% 7/21/16 #		200,000		205,250
MMC Norilsk Nickel OJSC via MMC Finance 144A 5.55% 10/28/20 #		200,000		197,500
Mosaic 5.625% 11/15/43		105,000		113,183
Nortek 8.50% 4/15/21		110,000		123,475


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
Novelis 8.75% 12/15/20		90,000	$	101,025
Packaging Corp. of America 4.50% 11/1/23		65,000		67,411
Perstorp Holding 144A 8.75% 5/15/17 #		200,000		215,000
Plains Exploration & Production 6.50% 11/15/20		100,000		110,625
PolyOne 5.25% 3/15/23		70,000		70,700
Potash Corp of Saskatchewan 3.625% 3/15/24		80,000		79,506
Rio Tinto Finance USA 3.50% 11/2/20		130,000		133,333
Ryerson 9.00% 10/15/17		55,000		59,469
11.25% 10/15/18		20,000		22,500
Samarco Mineracao 144A 5.75% 10/24/23 #		200,000		201,750
Teck Resources 3.75% 2/1/23		105,000		98,875
TPC Group 144A 8.75% 12/15/20 #		60,000		66,075
Vedanta Resources 144A 6.00% 1/31/19 #		200,000		201,000
Weyerhaeuser 4.625% 9/15/23		120,000		125,377

				7,356,478

Brokerage – 0.17%
Jefferies Group 5.125% 1/20/23		50,000		52,644
6.45% 6/8/27		55,000		59,071
6.50% 1/20/43		35,000		36,781
Lazard Group 4.25% 11/14/20		130,000		134,879
6.85% 6/15/17		235,000		267,375

				550,750

Capital Goods – 0.80%
Algeco Scotsman Global Finance 144A 8.50% 10/15/18 #		340,000		373,150
Ball 4.00% 11/15/23		205,000		192,700
Berry Plastics 9.75% 1/15/21		95,000		110,794
BOE Merger 144A PIK 9.50% 11/1/17 #T		10,000		10,650
Builders FirstSource 144A 7.625% 6/1/21 #		120,000		130,200
Consolidated Container 144A 10.125% 7/15/20 #		45,000		48,037

(continues) 47

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Capital Goods (continued)
Crane 2.75% 12/15/18		35,000	$	35,143
4.45% 12/15/23		150,000		154,677
General Electric 4.50% 3/11/44		95,000		96,872
General Electric Capital Canada Funding 2.42% 5/31/18	CAD	127,000		115,738
Ingersoll-Rand Global Holding 144A 4.25% 6/15/23 #		240,000		245,508
Milacron 144A 7.75% 2/15/21 #		80,000		86,800
Odebrecht Offshore Drilling Finance 144A 6.625% 10/1/22 #		200,000		209,000
Plastipak Holdings 144A 6.50% 10/1/21 #		105,000		110,644
Reynolds Group Issuer 8.25% 2/15/21		110,000		120,587
Rock-Tenn 3.50% 3/1/20		130,000		132,037
4.00% 3/1/23		65,000		65,477
4.45% 3/1/19		30,000		32,175
Sealed Air 144A 6.50% 12/1/20 #		165,000		182,737
TransDigm 7.50% 7/15/21		110,000		122,375
URS 3.85% 4/1/17		20,000		20,713
5.00% 4/1/22		75,000		74,273

				2,670,287

Consumer Cyclical – 1.20%
American Axle & Manufacturing 6.25% 3/15/21		100,000		107,000
Chinos Intermediate Holdings 144A PIK 7.75% 5/1/19 #T		115,000		119,025
Chrysler Group 8.25% 6/15/21		200,000		227,250
CVS Caremark 4.00% 12/5/23		235,000		240,575
Delphi 4.15% 3/15/24		10,000		10,008
6.125% 5/15/21		135,000		150,525
Ford Motor 7.45% 7/16/31		108,000		138,945
General Motors 144A 3.50% 10/2/18 #		120,000		122,850
HD Supply 7.50% 7/15/20		47,000		51,524


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
HD Supply 11.50% 7/15/20		200,000	$	238,500
Historic TW 6.875% 6/15/18		315,000		373,666
Host Hotels & Resorts 3.75% 10/15/23		195,000		189,216
4.75% 3/1/23		145,000		151,929
5.875% 6/15/19		45,000		48,764
Hyundai Capital America 144A 2.55% 2/6/19 #		55,000		55,033
International Game Technology 5.35% 10/15/23		265,000		283,828
Landry’s 144A 9.375% 5/1/20 #		50,000		55,313
Levi Strauss 6.875% 5/1/22		125,000		137,813
Marriott International 3.375% 10/15/20		115,000		116,097
Meritor 6.75% 6/15/21		55,000		58,437
PF Chang’s China Bistro 144A 10.25% 6/30/20 #		45,000		47,588
QVC 144A 3.125% 4/1/19 #		75,000		74,616
4.375% 3/15/23		250,000		246,818
144A 4.85% 4/1/24 #		90,000		91,355
Rite Aid 9.25% 3/15/20		85,000		97,219
Sally Holdings 5.75% 6/1/22		85,000		90,313
Suburban Propane Partners 7.375% 8/1/21		32,000		35,440
TRW Automotive 144A 4.45% 12/1/23 #		130,000		130,975
144A 4.50% 3/1/21 #		100,000		103,250
United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26 ¿		50,000		50,191
Wyndham Worldwide 5.625% 3/1/21		90,000		98,471
Yum! Brands 3.875% 11/1/23		70,000		69,642

				4,012,176

Consumer Non-Cyclical – 2.03%
Alere 7.25% 7/1/18		15,000		16,575
BFF International 144A 7.25% 1/28/20 #		100,000		114,000
Biomet 6.50% 8/1/20		75,000		81,150
6.50% 10/1/20		215,000		229,513
Boston Scientific 2.65% 10/1/18		90,000		90,775


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Boston Scientific 6.00% 1/15/20		190,000	$	218,345
BRF 144A 5.875% 6/6/22 #		200,000		207,500
CareFusion 6.375% 8/1/19		315,000		360,025
Celgene 3.25% 8/15/22		15,000		14,645
3.95% 10/15/20		245,000		256,394
Coca-Cola Femsa 2.375% 11/26/18		150,000		150,225
Community Health Systems 144A 6.875% 2/1/22 #		70,000		73,500
8.00% 11/15/19		40,000		44,150
Constellation Brands 6.00% 5/1/22		100,000		111,000
ENA Norte Trust 144A 4.95% 4/25/23 #		234,147		226,970
Fresenius Medical Care US Finance II 144A 5.875% 1/31/22 #		85,000		90,737
Gilead Sciences 3.70% 4/1/24		210,000		210,524
HCA 5.00% 3/15/24		465,000		467,034
HCA Holdings 6.25% 2/15/21		77,000		82,621
Jarden 6.125% 11/15/22		45,000		48,600
7.50% 1/15/20		25,000		27,281
JBS Investments 144A 7.75% 10/28/20 #		200,000		211,750
Kinetic Concepts 10.50% 11/1/18		90,000		103,837
Kroger 3.30% 1/15/21		170,000		170,100
Marfrig Overseas 144A 9.50% 5/4/20 #		100,000		101,375
McKesson 3.796% 3/15/24		260,000		260,778
MultiPlan 144A 9.875% 9/1/18 #		120,000		130,800
PepsiCo 3.60% 3/1/24		130,000		130,434
Pernod-Ricard 144A 4.25% 7/15/22 #		150,000		154,327
144A 5.75% 4/7/21 #		295,000		335,372
Prestige Brands 144A 5.375% 12/15/21 #		160,000		164,600
Quest Diagnostics 2.70% 4/1/19		80,000		79,975
Red de Carreteras de Occidente 144A 9.00% 6/10/28 #		MXN 2,000,000		135,492


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Salix Pharmaceuticals 144A 6.00% 1/15/21 #		170,000	$	181,900
Scotts Miracle-Gro 6.625% 12/15/20		40,000		43,450
Smithfield Foods 6.625% 8/15/22		100,000		108,500
Spectrum Brands 6.375% 11/15/20		95,000		103,313
Tenet Healthcare 144A 6.00% 10/1/20 #		260,000		278,687
8.00% 8/1/20		40,000		43,800
Valeant Pharmaceuticals International 144A 5.625% 12/1/21 #		30,000		31,575
144A 7.00% 10/1/20 #		20,000		21,750
Valeant Pharmaceuticals International Escrow 144A 6.375% 10/15/20 #		70,000		75,950
Want Want China Finance 144A 1.875% 5/14/18 #		200,000		193,269
Yale University 2.90% 10/15/14		80,000		81,061
Zimmer Holdings 3.375% 11/30/21		165,000		167,442
4.625% 11/30/19		145,000		160,864
Zoetis 3.25% 2/1/23		190,000		183,613

				6,775,578

Energy – 2.99%
AmeriGas Finance 7.00% 5/20/22		130,000		142,675
Bristow Group 6.25% 10/15/22		90,000		95,737
Canadian Natural Resources 3.80% 4/15/24		100,000		100,708
Chaparral Energy 7.625% 11/15/22		25,000		27,187
Chesapeake Energy 5.375% 6/15/21		10,000		10,575
5.75% 3/15/23		205,000		218,069
CNOOC Curtis Funding 144A 4.50% 10/3/23 #		200,000		203,884
Comstock Resources 7.75% 4/1/19		40,000		42,800
Continental Resources 4.50% 4/15/23		330,000		342,391
Drill Rigs Holdings 144A 6.50% 10/1/17 #		120,000		125,700
Ecopetrol 7.625% 7/23/19		148,000		178,155

(continues) 49

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Energy (continued)
El Paso Pipeline Partners Operating 6.50% 4/1/20		260,000	$	298,894
Enbridge Energy Partners 8.05% 10/1/37 —		325,000		366,681
Energy Transfer Partners 5.95% 10/1/43		65,000		70,197
9.70% 3/15/19		120,000		155,209
Energy XXI Gulf Coast 144A 7.50% 12/15/21 #		155,000		163,137
EnLink Midstream Partners 4.40% 4/1/24		180,000		183,876
5.60% 4/1/44		25,000		26,495
Enterprise Products Operating 7.034% 1/15/68 —		390,000		442,046
Exterran Partners 6.00% 4/1/21		40,000		40,000
Gazprom Neft 144A 6.00% 11/27/23 #		215,000		211,506
Halcon Resources 8.875% 5/15/21		105,000		109,463
Hercules Offshore 144A 6.75% 4/1/22 #		45,000		43,706
144A 8.75% 7/15/21 #		30,000		32,700
Husky Energy 4.00% 4/15/24		200,000		203,814
KazMunayGas National JSC 144A 9.125% 7/2/18 #		200,000		240,750
Key Energy Services 6.75% 3/1/21		105,000		110,906
Kinder Morgan Energy Partners 3.50% 9/1/23		55,000		52,033
9.00% 2/1/19		220,000		278,827
Laredo Petroleum 7.375% 5/1/22		140,000		156,100
Linn Energy 6.50% 5/15/19		25,000		26,187
8.625% 4/15/20		47,000		51,289
Lukoil International Finance 6.125% 11/9/20		220,000		228,800
MarkWest Energy Partners 5.50% 2/15/23		45,000		46,463
Midstates Petroleum 9.25% 6/1/21		135,000		141,750
Murphy Oil USA 144A 6.00% 8/15/23 #		170,000		176,375
Newfield Exploration 5.625% 7/1/24		110,000		114,675
Oasis Petroleum 144A 6.875% 3/15/22 #		110,000		119,625


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Energy (continued)
ONGC Videsh 2.50% 5/7/18		200,000	$	192,992
Pacific Rubiales Energy 144A 7.25% 12/12/21 #		200,000		220,500
PDC Energy 7.75% 10/15/22		40,000		44,000
Petrobras Global Finance 3.00% 1/15/19		105,000		99,494
4.875% 3/17/20		65,000		65,306
6.25% 3/17/24		65,000		67,129
Petrobras International Finance 5.375% 1/27/21		172,000		174,807
Petrohawk Energy 7.25% 8/15/18		170,000		180,795
Petroleos de Venezuela 8.50% 11/2/17		145,000		121,800
Petroleos Mexicanos 5.50% 1/21/21		85,000		93,287
144A 6.375% 1/23/45 #		35,000		37,844
6.50% 6/2/41		25,000		27,500
Plains All American Pipeline 8.75% 5/1/19		220,000		281,472
Pride International 6.875% 8/15/20		460,000		549,866
Regency Energy Partners 4.50% 11/1/23		155,000		144,925
Samson Investment 144A 10.75% 2/15/20 #		105,000		114,975
SandRidge Energy 8.125% 10/15/22		370,000		405,150
Statoil 2.90% 11/8/20		100,000		101,039
Sunoco Logistics Partners Operations 3.45% 1/15/23		380,000		361,936
Talisman Energy 3.75% 2/1/21		70,000		69,708
5.50% 5/15/42		330,000		328,059
TransCanada PipeLines 6.35% 5/15/67 —		360,000		373,860
Williams Partners 4.50% 11/15/23		160,000		164,021
7.25% 2/1/17		185,000		213,092

				10,012,942

Financials – 0.74%
Comcel Trust 144A 6.875% 2/6/24 #		200,000		209,750
E*TRADE Financial 6.375% 11/15/19		80,000		87,400
General Electric Capital 2.10% 12/11/19		25,000		24,832


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Financials (continued)
General Electric Capital 4.375% 9/16/20		195,000	$	212,095
6.00% 8/7/19		240,000		282,079
6.25% 12/29/49 —		100,000		107,457
7.125% 12/29/49 —		300,000		342,541
General Electric Capital European Funding 2.25% 7/20/20		EUR 40,000		56,610
Hyundai Capital America 144A 2.125% 10/2/17 #		85,000		85,691
International Lease Finance 5.875% 4/1/19		55,000		60,363
6.25% 5/15/19		103,000		114,073
8.25% 12/15/20		225,000		272,698
8.75% 3/15/17		35,000		41,213
Nuveen Investments 144A 9.50% 10/15/20 #		150,000		160,500
Trust F 144A 5.25% 12/15/24 #		200,000		200,000
Woodside Finance 144A 8.75% 3/1/19 #		175,000		222,400

				2,479,702

Insurance – 0.81%
Allstate 5.75% 8/15/53 —		150,000		157,781
American International Group 6.40% 12/15/20		20,000		23,862
8.25% 8/15/18		145,000		181,592
Berkshire Hathaway Finance 2.90% 10/15/20		155,000		157,342
Chubb 6.375% 3/29/67 —		220,000		245,300
Highmark 144A 4.75% 5/15/21 #		80,000		78,696
144A 6.125% 5/15/41 #		30,000		27,227
Hockey Merger 144A 7.875% 10/1/21 #		110,000		117,975
ING U.S. 5.65% 5/15/53 —		175,000		174,825
Liberty Mutual Group 144A 4.25% 6/15/23 #		170,000		172,851
144A 7.00% 3/15/37 #—		70,000		73,500
MetLife 6.40% 12/15/36		20,000		21,200
MetLife Capital Trust X 144A 9.25% 4/8/38 #		400,000		526,000
Onex USI Aquisition 144A 7.75% 1/15/21 #		20,000		20,950
Prudential Financial 3.875% 1/14/15		40,000		41,039
4.50% 11/15/20		5,000		5,429
5.625% 6/15/43 —		80,000		82,000


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Insurance (continued)
Prudential Financial 5.875% 9/15/42 —		265,000	$	277,919
6.00% 12/1/17		165,000		189,861
XL Group 6.50% 12/29/49 —		150,000		148,313

				2,723,662

Media – 0.96%
CCO Holdings 5.25% 9/30/22		55,000		54,519
Cequel Communications Holdings I 144A 6.375% 9/15/20 #		135,000		141,750
Columbus International 144A 7.375% 3/30/21 #		200,000		206,250
Comcast 3.60% 3/1/24		110,000		110,825
4.75% 3/1/44		130,000		132,483
CSC Holdings 6.75% 11/15/21		105,000		117,863
DIRECTV Holdings 4.45% 4/1/24		155,000		155,749
DISH DBS 5.00% 3/15/23		130,000		131,300
5.875% 7/15/22		105,000		112,350
7.875% 9/1/19		49,000		58,065
Gray Television 7.50% 10/1/20		100,000		109,000
Myriad International Holdings 144A 6.375% 7/28/17 #		100,000		111,250
Netflix 144A 5.75% 3/1/24 #		180,000		187,200
Nielsen Finance 4.50% 10/1/20		65,000		65,813
Nielsen Luxembourg 144A 5.50% 10/1/21 #		70,000		73,413
Sinclair Television Group 5.375% 4/1/21		170,000		169,575
6.125% 10/1/22		60,000		61,050
Sirius XM Radio 144A 4.625% 5/15/23 #		135,000		127,575
Time Warner Cable 5.85% 5/1/17		85,000		95,631
8.25% 4/1/19		140,000		174,618
Univision Communications 144A 5.125% 5/15/23 #		200,000		205,500
UPCB Finance III 144A 6.625% 7/1/20 #		150,000		161,250
Viacom 3.875% 4/1/24		140,000		139,944
5.25% 4/1/44		90,000		92,305

(continues) 51

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Media (continued)
VTR Finance 144A 6.875% 1/15/24 #		200,000	$	208,500

				3,203,778

Real Estate – 0.81%
Alexandria Real Estate Equities 3.90% 6/15/23		10,000		9,676
4.60% 4/1/22		175,000		181,123
American Tower 5.00% 2/15/24		170,000		177,401
American Tower Trust I 144A 1.551% 3/15/43 #		55,000		53,800
144A 3.07% 3/15/23 #		150,000		143,924
CBL & Associates 5.25% 12/1/23		110,000		113,400
Corporate Office Properties 3.60% 5/15/23		105,000		97,253
5.25% 2/15/24		135,000		141,122
CubeSmart 4.375% 12/15/23		55,000		55,533
DDR 4.625% 7/15/22		50,000		52,481
4.75% 4/15/18		75,000		81,386
7.50% 4/1/17		40,000		46,346
7.875% 9/1/20		117,000		145,505
Digital Realty Trust 5.25% 3/15/21		335,000		352,716
Duke Realty 3.625% 4/15/23		175,000		166,619
National Retail Properties 3.80% 10/15/22		5,000		4,943
Prologis 3.35% 2/1/21		95,000		94,126
Regency Centers 4.80% 4/15/21		90,000		96,429
5.875% 6/15/17		105,000		117,673
WEA Finance 144A 4.625% 5/10/21 #		270,000		295,892
Weingarten Realty Investors 3.50% 4/15/23		185,000		174,954
WP Carey 4.60% 4/1/24		105,000		105,167

				2,707,469

Services – 0.34%
Ameristar Casinos 7.50% 4/15/21		105,000		114,187
Avis Budget Car Rental 5.50% 4/1/23		135,000		136,687
H&E Equipment Services 7.00% 9/1/22		80,000		88,400


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Services (continued)
Korea Expressway 144A 1.875% 10/22/17 #		200,000	$	200,807
MGM Resorts International 11.375% 3/1/18		105,000		136,237
PHH 7.375% 9/1/19		50,000		55,500
Pinnacle Entertainment 8.75% 5/15/20		5,000		5,494
Standard Pacific 10.75% 9/15/16		75,000		90,375
United Rentals North America 5.75% 11/15/24		155,000		156,356
Wynn Las Vegas 144A 4.25% 5/30/23 #		75,000		72,563
5.375% 3/15/22		75,000		78,656

				1,135,262

Technology – 1.30%
Activision Blizzard 144A 6.125% 9/15/23 #		140,000		152,775
Avaya 144A 7.00% 4/1/19 #		50,000		49,875
Baidu 3.25% 8/6/18		235,000		240,538
BMC Software Finance 144A 8.125% 7/15/21 #		285,000		301,387
Broadridge Financial Solutions 3.95% 9/1/20		125,000		127,184
eBay 4.00% 7/15/42		80,000		71,042
EMC 2.65% 6/1/20		520,000		518,332
Equinix 4.875% 4/1/20		53,000		54,457
5.375% 4/1/23		147,000		150,675
Fidelity National Information Services 3.50% 4/15/23		205,000		195,202
First Data 11.25% 1/15/21		205,000		234,981
11.75% 8/15/21		85,000		89,675
Freescale Semiconductor 144A 6.00% 1/15/22 #		70,000		74,463
Google 3.375% 2/25/24		120,000		120,455
International Business Machines 3.625% 2/12/24		190,000		191,969
Jabil Circuit 7.75% 7/15/16		28,000		31,920
National Semiconductor 6.60% 6/15/17		240,000		279,047
NCR Escrow 144A 6.375% 12/15/23 #		145,000		154,787
NetApp 2.00% 12/15/17		85,000		85,959
3.25% 12/15/22		175,000		163,597


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Technology (continued)
NXP Funding 144A 5.75% 3/15/23 #		200,000	$	210,500
Samsung Electronics America 144A 1.75% 4/10/17 #		200,000		200,525
Seagate HDD Cayman 144A 3.75% 11/15/18 #		55,000		56,787
144A 4.75% 6/1/23 #		95,000		94,287
SunGard Availability Services Capital 144A 8.75% 4/1/22 #		60,000		60,375
Thermo Fisher Scientific 2.40% 2/1/19		155,000		154,527
4.15% 2/1/24		110,000		113,399
Total System Services 2.375% 6/1/18		25,000		24,675
3.75% 6/1/23		65,000		61,843
VeriSign 4.625% 5/1/23		80,000		77,200
Xerox 6.35% 5/15/18		15,000		17,349

				4,359,787

Telecommunications – 2.36%
AT&T 2.30% 3/11/19		135,000		134,458
3.90% 3/11/24		195,000		194,846
CC Holdings 3.849% 4/15/23		100,000		97,461
CenturyLink 5.80% 3/15/22		315,000		323,663
6.75% 12/1/23		110,000		117,287
Cisco Systems 3.625% 3/4/24		460,000		464,797
Columbus International 144A 11.50% 11/20/14 #		175,000		187,031
Crown Castle Towers 144A 4.883% 8/15/20 #		585,000		635,185
Digicel Group 144A 8.25% 9/30/20 #		400,000		429,000
DigitalGlobe 5.25% 2/1/21		100,000		99,250
Hughes Satellite Systems 7.625% 6/15/21		40,000		45,300
Intelsat Jackson Holdings 144A 5.50% 8/1/23 #		120,000		118,050
Intelsat Luxembourg 144A 7.75% 6/1/21 #		170,000		179,563
144A 8.125% 6/1/23 #		165,000		175,519
Interpublic Group 3.75% 2/15/23		80,000		77,937
4.20% 4/15/24		80,000		79,850


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Telecommunications (continued)
Juniper Networks 4.50% 3/15/24		140,000	$	142,021
Lamar Media 5.00% 5/1/23		100,000		100,500
Level 3 Financing 144A 6.125% 1/15/21 #		75,000		79,313
7.00% 6/1/20		90,000		97,987
MDC Partners 144A 6.75% 4/1/20 #		105,000		111,037
MetroPCS Wireless 6.625% 11/15/20		45,000		48,206
MTS International Funding 144A 8.625% 6/22/20 #		100,000		114,500
Rogers Communications 5.00% 3/15/44		135,000		136,443
SBA Tower Trust 144A 2.24% 4/16/18 #		100,000		98,298
SES 144A 3.60% 4/4/23 #		335,000		325,575
SES Global Americas Holdings 144A 2.50% 3/25/19 #		20,000		19,901
144A 5.30% 3/25/44 #		220,000		221,282
Sprint 144A 7.125% 6/15/24 #		265,000		278,913
144A 7.25% 9/15/21 #		150,000		164,063
144A 7.875% 9/15/23 #		40,000		44,100
Sprint Capital 6.90% 5/1/19		115,000		126,787
Telefonica Emisiones SAU 4.57% 4/27/23		450,000		461,261
Telemar Norte Leste 144A 5.50% 10/23/20 #		216,000		214,920
T-Mobile USA 6.125% 1/15/22		105,000		110,381
Verizon Communications 4.15% 3/15/24		120,000		122,161
5.05% 3/15/34		95,000		97,765
5.15% 9/15/23		440,000		482,410
6.40% 9/15/33		75,000		89,307
Virgin Media Secured Finance 6.50% 1/15/18		490,000		508,375
Windstream 7.50% 4/1/23		30,000		31,650
7.75% 10/1/21		70,000		75,600
Zayo Group 10.125% 7/1/20		195,000		226,931

				7,888,884

Transportation – 0.40%
Air Medical Group Holdings 9.25% 11/1/18		65,000		70,444
Brambles USA 144A 3.95% 4/1/15 #		5,000		5,143

(continues) 53

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Transportation (continued)
Burlington Northern Santa Fe 3.85% 9/1/23		335,000	$	340,196
DP World Sukuk 144A 6.25% 7/2/17 #		200,000		222,260
ERAC USA Finance 144A 4.50% 8/16/21 #		20,000		21,289
144A 5.25% 10/1/20 #		180,000		200,964
Hunt (J.B.) Transport Services 2.40% 3/15/19		30,000		29,783
3.85% 3/15/24		80,000		80,001
Norfolk Southern 4.80% 8/15/43		125,000		128,945
United Parcel Service 5.125% 4/1/19		205,000		232,628

				1,331,653

Utilities – 2.34%
AES 5.50% 3/15/24		265,000		263,675
7.375% 7/1/21		28,000		32,060
AES Gener 144A 8.375% 12/18/73 #—		200,000		212,500
Ameren Illinois 9.75% 11/15/18		365,000		478,633
American Transmission Systems 144A 5.25% 1/15/22 #		345,000		372,395
Calpine 144A 6.00% 1/15/22 #		170,000		179,350
CenterPoint Energy 5.95% 2/1/17		150,000		167,772
Cleveland Electric Illuminating 5.50% 8/15/24		95,000		107,427
CMS Energy 6.25% 2/1/20		110,000		129,194
ComEd Financing III 6.35% 3/15/33		170,000		168,300
Electricite de France 144A 4.60% 1/27/20 #		90,000		98,099
144A 5.25% 1/29/49 #—		400,000		401,600
Enel 144A 8.75% 9/24/73 #—		200,000		224,920
Entergy Arkansas 3.70% 6/1/24		80,000		81,364
Entergy Louisiana 4.05% 9/1/23		280,000		293,180
Exelon Generation 4.25% 6/15/22		255,000		259,061
Great Plains Energy 4.85% 6/1/21		90,000		97,341
5.292% 6/15/22		240,000		266,630


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Utilities (continued)
Indiana Michigan Power 3.20% 3/15/23		175,000	$	170,344
Integrys Energy Group 6.11% 12/1/66 —		260,000		262,760
Ipalco Enterprises 5.00% 5/1/18		100,000		106,250
LG&E & KU Energy 3.75% 11/15/20		100,000		102,913
4.375% 10/1/21		285,000		300,364
MidAmerican Energy Holdings 144A 3.75% 11/15/23 #		215,000		214,315
National Rural Utilities Cooperative Finance 4.75% 4/30/43 —		195,000		184,763
NextEra Energy Capital Holdings 3.625% 6/15/23		70,000		67,839
6.35% 10/1/66 —		225,000		221,188
NiSource Finance 6.125% 3/1/22		315,000		363,476
NRG Energy 7.875% 5/15/21		55,000		60,775
NV Energy 6.25% 11/15/20		225,000		263,041
Pennsylvania Electric 5.20% 4/1/20		145,000		158,746
PPL Capital Funding 6.70% 3/30/67 —		135,000		135,766
Public Service New Hampshire 3.50% 11/1/23		100,000		100,408
Public Service Oklahoma 5.15% 12/1/19		215,000		239,409
Puget Energy 6.00% 9/1/21		85,000		98,082
Puget Sound Energy 6.974% 6/1/67 —		344,000		354,625
SCANA 4.125% 2/1/22		180,000		181,740
Wisconsin Energy 6.25% 5/15/67 —		405,000		417,444

