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:	March 31

Date of reporting period:	September 30, 2015

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 September 30, 2015 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			90

Statements of operations			92

Statements of changes in net assets			94

Financial highlights			100

Notes to financial statements			112

Other Fund information			136

About the organization			139

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.

Neither Delaware Investments nor its affiliates noted in this document are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.

Unless otherwise noted, views expressed herein are current as of Sept. 30, 2015, and subject to change for events occurring after such date.

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 April 1, 2015 to September 30, 2015 (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 a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from April 1, 2015 to Sept. 30, 2015.

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 4/1/15			Ending Account Value 9/30/15			Annualized Expense Ratio			Expenses Paid During Period 4/1/15 to 9/30/15*
Actual Fund return
Class A		$	1,000.00		$	923.40		1.17	%		$	5.63
Class C			1,000.00			920.60		1.92	%			9.22
Class R			1,000.00			922.20		1.42	%			6.82
Institutional Class			1,000.00			925.40		0.92	%			4.43
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,019.15		1.17	%		$	5.91
Class C			1,000.00			1,015.40		1.92	%			9.67
Class R			1,000.00			1,017.90		1.42	%			7.16
Institutional Class			1,000.00			1,020.40		0.92	%			4.65

Delaware Foundation Moderate Allocation Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 4/1/15			Ending Account Value 9/30/15			Annualized Expense Ratio			Expenses Paid During Period 4/1/15 to 9/30/15*
Actual Fund return
Class A		$	1,000.00		$	940.70		1.15	%		$	5.58
Class C			1,000.00			937.10		1.91	%			9.25
Class R			1,000.00			938.40		1.41	%			6.83
Institutional Class			1,000.00			941.10		0.91	%			4.42
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,019.25		1.15	%		$	5.81
Class C			1,000.00			1,015.45		1.91	%			9.62
Class R			1,000.00			1,017.95		1.41	%			7.11
Institutional Class			1,000.00			1,020.45		0.91	%			4.60

(continues) 1

Disclosure of Fund expenses

Delaware Foundation^® Conservative Allocation Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 4/1/15			Ending Account Value 9/30/15			Annualized Expense Ratio	Expenses Paid During Period 4/1/15 to 9/30/15*
Actual Fund return
Class A		$	1,000.00		$	953.20	1.20%		$5.86
Class C			1,000.00			950.70	1.95%		9.51
Class R			1,000.00			952.90	1.45%		7.08
Institutional Class			1,000.00			954.50	0.95%		4.64
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,019.00	1.20%		$6.06
Class C			1,000.00			1,015.25	1.95%		9.82
Class R			1,000.00			1,017.75	1.45%		7.31
Institutional Class			1,000.00			1,020.25	0.95%		4.80

^*“Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

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

Delaware Foundation^® Growth Allocation Fund

As of September 30, 2015 (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		75.02%
U.S. Markets		42.12%
Consumer Discretionary		4.55%
Consumer Staples		2.86%
Energy		2.24%
Financials		8.62%
Healthcare		7.29%
Industrials		3.69%
Information Technology		10.16%
Materials		1.12%
Telecommunication Services		0.99%
Utilities		0.60%
Developed Markets		24.06%
Consumer Discretionary		4.05%
Consumer Staples		3.17%
Energy		0.75%
Financials		3.76%
Healthcare		4.15%
Industrials		3.70%
Information Technology		1.75%
Materials		1.30%
Telecommunication Services		1.18%
Utilities		0.25%
Emerging Markets		8.84%
Consumer Discretionary		0.50%
Consumer Staples		1.28%
Energy		1.20%
Financials		1.42%
Industrials		0.21%
Information Technology		2.19%
Materials		0.53%
Telecommunication Services		1.51%
Utilities		0.00%
Convertible Preferred Stock		0.10%
Exchange-Traded Funds		1.33%
Agency Collateralized Mortgage Obligations		0.34%
Agency Mortgage-Backed Securities		3.74%
Agency Obligation		0.01%
Commercial Mortgage-Backed Securities		1.26%
Convertible Bonds		0.36%


Security type / sector	Percentage of net assets
Corporate Bonds		7.33%
Banking		0.56%
Basic Industry		0.64%
Brokerage		0.03%
Capital Goods		0.18%
Consumer Cyclical		0.53%
Consumer Non-Cyclical		0.77%
Energy		0.89%
Financials		0.14%
Insurance		0.47%
Media		0.23%
Real Estate		0.19%
Services		0.17%
Technology		0.45%
Telecommunications		0.73%
Transportation		0.13%
Utilities		1.22%
Municipal Bonds		0.26%
Non-Agency Asset-Backed Securities		0.62%
Non-Agency Collateralized Mortgage Obligations		0.08%
Regional Bonds		0.05%
Senior Secured Loans		2.46%
Sovereign Bonds		0.47%
Supranational Banks		0.05%
U.S. Treasury Obligations		3.65%
Preferred Stock		0.09%
Short-Term Investments		4.19%
Total Value of Securities		101.41%
Liabilities Net of Receivables and Other Assets		(1.41%)
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		0.96%
Celgene		0.83%
QUALCOMM		0.81%
Novartis		0.77%
Allergan		0.72%
Toyota Motor		0.68%
Visa Class A		0.68%
Google Class A		0.66%
Equinix		0.61%
Baidu ADR		0.59%

*Country / market	Percentage of net assets
Developed Markets		25.19%
Australia		0.93%
Austria		0.05%
Belgium		0.17%
Canada		0.97%
Cayman Islands		0.10%
Denmark		0.92%
Finland		0.06%
France		3.30%
Germany		1.94%
Hong Kong		1.00%
Ireland		0.09%
Israel		1.17%
Italy		0.64%
Japan		5.51%
Luxembourg		0.24%
Netherlands		1.11%


*Country / market	Percentage of net assets
Norway		0.04%
Portugal		0.06%
Singapore		0.22%
Spain		0.19%
Sweden		1.03%
Switzerland		2.10%
United Kingdom		3.35%
Emerging Markets		9.20%
Argentina		0.09%
Brazil		0.82%
Chile		0.12%
China		2.08%
Colombia		0.03%
Dominican Republic		0.13%
Hungary		0.00%
India		1.00%
Indonesia		0.02%
Malaysia		0.04%
Mexico		0.72%
Peru		0.02%
Poland		0.14%
Republic of Korea		2.15%
Russia		0.36%
South Africa		0.40%
Taiwan		0.61%
Thailand		0.25%
Turkey		0.22%
Supranational		0.05%
U.S. Markets		62.78%
Total		97.22%

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

Delaware Foundation^® Moderate Allocation Fund

As of September 30, 2015 (Unaudited)


Security type / sector	Percentage of net assets
Common Stock		54.93%
U.S. Markets		31.03%
Consumer Discretionary		3.37%
Consumer Staples		2.11%
Energy		1.70%
Financials		6.25%
Healthcare		5.39%
Industrials		2.71%
Information Technology		7.53%
Materials		0.83%
Telecommunications Services		0.73%
Utilities		0.41%
Developed Markets		17.94%
Consumer Discretionary		3.01%
Consumer Staples		2.36%
Energy		0.55%
Financials		2.81%
Healthcare		3.08%
Industrials		2.78%
Information Technology		1.31%
Materials		0.97%
Telecommunications Services		0.89%
Utilities		0.18%
Emerging Markets		5.96%
Consumer Discretionary		0.35%
Consumer Staples		0.86%
Energy		0.83%
Financials		0.94%
Industrials		0.14%
Information Technology		1.49%
Materials		0.36%
Telecommunications Services		0.99%
Convertible Preferred Stock		0.19%
Exchange-Traded Funds		1.02%
Agency Asset-Backed Securities		0.02%
Agency Collateralized Mortgage Obligations		0.45%
Agency Mortgage-Backed Securities		7.37%


Security type / sector	Percentage of net assets
Agency Obligation		0.03%
Collateralized Debt Obligations		0.54%
Commercial Mortgage-Backed Securities		2.34%
Convertible Bonds		0.82%
Corporate Bonds		16.35%
Banking		2.02%
Basic Industry		1.15%
Brokerage		0.04%
Capital Goods		0.41%
Consumer Cyclical		1.28%
Consumer Non-Cyclical		1.69%
Energy		1.95%
Financials		0.51%
Insurance		0.71%
Media		0.48%
Real Estate		0.43%
Services		0.45%
Technology		0.91%
Telecommunications		1.80%
Transportation		0.35%
Utilities		2.17%
Municipal Bonds		0.57%
Non-Agency Asset-Backed Securities		1.72%
Non-Agency Collateralized Mortgage Obligations		0.41%
Regional Bonds		0.10%
Senior Secured Loans		4.21%
Sovereign Bonds		0.79%
Supranational Banks		0.09%
U.S. Treasury Obligations		5.41%
Preferred Stock		0.41%
Short-Term Investments		4.90%
Total Value of Securities		102.67%
Liabilities Net of Receivables and Other Assets		(2.67%)
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		0.69%
Celgene		0.61%
QUALCOMM		0.59%
Novartis		0.58%
Allergan		0.52%
Visa Class A		0.50%
Toyota Motor		0.50%
Google Class A		0.49%
Equinix		0.45%
Microsoft		0.43%

*Country / market	Percentage of net assets
Developed Markets		22.02%
Australia		0.94%
Austria		0.11%
Belgium		0.13%
Bermuda		0.13%
Canada		1.00%
Cayman Islands		0.92%
Denmark		0.68%
Finland		0.12%
France		2.56%
Germany		1.47%
Hong Kong		0.74%
Ireland		0.22%
Israel		0.85%
Italy		0.64%
Japan		4.12%
Luxembourg		0.58%
Netherlands		1.05%
Norway		0.03%
Portugal		0.06%


*Country / market	Percentage of net assets
Singapore		0.19%
Spain		0.06%
Sweden		0.85%
Switzerland		1.57%
United Kingdom		3.00%
Emerging Markets		7.87%
Argentina		0.10%
Barbados		0.07%
Brazil		0.60%
Chile		0.14%
China		1.44%
Colombia		0.16%
Dominican Republic		0.04%
Hungary		0.02%
India		0.74%
Indonesia		0.15%
Jersey		0.07%
Malaysia		0.10%
Mexico		0.82%
Morocco		0.07%
Panama		0.08%
Peru		0.15%
Poland		0.11%
Republic of Korea		1.68%
Russia		0.27%
South Africa		0.30%
Sri Lanka		0.07%
Taiwan		0.37%
Thailand		0.17%
Turkey		0.15%
Supranational		0.08%
U.S. Markets		67.80%
Total		97.77%

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

Delaware Foundation^® Conservative Allocation Fund

As of September 30, 2015 (Unaudited)


Security type / sector	Percentage of net assets
Common Stock		36.45%
U.S. Markets		20.42%
Consumer Discretionary		2.19%
Consumer Staples		1.39%
Energy		1.11%
Financials		4.13%
Healthcare		3.57%
Industrials		1.78%
Information Technology		4.95%
Materials		0.54%
Telecommunication Services		0.49%
Utilities		0.27%
Developed Markets		11.78%
Consumer Discretionary		1.97%
Consumer Staples		1.54%
Energy		0.37%
Financials		1.84%
Healthcare		2.06%
Industrials		1.81%
Information Technology		0.86%
Materials		0.63%
Telecommunication Services		0.58%
Utilities		0.12%
Emerging Markets		4.25%
Consumer Discretionary		0.26%
Consumer Staples		0.65%
Energy		0.58%
Financials		0.67%
Industrials		0.10%
Information Technology		1.02%
Materials		0.26%
Telecommunication Services		0.71%
Convertible Preferred Stock		0.25%
Exchange-Traded Funds		0.63%
Agency Collateralized Mortgage Obligations		0.82%
Agency Mortgage-Backed Securities		10.85%
Agency Obligation		0.04%
Collateralized Debt Obligations		0.51%


Security type / sector	Percentage of net assets
Commercial Mortgage-Backed Securities		3.55%
Convertible Bonds		0.91%
Corporate Bonds		23.90%
Banking		2.70%
Basic Industry		1.71%
Brokerage		0.12%
Capital Goods		0.61%
Consumer Cyclical		1.98%
Consumer Non-Cyclical		2.55%
Energy		2.58%
Financials		0.65%
Insurance		1.05%
Media		0.59%
Real Estate		0.68%
Services		0.78%
Technology		1.08%
Telecommunications		2.73%
Transportation		0.35%
Utilities		3.74%
Municipal Bonds		0.84%
Non-Agency Asset-Backed Securities		2.82%
Non-Agency Collateralized Mortgage Obligations		1.04%
Regional Bonds		0.16%
Senior Secured Loans		6.45%
Sovereign Bonds		1.39%
Supranational Banks		0.16%
U.S. Treasury Obligations		6.12%
Preferred Stock		0.76%
Short-Term Investments		6.56%
Total Value of Securities		104.21%
Liabilities Net of Receivables and Other Assets		(4.21%)
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		0.49%
Celgene		0.40%
Novartis		0.39%
QUALCOMM		0.39%
Allergan		0.34%
Visa Class A		0.33%
Google Class A		0.33%
Toyota Motor		0.31%
Equinix		0.30%
Baidu ADR		0.30%

*Country / market	Percentage of net assets
Developed Markets		17.69%
Australia		0.80%
Austria		0.24%
Belgium		0.09%
Bermuda		0.19%
Canada		0.93%
Cayman Islands		1.00%
Denmark		0.45%
Finland		0.03%
France		1.87%
Germany		1.03%
Hong Kong		0.49%
Ireland		0.25%
Israel		0.59%
Italy		0.76%
Japan		2.69%
Luxembourg		0.91%
Netherlands		0.84%


*Country / market	Percentage of net assets
Norway		0.02%
Portugal		0.07%
Singapore		0.17%
Spain		0.12%
Sweden		0.54%
Switzerland		1.25%
United Kingdom		2.36%
Emerging Markets		6.57%
Argentina		0.14%
Barbados		0.21%
Brazil		0.40%
Chile		0.27%
China		1.04%
Colombia		0.21%
Dominican Republic		0.10%
Hungary		0.03%
India		0.45%
Indonesia		0.19%
Malaysia		0.02%
Mexico		0.65%
Morocco		0.19%
Peru		0.05%
Poland		0.15%
Republic of Korea		1.52%
Russia		0.18%
South Africa		0.28%
Taiwan		0.26%
Thailand		0.12%
Turkey		0.11%
Supranational		0.15%
U.S. Markets		73.24%
Total		97.65%

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

Schedules of investments

Delaware Foundation^® Growth Allocation Fund

September 30, 2015 (Unaudited)


	Number of shares		Value (U.S. $)
Common Stock – 75.02%
U.S. Markets – 42.12%
Consumer Discretionary – 4.55%
Boot Barn Holdings †		2,085	$	38,427
BorgWarner		1,120		46,581
Buffalo Wild Wings †		325		62,865
Cheesecake Factory		1,005		54,230
Cinemark Holdings		770		25,017
Comcast Class A Special		1,400		80,136
Del Frisco’s Restaurant Group †		2,450		34,031
Discovery Communications Class A †		2,469		64,268
Discovery Communications Class C †		4,448		108,042
Disney (Walt)		1,360		138,992
DSW Class A		1,540		38,977
Express †		2,605		46,551
Fiesta Restaurant Group †		815		36,977
Ford Motor		5,390		73,142
G-III Apparel Group †		1,015		62,585
Jack in the Box		715		55,084
Jarden †		980		47,902
Johnson Controls		6,100		252,296
L Brands		3,217		289,948
Liberty Interactive Class A †		14,650		384,269
Lowe’s		4,000		275,680
Macy’s		1,010		51,833
Madden (Steven) †		1,667		61,046
Malibu Boats Class A †		1,700		23,766
National CineMedia		2,055		27,578
NIKE Class B		2,223		273,362
Nordstrom		1,010		72,427
Popeyes Louisiana Kitchen †		1,150		64,814
Shutterfly †		960		34,320
Starbucks		1,950		110,838
Tenneco †		1,145		51,262
Tractor Supply		1,050		88,536
TripAdvisor †		2,570		161,961
Urban Outfitters †		2,750		80,795

				3,318,538

Consumer Staples – 2.86%
Archer-Daniels-Midland		5,900		244,555
Casey’s General Stores		1,185		121,960
CVS Health		3,720		358,906
General Mills		830		46,588
J&J Snack Foods		505		57,398
Kimberly-Clark		550		59,972
Kraft Heinz		3,633		256,417


	Number of shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Consumer Staples (continued)
Mondelez International		6,400	$	267,968
PepsiCo		1,380		130,134
Procter & Gamble		1,760		126,614
Walgreens Boots Alliance		4,988		414,503

				2,085,015

Energy – 2.24%
Bonanza Creek Energy †		1,465		5,963
Bristow Group		375		9,810
Carrizo Oil & Gas †		1,145		34,968
Chevron		2,900		228,752
ConocoPhillips		5,150		246,994
Core Laboratories		410		40,918
EOG Resources		900		65,520
Exxon Mobil		2,360		175,466
Halliburton		6,600		233,310
Marathon Oil		10,800		166,320
Occidental Petroleum		4,550		300,983
Parsley Energy Class A †		960		14,467
Pioneer Energy Services †		1,175		2,467
RigNet †		1,115		28,433
RSP Permian †		910		18,427
Schlumberger		880		60,694

				1,633,492

Financials – 8.62%
Aflac		1,300		75,569
Allstate		4,400		256,256
American Equity Investment Life Holding		1,985		46,270
American Tower		980		86,220
Ameriprise Financial		500		54,565
Apartment Investment & Management		750		27,765
AvalonBay Communities		175		30,593
Bank of New York Mellon		6,500		254,475
BB&T		6,900		245,640
BBCN Bancorp		2,725		40,929
BlackRock		180		53,545
Boston Properties		250		29,600
Brandywine Realty Trust		1,650		20,328
Bryn Mawr Bank		470		14,603
Camden Property Trust		275		20,323
Capital One Financial		1,110		80,497
Cardinal Financial		1,765		40,613
Care Capital Properties		106		3,491
Citigroup		2,380		118,072

(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)
City Holding		1,040	$	51,272
CoBiz Financial		2,050		26,671
Cousins Properties		2,050		18,901
Crown Castle International		4,767		375,973
DCT Industrial Trust		2,461		82,837
DDR		1,500		23,070
Douglas Emmett		900		25,848
Duke Realty		1,475		28,099
DuPont Fabros Technology		1,490		38,561
EastGroup Properties		920		49,846
Empire State Realty Trust		325		5,535
EPR Properties		1,505		77,613
Equinix		1,633		446,462
Equity LifeStyle Properties		550		32,213
Equity One		1,150		27,991
Equity Residential		425		31,926
Essex Property Trust		150		33,513
Evercore Partners Class A		1,780		89,427
Extra Space Storage		500		38,580
Federal Realty Investment Trust		225		30,701
Fidelity & Guaranty Life		1,240		30,430
First Industrial Realty Trust		1,475		30,901
First NBC Bank Holding †		1,190		41,698
First Potomac Realty Trust		2,025		22,275
FirstMerit		2,900		51,243
Flushing Financial		1,800		36,036
General Growth Properties		1,075		27,918
Great Western Bancorp		1,785		45,285
Healthcare Realty Trust		600		14,910
Healthcare Trust of America Class A		1,087		26,642
Highwoods Properties		650		25,187
Host Hotels & Resorts		4,800		75,888
Houlihan Lokey †		970		21,146
Independent Bank @		760		35,036
Infinity Property & Casualty @		430		34,632
Intercontinental Exchange		1,547		363,530
Invesco		1,390		43,410
JPMorgan Chase		2,520		153,644
KeyCorp		5,550		72,205
Kilroy Realty		425		27,693
Kimco Realty		1,150		28,095
Kite Realty Group Trust		2,455		58,454
LaSalle Hotel Properties		2,260		64,161
Lexington Realty Trust		1,625		13,163


	Number of shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Financials (continued)
Liberty Property Trust		725	$	22,845
LTC Properties		675		28,802
Macerich		400		30,728
Marsh & McLennan		4,800		250,656
National Retail Properties		2,670		96,841
Old National Bancorp		3,505		48,825
Pebblebrook Hotel Trust		1,330		47,149
Post Properties		500		29,145
Primerica		1,165		52,507
Prologis		650		25,285
Prosperity Bancshares		1,105		54,267
Prudential Financial		590		44,964
PS Business Parks		325		25,799
Public Storage		200		42,326
Ramco-Gershenson Properties Trust		4,870		73,099
Raymond James Financial		1,120		55,586
Regency Centers		450		27,967
RLJ Lodging Trust		875		22,111
Sabra Health Care REIT		900		20,862
Selective Insurance Group @		1,415		43,950
Simon Property Group		125		22,965
SL Green Realty		250		27,040
Sovran Self Storage		490		46,207
Spirit Realty Capital		2,275		20,793
State Street		970		65,194
Sterling Bancorp		4,030		59,926
Stifel Financial †		1,075		45,257
Strategic Hotels & Resorts †		2,250		31,027
Tanger Factory Outlet Centers		750		24,727
Taubman Centers		350		24,178
Texas Capital Bancshares †		580		30,404
Travelers		790		78,629
UDR		875		30,170
United Fire Group		830		29,091
Urban Edge Properties		150		3,239
Ventas		425		23,825
Vornado Realty Trust		300		27,126
Webster Financial		1,210		43,112
Wells Fargo		2,890		148,401
Welltower		425		28,781
Western Alliance Bancorp †		1,705		52,361

				6,284,142

Healthcare – 7.29%
AbbVie		1,830		99,570


	Number of shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Healthcare (continued)
Acorda Therapeutics †		1,665	$	44,139
Air Methods †		1,585		54,033
Alkermes †		1,120		65,710
Allergan †		1,919		521,603
Baxalta		4,700		148,097
Baxter International		4,300		141,255
Biogen †		921		268,757
Cardinal Health		3,300		253,506
Catalent †		1,940		47,142
Celgene †		5,576		603,156
Cepheid †		1,280		57,856
CONMED		1,135		54,185
CryoLife		3,355		32,644
Express Scripts Holding †		4,360		352,986
Gilead Sciences		1,380		135,502
Insys Therapeutics †		825		23,479
Johnson & Johnson		2,800		261,380
Ligand Pharmaceuticals Class B †		715		61,240
Medicines †		1,230		46,691
Merck		7,250		358,077
Merit Medical Systems †		1,803		43,110
Pfizer		13,058		410,152
Prestige Brands Holdings †		1,045		47,192
Quest Diagnostics		3,900		239,733
Quidel †		1,990		37,571
Retrophin †		1,085		21,982
Spectrum Pharmaceuticals †		3,790		22,664
Team Health Holdings †		655		35,390
TESARO †		835		33,483
Thermo Fisher Scientific		850		103,938
UnitedHealth Group		1,130		131,091
Valeant Pharmaceuticals International †		1,892		337,495
Vanda Pharmaceuticals †		3,235		36,491
Vertex Pharmaceuticals †		580		60,401
WellCare Health Plans †		660		56,879
West Pharmaceutical Services		1,300		70,356

				5,318,936

Industrials – 3.69%
AAON		2,650		51,357
Actuant Class A		1,140		20,965
Applied Industrial Technologies		1,245		47,497
Barnes Group		1,635		58,942
Boeing		500		65,475