				7,837,749

Total Corporate Bonds (cost $71,603,356)				74,440,940


Municipal Bonds – 0.29%
California Statewide Communities Development Authority (Kaiser Permanente) Series A 5.00% 4/1/42		50,000		52,176


	Principal Amount°		Value (U.S. $)
Municipal Bonds (continued)
Golden State, California Tobacco Securitization Asset-Backed Senior Notes Series A-1 5.125% 6/1/47		120,000	$	89,071
5.75% 6/1/47		130,000		105,760
New Jersey State Transportation Trust Fund Series A 5.00% 6/15/42		25,000		26,119
Series AA 5.00% 6/15/44		70,000		73,389
New York City Transitional Finance Authority (New York City Recovery) Series 13 5.00% 11/1/22		65,000		77,002
New York City Water & Sewer System Series BB 5.00% 6/15/47		25,000		26,397
New York City, New York Series I 5.00% 8/1/22		50,000		58,313
New York State Thruway Authority Series A 5.00% 5/1/19		65,000		75,318
Oregon State Taxable Pension 5.892% 6/1/27		200,000		239,680
State of Maryland Local Facilities Series A 5.00% 8/1/21		65,000		78,055
Texas Private Activity Bond Surface Transportation Senior Lien Revenue Bond (NTE Mobility) Series AMT 6.75% 6/30/43		50,000		55,789

Total Municipal Bonds (cost $892,547)				957,069


Non-Agency Asset-Backed Securities – 0.40%
AEP Texas Central Transition Funding II Series 2006-A A4 5.17% 1/1/18		100,000		110,013
AEP Texas Central Transition Funding III Series 2012-1 A2 1.976% 6/1/21		100,000		98,963
Ally Master Owner Trust Series 2013-2 A 0.605% 4/15/18 —		185,000		185,381


	Principal Amount°		Value (U.S. $)
Non-Agency Asset-Backed Securities (continued)
Avis Budget Rental Car Funding AESOP Series 2013-1A A 144A 1.92% 9/20/19 #		120,000	$	118,758
California Republic Auto Receivables Trust Series 2013-1 A2 144A 1.41% 9/17/18 #		85,668		86,160
Capital One Multi-Asset Execution Trust Series 2007-A7 A7 5.75% 7/15/20		100,000		114,194
Chase Issuance Trust Series 2014-A2 A 2.77% 3/15/23		185,000		184,871
FRS I Series 2013-1A A1 144A 1.80% 4/15/43 #		85,495		84,955
Great America Leasing Receivables Series 2013-1 B 144A 1.44% 5/15/18 #		100,000		99,566
MASTR Specialized Loan Trust Series 2005-2 A2 144A 5.006% 7/25/35 #—		14,869		14,899
Mid-State Trust XI Series 11 A1 4.864% 7/15/38		70,347		75,015
Residential Asset Securities Series 2006-KS3 AI3 0.324% 4/25/36 —		26,737		26,618
Trafigura Securitisation Finance Series 2012-1A A 144A 2.555% 10/15/15 #—		135,000		136,540

Total Non-Agency Asset-Backed Securities (cost $1,329,327)				1,335,933


Non-Agency Collateralized Mortgage Obligations – 0.16%
American Home Mortgage Investment Trust Series 2005-2 5A1 5.064% 9/25/35 f		20,638		21,117
Bank of America Alternative Loan Trust Series 2005-3 2A1 5.50% 4/25/20		56,289		58,212
Series 2005-6 7A1 5.50% 7/25/20		7,143		7,289

(continues) 55

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund


	Principal Amount°		Value (U.S. $)
Non-Agency Collateralized Mortgage Obligations (continued)
ChaseFlex Trust Series 2006-1 A4 5.246% 6/25/36 —		110,000	$	96,401
Credit Suisse First Boston Mortgage Securities Series 2005-5 6A3 5.00% 7/25/35		97,910		98,114
GSMPS Mortgage Loan Trust Series 1998-3 A 144A 7.75% 9/19/27 #—		23,944		25,150
JPMorgan Mortgage Trust Series 2006-S1 1A1 6.00% 4/25/36		95,912		95,903
MASTR ARM Trust Series 2005-6 7A1 5.193% 6/25/35 —		55,846		52,700
Structured Asset Securities Corporation Mortgage Pass Through Certificates Series 2004-20 2A1 5.50% 11/25/34 ¿		59,815		61,773
Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR5 2A1 2.615% 4/25/36 —		26,920		25,999

Total Non-Agency Collateralized Mortgage Obligations (cost $491,102)				542,658


Senior Secured Loans – 4.30%«
Activision Blizzard Tranche B 1st Lien 3.25% 10/11/20		326,288		326,744
Allegion U.S. Holding Tranche B 3.00% 9/27/20		194,513		194,877
Aramark Tranche E 3.25% 9/7/19		185,000		183,786
Azure Midstream Tranche B 6.50% 11/15/18		217,250		221,459
BJ’s Wholesale Club Tranche B 1st Lien 4.50% 9/26/19		358,636		360,451
Burlington Coat Factory Warehouse Tranche B2 4.25% 2/23/17		430,927		433,553
Calpine Construction Finance Tranche B 3.00% 5/3/20		506,175		498,492
Chrysler Group Tranche B 1st Lien 3.50% 5/24/17		19,796		19,834
Community Health Systems Tranche D 4.25% 1/27/21		252,525		254,970
Community Health Systems Tranche E 3.48% 1/25/17		66,675		67,222


	Principal Amount°		Value (U.S. $)
Senior Secured Loans« (continued)
Davita Tranche B2 4.00% 11/1/19		246,875	$	248,682
Delta Air Lines Tranche B 1st Lien 3.50% 4/20/17		151,055		151,581
Drillships Financing Holdings Tranche B1 6.00% 3/31/21		129,350		132,287
Emdeon 1st Lien 3.75% 11/2/18		199,128		199,522
First Data Corp Tranche B 1st Lien 4.23% 3/24/21		389,313		390,570
Gray Television 4.75% 10/12/19		47,270		47,601
HCA Tranche B4 2.98% 5/1/18		398,000		398,498
HCA Tranche B5 1st Lien 2.98% 3/31/17		421,880		422,276
Hilton Worldwide Finance Tranche B2 3.75% 10/25/20		761,733		764,019
Houghton International 1st Lien 4.00% 12/20/19		646,813		648,834
Huntsman International Tranche B 3.75% 10/15/20		520,000		522,145
IASIS Healthcare Tranche B 1st Lien 4.50% 5/3/18		166,603		167,462
Immucor Tranche B2 5.00% 8/17/18		308,118		310,044
Intelsat Jackson Holdings Tranche B2 3.75% 6/30/19		480,278		482,077
Landry’s Tranche B 4.75% 4/24/18		155,547		156,733
Level 3 Financing Tranche B 4.00% 1/15/20		245,000		245,766
Moxie Liberty Tranche B 7.50% 8/21/20		10,000		10,275
MultiPlan Tranche B 4.00% 8/18/17		62,034		62,267
National Vision 4.00% 3/13/21		390,000		389,756
NEP 4.25% 1/22/20		130,000		130,704
Novelis Tranche B 3.75% 3/10/17		163,886		164,173
Nuveen Investments 1st Lien 4.23% 5/13/17		170,000		170,717
Nuveen Investments 2nd Lien 6.50% 2/28/19		830,000		833,839
OSI Restaurants Tranche B 1st Lien 3.50% 10/26/19		392,700		392,577


		Principal Amount°		Value (U.S. $)
Senior Secured Loans« (continued)
Patheon 4.25% 3/11/21			215,000	$	214,238
Ply Gem Industries 1st Lien 4.00% 1/30/21			320,000		320,800
Remy International Tranche B 1st Lien 4.25% 3/5/20			118,080		118,375
Samson Investment 2nd Lien 5.00% 9/25/18			150,000		151,556
Scientific Games International 4.25% 10/18/20			249,375		250,024
Sensus USA 2nd Lien 8.50% 5/9/18			165,000		166,134
Smart & Final Tranche B 1st Lien 4.50% 11/15/19			82,951		83,193
Sprouts Farmers 4.00% 4/23/20			162,537		162,791
Stena 1st Lien 4.00% 3/3/21			330,000		329,794
SunGard Availability Services Capital Tranche B 1st Lien 6.00% 3/31/19			455,000		456,849
Truven Health Analytics Tranche B 4.50% 6/6/19			34,476		34,218
Univision Communications Tranche C4 4.00% 3/1/20			601,813		602,377
USI Insurance Services Tranche B 1st Lien 4.25% 12/30/19			162,944		163,758
Valeant Pharmaceuticals International Tranche BE 3.75% 8/5/20			174,718		175,765
Visant 5.25% 12/22/16			46,179		45,910
Wide Open West Finance 4.75% 4/1/19			524,700		526,762
Zayo Group Tranche B 1st Lien 4.00% 7/2/19			585,719		586,878

Total Senior Secured Loans (cost $14,286,533)					14,393,215


Sovereign Bonds – 0.56%D
Brazil – 0.11%
Brazil Notas do Tesouro Nacional Serie F 10.00% 1/1/17	BRL		516,000		215,818
Republic of Brazil 2.875% 4/1/21	EUR		102,000		140,028

					355,846

Gabon – 0.06%
Gabonese Republic 144A 6.375% 12/12/24 #			200,000		212,500

					212,500


		Principal Amount°		Value (U.S. $)
Sovereign BondsD (continued)
Germany – 0.02%
Bundesrepublik Deutschland 1.50% 2/15/23	EUR		53,100	$	73,833

					73,833

Hungary – 0.03%
Hungary Government International Bond 4.00% 3/25/19			96,000		95,568

					95,568

Iceland – 0.07%
Republic of Iceland 144A 5.875% 5/11/22 #			200,000		217,102

					217,102

Mexico – 0.00%
Mexican Bonos 6.50% 6/10/21	MXN		129,200		10,371

					10,371

Norway – 0.05%
Norway Government Bond 4.25% 5/19/17	NOK		116,000		20,863
5.00% 5/15/15	NOK		790,000		137,135

					157,998

Poland – 0.01%
Poland Government Bond 5.75% 10/25/21	PLN		136,000		49,878

					49,878

Republic of Korea – 0.04%
Korea Treasury Inflation Linked Bond 1.125% 6/10/23	KRW		135,721,773		121,835

					121,835

Romania – 0.03%
Romanian Government International Bond 144A 4.875% 1/22/24 #			88,000		89,320

					89,320

Slovenia – 0.06%
Slovenia Government International Bond 144A 5.25% 2/18/24 #			200,000		207,964

					207,964

Sweden – 0.02%
Sweden Government Bond 1.50% 11/13/23	SEK		145,000		21,197
4.25% 3/12/19	SEK		210,000		36,816

					58,013

(continues) 57

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund


		Principal Amount°		Value (U.S. $)
Sovereign BondsD (continued)
Turkey – 0.06%
Hazine Mustesarligi Varlik Kiralama 144A 4.557% 10/10/18 #			200,000	$	204,300

					204,300

Total Sovereign Bonds (cost $1,802,192)					1,854,528


Supranational Banks – 0.14%
Eurasian Development Bank 144A 5.00% 9/26/20 #			200,000		199,520
European Investment Bank 3.25% 1/29/24			255,000		258,279

Total Supranational Banks (cost $453,528)					457,799


U.S. Treasury Obligations – 1.88%
U.S. Treasury Bonds 3.625% 2/15/44			2,805,000		2,837,872
3.75% 11/15/43			1,915,000		1,982,923
U.S. Treasury Notes 1.50% 2/28/19			120,000		118,809
2.75% 2/15/24 ¥			1,355,000		1,358,070

Total U.S. Treasury Obligations (cost $6,287,279)					6,297,674


		Number of Shares
Preferred Stock – 0.23%
Alabama Power 5.625%			3,445		83,507
Integrys Energy Group 6.00% —			3,550		89,495
National Retail Properties 5.70%			2,795		58,527
Public Storage 5.20%			2,780		58,436
U.S. Bancorp 3.50% —			600		489,822

Total Preferred Stock (cost $735,011)					779,787


Right – 0.00%
Banco Bilbao Vizcaya Argentaria †	EUR		13,010		3,047

Total Right (cost $3,060)					3,047


	Number of Contracts		Value (U.S. $)
Option Purchased – 0.00%
Currency Call Option – 0.00%
USD vs CAD strike price CAD 1.144, expiration date 5/13/14		204,446	$	250

Total Option Purchased (cost $961)				250


	Principal Amount°
Short-Term Investments – 3.72%
Discount Note – 0.72%≠
Federal Home Loan Bank 0.05% 4/23/14		2,413,978		2,413,949

				2,413,949

Repurchase Agreements – 1.07%
Bank of America Merrill Lynch 0.02%, dated 3/31/14, to be repurchased on 4/1/14, repurchase price $2,146,404 (collateralized by U.S. government obligations 0.00% - 1.00% 2/28/17 - 11/15/27; market value $2,189,331)		2,146,403		2,146,403
Bank of Montreal 0.04%, dated 3/31/14, to be repurchased on 4/1/14, repurchase price $715,468 (collateralized by U.S. government obligations 1.25% - 2.125% 10/31/18 - 1/31/21; market value $729,777)		715,468		715,467
BNP Paribas 0.05%, dated 3/31/14, to be repurchased on 4/1/14, repurchase price $727,131 (collateralized by U.S. government obligations 0.50% 6/15/16; market value $741,673)		727,130		727,130

				3,589,000

U.S. Treasury Obligations – 1.93%≠
U.S. Treasury Bills 0.02% 4/17/14		1,698,783		1,698,766


	Principal Amount°		Value (U.S. $)
Short-Term Investments (continued)
U.S. Treasury Obligations≠ (continued)
U.S. Treasury Bills 0.058% 4/24/14		3,718,960	$	3,718,897
0.093% 11/13/14		1,019,001		1,018,602

				6,436,265


Total Short-Term Investments (cost $12,438,903)				12,439,214


Total Value of Securities – 102.10% (cost $271,007,837)			$	341,483,742

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2014, the aggregate value of Rule 144A securities was $27,836,983, which represents 8.32% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”

¿	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.

T	100% of the income received was in the form of additional cash.

=	Security is being fair valued in accordance with the Fund’s fair valuation policy. At March 31, 2014, the aggregate value of fair valued securities was $611,388, which represents 0.18% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”

≠	The rate shown is the effective yield at the time of purchase.

°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

†	Non income producing security.

·	Variable rate security. The rate shown is the rate as of March 31, 2014. Interest rates reset periodically.

¥	Fully or partially pledged as collateral for futures contracts.

D	Securities have been classified by country of origin.

S	Interest only security. An interest only security is the interest only portion of a fixed income security which is separated and sold individually from the principal portion of the security.

X	Emerging Markets – developing countries with relatively low per capita income, often with above-average economic growth potential but with more risk.

§	Developed Markets – countries that are thought to be most developed and therefore less risky than emerging markets.

f	Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at March 31, 2014.

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at March 31, 2014:¹

Foreign Currency Exchange Contracts


Counter- party	Contracts to Receive (Deliver)		In Exchange For		Settlement Date	Unrealized Appreciation (Depreciation)
BAML	EUR	(54,238)	USD	75,496	4/25/14	$	779
BAML	GBP	64,914	USD	(107,748)	4/25/14		458
BAML	NOK	(128,627)	USD	21,608	4/25/14		147
BAML	NZD	7,821	USD	(6,680)	4/24/14		94
BCLY	MXN	55,020	USD	(4,154)	4/25/14		52
BNP	AUD	(330,988)	USD	299,628	4/24/14		(6,793	)
BNYM	CHF	(62,913)	USD	70,888	4/1/14		(281	)
BNYM	CHF	(8,555)	USD	9,640	4/2/14		(38	)
BNYM	JPY	(540,000)	USD	5,222	4/1/14		(9	)
DB	NOK	(355,783)	USD	59,864	4/25/14		502
GSC	GBP	58,911	USD	(98,136)	4/25/14		62
JPMC	AUD	(46,059)	USD	41,741	4/24/14		(899	)
JPMC	GBP	(122,560)	USD	202,437	4/25/14		(1,857	)
JPMC	KRW	(108,739,580)	USD	101,645	4/25/14		(340	)
JPMC	PLN	(57,409)	USD	18,916	4/25/14		(39	)
MSC	IDR	524,992,285	USD	(45,911)	4/25/14		218
MSC	TRY	756	USD	(341)	4/25/14		9
TD	CAD	(165,354)	USD	147,913	4/25/14		(1,596	)
TD	EUR	(204,446)	USD	281,876	4/25/14		235
TD	JPY	(2,562,418)	USD	25,461	4/25/14		630
UBS	CAD	(144,600)	USD	130,457	4/25/14		(285	)

						$	(8,951	)

Futures Contracts


Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appre- ciation (Depre- ciation)
(27)	E-mini MSCI EAFE Index	$	(2,482,569	)	$	(2,558,250	)		6/23/14	$	(75,681	)
(54)	E-mini MSCI Emerging Markets Index		(2,500,732	)		(2,662,470	)		6/23/14		(161,738	)
(39)	E-mini S&P 500 Index		(3,598,316	)		(3,635,970	)		6/23/14		(37,654	)
(20)	U.S. Treasury 5 yr Note		(2,376,506	)		(2,379,063	)		7/1/14		(2,557	)
7	U.S. Treasury Long Bond		929,909			932,531			6/19/14		2,622

		$	(10,028,214	)						$	(275,008	)

(continues) 59

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

Swap Contracts

CDS Contracts²


Counter- party	Swap Referenced Obligation	Notional Value		Annual Protection Payments			Termination Date		Unrealized Appreciation (Depreciation)
	Protection Purchased:
JPMC-ICE	CDX.NA.HY.21	$	650,000		5.00	%		12/20/18	$	(3,669	)

The use of foreign currency exchange contracts, futures contracts and swap contracts involve elements of market risk and risks in excess of the amounts recognized in the financial statements. The foreign currency exchange contracts and notional values 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 7 in “Notes to financial statements.”

² 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). 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 unrealized 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 as unrealized appreciation or depreciation daily. 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.

Summary of abbreviations:

ADR – American Depositary Receipt

AMT – Subject to Alternative Minimum Tax

ARM – Adjustable Rate Mortgage

AUD – Australian Dollar

BAML – Bank of America Merrill Lynch

BCLY – Barclays Bank

BNP – Banque Paribas

BNYM – Bank of New York Mellon

BRL – Brazilian Real

CAD – Canadian Dollar

CDS – Credit Default Swap

CDX.NA.HY – Credit Default Swap Index North America High Yield

CHF – Swiss Franc

CVA – Dutch Certificate

DB – Deutsche Bank

ETF – Exchange-Traded Fund

EUR – European Monetary Unit

GBP – British Pound Sterling

GDR – Global Depositary Receipt

GNMA – Government National Mortgage Association

GSC – Goldman Sachs Capital

GSMPS – Goldman Sachs Reperforming Mortgage Securities

HSBC – Hong Kong Shanghai Bank

ICE – IntercontinentalExchange, Inc.

IDR – Indonesian Rupiah

JPMC – JPMorgan Chase Bank

JPY – Japanese Yen

KRW – South Korean Won

MASTR – Mortgage Asset Securitization Transactions, Inc.

MSC – Morgan Stanley Capital

MXN – Mexican Peso

NCUA – National Credit Union Administration

NOK – Norwegian Krone

NVDR – Non-Voting Depositary Receipt

NZD – New Zealand Dollar

PIK – Pay-in-kind

PLN – Polish Zloty

REIT – Real Estate Investment Trust

REMIC – Real Estate Mortgage Investment Conduit

SEK – Swedish Krona

S.F. – Single Family

TBA – To be announced

TD – Toronto Dominion Bank

TRY – Turkish Lira

UBS – Union Bank of Switzerland

USD – United States Dollar

yr – Year

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

Delaware Foundation^® Conservative Allocation Fund

March 31, 2014 (Unaudited)


	Number of Shares		Value (U.S. $)
Common Stock – 40.98%
U.S. Markets – 22.09%
Consumer Discretionary – 2.24%
BorgWarner		540	$	33,194
Buffalo Wild Wings †		255		37,969
Carnival		717		27,146
Cheesecake Factory		530		25,244
Cinemark Holdings		560		16,246
Comcast Special Class A		1,580		77,041
Del Frisco’s Restaurant Group †		900		25,110
DSW Class A		1,360		48,770
Express †		1,105		17,547
Ford Motor		4,720		73,632
Francesca’s Holdings †		1,505		27,301
G-III Apparel Group †		610		43,664
Iconix Brand Group †		1,015		39,859
Jack in the Box †		730		43,026
Johnson Controls		6,500		307,580
L Brands		5,650		320,751
Liberty Interactive Class A †		15,175		438,102
Lowe’s		6,400		312,960
Macy’s		1,330		78,856
Madden (Steven) †		1,322		47,566
McDonald’s		940		92,148
National CineMedia		1,330		19,950
NIKE Class B		3,025		223,427
Nordstrom		1,180		73,691
Popeyes Louisiana Kitchen †		960		39,014
Priceline Group †		355		423,121
Regal Entertainment Group Class A		900		16,812
Sally Beauty Holdings †		5,575		152,755
Shutterfly †		585		24,968
Starbucks		1,060		77,783
Tenneco †		785		45,585
Tractor Supply		600		42,378
Urban Outfitters †		1,390		50,693
Viacom Class B		410		34,846

				3,358,735

Consumer Staples – 1.78%
Archer-Daniels-Midland		11,950		518,511
Avon Products		4,800		70,272
Casey’s General Stores		555		37,512
Coca-Cola		790		30,541
CVS Caremark		5,760		431,194
General Mills		1,530		79,285
J&J Snack Foods		290		27,831


	Number of Shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Consumer Staples (continued)
Kimberly-Clark		500	$	55,125
Kraft Foods Group		5,524		309,896
Mondelez International Class A		9,073		313,472
PepsiCo		1,460		121,910
Procter & Gamble		1,840		148,304
Susser Holdings †		765		47,790
Walgreen		7,275		480,368

				2,672,011

Energy – 2.20%
Bonanza Creek Energy †		280		12,432
Bristow Group		235		17,747
C&J Energy Services †		770		22,453
Carrizo Oil & Gas †		615		32,878
Chevron		4,030		479,207
ConocoPhillips		4,400		309,540
Diamondback Energy †		295		19,856
EOG Resources		3,295		646,380
Exxon Mobil		1,460		142,613
Halliburton		5,400		318,006
Jones Energy Class A †		1,220		18,471
Kinder Morgan		6,592		214,174
Kodiak Oil & Gas †		2,095		25,433
Marathon Oil		10,420		370,118
National Oilwell Varco		640		49,837
Occidental Petroleum		3,970		378,301
Pioneer Energy Services †		2,230		28,879
RigNet †		800		43,064
Rosetta Resources †		690		32,140
RSP Permian †		440		12,712
Schlumberger		1,250		121,875

				3,296,116

Financials – 4.27%
AFLAC		1,150		72,496
Allstate		5,700		322,506
American Campus Communities		450		16,807
American Equity Investment Life Holding		1,545		36,493
American Tower		860		70,408
Ameriprise Financial		450		49,531
AMERISAFE		680		29,859
Apartment Investment & Management		725		21,909
AvalonBay Communities		525		68,943

(continues) 61

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund


	Number of Shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Financials (continued)
Bank of New York Mellon		9,000	$	317,610
BB&T		7,700		309,309
BBCN Bancorp		1,640		28,110
BlackRock		210		66,041
Boston Properties		675		77,308
Brandywine Realty Trust		2,225		32,173
Bryn Mawr Bank		300		8,619
Camden Property Trust		325		21,885
Capital Bank Financial †		880		22,097
Capital One Financial		1,120		86,419
Cardinal Financial		1,595		28,439
Citigroup		2,110		100,436
City Holding		580		26,019
CME Group		2,825		209,078
Corporate Office Properties Trust		575		15,318
Cousins Properties		1,425		16,345
Crown Castle International		6,400		472,192
DCT Industrial Trust		4,855		38,257
DDR		2,550		42,024
Douglas Emmett		1,400		37,996
Duke Realty		2,750		46,420
DuPont Fabros Technology		1,195		28,764
EastGroup Properties		375		23,591
EPR Properties		1,065		56,860
Equity Lifestyle Properties		375		15,244
Equity One		725		16,197
Equity Residential		1,375		79,736
Essex Property Trust		275		46,764
Evercore Partners Class A		480		26,520
Extra Space Storage		375		18,191
Federal Realty Investment Trust		150		17,208
Fidelity & Guaranty Life		1,380		32,568
First Industrial Realty Trust		1,600		30,912
First Potomac Realty Trust		850		10,982
Flushing Financial		1,035		21,807
General Growth Properties		2,950		64,900
Greenhill & Co		395		20,532
Health Care REIT		400		23,840
Healthcare Realty Trust		800		19,320
Healthcare Trust of America Class A		1,475		16,800
Highwoods Properties		800		30,728
Host Hotels & Resorts		5,655		114,457


	Number of Shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Financials (continued)
Independent Bank		695	$	27,362
IntercontinentalExchange Group		1,780		352,137
Invesco		1,500		55,500
JPMorgan Chase		2,630		159,667
Kilroy Realty		475		27,825
Kimco Realty		1,450		31,726
Kite Realty Group Trust		4,370		26,220
LaSalle Hotel Properties		1,580		49,470
Lexington Realty Trust		1,675		18,274
Liberty Property Trust		400		14,784
LTC Properties		150		5,645
Macerich		425		26,490
Maiden Holdings		1,645		20,530
Marsh & McLennan		6,300		310,590
National Retail Properties		1,860		63,835
Park National		345		26,527
Pebblebrook Hotel Trust		575		19,418
Post Properties		500		24,550
Primerica		750		35,333
Progressive		10,350		250,677
Prologis		1,950		79,619
Prosperity Bancshares		590		39,029
Prudential Financial		560		47,404
PS Business Parks		225		18,815
Public Storage		375		63,184
Ramco-Gershenson Properties Trust		2,530		41,239
Raymond James Financial		1,360		76,065
Regency Centers		625		31,913
RLJ Lodging Trust		850		22,729
Sabra Health Care REIT		425		11,853
Simon Property Group		1,150		188,600
SL Green Realty		525		52,826
Sovran Self Storage		390		28,646
Spirit Realty Capital		2,125		23,333
State Street		850		59,118
Sterling Bancorp		1,940		24,560
Stifel Financial †		655		32,593
Strategic Hotels & Resorts †		2,275		23,182
Susquehanna Bancshares		2,690		30,639
Tanger Factory Outlet Centers		850		29,750
Taubman Centers		200		14,158
Texas Capital Bancshares †		430		27,924
Travelers		800		68,080
UDR		1,275		32,933


	Number of Shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Financials (continued)
United Fire Group		725	$	22,004
Ventas		1,175		71,170
Vornado Realty Trust		800		78,848
Webster Financial		1,130		35,098
Wells Fargo		2,690		133,801
Western Alliance Bancorp †		1,315		32,349
				6,394,990
Healthcare – 2.99%
AbbVie		2,010		103,314
Acorda Therapeutics †		895		33,929
Air Methods †		970		51,827
Akorn †		870		19,140
Align Technology †		800		41,432
Alkermes †		910		40,122
Allergan		3,355		416,355
Auxilium Pharmaceuticals †		1,335		36,285
Baxter International		4,300		316,394
Cardinal Health		4,300		300,914
Celgene †		3,610		503,956
Cepheid †		600		30,948
Conmed		785		34,108
Cross Country Healthcare †		1,965		15,858
CryoLife		1,900		18,924
Express Scripts †		1,350		101,371
Gilead Sciences †		1,500		106,290
Haemonetics †		710		23,139
InterMune †		1,230		41,168
Johnson & Johnson		3,410		334,964
Medicines †		545		15,489
Merck		7,660		434,858
Merit Medical Systems †		1,126		16,102
NPS Pharmaceuticals †		940		28,134
Perrigo		1,375		212,658
Pfizer		14,168		455,076
Prestige Brands Holdings †		950		25,887
Quest Diagnostics		5,400		312,768
Quidel †		1,090		29,757
Spectrum Pharmaceuticals †		1,995		15,641
Thermo Fisher Scientific		820		98,597
UnitedHealth Group		1,270		104,127
Vertex Pharmaceuticals †		760		53,747
WellCare Health Plans †		405		25,726
West Pharmaceutical Services		930		40,967
Zoetis		1,360		39,358
				4,479,330


	Number of Shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Industrials – 1.72%
AAON		1,452	$	40,467
Acuity Brands		150		19,885
Applied Industrial Technologies		770		37,145
Barnes Group		990		38,085
Caterpillar		260		25,836
Chart Industries †		160		12,728
Columbus McKinnon †		1,130		30,273
Cummins		270		40,227
Deere		350		31,780
Eaton		760		57,091
ESCO Technologies		525		18,475
Esterline Technologies †		175		18,645
FedEx		540		71,582
FTI Consulting †		1,025		34,173
General Electric		5,540		143,431
Granite Construction		865		34,539
Honeywell International		1,130		104,819
Hunt (J.B.) Transport Services		600		43,152
Kadant		830		30,270
KEYW Holding †		2,040		38,168
Kforce		1,780		37,950
Lockheed Martin		450		73,458
McGrath RentCorp		525		18,354
MYR Group †		705		17,851
Nielsen Holdings		1,020		45,523
Northrop Grumman		2,500		308,450
Parker Hannifin		450		53,869
Paylocity Holding †		90		2,165
Raytheon		3,100		306,249
Republic Services		1,420		48,507
Roadrunner Transportation Systems †		1,080		27,259
Rockwell Collins		320		25,494
Tetra Tech †		905		26,779
Union Pacific		590		110,719
United Stationers		880		36,142
United Technologies		980		114,503
URS		940		44,236
US Ecology		775		28,768
WageWorks †		450		25,250
Waste Management		7,500		315,525
XPO Logistics †		1,285		37,792
				2,575,614
Information Technology – 5.37%
Accenture Class A		1,040		82,909

(continues) 63

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund


	Number of Shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Information Technology (continued)
Adobe Systems †		6,670	$	438,486
Amkor Technology †		4,260		29,224
Anixter International		370		37,562
Apple		340		182,492
Applied Micro Circuits †		2,740		27,126
Avago Technologies		1,450		93,395
Brightcove †		3,095		30,424
Broadcom Class A		10,000		314,800
Callidus Software †		960		12,019
Cisco Systems		16,190		362,818
eBay †		7,375		407,395
EMC		3,740		102,513
Equinix †		660		121,994
ExlService Holdings †		455		14,064
Facebook Class A †		1,150		69,276
FARO Technologies †		555		29,415
Google Class A †		535		596,263
Intel		15,120		390,247
International Business Machines		200		38,498
InterXion Holding †		955		22,901
Intuit		4,150		322,579
j2 Global		705		35,285
Marin Software †		1,235		13,054
MasterCard Class A		7,300		545,310
Microsoft		16,330		669,367
Motorola Solutions		4,714		303,063
NETGEAR †		770		25,972
Plantronics		525		23,336
Proofpoint †		790		29,293
QUALCOMM		7,735		609,982
Rally Software Development †		1,635		21,876
Rocket Fuel †		560		24,013
Rofin-Sinar Technologies †		1,170		28,033
Salesforce.com †		930		53,094
SciQuest †		840		22,693
Semtech †		1,195		30,281
SS&C Technologies Holdings †		685		27,414
Synaptics †		685		41,114
TeleTech Holdings †		1,265		31,005
Teradata †		3,925		193,071
Texas Instruments		1,210		57,052
Trulia †		795		26,394
VeriFone Systems †		3,100		104,842
VeriSign †		3,534		190,518
Visa Class A		2,735		590,377
Xerox		28,500		322,050


	Number of Shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Information Technology (continued)
Yahoo †		5,900	$	211,810
Yelp †		1,175		90,393
				8,047,092
Materials – 0.60%
Axiall		690		30,995
Boise Cascade †		1,000		28,640
Cabot		505		29,825
Chemtura †		1,420		35,912
duPont (E.I.) deNemours		5,700		382,470
Eastman Chemical		860		74,141
Huntsman		1,580		38,584
Innophos Holdings		385		21,829
International Paper		740		33,951
Kaiser Aluminum		365		26,068
Kraton Performance Polymers †		1,000		26,140
Materion		750		25,447
MeadWestvaco		1,640		61,730
Neenah Paper		550		28,446
Stepan		315		20,336
Taminco †		1,325		27,838
U.S. Silica Holdings		295		11,260
				903,612
Telecommunication Services – 0.53%
AT&T		12,050		422,593
Atlantic Tele-Network		350		23,072
inContact †		3,030		29,088
Verizon Communications		6,600		313,962
				788,715
Utilities – 0.39%
Cleco		630		31,865
Edison International		6,420		363,436
MDU Resources Group		1,680		57,641
NorthWestern		580		27,509
OGE Energy		1,520		55,875
Sempra Energy		560		54,186
				590,512
Total U.S. Markets (cost $20,385,735)				33,106,727
Developed Markets – 13.58%§
Consumer Discretionary – 2.16%
Adidas		770		83,260
Bayerische Motoren Werke		2,284		288,620
Benesse Holdings		1,400		53,550


	Number of Shares		Value (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Consumer Discretionary (continued)
Cie Financiere Richemont Class A		535	$	51,116
Compass Group		5,720		87,340
Denso		1,400		67,142
Don Quijote Holdings		1,600		82,610
Hennes & Mauritz Class B		1,900		81,036
Honda Motor		2,400		84,452
Inditex		350		52,510
Kering		763		155,572
LVMH Moet Hennessy Louis Vuitton		290		52,552
NHK Spring		4,600		42,780
Nitori Holdings		5,426		235,479
Publicis Groupe		4,175		376,924
Sands China		8,400		63,000
Shimamura		600		51,923
Shimano		700		70,414
Sodexo		675		70,748
Techtronic Industries		54,000		150,773
Toyota Motor		11,199		631,585
USS		4,000		56,194
WPP		3,860		79,758
Yue Yuen Industrial Holdings		83,000		270,465

				3,239,803

Consumer Staples – 1.63%
Anheuser-Busch InBev		1,305		137,437
Aryzta †		6,932		612,998
British American Tobacco		2,280		127,195
Carlsberg Class B		2,579		256,380
Danone		605		42,742
Diageo		3,000		93,180
Heineken		850		59,149
Kao		2,200		77,914
Koninklijke Ahold		2,640		53,021
L’Oreal		550		90,739
Meiji Holdings		700		44,127
Nestle		2,600		195,712
Reckitt Benckiser Group		1,375		112,210
SABMiller		930		46,503
Tesco		41,729		205,819
Unilever		1,485		63,515
Unilever CVA		1,860		76,510
Wesfarmers		1,190		45,591
Woolworths		2,980		98,812

				2,439,554


	Number of Shares		Value (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Energy – 0.70%
AMEC		3,130	$	58,622
BG Group		3,770		70,385
CGG †		3,350		53,688
Saipem		12,839		313,591
Subsea 7		14,078		261,688
Total		4,422		291,076

				1,049,050

Financials – 2.14%
AEON Financial Service		1,600		36,101
AIA Group		12,000		57,074
AXA		14,472		375,965
Baloise Holding		450		56,650
Banco Bilbao Vizcaya Argentaria		3,950		47,496
Banco Espirito Santo
Class R †		27,000		50,562
Banco Santander		6,250		59,664
Bank Leumi Le-Israel BM †		14,800		57,763
Commonwealth Bank of Australia		1,240		89,257
Credit Suisse Group
Class REG		1,580		51,144
Daito Trust Construction		600		55,579
Daiwa Securities Group		7,000		60,821
Exor		1,235		55,425
Intesa Sanpaolo		19,900		67,525
Lloyds Banking Group †		88,700		110,969
Mitsubishi UFJ Financial Group		59,381		327,014
Nordea Bank		28,729		407,542
OCBC Bank =		8,000		60,477
Prudential		3,130		66,278
QBE Insurance Group		6,050		71,890
SCOR SE		1,415		49,561
Seven Bank		14,700		57,691
Societe Generale		1,350		83,100
Sony Financial Holdings		3,400		55,599
Standard Chartered		17,590		367,829
Swire Pacific Class A		4,000		46,721
UBS †		4,050		83,813
UniCredit		27,877		254,825
Wharf Holdings		6,000		38,482

				3,202,817

Healthcare – 2.17%
Bayer		960		130,007

(continues) 65

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund


	Number of Shares		Value (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Healthcare (continued)
CSL		1,440	$	93,002
Dainippon Sumitomo Pharma		3,400		53,976
Fresenius		450		70,636
ICON †		895		42,557
Meda Class A		2,758		42,438
Miraca Holdings		1,100		48,190
Novartis		6,634		563,311
Novo Nordisk ADR		6,700		305,855
Novo Nordisk Class B		2,490		113,378
Roche Holding		1,060		318,828
Sanofi		3,475		363,135
Shire		1,710		84,657
Smith & Nephew		4,800		72,904
Stada Arzneimittel		3,901		167,103
Teva Pharmaceutical Industries ADR		14,660		774,634

				3,244,611

Industrials – 2.11%
ABB †		4,630		119,604
Aggreko		2,400		60,127
Cathay Pacific Airways		24,000		44,827
Cobham		11,800		58,911
Deutsche Lufthansa †		2,760		72,366
Deutsche Post		9,097		338,203
East Japan Railway		4,125		303,852
Elbit Systems		1,110		67,605
European Aeronautic Defence & Space		1,390		99,553
IHI		11,000		46,285
ITOCHU		24,137		282,427
Koninklijke Philips Electronics		10,618		373,532
Kubota		4,000		53,165
Mitsubishi Electric		7,000		78,801
Rolls-Royce Holdings		3,950		70,712
Sandvik		4,750		67,185
Schindler Holding		400		58,973
Schneider Electric		1,280		113,442
Singapore Airlines		6,000		49,986
Travis Perkins		2,165		68,173
Vinci		5,440		403,808
Volvo Class B		4,520		71,852
Westjet Airlines		9,250		203,101
Yamato Holdings		2,900		62,415

				3,168,905

Information Technology – 0.80%
CGI Group Class A †		12,332		380,776


	Number of Shares		Value (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Information Technology (continued)
Citizen Holdings		7,000	$	52,628
Computershare		5,950		66,908
FIH Mobile †		78,000		43,101
Infineon Technologies		5,870		70,030
NICE Systems		1,490		66,441
SAP		1,075		87,199
Seiko Epson		2,400		74,996
Teleperformance		5,365		310,883
Trend Micro		1,500		46,347

				1,199,309

Materials – 1.20%
Air Liquide		710		96,148
Anglo American ADR		2,700		34,356
AuRico Gold		18,288		79,747
BASF		440		48,960
BHP Billiton Limited		4,870		165,052
Johnson Matthey		1,250		68,251
Lafarge		3,564		278,170
LANXESS		845		63,782
Novozymes Class B		1,520		66,819
Rexam		29,729		241,589
Rio Tinto		4,127		230,160
Shin-Etsu Chemical		1,200		68,410
Syngenta		175		66,438
Syngenta ADR		2,425		183,767
Yamana Gold		12,553		109,932

				1,801,581

Telecommunication Services – 0.55%
KDDI		2,004		116,368
Nippon Telegraph &
Telephone		6,922		376,171
Softbank		1,000		75,572
Telefonica		6,750		106,966
Vodafone Group		19,111		70,279
Ziggo		1,650		73,276

				818,632

Utilities – 0.12%
National Grid		8,653		118,910
Red Electrica		805		65,459

				184,369

Total Developed Markets (cost $15,282,847)				20,348,631


	Number of Shares		Value (U.S. $)
Common Stock (continued)
Emerging Markets X – 5.31%
Consumer Discretionary – 0.32%
Arcos Dorados Holdings Class A		6,400	$	64,512
Grupo Televisa ADR		5,925		197,243
Hyundai Motor		263		62,160
LG Electronics		907		55,422
Mahindra & Mahindra		3,583		58,644
Woolworths Holdings		6,451		44,897

				482,878

Consumer Staples – 0.77%
Anadolu Efes Biracilik Ve Malt Sanayii		7,900		87,915
Brasil Foods ADR		6,800		135,864
China Mengniu Dairy		28,000		140,524
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		1,600		70,016
Cia Cervecerias Unidas ADR		1,900		42,522
Fomento Economico Mexicano ADR		800		74,592
Hypermarcas		17,400		126,210
Lotte Chilsung Beverage		73		102,278
Lotte Confectionery		50		85,595
Tingyi Cayman Islands Holding		27,908		80,170
Tsingtao Brewery		10,004		73,384
Uni-President China Holdings		98,000		82,403
Wal-Mart de Mexico Class V		21,890		52,145

				1,153,618

Energy – 0.82%
Cairn India		10,072		55,967
China Petroleum & Chemical		47,350		42,353
CNOOC ADR		500		75,905
Gazprom ADR		11,860		91,491
LUKOIL ADR		1,800		100,665
PetroChina ADR		575		62,387
Petroleo Brasileiro ADR		12,019		158,050
Polski Koncern Naftowy Orlen		3,412		48,793
PTT		8,241		74,976
Reliance Industries GDR 144A #		8,870		275,597
Rosneft GDR		10,200		68,016
Sasol ADR		1,500		83,820
Tambang Batubara Bukit Asam Persero		40,000		33,035
YPF ADR		1,900		59,204

				1,230,259


	Number of Shares		Value (U.S. $)
Common Stock (continued)
Emerging Markets X (continued)
Financials – 0.78%
Banco Santander Brasil ADR		9,800	$	54,586
Bangkok Bank		11,796		65,060
China Construction Bank		99,080		69,549
Etalon Group GDR 144A #=†		3,700		14,393
ICICI Bank ADR		1,900		83,220
Industrial & Commercial Bank of China		175,459		108,168
Itau Unibanco Holding ADR		5,790		86,039
KB Financial Group ADR †		3,927		138,034
Powszechna Kasa Oszczednosci Bank Polski		3,325		46,758
Remgro		3,003		58,417
Samsung Life Insurance		770		72,748
Sberbank =		43,294		103,510
Shinhan Financial Group		2,094		92,612
Standard Bank Group		7,682		101,216
UEM Sunrise		110,059		74,321

				1,168,631

Industrials – 0.22%
All America Latina Logistica		6,468		21,460
Empresas ICA ADR †		6,100		40,199
Gol Linhas Aereas Inteligentes ADR †		7,300		35,478
KCC		398		204,225
Santos Brasil Participacoes		3,000		22,263

				323,625

Information Technology – 0.93%
Baidu ADR †		1,700		259,046
Hon Hai Precision Industry		51,936		147,484
LG Display ADR †		5,000		62,500
MediaTek		6,000		88,810
Samsung Electronics		322		406,892
SINA †		900		54,369
Sohu.com †		2,300		149,707
Taiwan Semiconductor Manufacturing		22,034		86,694
Taiwan Semiconductor Manufacturing ADR		2,900		58,058
United Microelectronics		118,000		50,091
WNS Holdings ADR †		1,355		24,390

				1,388,041

Materials – 0.54%
Anglo American Platinum †		1,013		45,458
ArcelorMittal South Africa †		6,264		19,935
Braskem ADR †		4,300		67,166

(continues) 67

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund


	Number of Shares		Value (U.S. $)
Common Stock (continued)
Emerging Markets X (continued)
Materials (continued)
Cemex ADR †		10,954	$	138,349
Cemex Latam Holdings †		12,043		100,280
Fibria Celulose ADR †		7,637		84,465
Gerdau		3,300		17,035
Gerdau ADR		3,400		21,794
Impala Platinum Holdings		2,083		23,668
Nine Dragons Paper Holdings		51,000		39,860
Siam Cement		2,598		33,574
Siam Cement NVDR		1,700		21,969
Sociedad Quimica y Minera de Chile ADR		1,600		50,784
Ultratech Cement		1,712		62,480
Vale ADR		6,125		84,709

				811,526

Telecommunication Services – 0.93%
America Movil ADR		3,000		59,640
China Mobile		12,794		117,468
China Mobile ADR		1,500		68,385
China Telecom		94,000		43,378
China Unicom Hong Kong ADR		3,708		48,797
Chunghwa Telecom ADR		1,860		57,065
KT ADR		8,800		122,232
MegaFon GDR		3,300		93,020
Mobile Telesystems ADR		2,500		43,725
MTN Group		3,365		68,877
SK Telecom ADR		11,500		259,555
Telefonica Brasil ADR		3,450		73,278
Tim Participacoes ADR		8,400		218,064
Turkcell Iletisim Hizmetleri ADR †		3,787		52,147
Vodacom Group		5,611		69,247

				1,394,878

Total Emerging Markets (cost $7,469,786)				7,953,456


Total Common Stock (cost $43,138,368)				61,408,814


Convertible Preferred Stock – 0.44%
ArcelorMittal 6.00% exercise price $20.61, expiration date 12/21/15		1,175		28,439
Bank of America 7.25%exercise price $50.00, expiration date 12/31/49		23		26,384


	Number of Shares			Value (U.S. $)
Convertible Preferred Stock (continued)
Chesapeake Energy 144A 5.75% exercise price $27.83, expiration date 12/31/49 #		37		$	41,463
Dominion Resources 6.00% exercise price $65.27, expiration date 7/1/16		290			16,753
6.125% exercise price $65.27, expiration date 4/1/16		290			16,675
Goodyear Tire & Rubber 5.875% exercise price $18.13, expiration date 4/1/14		1,100			80,619
Halcon Resources 5.75%exercise price $6.16,expiration date 12/31/49		81			60,750
HealthSouth 6.50% exercise price $30.17, expiration date 12/31/49		52			67,808
Huntington Bancshares 8.50% exercise price $11.95, expiration date 12/31/49		44			56,760
Intelsat 5.75% exercise price $22.05, expiration date 5/1/16		1,307			70,121
MetLife 5.00% exercise price $44.27, expiration date 10/8/14		2,575			79,310
SandRidge Energy 8.50%exercise price $8.01,expiration date 12/31/49		648			68,162
Wells Fargo 7.50% exercise price $156.71, expiration date 12/31/49		37			43,401

Total Convertible Preferred Stock (cost $621,129)					656,645


Exchange-Traded Funds – 0.04%
iShares MSCI EAFE Growth Index ETF		370			26,255
iShares MSCI EAFE Index ETF		300	��		20,151
Vanguard FTSE Developed Markets ETF		280			11,556

Total Exchange-Traded Funds (cost $53,957)					57,962


	Principal Amount°		Value (U.S. $)
Agency Collateralized Mortgage Obligations – 0.47%
Fannie Mae REMICs Series 1996-46 ZA 7.50% 11/25/26		1,673	$	1,909
Series 2003-26 AT 5.00% 11/25/32		29,499		30,625
Series 2010-41 PN 4.50% 4/25/40		60,000		64,185
Series 2010-96 DC 4.00% 9/25/25		115,000		120,997
Series 2012-122 SD 5.946% 11/25/42 —S		111,157		24,655
Series 2013-38 AI 3.00% 4/25/33 S		308,018		51,351
Series 2013-44 DI 3.00% 5/25/33 S		458,552		76,932
Freddie Mac REMICs Series 2512 PG 5.50% 10/15/22		79,940		87,808
Series 4065 DE 3.00% 6/15/32		15,000		14,623
Series 4185 LI 3.00% 3/15/33 S		112,560		18,894
Series 4191 CI 3.00% 4/15/33 S		94,914		14,586
GNMA Series 2010-113 KE 4.50% 9/20/40		140,000		147,982
NCUA Guaranteed Notes Trust Series 2010-C1 A2 2.90% 10/29/20		50,000		51,835

Total Agency Collateralized Mortgage Obligations (cost $680,963)				706,382


Agency Mortgage-Backed Securities – 7.94%
Fannie Mae ARM 2.411% 5/1/43 —		54,921		54,190
2.546% 6/1/43 —		18,976		18,884
3.293% 9/1/43 —		69,033		70,819
Fannie Mae S.F. 15 yr 2.50% 10/1/27		61,828		61,987
2.50% 2/1/28		163,963		164,387
3.00% 11/1/27		15,785		16,238
3.50% 7/1/26		52,693		55,291
3.50% 12/1/28		17,517		18,401
4.00% 4/1/24		19,836		21,004
4.00% 5/1/24		38,748		41,011
4.00% 5/1/25		34,675		36,719
4.00% 6/1/25		127,196		134,647


	Principal Amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 15 yr 4.00% 11/1/25		100,168	$	106,474
4.00% 12/1/26		59,344		62,841
4.00% 5/1/27		122,251		129,556
4.50% 4/1/18		6,855		7,265
5.00% 9/1/18		15,990		17,005
5.50% 7/1/22		18,240		19,841
Fannie Mae S.F. 15 yr TBA 2.50% 4/1/29		1,864,000		1,862,544
3.00% 4/1/29		1,516,000		1,557,216
3.50% 4/1/29		821,000		860,767
Fannie Mae S.F. 20 yr 3.00% 8/1/33		26,103		26,059
3.00% 9/1/33		49,572		49,489
3.50% 4/1/33		8,312		8,553
3.50% 9/1/33		36,975		38,115
4.00% 2/1/31		45,133		47,638
5.00% 11/1/23		4,100		4,464
5.50% 8/1/28		26,813		29,736
5.50% 12/1/29		5,890		6,516
6.00% 9/1/29		36,684		41,102
Fannie Mae S.F. 30 yr 3.00% 7/1/42		51,599		49,867
3.00% 10/1/42		806,040		778,993
3.00% 12/1/42		133,247		128,775
3.00% 1/1/43		368,675		356,302
3.00% 2/1/43		33,036		31,927
3.00% 4/1/43		188,470		182,145
3.50% 7/1/42		8,754		8,814
4.00% 11/1/40		21,384		22,228
4.00% 1/1/41		97,865		101,761
4.00% 1/1/43		51,029		53,046
4.00% 5/1/43		42,988		44,765
4.00% 8/1/43		23,193		24,129
4.50% 7/1/36		17,045		18,180
4.50% 11/1/40		52,126		55,653
4.50% 2/1/41		24,560		26,217
4.50% 3/1/41		110,322		117,760
4.50% 5/1/41		17,729		18,983
4.50% 10/1/41		60,140		64,142
4.50% 9/1/43		3,772		4,025
5.00% 2/1/35		2,540		2,781
5.00% 4/1/35		20,203		22,046
5.00% 7/1/35		26,499		28,893
5.00% 10/1/35		60,779		66,262
5.00% 11/1/35		19,093		20,826
5.00% 2/1/36		25,036		27,295
5.00% 2/1/37		55,612		60,722
5.00% 4/1/37		15,377		16,745

(continues) 69

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund


	Principal Amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr
5.00% 8/1/37		5,423	$	5,918
5.00% 2/1/38		17,180		18,743
5.50% 2/1/33		49,761		55,397
5.50% 4/1/34		16,791		18,674
5.50% 11/1/34		18,376		20,442
5.50% 12/1/34		30,425		33,818
5.50% 3/1/35		34,440		38,296
5.50% 5/1/35		28,144		31,539
5.50% 6/1/35		18,055		20,054
5.50% 1/1/36		9,641		10,741
5.50% 5/1/36		8,455		9,379
5.50% 1/1/37		1,107		1,229
5.50% 8/1/37		46,608		51,783
5.50% 1/1/38		44,742		49,838
5.50% 2/1/38		18,309		20,364
5.50% 6/1/38		3,667		4,044
5.50% 9/1/38		59,151		65,653
5.50% 10/1/39		177,197		195,363
5.50% 7/1/40		50,224		55,402
6.00% 5/1/36		54,611		61,029
6.00% 2/1/37		20,925		23,354
6.00% 8/1/37		51,169		57,098
6.00% 9/1/37		7,362		8,219
6.00% 11/1/37		8,720		9,734
6.00% 10/1/38		76,927		85,542
6.00% 1/1/39		35,445		39,417
6.00% 9/1/39		302,432		336,455
6.00% 9/1/40		27,473		30,660
6.50% 2/1/36		9,100		10,378
Fannie Mae S.F. 30 yr TBA
3.00% 5/1/44		208,000		200,167
3.50% 5/1/44		130,000		130,325
4.00% 4/1/44		86,000		89,386
4.50% 5/1/44		1,273,000		1,353,358
Freddie Mac ARM
2.537% 1/1/44 —		184,246		187,690
Freddie Mac S.F. 15 yr
3.50% 10/1/26		17,020		17,861
4.00% 12/1/24		26,488		28,049
4.00% 8/1/25		22,202		23,512
4.50% 8/1/24		55,542		59,454
4.50% 7/1/25		11,657		12,482
4.50% 6/1/26		24,602		26,337
5.50% 6/1/20		6,348		6,891
Freddie Mac S.F. 30 yr
3.00% 10/1/42		58,485		56,468
3.00% 11/1/42		54,322		52,477
4.00% 11/1/40		35,709		37,058


	Principal Amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Freddie Mac S.F. 30 yr
4.50% 10/1/39		73,674	$	78,569
4.50% 10/1/43		21,096		22,622
5.50% 6/1/36		4,913		5,419
5.50% 11/1/36		10,459		11,521
5.50% 6/1/38		6,607		7,252
5.50% 3/1/40		26,564		29,160
5.50% 8/1/40		43,217		47,440
5.50% 1/1/41		28,220		30,977
6.00% 8/1/38		69,847		78,067
6.00% 5/1/40		11,400		12,655
Freddie Mac S.F. 30 yr TBA
5.50% 5/1/44		25,000		27,461
Total Agency Mortgage-Backed Securities (cost $11,911,533)				11,903,262

Commercial Mortgage-Backed Securities – 1.36%
BAML Commercial Mortgage Series 2006-4 A4 5.634% 7/10/46		50,000		54,092
Banc of America Commercial Mortgage Trust Series 2007-4 AM 5.892% 2/10/51 —		20,000		22,200
Bear Stearns Commercial Mortgage Securities Series 2004-PWR4 A3 5.468% 6/11/41		15,876		15,888
CD Commercial Mortgage Trust Series 2005-CD1 C 5.216% 7/15/44 —		55,000		56,664
Commercial Mortgage Pass Through Certificates Series 2005-C6 A5A 5.116% 6/10/44 ¿ —		49,817		51,986
Series 2014-CR16 A4 4.051% 4/10/47 ¿		95,000		97,846
Series 2014-LC15 A4 4.006% 4/10/47 ¿		120,000		123,406
DB-UBS Mortgage Trust Series 2011-LC1A A3 144A 5.002% 11/10/46 #		300,000		334,819
FREMF Mortgage Trust Series 2010-K7 B 144A 5.435% 4/25/20 #—		20,000		22,046
Series 2012-K19 B 144A 4.037% 5/25/45 #—		15,000		14,893


	Principal Amount°		Value (U.S. $)
Commercial Mortgage-Backed Securities (continued)
FREMF Mortgage Trust Series 2012-K22 B 144A 3.687% 8/25/45 #—		50,000	$	48,142
Series 2012-K708 B 144A 3.759% 2/25/45 #—		150,000		153,180
Goldman Sachs Mortgage Securities II Series 2004-GG2 A6 5.396% 8/10/38 —		49,788		49,893
Series 2005-GG4 A4A 4.751% 7/10/39		47,680		49,021
Series 2010-C1 A2 144A 4.592% 8/10/43 #		100,000		109,467
Series 2014-GC20 A5 3.998% 4/10/47		55,000		56,650
JPMorgan Chase Commercial Mortgage Securities Series 2005-CB11 E 5.477% 8/12/37 —		25,000		26,834
Series 2006-LDP8 AM 5.44% 5/15/45		83,000		90,604
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C5 A3 4.171% 8/15/46		90,000		95,480
LB-UBS Commercial Mortgage Trust Series 2004-C1 A4 4.568% 1/15/31		6,245		6,477
Series 2005-C3 B 4.895% 7/15/40 —		30,000		30,778
Morgan Stanley Capital I Trust Series 2005-HQ6 A4A 4.989% 8/13/42		60,000		62,145
Series 2005-HQ7 AJ 5.208% 11/14/42 —		70,000		73,273
Series 2005-HQ7 C 5.208% 11/14/42 —		100,000		98,950
Series 2007-T27 A4 5.648% 6/11/42 —		107,000		119,748
VNO Mortgage Trust Series 2012-6AVE A 144A 2.996% 11/15/30 #		120,000		115,380
WF-RBS Commercial Mortgage Trust Series 2012-C9 A3 2.87% 11/15/45		65,000		62,412
Total Commercial Mortgage-Backed Securities (cost $1,998,487)				2,042,274