		Number of shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Industrials (continued)
Columbus McKinnon			2,215	$	40,224
Continental Building Products †			2,565		52,685
Eaton			850		43,605
ESCO Technologies			1,390		49,901
Essendant			1,455		47,186
Esterline Technologies †			760		54,636
Federal Signal			2,135		29,271
FedEx			420		60,472
General Electric			6,270		158,129
Granite Construction			1,400		41,538
Honeywell International			770		72,911
Hunt (J.B.) Transport Services			550		39,270
Kadant			1,180		46,032
KEYW Holding †			452		2,780
Kforce			2,215		58,210
KLX †			755		26,984
Lockheed Martin			460		95,363
McGrath RentCorp			1,535		40,969
MYR Group †			1,245		32,619
Nielsen Holdings			1,230		54,698
Northrop Grumman			1,700		282,115
On Assignment †			1,335		49,261
Parker-Hannifin			500		48,650
Raytheon			2,700		295,002
Republic Services			1,230		50,676
Roadrunner Transportation Systems †			1,140		20,976
Rockwell Collins			490		40,102
Swift Transportation †			1,195		17,949
Tetra Tech			1,450		35,249
Union Pacific			1,100		97,251
United Technologies			900		80,091
US Ecology			655		28,591
WageWorks †			990		44,629
Waste Management			5,500		273,955
XPO Logistics †			1,375		32,766

					2,688,982

Information Technology – 10.16%	��
Accenture Class A			1,090		107,103
Adobe Systems †			840		69,065
Analog Devices			560		31,590
Anixter International †			610		35,246
Apple			2,490		274,647
Applied Micro Circuits †			6,070		32,232
Avago Technologies			740		92,507

(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)
CA		9,574	$	261,370
Callidus Software †		2,875		48,846
Cisco Systems		13,400		351,750
Convergys		2,235		51,651
eBay †		11,345		277,272
Electronic Arts †		5,188		351,487
EMC		3,710		89,634
ExlService Holdings †		1,145		42,285
Facebook Class A †		3,879		348,722
FARO Technologies †		1,105		38,675
Google Class A †		757		483,246
Google Class C †		376		228,766
GrubHub †		1,165		28,356
Guidewire Software †		985		51,791
Infinera †		1,415		27,677
Intel		12,800		385,792
InterXion Holding †		1,080		29,246
Intuit		1,895		168,181
j2 Global @		885		62,702
MasterCard Class A		4,632		417,436
Maxim Integrated Products		2,390		79,826
MaxLinear Class A †		1,745		21,708
Microsemi †		675		22,153
Microsoft		9,500		420,470
NETGEAR †		925		26,982
PayPal Holdings †		9,520		295,501
Plantronics		785		39,917
Proofpoint †		875		52,780
Q2 Holdings †		645		15,944
Qlik Technologies †		1,205		43,922
QUALCOMM		10,926		587,054
Rofin-Sinar Technologies †		390		10,113
Ruckus Wireless †		1,820		21,622
Sabre		2,820		76,648
salesforce.com †		1,270		88,176
SciQuest †		2,565		25,650
Semtech †		2,635		39,789
Silicon Laboratories †		515		21,393
SS&C Technologies Holdings		1,350		94,554
Synaptics †		795		65,556
TeleTech Holdings		1,355		36,300
Tyler Technologies †		675		100,784
Visa Class A		7,117		495,770
Xerox		26,300		255,899
Yahoo †		1,700		49,147
Yelp †		1,800		38,988

				7,413,921


	Number of shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Materials – 1.12%
Axalta Coating Systems †		2,100	$	53,214
Axiall		770		12,081
Balchem		425		25,827
Boise Cascade †		1,025		25,851
Chemtura †		910		26,044
duPont (E.I.) deNemours		5,200		250,640
Eastman Chemical		1,160		75,075
Huntsman		2,480		24,031
Innophos Holdings		260		10,306
Kaiser Aluminum		610		48,953
Minerals Technologies		1,040		50,086
Neenah Paper		915		53,326
Quaker Chemical		600		46,248
WestRock		1,278		65,740
Worthington Industries		1,785		47,267

				814,689

Telecommunication Services – 0.99%
AT&T		11,820		385,096
Atlantic Tele-Network		575		42,510
inContact †		4,920		36,949
Verizon Communications		6,000		261,060

				725,615

Utilities – 0.60%
Cleco		565		30,081
Edison International		4,800		302,736
NorthWestern		995		53,561
OGE Energy		1,220		33,379
South Jersey Industries		625		15,781

				435,538

Total U.S. Markets (cost $21,818,922)				30,718,868

Developed Markets – 24.06%§
Consumer Discretionary – 4.05%
adidas		930		74,983
Bayerische Motoren Werke		1,176		102,597
Cie Financiere Richemont Class A		500		38,901
Daimler		1,150		83,724
Denso		1,500		63,541
Hennes & Mauritz Class B		1,700		62,105
Jardine Cycle & Carriage		2,300		43,702
Kering		808		132,265
LVMH Moet Hennessy Louis Vuitton		260		44,263
Nitori Holdings		4,242		332,181
Publicis Groupe		1,383		94,518


	Number of shares		Value (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Consumer Discretionary (continued)
RELX		3,450	$	56,363
Sekisui Chemical		6,000		63,156
Shimano		500		70,251
Singapore Press Holdings		16,200		43,727
Sodexo		590		48,955
Sumitomo Electric Industries		3,600		46,057
Sumitomo Rubber Industries		14,200		197,121
Swatch Group		155		57,479
Taylor Wimpey		19,500		57,776
Techtronic Industries		56,500		210,632
Toyota Motor		8,486		496,858
USS		2,400		39,919
Volkswagen		210		24,743
Whitbread		820		58,096
WPP		3,450		71,828
Yue Yuen Industrial Holdings		90,000		334,837

				2,950,578

Consumer Staples – 3.17%
Anheuser-Busch InBev		785		83,489
Aryzta †		6,251		264,911
Asahi Group Holdings		2,500		81,112
British American Tobacco		1,820		100,423
Carlsberg Class B		2,641		202,943
Chocoladefabriken Lindt & Sprungli Class PC		11		64,488
Coca-Cola Amatil		21,949		139,146
Diageo		2,350		63,139
Heineken		890		72,062
Henkel		605		53,475
Japan Tobacco		8,000		248,172
Jeronimo Martins		3,450		46,562
Koninklijke Ahold		3,200		62,426
L’Oreal		465		80,824
Nestle		1,680		126,333
Pernod Ricard		650		65,629
Reckitt Benckiser Group		620		56,227
SABMiller		850		48,135
Tesco		62,195		172,758
Treasury Wine Estates		10,900		50,507
Unilever		2,480		101,013
Unilever CVA		1,670		66,942
Wesfarmers		2,300		63,579

				2,314,295

Energy – 0.75%
Amec Foster Wheeler		3,750		40,737


	Number of shares		Value (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Energy (continued)
CGG †		5,600	$	19,350
Idemitsu Kosan		2,500		38,298
Neste Oil		1,880		43,268
Saipem †		11,213		89,911
Subsea 7 †		1,833		13,798
Suncor Energy		5,600		149,773
TOTAL		3,320		149,343

				544,478

Financials – 3.76%
AIA Group		17,600		91,532
AXA		15,150		367,826
Banco Espirito Santo Class R =†		105,000		0
Bank Leumi Le-Israel BM †		16,500		61,591
Commonwealth Bank of Australia		2,460		126,268
Credit Agricole		3,750		43,173
Daito Trust Construction		600		60,965
ING Groep CVA		16,951		239,604
Intesa Sanpaolo		17,100		60,409
Investor Class B		2,070		71,119
Mitsubishi UFJ Financial Group		62,214		375,928
Nordea Bank		30,077		335,517
Platinum Asset Management		9,500		45,388
Prudential		4,100		86,499
QBE Insurance Group		5,300		48,266
Schroders		1,330		56,516
Seven Bank		10,300		44,581
Sony Financial Holdings		3,800		62,372
Standard Chartered		20,870		202,549
Swire Properties		15,400		42,684
UBS Group		3,100		57,307
UniCredit		41,722		260,103

				2,740,197

Healthcare – 4.15%
Astellas Pharma		5,100		66,018
Bayer		820		105,205
ICON †		885		62,808
Indivior		14,100		48,431
Merck		585		51,794
Miraca Holdings		1,200		50,892
Novartis		6,107		561,248
Novo Nordisk ADR		5,667		307,378
Novo Nordisk Class B		2,000		107,932

(continues) 13

Schedules of investments

Delaware Foundation^® Growth Allocation Fund


	Number of shares		Value (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Healthcare (continued)
QIAGEN †		2,250	$	58,039
Roche Holding		720		191,120
Sanofi		3,634		345,957
Smith & Nephew		4,500		78,623
Sonic Healthcare		3,400		43,732
STADA Arzneimittel		5,857		209,951
Sumitomo Dainippon Pharma		4,000		39,990
Teva Pharmaceutical Industries ADR		12,400		700,104

				3,029,222

Industrials – 3.70%
ABB †		4,000		70,767
Aggreko		2,520		36,330
ANDRITZ		870		39,203
AP Moeller - Maersk		32		49,329
Boskalis Westminster		1,170		51,214
Cathay Pacific Airways		27,000		50,845
Cie de Saint-Gobain		1,250		54,250
Deutsche Lufthansa †		3,550		49,419
Deutsche Post		9,297		257,555
East Japan Railway		3,303		278,341
Elbit Systems		820		60,619
Experian		3,400		54,583
Fraport		820		50,703
Fuji Electric		14,000		50,776
ITOCHU		28,473		301,007
Japan Airlines		1,200		42,464
JTEKT		3,400		47,605
Koninklijke Philips		8,962		210,848
Meggitt		20,810		150,131
Mitsubishi Electric		5,000		45,805
Mitsubishi Heavy Industries		11,000		49,197
Rexel		6,208		76,424
Schneider Electric		790		44,239
Singapore Airlines		6,700		50,438
THK		2,500		39,823
Travis Perkins		2,300		68,618
Vinci		4,789		304,526
WestJet Airlines Class VV @		4,726		84,005
Yamato Holdings		1,700		32,550

				2,701,614

Information Technology – 1.75%
Amadeus IT Holding		1,380		59,126
CGI Group Class A †		8,546		309,640
Computershare		5,700		42,565


	Number of shares		Value (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Information Technology (continued)
Ericsson Class B		7,400	$	72,583
Infineon Technologies		5,500		61,795
NICE-Systems		590		33,047
Omron		1,400		42,145
Playtech		14,546		182,658
SAP		960		62,192
Seiko Epson		3,700		52,343
Teleperformance		4,295		325,893
Trend Micro		900		31,793

				1,275,780

Materials – 1.30%
Air Liquide		700		82,987
Alamos Gold		10,680		39,536
Anglo American ADR		3,200		13,184
Arkema		880		57,040
EMS-Chemie Holding		140		57,590
Johnson Matthey		1,100		40,785
Linde		385		62,533
Rexam		28,847		229,044
Rio Tinto		4,239		142,237
Shin-Etsu Chemical		1,100		56,415
South32 †		28,300		27,355
Toray Industries		8,000		69,165
Umicore		1,150		44,351
Yamana Gold		14,548		24,529

				946,751

Telecommunication Services – 1.18%
BT Group		11,900		75,741
Deutsche Telekom		5,150		91,678
KDDI		3,400		76,106
Nippon Telegraph & Telephone		10,412		366,764
Swisscom		90		44,911
Tele2 Class B		21,364		208,331

				863,531

Utilities – 0.25%
National Grid		9,012		125,516
Tokyo Gas		11,000		53,213

				178,729

Total Developed Markets (cost $15,638,032)				17,545,175


		Number of shares		Value (U.S. $)
Common Stock (continued)
Emerging Markets X – 8.84%
Consumer Discretionary – 0.50%
Arcos Dorados Holdings Class A @			7,400	$	20,128
Grupo Televisa ADR			5,700		148,314
Hyundai Motor			258		35,852
Mahindra & Mahindra			3,912		75,679
Qunar Cayman Islands ADR †			600		18,042
Woolworths Holdings			9,740		68,168

					366,183

Consumer Staples – 1.28%
Anadolu Efes Biracilik Ve Malt Sanayii			8,108		57,237
BRF ADR			3,800		67,602
China Mengniu Dairy			17,000		59,946
Cia Brasileira de Distribuicao ADR			1,600		20,064
Cia Cervecerias Unidas ADR			1,800		39,870
Fomento Economico Mexicano ADR			975		87,019
Hypermarcas †			21,900		83,840
Lotte Chilsung Beverage @			69		140,445
Lotte Confectionery @			46		85,428
Tingyi Cayman Islands Holding			24,245		38,728
Tsingtao Brewery			7,202		31,677
Uni-President China Holdings @			149,200		144,696
Wal-Mart de Mexico Class V			30,215		74,484

					931,036

Energy – 1.20%
Cairn India			10,688		25,147
China Petroleum & Chemical			70,000		42,877
CNOOC ADR			400		41,232
Gazprom ADR @	��		11,436		46,137
Lukoil ADR			1,900		64,714
PetroChina ADR			525		36,593
Petroleo Brasileiro ADR †			16,375		71,231
Polski Koncern Naftowy Orlen			3,251		56,765
PTT Foreign			7,868		51,948
Reliance Industries GDR 144A #			12,134		315,484
Rosneft GDR			10,465		38,731
Sasol ADR			1,500		41,730
Tambang Batubara Bukit Asam Persero			42,100		16,214
YPF ADR			1,600		24,368

					873,171


	Number of shares		Value (U.S. $)
Common Stock (continued)
Emerging Markets X (continued)
Financials – 1.42%
Akbank		28,012	$	62,840
Banco Santander Brasil ADR		12,210		38,461
Bangkok Bank		14,173		62,517
China Construction Bank		126,933		84,705
Etalon Group GDR 144A #@=		6,500		10,693
Grupo Financiero Banorte Class O		7,300		35,775
ICICI Bank ADR		12,700		106,426
Industrial & Commercial Bank of China		153,600		88,734
Itau Unibanco Holding ADR		7,900		52,298
KB Financial Group ADR		3,693		108,537
Powszechna Kasa Oszczednosci Bank Polski †		3,512		27,234
Reliance Capital		5,932		34,219
Remgro		3,762		68,614
Samsung Life Insurance		1,023		85,550
Sberbank of Russia @=		42,295		48,720
Shinhan Financial Group		2,519		88,096
UEM Sunrise @		110,258		30,860

				1,034,279

Industrials – 0.21%
Empresas ICA ADR †		6,000		10,020
Gol Linhas Aereas Inteligentes ADR		9,500		9,256
KCC		343		119,834
Rumo Logistica Operadora Multimodal †		1,923		2,881
Santos Brasil Participacoes		2,900		9,508

				151,499

Information Technology – 2.19%
Baidu ADR †		3,128		429,818
Hon Hai Precision Industry		39,236		102,293
LG Display ADR		5,800		55,100
MediaTek		8,000		59,411
Samsung Electronics		406		389,545
Samsung SDI		419		38,549
SINA †		1,800		72,216
Sohu.com †		2,500		103,250
Taiwan Semiconductor Manufacturing		39,074		156,276
Taiwan Semiconductor Manufacturing ADR		3,700		76,775
United Microelectronics		152,000		49,828

(continues) 15

Schedules of investments

Delaware Foundation^® Growth Allocation Fund


	Number of shares		Value (U.S. $)
Common Stock (continued)
Emerging Markets X (continued)
Information Technology (continued)
WNS Holdings ADR †		2,390	$	66,801

				1,599,862

Materials – 0.53%
Anglo American Platinum †		1,084		17,959
Braskem ADR		5,600		47,208
Cemex ADR †		8,786		61,414
Cemex Latam Holdings †		4,111		16,003
Gerdau @		4,400		4,982
Gerdau ADR		3,300		4,521
Impala Platinum Holdings †		2,294		6,371
Nine Dragons Paper Holdings		46,000		23,992
Siam Cement NVDR		2,400		30,672
Siam Cement-Foreign		2,747		35,249
Sociedad Quimica y Minera de Chile ADR		1,700		24,718
Ultratech Cement		2,147		87,665
Vale ADR		6,950		29,190

				389,944

Telecommunication Services – 1.51%
America Movil Class L ADR		3,800		62,890
China Mobile		14,768		176,767
China Mobile ADR		2,050		121,975
KT ADR †		3,900		50,973
MegaFon GDR		3,083		37,458
Mobile TeleSystems ADR		2,700		19,494
Reliance Communications †		19,153		19,889
SK Telecom ADR		14,500		353,800
Telefonica Brasil ADR		7,080		64,640
Tim Participacoes ADR		9,500		89,775
Turkcell Iletisim Hizmetleri ADR		4,750		41,230
Vodacom Group		6,159		61,264

				1,100,155

Utilities – 0.00%
Enel OGK-5 GDR		100		58

				58

Total Emerging Markets (cost $7,691,117)				6,446,187


Total Common Stock (cost $45,148,071)				54,710,230


Convertible Preferred Stock – 0.10%
Alcoa 5.375% exercise price $19.39, expiration date 10/1/17		100		3,340


	Number of shares		Value (U.S. $)
Convertible Preferred Stock (continued)
Anadarko Petroleum 7.50% exercise price $69.84, expiration date 6/7/18		118	$	4,417
Bank of America 7.25% exercise price $50.00, expiration date 12/31/49		8		8,602
Chesapeake Energy 5.75% exercise price $26.10, expiration date 12/31/49		6		2,460
Crown Castle International 4.50% exercise price $87.58, expiration date 11/1/16		60		6,112
Dominion Resources 6.125% exercise price $64.91, expiration date 4/1/16		150		8,297
Dynegy 5.375% exercise price $38.75, expiration date 11/1/17 @		40		3,125
Exelon 6.50% exercise price $43.75, expiration date 6/1/17		50		2,183
Halcon Resources 5.75% exercise price $6.16, expiration date 12/31/49 @		8		907
Huntington Bancshares 8.50% exercise price $11.95, expiration date 12/31/49 @		5		6,675
Intelsat 5.75% exercise price $22.05, expiration date 5/1/16 @		191		3,572
Maiden Holdings 7.25% exercise price $15.26, expiration date 9/15/16		144		7,306
T-Mobile US 5.50% exercise price $31.02, expiration date 12/15/17		130		8,978
Wells Fargo 7.50% exercise price $156.71, expiration date 12/31/49		4		4,672

Total Convertible Preferred Stock (cost $87,247)				70,646


Exchange-Traded Funds – 1.33%
Financial Select Sector SPDR^® Fund		8,855		200,654
iShares MSCI EAFE Growth Index ETF		1,445		92,205
iShares MSCI EAFE Index ETF		450		25,794


	Number of shares		Value (U.S. $)
Exchange-Traded Funds (continued)
PowerShares KBW Bank Portfolio		17,835	$	641,347
Vanguard FTSE Developed Markets ETF		310		11,048

Total Exchange-Traded Funds (cost $1,072,018)				971,048


	Principal amount°
Agency Collateralized Mortgage Obligations – 0.34%
Fannie Mae REMICs
Series 1996-46 ZA 7.50% 11/25/26		410		466
Series 2003-26 AT 5.00% 11/25/32		3,329		3,397
Series 2005-70 PA 5.50% 8/25/35		1,756		1,994
Series 2010-29 PA 4.50% 10/25/38		5,846		6,000
Series 2010-41 PN 4.50% 4/25/40		20,000		21,913
Series 2010-43 HJ 5.50% 5/25/40		2,439		2,769
Series 2012-122 SD 5.906% 11/25/42 ●S		81,571		20,163
Series 2013-26 ID 3.00% 4/25/33 S		80,114		11,611
Series 2013-38 AI 3.00% 4/25/33 S		77,502		11,022
Series 2013-44 DI 3.00% 5/25/33 S		88,892		12,841
Series 2014-36 ZE 3.00% 6/25/44		13,530		12,282
Freddie Mac Multifamily Structured Pass Through Certificates 3.389% 3/25/24 ¿		40,000		42,408
Freddie Mac REMICs Series 2512 PG 5.50% 10/15/22		23,952		25,958
Series 4065 DE 3.00% 6/15/32		5,000		5,089
Series 4185 LI 3.00% 3/15/33 S		78,991		11,276
GNMA
Series 2010-113 KE 4.50% 9/20/40		50,000		55,845

Total Agency Collateralized Mortgage Obligations (cost $245,852)				245,034


	Principal amount°		Value (U.S. $)
Agency Mortgage-Backed Securities – 3.74%
Fannie Mae ARM 2.417% 5/1/43 ●		10,806	$	11,021
2.553% 6/1/43 ●		3,495		3,585
2.913% 7/1/45 ●		4,975		5,125
3.18% 4/1/44 ●		12,474		12,982
3.26% 3/1/44 ●		13,938		14,560
3.288% 9/1/43 ●		10,214		10,678
Fannie Mae S.F. 15 yr 2.50% 2/1/28		34,161		35,150
3.50% 7/1/26		9,504		10,079
3.50% 12/1/28		3,278		3,490
4.00% 5/1/24		71,167		75,559
4.00% 1/1/27		48,736		51,875
4.50% 4/1/18		665		689
5.00% 12/1/20		846		900
5.00% 6/1/23		1,582		1,699
5.50% 7/1/22		4,818		5,267
Fannie Mae S.F. 20 yr 3.00% 2/1/33		1,574		1,633
3.00% 8/1/33		4,990		5,185
3.50% 4/1/33		1,496		1,584
3.50% 9/1/33		6,864		7,272
4.00% 1/1/31		2,413		2,601
4.00% 2/1/31		6,272		6,761
5.00% 11/1/23		618		680
5.50% 8/1/28		4,020		4,484
5.50% 12/1/29		1,010		1,127
6.00% 9/1/29		5,421		6,109
Fannie Mae S.F. 30 yr 3.00% 7/1/42		20,016		20,367
3.00% 10/1/42		98,568		100,249
3.00% 12/1/42		23,578		23,981
3.00% 2/1/43		4,236		4,307
3.00% 4/1/43		37,359		37,981
3.00% 5/1/43		8,205		8,339
3.50% 8/1/42		15,957		16,752
4.00% 8/1/43		4,032		4,328
4.50% 7/1/41		5,592		6,073
4.50% 8/1/41		29,193		31,779
4.50% 9/1/42		100,201		108,948
4.50% 11/1/43		15,139		16,427
4.50% 5/1/44		74,872		81,317
4.50% 6/1/44		12,032		13,081
4.50% 9/1/44		62,554		67,988
4.50% 10/1/44		48,439		52,657
4.50% 2/1/45		121,275		131,640
5.00% 11/1/35		1,478		1,629
5.50% 12/1/32		435		489