	Principal Amount°		Value (U.S. $)
Convertible Bonds – 1.53%
Alaska Communications Systems Group 144A 6.25% exercise price $10.28, expiration date 4/27/18 #		65,000	$	54,519
Alere 3.00% exercise price $43.98, expiration date 5/15/16		68,000		75,097
Ares Capital 5.75% exercise price $19.13, expiration date 2/1/16		58,000		63,365
BGC Partners 4.50% exercise price $9.84, expiration date 7/13/16		72,000		76,680
Blackstone Mortgage Trust 5.25% exercise price $28.66, expiration date 12/1/18		55,000		61,600
Blucora 144A 4.25% exercise price $21.66, expiration date 3/29/19 #		33,000		37,373
Chesapeake Energy 2.25% exercise price $85.40, expiration date 12/14/38		24,000		22,620
Chesapeake Energy 2.50% exercise price $50.90, expiration date 5/15/37		26,000		26,585
Ciena 144A 3.75% exercise price $20.17, expiration date 10/15/18 #		42,000		58,984
Dendreon 2.875% exercise price $51.24, expiration date 1/13/16		50,000		37,125
Energy XXI Bermuda 144A 3.00% exercise price $40.40, expiration date 12/13/18 #		62,000		60,837
Equinix 4.75% exercise price $84.32, expiration date 6/13/16		21,000		47,447
General Cable 4.50% exercise price $35.88, expiration date 11/15/29 f		78,000		78,585
Gilead Sciences 1.625% exercise price $22.71, expiration date 4/29/16		25,000		77,813
Helix Energy Solutions Group 3.25% exercise price $25.02, expiration date 3/12/32		61,000		75,564

(continues) 71

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund


	Principal Amount°		Value (U.S. $)
Convertible Bonds (continued)
Hologic 2.00% exercise price $31.17, expiration date 2/27/42 f		62,000	$	63,511
Illumina 144A 0.25% exercise price $83.55, expiration date 3/11/16 #		27,000		49,123
Intel 3.25% exercise price $21.71, expiration date 8/1/39		40,000		56,000
Jefferies Group 3.875% exercise price $45.40, expiration date 10/31/29		68,000		72,633
L-3 Communications Holdings 3.00% exercise price $89.08, expiration date 8/1/35		45,000		60,131
Lam Research 1.25% exercise price $63.02, expiration date 5/11/18		47,000		58,544
Liberty Interactive 144A 0.75% exercise price $1,000.00, expiration date 3/30/43 #		54,000		67,129
Liberty Interactive 144A 1.00% exercise price $74.31, expiration date 9/28/43 #		48,000		50,460
Live Nation Entertainment 2.875% exercise price $27.14, expiration date 7/14/27		60,000		61,125
Meritor 4.00% exercise price $26.73, expiration date 2/12/27 f		111,000		117,105
MGM Resorts International 4.25% exercise price $18.58, expiration date 4/10/15		30,000		43,744
Mylan 3.75% exercise price $13.32, expiration date 9/15/15		21,000		77,293
Nuance Communications 2.75% exercise price $32.30, expiration date 11/1/31		67,000		67,461
NuVasive 2.75% exercise price $42.13, expiration date 6/30/17		113,000		134,753
Peabody Energy 4.75% exercise price $57.62, expiration date 12/15/41		86,000		69,983


		Principal Amount°		Value (U.S. $)
Convertible Bonds (continued)
Ryman Hospitality Properties 144A 3.75% exercise price $21.38, expiration date 9/29/14 #			28,000	$	55,737
SanDisk 1.50% exercise price $51.83, expiration date 8/11/17			43,000		70,923
SBA Communications 4.00% exercise price $30.38, expiration date 9/29/14			14,000		41,834
Steel Dynamics 5.125% exercise price $17.10, expiration date 6/15/14			25,000		27,094
Titan Machinery 3.75% exercise price $43.17, expiration date 4/30/19			40,000		34,125
Vantage Drilling 144A 5.50% exercise price $2.39, expiration date 7/15/43 #			49,000		51,481
Vector Group 2.50% exercise price $17.62, expiration date 1/14/19 —			34,000		46,751
VeriSign 3.25% exercise price $34.37, expiration date 8/15/37			32,000		52,920

Total Convertible Bonds (cost $1,922,416)					2,284,054


Corporate Bonds – 33.86%
Banking – 3.35%
Australia & New Zealand Banking Group 2.625% 12/10/18	CAD		54,000		49,000
3.505% 11/6/18 —	AUD		107,000		99,375
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 144A 5.95% 1/30/24 #—			200,000		207,000
BanColombia 5.95% 6/3/21			100,000		107,250
Bank of America 2.00% 1/11/18			45,000		44,956
2.65% 4/1/19			90,000		90,392
4.00% 4/1/24			225,000		225,195
BB&T 5.25% 11/1/19			165,000		186,042
BBVA Bancomer 144A 6.50% 3/10/21 #			150,000		162,937
City National 5.25% 9/15/20			85,000		94,916
Fifth Third Bancorp 4.30% 1/16/24			85,000		86,344


		Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Banking (continued)
Goldman Sachs Group 4.00% 3/3/24			115,000	$	114,723
HBOS 144A 6.75% 5/21/18 #			100,000		113,501
HBOS Capital Funding 144A 6.071% 6/29/49 #—			190,000		190,950
HSBC Holdings 4.25% 3/14/24			200,000		200,650
ING Bank 144A 5.80% 9/25/23 #			200,000		213,680
JPMorgan Chase 0.865% 1/28/19 —			53,000		53,013
3.665% 5/17/18 —	AUD		80,000		74,505
3.875% 2/1/24			155,000		156,709
4.25% 11/2/18	NZD		85,000		70,631
6.75% 1/29/49 —			120,000		126,900
Morgan Stanley 1.087% 1/24/19 —			57,000		57,147
2.50% 1/24/19			65,000		64,892
4.10% 5/22/23			50,000		49,587
5.00% 11/24/25			95,000		97,963
7.375% 2/22/18	AUD		82,000		82,971
7.60% 8/8/17	NZD		64,000		59,063
Northern Trust 3.95% 10/30/25			60,000		60,502
PNC Financial Services Group 2.854% 11/9/22 f			255,000		243,597
PNC Funding 5.625% 2/1/17			150,000		166,167
PNC Preferred Funding Trust II 144A 1.456% 3/31/49 #—			100,000		96,000
Rabobank 4.625% 12/1/23			250,000		257,764
RBS Capital Trust I 2.099% 12/29/49 —			60,000		58,500
Santander Holdings USA 3.45% 8/27/18			70,000		72,497
State Street 3.10% 5/15/23			170,000		161,917
SunTrust Bank 2.35% 11/1/18			120,000		120,172
SVB Financial Group 5.375% 9/15/20			140,000		155,792
USB Capital IX 3.50% 10/29/49 —			200,000		169,000
Wachovia 0.609% 10/15/16 —			85,000		84,735
Wells Fargo 4.48% 1/16/24			46,000		47,619
Zions Bancorp 4.50% 3/27/17			35,000		37,392
4.50% 6/13/23			140,000		139,998
7.75% 9/23/14			63,000		64,946

					5,016,890


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Basic Industry – 2.94%
AK Steel 7.625% 5/15/20		40,000	$	40,100
ArcelorMittal 10.35% 6/1/19		85,000		108,056
Ball 5.00% 3/15/22		70,000		72,100
Barrick Gold 4.10% 5/1/23		110,000		104,544
Barrick North America Finance 5.75% 5/1/43		35,000		34,220
Braskem Finance 6.45% 2/3/24		200,000		205,250
Cemex 144A 9.50% 6/15/18 #		200,000		231,500
CF Industries 5.15% 3/15/34		60,000		61,885
6.875% 5/1/18		235,000		274,155
7.125% 5/1/20		47,000		55,952
Cia Minera Ares 144A 7.75% 1/23/21 #		200,000		206,750
Crown Americas 4.50% 1/15/23		35,000		33,600
Dow Chemical 8.55% 5/15/19		288,000		369,166
FMG Resources August 2006 144A 6.875% 4/1/22 #		293,000		316,806
Georgia-Pacific 8.00% 1/15/24		230,000		302,778
Headwaters 7.625% 4/1/19		60,000		64,950
Immucor 11.125% 8/15/19		80,000		90,800
International Paper 6.00% 11/15/41		135,000		155,334
LSB Industries 144A 7.75% 8/1/19 #		20,000		21,550
LyondellBasell Industries 5.75% 4/15/24		200,000		230,847
Metalloinvest Finance 144A 6.50% 7/21/16 #		200,000		205,250
MMC Norilsk Nickel OJSC via MMC Finance 144A 5.55% 10/28/20 #		200,000		197,500
Mosaic 5.625% 11/15/43		75,000		80,845
Nortek 8.50% 4/15/21		65,000		72,963
Novelis 8.75% 12/15/20		50,000		56,125
Packaging Corp. of America 4.50% 11/1/23		45,000		46,669
Plains Exploration & Production 6.50% 11/15/20		75,000		82,969
PolyOne 5.25% 3/15/23		50,000		50,500
Potash Corp of Saskatchewan 3.625% 3/15/24		55,000		54,660

(continues) 73

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund


		Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
Rio Tinto Finance USA 3.50% 11/2/20			105,000	$	107,692
Ryerson 9.00% 10/15/17			45,000		48,656
11.25% 10/15/18			20,000		22,500
Samarco Mineracao 144A 5.75% 10/24/23 #			200,000		201,750
Teck Resources 3.75% 2/1/23			70,000		65,917
TPC Group 144A 8.75% 12/15/20 #			40,000		44,050
Weyerhaeuser 4.625% 9/15/23			85,000		88,808

					4,407,197

Brokerage – 0.28%
Jefferies Group 5.125% 1/20/23			75,000		78,966
6.45% 6/8/27			40,000		42,961
6.50% 1/20/43			30,000		31,527
Lazard Group 4.25% 11/14/20			90,000		93,378
6.85% 6/15/17			147,000		167,251

					414,083

Capital Goods – 1.28%
Algeco Scotsman Global Finance 144A 8.50% 10/15/18 #			240,000		263,400
Ball 4.00% 11/15/23			150,000		141,000
Berry Plastics 9.75% 1/15/21			50,000		58,313
BOE Merger 144A PIK 9.50% 11/1/17 #T			5,000		5,325
Builders FirstSource 144A 7.625% 6/1/21 #			85,000		92,225
Consolidated Container 144A 10.125% 7/15/20 #			35,000		37,363
Crane 2.75% 12/15/18			25,000		25,102
4.45% 12/15/23			110,000		113,430
General Electric 4.50% 3/11/44			65,000		66,281
General Electric Capital Canada Funding 2.42% 5/31/18	CAD		22,000		20,049
Ingersoll-Rand Global Holding 144A 4.25% 6/15/23 #			190,000		194,361
Milacron 144A 7.75% 2/15/21 #			50,000		54,250


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Capital Goods (continued)
Odebrecht Offshore Drilling Finance 144A 6.625% 10/1/22 #		200,000	$	209,000
Plastipak Holdings 144A 6.50% 10/1/21 #		80,000		84,300
Reynolds Group Issuer 8.25% 2/15/21		100,000		109,625
Rock-Tenn 3.50% 3/1/20		95,000		96,489
4.00% 3/1/23		40,000		40,294
4.45% 3/1/19		20,000		21,450
Sealed Air 144A 6.50% 12/1/20 #		120,000		132,900
TransDigm 7.50% 7/15/21		75,000		83,438
URS 3.85% 4/1/17		15,000		15,535
5.00% 4/1/22		55,000		54,467

				1,918,597

Consumer Cyclical – 2.12%
Amazon.com 2.50% 11/29/22		200,000		186,176
American Axle & Manufacturing 6.25% 3/15/21		75,000		80,250
Chinos Intermediate Holdings 144A PIK 7.75% 5/1/19 #T		85,000		87,975
CVS Caremark 4.00% 12/5/23		165,000		168,914
Delphi 4.15% 3/15/24		30,000		30,024
6.125% 5/15/21		75,000		83,625
Ford Motor 7.45% 7/16/31		92,000		118,361
General Motors 144A 3.50% 10/2/18 #		80,000		81,900
HD Supply 7.50% 7/15/20		34,000		37,273
11.50% 7/15/20		140,000		166,950
Historic TW 6.875% 6/15/18		315,000		373,666
Host Hotels & Resorts 3.75% 10/15/23		165,000		160,106
4.75% 3/1/23		125,000		130,973
5.875% 6/15/19		40,000		43,346
Hyundai Capital America 144A 2.55% 2/6/19 #		20,000		20,012
International Game Technology 5.35% 10/15/23		180,000		192,789


		Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Landry’s 144A 9.375% 5/1/20 #			115,000	$	127,219
Levi Strauss 6.875% 5/1/22			85,000		93,713
Marriott International 3.375% 10/15/20			70,000		70,668
Meritor 6.75% 6/15/21			40,000		42,500
PF Chang’s China Bistro 144A 10.25% 6/30/20 #			30,000		31,725
QVC 144A 3.125% 4/1/19 #			55,000		54,718
4.375% 3/15/23			165,000		162,900
144A 4.85% 4/1/24 #			65,000		65,978
Rite Aid 9.25% 3/15/20			60,000		68,625
Sally Holdings 5.75% 6/1/22			60,000		63,750
Suburban Propane Partners 7.375% 8/1/21			17,000		18,828
Toyota Finance Australia 3.04% 12/20/16	NZD		120,000		99,250
TRW Automotive 144A 4.45% 12/1/23 #			90,000		90,675
144A 4.50% 3/1/21 #			70,000		72,275
United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26 ¿			35,000		35,134
Wyndham Worldwide 5.625% 3/1/21			65,000		71,118
Yum! Brands 3.875% 11/1/23			50,000		49,744

					3,181,160

Consumer Non-Cyclical – 3.34%
Alere 7.25% 7/1/18			15,000		16,575
BFF International 144A 7.25% 1/28/20 #			125,000		142,500
Biomet 6.50% 8/1/20			40,000		43,280
6.50% 10/1/20			150,000		160,125
Boston Scientific 2.65% 10/1/18			75,000		75,646
6.00% 1/15/20			150,000		172,377
CareFusion 6.375% 8/1/19			275,000		314,308
Celgene 3.25% 8/15/22			10,000		9,763
3.95% 10/15/20			190,000		198,836
Coca-Cola Femsa 2.375% 11/26/18			150,000		150,225
Community Health Systems 144A 6.875% 2/1/22 #			50,000		52,500
8.00% 11/15/19			25,000		27,594


		Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Constellation Brands 6.00% 5/1/22			55,000	$	61,050
Cosan Luxembourg 144A 5.00% 3/14/23 #			200,000		188,500
Fresenius Medical Care US Finance II 144A 5.875% 1/31/22 #			60,000		64,050
Gilead Sciences 3.70% 4/1/24			145,000		145,362
HCA Holdings 6.25% 2/15/21			365,000		391,645
Jarden 6.125% 11/15/22			40,000		43,200
7.50% 1/15/20			5,000		5,456
JBS Investments 144A 7.75% 10/28/20 #			200,000		211,750
Kinetic Concepts 10.50% 11/1/18			65,000		74,994
Kroger 3.30% 1/15/21			120,000		120,071
Laboratory Corp. of America Holdings 2.20% 8/23/17			80,000		81,037
Marfrig Overseas 144A 9.50% 5/4/20 #			100,000		101,375
McKesson 3.796% 3/15/24			180,000		180,538
MultiPlan 144A 9.875% 9/1/18 #			70,000		76,300
PepsiCo 3.60% 3/1/24			90,000		90,300
Pernod-Ricard 144A 5.75% 4/7/21 #			150,000		170,528
Prestige Brands 144A 5.375% 12/15/21 #			115,000		118,306
Quest Diagnostics 2.70% 4/1/19			55,000		54,983
Red de Carreteras de Occidente 144A 9.00% 6/10/28 #	MXN		2,000,000		135,492
SABMiller Holdings 144A 2.45% 1/15/17 #			200,000		205,800
Salix Pharmaceuticals 144A 6.00% 1/15/21 #			120,000		128,400
Scotts Miracle-Gro 6.625% 12/15/20			25,000		27,156
Smithfield Foods 6.625% 8/15/22			65,000		70,525
Spectrum Brands 6.375% 11/15/20			65,000		70,688
Tenet Healthcare 144A 6.00% 10/1/20 #			179,000		191,866
8.00% 8/1/20			30,000		32,850

(continues) 75

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Valeant Pharmaceuticals International 144A 5.625% 12/1/21 #		25,000	$	26,313
144A 7.00% 10/1/20 #		15,000		16,313
Valeant Pharmaceuticals International Escrow 144A 6.375% 10/15/20 #		40,000		43,400
Yale University 2.90% 10/15/14		48,000		48,636
Zimmer Holdings 3.375% 11/30/21		150,000		152,220
4.625% 11/30/19		90,000		99,847
Zoetis 3.25% 2/1/23		220,000		212,604

				5,005,284

Energy – 4.77%
AmeriGas Finance 7.00% 5/20/22		105,000		115,237
Bristow Group 6.25% 10/15/22		60,000		63,825
Canadian Natural Resources 3.80% 4/15/24		70,000		70,496
Chaparral Energy 7.625% 11/15/22		20,000		21,750
Chesapeake Energy 5.375% 6/15/21		10,000		10,575
5.75% 3/15/23		180,000		191,475
CNOOC Curtis Funding 144A 4.50% 10/3/23 #		200,000		203,884
Comstock Resources 7.75% 4/1/19		25,000		26,750
Continental Resources 4.50% 4/15/23		235,000		243,824
Drill Rigs Holdings 144A 6.50% 10/1/17 #		85,000		89,037
Ecopetrol 7.625% 7/23/19		100,000		120,375
El Paso Pipeline Partners Operating 6.50% 4/1/20		175,000		201,178
Enbridge Energy Partners 8.05% 10/1/37 —		155,000		174,879
Energy Transfer Partners 5.15% 2/1/43		5,000		4,831
5.95% 10/1/43		25,000		26,999
9.70% 3/15/19		81,000		104,766
Energy XXI Gulf Coast 144A 7.50% 12/15/21 #		110,000		115,775
EnLink Midstream Partners 4.40% 4/1/24		130,000		132,800
5.60% 4/1/44		10,000		10,598


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Energy (continued)
Enterprise Products Operating 7.034% 1/15/68 —		215,000	$	243,692
Exterran Partners 6.00% 4/1/21		30,000		30,000
Gazprom Neft 144A 6.00% 11/27/23 #		200,000		196,750
Halcon Resources 8.875% 5/15/21		65,000		67,763
Hercules Offshore 144A 6.75% 4/1/22 #		30,000		29,137
144A 8.75% 7/15/21 #		25,000		27,250
Husky Energy 4.00% 4/15/24		140,000		142,670
KazMunayGas National JSC 144A 9.125% 7/2/18 #		100,000		120,375
Key Energy Services 6.75% 3/1/21		70,000		73,937
Kinder Morgan Energy Partners 3.50% 9/1/23		35,000		33,112
9.00% 2/1/19		135,000		171,098
Laredo Petroleum 7.375% 5/1/22		100,000		111,500
Linn Energy 6.50% 5/15/19		20,000		20,950
8.625% 4/15/20		28,000		30,555
Lukoil International Finance 6.125% 11/9/20		200,000		208,000
MarkWest Energy Partners 5.50% 2/15/23		30,000		30,975
Midstates Petroleum 9.25% 6/1/21		95,000		99,750
Murphy Oil USA 144A 6.00% 8/15/23 #		120,000		124,500
Newfield Exploration 5.625% 7/1/24		85,000		88,613
Oasis Petroleum 144A 6.875% 3/15/22 #		80,000		87,000
ONGC Videsh 2.50% 5/7/18		200,000		192,992
Pacific Rubiales Energy 144A 5.375% 1/26/19 #		100,000		104,000
144A 7.25% 12/12/21 #		100,000		110,250
PDC Energy 7.75% 10/15/22		30,000		33,000
Pertamina Persero 144A 4.30% 5/20/23 #		200,000		181,250
Petrobras Global Finance 3.00% 1/15/19		120,000		113,707
4.875% 3/17/20		45,000		45,212
6.25% 3/17/24		45,000		46,474


		Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Energy (continued)
Petrobras International Finance 5.375% 1/27/21			75,000	$	76,224
Petrohawk Energy 7.25% 8/15/18			150,000		159,525
Petroleos de Venezuela 8.50% 11/2/17			100,000		84,000
Petroleos Mexicanos 5.50% 1/21/21			60,000		65,850
144A 6.375% 1/23/45 #			25,000		27,031
6.50% 6/2/41			15,000		16,500
Plains All American Pipeline 8.75% 5/1/19			130,000		166,324
Pride International 6.875% 8/15/20			240,000		286,887
Regency Energy Partners 4.50% 11/1/23			110,000		102,850
Samson Investment 144A 10.75% 2/15/20 #			70,000		76,650
SandRidge Energy 8.125% 10/15/22			265,000		290,175
Statoil 2.90% 11/8/20			65,000		65,676
Sunoco Logistics Partners Operations 3.45% 1/15/23			265,000		252,402
Talisman Energy 3.75% 2/1/21			50,000		49,791
5.50% 5/15/42			220,000		218,706
TransCanada PipeLines 6.35% 5/15/67 —			245,000		254,433
Williams Partners 4.50% 11/15/23			115,000		117,890
7.25% 2/1/17			120,000		138,222

					7,142,702

Financials – 1.16%
Comcel Trust 144A 6.875% 2/6/24 #			200,000		209,750
E*TRADE Financial 6.375% 11/15/19			55,000		60,087
General Electric Capital 4.375% 9/16/20			135,000		146,835
6.00% 8/7/19			165,000		193,929
7.125% 12/29/49 —			300,000		342,541
General Electric Capital European Funding 2.25% 7/20/20	EUR		43,000		60,856
Hyundai Capital America 144A 2.125% 10/2/17 #			80,000		80,650
International Lease Finance 5.875% 4/1/19			30,000		32,925


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Financials (continued)
International Lease Finance 6.25% 5/15/19		72,000	$	79,740
8.25% 12/15/20		125,000		151,499
8.75% 3/15/17		30,000		35,325
National Retail Properties 3.80% 10/15/22		15,000		14,828
Nuveen Investments 144A 9.50% 10/15/20 #		105,000		112,350
Trust F 144A 5.25% 12/15/24 #		200,000		200,000
Woodside Finance 144A 8.75% 3/1/19 #		15,000		19,063

				1,740,378

Insurance – 1.30%
Allstate 5.75% 8/15/53 —		100,000		105,187
American International Group 6.40% 12/15/20		155,000		184,931
Berkshire Hathaway Finance 2.90% 10/15/20		100,000		101,511
Chubb 6.375% 3/29/67 —		105,000		117,075
Five Corners Funding Trust 144A 4.419% 11/15/23 #		200,000		205,352
Highmark 144A 4.75% 5/15/21 #		65,000		63,940
144A 6.125% 5/15/41 #		25,000		22,689
Hockey Merger 144A 7.875% 10/1/21 #		80,000		85,800
ING U.S. 5.65% 5/15/53 —		100,000		99,900
Liberty Mutual Group 144A 4.25% 6/15/23 #		100,000		101,677
144A 4.95% 5/1/22 #		35,000		37,526
144A 7.00% 3/15/37 #—		35,000		36,750
MetLife 6.40% 12/15/36		120,000		127,200
Metropolitan Life Global Funding I 144A 3.00% 1/10/23 #		275,000		263,691
Onex USI Aquisition 144A 7.75% 1/15/21 #		15,000		15,713
Prudential Financial 3.875% 1/14/15		25,000		25,649
4.50% 11/15/20		30,000		32,576
5.625% 6/15/43 —		50,000		51,250
5.875% 9/15/42 —		70,000		73,413
6.00% 12/1/17		100,000		115,067
XL Group 6.50% 12/29/49 —		85,000		84,044

				1,950,941

(continues) 77

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Media – 1.49%
CCO Holdings 5.25% 9/30/22		40,000	$	39,650
Cequel Communications Holdings I 144A 6.375% 9/15/20 #		95,000		99,750
Columbus International 144A 7.375% 3/30/21 #		200,000		206,250
Comcast 3.60% 3/1/24		80,000		80,600
4.75% 3/1/44		90,000		91,719
CSC Holdings 6.75% 11/15/21		75,000		84,187
DIRECTV Holdings 4.45% 4/1/24		110,000		110,531
DISH DBS 5.00% 3/15/23		95,000		95,950
5.875% 7/15/22		60,000		64,200
7.875% 9/1/19		38,000		45,030
Gray Television 7.50% 10/1/20		80,000		87,200
Myriad International Holdings 144A 6.375% 7/28/17 #		100,000		111,250
Netflix 144A 5.75% 3/1/24 #		130,000		135,200
Nielsen Finance 4.50% 10/1/20		45,000		45,563
Nielsen Luxembourg 144A 5.50% 10/1/21 #		50,000		52,437
Sinclair Television Group 5.375% 4/1/21		100,000		99,750
6.125% 10/1/22		35,000		35,613
Sirius XM Radio 144A 4.625% 5/15/23 #		95,000		89,775
Time Warner Cable 5.85% 5/1/17		25,000		28,127
8.25% 4/1/19		130,000		162,145
Univision Communications 144A 5.125% 5/15/23 #		135,000		138,713
UPCB Finance III 144A 6.625% 7/1/20 #		150,000		161,250
Viacom 3.875% 4/1/24		95,000		94,962
5.25% 4/1/44		65,000		66,664

				2,226,516

Real Estate – 1.46%
Alexandria Real Estate Equities 3.90% 6/15/23		25,000		24,191
4.60% 4/1/22		155,000		160,423


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Real Estate (continued)
American Tower 5.00% 2/15/24		150,000	$	156,530
American Tower Trust I 144A 3.07% 3/15/23 #		110,000		105,544
CBL & Associates 5.25% 12/1/23		75,000		77,318
Corporate Office Properties 3.60% 5/15/23		85,000		78,729
5.25% 2/15/24		95,000		99,308
CubeSmart 4.375% 12/15/23		40,000		40,388
DDR 4.625% 7/15/22		40,000		41,985
4.75% 4/15/18		75,000		81,386
7.50% 4/1/17		45,000		52,139
7.875% 9/1/20		103,000		128,094
Digital Realty Trust 5.25% 3/15/21		265,000		279,014
Duke Realty 3.625% 4/15/23		145,000		138,055
Prologis 3.35% 2/1/21		60,000		59,448
Regency Centers 4.80% 4/15/21		95,000		101,787
UDR 4.625% 1/10/22		185,000		196,274
WEA Finance 144A 4.625% 5/10/21 #		150,000		164,385
Weingarten Realty Investors 3.50% 4/15/23		135,000		127,669
WP Carey 4.60% 4/1/24		70,000		70,111

				2,182,778

Services – 0.56%
Ameristar Casinos 7.50% 4/15/21		55,000		59,813
Avis Budget Car Rental 5.50% 4/1/23		96,000		97,200
H&E Equipment Services 7.00% 9/1/22		55,000		60,775
Korea Expressway 144A 1.875% 10/22/17 #		200,000		200,807
MGM Resorts International 11.375% 3/1/18		75,000		97,313
PHH 7.375% 9/1/19		40,000		44,400
Pinnacle Entertainment 8.75% 5/15/20		20,000		21,975
Standard Pacific 10.75% 9/15/16		42,000		50,610
United Rentals North America 5.75% 11/15/24		110,000		110,963
Wynn Las Vegas 144A 4.25% 5/30/23 #		50,000		48,375


	Principal Amount°			Value (U.S. $)
Corporate Bonds (continued)
Services (continued)
Wynn Las Vegas 5.375% 3/15/22		50,000		$	52,438

					844,669

Technology – 1.85%
Activision Blizzard 144A 6.125% 9/15/23 #		100,000			109,125
Avaya 144A 7.00% 4/1/19 #		40,000			39,900
Baidu 3.25% 8/6/18		200,000			204,714
BMC Software Finance 144A 8.125% 7/15/21 #		185,000			195,637
Broadridge Financial Solutions 3.95% 9/1/20		75,000			76,310
eBay 4.00% 7/15/42		55,000			48,841
EMC 2.65% 6/1/20		350,000			348,878
Equinix 4.875% 4/1/20		45,000			46,237
5.375% 4/1/23		100,000			102,500
Fidelity National Information Services 3.50% 4/15/23		140,000			133,309
First Data 11.25% 1/15/21		145,000			166,206
11.75% 8/15/21		60,000			63,300
Freescale Semiconductor 144A 6.00% 1/15/22 #		50,000			53,187
Google 3.375% 2/25/24		85,000			85,323
International Business Machines 3.625% 2/12/24		135,000			136,399
Jabil Circuit 7.75% 7/15/16		9,000			10,260
Microsoft 2.125% 11/15/22		35,000	��		32,463
National Semiconductor 6.60% 6/15/17		170,000			197,658
NCR Escrow 144A 6.375% 12/15/23 #		105,000			112,087
NetApp 2.00% 12/15/17		55,000			55,621
3.25% 12/15/22		115,000			107,506
Seagate HDD Cayman 144A 3.75% 11/15/18 #		40,000			41,300
144A 4.75% 6/1/23 #		60,000			59,550
SunGard Availability Services Capital 144A 8.75% 4/1/22 #		45,000			45,281
Thermo Fisher Scientific 2.40% 2/1/19		110,000			109,664
4.15% 2/1/24		75,000			77,318
Total System Services 2.375% 6/1/18		15,000			14,805


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Technology (continued)
Total System Services 3.75% 6/1/23		45,000	$	42,814
VeriSign 4.625% 5/1/23		55,000		53,075
Xerox 6.35% 5/15/18		5,000		5,783

				2,775,051

Telecommunications – 3.54%
AT&T 2.30% 3/11/19		90,000		89,639
3.90% 3/11/24		135,000		134,893
CC Holdings 3.849% 4/15/23		50,000		48,730
CenturyLink 5.80% 3/15/22		165,000		169,537
6.75% 12/1/23		80,000		85,300
Cisco Systems 2.90% 3/4/21		110,000		110,113
3.625% 3/4/24		65,000		65,678
Columbus International 144A 11.50% 11/20/14 #		120,000		128,250
Crown Castle Towers 144A 4.883% 8/15/20 #		360,000		390,883
Digicel 144A 8.25% 9/1/17 #		110,000		114,950
Digicel Group 144A 8.25% 9/30/20 #		200,000		214,500
DigitalGlobe 5.25% 2/1/21		20,000		19,850
Hughes Satellite Systems 7.625% 6/15/21		35,000		39,637
Intelsat Jackson Holdings 144A 5.50% 8/1/23 #		80,000		78,700
Intelsat Luxembourg 144A 7.75% 6/1/21 #		85,000		89,781
144A 8.125% 6/1/23 #		165,000		175,519
Interpublic Group 3.75% 2/15/23		60,000		58,452
4.20% 4/15/24		50,000		49,906
Juniper Networks 4.50% 3/15/24		100,000		101,443
Lamar Media 5.00% 5/1/23		70,000		70,350
Level 3 Financing 144A 6.125% 1/15/21 #		50,000		52,875
7.00% 6/1/20		65,000		70,769
MDC Partners 144A 6.75% 4/1/20 #		75,000		79,313
MetroPCS Wireless 6.625% 11/15/20		30,000		32,137
Millicom International Cellular 144A 6.625% 10/15/21 #		200,000		212,500

(continues) 79

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Telecommunications (continued)
MTS International Funding 144A 8.625% 6/22/20 #		100,000	$	114,500
Rogers Communications 5.00% 3/15/44		95,000		96,016
SBA Tower Trust 144A 2.24% 4/16/18 #		55,000		54,064
SES 144A 3.60% 4/4/23 #		235,000		228,388
SES Global Americas Holdings 144A 2.50% 3/25/19 #		15,000		14,926
144A 5.30% 3/25/44 #		150,000		150,874
Sprint 144A 7.125% 6/15/24 #		185,000		194,713
144A 7.25% 9/15/21 #		110,000		120,313
144A 7.875% 9/15/23 #		30,000		33,075
Sprint Capital 6.90% 5/1/19		80,000		88,200
Telefonica Emisiones SAU 4.57% 4/27/23		150,000		153,754
6.421% 6/20/16		80,000		88,631
Telemar Norte Leste 144A 5.50% 10/23/20 #		200,000		199,000
T-Mobile USA 6.125% 1/15/22		80,000		84,100
Verizon Communications 4.15% 3/15/24		85,000		86,531
5.05% 3/15/34		65,000		66,892
5.15% 9/15/23		280,000		306,988
6.40% 9/15/33		45,000		53,584
6.55% 9/15/43		35,000		42,747
Virgin Media Secured Finance 6.50% 1/15/18		200,000		207,500
Windstream 7.50% 4/1/23		25,000		26,375
7.75% 10/1/21		50,000		54,000
Zayo Group 10.125% 7/1/20		140,000		162,925
				5,311,801
Transportation – 0.76%
Air Medical Group Holdings 9.25% 11/1/18		43,000		46,601
Brambles USA 144A 3.95% 4/1/15 #		50,000		51,428
Burlington Northern Santa Fe 3.85% 9/1/23		240,000		243,722
DP World 144A 6.85% 7/2/37 #		100,000		108,650
DP World Sukuk 144A 6.25% 7/2/17 #		100,000		111,130
ERAC USA Finance 144A 5.25% 10/1/20 #		220,000		245,622


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Transportation (continued)
Hunt (J.B.) Transport Services 2.40% 3/15/19		20,000	$	19,855
3.85% 3/15/24		55,000		55,001
Norfolk Southern 4.80% 8/15/43		85,000		87,682
United Parcel Service 5.125% 4/1/19		145,000		164,542
				1,134,233
Utilities – 3.66%
AES 5.50% 3/15/24		185,000		184,075
7.375% 7/1/21		33,000		37,785
AES Gener 144A 8.375% 12/18/73 #·		200,000		212,500
Ameren Illinois 9.75% 11/15/18		235,000		308,161
American Transmission Systems 144A 5.25% 1/15/22 #		205,000		221,278
Calpine 144A 6.00% 1/15/22 #		125,000		131,875
CenterPoint Energy 5.95% 2/1/17		125,000		139,810
Cleveland Electric Illuminating 5.50% 8/15/24		80,000		90,465
CMS Energy 6.25% 2/1/20		95,000		111,577
ComEd Financing III 6.35% 3/15/33		90,000		89,100
Electricite de France 144A 4.60% 1/27/20 #		95,000		103,549
144A 5.25% 1/29/49 #·		310,000		311,240
Enel 144A 8.75% 9/24/73 #·		200,000		224,920
Entergy Arkansas 3.70% 6/1/24		35,000		35,597
Entergy Louisiana 4.05% 9/1/23		215,000		225,121
Exelon Generation 4.25% 6/15/22		180,000		182,866
Great Plains Energy 4.85% 6/1/21		65,000		70,302
5.292% 6/15/22		190,000		211,082
Integrys Energy Group 6.11% 12/1/66 ·		145,000		146,539
Ipalco Enterprises 5.00% 5/1/18		55,000		58,437
LG&E & KU Energy 3.75% 11/15/20		100,000		102,913
4.375% 10/1/21		165,000		173,895


	Principal Amount°		Value (U.S. $)
Corporate Bonds (continued)
Utilities (continued)
MidAmerican Energy Holdings 144A 3.75% 11/15/23 #		125,000	$	124,602
National Rural Utilities Cooperative Finance 4.75% 4/30/43 •		115,000		108,963
NextEra Energy Capital Holdings 3.625% 6/15/23		50,000		48,456
6.35% 10/1/66 •		155,000		152,374
6.65% 6/15/67 •		5,000		5,041
NiSource Finance 6.125% 3/1/22		240,000		276,934
NRG Energy 7.875% 5/15/21		40,000		44,200
NV Energy 6.25% 11/15/20		160,000		187,051
Pennsylvania Electric 5.20% 4/1/20		110,000		120,428
PPL Capital Funding 6.70% 3/30/67 •		75,000		75,425
Public Service New Hampshire 3.50% 11/1/23		70,000		70,286
Public Service Oklahoma 5.15% 12/1/19		310,000		345,194
Puget Energy 6.00% 9/1/21		45,000		51,926
Puget Sound Energy 6.974% 6/1/67 •		176,000		181,436
SCANA 4.125% 2/1/22		115,000		116,112
Wisconsin Energy 6.25% 5/15/67 •		200,000		206,145
				5,487,660
Total Corporate Bonds (cost $49,057,478)				50,739,940

Municipal Bonds – 0.33%
California Statewide Communities Development Authority (Kaiser Permanente) Series A 5.00% 4/1/42		35,000		36,523
Golden State, California Tobacco Securitization Asset-Backed Senior Notes Series A-1 5.125% 6/1/47		80,000		59,381
5.75% 6/1/47		90,000		73,219
New Jersey State Transportation Trust Fund Series A 5.00% 6/15/42		15,000		15,671
Series AA 5.00% 6/15/44		50,000		52,421


	Principal Amount°		Value (U.S. $)
Municipal Bonds (continued)
New York City Transitional Finance Authority (New York City Recovery) Series 13 5.00% 11/1/22		45,000	$	53,309
New York City Water & Sewer System Series BB 5.00% 6/15/47		15,000		15,839
New York City, New York Series I 5.00% 8/1/22		35,000		40,819
New York State Thruway Authority Series A 5.00% 5/1/19		45,000		52,143
State of Maryland Local Facilities Series A 5.00% 8/1/21		45,000		54,038
Texas Private Activity Bond Surface Transportation Senior Lien Revenue Bond (NTE Mobility) Series AMT 6.75% 6/30/43		35,000		39,052
Total Municipal Bonds (cost $475,988)				492,415

Non-Agency Asset-Backed Securities – 0.73%
AEP Texas Central Transition Funding II Series 2006-A A4 5.17% 1/1/18		100,000		110,013
AEP Texas Central Transition Funding III Series 2012-1 A2 1.976% 6/1/21		100,000		98,963
Ally Master Owner Trust Series 2013-2 A 0.605% 4/15/18 •		105,000		105,216
Avis Budget Rental Car Funding AESOP Series 2013-1A A 144A 1.92% 9/20/19 #		100,000		98,965
California Republic Auto Receivables Trust Series 2013-1 A2 144A 1.41% 9/17/18 #		85,668		86,160
Capital One Multi-Asset Execution Trust Series 2007-A7 A7 5.75% 7/15/20		100,000		114,194
Chase Issuance Trust Series 2014-A2 A 2.77% 3/15/23		125,000		124,913

(continues) 81

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund


	Principal Amount°		Value (U.S. $)
Non-Agency Asset-Backed Securities (continued)
FRS I Series 2013-1A A1 144A 1.80% 4/15/43 #		85,495	$	84,955
Great America Leasing Receivables Series 2013-1 B 144A 1.44% 5/15/18 #		100,000		99,566
Trafigura Securitisation Finance Series 2012-1A A 144A 2.555% 10/15/15 #—		170,000		171,939

Total Non-Agency Asset-Backed Securities (cost $1,095,023)				1,094,884


Non-Agency Collateralized Mortgage Obligations – 0.20%
Bank of America Alternative Loan Trust Series 2005-3 2A1 5.50% 4/25/20		2,724		2,817
Series 2005-6 7A1 5.50% 7/25/20		2,041		2,082
ChaseFlex Trust Series 2006-1 A4 5.246% 6/25/36 —		100,000		87,638
Credit Suisse First Boston Mortgage Securities Series 2005-5 6A3 5.00% 7/25/35		64,415		64,548
JPMorgan Mortgage Trust Series 2006-S1 1A1 6.00% 4/25/36		67,307		67,300
Structured Asset Securities Corporation Mortgage Pass Through Certificates Series 2004-20 2A1 5.50% 11/25/34 ¿		40,260		41,578
Wells Fargo Mortgage-Backed Securities Trust Series 2006-2 3A1 5.75% 3/25/36		21,551		22,044
Series 2006-AR5 2A1 2.615% 4/25/36 —		14,169		13,683

Total Non-Agency Collateralized Mortgage Obligations (cost $255,470)				301,690


Senior Secured Loans – 6.69%«
Activision Blizzard Tranche B 1st Lien 3.25% 10/11/20		220,350		220,659


	Principal Amount°		Value (U.S. $)
Senior Secured Loans« (continued)
Allegion U.S. Holding Tranche B 3.00% 9/27/20		264,338	$	264,833
Aramark Tranche E 3.25% 9/7/19		125,000		124,180
Azure Midstream Tranche B 6.50% 11/15/18		148,125		150,995
BJ’s Wholesale Club Tranche B 1st Lien 4.50% 9/26/19		244,074		245,309
Burlington Coat Factory Warehouse Tranche B2 4.25% 2/23/17		230,279		231,682
Calpine Construction Finance Tranche B 3.00% 5/3/20		287,825		283,456
Chrysler Group Tranche B 1st Lien 3.50% 5/24/17		14,847		14,875
Clear Channel Communications Tranche B 3.88% 1/29/16		425,000		420,388
Community Health Systems Tranche D 4.25% 1/27/21		174,546		176,236
Community Health Systems Tranche E 3.48% 1/25/17		44,904		45,272
Davita Tranche B 4.50% 10/20/16		68,582		68,739
Delta Air Lines Tranche B 1st Lien 3.50% 4/20/17		77,971		78,243
Drillships Financing Holdings Tranche B1 6.00% 3/31/21		84,575		86,496
Emdeon 1st Lien 3.75% 11/2/18		131,511		131,771
First Data Corp Tranche B 1st Lien 4.23% 3/24/21		292,556		293,501
Gray Television 4.75% 10/12/19		25,784		25,964
HCA Tranche B4 2.98% 5/1/18		313,425		313,817
HCA Tranche B5 1st Lien 2.98% 3/31/17		237,805		238,028
Hilton Worldwide Finance Tranche B2 3.75% 10/25/20		522,000		523,566
Houghton International 1st Lien 4.00% 12/20/19		350,563		351,658
Huntsman International Tranche B 3.75% 10/15/20		350,000		351,444
IASIS Healthcare Tranche B 1st Lien 4.50% 5/3/18		88,202		88,656
Immucor Tranche B2 5.00% 8/17/18		293,859		295,696


	Principal Amount°		Value (U.S. $)
Senior Secured Loans« (continued)
Intelsat Jackson Holdings Tranche B2 3.75% 6/30/19		273,448	$	274,472
KIK Custom Products 1st Lien 5.50% 4/29/19		750,000		750,000
Landry’s Tranche B 4.75% 4/24/18		84,844		85,491
Level 3 Financing Tranche B 4.00% 1/15/20		125,000		125,391
Moxie Liberty Tranche B 7.50% 8/21/20		10,000		10,275
MultiPlan Tranche B 4.00% 8/18/17		31,017		31,133
NEP 4.25% 1/22/20		90,000		90,488
Novelis Tranche B 3.75% 3/10/17		92,803		92,966
Nuveen Investments 1st Lien 4.23% 5/13/17		115,000		115,485
Nuveen Investments 2nd Lien 6.50% 2/28/19		470,000		472,174
OSI Restaurants Tranche B 1st Lien 3.50% 10/26/19		219,725		219,656
Patheon 4.25% 3/11/21		55,000		54,805
Ply Gem Industries 1st Lien 4.00% 1/30/21		230,000		230,575
Remy International Tranche B 1st Lien 4.25% 3/5/20		61,401		61,555
Samson Investment 2nd Lien 5.00% 9/25/18		120,000		121,245
Scientific Games International 4.25% 10/18/20		144,638		145,014
Sensus USA 2nd Lien 8.50% 5/9/18		85,000		85,584
Smart & Final Tranche B 1st Lien 4.50% 11/15/19		45,425		45,558
Sprouts Farmers 4.00% 4/23/20		109,822		109,994
SunGard Availability Services Capital Tranche B 1st Lien 6.00% 3/31/19		315,000		316,280
Truven Health Analytics Tranche B 4.50% 6/6/19		19,701		19,553
Univision Communications Tranche C4 4.00% 3/1/20		323,254		323,557
USI Insurance Services Tranche B 1st Lien 4.25% 12/30/19		88,878		89,323
Valeant Pharmaceuticals International Tranche BE 3.75% 8/5/20		228,503		229,871
Visant 5.25% 12/22/16		64,241		63,866


		Principal Amount°		Value (U.S. $)
Senior Secured Loans« (continued)
Wide Open West Finance 4.75% 4/1/19			430,650	$	432,342
Zayo Group Tranche B 1st Lien 4.00% 7/2/19			402,253		403,049

Total Senior Secured Loans (cost $9,939,914)					10,025,166


Sovereign Bonds – 1.00%D
Brazil – 0.08%
Brazil Notas do Tesouro Nacional Serie F 10.00% 1/1/17	BRL		277,000		115,856

					115,856


Gabon – 0.14%
Gabonese Republic 144A 6.375% 12/12/24 #			200,000		212,500

					212,500


Germany – 0.06%
Bundesrepublik Deutschland 1.50% 2/15/23	EUR		59,700		83,010

					83,010


Hungary – 0.04%
Hungary Government International Bond 4.00% 3/25/19			66,000		65,703

					65,703


Iceland – 0.07%
Republic of Iceland 144A 5.875% 5/11/22 #			100,000		108,551

					108,551


Indonesia – 0.15%
Perusahaan Penerbit Indonesia 144A 6.125% 3/15/19 #			200,000		219,500

					219,500


Mexico – 0.01%
Mexican Bonos 6.50% 6/10/21	MXN		101,000		8,107

					8,107


Norway – 0.06%
Norway Government Bond 4.25% 5/19/17	NOK		136,000		24,461
5.00% 5/15/15	NOK		350,000		60,756

					85,217

(continues) 83

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund


		Principal Amount°		Value (U.S. $)
Sovereign BondsD (continued)
Panama – 0.05%
Panama Government International Bond 8.875% 9/30/27			57,000	$	79,230

					79,230

Poland – 0.05%
Poland Government Bond 4.00% 10/25/23	PLN		72,000		23,400
5.75% 10/25/21	PLN		161,000		59,047

					82,447

Republic of Korea – 0.06%
Korea Treasury Inflation Linked Bond 1.125% 6/10/23	KRW		101,184,124		90,831

					90,831

Romania – 0.04%
Romanian Government International Bond 144A 4.875% 1/22/24 #			62,000		62,930

					62,930

Slovenia – 0.14%
Slovenia Government International Bond 144A 5.25% 2/18/24 #			200,000		207,964

					207,964

Sweden – 0.05%
Sweden Government Bond 1.50% 11/13/23	SEK		165,000		24,121
4.25% 3/12/19	SEK		155,000		27,173
5.00% 12/1/20	SEK		150,000		27,930

					79,224

Total Sovereign Bonds (cost $1,440,623)					1,501,070


Supranational Banks – 0.13%
European Investment Bank 3.25% 1/29/24			180,000		182,314
International Bank for Reconstruction & Development 2.865% 9/24/18 —	AUD		18,000		16,702

Total Supranational Banks (cost $196,219)					199,016


U.S. Treasury Obligations – 3.15%
U.S. Treasury Bonds 3.625% 2/15/44			1,970,000		1,993,086


		Principal Amount°		Value (U.S. $)
U.S. Treasury Obligations (continued)
U.S. Treasury Bonds 3.75% 11/15/43			1,185,000	$	1,227,031
U.S. Treasury Notes 1.50% 2/28/19			95,000		94,057
2.75% 2/15/24 ¥			1,400,000		1,403,172

Total U.S. Treasury Obligations (cost $4,713,713)					4,717,346


		Number of Shares
Preferred Stock – 0.37%
Alabama Power 5.625%			2,305		55,873
Integrys Energy Group 6.00% —			3,500		88,235
National Retail Properties 5.70%			2,120		44,393
Public Storage 5.20%			2,050		43,091
U.S. Bancorp 3.50% —			400		326,548

Total Preferred Stock (cost $529,877)					558,140


Right – 0.00%
Banco Bilbao Vizcaya Argentaria †	EUR		3,950		925

Total Right (cost $929)					925


		Number of Contracts
Option Purchased – 0.00%
Currency Call Option – 0.00%
USD vs CAD strike price CAD 1.144, expiration date 5/13/14			140,785		172

Total Option Purchased (cost $662)					172


		Principal Amount°
Short-Term Investments – 4.66%
Discount Note – 0.92%≠
Federal Home Loan Bank 0.05% 4/23/14			1,384,854		1,384,838

					1,384,838


	Principal Amount°		Value (U.S. $)
Short-Term Investments (continued)
Repurchase Agreements – 0.18%
Bank of America Merrill Lynch 0.02%, dated 3/31/14, to be repurchased on 4/1/14, repurchase price $156,689 (collateralized by U.S. government obligations 0.00% - 1.00% 2/28/17 - 11/15/27; market value $159,823)		156,689	$	156,689
Bank of Montreal 0.04%, dated 3/31/14, to be repurchased on 4/1/14, repurchase price $52,230 (collateralized by U.S. government obligations 1.25% - 2.125% 10/31/18 - 1/31/21; market value $53,274)		52,230		52,230
BNP Paribas 0.05%, dated 3/31/14, to be repurchased on 4/1/14, repurchase price $53,081 (collateralized by U.S. government obligations 0.50% 6/15/16; market value $54,143)		53,081		53,081

				262,000

U.S. Treasury Obligations – 3.56%≠
U.S. Treasury Bills 0.02% 4/17/14		678,835		678,829
0.056% 4/24/14		3,427,971		3,427,913
0.093% 11/13/14		1,227,042		1,226,561

				5,333,303

Total Short-Term Investments (cost $6,979,819)				6,980,141


Total Value of Securities – 103.88% (cost $135,012,568)			$	155,670,298

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2014, the aggregate value of Rule 144A securities was $18,567,832, which represents 12.39% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”

¿	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.

T	100% of the income received was in the form of additional cash.

=	Security is being fair valued in accordance with the Fund’s fair valuation policy. At March 31, 2014, the aggregate value of fair valued securities was $178,380, which represents 0.12% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”

≠	The rate shown is the effective yield at the time of purchase.

°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

†	Non income producing security.

—	Variable rate security. The rate shown is the rate as of March 31, 2014. Interest rates reset periodically.

¥	Fully or partially pledged as collateral for futures contracts.

D	Securities have been classified by country of origin.

S	Interest only security. An interest only security is the interest only portion of a fixed income security which is separated and sold individually from the principal portion of the security.

X	Emerging Markets – developing countries with relatively low per capita income, often with above-average economic growth potential but with more risk.

§	Developed Markets – countries that are thought to be most developed and therefore less risky than emerging markets.

f	Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at March 31, 2014.

(continues) 85

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at March 31, 2014:¹

Foreign Currency Exchange Contracts


Counter- party	Contracts to Receive (Deliver)		In Exchange For		Settlement Date		Unrealized Appreciation (Depreciation)
BAML	CAD	132,541	USD	(119,503)		4/25/14	$	336
BAML	EUR	(51,083)	USD	71,104		4/25/14		734
BAML	GBP	169,595	USD	(281,721)		4/25/14		974
BAML	NOK	(150,804)	USD	25,334		4/25/14		172
BAML	NZD	(77,316)	USD	66,040		4/24/14		(926	)
BCLY	MXN	118,502	USD	(8,948)		4/25/14		112
BNP	AUD	(101,526)	USD	91,907		4/24/14		(2,084	)
BNYM	CHF	(18,289)	USD	20,608		4/1/14		(82	)
BNYM	CHF	(2,521)	USD	2,840		4/2/14		(11	)
BNYM	JPY	(158,784)	USD	1,536		4/1/14		(3	)
GSC	GBP	(27,116)	USD	45,170		4/25/14		(29	)
JPMC	AUD	(95,613)	USD	86,650		4/24/14		(1,866	)
JPMC	GBP	(85,479)	USD	141,190		4/25/14		(1,295	)
JPMC	KRW	(72,650,800)	USD	67,911		4/25/14		(227	)
JPMC	PLN	(137,330)	USD	45,250		4/25/14		(92	)
MSC	IDR	362,558,110	USD	(31,706)		4/25/14		151
MSC	TRY	521	USD	(236)		4/25/14		6
TD	CAD	(125,101)	USD	111,986		4/25/14		(1,126	)
TD	EUR	(140,785)	USD	194,105		4/25/14		162
TD	JPY	(1,221,492)	USD	12,194		4/25/14		357
UBS	CAD	(101,794)	USD	91,838		4/25/14		(201	)

							$	(4,938	)

Futures Contracts


Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(8)	E-mini MSCI EAFE Index	$	(735,577	)	$	(758,000	)		6/23/14	$	(22,423	)
(16)	E-mini MSCI Emerging Markets Index		(740,960	)		(788,880	)		6/23/14		(47,920	)
(15)	E-mini S&P 500 Index		(1,385,835	)		(1,398,450	)		6/23/14		(12,615	)
(8)	U.S. Treasury 5 yr Note		(950,602	)		(951,625	)		7/1/14		(1,023	)
4	U.S. Treasury Long Bond		531,557			532,875			6/19/14		1,318

		$	(3,281,417	)						$	(82,663	)

Swap Contracts

CDS Contracts²

Counter-

party

Swap
Referenced
Obligation

Notional
Value

Annual
Protection
Payments

Termination
Date

Unrealized
Appreciation
(Depreciation)

Protection

Purchased:

JPMC-ICE

CDX.NA.HY.21

450,000

5.00%

12/20/18

(2,540

)

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

¹See Note 7 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 unrealized 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 as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon credit event (as defined in the CDS agreement) or the maturity or termination of the agreement.

Summary of abbreviations:

ADR – American Depositary Receipt

AMT – Subject to Alternative Minimum Tax

ARM – Adjustable Rate Mortgage

AUD – Australian Dollar

BAML – Bank of America Merrill Lynch

BCLY – Barclays Bank

BNP – Banque Paribas

BNYM – Bank of New York Mellon

BRL – Brazilian Real

CAD – Canadian Dollar

CDS – Credit Default Swap

CDX.NA.HY – Credit Default Swap Index North America High Yield

CHF – Swiss Franc

CVA – Dutch Certificate

DB – Deutsche Bank

ETF – Exchange-Traded Fund

EUR – European Monetary Unit

GBP – British Pound Sterling

GDR – Global Depositary Receipt

GNMA – Government National Mortgage Association collateral

GSC – Goldman Sachs Capital

HSBC – Hong Kong Shanghai Bank

ICE – IntercontinentalExchange, Inc.