(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		6,133	$	6,872
5.50% 2/1/34		46,768		52,651
5.50% 4/1/34		2,367		2,659
5.50% 11/1/34		2,526		2,845
5.50% 3/1/35		4,712		5,307
5.50% 6/1/35		1,641		1,832
5.50% 1/1/36		7,358		8,290
5.50% 4/1/36		16,692		18,747
5.50% 7/1/36		620		699
5.50% 9/1/36		14,531		16,354
5.50% 11/1/36		1,829		2,049
5.50% 1/1/37		7,505		8,417
5.50% 2/1/37		6,083		6,812
5.50% 4/1/37		14,373		16,102
5.50% 8/1/37		7,768		8,749
5.50% 1/1/38		267		299
5.50% 2/1/38		6,413		7,210
5.50% 3/1/38		3,927		4,415
5.50% 4/1/38		8,717		9,723
5.50% 6/1/38		15,861		17,762
5.50% 9/1/38		6,348		7,138
5.50% 1/1/39		7,194		8,044
5.50% 2/1/39		26,263		29,563
5.50% 7/1/40		13,997		15,759
5.50% 9/1/41		7,586		8,500
6.00% 6/1/36		938		1,060
6.00% 12/1/36		854		969
6.00% 2/1/37		2,687		3,037
6.00% 5/1/37		29,811		33,653
6.00% 6/1/37		460		523
6.00% 7/1/37		505		573
6.00% 8/1/37		5,625		6,351
6.00% 9/1/37		983		1,110
6.00% 11/1/37		1,257		1,417
6.00% 5/1/38		22,486		25,400
6.00% 7/1/38		321		362
6.00% 9/1/38		2,237		2,529
6.00% 10/1/38		9,422		10,644
6.00% 11/1/38		2,102		2,392
6.00% 1/1/39		4,169		4,715
6.00% 2/1/39		4,249		4,799
6.00% 3/1/40		3,354		3,796
6.00% 7/1/40		6,841		7,715
6.00% 9/1/40		3,349		3,786
6.00% 11/1/40		1,137		1,295
6.00% 5/1/41		45,620		51,602
6.50% 2/1/36		2,161		2,469
6.50% 3/1/40		22,675		26,210


	Principal amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr TBA 3.00% 11/1/45		989,000	$	1,000,203
4.50% 11/1/45		39,000		42,240
Freddie Mac ARM 2.515% 1/1/44 ●		27,104		27,920
2.958% 10/1/45 ●		9,000		9,266
Freddie Mac S.F. 15 yr 2.50% 3/1/28		5,008		5,156
4.50% 8/1/24		7,952		8,520
4.50% 7/1/25		1,338		1,427
4.50% 6/1/26		3,441		3,671
4.50% 9/1/26		4,993		5,332
Freddie Mac S.F. 20 yr 3.00% 6/1/34		4,752		4,931
3.50% 1/1/34		11,685		12,341
Freddie Mac S.F. 30 yr 3.00% 10/1/42		10,279		10,435
3.00% 11/1/42		11,181		11,366
4.50% 4/1/41		7,848		8,518
5.50% 3/1/34		949		1,058
5.50% 12/1/34		835		932
5.50% 6/1/36		560		620
5.50% 11/1/36		1,301		1,440
5.50% 12/1/36		234		259
5.50% 9/1/37		1,156		1,280
5.50% 4/1/38		3,391		3,755
5.50% 6/1/38		784		868
5.50% 7/1/38		4,047		4,480
5.50% 6/1/39		3,705		4,101
5.50% 3/1/40		3,456		3,828
5.50% 8/1/40		12,697		14,056
5.50% 1/1/41		4,047		4,482
5.50% 6/1/41		17,655		19,545
6.00% 2/1/36		1,915		2,182
6.00% 1/1/38		1,142		1,288
6.00% 6/1/38		3,183		3,582
6.00% 8/1/38		15,480		17,650
6.00% 5/1/40		5,837		6,635
6.00% 7/1/40		6,825		7,665
6.50% 4/1/39		5,113		5,845
GNMA I S.F. 30 yr 5.00% 6/15/40		1,742		1,935

Total Agency Mortgage-Backed Securities (cost $2,711,360)				2,730,444


	Principal amount°		Value (U.S. $)
Agency Obligation – 0.01%
Tennessee Valley Authority 4.25% 9/15/65		10,000	$	10,081

Total Agency Obligation (cost $9,731)				10,081


Commercial Mortgage-Backed Securities – 1.26%
Banc of America Commercial Mortgage Trust Series 2006-1 AM 5.421% 9/10/45 ●		10,000		10,052
Series 2007-4 AM 6.002% 2/10/51 ●		20,000		21,317
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PWR18 A4 5.70% 6/11/50		25,000		26,382
CD Commercial Mortgage Trust Series 2005-CD1 AJ 5.289% 7/15/44 ●		2,766		2,765
Citigroup Commercial Mortgage Trust Series 2007-C6 AM 5.899% 12/10/49 ●		10,000		10,485
Series 2014-GC25 A4 3.635% 10/10/47		10,000		10,424
COMM Mortgage Trust Series 2014-CR19 A5 3.796% 8/10/47		10,000		10,583
Series 2014-CR20 A4 3.59% 11/10/47		20,000		20,808
Series 2014-CR20 AM 3.938% 11/10/47		30,000		31,213
Series 2014-CR21 A3 3.528% 12/10/47		10,000		10,352
Commercial Mortgage Trust Series 2007-GG9 AM 5.475% 3/10/39		25,000		25,889
FREMF Mortgage Trust Series 2011-K10 B 144A 4.781% 11/25/49 #●		10,000		10,814
Series 2012-K18 B 144A 4.41% 1/25/45 #●		10,000		10,710
Series 2012-K19 B 144A 4.175% 5/25/45 #●		10,000		10,649
Series 2012-K22 B 144A 3.812% 8/25/45 #●		15,000		15,329
Series 2012-K22 C 144A 3.812% 8/25/45 #●		10,000		10,114
Series 2012-K707 B 144A 4.019% 1/25/47 #●		10,000		10,334


	Principal amount°		Value (U.S. $)
Commercial Mortgage-Backed Securities (continued)
FREMF Mortgage Trust Series 2012-K708 B 144A 3.886% 2/25/45 #●		20,000	$	20,839
Series 2012-K708 C 144A 3.886% 2/25/45 #●		10,000		10,226
Series 2013-K26 C 144A 3.723% 12/25/45 #●		10,000		9,768
Series 2013-K30 C 144A 3.668% 6/25/45 #●		10,000		9,854
Series 2013-K31 C 144A 3.74% 7/25/46 #●		20,000		19,916
Series 2013-K33 B 144A 3.618% 8/25/46 #●		10,000		10,062
Series 2013-K712 B 144A 3.484% 5/25/45 #●		15,000		15,415
Series 2013-K713 B 144A 3.274% 4/25/46 #●		15,000		15,286
Series 2013-K713 C 144A 3.274% 4/25/46 #●		25,000		24,907
Series 2014-K716 C 144A 4.085% 8/25/47 #●		10,000		10,248
Series 2015-K47 B 144A 3.723% 6/25/48 #●		25,000		23,467
GRACE Mortgage Trust Series 2014-GRCE A 144A 3.369% 6/10/28 #		210,000		219,471
GS Mortgage Securities Trust Series 2015-GC32 A4 3.764% 7/10/48		10,000		10,514
JPMBB Commercial Mortgage Securities Trust Series 2014-C18 A1 1.254% 2/15/47		7,540		7,540
JPMorgan Chase Commercial Mortgage Securities Trust Series 2005-CB11 E 5.675% 8/12/37 ●		10,000		10,929
Series 2005-LDP4 AJ 5.04% 10/15/42 ●		24,886		24,879
Series 2005-LDP5 D 5.563% 12/15/44 ●		10,000		9,977
Series 2006-LDP8 AM 5.44% 5/15/45		40,000		41,094
LB-UBS Commercial Mortgage Trust Series 2004-C1 A4 4.568% 1/15/31		1,202		1,213
Series 2006-C6 AJ 5.452% 9/15/39 ●		10,000		10,325
Series 2006-C6 AM 5.413% 9/15/39		20,000		20,683

(continues) 19

Schedules of investments

Delaware Foundation^® Growth Allocation Fund


	Principal amount°		Value (U.S. $)
Commercial Mortgage-Backed Securities (continued)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22 A3 3.046% 4/15/48		10,000	$	9,916
Series 2015-C23 A4 3.719% 7/15/50		25,000		26,123
Morgan Stanley Capital I Trust Series 2005-HQ7 AJ 5.397% 11/14/42 ●		50,000		49,962
Series 2006-TOP21 AM 5.204% 10/12/52 ●		25,000		25,101
Series 2006-TOP23 A4 6.017% 8/12/41 ●		21,889		22,320
Wells Fargo Commercial Mortgage Trust Series 2012-LC5 A3 2.918% 10/15/45		10,000		10,176

Total Commercial Mortgage-Backed Securities (cost $922,456)				918,431


Convertible Bonds – 0.36%
Alaska Communications Systems Group 6.25% exercise price $10.28, expiration date 4/27/18 @		12,000		12,135
Ares Capital 5.75% exercise price $18.36, expiration date 2/1/16		3,000		3,026
BGC Partners 4.50% exercise price $9.84, expiration date 7/13/16		12,000		12,435
BioMarin Pharmaceutical 1.50% exercise price $94.15, expiration date 10/13/20		4,000		5,395
Blackstone Mortgage Trust 5.25% exercise price $28.66, expiration date 12/1/18		14,000		14,709
Blucora 4.25% exercise price $21.66, expiration date 3/29/19		5,000		4,756
Campus Crest Communities Operating Partnership 144A 5.00% exercise price $12.56, expiration date 10/11/18 #		6,000		5,659
Cardtronics 1.00% exercise price $52.35, expiration date 11/27/20		9,000		8,381


	Principal amount°		Value (U.S. $)
Convertible Bonds (continued)
Cemex 3.72% exercise price $11.90, expiration date 3/15/20		6,000	$	5,475
Chart Industries 2.00% exercise price $69.03, expiration date 7/30/18 @		6,000		5,273
Chesapeake Energy 2.25% exercise price $80.28, expiration date 12/14/38		5,000		3,575
Chesapeake Energy 2.50% exercise price $47.55, expiration date 5/15/37		5,000		4,325
Ciena 144A 3.75% exercise price $20.17, expiration date 10/15/18 #		5,000		6,278
GAIN Capital Holdings 4.125% exercise price $12.00, expiration date 11/30/18 @		6,000		5,681
General Cable 4.50% exercise price $33.77, expiration date 11/15/29 @f		11,000		6,662
Gilead Sciences 1.625% exercise price $22.53, expiration date 4/29/16		2,000		8,577
HealthSouth 2.00% exercise price $38.30, expiration date 11/30/43		6,000		6,810
Helix Energy Solutions Group 3.25% exercise price $25.02, expiration date 3/12/32		7,000		5,749
Illumina 0.25% exercise price $83.55, expiration date 3/11/16		2,000		4,197
inContact 144A 2.50% exercise price $14.23, expiration date 4/1/22 #		8,000		6,675
j2 Global 3.25% exercise price $69.37, expiration date 6/14/29		7,000		8,339
Liberty Interactive 144A 1.00% exercise price $64.26, expiration date 9/28/43 #		8,000		7,200
Meritor 4.00% exercise price $26.73, expiration date 2/12/27 f		7,000		6,952
Microchip Technology 144A 1.625% exercise price $67.13, expiration date 2/13/25 #		5,000		4,809


	Principal amount°		Value (U.S. $)
Convertible Bonds (continued)
New Mountain Finance 5.00% exercise price $15.93, expiration date 6/15/19		10,000	$	10,006
Novellus Systems 2.625% exercise price $34.51, expiration date 5/14/41		4,000		7,853
NuVasive 2.75% exercise price $42.13, expiration date 6/30/17		5,000		6,328
NXP Semiconductors 144A 1.00% exercise price $102.84, expiration date 11/27/19 #		6,000		6,656
Oclaro 144A 6.00% exercise price $1.95, expiration date 2/14/20 #		1,000		1,371
PROS Holdings 144A 2.00% exercise price $33.79, expiration date 11/27/19 #		7,000		6,856
SanDisk 1.50% exercise price $50.68, expiration date 8/11/17		2,000		2,493
Spectrum Pharmaceuticals 2.75% exercise price $10.53, expiration date 12/13/18 @		9,000		8,061
Spirit Realty Capital 3.75% exercise price $13.10, expiration date 5/13/21 @		12,000		10,973
SunEdison 144A 3.375% exercise price $38.65, expiration date 5/30/25 #		6,000		3,079
Titan Machinery 3.75% exercise price $43.17, expiration date 4/30/19 @		2,000		1,515
TPG Specialty Lending 4.50% exercise price $25.83, expiration date 12/15/19 @		8,000		7,860
Vector Group 1.75% exercise price $24.64, expiration date 4/15/20 ●		11,000		12,334
Vector Group 2.50% exercise price $15.98, expiration date 1/14/19 ●		3,000		4,528
VEREIT 3.75% exercise price $15.15, expiration date 12/14/20 @		11,000		10,182

Total Convertible Bonds (cost $260,503)				263,168


		Principal amount°		Value (U.S. $)
Corporate Bonds – 7.33%
Banking – 0.56%
Bank of America 3.95% 4/21/25			45,000	$	43,864
Bank of New York Mellon 2.15% 2/24/20			5,000		5,008
BB&T 5.25% 11/1/19			45,000		49,875
City National 5.25% 9/15/20			10,000		11,411
Cooperatieve Centrale Raiffeisen-Boerenleenbank 4.25% 1/13/22	AUD		7,000		5,111
Fifth Third Bancorp 2.875% 7/27/20			5,000		5,047
Goldman Sachs Group 5.20% 12/17/19	NZD		16,000		10,712
JPMorgan Chase 0.924% 1/28/19 ●			7,000		6,978
4.25% 11/2/18	NZD		15,000		9,766
4.25% 10/1/27			15,000		14,973
Morgan Stanley 1.143% 1/24/19 ●			8,000		8,011
5.00% 9/30/21	AUD		9,000		6,687
MUFG Americas Holdings 2.25% 2/10/20			10,000		9,977
3.00% 2/10/25			25,000		23,944
PNC Funding 5.625% 2/1/17			37,000		38,979
Santander Holdings USA 3.45% 8/27/18			10,000		10,341
State Street 2.55% 8/18/20			15,000		15,209
3.10% 5/15/23			10,000		9,858
3.55% 8/18/25			15,000		15,323
SunTrust Banks 2.35% 11/1/18			20,000		20,237
US Bancorp 3.60% 9/11/24 @			10,000		10,172
USB Capital IX 3.50% 10/29/49 ●			55,000		44,825
Wells Fargo 4.30% 7/22/27			20,000		20,411
Zions Bancorporation 4.50% 6/13/23			10,000		10,400

					407,119

Basic Industry – 0.64%
ArcelorMittal 10.60% 6/1/19			30,000		32,513
Ball 5.25% 7/1/25			10,000		9,894
CF Industries 6.875% 5/1/18			25,000		27,889
7.125% 5/1/20			22,000		25,887
Chemours 144A 7.00% 5/15/25 #			19,000		12,540

(continues) 21

Schedules of investments

Delaware Foundation^® Growth Allocation Fund


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
Dow Chemical 8.55% 5/15/19		78,000	$	94,367
Freeport-McMoran Oil & Gas 6.50% 11/15/20		12,000		10,853
Georgia-Pacific 8.00% 1/15/24		35,000		45,433
Grace (W.R.) 144A 5.125% 10/1/21 #		5,000		4,950
HD Supply 7.50% 7/15/20		8,000		8,360
International Paper 3.80% 1/15/26		50,000		49,366
5.00% 9/15/35		10,000		9,835
INVISTA Finance 144A 4.25% 10/15/19 #		20,000		19,400
Joseph T Ryerson & Son 9.00% 10/15/17		13,000		11,635
11.25% 10/15/18 @		3,000		2,737
Lundin Mining 144A 7.50% 11/1/20 #		8,000		7,760
LyondellBasell Industries 4.625% 2/26/55		20,000		17,031
Methanex 4.25% 12/1/24		15,000		14,469
Novelis 8.75% 12/15/20		5,000		4,839
PolyOne 5.25% 3/15/23		13,000		12,357
PPG Industries 2.30% 11/15/19		10,000		10,092
Rockwood Specialties Group 4.625% 10/15/20		5,000		5,177
Tronox Finance 6.375% 8/15/20		10,000		6,400
144A 7.50% 3/15/22 #		15,000		9,525
Weyerhaeuser 4.625% 9/15/23		15,000		16,049

				469,358

Brokerage – 0.03%
Jefferies Group 5.125% 1/20/23		5,000		5,017
6.45% 6/8/27		5,000		5,209
6.50% 1/20/43		5,000		4,762
Lazard Group 6.85% 6/15/17		6,000		6,486

				21,474

Capital Goods – 0.18%
BWAY Holding 144A 9.125% 8/15/21 #		20,000		19,400
Crane 2.75% 12/15/18		5,000		5,049
4.45% 12/15/23		15,000		15,742


		Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Capital Goods (continued)
Embraer Netherlands Finance 5.05% 6/15/25			15,000	$	13,916
Fortune Brands Home & Security 3.00% 6/15/20			10,000		10,086
Gates Global 144A 6.00% 7/15/22 #			15,000		12,150
Masco 4.45% 4/1/25			10,000		10,150
Milacron 144A 7.75% 2/15/21 #			8,000		8,200
Owens-Brockway Glass Container 144A 5.875% 8/15/23 #			5,000		5,041
Plastipak Holdings 144A 6.50% 10/1/21 #			13,000		12,480
TransDigm 6.00% 7/15/22			13,000		12,187
6.50% 7/15/24			10,000		9,449

					133,850

Consumer Cyclical – 0.53%
American Axle & Manufacturing 6.25% 3/15/21			9,000		9,011
AutoNation 3.35% 1/15/21			5,000		5,060
4.50% 10/1/25			5,000		5,106
Caesars Growth Properties Holdings 9.375% 5/1/22			8,000		6,300
CDK Global 4.50% 10/15/24			5,000		5,045
Daimler 2.75% 12/10/18	NOK		80,000		9,694
Ford Motor 7.45% 7/16/31			14,000		17,434
General Motors Financial 3.45% 4/10/22			55,000		52,980
4.00% 1/15/25			10,000		9,488
4.375% 9/25/21			10,000		10,223
Harman International Industries 4.15% 5/15/25			20,000		19,929
Host Hotels & Resorts 3.75% 10/15/23			5,000		4,902
Hyundai Capital America 144A 2.55% 2/6/19 #			20,000		20,121
Kohl’s 4.25% 7/17/25			15,000		15,055
Lear 5.25% 1/15/25			30,000		29,550
Lowe’s 3.375% 9/15/25			15,000		15,174
Marriott International 3.375% 10/15/20			15,000		15,566
Meritor 6.75% 6/15/21			9,000		9,090
Netflix 144A 5.875% 2/15/25 #			21,000		21,683


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
QVC 4.375% 3/15/23		20,000	$	19,472
5.45% 8/15/34		15,000		13,440
Sally Holdings 5.75% 6/1/22		5,000		5,237
Signet UK Finance 4.70% 6/15/24		30,000		30,349
Starwood Hotels & Resorts Worldwide 3.75% 3/15/25 @		10,000		9,816
4.50% 10/1/34 @		5,000		4,425
Target 2.30% 6/26/19		5,000		5,110
Toyota Motor Credit 2.80% 7/13/22		20,000		20,139

				389,399

Consumer Non-Cyclical – 0.77%
Actavis Funding 3.80% 3/15/25		5,000		4,840
Baxalta 144A 4.00% 6/23/25 #		15,000		15,053
Becton Dickinson 6.375% 8/1/19		20,000		22,882
Biogen 4.05% 9/15/25		5,000		5,061
5.20% 9/15/45		10,000		10,129
Boston Scientific 6.00% 1/15/20		30,000		33,677
Campbell Soup 3.30% 3/19/25		20,000		19,802
Celgene 5.00% 8/15/45		5,000		4,979
Community Health Systems 6.875% 2/1/22		10,000		10,237
DaVita HealthCare Partners 5.00% 5/1/25		50,000		48,125
EMD Finance 144A 2.95% 3/19/22 #		10,000		9,895
Express Scripts Holding 2.25% 6/15/19		15,000		14,966
3.50% 6/15/24		5,000		4,930
HCA 5.375% 2/1/25		35,000		34,737
HealthSouth 5.125% 3/15/23		5,000		4,831
5.75% 11/1/24		5,000		4,950
IASIS Healthcare 8.375% 5/15/19		40,000		41,250
Immucor 11.125% 8/15/19		43,000		44,505
JBS USA 144A 5.75% 6/15/25 #		15,000		13,875
Kinetic Concepts 10.50% 11/1/18		13,000		13,640


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Mallinckrodt International Finance 144A 4.875% 4/15/20 #		5,000	$	4,794
144A 5.50% 4/15/25 #		20,000		17,900
Omnicare 5.00% 12/1/24		10,000		10,900
Prestige Brands 144A 5.375% 12/15/21 #		17,000		16,660
Reynolds American 2.30% 6/12/18		15,000		15,171
4.00% 6/12/22		5,000		5,232
5.85% 8/15/45		5,000		5,583
St. Jude Medical 2.80% 9/15/20		10,000		10,065
3.875% 9/15/25		15,000		15,232
Sysco 2.60% 10/1/20		10,000		10,015
3.75% 10/1/25		15,000		15,176
Tenet Healthcare 4.50% 4/1/21		15,000		14,831
Valeant Pharmaceuticals International 144A 5.875% 5/15/23 #		15,000		14,372
Zimmer Biomet Holdings 3.375% 11/30/21		20,000		20,250
4.625% 11/30/19		20,000		21,700

				560,245

Energy – 0.89%
AmeriGas Finance 7.00% 5/20/22		17,000		17,510
Bristow Group 6.25% 10/15/22		8,000		6,920
Chaparral Energy 7.625% 11/15/22		5,000		1,500
Chesapeake Energy 4.875% 4/15/22		20,000		13,150
Continental Resources 4.50% 4/15/23		30,000		26,091
Dominion Gas Holdings 3.60% 12/15/24		15,000		14,952
4.60% 12/15/44		25,000		23,849
Ecopetrol 5.375% 6/26/26		10,000		8,737
Enbridge Energy Partners 8.05% 10/1/37 ●		40,000		38,600
Energy Transfer Partners 9.70% 3/15/19		15,000		17,909
EnLink Midstream Partners 4.15% 6/1/25		15,000		13,786
Ensco 4.70% 3/15/21		20,000		16,861

(continues) 23

Schedules of investments

Delaware Foundation^® Growth Allocation Fund


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Energy (continued)
Enterprise Products Operating 7.034% 1/15/68 ●		50,000	$	52,875
Gulfstream Natural Gas System 144A 4.60% 9/15/25 #		10,000		10,084
Kinder Morgan Energy Partners 9.00% 2/1/19		20,000		23,641
Laredo Petroleum 7.375% 5/1/22		17,000		16,533
Marathon Oil 3.85% 6/1/25		20,000		17,741
Murphy Oil USA 6.00% 8/15/23		21,000		21,577
Newfield Exploration 5.375% 1/1/26		20,000		18,400
5.625% 7/1/24		10,000		9,500
NiSource Finance 6.125% 3/1/22		15,000		17,495
Noble Energy 5.05% 11/15/44		10,000		8,690
Noble Holding International 4.00% 3/16/18		5,000		4,739
Oasis Petroleum 6.875% 3/15/22		16,000		12,757
PDC Energy 7.75% 10/15/22		5,000		5,000
Petrobras Global Finance 4.875% 3/17/20		6,000		4,365
Petroleos Mexicanos 144A 4.25% 1/15/25 #		10,000		9,175
Plains All American Pipeline 8.75% 5/1/19		20,000		23,875
Pride International 6.875% 8/15/20		25,000		23,812
Regency Energy Partners 5.50% 4/15/23		17,000		16,533
5.875% 3/1/22		15,000		15,391
Sunoco Logistics Partners Operations 3.45% 1/15/23		25,000		21,768
Talisman Energy 3.75% 2/1/21		10,000		9,442
5.50% 5/15/42		20,000		15,497
Weatherford International Bermuda 4.50% 4/15/22		10,000		8,099
Williams Partners 4.00% 9/15/25		20,000		17,357
7.25% 2/1/17		15,000		15,966
Woodside Finance 144A 3.65% 3/5/25 #		15,000		13,595
144A 8.75% 3/1/19 #		15,000		17,739