IDR – Indonesian Rupiah

JPMC – JPMorgan Chase Bank

JPY – Japanese Yen

KRW – South Korean Won

MSC – Morgan Stanley Capital

MXN – Mexican Peso

NCUA – National Credit Union Administration

NOK – Norwegian Krone

NVDR – Non-Voting Depositary Receipt

NZD – New Zealand Dollar

PIK – Pay-in-kind

PLN – Polish Zloty

REIT – Real Estate Investment Trust

REMIC – Real Estate Mortgage Investment Conduit

SEK – Swedish Krona

S.F. – Single Family

TBA – To be announced

TD – Toronto Dominion Bank

TRY – Turkish Lira

UBS – Union Bank of Switzerland

USD – United States Dollar

yr – Year

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

Statements of assets and liabilities

Delaware Foundation Funds^®

March 31, 2014 (Unaudited)


	Delaware Foundation^® Growth Allocation Fund		Delaware Foundation Moderate Allocation Fund		Delaware Foundation Conservative Allocation Fund
Assets:
Investments, at value¹	$	91,707,986	$	329,044,528	$	148,690,157
Short-term investments, at value²		1,146,716		12,439,214		6,980,141
Cash collateral for futures contracts		159,000		—		—
Foreign currencies, at value³		67,196		276,686		308,704
Cash		37,916		284,189		177,615
Receivable for securities sold		786,466		6,345,760		3,914,563
Dividends and interest receivable		363,267		1,812,927		1,018,335
Receivable for fund shares sold		120,713		108,801		143,926
Unrealized gain on foreign currency exchange contracts		742		3,186		3,004

Total assets		94,390,002		350,315,291		161,236,445

Liabilities:
Payable for securities purchased		1,895,015		15,124,698		10,849,902
Variation margin payable on futures contracts		20,275		62,447		21,680
Payable for fund shares redeemed		1,841		173,533		226,084
Annual protection payments on credit default swap contracts		142		1,083		750
Income distributions payable		—		3,902		221
Other accrued expenses		70,313		43,853		95,352
Other affiliates payable		25,943		156,262		42,181
Investment management fees payable		22,191		166,119		62,452
Distribution fees payable to affiliates		21,904		73,651		44,054
Trustees’ fees and expenses payable		264		942		432
Unrealized loss on foreign currency exchange contracts		1,651		12,137		7,942
Unrealized loss on credit default swap contracts⁴		6,760		51,695		35,789

Total liabilities		2,066,299		15,870,322		11,386,839

Total Net Assets	$	92,323,703	$	334,444,969	$	149,849,606


Net Assets Consist of:
Paid-in capital	$	66,012,192	$	256,362,520	$	128,233,104
Undistributed (distributions in excess of) net investment income		269,667		402,777		(365,892	)
Undistributed net realized gain		2,511,359		7,488,600		1,438,399
Net unrealized appreciation of investments and derivatives		23,530,485		70,191,072		20,543,995

Total Net Assets	$	92,323,703	$	334,444,969	$	149,849,606


¹Investments, at cost	$	68,078,225	$	258,568,934	$	128,032,749
²Short-term investments, at cost		1,146,668		12,438,903		6,979,819
³Foreign currencies, at cost		66,292		276,359		312,964
⁴Including upfront payments received		6,280		48,026		33,249


	Delaware Foundation^® Growth Allocation Fund			Delaware Foundation Moderate Allocation Fund			Delaware Foundation Conservative Allocation Fund

Net Asset Value

Class A:
Net assets	$	39,065,521		$	202,377,428		$	52,875,703
Shares of beneficial interest outstanding, unlimited authorization, no par		3,436,345			16,163,604			4,913,387
Net asset value per share	$	11.37		$	12.52		$	10.76
Sales charge		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 – sales charge)	$	12.06		$	13.28		$	11.42

Class B:
Net assets	$	772,363		$	901,685		$	155,885
Shares of beneficial interest outstanding, unlimited authorization, no par		69,454			72,016			14,370
Net asset value per share	$	11.12		$	12.52		$	10.85

Class C:
Net assets	$	8,586,753		$	27,083,464		$	35,393,876
Shares of beneficial interest outstanding, unlimited authorization, no par		773,059			2,162,444			3,281,488
Net asset value per share	$	11.11		$	12.52		$	10.79

Class R:
Net assets	$	15,098,664		$	24,295,179		$	7,106,270
Shares of beneficial interest outstanding, unlimited authorization, no par		1,336,255			1,946,003			660,444
Net asset value per share	$	11.30		$	12.48		$	10.76

Institutional Class:
Net assets	$	28,800,402		$	79,787,213		$	54,317,872
Shares of beneficial interest outstanding, unlimited authorization, no par		2,519,835			6,369,547			5,039,291
Net asset value per share	$	11.43		$	12.53		$	10.78

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

Statements of operations

Delaware Foundation Funds^®

Six Months Ended March 31, 2014 (Unaudited)


	Delaware Foundation^® Growth Allocation Fund			Delaware Foundation Moderate Allocation Fund			Delaware Foundation Conservative Allocation Fund
Investment Income:
Dividends	$	816,004		$	2,183,278		$	686,279
Interest		352,939			2,557,095			1,685,929
Foreign tax withheld		(25,520	)		(66,251	)		(20,548	)

		1,143,423			4,674,122			2,351,660

Expenses:
Management fees		312,723			1,092,885			497,826
Distribution expenses - Class A		53,932			247,725			83,226
Distribution expenses - Class B		5,114			5,658			1,130
Distribution expenses - Class C		40,846			127,120			166,191
Distribution expenses - Class R		37,591			59,859			16,791
Dividend disbursing and transfer agent fees and expenses		105,065			197,900			148,668
Registration fees		34,383			35,401			39,578
Audit and tax		30,623			30,646			18,999
Custodian fees		27,089			44,047			29,225
Accounting and administration expenses		17,508			61,134			27,832
Reports and statements to shareholders		11,168			31,706			19,363
Legal fees		10,622			36,679			14,512
Trustees’ fees and expenses		2,541			8,824			3,998
Other		25,505			31,350			28,128

		714,710			2,010,934			1,095,467
Less expenses waived		(143,908	)		(56,966	)		(153,971	)
Less waived distribution expenses - Class B		(3,836	)		(4,244	)		(847	)
Less expense paid indirectly		(93	)		(18	)		(46	)

Total operating expenses		566,873			1,949,706			940,603

Net Investment Income		576,550			2,724,416			1,411,057

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		3,908,449			10,741,419			3,096,827
Foreign currencies		(32,137	)		(302,541	)		(126,996	)
Foreign currency exchange contracts		(38,316	)		(157,592	)		(97,478	)
Futures contracts		79,665			467,714			349,820
Swap contracts		1,610			3,690			2,143

Net realized gain		3,919,271			10,752,690			3,224,316

Net change in unrealized appreciation (depreciation) of:
Investments		1,872,455			6,174,442			3,021,072
Foreign currencies		(3,275	)		(7,396	)		(4,524	)
Foreign currency exchange contracts		239			4,364			10,411
Futures contracts		(133,861	)		(490,106	)		(246,312	)
Swap contracts		(1,316	)		(9,929	)		(6,798	)

Net change in unrealized appreciation (depreciation)		1,734,242			5,671,375			2,773,849

Net Realized and Unrealized Gain		5,653,513			16,424,065			5,998,165

Net Increase in Net Assets Resulting from Operations	$	6,230,063		$	19,148,481		$	7,409,222

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

This page intentionally left blank.

Statements of changes in net assets

Delaware Foundation Funds^®


	Delaware Foundation^® Growth Allocation Fund
	Six months ended 3/31/14 (Unaudited)			Year ended 9/30/13
Increase in Net Assets from Operations:
Net investment income	$	576,550		$	1,406,937
Net realized gain		3,919,271			5,854,896
Net change in unrealized appreciation (depreciation)		1,734,242			7,123,380

Net increase in net assets resulting from operations		6,230,063			14,385,213


Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(603,850	)		(601,773	)
Class B		(12,160	)		(22,440	)
Class C		(48,978	)		(46,076	)
Class R		(157,594	)		(145,514	)
Institutional Class		(351,106	)		(602,069	)

Net realized gain:
Class A		(3,111,229	)		(116,203	)
Class B		(62,653	)		(4,333	)
Class C		(552,240	)		(17,915	)
Class R		(996,815	)		(33,953	)
Institutional Class		(1,526,037	)		(99,751	)

		(7,422,662	)		(1,690,027	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		3,508,083			7,747,655
Class B		7,962			24,891
Class C		1,157,824			1,879,286
Class R		837,914			2,475,583
Institutional Class		14,357,863			13,820,089

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		3,683,355			705,594
Class B		74,082			26,269
Class C		587,450			62,171
Class R		1,150,296			178,791
Institutional Class		1,528,053			692,346

		26,892,882			27,612,675


	Delaware Foundation^® Growth Allocation Fund
	Six months ended 3/31/14 (Unaudited)			Year ended 9/30/13
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(16,398,836	)	$	(7,999,329	)
Class B		(422,685	)		(859,169	)
Class C		(738,057	)		(1,673,800	)
Class R		(1,316,033	)		(1,791,189	)
Institutional Class		(12,416,188	)		(30,584,478	)

		(31,291,799	)		(42,907,965	)

Decrease in net assets derived from capital share transactions		(4,398,917	)		(15,295,290	)

Net Decrease in Net Assets		(5,591,516	)		(2,600,104	)
Net Assets:
Beginning of period		97,915,219			100,515,323

End of period	$	92,323,703		$	97,915,219

Undistributed net investment income	$	269,667		$	866,805

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

(continues) 93

Statements of changes in net assets

Delaware Foundation Funds^®


	Delaware Foundation^® Moderate Allocation Fund
	Six months ended 3/31/14 (Unaudited)			Year ended 9/30/13
Increase in Net Assets from Operations:
Net investment income	$	2,724,416		$	6,918,187
Net realized gain		10,752,690			21,274,684
Net change in unrealized appreciation (depreciation)		5,671,375			11,777,357

Net increase in net assets resulting from operations		19,148,481			39,970,228


Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(1,097,962	)		(3,905,529	)
Class B		(4,871	)		(20,718	)
Class C		(95,712	)		(191,284	)
Class R		(113,783	)		(348,933	)
Institutional Class		(482,783	)		(2,333,645	)
Net realized gain:
Class A		(11,302,237	)		—
Class B		(56,210	)		—
Class C		(1,280,965	)		—
Class R		(1,219,067	)		—
Institutional Class		(3,219,383	)		—

		(18,872,973	)		(6,800,109	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		6,068,385			15,204,633
Class B		542			80,339
Class C		5,211,418			8,337,921
Class R		1,610,317			3,085,640
Institutional Class		24,348,321			33,612,374
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		11,173,983			3,359,707
Class B		61,039			20,667
Class C		1,301,892			177,909
Class R		1,332,848			348,933
Institutional Class		1,672,343			1,533,573

		52,781,088			65,761,696


	Delaware Foundation^® Moderate Allocation Fund
	Six months ended 3/31/14 (Unaudited)			Year ended 9/30/13
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(35,581,142	)	$	(30,435,324	)
Class B		(350,142	)		(1,167,703	)
Class C		(2,207,633	)		(3,791,294	)
Class R		(2,219,677	)		(4,684,092	)
Institutional Class		(12,998,113	)		(123,151,298	)

		(53,356,707	)		(163,229,711	)

Decrease in net assets derived from capital share transactions		(575,619	)		(97,468,015	)

Net Decrease in Net Assets		(300,111	)		(64,297,896	)
Net Assets:
Beginning of period		334,745,080			399,042,976

End of period	$	334,444,969		$	334,745,080

Undistributed (distributions in excess of) net investment income	$	402,777		$	(526,528	)

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

(continues) 95

Statements of changes in net assets

Delaware Foundation Funds^®


	Delaware Foundation^® Conservative Allocation Fund
	Six months ended 3/31/14 (Unaudited)			Year ended 9/30/13
Increase in Net Assets from Operations:
Net investment income	$	1,411,057		$	2,765,688
Net realized gain		3,224,316			1,995,739
Net change in unrealized appreciation (depreciation)		2,773,849			4,188,491

Net increase in net assets resulting from operations		7,409,222			8,949,918

Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(726,511	)		(1,450,356	)
Class B		(1,959	)		(6,825	)
Class C		(229,219	)		(300,443	)
Class R		(69,043	)		(83,103	)
Institutional Class		(545,902	)		(826,278	)
Net realized gain:
Class A		(1,716,124	)		(519,107	)
Class B		(4,304	)		(3,069	)
Class C		(658,350	)		(162,768	)
Class R		(146,792	)		(31,406	)
Institutional Class		(592,650	)		(304,669	)

		(4,690,854	)		(3,688,024	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		9,675,117			21,419,187
Class B		3,265			56,413
Class C		6,990,951			13,308,967
Class R		2,079,751			2,517,318
Institutional Class		36,000,445			13,810,860
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		2,387,079			1,935,029
Class B		6,262			9,575
Class C		841,142			428,577
Class R		215,835			114,378
Institutional Class		1,066,301			1,086,677

		59,266,148			54,686,981


	Delaware Foundation^® Conservative Allocation Fund
	Six months ended 3/31/14 (Unaudited)			Year ended 9/30/13
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(41,757,788	)	$	(20,359,289	)
Class B		(113,867	)		(328,403	)
Class C		(4,175,402	)		(7,452,155	)
Class R		(926,954	)		(1,458,282	)
Institutional Class		(14,463,445	)		(31,768,360	)

		(61,437,456	)		(61,366,489	)

Decrease in net assets derived from capital share transactions		(2,171,308	)		(6,679,508	)

Net Increase (Decrease) in Net Assets		547,060			(1,417,614	)
Net Assets:
Beginning of period		149,302,546			150,720,160

End of period	$	149,849,606		$	149,302,546

Distributions in excess of net investment income	$	(365,892	)	$	(204,315	)

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

Financial highlights

Delaware Foundation^® Growth Allocation Fund Class A

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


	Six months ended 3/31/14¹			Year ended
	Six months ended 3/31/14¹			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09
	(Unaudited)
Net asset value, beginning of period	$	11.550		$	10.220		$	8.970		$	9.390		$	8.670		$	8.340

Income (loss) from investment operations:
Net investment income²		0.070			0.148			0.143			0.158			0.158			0.191
Net realized and unrealized gain (loss)		0.679			1.355			1.506			(0.426	)		0.745			0.385

Total from investment operations		0.749			1.503			1.649			(0.268	)		0.903			0.576


Less dividends and distributions from:
Net investment income		(0.151	)		(0.145	)		(0.148	)		(0.152	)		(0.183	)		—
Net realized gain		(0.778	)		(0.028	)		(0.251	)		—			—			(0.246	)

Total dividends and distributions		(0.929	)		(0.173	)		(0.399	)		(0.152	)		(0.183	)		(0.246	)


Net asset value, end of period	$	11.370		$	11.550		$	10.220		$	8.970		$	9.390		$	8.670


Total return³		6.68%			14.92%			18.87%			(3.00%)			10.53%			7.85%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	39,066		$	49,046		$	42,992		$	38,595		$	37,248		$	30,085
Ratio of expenses to average net assets		1.15%			1.15%			1.15%			1.15%			1.12%			1.11%
Ratio of expenses to average net assets prior to fees waived		1.45%			1.52%			1.53%			1.54%			1.66%			1.79%
Ratio of net investment income to average net assets		1.23%			1.37%			1.47%			1.58%			1.77%			2.65%
Ratio of net investment income to average net assets prior to fees waived		0.93%			1.00%			1.09%			1.19%			1.23%			1.97%
Portfolio turnover		36%			104%			109%			110%			98%			94%

¹	Ratios have been annualized and portfolio turnover and total return have not been annualized.

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

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

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

Delaware Foundation^® Growth Allocation Fund Class B

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


	Six months ended 3/31/14¹			Year ended
	Six months ended 3/31/14¹			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09
	(Unaudited)
Net asset value, beginning of period	$	11.320		$	10.020		$	8.800		$	9.170		$	8.480		$	8.230

Income (loss) from investment operations:
Net investment income²		0.069			0.144			0.140			0.135			0.089			0.138
Net realized and unrealized gain (loss)		0.660			1.329			1.479			(0.419	)		0.728			0.358

Total from investment operations		0.729			1.473			1.619			(0.284	)		0.817			0.496


Less dividends and distributions from:
Net investment income		(0.151	)		(0.145	)		(0.148	)		(0.086	)		(0.127	)		—
Net realized gain		(0.778	)		(0.028	)		(0.251	)		—			—			(0.246	)

Total dividends and distributions		(0.929	)		(0.173	)		(0.399	)		(0.086	)		(0.127	)		(0.246	)


Net asset value, end of period	$	11.120		$	11.320		$	10.020		$	8.800		$	9.170		$	8.480


Total return³		6.64%			14.92%			18.89%			(3.18%)			9.71%			7.09%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	772		$	1,121		$	1,743		$	2,437		$	3,274		$	3,797
Ratio of expenses to average net assets		1.15%			1.15%			1.15%			1.35%			1.87%			1.86%
Ratio of expenses to average net assets prior to fees waived		2.20%			2.22%			2.23%			2.24%			2.36%			2.49%
Ratio of net investment income to average net assets		1.23%			1.37%			1.47%			1.38%			1.02%			1.90%
Ratio of net investment income to average net assets prior to fees waived		0.18%			0.30%			0.39%			0.49%			0.53%			1.27%
Portfolio turnover		36%			104%			109%			110%			98%			94%

¹	Ratios have been annualized and portfolio turnover and total return have not been annualized.

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

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

(continues) 99

Financial highlights

Delaware Foundation^® Growth Allocation Fund Class C

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


	Six months ended			Year ended
	3/31/14¹ (Unaudited)			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09
Net asset value, beginning of period	$	11.270		$	9.980		$	8.760		$	9.180		$	8.490		$	8.240

Income (loss) from investment operations:
Net investment income²		0.027			0.066			0.068			0.081			0.089			0.138
Net realized and unrealized gain (loss)		0.660			1.324			1.479			(0.415	)		0.728			0.358

Total from investment operations		0.687			1.390			1.547			(0.334	)		0.817			0.496


Less dividends and distributions from:
Net investment income		(0.069	)		(0.072	)		(0.076	)		(0.086	)		(0.127	)		—
Net realized gain		(0.778	)		(0.028	)		(0.251	)		—			—			(0.246	)

Total dividends and distributions		(0.847	)		(0.100	)		(0.327	)		(0.086	)		(0.127	)		(0.246	)


Net asset value, end of period	$	11.110		$	11.270		$	9.980		$	8.760		$	9.180		$	8.490


Total return³		6.26%			14.05%			18.04%			(3.73%)			9.70%			7.08%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	8,587		$	7,687		$	6,570		$	6,043		$	6,789		$	5,078
Ratio of expenses to average net assets		1.90%			1.90%			1.90%			1.90%			1.87%			1.86%
Ratio of expenses to average net assets prior to fees waived		2.20%			2.22%			2.23%			2.24%			2.36%			2.49%
Ratio of net investment income to average net assets		0.48%			0.62%			0.72%			0.83%			1.02%			1.90%
Ratio of net investment income to average net assets prior to fees waived		0.18%			0.30%			0.39%			0.49%			0.53%			1.27%
Portfolio turnover		36%			104%			109%			110%			98%			94%

¹	Ratios have been annualized and portfolio turnover and total return have not been annualized.

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

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

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

100

Delaware Foundation^® Growth Allocation Fund Class R

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


	Six months ended 3/31/14¹			Year ended
	Six months ended 3/31/14¹			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09
	(Unaudited)
Net asset value, beginning of period	$	11.480		$	10.150		$	8.910		$	9.330		$	8.610		$	8.310

Income (loss) from investment operations:
Net investment income²		0.055			0.121			0.118			0.132			0.136			0.173
Net realized and unrealized gain (loss)		0.666			1.357			1.497			(0.424	)		0.747			0.373

Total from investment operations		0.721			1.478			1.615			(0.292	)		0.883			0.546


Less dividends and distributions from:
Net investment income		(0.123	)		(0.120	)		(0.124	)		(0.128	)		(0.163	)		—
Net realized gain		(0.778	)		(0.028	)		(0.251	)		—			—			(0.246	)

Total dividends and distributions		(0.901	)		(0.148	)		(0.375	)		(0.128	)		(0.163	)		(0.246	)


Net asset value, end of period	$	11.300		$	11.480		$	10.150		$	8.910		$	9.330		$	8.610


Total return³		6.47%			14.75%			18.58%			(3.25%)			10.36%			7.50%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	15,099		$	14,635		$	12,156		$	10,085		$	8,136		$	1,934
Ratio of expenses to average net assets		1.40%			1.40%			1.40%			1.40%			1.37%			1.36%
Ratio of expenses to average net assets prior to fees waived		1.70%			1.82%			1.83%			1.84%			1.96%			2.09%
Ratio of net investment income to average net assets		0.98%			1.12%			1.22%			1.33%			1.52%			2.40%
Ratio of net investment income to average net assets prior to fees waived		0.68%			0.70%			0.79%			0.89%			0.93%			1.67%
Portfolio turnover		36%			104%			109%			110%			98%			94%

¹	Ratios have been annualized and portfolio turnover and total return have not been annualized.

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

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

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

(continues) 101

Financial highlights

Delaware Foundation^® Growth Allocation Fund Institutional Class

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


	Six months ended 3/31/14¹			Year ended
	Six months ended 3/31/14¹			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09
	(Unaudited)
Net asset value, beginning of period	$	11.630		$	10.280		$	9.020		$	9.440		$	8.710		$	8.360

Income (loss) from investment operations:
Net investment income²		0.085			0.175			0.168			0.184			0.181			0.209
Net realized and unrealized gain (loss)		0.672			1.372			1.516			(0.429	)		0.751			0.387

Total from investment operations		0.757			1.547			1.684			(0.245	)		0.932			0.596


Less dividends and distributions from:
Net investment income		(0.179	)		(0.169	)		(0.173	)		(0.175	)		(0.202	)		—
Net realized gain		(0.778	)		(0.028	)		(0.251	)		—			—			(0.246	)

Total dividends and distributions		(0.957	)		(0.197	)		(0.424	)		(0.175	)		(0.202	)		(0.246	)


Net asset value, end of period	$	11.430		$	11.630		$	10.280		$	9.020		$	9.440		$	8.710


Total return³		6.72%			15.30%			19.19%			(2.76%)			10.84%			8.07%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	28,800		$	25,426		$	37,054		$	30,452		$	29,311		$	12,291
Ratio of expenses to average net assets		0.90%			0.90%			0.90%			0.90%			0.87%			0.86%
Ratio of expenses to average net assets prior to fees waived		1.20%			1.22%			1.23%			1.24%			1.36%			1.49%
Ratio of net investment income to average net assets		1.48%			1.62%			1.72%			1.83%			2.02%			2.90%
Ratio of net investment income to average net assets prior to fees waived		1.18%			1.30%			1.39%			1.49%			1.53%			2.27%
Portfolio turnover		36%			104%			109%			110%			98%			94%

¹	Ratios have been annualized and portfolio turnover and total return have not been annualized.

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

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

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

102

Delaware Foundation^® Moderate Allocation Fund Class A

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


	Six months ended 3/31/14¹			Year ended
	Six months ended 3/31/14¹			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09
	(Unaudited)
Net asset value, beginning of period	$	12.520		$	11.520		$	10.080		$	10.410		$	9.740		$	8.950

Income (loss) from investment operations:
Net investment income²		0.103			0.210			0.202			0.225			0.249			0.271
Net realized and unrealized gain (loss)		0.617			1.006			1.444			(0.355	)		0.817			0.708

Total from investment operations		0.720			1.216			1.646			(0.130	)		1.066			0.979


Less dividends and distributions from:
Net investment income		(0.068	)		(0.216	)		(0.206	)		(0.200	)		(0.396	)		(0.120	)
Net realized gain		(0.652	)		—			—			—			—			(0.069	)

Total dividends and distributions		(0.720	)		(0.216	)		(0.206	)		(0.200	)		(0.396	)		(0.189	)


Net asset value, end of period	$	12.520		$	12.520		$	11.520		$	10.080		$	10.410		$	9.740


Total return³		5.88%			10.66%			16.46%			(1.39%)			11.06%			11.57%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	202,377		$	220,891		$	214,553		$	197,639		$	201,006		$	195,233
Ratio of expenses to average net assets		1.13%			1.13%			1.13%			1.13%			1.10%			1.12%
Ratio of expenses to average net assets prior to fees waived		1.16%			1.25%			1.25%			1.24%			1.33%			1.41%
Ratio of net investment income to average net assets		1.65%			1.75%			1.84%			2.05%			2.49%			3.20%
Ratio of net investment income to average net assets prior to fees waived		1.62%			1.63%			1.72%			1.94%			2.26%			2.91%
Portfolio turnover		58%			135%			157%			164%			134%			193%

¹	Ratios have been annualized and portfolio turnover and total return have not been annualized.

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

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

(continues) 103

Financial highlights

Delaware Foundation^® Moderate Allocation Fund Class B

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


	Six months ended			Year ended
	3/31/14¹ (Unaudited)			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09
Net asset value, beginning of period	$	12.520		$	11.510		$	10.080		$	10.400		$	9.700		$	8.910

Income (loss) from investment operations:
Net investment income²		0.102			0.164			0.117			0.141			0.172			0.208
Net realized and unrealized gain (loss)		0.618			1.015			1.435			(0.342	)		0.802			0.701

Total from investment operations		0.720			1.179			1.552			(0.201	)		0.974			0.909


Less dividends and distributions from:
Net investment income		(0.068	)		(0.169	)		(0.122	)		(0.119	)		(0.274	)		(0.050	)
Net realized gain		(0.652	)		—			—			—			—			(0.069	)

Total dividends and distributions		(0.720	)		(0.169	)		(0.122	)		(0.119	)		(0.274	)		(0.119	)


Net asset value, end of period	$	12.520		$	12.520		$	11.510		$	10.080		$	10.400		$	9.700


Total return³		5.88%			10.23%			15.58%			(2.03%)			10.19%			10.64%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	902		$	1,187		$	2,107		$	3,002		$	4,110		$	5,598
Ratio of expenses to average net assets		1.15%			1.51%			1.90%			1.90%			1.87%			1.89%
Ratio of expenses to average net assets prior to fees waived		1.93%			1.97%			1.97%			2.01%			2.06%			2.13%
Ratio of net investment income to average net assets		1.63%			1.37%			1.07%			1.28%			1.72%			2.43%
Ratio of net investment income to average net assets prior to fees waived		0.85%			0.91%			1.00%			1.17%			1.53%			2.19%
Portfolio turnover		58%			135%			157%			164%			134%			193%

¹	Ratios have been annualized and portfolio turnover and total return have not been annualized.

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

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

104

Delaware Foundation^® Moderate Allocation Fund Class C

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


	Six months ended			Year ended
	3/31/14¹ (Unaudited)			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09
Net asset value, beginning of period	$	12.550		$	11.550		$	10.100		$	10.430		$	9.730		$	8.930

Income (loss) from investment operations:
Net investment income²		0.055			0.119			0.118			0.141			0.172			0.208
Net realized and unrealized gain (loss)		0.611			1.007			1.454			(0.352	)		0.802			0.711

Total from investment operations		0.666			1.126			1.572			(0.211	)		0.974			0.919


Less dividends and distributions from:
Net investment income		(0.044	)		(0.126	)		(0.122	)		(0.119	)		(0.274	)		(0.050	)
Net realized gain		(0.652	)		—			—			—			—			(0.069	)

Total dividends and distributions		(0.696	)		(0.126	)		(0.122	)		(0.119	)		(0.274	)		(0.119	)


Net asset value, end of period	$	12.520		$	12.550		$	11.550		$	10.100		$	10.430		$	9.730


Total return³		5.42%			9.81%			15.53%			(2.03%)			10.16%			10.73%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	27,084		$	22,838		$	16,575		$	13,813		$	12,068		$	10,739
Ratio of expenses to average net assets		1.90%			1.90%			1.90%			1.90%			1.87%			1.89%
Ratio of expenses to average net assets prior to fees waived		1.93%			1.97%			1.97%			2.01%			2.06%			2.13%
Ratio of net investment income to average net assets		0.88%			0.98%			1.07%			1.28%			1.72%			2.43%
Ratio of net investment income to average net assets prior to fees waived		0.85%			0.91%			1.00%			1.17%			1.53%			2.19%
Portfolio turnover		58%			135%			157%			164%			134%			193%

¹	Ratios have been annualized and portfolio turnover and total return have not been annualized.