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Energy (continued)
YPF 144A 8.75% 4/4/24 #		10,000	$	8,888
144A 8.875% 12/19/18 #		10,000		9,700

				650,099

Financials – 0.14%
Affiliated Managers Group 3.50% 8/1/25		15,000		14,461
American Tower 4.00% 6/1/25		5,000		4,888
Aviation Capital Group 144A 4.875% 10/1/25 #		10,000		9,963
144A 6.75% 4/6/21 #		10,000		11,237
General Electric Capital 2.10% 12/11/19		10,000		9,991
4.25% 1/17/18	NZD	10,000		6,533
5.55% 5/4/20		10,000		11,557
6.00% 8/7/19		19,000		21,986
Lazard Group 3.75% 2/13/25		10,000		9,560

				100,176

Insurance – 0.47%
Berkshire Hathaway Finance 2.90% 10/15/20		20,000		20,782
Highmark 144A 4.75% 5/15/21 #		5,000		5,200
HUB International 144A 7.875% 10/1/21 #		13,000		12,447
Liberty Mutual Group 144A 4.95% 5/1/22 #		10,000		10,827
MetLife 6.40% 12/15/36		30,000		32,775
6.817% 8/15/18		80,000		91,172
Prudential Financial 4.50% 11/15/20		35,000		38,416
5.375% 5/15/45 ●		10,000		9,937
5.625% 6/15/43 ●		10,000		10,345
5.875% 9/15/42 ●		20,000		21,250
TIAA Asset Management Finance 144A 2.95% 11/1/19 #		10,000		10,149
144A 4.125% 11/1/24 #		20,000		20,426
USI 144A 7.75% 1/15/21 #		5,000		4,913
Voya Financial 5.65% 5/15/53 ●		15,000		15,195
XLIT 4.45% 3/31/25		20,000		20,053


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Insurance (continued)
XLIT 5.50% 3/31/45		10,000	$	9,445
6.50% 10/29/49 ●		10,000		7,965

				341,297

Media – 0.23%
CBS 4.00% 1/15/26		10,000		9,858
CCO Holdings 144A 5.125% 5/1/23 #		15,000		13,866
CCO Safari II 144A 4.908% 7/23/25 #		30,000		29,902
CSC Holdings 5.25% 6/1/24		36,000		28,485
DISH DBS 5.00% 3/15/23		11,000		9,240
Gray Television 7.50% 10/1/20		23,000		23,661
Sirius XM Radio 144A 5.375% 4/15/25 #		25,000		23,937
Time Warner 4.85% 7/15/45		10,000		9,852
Tribune Media 144A 5.875% 7/15/22 #		20,000		19,450

				168,251

Real Estate – 0.19%
Alexandria Real Estate Equities 4.60% 4/1/22		10,000		10,523
Carey (W.P.) 4.60% 4/1/24		10,000		10,215
CBL & Associates 4.60% 10/15/24		15,000		14,691
5.25% 12/1/23		5,000		5,217
Corporate Office Properties 3.60% 5/15/23		15,000		14,097
5.25% 2/15/24		15,000		15,506
DDR 7.50% 4/1/17		5,000		5,413
7.875% 9/1/20		10,000		12,229
Education Realty Operating Partnership 4.60% 12/1/24		10,000		10,068
Excel Trust 4.625% 5/15/24		5,000		4,955
Hospitality Properties Trust 4.50% 3/15/25		10,000		9,817
Omega Healthcare Investors 144A 5.25% 1/15/26 #		10,000		10,185
UDR 4.00% 10/1/25		5,000		5,087
Ventas Realty 4.125% 1/15/26		10,000		10,101

				138,104


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Services – 0.17%
AECOM 144A 5.75% 10/15/22 #		2,000	$	2,016
144A 5.875% 10/15/24 #		18,000		18,180
DigitalGlobe 144A 5.25% 2/1/21 #		30,000		28,575
GEO Group 5.125% 4/1/23		10,000		9,950
5.875% 10/15/24		10,000		10,150
MGM Resorts International 6.00% 3/15/23		18,000		17,527
United Rentals North America 5.50% 7/15/25		13,000		12,204
Wynn Las Vegas 144A 5.50% 3/1/25 #		15,000		12,919
Zayo Group 144A 6.00% 4/1/23 #		10,000		9,725

				121,246

Technology – 0.45%
Apple 3.45% 2/9/45		20,000		16,976
Cisco Systems 1.65% 6/15/18		20,000		20,154
First Data 11.25% 1/15/21		13,000		14,235
Flextronics International 144A 4.75% 6/15/25 #		20,000		19,424
Hewlett Packard Enterprise 144A 2.85% 10/5/18 #		10,000		9,987
144A 3.60% 10/15/20 #		10,000		9,997
144A 4.90% 10/15/25 #		10,000		9,973
Jabil Circuit 7.75% 7/15/16		8,000		8,300
Micron Technology 144A 5.25% 8/1/23 #		30,000		27,669
5.50% 2/1/25		20,000		18,400
Molex Electronic Technologies 144A 2.878% 4/15/20 #		15,000		14,852
144A 3.90% 4/15/25 #		15,000		14,646
Oracle 2.95% 5/15/25		30,000		29,284
3.25% 5/15/30		15,000		14,130
4.30% 7/8/34		5,000		5,022
QUALCOMM 3.00% 5/20/22		55,000		54,280
3.45% 5/20/25		10,000		9,454
Seagate HDD Cayman 4.75% 1/1/25		20,000		19,235
144A 4.875% 6/1/27 #		15,000		13,983

				330,001

(continues) 25

Schedules of investments

Delaware Foundation^® Growth Allocation Fund


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Telecommunications – 0.73%
American Tower Trust I 144A 3.07% 3/15/23 #		20,000	$	19,818
AT&T 3.40% 5/15/25		15,000		14,346
4.50% 5/15/35		10,000		9,177
4.75% 5/15/46		25,000		22,996
CC Holdings GS V 3.849% 4/15/23		10,000		9,981
CenturyLink 5.80% 3/15/22		20,000		17,175
6.75% 12/1/23		13,000		11,424
Crown Castle Towers 144A 4.883% 8/15/20 #		55,000		59,586
Equinix 5.375% 4/1/23		20,000		19,662
Frontier Communications 144A 8.875% 9/15/20 #		30,000		29,475
Hughes Satellite Systems 7.625% 6/15/21		5,000		5,375
Intelsat Luxembourg 8.125% 6/1/23 @		46,000		30,130
Level 3 Financing 144A 5.375% 5/1/25 #		10,000		9,531
Motorola Solutions 3.50% 3/1/23		35,000		31,592
SBA Tower Trust 144A 2.24% 4/16/18 #		25,000		24,875
Scripps Networks Interactive 3.95% 6/15/25		10,000		9,699
SES 144A 3.60% 4/4/23 #		20,000		20,234
SES GLOBAL Americas Holdings 144A 5.30% 3/25/44 #		20,000		19,805
Sprint 7.125% 6/15/24		26,000		20,075
7.875% 9/15/23		5,000		4,059
Telefonica Emisiones 6.421% 6/20/16		75,000		77,681
Time Warner Cable 5.50% 9/1/41		10,000		8,985
T-Mobile USA 6.125% 1/15/22		16,000		15,480
Verizon Communications 4.40% 11/1/34		10,000		9,334
4.862% 8/21/46		30,000		28,240
WPP Finance 2010 5.625% 11/15/43		5,000		5,259

				533,994


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Transportation – 0.13%
Air Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27 #¿		10,000	$	9,713
American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27 ¿		15,000		14,726
American Airlines 2015-2 Class AA Pass Through Trust 3.60% 9/22/27 ¿		5,000		5,019
Kansas City Southern de Mexico 3.00% 5/15/23		10,000		9,691
Trinity Industries 4.55% 10/1/24 @		10,000		9,463
United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26 ¿		5,000		5,119
United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26 ¿		15,000		15,056
United Parcel Service 5.125% 4/1/19		20,000		22,416

				91,203

Utilities – 1.22%
AES Gener 144A 5.25% 8/15/21 #		20,000		20,993
Ameren Illinois 9.75% 11/15/18		35,000		43,263
American Transmission Systems 144A 5.25% 1/15/22 #		40,000		44,459
American Water Capital 3.40% 3/1/25		15,000		15,218
4.30% 9/1/45		5,000		5,052
Appalachian Power 4.45% 6/1/45		10,000		9,747
Berkshire Hathaway Energy 3.75% 11/15/23		50,000		51,605
Calpine 5.375% 1/15/23		10,000		9,375
5.50% 2/1/24		20,000		18,700
CMS Energy 6.25% 2/1/20		10,000		11,545
ComEd Financing III 6.35% 3/15/33 @		20,000		21,063
Dominion Resources 1.90% 6/15/18		25,000		24,992
DTE Energy 144A 3.30% 6/15/22 #		15,000		15,372
Electricite de France 144A 4.60% 1/27/20 #		40,000		44,183


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Utilities (continued)
Entergy 4.00% 7/15/22		25,000	$	25,854
Entergy Arkansas 3.70% 6/1/24		5,000		5,145
Entergy Louisiana 4.05% 9/1/23		20,000		21,159
Exelon 3.95% 6/15/25		15,000		15,169
5.10% 6/15/45		15,000		15,375
Great Plains Energy 4.85% 6/1/21		10,000		10,982
Integrys Holdings 6.11% 12/1/66 @•		30,000		25,431
Interstate Power & Light 3.40% 8/15/25		10,000		10,186
IPALCO Enterprises 5.00% 5/1/18		10,000		10,525
ITC Holdings 3.65% 6/15/24		10,000		10,049
Kansas City Power & Light 3.65% 8/15/25		20,000		20,459
LG&E & KU Energy 4.375% 10/1/21		20,000		21,847
Louisville Gas & Electric 3.30% 10/1/25		5,000		5,089
Metropolitan Edison 144A 4.00% 4/15/25 #		5,000		5,105
National Rural Utilities Cooperative Finance 2.85% 1/27/25		15,000		14,556
4.75% 4/30/43 ●		20,000		19,880
NextEra Energy Capital Holdings 2.40% 9/15/19		15,000		14,970
3.625% 6/15/23		5,000		5,056
NV Energy 6.25% 11/15/20		15,000		17,506
Pennsylvania Electric 5.20% 4/1/20		15,000		16,360
Public Service of Oklahoma 5.15% 12/1/19		70,000		78,597
Puget Energy 6.00% 9/1/21		10,000		11,513
SCANA 4.125% 2/1/22		15,000		15,264
Southern 2.75% 6/15/20		70,000		69,861
Trans-Allegheny Interstate Line 144A 3.85% 6/1/25 #		5,000		5,033
WEC Energy Group 3.55% 6/15/25		15,000		15,265


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Utilities (continued)
Xcel Energy 3.30% 6/1/25		65,000	$	64,566

				886,369

Total Corporate Bonds (cost $5,396,420)				5,342,185


Municipal Bonds – 0.26%
Atlanta, Georgia Water & Wastewater Revenue 5.00% 11/1/40		10,000		11,361
California State Various Purpose 5.00% 3/1/45		15,000		17,024
City of Chicago, Illinois (Taxable Build America Bond) Series B 7.75% 1/1/42		20,000		20,115
Golden State, California Tobacco Securitization Asset-Backed Senior Notes Series A-1 5.125% 6/1/47		5,000		4,151
5.75% 6/1/47		10,000		8,973
Golden State, California Tobacco Securitization Enhanced Asset-Backed Series A 5.00% 6/1/40		25,000		27,728
5.00% 6/1/45		10,000		11,040
Maryland State Local Facilities 2nd Loan Series A 5.00% 8/1/21		10,000		11,975
New Jersey State Transportation Trust Fund (Transportation Program) Series AA 5.00% 6/15/44		10,000		10,088
New York City, New York Series I 5.00% 8/1/22		5,000		5,998
New York City, New York Water & Sewer System Series EE 5.00% 6/15/45		15,000		16,849
New York State Thruway Authority Series A 5.00% 5/1/19		10,000		11,314
Texas Private Activity Bond Surface Transportation Revenue (Senior Lien NTE Mobility Partners Segments 3A & 3B) 6.75% 6/30/43 (AMT)		5,000		6,083

(continues) 27

Schedules of investments

Delaware Foundation^® Growth Allocation Fund


	Principal amount°		Value (U.S. $)
Municipal Bonds (continued)
Texas State Transportation Commission (Senior Lien Mobility Fund) Series A 5.00% 10/1/44		25,000	$	28,517

Total Municipal Bonds (cost $188,406)				191,216


Non-Agency Asset-Backed Securities – 0.62%
Ally Master Owner Trust Series 2014-4 A2 1.43% 6/17/19		25,000		25,044
Bank of America Credit Card Trust Series 2015-A1 A 0.537% 6/15/20 ●		50,000		49,924
Chase Issuance Trust Series 2013-A9 A 0.627% 11/16/20 ●		100,000		99,812
Discover Card Execution Note Trust Series 2015-A1 A1 0.557% 8/17/20 ●		135,000		134,515
Ford Credit Auto Lease Trust Series 2015-A A3 1.13% 6/15/18		10,000		9,995
PFS Financing Series 2015-AA A 144A 0.827% 4/15/20 #●		100,000		99,437
Volkswagen Credit Auto Master Trust Series 2014-1A A2 144A 1.40% 7/22/19 #		35,000		34,868

Total Non-Agency Asset-Backed Securities (cost $455,833)				453,595


Non-Agency Collateralized Mortgage Obligations – 0.08%
Bank of America Alternative Loan Trust Series 2005-3 2A1 5.50% 4/25/20		555		570
Series 2005-6 7A1 5.50% 7/25/20		587		572
Credit Suisse First Boston Mortgage Securities Series 2005-5 6A3 5.00% 7/25/35		8,930		8,946
JPMorgan Mortgage Trust Series 2006-S1 1A1 6.00% 4/25/36		26,668		27,508


		Principal amount°		Value (U.S. $)
Non-Agency Collateralized Mortgage Obligations (continued)
Structured Asset Securities Corporation Mortgage Pass Through Certificates Series 2004-20 2A1 5.50% 11/25/34 ¿			5,433	$	5,546
Wells Fargo Mortgage-Backed Securities Trust Series 2006-2 3A1 5.75% 3/25/36			4,358		4,446
Series 2006-AR5 2A1 2.713% 4/25/36 ●			10,885		10,224

Total Non-Agency Collateralized Mortgage Obligations (cost $52,614)					57,812


Regional Bonds – 0.05%D
Australia – 0.04%
New South Wales Treasury 4.00% 5/20/26	AUD		8,400		6,423
Queensland Treasury 144A 4.75% 7/21/25 #	AUD		26,000		20,686

					27,109

Canada – 0.01%
Province of Ontario Canada 3.45% 6/2/45	CAD		12,000		9,223

					9,223

Total Regional Bonds (cost $41,586)					36,332



Senior Secured Loans – 2.46%«
Accudyne Industries (Hamilton Sundstrand Industrial) 1st Lien 4.00% 12/13/19			40,000		36,700
Activision Blizzard Tranche B 1st Lien 3.25% 10/11/20			41,113		41,167
Air Medical Group Holdings Tranche B 1st Lien 4.50% 4/28/22			24,938		24,651
Aramark Tranche E 3.25% 9/7/19			24,250		24,271
Avaya 1st Lien 4.694% 10/26/17			45,000		37,125
BJ’s Wholesale Club 2nd Lien 8.50% 3/31/20			25,000		24,844
BJ’s Wholesale Club Tranche B 1st Lien 4.50% 9/26/19			64,005		63,768
Caesars Growth Properties Holdings Tranche B 1st Lien 6.25% 5/8/21			14,813		13,035


	Principal amount°		Value (U.S. $)
Senior Secured Loans« (continued)
Calpine Construction Finance Tranche B 1st Lien 3.00% 5/3/20		89,542	$	87,453
Communications Sales & Leasing Tranche B 1st Lien 5.00% 10/24/22		14,963		14,046
Community Health Systems Tranche F 1st Lien 3.575% 12/31/18		9,406		9,411
Community Health Systems Tranche G 1st Lien 3.75% 12/31/19		10,562		10,568
Community Health Systems Tranche H 1st Lien 4.00% 1/27/21		19,433		19,474
DPx Holdings 1st Lien 4.25% 3/11/21		9,875		9,749
Dynegy Tranche B2 4.00% 4/23/20		49,746		49,741
Energy Transfer Equity 1st Lien 3.25% 12/2/19		15,000		14,531
FCA U.S. Tranche B 1st Lien 3.50% 5/24/17		4,873		4,865
First Data Tranche B 1st Lien 3.696% 3/24/17		40,000		39,875
4.196% 3/24/21		37,510		37,543
Flying Fortress 1st Lien 3.50% 6/30/17		50,000		49,977
Gardner Denver 1st Lien 4.25% 7/30/20		104,316		99,028
Gates Global 1st Lien 4.25% 7/3/21		44,774		42,605
HCA Tranche B5 1st Lien 2.944% 3/31/17		52,920		52,935
Hilton Worldwide Finance Tranche B2 3.50% 10/25/20		69,841		69,870
Houghton International 1st Lien 4.25% 12/20/19		87,525		87,484
Huntsman International Tranche B 1st Lien 3.75% 10/1/21		74,438		72,763
IASIS Healthcare Tranche B 1st Lien 4.50% 5/3/18		24,128		24,184
iHeartCommunications Tranche D 1st Lien 6.944% 1/30/19		40,000		33,300
Immucor Tranche B2 1st Lien 5.00% 8/19/18		38,633		38,472


		Principal amount°		Value (U.S. $)
Senior Secured Loans« (continued)
Intelsat Jackson Holdings Tranche B2 3.75% 6/30/19			62,438	$	61,018
Landry’s Tranche B 1st Lien 4.00% 4/24/18			17,116		17,142
Level 3 Financing Tranche B 1st Lien 4.00% 1/15/20			35,000		34,961
MGM Resorts International 1st Lien 3.50% 12/20/19			79,591		79,081
MPH Acquisition Tranche B 1st Lien 3.75% 3/31/21			13,622		13,474
Neiman Marcus Group 1st Lien 4.25% 10/25/20			24,874		24,400
Novelis Tranche B 1st Lien 4.00% 6/2/22			64,838		64,115
Numericable US 1st Lien 4.50% 5/21/20			26,607		26,596
Numericable US Tranche B2 1st Lien 4.50% 5/21/20			23,018		22,900
Panda Liberty Tranche B 1st Lien 7.50% 8/21/20			3,000		2,880
Republic of Angola (Unsecured) 6.25% 12/16/23 @			31,000		27,590
Scientific Games International 1st Lien 6.00% 10/18/20			29,475		29,173
Sensus 2nd Lien 8.50% 5/9/18 @			25,000		24,875
Smart & Final Stores Tranche B 1st Lien 4.00% 11/15/19			9,899		9,874
Univision Communications Tranche C4 1st Lien 4.00% 3/1/20			79,470		78,885
USI Insurance Services Tranche B 1st Lien 4.25% 12/27/19			24,316		24,144
Valeant Pharmaceuticals International Tranche BE 1st Lien 3.75% 8/5/20			60,000		59,213
Wide Open West Finance Tranche B 1st Lien 4.50% 4/1/19			58,501		58,190

Total Senior Secured Loans (cost $1,819,671)					1,791,946


Sovereign Bonds – 0.47%D
Australia – 0.04%
Australia Government Bond 3.25% 4/21/25	AUD		9,000		6,656

(continues) 29

Schedules of investments

Delaware Foundation^® Growth Allocation Fund


		Principal amount°		Value (U.S. $)
Sovereign BondsD (continued)
Australia (continued)
Australia Government Bond 3.75% 4/21/37	AUD		33,000	$	25,046

					31,702

Canada – 0.00%
Canadian Government Bond 2.75% 12/1/48	CAD		3,000		2,521

					2,521

Dominican Republic – 0.13%
Dominican Republic International Bond 144A 5.50% 1/27/25 #			100,000		97,000

					97,000

Germany – 0.01%
Bundesrepublik Deutschland 0.50% 2/15/25	EUR		5,000		5,572

					5,572

Hungary – 0.01%
Hungary Government International Bond 5.375% 3/25/24			4,000		4,350

					4,350

Italy – 0.08%
Italy Buoni Poliennali Del Tesoro 1.35% 4/15/22	EUR		51,000		57,474

					57,474

Japan – 0.01%
Japan Government 40 yr Bond 1.40% 3/20/55	JPY		450,000		3,629

					3,629

Mexico – 0.03%
Mexican Bonos 10.00% 12/5/24	MXN		294,000		22,178

					22,178

Norway – 0.02%
Norway Government Bond 144A 2.00% 5/24/23 #	NOK		100,000		12,369

					12,369

Peru – 0.02%
Peruvian Government International Bond 4.125% 8/25/27			12,000		11,820

					11,820


		Principal amount°		Value (U.S. $)
Sovereign BondsD (continued)
Poland – 0.02%
Poland Government Bond 3.25% 7/25/25	PLN		56,000	$	15,268

					15,268

Republic of Korea – 0.02%
Inflation Linked Korea Treasury Bond 1.125% 6/10/23	KRW		21,505,194		17,750

					17,750

South Africa – 0.03%
South Africa Government Bond 8.00% 1/31/30	ZAR		373,000		25,085

					25,085

Sweden – 0.01%
Sweden Government Bond 1.50% 11/13/23	SEK		35,000		4,503

					4,503

United Kingdom – 0.04%
United Kingdom Gilt 3.25% 1/22/44	GBP		3,500		6,129
3.50% 1/22/45	GBP		4,600		8,420
United Kingdom Gilt Inflation Linked 0.125% 3/22/24	GBP		8,534		13,995

					28,544

Total Sovereign Bonds (cost $361,279)					339,765


Supranational Banks – 0.05%
European Bank for Reconstruction & Development 7.375% 4/15/19	IDR		120,000,000		7,390
Inter-American Development Bank 6.00% 9/5/17	INR		1,300,000		19,576
International Bank for Reconstruction & Development 4.625% 10/6/21	NZD		17,000		11,579

Total Supranational Banks (cost $44,718)					38,545


U.S. Treasury Obligations – 3.65%
U.S. Treasury Bond 3.00% 5/15/45			135,000		138,189
U.S. Treasury Notes 1.375% 8/31/20			5,000		5,007
1.625% 7/31/20			980,000		992,103


	Principal amount°		Value (U.S. $)
U.S. Treasury Obligations (continued)
U.S. Treasury Notes 2.00% 8/15/25		165,000	$	164,158
2.125% 5/15/25 ¥		1,355,000		1,363,416

Total U.S. Treasury Obligations (cost $2,628,404)				2,662,873


	Number of shares
Preferred Stock – 0.09%
Bank of America 6.10% ●		10,000		9,763
Integrys Energy Group 6.00% @●		600		16,140
National Retail Properties 5.70%		395		9,674
Public Storage 5.20%		450		10,683
U.S. Bancorp 3.50% ●		25		19,888

Total Preferred Stock (cost $63,750)				66,148


	Principal amount°
Short-Term Investments – 4.19%
Discount Notes – 1.75%≠
Federal Home Loan Bank 0.07% 10/5/15		360,287		360,286
0.102% 10/23/15		298,979		298,976
0.14% 10/28/15		32,408		32,407
0.17% 1/21/16		156,381		156,322
0.185% 1/19/16		65,603		65,579
0.195% 12/2/15		92,916		92,900
0.295% 3/2/16		31,752		31,725
Freddie Mac 0.075% 10/1/15		234,459		234,459

				1,272,654

Repurchase Agreements – 2.44%
Bank of America Merrill Lynch 0.07%, dated 9/30/15, to be repurchased on 10/1/15, repurchase price $313,849 (collateralized by U.S. government obligations 1.875%–3.625% 8/31/22–2/15/44; market value $320,125)		313,848		313,848


	Principal amount°		Value (U.S. $)
Short-Term Investments (continued)
Repurchase Agreements (continued)
Bank of Montreal 0.08%, dated 9/30/15, to be repurchased on 10/1/15, repurchase price $523,081 (collateralized by U.S. government obligations 1.75%–3.00% 10/31/18–8/15/45; market value $533,542)		523,080	$	523,080
BNP Paribas 0.07%, dated 9/30/15, to be repurchased on 10/1/15, repurchase price $943,074 (collateralized by U.S. government obligations 0.00%–3.25% 10/8/15–11/15/44; market value $961,933)		943,072		943,072

				1,780,000

Total Short-Term Investments (cost $3,052,569)				3,052,654
Total Value of Securities – 101.41% (cost $64,562,488)			$	73,952,153

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Sept. 30, 2015, the aggregate value of Rule 144A securities was $2,114,139, which represents 2.90% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”

@	Illiquid security. At Sept. 30, 2015, the aggregate value of illiquid securities was $1,101,702, which represents 1.51% of the Fund’s net assets. See Note 9 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.

=	Security is being fair valued in accordance with the Fund’s fair valuation policy. At Sept. 30, 2015, the aggregate value of fair valued securities was $59,413, which represents 0.08% 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 Sept. 30, 2015. Interest rates reset periodically.

(continues) 31

Schedules of investments

Delaware Foundation^® Growth Allocation Fund

¥	Fully or partially pledged as collateral for futures contracts.

D	Securities have been classified by country of origin.

∑	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 U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Interbank 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 Sept. 30,2015.

§	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 Sept. 30, 2015.

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at Sept. 30, 2015:¹

Foreign Currency Exchange Contracts


Counterparty	Contracts to Receive (Deliver)			In Exchange For				Settlement Date		Unrealized Appreciation (Depreciation)
BAML	AUD	(12,839	)		USD	9,098			10/16/15	$	95
BAML	CAD	(10,561	)		USD	7,934			10/16/15		21
BAML	EUR	729			USD	(817	)		10/16/15		(2	)
BAML	NZD	(30,423	)		USD	19,278			10/16/15		(150	)
BNP	AUD	(73,333	)		USD	51,970			10/16/15		543
BNP	NOK	(185,047	)		USD	22,093			10/16/15		363
BNYM	CHF	5,433			USD	(5,572	)		10/2/15		4
BNYM	EUR	(18,030	)		USD	20,256			10/1/15		109
BNYM	EUR	2,318			USD	(2,591	)		10/2/15		(1	)
BNYM	GBP	3,432			USD	(5,198	)		10/2/15		(6	)
BNYM	HKD	23,779			USD	(3,066	)		10/5/15		2
BNYM	JPY	779,379			USD	(6,506	)		10/5/15		(10	)
BNYM	SGD	3,196			USD	(2,249	)		10/5/15		(3	)
DB	MXN	(1,043	)		USD	61			10/16/15		0
HSBC	GBP	(5,420	)		USD	8,326			10/16/15		126
JPMC	KRW	(20,878,400	)		USD	17,614			10/16/15		10
JPMC	PLN	(14,935	)		USD	3,955			10/16/15		27
JPMC	SEK	(33,944	)		USD	3,999			10/16/15		(57	)
TD	CAD	36,746			USD	(27,648	)		10/16/15		(113	)
TD	EUR	(12,826	)		USD	14,448			10/16/15		113
TD	JPY	(613,300	)		USD	5,063			10/16/15		(50	)


										$	1,021

Futures Contracts


Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(2)	E-mini S&P 500 Index	$	(196,373	)	$	(190,870	)		12/21/15	$	5,503
3	Euro-Bund		514,740			523,580			12/8/15		8,840
10	U.S. Treasury 5 yr Notes		1,195,307			1,205,156			1/2/16		9,849
2	U.S. Treasury 10 yr Notes		255,689			257,469			12/22/15		1,780
3	U.S. Treasury Long Bonds		463,624			472,031			12/22/15		8,407


		$	2,232,987							$	34,379

Swap Contracts

CDS Contracts²


Counter- party	Swap Referenced Obligation	Notional Value³		Annual Protection Payments		Termination Date		Unrealized Appreciation (Depreciation)⁴
	Protection Purchased:
ICE	JPMC CDX.NA.HY.24		79,200		5.00%		6/20/20	$	2,250
ICE	MSC iTraxx EUR Crossover Series 24		EUR 55,000		5.00%		12/20/20		1,842
JPMC	CDX.EM.23		81,000		1.00%		6/20/20		2,330
JPMC	People’s Republic of China		32,000		1.00%		9/20/20		259


								$	6,681

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.

¹See Note 6 in “Notes to financial statements”

²A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as 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.

³Notional value shown is stated in U.S. Dollars unless noted that the swap is denominated in another currency.

⁴ Unrealized appreciation (depreciation) does not include periodic interest payments on swap contracts accrued daily in the amount of $(218).

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

BNP – BNP Paribas

BNYM – Bank of New York Mellon

CAD – Canadian Dollar

CDS – Credit Default Swap

CDX.EM – Credit Default Swap Index Emerging Markets

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

CHF – Swiss Franc

CVA – Dutch Certificate

DB – Deutsche Bank

EAFE – Europe Australasia Far East

ETF – Exchange-Traded Fund

EUR – European Monetary Unit

GBP – British Pound Sterling

GDR – Global Depositary Receipt

GNMA – Government National Mortgage Association

GS – Goldman Sachs

HKD – Hong Kong Dollar

HSBC – Hong Kong Shanghai Bank

ICE – Intercontinental Exchange, Inc.

IDR – Indonesian Rupiah

INR – Indian Rupee

JPMBB – JPMorgan Barclays Bank

JPMC – JPMorgan Chase Bank

JPY – Japanese Yen

KRW – South Korean Won

LB – Lehman Brothers

MXN – Mexican Peso

NOK – Norwegian Krone

NVDR – Non-Voting Depositary Receipt

NZD – New Zealand Dollar

PLN – Polish Zloty

REIT – Real Estate Investment Trust

REMIC – Real Estate Mortgage Investment Conduit

SEK – Swedish Krona

S.F. – Single Family

SGD – Singapore Dollar

SPDR^® – Standard & Poor’s Depositary Receipt

TBA – To be announced

TD – Toronto Dominion Bank

UBS – Union Bank of Switzerland

USD – U.S. Dollar

yr – Year

ZAR – South African Rand

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

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

September 30, 2015 (Unaudited)


	Number of shares		Value (U.S. $)
Common Stock – 54.93%
U.S. Markets – 31.03%
Consumer Discretionary – 3.37%
Boot Barn Holdings †		5,875	$	108,276
BorgWarner		3,230		134,336
Buffalo Wild Wings †		925		178,923
Century Communications =†		25,000		0
Cheesecake Factory		2,875		155,135
Cinemark Holdings		2,330		75,702
Comcast Class A Special		4,060		232,394
Del Frisco’s Restaurant Group †		6,950		96,535
Discovery Communications Class A †		7,008		182,418
Discovery Communications Class C †		12,566		305,228
Disney (Walt)		3,880		396,536
DSW Class A		4,520		114,401
Express †		7,460		133,310
Fiesta Restaurant Group †		2,360		107,073
Ford Motor		15,370		208,571
G-III Apparel Group †		3,040		187,446
Jack in the Box		2,055		158,317
Jarden †		2,840		138,819
Johnson Controls		17,200		711,392
L Brands		9,160		825,591
Liberty Interactive Class A †		41,523		1,089,148
Lowe’s		11,300		778,796
Macy’s		2,940		150,881
Madden (Steven) †		4,745		173,762
Malibu Boats Class A †		4,800		67,104
National CineMedia		5,830		78,239
NIKE Class B		6,328		778,154
Nordstrom		2,880		206,525
Popeyes Louisiana Kitchen †		3,275		184,579
Shutterfly †		2,750		98,313
Starbucks		5,830		331,377
Tenneco †		3,255		145,726
Tractor Supply		2,990		252,117
TripAdvisor †		7,283		458,975
Urban Outfitters †		8,090		237,684

				9,481,783

Consumer Staples – 2.11%
Archer-Daniels-Midland		16,700		692,215
Casey’s General Stores		3,460		356,103
CVS Health		10,570		1,019,794
General Mills		2,520		141,448
J&J Snack Foods		1,420		161,397
Kimberly-Clark		1,660		181,006
Kraft Heinz		10,266		724,574


	Number of shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Consumer Staples (continued)
Mondelez International		17,900	$	749,473
PepsiCo		3,940		371,542
Procter & Gamble		5,140		369,772
Walgreens Boots Alliance		14,184		1,178,690

				5,946,014

Energy – 1.70%
Bonanza Creek Energy †		4,140		16,850
Bristow Group		1,080		28,253
Carrizo Oil & Gas †		3,300		100,782
Chevron		8,500		670,480
ConocoPhillips		15,050		721,798
Core Laboratories		1,190		118,762
EOG Resources		2,730		198,744
Exxon Mobil		6,930		515,245
Halliburton		19,400		685,790
Marathon Oil		31,600		486,640
Occidental Petroleum		13,240		875,826
Parsley Energy Class A †		2,760		41,593
Pioneer Energy Services †		3,485		7,319
RigNet †		3,210		81,855
RSP Permian †		2,585		52,346
Schlumberger		2,380		164,149

				4,766,432

Financials – 6.25%
Aflac		3,920		227,870
Allstate		12,700		739,648
American Equity Investment Life Holding		5,465		127,389
American Tower		2,880		253,382
Ameriprise Financial		1,450		158,239
Apartment Investment & Management		1,275		47,201
AvalonBay Communities		925		161,709
Bank of New York Mellon		18,400		720,360
BB&T		20,100		715,560
BBCN Bancorp		7,545		113,326
BlackRock		540		160,634
Boston Properties		1,175		139,120
Brandywine Realty Trust		8,650		106,568
Bryn Mawr Bank		1,480		45,984
Camden Property Trust		450		33,255
Capital One Financial		3,320		240,766
Cardinal Financial		4,955		114,015
Care Capital Properties		506		16,663
Citigroup		6,990		346,774
City Holding		2,840		140,012


	Number of shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Financials (continued)
CoBiz Financial		5,555	$	72,271
Cousins Properties		2,450		22,589
Crown Castle International		13,506		1,065,218
DCT Industrial Trust		6,028		202,902
DDR		4,425		68,057
Douglas Emmett		2,450		70,364
Duke Realty		4,800		91,440
DuPont Fabros Technology		4,140		107,143
EastGroup Properties		2,300		124,614
Empire State Realty Trust		825		14,050
EPR Properties		2,890		149,037
Equinix		4,633		1,266,662
Equity LifeStyle Properties		675		39,535
Equity One		1,500		36,510
Equity Residential		2,300		172,776
Essex Property Trust		500		111,710
Evercore Partners Class A		5,130		257,731
Extra Space Storage		650		50,154
Federal Realty Investment Trust		350		47,757
Fidelity & Guaranty Life		3,590		88,099
First Industrial Realty Trust		2,750		57,613
First NBC Bank Holding †		3,425		120,012
FirstMerit		8,135		143,745
Flushing Financial		4,905		98,198
General Growth Properties		5,675		147,380
Great Western Bancorp		5,031		127,636
Highwoods Properties		1,350		52,313
Host Hotels & Resorts		14,525		229,640
Houlihan Lokey †		2,745		59,841
Independent Bank @		2,125		97,963
Infinity Property & Casualty @		1,275		102,689
Intercontinental Exchange		4,377		1,028,551
Invesco		4,010		125,232
JPMorgan Chase		7,400		451,178
KeyCorp		16,370		212,974
Kilroy Realty		825		53,757
Kimco Realty		2,975		72,679
Kite Realty Group Trust		6,352		151,241
LaSalle Hotel Properties		4,850		137,691
Lexington Realty Trust		2,950		23,895
Macerich		750		57,615
Marsh & McLennan		14,000		731,080
National Retail Properties		6,685		242,465
Old National Bancorp		9,910		138,046
Omega Healthcare Investors		900		31,635
Pebblebrook Hotel Trust		2,990		105,995


	Number of shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Financials (continued)
Post Properties		875	$	51,004
Primerica		3,330		150,083
Prologis		3,375		131,287
Prosperity Bancshares		3,110		152,732
Prudential Financial		1,800		137,178
PS Business Parks		400		31,752
Public Storage		675		142,850
Ramco-Gershenson Properties Trust		10,770		161,658
Raymond James Financial		3,330		165,268
Regency Centers		1,100		68,365
RLJ Lodging Trust		1,450		36,641
Selective Insurance Group @		4,085		126,880
Simon Property Group		2,025		372,033
SL Green Realty		975		105,456
Sovran Self Storage		1,390		131,077
Spirit Realty Capital		3,650		33,361
State Street		2,900		194,909
Sterling Bancorp		11,650		173,235
Stifel Financial †		3,100		130,510
Strategic Hotels & Resorts †		3,950		54,471
Tanger Factory Outlet Centers		1,425		46,982
Taubman Centers		375		25,905
Texas Capital Bancshares †		1,485		77,844
Travelers		2,390		237,877
UDR		2,200		75,856
United Fire Group		2,420		84,821
Urban Edge Properties		650		14,034
Ventas		2,025		113,522
Vornado Realty Trust		1,350		122,067
Webster Financial		3,305		117,757
Wells Fargo		8,300		426,205
Welltower		725		49,097
Western Alliance Bancorp †		4,900		150,479

				17,561,354

Healthcare – 5.39%
AbbVie		5,300		288,373
Acorda Therapeutics †		4,685		124,199
Air Methods †		4,515		153,916
Alkermes †		3,210		188,331
Allergan †		5,412		1,471,036
Baxalta		11,500		362,365
Baxter International		10,900		358,065
Biogen †		2,640		770,378
Cardinal Health		9,600		737,472
Catalent †		5,530		134,379

(continues) 35

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund


	Number of shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Healthcare (continued)
Celgene †		15,884	$	1,718,172
Cepheid †		3,770		170,404
CONMED		3,185		152,052
CryoLife		10,125		98,516
Express Scripts Holding †		12,580		1,018,477
Gilead Sciences		3,950		387,851
Insys Therapeutics †		2,345		66,739
Johnson & Johnson		8,300		774,805
Ligand Pharmaceuticals Class B †		2,015		172,585
Medicines †		3,520		133,619
Merck		21,090		1,041,635
Merit Medical Systems †		5,140		122,897
Pfizer		37,722		1,184,848
Prestige Brands Holdings †		2,960		133,674
Quest Diagnostics		11,300		694,611
Quidel †		5,680		107,238
Retrophin †		3,120		63,211
Spectrum Pharmaceuticals †		10,690		63,926
Team Health Holdings †		1,890		102,117
TESARO †		2,365		94,837
Thermo Fisher Scientific		2,440		298,363
UnitedHealth Group		3,250		377,033
Valeant Pharmaceuticals International †		5,313		947,733
Vanda Pharmaceuticals †		9,120		102,874
Vertex Pharmaceuticals †		1,660		172,872
WellCare Health Plans †		1,930		166,327
West Pharmaceutical Services		3,645		197,267

				15,153,197

Industrials – 2.71%
AAON		7,421		143,819
Actuant Class A		3,270		60,135
Applied Industrial Technologies		3,545		135,242
Barnes Group		4,545		163,847
Boeing		1,490		195,115
Columbus McKinnon		6,015		109,232
Continental Building Products †		7,275		149,429
Eaton		2,550		130,815
ESCO Technologies		4,090		146,831
Essendant		4,175		135,395
Esterline Technologies †		2,225		159,955
Federal Signal		6,065		83,151
FedEx		1,260		181,415
General Electric		18,220		459,508


	Number of shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Industrials (continued)
Granite Construction		4,038	$	119,807
Honeywell International		2,190		207,371
Hunt (J.B.) Transport Services		1,600		114,240
Kadant		3,470		135,365
KEYW Holding †		1,267		7,792
Kforce		6,040		158,731
KLX †		2,145		76,662
Lockheed Martin		1,290		267,430
McGrath RentCorp		4,440		118,504
MYR Group †		3,660		95,892
Nielsen Holdings		3,430		152,532
Northrop Grumman		4,700		779,965
On Assignment †		3,735		137,821
Parker-Hannifin		1,480		144,004
Raytheon		7,200		786,672
Republic Services		3,620		149,144
Roadrunner Transportation Systems †		3,250		59,800
Rockwell Collins		1,380		112,939
Swift Transportation †		3,400		51,068
Tetra Tech		4,235		102,953
Union Pacific		3,230		285,564
United Technologies		2,540		226,035
US Ecology		1,885		82,280
WageWorks †		2,835		127,802
Waste Management		15,400		767,074
XPO Logistics †		3,960		94,367

				7,615,703

Information Technology – 7.53%
Accenture Class A		3,130		307,554
Adobe Systems †		2,500		205,550
Analog Devices		1,600		90,256
Anixter International †		1,740		100,537
Apple		7,175		791,403
Applied Micro Circuits †		16,915		89,819
Avago Technologies		2,130		266,271
CA		27,545		751,979
Callidus Software †		8,195		139,233
Cisco Systems		38,260		1,004,325
Convergys		6,400		147,904
eBay †		32,547		795,449
Electronic Arts †		14,763		1,000,193
EMC		10,280		248,365
ExlService Holdings †		3,360		124,085
Facebook Class A †		11,092		997,171
FARO Technologies †		3,245		113,575


	Number of shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Information Technology (continued)
Google Class A †		2,172	$	1,386,540
Google Class C †		1,064		647,359
GrubHub †		3,385		82,391
Guidewire Software †		2,805		147,487
Infinera †		4,065		79,511
Intel		36,460		1,098,904
InterXion Holding †		3,080		83,406
Intuit		5,400		479,250
j2 Global @		2,500		177,125
MasterCard Class A		13,181		1,187,872
Maxim Integrated Products		7,170		239,478
MaxLinear Class A †		5,065		63,009
Microsemi †		1,920		63,014
Microsoft		27,188		1,203,341
NETGEAR †		2,630		76,717
PayPal Holdings †		27,223		845,002
Plantronics		2,250		114,413
Proofpoint †		2,470		148,990
Q2 Holdings †		1,890		46,721
Qlik Technologies †		3,400		123,930
QUALCOMM		31,107		1,671,379
Rofin-Sinar Technologies †		1,105		28,653
Ruckus Wireless †		5,275		62,667
Sabre		8,260		224,507
salesforce.com †		3,720		258,280
SciQuest †		7,225		72,250
Semtech †		7,340		110,834
Silicon Laboratories †		1,445		60,025
SS&C Technologies Holdings		3,790		265,452
Synaptics †		2,260		186,360
TeleTech Holdings		3,765		100,864
Tyler Technologies †		1,995		297,873
Visa Class A		20,254		1,410,894
Xerox		73,800		718,074
Yahoo †		4,500		130,095
Yelp †		5,106		110,596

				21,176,932

Materials – 0.83%
Axalta Coating Systems †		6,180		156,601
Axiall		2,225		34,910
Balchem		1,200		72,924
Boise Cascade †		3,050		76,921
Chemtura †		2,755		78,848
duPont (E.I.) deNemours		14,500		698,900
Eastman Chemical		3,380		218,754
Huntsman		7,180		69,574


	Number of shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Materials (continued)
Innophos Holdings		725	$	28,739
Kaiser Aluminum		1,740		139,635
Minerals Technologies		2,945		141,831
Neenah Paper		2,680		156,190
Quaker Chemical		1,600		123,328
WestRock		3,774		194,135
Worthington Industries		5,100		135,048

				2,326,338

Telecommunication Services – 0.73%
AT&T		33,250		1,083,285
Atlantic Tele-Network		1,645		121,615
inContact †		14,215		106,755
Verizon Communications		17,200		748,372

				2,060,027

Utilities – 0.41%
Cleco		1,570		83,587
Edison International		12,500		788,375
NorthWestern		2,800		150,724
OGE Energy		3,600		98,496
South Jersey Industries		1,795		45,324

				1,166,506

Total U.S. Markets (cost $61,590,089)				87,254,286

Developed Markets – 17.94%§
Consumer Discretionary – 3.01%
adidas		2,650		213,662
Bayerische Motoren Werke		3,370		294,008
Cie Financiere Richemont Class A		1,500		116,704
Daimler		3,340		243,162
Denso		4,400		186,387
Hennes & Mauritz Class B		4,900		179,008
Jardine Cycle & Carriage		6,600		125,406
Kering		2,321		379,935
LVMH Moet Hennessy Louis Vuitton		760		129,385
Nitori Holdings		12,248		959,110
Publicis Groupe		3,973		271,526
RELX		9,900		161,736
Sekisui Chemical		18,000		189,467
Shimano		1,400		196,702
Singapore Press Holdings		47,700		128,753
Sodexo		1,750		145,205
Sumitomo Electric Industries		10,700		136,893
Sumitomo Rubber Industries		41,300		573,317
Swatch Group		445		165,020

(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)
Taylor Wimpey		56,000	$	165,921
Techtronic Industries		161,500		602,073
Toyota Motor		23,889		1,398,709
USS		6,700		111,439
Volkswagen		600		70,694
Whitbread		2,370		167,912
WPP		9,950		207,156
Yue Yuen Industrial Holdings		253,500		943,125

				8,462,415

Consumer Staples – 2.36%
Anheuser-Busch InBev		2,260		240,364
Aryzta †		17,492		741,294
Asahi Group Holdings		7,100		230,357
British American Tobacco		5,150		284,164
Carlsberg Class B		7,881		605,601
Chocoladefabriken Lindt & Sprungli Class PC		31		181,739
Coca-Cola Amatil		63,185		400,563
Diageo		6,750		181,358
Heineken		2,540		205,660
Henkel		1,720		152,027
Japan Tobacco		22,900		710,392
Jeronimo Martins		10,000		134,963
Koninklijke Ahold		9,000		175,572
L’Oreal		1,340		232,911
Nestle		4,800		360,950
Pernod Ricard		1,910		192,849
Reckitt Benckiser Group		1,760		159,612
SABMiller		2,450		138,743
Tesco		178,783		496,603
Treasury Wine Estates		31,500		145,962
Unilever		7,200		293,264
Unilever CVA		4,700		188,399
Wesfarmers		6,550		181,062