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

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

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

(continues) 105

Financial highlights

Delaware Foundation^® Moderate Allocation Fund Class R

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


	Six months ended 3/31/14¹			Year ended
	Six months ended 3/31/14¹			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09
	(Unaudited)
Net asset value, beginning of period	$	12.500		$	11.500		$	10.060		$	10.380		$	9.710		$	8.920

Income (loss) from investment operations:
Net investment income²		0.086			0.178			0.172			0.195			0.223			0.250
Net realized and unrealized gain (loss)		0.606			1.005			1.445			(0.348	)		0.799			0.706

Total from investment operations		0.692			1.183			1.617			(0.153	)		1.022			0.956


Less dividends and distributions from:
Net investment income		(0.060	)		(0.183	)		(0.177	)		(0.167	)		(0.352	)		(0.097	)
Net realized gain		(0.652	)		—			—			—			—			(0.069	)

Total dividends and distributions		(0.712	)		(0.183	)		(0.177	)		(0.167	)		(0.352	)		(0.166	)


Net asset value, end of period	$	12.480		$	12.500		$	11.500		$	10.060		$	10.380		$	9.710


Total return³		5.66%			10.38%			16.19%			(1.60%	)		10.73%			11.16%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	24,295		$	23,566		$	22,883		$	18,645		$	6,994		$	1,568
Ratio of expenses to average net assets		1.40%			1.40%			1.40%			1.40%			1.37%			1.39%
Ratio of expenses to average net assets prior to fees waived		1.43%			1.57%			1.57%			1.61%			1.66%			1.73%
Ratio of net investment income to average net assets		1.38%			1.48%			1.57%			1.78%			2.22%			2.93%
Ratio of net investment income to average net assets prior to fees waived		1.35%			1.31%			1.40%			1.57%			1.93%			2.59%
Portfolio turnover		58%			135%			157%			164%			134%			193%

¹	Ratios have been annualized and portfolio turnover and total return have not been annualized.

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

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

106

Delaware Foundation^® Moderate Allocation Fund Institutional Class

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


	Six months ended 3/31/14¹			Year ended
	Six months ended 3/31/14¹			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09
	(Unaudited)
Net asset value, beginning of period	$	12.520		$	11.520		$	10.080		$	10.400		$	9.760		$	8.970

Income (loss) from investment operations:
Net investment income²		0.118			0.238			0.228			0.250			0.272			0.291
Net realized and unrealized gain (loss)		0.619			1.005			1.444			(0.345	)		0.802			0.712

Total from investment operations		0.737			1.243			1.672			(0.095	)		1.074			1.003


Less dividends and distributions from:
Net investment income		(0.075	)		(0.243	)		(0.232	)		(0.225	)		(0.434	)		(0.144	)
Net realized gain		(0.652	)		—			—			—			—			(0.069	)

Total dividends and distributions		(0.727	)		(0.243	)		(0.232	)		(0.225	)		(0.434	)		(0.213	)


Net asset value, end of period	$	12.530		$	12.520		$	11.520		$	10.080		$	10.400		$	9.760


Total return³		5.94%			10.91%			16.73%			(1.07%	)		11.26%			11.76%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	79,787		$	66,263		$	142,925		$	133,458		$	66,326		$	38,124
Ratio of expenses to average net assets		0.90%			0.90%			0.90%			0.90%			0.87%			0.89%
Ratio of expenses to average net assets prior to fees waived		0.93%			0.97%			0.97%			1.01%			1.06%			1.13%
Ratio of net investment income to average net assets		1.88%			1.98%			2.07%			2.28%			2.72%			3.43%
Ratio of net investment income to average net assets prior to fees waived		1.85%			1.91%			2.00%			2.17%			2.53%			3.19%
Portfolio turnover		58%			135%			157%			164%			134%			193%

¹	Ratios have been annualized and portfolio turnover and total return have not been annualized.

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

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

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

(continues) 107

Financial highlights

Delaware Foundation^® Conservative Allocation Fund Class A

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


	Six months ended 3/31/14¹			Year ended
	Six months ended 3/31/14¹			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09
	(Unaudited)
Net asset value, beginning of period	$	10.570		$	10.220		$	9.430		$	9.900		$	9.360		$	8.320

Income (loss) from investment operations:
Net investment income²		0.104			0.198			0.203			0.245			0.289			0.304
Net realized and unrealized gain (loss)		0.422			0.414			1.035			(0.183	)		0.687			0.942

Total from investment operations		0.526			0.612			1.238			0.062			0.976			1.246


Less dividends and distributions from:
Net investment income		(0.118	)		(0.192	)		(0.186	)		(0.236	)		(0.436	)		(0.206	)
Net realized gain		(0.218	)		(0.070	)		(0.262	)		(0.296	)		—			—

Total dividends and distributions		(0.336	)		(0.262	)		(0.448	)		(0.532	)		(0.436	)		(0.206	)


Net asset value, end of period	$	10.760		$	10.570		$	10.220		$	9.430		$	9.900		$	9.360


Total return³		5.04%			6.09%			13.47%			0.48%			10.70%			15.53%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	52,876		$	81,655		$	75,988		$	66,175		$	55,513		$	43,873
Ratio of expenses to average net assets		1.13%			1.13%			1.13%			1.14%			1.13%			1.13%
Ratio of expenses to average net assets prior to fees waived		1.33%			1.41%			1.43%			1.47%			1.55%			1.65%
Ratio of net investment income to average net assets		1.94%			1.90%			2.05%			2.44%			3.02%			3.78%
Ratio of net investment income to average net assets prior to fees waived		1.74%			1.62%			1.75%			2.11%			2.60%			3.26%
Portfolio turnover		84%			210%			219%			211%			192%			177%

¹	Ratios have been annualized and portfolio turnover and total return have not been annualized.

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

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

108

Delaware Foundation^® Conservative Allocation Fund Class B

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


	Six months ended			Year ended
	3/31/14¹ (Unaudited)			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09
Net asset value, beginning of period	$	10.660		$	10.300		$	9.500		$	9.990		$	9.380		$	8.330

Income (loss) from investment operations:
Net investment income²		0.104			0.199			0.204			0.247			0.271			0.243
Net realized and unrealized gain (loss)		0.422			0.423			1.044			(0.188	)		0.691			0.948

Total from investment operations		0.526			0.622			1.248			0.059			0.962			1.191


Less dividends and distributions from:
Net investment income		(0.118	)		(0.192	)		(0.186	)		(0.253	)		(0.352	)		(0.141	)
Net realized gain		(0.218	)		(0.070	)		(0.262	)		(0.296	)		—			—

Total dividends and distributions		(0.336	)		(0.262	)		(0.448	)		(0.549	)		(0.352	)		(0.141	)


Net asset value, end of period	$	10.850		$	10.660		$	10.300		$	9.500		$	9.990		$	9.380


Total return³		5.00%			6.14%			13.48%			0.44%			10.48%			14.66%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	156		$	255		$	503		$	567		$	938		$	892
Ratio of expenses to average net assets		1.13%			1.13%			1.13%			1.14%			1.33%			1.88%
Ratio of expenses to average net assets prior to fees waived		2.08%			2.11%			2.13%			2.17%			2.25%			2.35%
Ratio of net investment income to average net assets		1.94%			1.90%			2.05%			2.44%			2.28%			3.03%
Ratio of net investment income to average net assets prior to fees waived		0.99%			0.92%			1.05%			1.41%			1.90%			2.56%
Portfolio turnover		84%			210%			219%			211%			192%			177%

¹	Ratios have been annualized and portfolio turnover and total return have not been annualized.

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

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

(continues) 109

Financial highlights

Delaware Foundation^® Conservative Allocation Fund Class C

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


	Six months ended			Year ended
	3/31/14¹ (Unaudited)			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09
Net asset value, beginning of period	$	10.590		$	10.240		$	9.450		$	9.920		$	9.330		$	8.290

Income (loss) from investment operations:
Net investment income²		0.064			0.120			0.129			0.170			0.218			0.245
Net realized and unrealized gain (loss)		0.426			0.420			1.035			(0.190	)		0.695			0.936

Total from investment operations		0.490			0.540			1.164			(0.020	)		0.913			1.181


Less dividends and distributions from:
Net investment income		(0.072	)		(0.120	)		(0.112	)		(0.154	)		(0.323	)		(0.141	)
Net realized gain		(0.218	)		(0.070	)		(0.262	)		(0.296	)		—			—

Total dividends and distributions		(0.290	)		(0.190	)		(0.374	)		(0.450	)		(0.323	)		(0.141	)


Net asset value, end of period	$	10.790		$	10.590		$	10.240		$	9.450		$	9.920		$	9.330


Total return³		4.68%			5.35%			12.60%			(0.34%	)		9.98%			14.61%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	35,394		$	31,132		$	23,943		$	17,206		$	10,578		$	4,004
Ratio of expenses to average net assets		1.88%			1.88%			1.88%			1.89%			1.88%			1.88%
Ratio of expenses to average net assets prior to fees waived		2.08%			2.11%			2.13%			2.17%			2.25%			2.35%
Ratio of net investment income to average net assets		1.19%			1.15%			1.30%			1.69%			2.27%			3.03%
Ratio of net investment income to average net assets prior to fees waived		0.99%			0.92%			1.05%			1.41%			1.90%			2.56%
Portfolio turnover		84%			210%			219%			211%			192%			177%

¹	Ratios have been annualized and portfolio turnover and total return have not been annualized.

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

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

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

110

Delaware Foundation^® Conservative Allocation Fund Class R

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


	Six months ended 3/31/14¹			Year ended
	Six months ended 3/31/14¹			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09
	(Unaudited)
Net asset value, beginning of period	$	10.570		$	10.220		$	9.430		$	9.900		$	9.350		$	8.310

Income (loss) from investment operations:
Net investment income²		0.090			0.172			0.178			0.220			0.265			0.284
Net realized and unrealized gain (loss)		0.422			0.415			1.035			(0.184	)		0.683			0.940

Total from investment operations		0.512			0.587			1.213			0.036			0.948			1.224


Less dividends and distributions from:
Net investment income		(0.104	)		(0.167	)		(0.161	)		(0.210	)		(0.398	)		(0.184	)
Net realized gain		(0.218	)		(0.070	)		(0.262	)		(0.296	)		—			—

Total dividends and distributions		(0.322	)		(0.237	)		(0.423	)		(0.506	)		(0.398	)		(0.184	)


Net asset value, end of period	$	10.760		$	10.570		$	10.220		$	9.430		$	9.900		$	9.350


Total return³		4.90%			5.84%			13.19%			0.22%			10.39%			15.36%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	7,106		$	5,646		$	4,293		$	3,220		$	1,590		$	840
Ratio of expenses to average net assets		1.38%			1.38%			1.38%			1.39%			1.38%			1.38%
Ratio of expenses to average net assets prior to fees waived		1.58%			1.71%			1.73%			1.77%			1.85%			1.95%
Ratio of net investment income to average net assets		1.69%			1.65%			1.80%			2.19%			2.77%			3.53%
Ratio of net investment income to average net assets prior to fees waived		1.49%			1.32%			1.45%			1.81%			2.30%			2.96%
Portfolio turnover		84%			210%			219%			211%			192%			177%

¹	Ratios have been annualized and portfolio turnover and total return have not been annualized.

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

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

(continues) 111

Financial highlights

Delaware Foundation^® Conservative Allocation Fund Institutional Class

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


	Six months ended 3/31/14¹			Year ended
	Six months ended 3/31/14¹			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09
	(Unaudited)
Net asset value, beginning of period	$	10.590		$	10.230		$	9.440		$	9.920		$	9.390		$	8.350

Income (loss) from investment operations:
Net investment income²		0.117			0.224			0.228			0.271			0.314			0.324
Net realized and unrealized gain (loss)		0.422			0.424			1.035			(0.194	)		0.692			0.943

Total from investment operations		0.539			0.648			1.263			0.077			1.006			1.267


Less dividends and distributions from:
Net investment income		(0.131	)		(0.218	)		(0.211	)		(0.261	)		(0.476	)		(0.227	)
Net realized gain		(0.218	)		(0.070	)		(0.262	)		(0.296	)		—			—

Total dividends and distributions		(0.349	)		(0.288	)		(0.473	)		(0.557	)		(0.476	)		(0.227	)


Net asset value, end of period	$	10.780		$	10.590		$	10.230		$	9.440		$	9.920		$	9.390


Total return³		5.16%			6.45%			13.74%			0.63%			11.02%			15.93%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	54,318		$	30,615		$	45,993		$	33,583		$	30,399		$	8,740
Ratio of expenses to average net assets		0.88%			0.88%			0.88%			0.89%			0.88%			0.88%
Ratio of expenses to average net assets prior to fees waived		1.08%			1.11%			1.13%			1.17%			1.25%			1.35%
Ratio of net investment income to average net assets		2.19%			2.15%			2.30%			2.69%			3.27%			4.03%
Ratio of net investment income to average net assets prior to fees waived		1.99%			1.92%			2.05%			2.41%			2.90%			3.56%
Portfolio turnover		84%			210%			219%			211%			192%			177%

¹	Ratios have been annualized and portfolio turnover and total return have not been annualized.

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

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

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

112

Notes to financial statements

Delaware Foundation Funds^®

March 31, 2014 (Unaudited)

Delaware Group^® Foundation Funds (Trust) is organized as a Delaware statutory trust and offers three funds: Delaware Foundation^® Growth Allocation Fund, Delaware Foundation Moderate Allocation Fund, and Delaware Foundation Conservative Allocation Fund (each, a Fund, or collectively as the Funds). The Trust is an open-end investment company. The Funds are considered diversified under the Investment Company Act of 1940, as amended. Delaware Foundation Growth Allocation Fund, Delaware Foundation Moderate Allocation Fund, and Delaware Foundation Conservative Allocation Fund offer Class A, Class B, Class C, Class R, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 5.75%. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) of 1.00% 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. Class B shares may be purchased only through dividend reinvestment and certain permitted exchanges. Prior to June 1, 2007, Class B shares were sold with a CDSC that declined from 4.00% to zero depending upon the period of time the shares were held. Class B shares will automatically convert to Class A shares on a quarterly basis approximately eight years after purchase. Class C shares are sold with a CDSC of 1.00%, if redeemed during the first 12 months. Class R and Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

The investment objective of Delaware Foundation Growth Allocation Fund is to seek long-term capital growth.

The investment objective of Delaware Foundation Moderate Allocation Fund is to seek capital appreciation with current income as a secondary objective.

The investment objective of Delaware Foundation Conservative Allocation Fund is to seek a combination of current income and preservation of capital with capital appreciation.

1. Significant Accounting Policies

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

Security Valuation — Equity securities and exchange-traded Funds (ETFs), except those traded on the Nasdaq Stock Market, Inc. (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. 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, then the mean between the bid and ask prices will be used, which approximates fair value. Securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Debt securities and credit default swap (CDS) contracts 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. U.S. 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 U.S. 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. Open-end investment company securities are valued at net asset value per share, as reported by the underlying investment company. 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. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. 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. 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 Funds’ Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Funds may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before each Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Funds may frequently value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

(continues) 113

Notes to financial statements

Delaware Foundation Funds^®

1. Significant Accounting Policies (continued)

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 for all open federal income tax years (Sept. 30, 2010 – Sept. 30, 2013), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. In regard to foreign taxes only, each Fund has open tax years in certain foreign countries they invest in that may date back to the inception of each Fund.

Class Accounting — Investment income, common expenses and 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.

Repurchase Agreements — Each Fund may purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with each Fund’s custodian or a third party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on March 31, 2014.

To Be Announced Trades (TBA) — Each Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., when issued, delayed delivery, forward commitment, or TBA transactions) consistent with each Fund’s ability to manage their investment portfolio and meet redemption requests. These transactions involve a commitment by each Fund to purchase securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by each Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery.

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with each Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. 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. Each Fund generally bifurcates that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange rates from that which is due to changes in market prices of debt securities. That portion of gains (losses) is included in the statements of operations under the caption net realized gain (loss) on foreign currencies. For foreign equity securities, these changes are included in net realized and unrealized gain or loss on investments. Each Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

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

Other — Expenses directly attributable to each Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Investments^® Family of Funds are generally allocated among such funds on the basis of average net assets. Management fees and some other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are amortized to interest income 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

114

notice of the character of such distributions by the issuer. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that each Fund is 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 each Fund’s understanding of the applicable country’s tax rules and rates. Each Fund paid foreign capital gain taxes on certain foreign securities held which are included as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. Delaware Foundation Moderate Allocation Fund and Delaware Foundation Conservative Allocation Fund each declares and pays dividends from net investment income quarterly and distributions from net realized gain on investments, if any, annually. Delaware Foundation Growth Allocation Fund declares and pays dividends from net investment income annually and distributions from net realized gains 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.

Each Fund may receive earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. There were no earnings credits for the six months ended March 31, 2014.

Each Fund receives earnings credits from their transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than one dollar, the expense paid under this arrangement is included in dividend disbursing and transfer agent fees and expenses and appears on the statements of operations with the corresponding expense offset shown as “expense paid indirectly.” For the six months ended March 31, 2014, each Fund earned the following amounts under this agreement:


Delaware Foundation^® Growth Allocation Fund	Delaware Foundation Moderate Allocation Fund	Delaware Foundation Conservative Allocation Fund
$93	$18	$46

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

In accordance with the terms of its investment management agreement, each Fund pays Delaware Management Company (DMC), a series of Delaware Management Business Trust and the investment manager, an annual management fee which is calculated at the rate 0.65% on the first $500 million of average daily net assets of each Fund, 0.60% on the next $500 million, 0.55% on the next $1.5 billion, and 0.50% on average daily net assets in excess of $2.5 billion.

DMC has contractually agreed to waive that portion, if any, of its management fee and reimburse each Fund to the extent necessary to ensure that total annual operating expenses (excluding any 12b-1 plan, taxes, interest, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), do not exceed each Fund’s average daily net assets from Oct. 1, 2013 through Mar. 31, 2014* as shown below. For purposes of these waivers and reimbursements, nonroutine expenses may also include such additional costs and expenses, as may be agreed upon from time to time by each Fund’s Board and DMC. These expense waivers and reimbursements apply only to expenses paid directly by the Funds and may only be terminated by agreement of DMC and the Funds.


Delaware Foundation Growth Allocation Fund	Delaware Foundation Moderate Allocation Fund	Delaware Foundation Conservative Allocation Fund
0.90%	0.90%	0.88%

Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to each Fund. For these services, each Fund pays DSC fees based on the aggregate daily net assets of the Delaware Investments^® Family of Funds at the following annual rate: 0.0050% of the first $30 billion; 0.0045% of the next $10 billion; 0.0040% of the next $10 billion; and 0.025% of aggregate average daily net assets in excess of $50 billion. The fees payable to DSC under the service agreement described above are allocated among all funds in the Delaware Investments Family of Funds on a relative net asset value basis. For the six months ended March 31, 2014, each Fund was charged for these services as follows:

(continues) 115

Notes to financial statements

Delaware Foundation Funds^®

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

Delaware

Foundation^®

Growth

Allocation Fund

Delaware

Foundation

Moderate

Allocation Fund

Delaware

Foundation

Conservative

Allocation Fund

$2,322

$8,115

$3,697

DSC is also the transfer agent and dividend disbursing agent of each Fund. Each Fund pays DSC a monthly asset-based fee for these services. For these services each Fund pays DSC fees based on the aggregate daily net assets of the retail Funds within the Delaware Investments^® Family of Funds at the following annual rate: 0.025% of the first $20 billion; 0.020% of the next $5 billion; 0.015% of the next $5 billion; and 0.013% on average daily net assets in excess of $30 billion. These amounts are included in the statements of operations as dividend disbursing and transfer agent fees and expenses. For the six months ended March 31, 2014, DMC charged each Fund for these services as follows:


Delaware Foundation Growth Allocation Fund	Delaware Foundation Moderate Allocation Fund	Delaware Foundation Conservative Allocation Fund
$10,589	$37,006	$16,857

Pursuant to a sub-transfer agency agreement between DSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to each Fund. Sub-transfer agency fees are passed on to and paid directly by each Fund.

Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual distribution and service fee of 0.25% of the average daily net assets of the Class A shares, 1.00% of the average daily net assets of the Class B and C shares and 0.50% of the average daily net assets of the Class R shares. Institutional Class shares pay no distribution and service expenses. DDLP has contracted to limit each Funds’ Class B shares’ 12b-1 fees from Oct. 1, 2013 through March 31, 2014** to 0.25% of average daily net assets.

In connection with the Delaware Foundation Moderate Allocation Fund merger with Delaware Balanced Fund, the Board has adopted a formula for calculating 12b-1 plan fees for the Fund’s Class A shares that went into effect on June 1, 1992. The Fund’s Class A shares are currently subject to a blended 12b-1 fee equal to the sum of: (1) 0.10% of the average daily net assets representing shares that were acquired prior to June 1, 1992, and (2) 0.25% of the average daily net assets representing shares that were acquired on or after June 1, 1992. All Class A shares currently bear 12b-1 fees at the same rate, the blended rate, currently 0.23% of average daily net assets, based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board.

As provided in the investment management agreement, each Fund bears a portion of the cost of 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. For the six months ended March 31, 2014, each Fund was charged for internal legal, tax and regulatory services provided by DMC and/or its affiliates’ employees as follows:


Delaware Foundation Growth Allocation Fund	Delaware Foundation Moderate Allocation Fund	Delaware Foundation Conservative Allocation Fund
$1,506	$5,230	$2,377

For the six months ended March 31, 2014, DDLP earned commissions on sales of Class A shares for each Fund as follows:


Delaware Foundation Growth Allocation Fund	Delaware Foundation Moderate Allocation Fund	Delaware Foundation Conservative Allocation Fund
$6,590	$6,176	$13,102

116

For the six months ended March 31, 2014, DDLP received gross CDSC commissions on redemption of each Fund’s Class C 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:


Delaware Foundation^® Growth Allocation Fund	Delaware Foundation Moderate Allocation Fund	Delaware Foundation Conservative Allocation Fund
$188	$133	$549

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

*The contractual waiver period is Jan. 28, 2013 through Jan. 28, 2015.

**The contractual waiver period is March 1, 2013 through Jan. 28, 2015 for Delaware Foundation Growth Allocation Fund and Delaware Foundation Moderate Allocation Fund. The contractual waiver period is Oct. 1, 2013 through Jan. 28, 2015 for Delaware Foundation Conservative Allocation Fund.

3. Investments

For the six months ended March 31, 2014, each Fund made purchases and sales of investment securities other than short-term investments as follows:


	Delaware Foundation Growth Allocation Fund			Delaware Foundation Moderate Allocation Fund			Delaware Foundation Conservative Allocation Fund
Purchases other than U.S. government securities		$	29,869,675		$	156,669,105		$	101,660,282
Purchases of U.S. government securities			4,628,075			35,671,685			23,118,160
Sales other than U.S. government securities			37,903,758			172,664,736			103,825,059
Sales of U.S. government securities			5,409,347			33,104,999			21,544,927

At March 31, 2014, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until the fiscal year end. At March 31, 2014, the cost of investments and unrealized appreciation (depreciation) for each Fund was as follows:


	Delaware Foundation Growth Allocation Fund				Delaware Foundation Moderate Allocation Fund				Delaware Foundation Conservative Allocation Fund
Cost of Investments		$	70,015,516			$	273,387,458			$	135,641,380

Aggregate unrealized appreciation		$	25,703,337			$	76,264,372			$	22,854,013
Aggregate unrealized depreciation			(2,864,151	)			(8,168,088	)			(2,825,095	)

Net unrealized appreciation		$	22,839,186			$	68,096,284			$	20,028,918

U.S. 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 developed 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.

(continues) 117

Notes to financial statements

Delaware Foundation Funds^®

3. Investments (continued)


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

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

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

Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of Delaware Foundation^® Growth Allocation Fund’s investments by fair value hierarchy levels as of March 31, 2014:


	Level 1			Level 2			Level 3		Total
Agency, Asset-Backed & Mortgage-Backed Securities¹	$	—		$	3,056,780		$	30,899	$	3,087,679
Corporate Debt		—			10,017,417			—		10,017,417
Foreign Debt		—			436,248			—		436,248
Municipal Bonds		—			100,462			—		100,462
Senior Secured Loans		—			2,212,537			—		2,212,537
Common Stock
Consumer Discretionary		4,433,725			4,195,462			—		8,629,187
Consumer Staples		3,952,516			3,478,049			—		7,430,565
Energy		5,127,909			1,681,185			—		6,809,094
Financials		8,254,747			4,864,641			75,596		13,194,984
Healthcare		6,857,428			2,580,999			—		9,438,427
Industrials		3,546,805			3,906,417			—		7,453,222
Information Technology		10,916,643			2,058,626			—		12,975,269
Materials		2,281,864			2,049,107			—		4,330,971
Telecommunication Services		2,224,364			1,471,375			—		3,695,739
Utilities		707,848			227,188			—		935,036
Convertible Preferred Stock²		50,555			68,895			—		119,450
Exchange-Traded Funds		143,810			—			—		143,810
Preferred Stock		68,294			—			—		68,294
Right		1,127			—			—		1,127
U.S. Treasury Obligations		—			628,435			—		628,435
Short-Term Investments		—			1,146,716			—		1,146,716
Option Purchased		—			33			—		33

Total	$	48,567,635		$	44,180,572		$	106,495	$	92,854,702

Foreign Currency Exchange Contracts	$	—		$	(909	)	$	—	$	(909	)
Futures Contracts		(99,618	)		—			—		(99,618	)
Swap Contracts		—			(480	)		—		(480	)

118

¹Security type is valued across multiple levels. The amounts attributed to Level 2 investments and Level 3 investments represent 99.00% and 1.00%, respectively, of the total market value of this security type. Level 2 investments represent investments with observable inputs while Level 3 investments represent investments without observable inputs.

²Security type is valued across multiple levels. The amounts attributed to Level 1 investments and Level 2 investments represent 42.32% and 57.68%, respectively, of the total market value of this security type. Level 1 investments represent exchange traded investments and Level 2 investments represent investments with observable inputs.

The following table summarizes the valuation of Delaware Foundation^® Moderate Allocation Fund’s investments by fair value hierarchy levels as of March 31, 2014:


	Level 1			Level 2			Level 3		Total
Agency, Asset-Backed & Mortgage-Backed Securities¹	$	—		$	22,398,175		$	411,465	$	22,809,640
Corporate Debt		—			78,127,754			—		78,127,754
Foreign Debt		—			2,312,327			—		2,312,327
Municipal Bonds		—			957,069			—		957,069
Senior Secured Loans		—			14,393,215			—		14,393,215
Common Stock
Consumer Discretionary		11,840,254			11,312,661			—		23,152,915
Consumer Staples		10,628,872			9,488,788			—		20,117,660
Energy		13,902,398			4,500,138			—		18,402,536
Financials		22,396,607			13,015,692			204,110		35,616,409
Healthcare		18,706,056			6,945,985			—		25,652,041
Industrials		9,580,986			10,490,316			—		20,071,302
Information Technology		29,584,237			5,184,610			—		34,768,847
Materials		6,192,228			5,546,691			—		11,738,919
Telecommunication Services		5,919,570			3,979,637			—		9,899,207
Utilities		1,960,242			605,134			—		2,565,376
Convertible Preferred Stock²		398,787			571,554			—		970,341
Exchange-Traded Funds		408,212			—			—		408,212
Preferred Stock		779,787			—			—		779,787
Right		3,047			—			—		3,047
U.S. Treasury Obligations		—			6,297,674			—		6,297,674
Short-Term Investments		—			12,439,214			—		12,439,214
Securities Lending Collateral		—			—			—		—
Option Purchased		—			250			—		250

Total	$	132,301,283		$	208,566,884		$	615,575	$	341,483,742

Foreign Currency Exchange Contracts	$	—		$	(8,951	)	$	—	$	(8,951	)
Futures Contracts		(275,008	)		—			—		(275,008	)
Swap Contracts		—			(3,669	)		—		(3,669	)

¹Security type is valued across multiple levels. The amounts attributed to Level 2 investments and Level 3 investments represent 98.20% and 1.80%, respectively, of the total market value of this security type. Level 2 investments represent investments with observable inputs while Level 3 investments represent investments without observable inputs.