				6,634,409

Energy – 0.55%
Amec Foster Wheeler		11,050		120,037
CGG †		17,000		58,741
Idemitsu Kosan		7,100		108,765
Neste Oil		5,450		125,431
Saipem †		29,951		240,162
Subsea 7 †		5,583		42,025
Suncor Energy		16,100		430,596
TOTAL		9,477		426,303

				1,552,060


	Number of shares		Value (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Financials – 2.81%
AIA Group		49,800	$	258,994
AXA		43,647		1,059,704
Banco Espirito Santo Class R =†		285,000		0
Bank Leumi Le-Israel BM †		47,000		175,442
Commonwealth Bank of Australia		7,080		363,406
Credit Agricole		11,100		127,791
Daito Trust Construction		1,800		182,896
ING Groep CVA		49,008		692,733
Intesa Sanpaolo		49,900		176,282
Investor Class B		5,900		202,707
Mitsubishi UFJ Financial Group		179,073		1,082,047
Nordea Bank		86,672		966,848
Platinum Asset Management		27,600		131,863
Prudential		11,900		251,057
QBE Insurance Group		15,300		139,334
Schroders		3,800		161,475
Seven Bank		30,400		131,579
Sony Financial Holdings		10,700		175,626
Standard Chartered		60,128		583,558
Swire Properties		45,800		126,942
UBS Group		9,140		168,964
UniCredit		120,114		748,815

				7,908,063

Healthcare – 3.08%
Astellas Pharma		14,700		190,286
Bayer		2,350		301,501
ICON †		2,485		176,360
Indivior		40,000		137,393
Merck		1,680		148,741
Miraca Holdings		3,500		148,435
Novartis		17,891		1,644,227
Novo Nordisk ADR		15,680		850,483
Novo Nordisk Class B		5,800		313,002
QIAGEN †		6,570		169,474
Roche Holding		2,060		546,815
Sanofi		10,481		997,792
Smith & Nephew		12,700		221,892
Sonic Healthcare		9,800		126,051
STADA Arzneimittel		17,284		619,566
Sumitomo Dainippon Pharma		11,500		114,972
Teva Pharmaceutical Industries ADR		34,400		1,942,224

				8,649,214


	Number of shares		Value (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Industrials – 2.78%
ABB †		11,430	$	202,216
Aggreko		7,500		108,125
ANDRITZ		2,550		114,905
AP Moeller - Maersk		94		144,903
Boskalis Westminster		3,400		148,827
Cathay Pacific Airways		80,000		150,652
Cie de Saint-Gobain		3,700		160,581
Deutsche Lufthansa †		10,450		145,472
Deutsche Post		27,381		758,536
East Japan Railway		9,341		787,158
Elbit Systems		2,320		171,508
Experian		9,900		158,933
Fraport		2,370		146,544
Fuji Electric		42,000		152,327
ITOCHU		82,249		869,510
Japan Airlines		3,600		127,391
JTEKT		10,000		140,016
Koninklijke Philips		25,873		608,710
Meggitt		59,911		432,221
Mitsubishi Electric		14,000		128,253
Mitsubishi Heavy Industries		32,000		143,118
Rexel		18,120		223,067
Schneider Electric		2,250		125,998
Singapore Airlines		19,300		145,292
THK		7,200		114,690
Travis Perkins		6,600		196,903
Vinci		13,495		858,129
WestJet Airlines Class VV @		13,814		245,545
Yamato Holdings		4,900		93,820

				7,803,350

Information Technology – 1.31%
Amadeus IT Holding		3,930		168,382
CGI Group Class A †		24,804		898,702
Computershare		17,000		126,947
Ericsson Class B		21,600		211,864
Infineon Technologies		15,700		176,396
NICE-Systems		1,700		95,219
Omron		4,000		120,414
Playtech		41,632		522,785
SAP		2,800		181,394
Seiko Epson		10,800		152,784
Teleperformance		12,186		924,642
Trend Micro		2,700		95,379

				3,674,908

Materials – 0.97%
Air Liquide		2,030		240,661


	Number of shares		Value (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Materials (continued)
Alamos Gold		28,571	$	105,767
Anglo American ADR		9,000		37,080
Arkema		2,500		162,045
EMS-Chemie Holding		405		166,600
Johnson Matthey		3,200		118,647
Linde		1,100		178,667
Rexam		83,214		660,715
Rio Tinto		12,576		421,979
Shin-Etsu Chemical		3,200		164,116
South32 †		82,000		79,261
Toray Industries		23,000		198,849
Umicore		3,360		129,583
Yamana Gold		39,183		66,066

				2,730,036

Telecommunication Services – 0.89%
BT Group		34,150		217,356
Deutsche Telekom		14,800		263,463
KDDI		9,700		217,125
Nippon Telegraph & Telephone		30,486		1,073,873
Swisscom		265		132,239
Tele2 Class B		62,327		607,782

				2,511,838

Utilities – 0.18%
National Grid		26,092		363,399
Tokyo Gas		31,000		149,963

				513,362

Total Developed Markets (cost $45,526,911)				50,439,655

Emerging Markets X – 5.96%
Consumer Discretionary – 0.35%
Arcos Dorados Holdings Class A @		15,900		43,248
Grupo Televisa ADR		15,250		396,805
Hyundai Motor		882		122,565
Mahindra & Mahindra		10,471		202,565
Qunar Cayman Islands ADR †		1,600		48,112
Woolworths Holdings		23,868		167,046

				980,341

Consumer Staples – 0.86%
Anadolu Efes Biracilik Ve Malt Sanayii		22,197		156,696
BRF ADR		10,560		187,862
China Mengniu Dairy		46,000		162,207

(continues) 39

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund


	Number of shares		Value (U.S. $)
Common Stock (continued)
Emerging Markets X (continued)
Consumer Staples (continued)
Cia Brasileira de Distribuicao ADR		4,500	$	56,430
Cia Cervecerias Unidas ADR		5,200		115,180
Fomento Economico Mexicano ADR		2,825		252,131
Hypermarcas †		47,700		182,610
Lotte Chilsung Beverage @		186		378,590
Lotte Confectionery @		124		230,285
Tingyi Cayman Islands Holding		63,816		101,937
Tsingtao Brewery		20,162		88,680
Uni-President China Holdings @		343,000		332,645
Wal-Mart de Mexico Class V		72,772		179,394

				2,424,647

Energy – 0.83%
Cairn India		29,953		70,475
China Petroleum & Chemical		176,850		108,327
CNOOC ADR		1,040		107,203
Gazprom ADR @		42,045		169,625
Lukoil ADR		4,600		156,676
PetroChina ADR		1,600		111,520
Petroleo Brasileiro ADR †		38,800		168,780
Polski Koncern Naftowy Orlen		8,293		144,803
PTT Foreign		21,291		140,573
Reliance Industries GDR 144A #		31,220		811,720
Rosneft GDR		27,910		103,296
Sasol ADR		4,700		130,754
Tambang Batubara Bukit Asam Persero		113,200		43,596
YPF ADR		4,900		74,627

				2,341,975

Financials – 0.94%
Akbank		77,322		173,458
Banco Santander Brasil ADR		29,550		93,083
Bangkok Bank		35,661		157,300
China Construction Bank		312,449		208,505
Etalon Group GDR 144A #@=		16,400		26,978
Grupo Financiero Banorte Class O		20,100		98,505
ICICI Bank ADR		30,200		253,076
Industrial & Commercial Bank of China		377,800		218,254
Itau Unibanco Holding ADR		25,282		167,367
KB Financial Group ADR		8,889		261,248


	Number of shares		Value (U.S. $)
Common Stock (continued)
Emerging Markets X (continued)
Financials (continued)
Powszechna Kasa Oszczednosci Bank Polski †		9,437	$	73,180
Reliance Capital		15,219		87,790
Remgro		9,053		165,115
Samsung Life Insurance		2,635		220,356
Sberbank of Russia @=		112,564		129,663
Shinhan Financial Group		6,232		217,949
UEM Sunrise @		298,319		83,495

				2,635,322

Industrials – 0.14%
Empresas ICA ADR †		15,800		26,386
Gol Linhas Aereas Inteligentes ADR		25,900		25,234
KCC		866		302,554
Rumo Logistica Operadora Multimodal †		5,106		7,649
Santos Brasil Participacoes		7,500		24,589

				386,412

Information Technology – 1.49%
Baidu ADR †		8,703		1,195,879
Hon Hai Precision Industry		112,072		292,183
LG Display ADR		13,100		124,450
MediaTek		20,000		148,528
Samsung Electronics		1,087		1,042,944
Samsung SDI		1,078		99,178
SINA †		4,900		196,588
Sohu.com †		7,200		297,360
Taiwan Semiconductor Manufacturing		62,069		248,244
Taiwan Semiconductor Manufacturing ADR		11,300		234,475
United Microelectronics		361,000		118,340
WNS Holdings ADR †		6,845		191,318

				4,189,487

Materials – 0.36%
Anglo American Platinum †		3,051		50,548
Braskem ADR		13,175		111,065
Cemex ADR †		22,596		157,946
Cemex Latam Holdings †		11,556		44,984
Gerdau @		11,000		12,456
Gerdau ADR		14,400		19,728
Impala Platinum Holdings †		6,237		17,322
Nine Dragons Paper Holdings		128,000		66,761
Siam Cement NVDR		6,200		79,237
Siam Cement-Foreign		7,800		100,088


	Number of shares		Value (U.S. $)
Common Stock (continued)
Emerging Markets X (continued)
Materials (continued)
Sociedad Quimica y Minera de Chile ADR		4,600	$	66,884
Ultratech Cement		5,160		210,690
Vale ADR		18,825		79,065

				1,016,774

Telecommunication Services – 0.99%
America Movil Class L ADR		8,900		147,295
China Mobile		37,921		453,899
China Mobile ADR		5,725		340,637
KT ADR †		9,850		128,739
MegaFon GDR		9,348		113,578
Mobile TeleSystems ADR		7,800		56,316
Reliance Communications †		48,791		50,667
SK Telecom ADR		34,700		846,680
Telefonica Brasil ADR		18,605		169,864
Tim Participacoes ADR		23,600		223,020
Turkcell Iletisim Hizmetleri ADR		11,550		100,254
Vodacom Group		16,833		167,440

				2,798,389

Total Emerging Markets (cost $19,731,873)				16,773,347

Total Common Stock (cost $126,848,873)				154,467,288



Convertible Preferred Stock – 0.19%
Alcoa 5.375% exercise price $19.39, expiration date 10/1/17		900		30,060
Anadarko Petroleum 7.50% exercise price $69.84, expiration date 6/7/18		667		24,966
Bank of America 7.25%exercise price $50.00, expiration date 12/31/49		38		40,859
Chesapeake Energy 5.75%exercise price $26.10, expiration date 12/31/49		43		17,630
Crown Castle International 4.50% exercise price $87.58, expiration date 11/1/16		800		81,488
Dominion Resources 6.125% exercise price $64.91, expiration date 4/1/16		715		39,547


	Number of shares		Value (U.S. $)
Convertible Preferred Stock (continued)
Dynegy 5.375% exercise price $38.75, expiration date 11/1/17 @		360	$	28,123
Exelon 6.50% exercise price $43.75, expiration date 6/1/17		500		21,825
Halcon Resources 5.75% exercise price $6.16, expiration date 12/31/49 @		59		6,689
Huntington Bancshares 8.50% exercise price $11.95, expiration date 12/31/49 @		45		60,075
Intelsat 5.75% exercise price $22.05, expiration date 5/1/16 @		1,635		30,575
Maiden Holdings 7.25% exercise price $15.26, expiration date 9/15/16		1,133		57,483
T-Mobile US 5.50% exercise price $31.02, expiration date 12/15/17		552		38,121
Wells Fargo 7.50% exercise price $156.71, expiration date 12/31/49		50		58,400

Total Convertible Preferred Stock (cost $686,515)				535,841



Exchange-Traded Funds – 1.02%
Financial Select Sector SPDR^® Fund		31,415		711,864
iShares MSCI EAFE Growth Index ETF		2,500		159,525
iShares MSCI EAFE Index ETF		890		51,015
PowerShares KBW Bank Portfolio		53,545		1,925,478
Vanguard FTSE Developed Markets ETF		590		21,028

Total Exchange-Traded Funds (cost $3,175,382)				2,868,910

(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 5.15% 9/26/33 f		60,105	$	65,795
Fannie Mae REMIC Trust Series 2002-W11 AV1 0.534% 11/25/32 ●		4,214		4,114

Total Agency Asset-Backed Securities (cost $63,834)				69,909


Agency Collateralized Mortgage Obligations – 0.45%
Fannie Mae REMICs
Series 1996-46 ZA 7.50% 11/25/26		22,132		25,175
Series 2003-26 AT 5.00% 11/25/32		21,821		22,271
Series 2005-70 PA 5.50% 8/25/35		11,417		12,959
Series 2010-41 PN 4.50% 4/25/40		120,000		131,478
Series 2010-43 HJ 5.50% 5/25/40		17,072		19,385
Series 2010-96 DC 4.00% 9/25/25		4,117		4,367
Series 2012-122 SD 5.906% 11/25/42 ●S		171,299		42,342
Series 2013-26 ID 3.00% 4/25/33 S		232,331		33,671
Series 2013-38 AI 3.00% 4/25/33 S		224,756		31,964
Series 2013-44 DI 3.00% 5/25/33 S		694,975		100,395
Series 2014-36 ZE 3.00% 6/25/44		98,872		89,753
Freddie Mac Multifamily Structured Pass Through Certificates 3.389% 3/25/24 ¿		320,000		339,267
Freddie Mac REMICs
Series 1730 Z 7.00% 5/15/24		16,093		18,256
Series 4065 DE 3.00% 6/15/32		30,000		30,534
Series 4185 LI 3.00% 3/15/33 S		169,831		24,243
Series 4191 CI 3.00% 4/15/33 S		81,574		10,963


	Principal amount°		Value (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
GNMA
Series 2010-113 KE 4.50% 9/20/40		295,000	$	329,484

Total Agency Collateralized Mortgage Obligations (cost $1,255,086)				1,266,507


Agency Mortgage-Backed Securities – 7.37%
Fannie Mae 6.50% 8/1/17		4,729		4,852
Fannie Mae ARM
2.417% 5/1/43 ●		73,146		74,603
2.553% 6/1/43 ●		24,463		25,096
2.913% 7/1/45 ●		33,827		34,849
3.18% 4/1/44 ●		91,722		95,459
3.26% 3/1/44 ●		102,213		106,774
3.288% 9/1/43 ●		70,814		74,031
Fannie Mae Relocation 30 yr 5.00% 1/1/36		3,151		3,438
Fannie Mae S.F. 15 yr
2.50% 2/1/28		251,270		258,546
3.50% 7/1/26		68,429		72,567
4.00% 4/1/24		19,841		21,074
4.00% 5/1/25		34,103		36,298
4.00% 11/1/25		161,760		172,233
4.00% 12/1/26		56,099		59,592
4.00% 1/1/27		341,950		363,978
4.00% 5/1/27		125,001		133,052
4.00% 8/1/27		69,171		73,633
4.50% 4/1/18		4,557		4,722
5.00% 9/1/18		7,987		8,298
5.50% 6/1/22		1,999		2,048
Fannie Mae S.F. 20 yr 3.00% 2/1/33		8,655		8,982
3.00% 8/1/33		66,537		69,135
3.50% 4/1/33		11,971		12,674
3.50% 9/1/33		48,903		51,811
4.00% 1/1/31		15,512		16,720
4.00% 2/1/31		46,690		50,329
5.00% 11/1/23		4,807		5,289
5.00% 2/1/30		25,583		28,178
5.50% 8/1/28		10,051		11,211
5.50% 12/1/29		6,820		7,609
6.00% 9/1/29		36,139		40,730
Fannie Mae S.F. 30 yr
3.00% 7/1/42		62,337		63,427
3.00% 10/1/42		1,025,519		1,042,993
3.00% 12/1/42		165,766		168,602


	Principal amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr
3.00% 2/1/43		42,362	$	43,072
3.00% 4/1/43		255,705		259,960
3.00% 5/1/43		159,908		162,552
4.50% 7/1/41		39,144		42,512
4.50% 1/1/42		76,218		82,820
4.50% 9/1/42		731,849		795,737
4.50% 11/1/43		112,856		122,457
4.50% 5/1/44		698,810		758,959
4.50% 6/1/44		90,643		98,544
4.50% 9/1/44		268,322		291,631
4.50% 10/1/44		367,964		400,009
4.50% 2/1/45		827,918		898,677
5.00% 10/1/35		13,551		14,928
5.00% 11/1/35		27,883		30,733
5.00% 4/1/37		16,632		18,338
5.50% 12/1/32		3,188		3,589
5.50% 2/1/33		42,540		47,664
5.50% 4/1/34		16,347		18,365
5.50% 11/1/34		17,642		19,870
5.50% 12/1/34		108,380		122,044
5.50% 3/1/35		33,863		38,134
5.50% 4/1/35		82,000		92,234
5.50% 5/1/35		28,155		31,699
5.50% 6/1/35		11,954		13,344
5.50% 1/1/36		66,542		74,980
5.50% 4/1/36		37,406		42,011
5.50% 5/1/36		7,872		8,840
5.50% 7/1/36		4,840		5,450
5.50% 11/1/36		12,801		14,343
5.50% 1/1/37		54,035		60,602
5.50% 2/1/37		12,165		13,624
5.50% 4/1/37		108,830		121,916
5.50% 8/1/37		45,184		50,840
5.50% 1/1/38		1,202		1,344
5.50% 2/1/38		47,537		53,450
5.50% 3/1/38		29,669		33,355
5.50% 4/1/38		65,999		73,613
5.50% 6/1/38		115,888		129,776
5.50% 9/1/38		168,359		189,302
5.50% 1/1/39		51,158		57,205
5.50% 2/1/39		182,996		205,989
5.50% 10/1/39		148,197		165,354
5.50% 7/1/40		108,370		122,031
5.50% 9/1/41		505,677		565,536
6.00% 5/1/36		47,825		54,055
6.00% 6/1/36		5,626		6,361
6.00% 12/1/36		6,053		6,869
6.00% 2/1/37		18,978		21,454


	Principal amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr
6.00% 5/1/37		47,995	$	54,181
6.00% 6/1/37		3,453		3,921
6.00% 7/1/37		3,749		4,257
6.00% 8/1/37		74,484		84,464
6.00% 9/1/37		6,552		7,402
6.00% 11/1/37		7,651		8,623
6.00% 5/1/38		81,207		91,732
6.00% 7/1/38		2,245		2,532
6.00% 9/1/38		108,705		123,106
6.00% 10/1/38		71,657		80,940
6.00% 11/1/38		15,015		17,084
6.00% 1/1/39		30,609		34,618
6.00% 9/1/39		258,671		292,239
6.00% 3/1/40		26,033		29,464
6.00% 7/1/40		102,301		115,377
6.00% 9/1/40		23,442		26,505
6.00% 11/1/40		9,665		11,011
6.00% 5/1/41		146,476		165,824
6.50% 2/1/36		18,731		21,398
7.50% 6/1/31		14,695		17,742
Fannie Mae S.F. 30 yr TBA
3.00% 11/1/45		7,197,000		7,278,528
4.50% 11/1/45		774,000		838,302
Freddie Mac ARM
2.46% 4/1/34 ●		5,216		5,537
2.477% 7/1/36 ●		15,327		16,313
2.515% 1/1/44 ●		202,525		208,626
2.958% 10/1/45 ●		71,000		73,102
Freddie Mac S.F. 15 yr
2.50% 3/1/28		36,489		37,567
4.00% 12/1/24		25,617		27,416
4.00% 5/1/25		9,394		10,057
4.00% 8/1/25		22,188		23,762
4.50% 8/1/24		57,354		61,446
4.50% 7/1/25		10,132		10,806
4.50% 6/1/26		26,547		28,320
4.50% 9/1/26		31,621		33,770
5.00% 6/1/18		8,894		9,247
Freddie Mac S.F. 20 yr
3.50% 1/1/34		81,794		86,390
Freddie Mac S.F. 30 yr
3.00% 10/1/42		72,684		73,789
3.00% 11/1/42		83,858		85,244
4.50% 10/1/39		35,994		39,025
4.50% 4/1/41		175,821		190,815
5.50% 3/1/34		7,037		7,847
5.50% 12/1/34		6,403		7,146
5.50% 6/1/36		4,200		4,648

(continues) 43

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund


	Principal amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Freddie Mac S.F. 30 yr
5.50% 11/1/36		8,702	$	9,631
5.50% 12/1/36		2,107		2,334
5.50% 9/1/37		7,975		8,833
5.50% 4/1/38		26,775		29,652
5.50% 6/1/38		5,035		5,572
5.50% 7/1/38		28,606		31,666
5.50% 6/1/39		28,313		31,345
5.50% 3/1/40		23,618		26,155
5.50% 8/1/40		25,968		28,758
5.50% 1/1/41		24,857		27,531
5.50% 6/1/41		155,456		172,107
6.00% 2/1/36		14,172		16,144
6.00% 1/1/38		8,679		9,787
6.00% 6/1/38		24,026		27,035
6.00% 8/1/38		51,486		58,702
6.00% 5/1/40		45,995		52,267
6.00% 7/1/40		48,535		54,505
6.50% 4/1/39		38,347		43,838
7.00% 11/1/33		14,657		17,517
GNMA I S.F. 30 yr
5.00% 6/15/40		13,190		14,653
7.50% 9/15/31		16,434		17,833

Total Agency Mortgage-Backed Securities (cost $20,554,050)				20,724,993


Agency Obligation – 0.03%
Tennessee Valley Authority 4.25% 9/15/65		80,000		80,648

Total Agency Obligation (cost $77,851)				80,648


Collateralized Debt Obligations – 0.54%
Avery Point III CLO Series 2013-3A A 144A 1.687% 1/18/25 #●		250,000		247,175
Benefit Street Partners CLO IV Series 2014-IVA A1A 144A 1.777% 7/20/26 #●		500,000		496,400
Cent CLO 21 Series 2014-21A A1B 144A 1.685% 7/27/26 #●		250,000		246,875
Magnetite IX Series 2014-9A A1 144A 1.715% 7/25/26 #●		285,000		282,207


	Principal amount°		Value (U.S. $)
Collateralized Debt Obligations (continued)
Neuberger Berman CLO XIX Series 2015-19A A1 144A 1.718% 7/15/27 #●		250,000	$	246,825