²Security type is valued across multiple levels. The amounts attributed to Level 1 investments and Level 2 investments represent 43.10% and 56.90%, respectively, of the total market value of this security type. Level 1 investments represent exchange traded investments and Level 2 investments represent investments with observable inputs.

(continues) 119

Notes to financial statements

Delaware Foundation Funds^®

3. Investments (continued)

The following table summarizes the valuation of Delaware Foundation^® Conservative Allocation Fund’s investments by fair value hierarchy levels as of March 31, 2014:


	Level 1			Level 2			Level 3		Total
Agency, Asset-Backed & Mortgage- Backed Securities¹	$	—		$	15,769,083		$	279,409	$	16,048,492
Corporate Debt		—			53,023,994			—		53,023,994
Foreign Debt		—			1,700,086			—		1,700,086
Municipal Bonds		—			492,415			—		492,415
Senior Secured Loans		—			10,025,166			—		10,025,166
Common Stock
Consumer Discretionary		3,620,490			3,460,926			—		7,081,416
Consumer Staples		3,361,233			2,903,950			—		6,265,183
Energy		4,240,827			1,334,598			—		5,575,425
Financials		6,756,869			3,949,092			60,477		10,766,438
Healthcare		5,602,376			2,121,565			—		7,723,941
Industrials		2,898,115			3,170,029			—		6,068,144
Information Technology		9,035,938			1,598,504			—		10,634,442
Materials		1,841,640			1,675,079			—		3,516,719
Telecommunication Services		1,791,603			1,210,622			—		3,002,225
Utilities		590,512			184,369			—		774,881
Convertible Preferred Stock²		283,020			373,625			—		656,645
Exchange-Traded Funds		57,962			—			—		57,962
Preferred Stock		558,140			—			—		558,140
Right		925			—			—		925
U.S. Treasury Obligations		—			4,717,346			—		4,717,346
Short-Term Investments		—			6,980,141			—		6,980,141
Option Purchased		—			172			—		172

Total	$	40,639,650		$	114,690,762		$	339,886	$	155,670,298


Foreign Currency Exchange Contracts	$	—		$	(4,938	)	$	—	$	(4,938	)
Futures Contracts		(82,663	)		—			—		(82,663	)
Swap Contracts		—			(2,540	)		—		(2,540	)

¹Security type is valued across multiple levels. The amounts attributed to Level 2 investments and Level 3 investments represent 98.26% and 1.74%, respectively, of the total market value of this security type. Level 2 investments represent investments with observable inputs while Level 3 investments represent investments without observable inputs.

The securities that have been deemed worthless on the schedules of investments are considered to be Level 3 securities in these tables.

As a result of utilizing international fair value pricing at March 31, 2014, a portion of each Fund’s portfolio was categorized as Level 2.

During the six months ended March 31, 2014, 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 each Fund utilizing international fair value pricing during the period. In accordance with the Fair Valuation Procedures described in Note 1, international fair value pricing 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 each Fund’s Net

120

Asset Value is determined) will be established using a separate pricing feed from a third party vendor designed to establish a price for each such security as of the time that each Fund’s Net Asset Value 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 at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning, interim or end of the period in relation to net assets. Management has determined not to provide additional disclosure on Level 3 inputs under ASU No. 2011-04 since the Level 3 investments are not considered significant to each Fund’s net assets at the end of the period.

4. Capital Shares

Transactions in capital shares were as follows:


	Delaware Foundation^® Growth Allocation Fund						Delaware Foundation Moderate Allocation Fund						Delaware Foundation Conservative Allocation Fund
	Six months ended 3/31/14			Year ended 9/30/13			Six months ended 3/31/14			Year ended 9/30/13			Six months ended 3/31/14			Year ended 9/30/13
Shares sold:
Class A		305,718			715,602			481,242			1,265,483			902,994			2,057,224
Class B		706			2,362			42			6,750			303			5,323
Class C		103,429			177,476			413,462			684,187			651,331			1,275,531
Class R		72,704			227,287			129,145			257,181			192,573			243,401
Institutional Class		1,279,512			1,265,773			1,973,962			2,807,964			3,392,517			1,321,321

Shares issued upon reinvestment of dividends and distributions:
Class A		331,834			68,973			907,837			282,053			225,345			188,879
Class B		6,822			2,619			4,959			1,734			586			928
Class C		54,044			6,192			105,781			14,927			79,146			41,894
Class R		104,194			17,563			108,640			29,415			20,364			11,178
Institutional Class		137,045			67,414			135,785			128,721			100,262			105,846

		2,396,008			2,551,261			4,260,855			5,478,415			5,565,421			5,251,525

Shares redeemed:
Class A		(1,445,847	)		(746,294	)		(2,863,244	)		(2,530,858	)		(3,938,275	)		(1,958,534	)
Class B		(37,047	)		(79,999	)		(27,739	)		(96,756	)		(10,472	)		(31,161	)
Class C		(66,423	)		(160,259	)		(176,455	)		(314,756	)		(388,735	)		(715,530	)
Class R		(115,765	)		(166,985	)		(177,308	)		(391,197	)		(86,669	)		(140,552	)
Institutional Class		(1,083,792	)		(2,750,685	)		(1,031,872	)		(10,051,923	)		(1,345,002	)		(3,029,827	)

		(2,748,874	)		(3,904,222	)		(4,276,618	)		(13,385,490	)		(5,769,153	)		(5,875,604	)

Net decrease		(352,866	)		(1,352,961	)		(15,763	)		(7,907,075	)		(203,732	)		(624,079	)

For the six months ended March 31, 2014 and the year ended Sept. 30, 2013, the following Class B shares were converted to Class A shares. The respective amounts are included in Class B redemptions and Class A subscriptions in the tables above and the statements of changes in net assets.


	Six months ended						Year ended
	3/31/14						9/30/13
	Class B Shares		Class A Shares		Value		Class B Shares		Class A Shares		Value
Delaware Foundation Growth Allocation Fund		21,771		21,319	$	247,551		47,915		46,961	$	517,915
Delaware Foundation Moderate Allocation Fund		15,375		15,375		194,879		45,956		45,898		557,849
Delaware Foundation Conservative Allocation Fund		1,895		1,910		20,643		8,034		8,097		84,698

(continues) 121

Notes to financial statements

Delaware Foundation Funds^®

5. Unfunded Commitments

Each Fund may invest in floating rate loans. In connection with these investments, each Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate each Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, each Fund earns a commitment fee, typically set as a percentage of the commitment amount. As of March 31, 2014, the Funds had the following unfunded loan commitments:


	Unfunded Loan Commitment
	Delaware Foundation^® Growth Allocation Fund			Delaware Foundation Moderate Allocation Fund			Delaware Foundation Conservative Allocation Fund
Borrower
Industrial Packaging Bridge Loan		$	14,000		$	96,000		$	68,000
Ortho-Clinical Bridge Loan			10,000			80,000			55,000

6. Line of Credit

Each Fund, along with certain other funds in the Delaware Investments^® Family of Funds (Participants), was a participant in a $125,000,000 revolving line of credit to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants were charged an annual commitment fee of 0.08%, which was allocated across the Participants on the basis of each Participant’s allocation of the entire facility. The Participants were permitted to borrow up to a maximum of one third of their net assets under the agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expired on Nov. 12, 2013.

On Nov. 12, 2013, each Fund, along with the other Participants, entered into an amendment to the agreement for a $225,000,000 revolving line of credit. The 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 will expire on Nov. 10, 2014.

Each Fund had no amounts outstanding as of March 31, 2014, or at any time during the period then ended.

7. Derivatives

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

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

The use of foreign currency exchange contracts 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, the 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, 2014, each Fund entered into foreign currency exchange contracts and foreign cross currency exchange contracts to hedge the U.S. dollar value of securities each Fund 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

122

of the last trading day of the contract and the price at which the agreement is made. Each Fund may use futures contracts in the normal course of pursuing their respective investment objective. Each Fund 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, each Fund deposits cash or pledges U.S. 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 each Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, each 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. 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 each Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended March 31, 2014, each Fund entered into futures contracts to hedge each Fund’s 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, 2014, each Fund entered into options contracts in the normal course of pursuing their respective investment objective. Each Fund may buy or write options contracts for any number of reasons, including without limitation: to manage each Fund’s exposure to changes in securities prices and foreign currencies; as an efficient means of adjusting each 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 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, 2014, each Fund entered into purchased option contracts to manage each Fund’s exposure to changes in foreign currencies. During the six months ended March 31, 2014, the Funds did not enter into any written option contracts.

Swap Contracts — Each Fund may enter into CDS contracts in the normal course of pursuing their respective investment objective. Each Fund may use interest rate swaps to adjust each Fund’s sensitivity to interest rates or to hedge against changes in interest rates. Each Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets. Each 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 (S&P) or Baa3 by Moody’s Investors Service (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 each 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, 2014, each Fund entered into CDS contracts as a purchaser of protection in order to gain exposure to certain securities or markets, and as a seller of protection in order to hedge against a credit event. 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 as unrealized

(continues) 123

Notes to financial statements

Delaware Foundation Funds^®

7. Derivatives (continued)

appreciation or depreciation daily. 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. Initial margin and variation margin is posted to central counterparties for CDS basket trades submitted on or after June 10, 2013, as determined by the applicable central counterparty.

CDS contracts may involve greater risks than if each Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. Each 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) having a netting arrangement between each Fund and the counterparty and by the posting of collateral by the counterparty to each Fund to cover the Funds’ exposure to the counterparty and (2) trading CDS baskets through a central counterparty.

Swaps Generally. The value of open swaps may differ from that which would be realized in the event each Fund terminated its position in the agreement. 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 statements of assets and liabilities.

Fair values of derivative instruments as of March 31, 2014 were as follows:

Delaware Foundation^® Growth Allocation Fund

Asset Derivatives

Liability Derivatives

Statement of

Assets and Liabilities

Location

Fair Value

Statement of

Assets and Liabilities Location

Fair Value

Forward currency exchange contracts (Foreign currency exchange contracts)

Unrealized gain on foreign currency exchange contracts

742

Unrealized loss on foreign currency exchange contracts

1,651

Interest rate contracts (Futures contracts)

Variation margin payable on futures contracts

435

Variation margin payable on futures contracts

100,053

Credit contracts (Swap contracts)

Unrealized gain on credit default swap contracts

—

Unrealized loss on credit default swap contracts

6,760

Total

1,177

108,464

Delaware Foundation Moderate Allocation Fund

Asset Derivatives

Liability Derivatives

Statement of

Assets and Liabilities

Location

Fair Value

Statement of

Assets and Liabilities Location

Fair Value

Forward currency exchange contracts (Foreign currency exchange contracts)

Unrealized gain on foreign currency exchange contracts

3,186

Unrealized loss on foreign currency exchange contracts

12,137

Interest rate contracts (Futures contracts)

Variation margin payable on futures contracts

2,622

Variation margin payable on futures contracts

277,630

Credit contracts (Swap contracts)

Unrealized gain on credit default swap contracts

—

Unrealized loss on credit default swap contracts

51,695

Total

5,808

341,462

124

Delaware Foundation^® Conservative Allocation Fund

Asset Derivatives

Liability Derivatives

Statement of

Assets and Liabilities

Location

Fair Value

Statement of

Assets and Liabilities Location

Fair Value

Forward currency exchange contracts (Foreign currency exchange contracts)

Unrealized gain on foreign currency exchange contracts

3,004

Unrealized loss on foreign currency exchange contracts

7,942

Interest rate contracts
(Futures contracts)

Variation margin payable on futures contracts

1,318

Variation margin payable on futures contracts

83,981

Credit contracts
(Swap contracts)

Unrealized gain on credit default swap contracts

—

Unrealized loss on credit default swap contracts

35,789

Total

4,322

127,712

*Includes cumulative appreciation of futures contracts from the date the contracts are opened through March 31, 2014. Only current day variation margin is reported on the statements of assets and liabilities.

The effect of derivative instruments on the statements of operations for the six months ended March 31, 2014 was as follows:


	Delaware Foundation Growth Allocation Fund
	Net Realized Gain (Loss) on:

	Foreign Currency Exchange Contracts				Futures Contracts				Swap Contracts				Total
Forward currency exchange contracts		$	(38,316	)		$	—			$	—			$	(38,316	)
Interest rate contracts			—				83,000				—				83,000
Equity contracts			—				(3,335	)			—				(3,335	)
Credit contracts			—				—				1,610				1,610

Total		$	(38,316	)		$	79,665			$	1,610			$	42,959


					Net Change in Unrealized Appreciation (Depreciation) of:

	Foreign Currency Exchange Contracts				Futures Contracts				Swap Contracts				Total
Forward currency exchange contracts		$	239			$	—			$	—			$	239
Interest rate contracts			—				(34,269	)			—				(34,269	)
Equity contracts			—				(99,592	)			—				(99,592	)
Credit contracts			—				—				(1,316	)			(1,316	)

Total		$	239			$	(133,861	)		$	(1,316	)		$	(134,938	)

(continues) 125

Notes to financial statements

Delaware Foundation Funds^®

7. Derivatives (continued)


					Delaware Foundation^® Moderate Allocation Fund
					Net Realized Gain (Loss) on:

	Foreign Currency Exchange Contracts				Futures Contracts				Swap Contracts				Total
Forward currency exchange contracts		$	(157,592	)		$	—			$	—			$	(157,592	)
Interest rate contracts			—				501,592				—				501,592
Equity contracts			—				(33,878	)			—				(33,878	)
Credit contracts			—				—				3,690				3,690

Total		$	(157,592	)		$	467,714			$	3,690			$	313,812


					Net Change in Unrealized Appreciation (Depreciation) of:

	Foreign Currency Exchange Contracts				Futures Contracts				Swap Contracts				Total
Forward currency exchange contracts		$	4,364			$	—			$	—			$	4,364
Interest rate contracts			—				(212,954	)			—				(212,954	)
Equity contracts			—				(277,152	)			—				(277,152	)
Credit contracts			—				—				(9,929	)			(9,929	)

Total		$	4,364			$	(490,106	)		$	(9,929	)		$	(495,671	)


					Delaware Foundation Conservative Allocation Fund
					Net Realized Gain (Loss) on:

	Foreign Currency Exchange Contracts				Futures Contracts				Swap Contracts				Total
Forward currency exchange contracts		$	(97,478	)		$	—			$	—			$	(97,478	)
Interest rate contracts			—				373,172				—				373,172
Equity contracts			—				(23,352	)			—				(23,352	)
Credit contracts			—				—				2,143				2,143

Total		$	(97,478	)		$	349,820			$	2,143			$	254,485


					Net Change in Unrealized Appreciation (Depreciation) of:

	Foreign Currency Exchange Contracts				Futures Contracts				Swap Contracts				Total
Forward currency exchange contracts		$	10,411			$	—			$	—			$	10,411
Interest rate contracts			—				(161,795	)			—				(161,795	)
Equity contracts			—				(84,517	)			—				(84,517	)
Credit contracts			—				—				(6,798	)			(6,798	)

Total		$	10,411			$	(246,312	)		$	(6,798	)		$	(242,699	)

126

Derivatives Generally. The tables below summarize the average balance of derivative holdings by each Fund during the six months ended March 31, 2014.


	Delaware Foundation^® Growth Allocation Fund
		Long Derivative Volume		Short Derivative Volume
Foreign currency exchange contracts (average cost)	USD		457,478	USD	641,954
Futures contracts (average notional value)			1,265,110		1,180,119
Options contracts (average notional value)			194		—
CDS contracts (average notional value)*			57,056		15,968

	Delaware Foundation Moderate Allocation Fund
		Long Derivative Volume		Short Derivative Volume
Foreign currency exchange contracts (average cost)	USD		2,347,068	USD	3,660,511
Futures contracts (average notional value)			8,393,504		8,769,994
Options contracts (average notional value)			1,295		—
CDS contracts (average notional value)*			476,935		108,226

	Delaware Foundation Conservative Allocation Fund
		Long Derivative Volume		Short Derivative Volume
Foreign currency exchange contracts (average cost)	USD		1,734,438	USD	2,203,808
Futures contracts (average notional value)			6,282,663		4,837,137
Options contracts (average notional value)			919		—
CDS contracts (average notional value)*			326,210		72,742

*Long represents buying protection and short represents selling protection.

8. Offsetting

In December 2011, the Financial Accounting Standards Board (FASB) issued guidance that expands current disclosure requirements on the offsetting of certain assets and liabilities. The new disclosures are required for investments and derivative financial instruments subject to master netting or similar agreements which are eligible for offset in the statements of assets and liabilities and require an entity to disclose both gross and net information about such investments and transactions in the financial statements. In January 2013, the FASB issued guidance that clarifies which investments and transactions are subject to the offsetting disclosure requirements. The scope of the disclosure requirements for offsetting is limited to derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after Jan. 1, 2013, and interim periods within those fiscal years. The Funds adopted the disclosure provisions on offsetting during the current reporting period.

In order to better define its contractual rights and to secure rights that will help each Fund mitigate its counterparty risk, the Funds entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds 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 instrument’s 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) netting 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, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statements of assets and liabilities.

(continues) 127

Notes to financial statements

Delaware Foundation Funds^®

8. Offsetting (continued)

At March 31, 2014, the Funds had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities


	Delaware Foundation^® Growth Allocation Fund
Counterparty	Gross Value of Derivative Asset			Gross Value of Derivative Liability				Net Position
Bank of America Merrill Lynch		$	299		$	—			$	299
Barclays Bank			64			—				64
BNP Paribas			—			(870	)			(870	)
BNY Mellon			82			(210	)			(128	)
Deutsche Bank			147			—				147
Goldman Sachs Capital			—			(1	)			(1	)
JPMorgan Chase Bank			—			(796	)			(796	)
Morgan Stanley Capital			30			—				30
Toronto Dominion Bank			120			(214	)			(94	)
Union Bank of Switzerland			—			(40	)			(40	)

Total		$	742		$	(2,131	)		$	(1,389	)


Counterparty	Net Position				Fair Value of Non Cash Collateral Received			Cash Collateral Received			Fair Value of Non Cash Collateral Pledged			Cash Collateral Pledged			Net Amount^(a)
Bank of America Merrill Lynch		$	299			$	—		$	—		$	—		$	—		$	299
Barclays Bank			64				—			—			—			—			64
BNP Paribas			(870	)			—			—			—			—			(870	)
BNY Mellon			(128	)			—			—			—			—			(128	)
Deutsche Bank			147				—			—			—			—			147
Goldman Sachs Capital			(1	)			—			—			—			—			(1	)
JPMorgan Chase Bank			(796	)			—			—			—			—			(796	)
Morgan Stanley Capital			30				—			—			—			—			30
Toronto Dominion Bank			(94	)			—			—			—			—			(94	)
Union Bank of Switzerland			(40	)			—			—			—			—			(40	)

Total		$	(1,389	)		$	—		$	—		$	—		$	—		$	(1,389	)

Master Repurchase Agreements


Counterparty	Repurchase Agreements			Fair Value of Non Cash Collateral Received				Cash Collateral Received			Net Amount^(a)
Bank of America Merrill Lynch		$	99,276		$	(99,276	)		$	—		$	—
Bank of Montreal			33,092			(33,092	)			—			—
BNP Paribas			33,632			(33,632	)			—			—

Total		$	166,000		$	(166,000	)		$	—		$	—

^(a)Net represents the receivable/(payable) that would be due from/(to) the counterparty in the event of default.

128

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities


	Delaware Foundation^® Moderate Allocation Fund
Counterparty	Gross Value of Derivative Asset			Gross Value of Derivative Liability				Net Position
Bank of America Merrill Lynch		$	1,478		$	—			$	1,478
Barclays Bank			52			—				52
BNP Paribas			—			(6,793	)			(6,793	)
BNY Mellon			—			(328	)			(328	)
Deutsche Bank			502			—				502
Goldman Sachs Capital			62			—				62
JPMorgan Chase Bank			—			(6,804	)			(6,804	)
Morgan Stanley Capital			227			—				227
Toronto Dominion Bank			865			(1,596	)			(731	)
Union Bank of Switzerland			—			(285	)			(285	)

Total		$	3,186		$	(15,806	)		$	(12,620	)


Counterparty	Net Position				Fair Value of Non Cash Collateral Received			Cash Collateral Received			Fair Value of Non Cash Collateral Pledged			Cash Collateral Pledged			Net Amount^(a)
Bank of America Merrill Lynch		$	1,478			$	—		$	—		$	—		$	—		$	1,478
Barclays Bank			52				—			—			—			—			52
BNP Paribas			(6,793	)			—			—			—			—			(6,793	)
BNY Mellon			(328	)			—			—			—			—			(328	)
Deutsche Bank			502				—			—			—			—			502
Goldman Sachs Capital			62				—			—			—			—			62
JPMorgan Chase Bank			(6,804	)			—			—			—			—			(6,804	)
Morgan Stanley Capital			227				—			—			—			—			227
Toronto Dominion Bank			(731	)			—			—			—			—			(731	)
Union Bank of
Switzerland			(285	)			—			—			—			—			(285	)

Total		$	(12,620	)		$	—		$	—		$	—		$	—		$	(12,620	)

Master Repurchase Agreements


Counterparty	Repurchase Agreements			Fair Value of Non Cash Collateral Received				Cash Collateral Received			Net Amount^(a)
Bank of America Merrill Lynch		$	2,146,403		$	(2,146,403	)		$	—		$	—
Bank of Montreal			715,467			(715,467	)			—			—
BNP Paribas			727,130			(727,130	)			—			—

Total		$	3,589,000		$	(3,589,000	)		$	—		$	—

^(a)Net represents the receivable/(payable) that would be due from/(to) the counterparty in the event of default.

(continues) 129

Notes to financial statements

Delaware Foundation Funds^®

8. Offsetting (continued)

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities


	Delaware Foundation^® Conservative Allocation Fund
Counterparty	Gross Value of Derivative Asset			Gross Value of Derivative Liability				Net Position
Bank of America Merrill Lynch		$	2,216		$	(926	)		$	1,290
Barclay’s Bank			112			—				112
BNP Paribas			—			(2,084	)			(2,084	)
BNY Mellon			—			(96	)			(96	)
Goldman Sachs Capital			—			(29	)			(29	)
JPMorgan Chase Bank			—			(6,020	)			(6,020	)
Morgan Stanley Capital			157			—				157
Toronto Dominion Bank			519			(1,126	)			(607	)
Union Bank of Switzerland			—			(201	)			(201	)

Total		$	3,004		$	(10,482	)		$	(7,478	)


Counterparty	Net Position				Fair Value of Non Cash Collateral Received			Cash Collateral Received			Fair Value of Non Cash Collateral Pledged			Cash Collateral Pledged			Net Amount^(a)

Bank of America Merrill Lynch		$	1,290			$	—		$	—		$	—		$	—		$	1,290
Barclays Bank			112				—			—			—			—			112
BNP Paribas			(2,084	)			—			—			—			—			(2,084	)
BNY Mellon			(96	)			—			—			—			—			(96	)
Goldman Sachs Capital			(29	)			—			—			—			—			(29	)
JPMorgan Chase Bank			(6,020	)			—			—			—			—			(6,020	)
Morgan Stanley Capital			157				—			—			—			—			157
Toronto Dominion Bank			(607	)			—			—			—			—			(607	)
Union Bank of Switzerland			(201	)			—			—			—			—			(201	)

Total		$	(7,478	)		$	—		$	—		$	—		$	—		$	(7,478	)

Master Repurchase Agreements


Counterparty	Repurchase Agreements			Fair Value of Non Cash Collateral Received				Cash Collateral Received			Net Amount^(a)

Bank of America Merrill Lynch		$	156,689		$	(156,689	)		$	—		$	—
Bank of Montreal			52,230			(52,230	)			—			—
BNP Paribas			53,081			(53,081	)			—			—

Total		$	262,000		$	(262,000	)		$	—		$	—

^(a)Net represents the receivable/(payable) that would be due from/(to) the counterparty in the event of default.

9. Securities Lending

Each Fund, along with other funds in the Delaware Investments^® Family of Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to U.S. securities and foreign securities that are denominated and payable in U.S. dollars; and (2) 105% with respect to

130

foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon 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.

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

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

During the six months ended March 31, 2014, each Fund had no securities out on loan.

10. Credit and Market Risk

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

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

Each Fund invests a portion of its assets in high yield, fixed income securities, which are securities rated BB or lower by S&P and Ba or lower by Moody’s, 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.

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

(continues) 131

Notes to financial statements

Delaware Foundation Funds^®

10. Credit and Market Risk (continued)

Each Fund invests 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 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 U.S. 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 obligation 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 adverse effect on each Fund’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, each Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

Each Fund invests in certain obligations that may have liquidity protection 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. Each Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of the security.

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 of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair 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 Funds’ Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of each Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Funds’ 15% limit on investments in illiquid securities. As of March 31, 2014, no securities have been determined to be illiquid under each Fund’s Liquidity Procedures. Rule 144A securities have been identified on the schedules of investments.

11. 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, the Funds have not had prior claims or losses pursuant to these contracts. Management has reviewed each Fund’s existing contracts and expects the risk of loss to be remote.

12. Subsequent Events

Effective May 1, 2014, Jackson Square Partners, LLC (JSP) is serving as sub-advisor to the Funds under an interim sub-advisory agreement between DMC and JSP, pending shareholder approval of a final sub-advisory agreement between the parties.

Management has determined that no other material events or transactions occurred subsequent to March 31, 2014 that would require recognition or disclosure in each Fund’s financial statements.

132

About the organization

This semiannual report is for the information of Delaware Foundation Funds^® shareholders, but it may be used with prospective investors when preceded or accompanied by a current prospectus for Delaware Foundation Funds and the Delaware Investments^® Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawareinvestments.com.


Board of trustees Patrick P. Coyne Chairman, President, and Chief Executive Officer Delaware Investments Family of Funds Philadelphia, PA Thomas L. Bennett Private Investor Rosemont, PA Joseph W. Chow Former Executive Vice President State Street Corporation Brookline, MA John A. Fry President Drexel University Philadelphia, PA Lucinda S. Landreth Former Chief Investment Officer Assurant, Inc. Philadelphia, PA Frances A. Sevilla-Sacasa Chief Executive Officer Banco Itaú International Miami, FL Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Pittsburgh, PA	Janet L. Yeomans Former Vice President and Treasurer 3M Corporation St. Paul, MN J. Richard Zecher Founder Investor Analytics Scottsdale, AZ Affiliated officers David F. Connor Senior Vice President, Deputy General Counsel, and Secretary Delaware Investments Family of Funds Philadelphia, PA Daniel V. Geatens Vice President and Treasurer Delaware Investments Family of Funds Philadelphia, PA David P. O’Connor Executive Vice President, General Counsel, and Chief Legal Officer Delaware Investments Family of Funds Philadelphia, PA Richard Salus Senior Vice President and Chief Financial Officer Delaware Investments Family of Funds Philadelphia, PA	Contact information Investment manager Delaware Management Company, a series of Delaware Management Business Trust Philadelphia, PA National distributor Delaware Distributors, L.P. Philadelphia, PA Shareholder servicing, dividend disbursing, and transfer agent Delaware Service Company, Inc. 2005 Market Street Philadelphia, PA 19103-7094 For shareholders 800 523-1918 For securities dealers and financial institutions representatives only 800 362-7500 Website delawareinvestments.com

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

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

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

133

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 second fiscal quarter of 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. 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^® FOUNDATION FUNDS

/s/ PATRICK P. COYNE
By:	Patrick P. Coyne
Title:	Chief Executive Officer
Date:	June 4, 2014

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

/s/ PATRICK P. COYNE
By:	Patrick P. Coyne
Title:	Chief Executive Officer
Date:	June 4, 2014

/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	June 4, 2014

Delaware Group Foundation Funds N-CSRSCertified semi-annual shareholder report (management investment company)