Total Collateralized Debt Obligations (cost $1,533,666)				1,519,482


Commercial Mortgage-Backed Securities – 2.34%
Banc of America Commercial Mortgage Trust Series 2006-1 AM 5.421% 9/10/45 ●		30,000		30,155
Series 2006-4 A4 5.634% 7/10/46		116,079		117,990
Series 2007-4 AM 6.002% 2/10/51 ●		80,000		85,267
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PWR18 A4 5.70% 6/11/50		55,000		58,040
CD Commercial Mortgage Trust Series 2005-CD1 AJ 5.289% 7/15/44 ●		35,960		35,944
Series 2005-CD1 C 5.289% 7/15/44 ●		35,000		34,968
CFCRE Commercial Mortgage Trust Series 2011-C1 144A 3.759% 4/15/44 #		46,533		46,883
Citigroup Commercial Mortgage Trust Series 2007-C6 AM 5.899% 12/10/49 ●		60,000		62,907
Series 2014-GC25 A4 3.635% 10/10/47		115,000		119,871
Series 2015-GC27 A5 3.137% 2/10/48		40,000		39,863
COMM Mortgage Trust Series 2014-CR19 A5 3.796% 8/10/47		80,000		84,666
Series 2014-CR20 A4 3.59% 11/10/47		175,000		182,071
Series 2014-CR20 AM 3.938% 11/10/47		215,000		223,692
Series 2014-CR21 A3 3.528% 12/10/47		30,000		31,055
Series 2015-3BP A 144A 3.178% 2/10/35 #		300,000		301,247
Series 2015-CR23 A4 3.497% 5/10/48		100,000		103,551


	Principal amount°		Value (U.S. $)
Commercial Mortgage-Backed Securities (continued)
Commercial Mortgage Trust Series 2007-GG9 AM 5.475% 3/10/39		50,000	$	51,779
DBUBS Mortgage Trust Series 2011-LC1A C 144A 5.735% 11/10/46 #●		130,000		144,958
FREMF Mortgage Trust Series 2011-K10 B 144A 4.781% 11/25/49 #●		70,000		75,697
Series 2011-K15 B 144A 5.116% 8/25/44 #●		10,000		11,077
Series 2012-K18 B 144A 4.41% 1/25/45 #●		50,000		53,549
Series 2012-K19 B 144A 4.175% 5/25/45 #●		25,000		26,622
Series 2012-K22 B 144A 3.812% 8/25/45 #●		95,000		97,081
Series 2012-K22 C 144A 3.812% 8/25/45 #●		70,000		70,795
Series 2012-K707 B 144A 4.019% 1/25/47 #●		35,000		36,169
Series 2012-K708 B 144A 3.886% 2/25/45 #●		145,000		151,086
Series 2012-K708 C 144A 3.886% 2/25/45 #●		25,000		25,565
Series 2012-K711 B 144A 3.684% 8/25/45 #●		15,000		15,648
Series 2013-K25 C 144A 3.743% 11/25/45 #●		75,000		73,558
Series 2013-K26 C 144A 3.723% 12/25/45 #●		45,000		43,957
Series 2013-K30 C 144A 3.668% 6/25/45 #●		75,000		73,904
Series 2013-K31 C 144A 3.74% 7/25/46 #●		155,000		154,349
Series 2013-K33 B 144A 3.618% 8/25/46 #●		80,000		80,499
Series 2013-K33 C 144A 3.618% 8/25/46 #●		25,000		24,064
Series 2013-K712 B 144A 3.484% 5/25/45 #●		135,000		138,735
Series 2013-K713 B 144A 3.274% 4/25/46 #●		135,000		137,576
Series 2013-K713 C 144A 3.274% 4/25/46 #●		135,000		134,499
Series 2014-K716 C 144A 4.085% 8/25/47 #●		55,000		56,365
Series 2015-K47 B 144A 3.723% 6/25/48 #●		55,000		51,626


	Principal amount°		Value (U.S. $)
Commercial Mortgage-Backed Securities (continued)
GRACE Mortgage Trust Series 2014-GRCE A 144A 3.369% 6/10/28 #		100,000	$	104,510
GS Mortgage Securities Trust Series 2010-C1 A2 144A 4.592% 8/10/43 #		615,000		674,881
Series 2015-GC32 A4 3.764% 7/10/48		55,000		57,829
Hilton USA Trust Series 2013-HLT AFX 144A 2.662% 11/5/30 #		100,000		100,235
Series 2013-HLT BFX 144A 3.367% 11/5/30 #		150,000		150,441
Houston Galleria Mall Trust Series 2015-HGLR A1A2 144A 3.087% 3/5/37 #		165,000		162,872
JPMBB Commercial Mortgage Securities Trust Series 2014-C18 A1 1.254% 2/15/47		52,783		52,780
Series 2014-C22 B 4.713% 9/15/47 ●		35,000		36,355
JPMorgan Chase Commercial Mortgage Securities Trust Series 2005-CB11 E 5.675% 8/12/37 ●		40,000		43,716
Series 2005-LDP4 AJ 5.04% 10/15/42 ●		170,644		170,600
Series 2005-LDP5 D 5.563% 12/15/44 ●		65,000		64,851
Series 2006-LDP8 AM 5.44% 5/15/45		525,000		539,355
LB-UBS Commercial Mortgage Trust Series 2004-C1 A4 4.568% 1/15/31		7,213		7,281
Series 2006-C6 AJ 5.452% 9/15/39 ●		133,000		137,325
Series 2006-C6 AM 5.413% 9/15/39		115,000		118,926
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19 AS 3.832% 12/15/47		30,000		30,960
Series 2015-C22 A3 3.046% 4/15/48		60,000		59,496
Series 2015-C23 A4 3.719% 7/15/50		210,000		219,435
Morgan Stanley Capital I Trust Series 2005-HQ7 AJ 5.397% 11/14/42 ●		105,000		104,920

(continues) 45

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund


	Principal amount°		Value (U.S. $)
Commercial Mortgage-Backed Securities (continued)
Morgan Stanley Capital I Trust Series 2005-HQ7 C 5.397% 11/14/42 ●		125,000	$	124,846
Series 2006-TOP21 AM 5.204% 10/12/52 ●		95,000		95,385
Series 2006-TOP23 A4 6.017% 8/12/41 ●		61,288		62,496
Wells Fargo Commercial Mortgage Trust Series 2012-LC5 A3 2.918% 10/15/45		60,000		61,055
Series 2015-NXS3 A4 3.617% 9/15/57		80,000		83,033
WFRBS Commercial Mortgage Trust Series 2014-C23 A5 3.917% 10/15/57		30,000		31,937

Total Commercial Mortgage-Backed Securities (cost $6,600,190)				6,582,848


Convertible Bonds – 0.82%
Alaska Communications Systems Group 6.25% exercise price $10.28, expiration date 4/27/18 @		106,000		107,193
BGC Partners 4.50% exercise price $9.84, expiration date 7/13/16		66,000		68,393
BioMarin Pharmaceutical 1.50% exercise price $94.15, expiration date 10/13/20		39,000		52,601
Blackstone Mortgage Trust 5.25% exercise price $28.66, expiration date 12/1/18		114,000		119,771
Blucora 4.25% exercise price $21.66, expiration date 3/29/19		49,000		46,611
Campus Crest Communities Operating Partnership 144A 5.00% exercise price $12.56, expiration date 10/11/18 #		66,000		62,246
Cardtronics 1.00% exercise price $52.35, expiration date 11/27/20		46,000		42,837
Cemex 3.72% exercise price $11.90, expiration date 3/15/20		56,000		51,100


	Principal amount°		Value (U.S. $)
Convertible Bonds (continued)
Chart Industries 2.00% exercise price $69.03, expiration date 7/30/18 @		68,000	$	59,755
Chesapeake Energy 2.25% exercise price $80.28, expiration date 12/14/38		34,000		24,310
Chesapeake Energy 2.50% exercise price $47.55, expiration date 5/15/37		35,000		30,275
Ciena 144A 3.75% exercise price $20.17, expiration date 10/15/18 #		41,000		51,481
GAIN Capital Holdings 4.125% exercise price $12.00, expiration date 11/30/18 @		37,000		35,034
General Cable 4.50% exercise price $33.77, expiration date 11/15/29 @f		73,000		44,211
Gilead Sciences 1.625% exercise price $22.53, expiration date 4/29/16		17,000		72,909
HealthSouth 2.00% exercise price $38.30, expiration date 11/30/43		42,000		47,670
Helix Energy Solutions Group 3.25% exercise price $25.02, expiration date 3/12/32		51,000		41,884
Hologic 2.00% exercise price $31.17, expiration date 2/27/42 f		7,000		9,459
Huron Consulting Group 1.25% exercise price $79.89, expiration date 9/27/19		66,000		68,846
Illumina 0.25% exercise price $83.55, expiration date 3/11/16		21,000		44,074
inContact 144A 2.50% exercise price $14.23, expiration date 4/1/22 #		71,000		59,241
j2 Global 3.25% exercise price $69.37, expiration date 6/14/29		64,000		76,240
Jefferies Group 3.875% exercise price $44.69, expiration date 10/31/29		157,000		160,140
Liberty Interactive 144A 1.00% exercise price $64.26, expiration date 9/28/43 #		67,000		60,300


	Principal amount°		Value (U.S. $)
Convertible Bonds (continued)
Meritor 4.00% exercise price $26.73, expiration date 2/12/27 f		80,000	$	79,450
Microchip Technology 144A 1.625% exercise price $67.13, expiration date 2/13/25 #		30,000		28,856
New Mountain Finance 5.00% exercise price $15.93, expiration date 6/15/19		41,000		41,026
Novellus Systems 2.625% exercise price $34.51, expiration date 5/14/41		36,000		70,673
NuVasive 2.75% exercise price $42.13, expiration date 6/30/17		70,000		88,594
NXP Semiconductors 144A 1.00% exercise price $102.84, expiration date 11/27/19 #		39,000		43,266
Oclaro 144A 6.00% exercise price $1.95, expiration date 2/14/20 #		13,000		17,818
PROS Holdings 144A 2.00% exercise price $33.79, expiration date 11/27/19 #		80,000		78,350
SanDisk 1.50% exercise price $50.68, expiration date 8/11/17		13,000		16,201
Spectrum Pharmaceuticals 2.75% exercise price $10.53, expiration date 12/13/18 @		45,000		40,303
Spirit Realty Capital 3.75% exercise price $13.10, expiration date 5/13/21 @		76,000		69,493
SunEdison 144A 3.375% exercise price $38.65, expiration date 5/30/25 #		49,000		25,143
Titan Machinery 3.75% exercise price $43.17, expiration date 4/30/19 @		12,000		9,090
TPG Specialty Lending 4.50% exercise price $25.83, expiration date 12/15/19 @		65,000		63,863
Vector Group 1.75% exercise price $24.64, expiration date 4/15/20 ●		60,000		67,275


		Principal amount°		Value (U.S. $)
Convertible Bonds (continued)
Vector Group 2.50% exercise price $15.98, expiration date 1/14/19 ●			26,000	$	39,247
VEREIT 3.75% exercise price $15.15, expiration date 12/14/20 @			90,000		83,307

Total Convertible Bonds (cost $2,271,673)					2,298,536


Corporate Bonds – 16.35%
Banking – 2.02%
Australia & New Zealand Banking Group 2.625% 12/10/18	CAD		51,000		39,858
Banco Bilbao Vizcaya Argentaria Colombia 144A 4.875% 4/21/25 #			150,000		143,205
Bank of America 3.95% 4/21/25			330,000		321,666
Bank of New York Mellon 2.15% 2/24/20			25,000		25,038
BB&T 5.25% 11/1/19			169,000		187,307
BBVA Bancomer 144A 6.50% 3/10/21 #			150,000		160,837
Capital One 2.35% 8/17/18			250,000		250,865
City National 5.25% 9/15/20			100,000		114,115
Compass Bank 3.875% 4/10/25			250,000		233,505
Cooperatieve Centrale Raiffeisen-Boerenleenbank 2.50% 9/4/20	NOK		80,000		9,839
4.25% 1/13/22	AUD		22,000		16,064
Fifth Third Bancorp 2.875% 7/27/20			50,000		50,467
Finnvera 144A 2.375% 6/4/25 #			200,000		198,118
Goldman Sachs Group 5.20% 12/17/19	NZD		106,000		70,970
ING Groep 6.50% 12/29/49 ●			200,000		190,875
JPMorgan Chase
0.924% 1/28/19 ●			45,000		44,858
4.25% 11/2/18	NZD		110,000		71,617
4.25% 10/1/27			135,000		134,761
KeyBank 5.45% 3/3/16			290,000		295,440
Morgan Stanley
4.35% 9/8/26			15,000		15,110
5.00% 9/30/21	AUD		24,000		17,831
MUFG Americas Holdings 2.25% 2/10/20			80,000		79,815

(continues) 47

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Banking (continued)
MUFG Americas Holdings 3.00% 2/10/25		165,000	$	158,029
National City Bank 0.702% 6/7/17 ●		250,000		248,685
Nordea Bank 144A 6.125% 12/29/49 #●		200,000		197,750
PNC Bank 2.60% 7/21/20		270,000		273,076
Santander Holdings USA 3.45% 8/27/18		90,000		93,065
Santander UK Group Holdings 144A 4.75% 9/15/25 #		400,000		397,433
State Street 2.55% 8/18/20		115,000		116,599
3.10% 5/15/23		65,000		64,079
3.55% 8/18/25		130,000		132,796
SunTrust Banks 2.35% 11/1/18		50,000		50,594
UBS Group Funding Jersey 144A 4.125% 9/24/25 #		200,000		199,442
USB Capital IX 3.50% 10/29/49 ●		235,000		191,525
Wells Fargo 4.30% 7/22/27		165,000		168,391
Woori Bank 144A 2.875% 10/2/18 #		200,000		204,599
144A 4.75% 4/30/24 #		400,000		414,089
Zions Bancorporation 4.50% 6/13/23		100,000		104,001

				5,686,314

Basic Industry – 1.15%
ArcelorMittal 10.60% 6/1/19		145,000		157,144
Ball 5.25% 7/1/25		85,000		84,096
BHP Billiton Finance USA 3.25% 11/21/21		115,000		116,547
Cemex 144A 7.25% 1/15/21 #		200,000		200,000
CF Industries 6.875% 5/1/18		195,000		217,537
7.125% 5/1/20		81,000		95,312
Chemours 144A 6.625% 5/15/23 #		10,000		6,750
144A 7.00% 5/15/25 #		50,000		33,000
Dow Chemical 8.55% 5/15/19		611,000		739,207
Freeport-McMoran Oil & Gas 6.50% 11/15/20		61,000		55,167
Georgia-Pacific 8.00% 1/15/24		270,000		350,482
Gerdau Holdings 144A 7.00% 1/20/20 #		100,000		93,750


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
Grace (W.R.) 144A 5.125% 10/1/21 #		30,000	$	29,700
HD Supply 7.50% 7/15/20		47,000		49,115
International Paper 5.00% 9/15/35		75,000		73,766
INVISTA Finance 144A 4.25% 10/15/19 #		135,000		130,950
Joseph T Ryerson & Son 9.00% 10/15/17		55,000		49,225
11.25% 10/15/18 @		14,000		12,775
Lundin Mining 144A 7.50% 11/1/20 #		65,000		63,050
Methanex 4.25% 12/1/24		125,000		120,579
Novelis 8.75% 12/15/20		50,000		48,385
OCP 144A 4.50% 10/22/25 #		200,000		188,000
PolyOne 5.25% 3/15/23		60,000		57,030
PPG Industries 2.30% 11/15/19		80,000		80,733
Rockwood Specialties Group 4.625% 10/15/20		70,000		72,474
Tronox Finance 6.375% 8/15/20		70,000		44,800
144A 7.50% 3/15/22 #		95,000		60,325

				3,229,899

Brokerage – 0.04%
Jefferies Group 6.45% 6/8/27		50,000		52,087
6.50% 1/20/43		30,000		28,569
Lazard Group 6.85% 6/15/17		38,000		41,077

				121,733

Capital Goods – 0.41%
BWAY Holding 144A 9.125% 8/15/21 #		125,000		121,250
Cemex Finance 144A 9.375% 10/12/22 #		200,000		213,740
Embraer Netherlands Finance 5.05% 6/15/25		120,000		111,330
Fortune Brands Home & Security 3.00% 6/15/20		65,000		65,557
Gates Global 144A 6.00% 7/15/22 #		110,000		89,100
Masco 4.45% 4/1/25		65,000		65,975
Milacron 144A 7.75% 2/15/21 #		70,000		71,750
Owens-Brockway Glass Container 144A 5.875% 8/15/23 #		30,000		30,244


		Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Capital Goods (continued)
Parker-Hannifin 3.30% 11/21/24			10,000	$	10,221
Plastipak Holdings 144A 6.50% 10/1/21 #			85,000		81,600
TransDigm
6.00% 7/15/22			85,000		79,688
6.50% 7/15/24			60,000		56,691
Union Andina de Cementos 144A 5.875% 10/30/21 #			150,000		144,750

					1,141,896

Consumer Cyclical – 1.28%
Alibaba Group Holding 144A 3.125% 11/28/21 #			400,000		385,093
American Axle & Manufacturing 6.25% 3/15/21			90,000		90,113
AutoNation
3.35% 1/15/21			25,000		25,299
4.50% 10/1/25			55,000		56,167
Caesars Growth Properties Holdings 9.375% 5/1/22			85,000		66,937
CDK Global 4.50% 10/15/24			75,000		75,670
Daimler 2.75% 12/10/18	NOK		210,000		25,447
Ford Motor 7.45% 7/16/31			108,000		134,493
Ford Motor Credit 2.24% 6/15/18			290,000		289,343
General Motors Financial
3.20% 7/13/20			10,000		9,876
3.45% 4/10/22			185,000		178,205
4.00% 1/15/25			115,000		109,112
4.30% 7/13/25			30,000		29,080
4.375% 9/25/21			80,000		81,785
Harman International Industries 4.15% 5/15/25			135,000		134,518
Host Hotels & Resorts 3.75% 10/15/23			70,000		68,632
Hyundai Capital America 144A 2.125% 10/2/17 #			80,000		80,300
144A 2.55% 2/6/19 #			50,000		50,302
Kohl’s 4.25% 7/17/25			120,000		120,444
Lear 5.25% 1/15/25			200,000		197,000
Lowe’s 3.375% 9/15/25			100,000		101,159
Marriott International 3.375% 10/15/20			105,000		108,964
Meritor 6.75% 6/15/21			55,000		55,550
Nemak 144A 5.50% 2/28/23 #			200,000		197,000


		Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Netflix 144A 5.875% 2/15/25 #			175,000	$	180,687
QVC
4.375% 3/15/23			195,000		189,849
5.45% 8/15/34			120,000		107,520
Sally Holdings 5.75% 6/1/22			5,000		5,237
Signet UK Finance 4.70% 6/15/24			220,000		222,562
Starwood Hotels & Resorts Worldwide
3.75% 3/15/25 @			80,000		78,530
4.50% 10/1/34 @			20,000		17,699
Toyota Finance Australia 2.25% 8/31/16	NOK		130,000		15,369
Toyota Motor Credit 2.80% 7/13/22			120,000		120,832

					3,608,774

Consumer Non-Cyclical – 1.69%
Actavis Funding 3.80% 3/15/25			45,000		43,557
Baxalta 144A 4.00% 6/23/25 #			100,000		100,355
Becton Dickinson 6.375% 8/1/19			165,000		188,776
Biogen
2.90% 9/15/20			15,000		15,169
4.05% 9/15/25			30,000		30,366
5.20% 9/15/45			65,000		65,836
Boston Scientific 2.65% 10/1/18			50,000		50,646
Campbell Soup 3.30% 3/19/25			140,000		138,611
Celgene
3.25% 8/15/22			15,000		15,047
5.00% 8/15/45			40,000		39,829
Community Health Systems 6.875% 2/1/22			60,000		61,423
DaVita HealthCare Partners 5.00% 5/1/25			315,000		303,187
EMD Finance 144A 2.95% 3/19/22 #			70,000		69,268
ENA Norte Trust 144A 4.95% 4/25/23 #			220,127		226,731
Express Scripts Holding
2.25% 6/15/19			95,000		94,785
3.50% 6/15/24			50,000		49,296
HCA 5.375% 2/1/25			280,000		277,900
HealthSouth 5.125% 3/15/23			30,000		28,987

(continues) 49

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund


		Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
HealthSouth
5.75% 11/1/24			20,000	$	19,800
144A 5.75% 9/15/25 #			25,000		24,313
IASIS Healthcare 8.375% 5/15/19			265,000		273,281
Immucor 11.125% 8/15/19			320,000		331,200
JB 144A 3.75% 5/13/25 #			150,000		144,371
JBS Investments 144A 7.75% 10/28/20 #			200,000		206,000
JBS USA
144A 5.75% 6/15/25 #			145,000		134,125
144A 5.875% 7/15/24 #			30,000		28,200
Kinetic Concepts 10.50% 11/1/18			80,000		83,940
Mallinckrodt International Finance
144A 4.875% 4/15/20 #			55,000		52,731
144A 5.50% 4/15/25 #			140,000		125,300
Omnicare 5.00% 12/1/24			70,000		76,300
Pernod Ricard 144A 4.25% 7/15/22 #	EUR		150,000		155,974
Perrigo Finance 3.50% 12/15/21			200,000		197,734
Prestige Brands 144A 5.375% 12/15/21 #			150,000		147,000
Reynolds American
2.30% 6/12/18			120,000		121,370
4.00% 6/12/22			15,000		15,697
5.85% 8/15/45			65,000		72,584
St. Jude Medical
2.80% 9/15/20			70,000		70,453
3.875% 9/15/25			110,000		111,704
Sysco
2.60% 10/1/20			95,000		95,147
3.75% 10/1/25			105,000		106,234
Tenet Healthcare 4.50% 4/1/21			90,000		88,987
Valeant Pharmaceuticals International 144A 5.875% 5/15/23 #			110,000		105,394
Zimmer Biomet Holdings 3.375% 11/30/21			155,000		156,938

					4,744,546

Energy – 1.95%
AmeriGas Finance 7.00% 5/20/22			60,000		61,800
Bristow Group 6.25% 10/15/22			50,000		43,250


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Energy (continued)
Chaparral Energy 7.625% 11/15/22		25,000	$	7,500
Chesapeake Energy 4.875% 4/15/22		140,000		92,050
CNOOC Finance 2015 Australia 2.625% 5/5/20		200,000		197,346
Continental Resources 4.50% 4/15/23		220,000		191,338
Dominion Gas Holdings
3.60% 12/15/24		95,000		94,696
4.60% 12/15/44		150,000		143,095
Ecopetrol 5.375% 6/26/26		110,000		96,113
Enbridge Energy Partners 8.05% 10/1/37 ●		300,000		289,500
Energy Transfer Partners 9.70% 3/15/19		95,000		113,425
EnLink Midstream Partners 4.15% 6/1/25		95,000		87,314
Ensco 4.70% 3/15/21		180,000		151,752
Enterprise Products Operating 7.034% 1/15/68 ●		360,000		380,700
Gulfstream Natural Gas System 144A 4.60% 9/15/25 #		85,000		85,711
Kinder Morgan Energy Partners 9.00% 2/1/19		175,000		206,858
Laredo Petroleum 7.375% 5/1/22		130,000		126,425
Marathon Oil 3.85% 6/1/25		170,000		150,795
Murphy Oil USA 6.00% 8/15/23		160,000		164,400
Newfield Exploration
5.375% 1/1/26		155,000		142,600
5.625% 7/1/24		85,000		80,750
NiSource Finance 6.125% 3/1/22		115,000		134,132
Noble Energy 5.05% 11/15/44		85,000		73,869
Noble Holding International 4.00% 3/16/18		15,000		14,216
Oasis Petroleum 6.875% 3/15/22		100,000		79,730
ONGC Videsh 3.25% 7/15/19		200,000		201,442
PDC Energy 7.75% 10/15/22		40,000		40,000
Petrobras Global Finance 4.875% 3/17/20		21,000		15,277
Petroleos Mexicanos 144A 4.25% 1/15/25 #		80,000		73,400


		Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Energy (continued)
Petroleos Mexicanos 6.50% 6/2/41			25,000	$	23,120
Petronas Global Sukuk 144A 2.707% 3/18/20 #			200,000		198,887
Plains All American Pipeline 8.75% 5/1/19			175,000		208,906
Pride International 6.875% 8/15/20			180,000		171,446
Regency Energy Partners 5.875% 3/1/22			240,000		246,260
Sunoco Logistics Partners Operations 3.45% 1/15/23			220,000		191,554
Talisman Energy
3.75% 2/1/21			70,000		66,093
5.50% 5/15/42			165,000		127,853
Weatherford International Bermuda 4.50% 4/15/22			60,000		48,593
Williams Partners
4.00% 9/15/25			120,000		104,140
7.25% 2/1/17			145,000		154,335
Woodside Finance
144A 3.65% 3/5/25 #			85,000		77,037
144A 8.75% 3/1/19 #			145,000		171,479
YPF
144A 8.75% 4/4/24 #			105,000		93,324
144A 8.875% 12/19/18 #			70,000		67,900

					5,490,411

Financials – 0.51%
AerCap Ireland Capital 4.625% 7/1/22			150,000		149,813
Affiliated Managers Group 3.50% 8/1/25			100,000		96,407
American Tower
2.80% 6/1/20			35,000		34,966
4.00% 6/1/25			40,000		39,106
Aviation Capital Group
144A 2.875% 9/17/18 #			10,000		10,003
144A 4.875% 10/1/25 #			70,000		69,737
144A 6.75% 4/6/21 #			85,000		95,519
Corp Financiera de Desarrollo 144A 5.25% 7/15/29 #●			200,000		197,000
General Electric Capital
2.10% 12/11/19			25,000		24,976
4.25% 1/17/18	NZD		55,000		35,930
5.55% 5/4/20			75,000		86,675
6.00% 8/7/19			145,000		167,788
7.125% 12/29/49 ●			200,000		231,250


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Financials (continued)
Lazard Group 3.75% 2/13/25		100,000	$	95,604
Peachtree Corners Funding Trust 144A 3.976% 2/15/25 #		100,000		100,905

				1,435,679

Insurance – 0.71%
Berkshire Hathaway Finance 2.90% 10/15/20		145,000		150,668
Highmark
144A 4.75% 5/15/21 #		65,000		67,604
144A 6.125% 5/15/41 #		30,000		30,440
HUB International 144A 7.875% 10/1/21 #		110,000		105,325
MetLife 6.40% 12/15/36		20,000		21,850
MetLife Capital Trust X 144A 9.25% 4/8/38 #		400,000		553,000
Prudential Financial
4.50% 11/15/20		5,000		5,488
5.375% 5/15/45 ●		85,000		84,469
5.625% 6/15/43 ●		75,000		77,587
5.875% 9/15/42 ●		265,000		281,563
TIAA Asset Management Finance
144A 2.95% 11/1/19 #		85,000		86,264
144A 4.125% 11/1/24 #		170,000		173,620
USI 144A 7.75% 1/15/21 #		20,000		19,650
Voya Financial 5.65% 5/15/53 ●		105,000		106,365
XLIT
4.45% 3/31/25		130,000		130,343
5.50% 3/31/45		65,000		61,394
6.50% 10/29/49 ●		70,000		55,755

				2,011,385

Media – 0.48%
CBS 4.00% 1/15/26		65,000		64,079
CCO Holdings 144A 5.125% 5/1/23 #		115,000		106,306
CCO Safari II 144A 4.908% 7/23/25 #		240,000		239,217
CSC Holdings 5.25% 6/1/24		265,000		209,681
DISH DBS 5.00% 3/15/23		70,000		58,800
Gray Television 7.50% 10/1/20		80,000		82,300
Myriad International Holdings 144A 5.50% 7/21/25 #		200,000		196,688
Sirius XM Radio 144A 5.375% 4/15/25 #		190,000		181,925

(continues) 51

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Media (continued)
Time Warner 4.85% 7/15/45		65,000	$	64,041
Tribune Media 144A 5.875% 7/15/22 #		150,000		145,875

				1,348,912

Real Estate – 0.43%
Alexandria Real Estate Equities 4.60% 4/1/22		95,000		99,969
Carey (W.P.) 4.60% 4/1/24		80,000		81,721
CBL & Associates 4.60% 10/15/24		120,000		117,531
5.25% 12/1/23		25,000		26,086
Corporate Office Properties 3.60% 5/15/23		80,000		75,182
5.25% 2/15/24		105,000		108,539
DDR 7.50% 4/1/17		30,000		32,478
7.875% 9/1/20		97,000		118,618
Education Realty Operating Partnership 4.60% 12/1/24		100,000		100,676
Excel Trust 4.625% 5/15/24		55,000		54,499
Hospitality Properties Trust 4.50% 3/15/25		95,000		93,263
Omega Healthcare Investors 144A 5.25% 1/15/26 #		75,000		76,387
Regency Centers 5.875% 6/15/17		105,000		112,037
UDR 4.00% 10/1/25		35,000		35,609
Ventas Realty 4.125% 1/15/26		65,000		65,654

				1,198,249

Services – 0.45%
AECOM 144A 5.75% 10/15/22 #		14,000		14,114
144A 5.875% 10/15/24 #		146,000		147,460
Algeco Scotsman Global Finance 144A 8.50% 10/15/18 #		340,000		299,268
DigitalGlobe 144A 5.25% 2/1/21 #		195,000		185,737
GEO Group 5.125% 4/1/23		75,000		74,625
5.875% 10/15/24		85,000		86,275
MGM Resorts International 6.00% 3/15/23		134,000		130,483
United Rentals North America 5.50% 7/15/25		160,000		150,200


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Services (continued)
Wynn Las Vegas 144A 5.50% 3/1/25 #		110,000	$	94,738
Zayo Group 144A 6.00% 4/1/23 #		90,000		87,525

				1,270,425

Technology – 0.91%
Apple 3.45% 2/9/45		160,000		135,805
Cisco Systems 1.65% 6/15/18		135,000		136,037
First Data 11.25% 1/15/21		123,000		134,685
Flextronics International 144A 4.75% 6/15/25 #		130,000		126,259
Hewlett Packard Enterprise 144A 2.85% 10/5/18 #		70,000		69,910
144A 3.60% 10/15/20 #		70,000		69,980
144A 4.90% 10/15/25 #		85,000		84,766
Jabil Circuit 7.75% 7/15/16		28,000		29,050
Micron Technology 144A 5.25% 8/1/23 #		255,000		235,187
5.50% 2/1/25		25,000		23,000
Molex Electronic Technologies 144A 2.878% 4/15/20 #		100,000		99,010
144A 3.90% 4/15/25 #		95,000		92,759
Motorola Solutions 4.00% 9/1/24		110,000		99,444
Oracle 2.95% 5/15/25		215,000		209,869
3.25% 5/15/30		115,000		108,330
4.30% 7/8/34		45,000		45,202
QUALCOMM 3.00% 5/20/22		320,000		315,810
3.45% 5/20/25		85,000		80,361
Samsung Electronics America 144A 1.75% 4/10/17 #		200,000		200,235
Seagate HDD Cayman 4.75% 1/1/25		190,000		182,728
144A 4.875% 6/1/27 #		55,000		51,270
Xerox 6.35% 5/15/18		15,000		16,568

				2,546,265

Telecommunications – 1.80%
American Tower Trust I 144A 3.07% 3/15/23 #		120,000		118,910
AT&T 3.40% 5/15/25		125,000		119,553
4.50% 5/15/35		75,000		68,827
4.75% 5/15/46		175,000		160,971
CC Holdings GS V 3.849% 4/15/23		80,000		79,848


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Telecommunications (continued)
CenturyLink 5.80% 3/15/22		145,000	$	124,519
6.75% 12/1/23		100,000		87,875
Colombia Telecomunicaciones 144A 5.375% 9/27/22 #		200,000		177,400
Columbus International 144A 7.375% 3/30/21 #		200,000		207,750
Crown Castle Towers 144A 4.883% 8/15/20 #		455,000		492,939
Digicel Group 144A 8.25% 9/30/20 #		400,000		372,000
Equinix 5.375% 4/1/23		157,000		154,347
Frontier Communications 144A 8.875% 9/15/20 #		225,000		221,063
GTP Acquisition Partners I 144A 2.35% 6/15/20 #		100,000		99,839
Hughes Satellite Systems 7.625% 6/15/21		40,000		43,000
Intelsat Luxembourg 8.125% 6/1/23 @		285,000		186,675
Millicom International Cellular 144A 6.00% 3/15/25 #		200,000		181,500
MTS International Funding 144A 8.625% 6/22/20 #		100,000		108,650
Neptune Finco 144A 6.625% 10/15/25 #		200,000		201,500
SBA Tower Trust 144A 2.24% 4/16/18 #		100,000		99,499
144A 2.898% 10/15/19 #		70,000		70,223
Scripps Networks Interactive 3.95% 6/15/25		70,000		67,894
SES 144A 3.60% 4/4/23 #		190,000		192,227
SES GLOBAL Americas Holdings 144A 5.30% 3/25/44 #		210,000		207,954
Sprint 7.125% 6/15/24		180,000		138,978
Time Warner Cable 5.50% 9/1/41		65,000		58,405
T-Mobile USA 6.125% 1/15/22		125,000		120,937
Verizon Communications 4.40% 11/1/34		90,000		84,004
4.862% 8/21/46		220,000		207,094
Virgin Media Secured Finance 144A 5.25% 1/15/26 #		200,000		184,500
VTR Finance 144A 6.875% 1/15/24 #		200,000		182,000
Wind Acquisition Finance 144A 7.375% 4/23/21 #		200,000		198,000


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Telecommunications (continued)
WPP Finance 2010 5.625% 11/15/43		40,000	$	42,071

				5,060,952

Transportation – 0.35%
Air Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27 #¿		65,000		63,131
American Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26 ¿		48,535		48,231
American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27 ¿		80,000		78,540
American Airlines 2015-2 Class AA Pass Through Trust 3.60% 9/22/27 ¿		35,000		35,129
ERAC USA Finance 144A 4.50% 8/16/21 #		20,000		21,633
HPHT Finance 15 144A 2.875% 3/17/20 #		200,000		199,958
Kansas City Southern de Mexico 3.00% 5/15/23		65,000		62,995
Trinity Industries 4.55% 10/1/24 @		110,000		104,097
United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26 ¿		45,000		46,069
United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26 ¿		100,000		100,375
United Parcel Service 5.125% 4/1/19		190,000		212,953

				973,111

Utilities – 2.17%
AES Gener 144A 8.375% 12/18/73 #●		200,000		211,500
Ameren Illinois 9.75% 11/15/18		290,000		358,463
American Transmission Systems 144A 5.25% 1/15/22 #		270,000		300,101
American Water Capital 3.40% 3/1/25		30,000		30,436
4.30% 9/1/45		30,000		30,313
Appalachian Power 4.45% 6/1/45		70,000		68,227
Berkshire Hathaway Energy 3.75% 11/15/23		200,000		206,419
Calpine 5.375% 1/15/23		65,000		60,937

(continues) 53

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Utilities (continued)
CenterPoint Energy 5.95% 2/1/17		5,000	$	5,291
Cleveland Electric Illuminating 5.50% 8/15/24		90,000		102,759
CMS Energy 6.25% 2/1/20		85,000		98,131
ComEd Financing III 6.35% 3/15/33 @		160,000		168,506
Dominion Resources 1.90% 6/15/18		195,000		194,941
DTE Energy 144A 3.30% 6/15/22 #		105,000		107,602
Electricite de France 144A 4.60% 1/27/20 #		35,000		38,660
144A 5.25% 12/29/49 #●		100,000		96,625
Enel 144A 8.75% 9/24/73 #●		200,000		230,194
Entergy 4.00% 7/15/22		105,000		108,589
Entergy Louisiana 4.05% 9/1/23		220,000		232,747
Exelon 3.95% 6/15/25		70,000		70,791
5.10% 6/15/45		95,000		97,373
Great Plains Energy 4.85% 6/1/21		60,000		65,891
Indiana Michigan Power 3.20% 3/15/23		175,000		175,473
Integrys Holdings 6.11% 12/1/66 @●		220,000		186,498
Interstate Power & Light 3.40% 8/15/25		95,000		96,764
IPALCO Enterprises 5.00% 5/1/18		80,000		84,200
ITC Holdings 3.65% 6/15/24		70,000		70,342
Kansas City Power & Light 3.65% 8/15/25		180,000		184,135
LG&E & KU Energy 4.375% 10/1/21		225,000		245,781
Metropolitan Edison 144A 4.00% 4/15/25 #		70,000		71,466
National Rural Utilities Cooperative Finance 4.75% 4/30/43 ●		180,000		178,920
NextEra Energy Capital Holdings 2.40% 9/15/19		135,000		134,728
3.625% 6/15/23		60,000		60,675
NV Energy 6.25% 11/15/20		115,000		134,212
Pennsylvania Electric 5.20% 4/1/20		115,000		125,429


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Utilities (continued)
Perusahaan Listrik Negara 144A 5.50% 11/22/21 #		200,000	$	202,000
Public Service of New Hampshire 3.50% 11/1/23		95,000		98,445
Public Service of Oklahoma 5.15% 12/1/19		200,000		224,564
Puget Energy 6.00% 9/1/21		80,000		92,107
Southern 2.75% 6/15/20		460,000		459,087
Trans-Allegheny Interstate Line 144A 3.85% 6/1/25 #		50,000		50,325
WEC Energy Group 3.55% 6/15/25		105,000		106,857
Xcel Energy 3.30% 6/1/25		230,000		228,465

				6,094,969

Total Corporate Bonds (cost $46,510,261)				45,963,520



Municipal Bonds – 0.57%
Atlanta, Georgia Water & Wastewater Revenue 5.00% 11/1/40		60,000		68,164
California State Various Purpose 5.00% 3/1/45		110,000		124,840
City of Chicago, Illinois (Taxable Build America Bond) Series B 7.75% 1/1/42		150,000		150,861
Golden State, California Tobacco Securitization Asset-Backed Senior Notes Series A-1 5.125% 6/1/47		60,000		49,807
5.75% 6/1/47		65,000		58,323
Golden State, California Tobacco Securitization Enhanced Asset-Backed Series A 5.00% 6/1/40		190,000		210,731
5.00% 6/1/45		60,000		66,238
Maryland State Local Facilities 2nd Loan Series A 5.00% 8/1/21		65,000		77,841
New Jersey State Transportation Trust Fund (Transportation Program) Series AA 5.00% 6/15/44		70,000		70,619


	Principal amount°		Value (U.S. $)
Municipal Bonds (continued)
New York City, New York Series I 5.00% 8/1/22		50,000	$	59,981
New York City, New York Water & Sewer System Series EE 5.00% 6/15/45		95,000		106,712
New York State Thruway Authority Series A 5.00% 5/1/19		65,000		73,543
Oregon State Taxable Pension 5.892% 6/1/27		200,000		242,124
Texas Private Activity Bond Surface Transportation Revenue (Senior Lien NTE Mobility Partners Segments 3A & 3B) 6.75% 6/30/43 (AMT)		50,000		60,825
Texas State Transportation Commission (Senior Lien Mobility Fund) Series A 5.00% 10/1/44		155,000		176,804

Total Municipal Bonds (cost $1,530,718)				1,597,413



Non-Agency Asset-Backed Securities – 1.72%
AEP Texas Central Transition Funding II Series 2006-A A4 5.17% 1/1/18		87,013		91,320
Ally Master Owner Trust Series 2012-5 A 1.54% 9/15/19		150,000		150,292
Series 2014-4 A2 1.43% 6/17/19		180,000		180,318
American Express Credit Account Secured Note Trust Series 2012-4 A 0.447% 5/15/20 ●		335,000		334,480
Avis Budget Rental Car Funding AESOP Series 2011-3A A 144A 3.41% 11/20/17 #		100,000		102,247
Series 2013-1A A 144A 1.92% 9/20/19 #		120,000		120,442
Series 2014-1A A 144A 2.46% 7/20/20 #		200,000		202,932
Bank of America Credit Card Trust Series 2015-A1 A 0.537% 6/15/20 ●		330,000		329,499


	Principal amount°		Value (U.S. $)
Non-Agency Asset-Backed Securities (continued)
Cabela’s Credit Card Master Note Trust Series 2012-2A A1 144A 1.45% 6/15/20 #		120,000	$	120,515
California Republic Auto Receivables Trust Series 2013-1 A2 144A 1.41% 9/17/18 #		30,862		30,949
Capital One Multi-Asset Execution Trust Series 2007-A5 A5 0.247% 7/15/20 ●		145,000		144,117
Chase Issuance Trust Series 2014-A5 A5 0.577% 4/15/21 ●		120,000		120,068
Series 2015-A4 A4 1.84% 4/15/22		125,000		124,900
Citibank Credit Card Issuance Trust Series 2014-A9 A9 0.445% 11/23/18 ●		260,000		259,806
Discover Card Execution Note Trust Series 2013-A1 A1 0.507% 8/17/20 ●		200,000		199,567
Series 2014-A1 A1 0.637% 7/15/21 ●		200,000		200,471
Series 2015-A3 A 1.45% 3/15/21		105,000		104,986
FirstKey Lending Trust Series 2015-SFR1 A 144A 2.553% 3/9/47 #		99,035		99,068
Ford Credit Auto Lease Trust Series 2015-A A3 1.13% 6/15/18		80,000		79,959
Ford Credit Auto Owner Trust Series 2014-2 A 144A 2.31% 4/15/26 #		190,000		192,708
Golden Credit Card Trust Series 2014-2A A 144A 0.657% 3/15/21 #●		100,000		99,619
Great America Leasing Receivables Series 2013-1 B 144A 1.44% 5/15/18 #		100,000		99,954
HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44 #		147,000		146,197
Mid-State Trust XI Series 11 A1 4.864% 7/15/38		63,008		66,727

(continues) 55

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund


	Principal amount°		Value (U.S. $)
Non-Agency Asset-Backed Securities (continued)
MMAF Equipment Finance Series 2014-AA A4 144A 1.59% 2/8/22 #		125,000	$	125,185
Penarth Master Issuer Series 2015-1A A1 144A 0.613% 3/18/19 #●		150,000		149,573
PFS Financing Series 2015-AA A 144A 0.827% 4/15/20 #●		100,000		99,437
Porsche Innovative Lease Owner Trust Series 2015-1 A3 144A 1.19% 7/23/18 #		100,000		99,925
Progress Residential Trust Series 2015-SFR2 A 144A 2.74% 6/12/32 #		100,000		98,886
Synchrony Credit Card Master Note Trust Series 2012-6 A 1.36% 8/17/20		100,000		100,047
Series 2015-2 A 1.60% 4/15/21		140,000		140,501
Volkswagen Credit Auto Master Trust Series 2014-1A A2 144A 1.40% 7/22/19 #		260,000		259,022
Wendys Funding Series 2015-1A A2I 144A 3.371% 6/15/45 #		175,000		175,860

Total Non-Agency Asset-Backed Securities (cost $4,856,458)				4,849,577



Non-Agency Collateralized Mortgage Obligations – 0.41%
American Home Mortgage Investment Trust Series 2005-2 5A1 5.064% 9/25/35 f		11,685		11,886
Bank of America Alternative Loan Trust Series 2005-3 2A1 5.50% 4/25/20		34,417		35,334
Series 2005-6 7A1 5.50% 7/25/20		4,109		4,006
ChaseFlex Trust Series 2006-1 A4 4.798% 6/25/36 ●		110,000		94,274
Credit Suisse First Boston Mortgage Securities Series 2005-5 6A3 5.00% 7/25/35		67,867		67,991


	Principal amount°		Value (U.S. $)
Non-Agency Collateralized Mortgage Obligations (continued)
GSMPS Mortgage Loan Trust Series 1998-3 A 144A 7.75% 9/19/27 #●		17,247	$	17,873
JPMorgan Mortgage Trust Series 2006-S1 1A1 6.00% 4/25/36		76,003		78,398
Series 2014-2 B1 144A 3.427% 6/25/29 #●		90,909		92,483
Series 2014-2 B2 144A 3.427% 6/25/29 #●		90,909		91,036
Series 2014-IVR6 2A4 144A 2.50% 7/25/44 #●		100,000		100,808
Series 2015-1 B1 144A 2.665% 12/25/44 #●		99,506		98,410
Series 2015-4 B1 144A 3.637% 6/25/45 #●		99,643		96,888
Series 2015-4 B2 144A 3.637% 6/25/45 #●		99,643		94,800
Sequoia Mortgage Trust Series 2013-11 B1 144A 3.69% 9/25/43 #●		95,567		95,128
Series 2014-2 A4 144A 3.50% 7/25/44 #●		74,663		75,867
Series 2015-1 B2 144A 3.899% 1/25/45 #●		44,341		44,940
Structured Asset Securities Corporation Mortgage Pass Through Certificates Series 2004-20 2A1 5.50% 11/25/34 ¿		40,361		41,197
Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR5 2A1 2.713% 4/25/36 ●		20,681		19,425

Total Non-Agency Collateralized Mortgage Obligations (cost $1,105,349)				1,160,744



Regional Bonds – 0.10%D
Australia – 0.05%
Queensland Treasury 144A 4.75% 7/21/25 #	AUD	161,000		128,097

				128,097

Canada – 0.05%
Province of Ontario Canada 3.45% 6/2/45	CAD	54,000		41,502


	Principal amount°		Value (U.S. $)
Regional BondsD (continued)
Canada (continued)
Province of Quebec Canada 6.00% 10/1/29	CAD	102,000	$	103,204

				144,706

Total Regional Bonds (cost $312,537)				272,803



Senior Secured Loans – 4.21%«
Activision Blizzard Tranche B 1st Lien 3.25% 10/11/20		287,788		288,167
Air Medical Group Holdings Tranche B 1st Lien 4.50% 4/28/22		169,575		167,628
Aramark Tranche E 3.25% 9/7/19		179,450		179,606
BJ’s Wholesale Club 2nd Lien 8.50% 3/31/20		170,000		168,938
BJ’s Wholesale Club Tranche B 1st Lien 4.50% 9/26/19		462,808		461,099
Caesars Growth Properties Holdings Tranche B 1st Lien 6.25% 5/8/21		128,375		112,970
Calpine Construction Finance Tranche B 1st Lien 3.00% 5/3/20		296,113		289,204
Communications Sales & Leasing Tranche B 1st Lien 5.00% 10/24/22		119,700		112,368
Community Health Systems Tranche F 1st Lien 3.575% 12/31/18		65,843		65,879
Community Health Systems Tranche G 1st Lien 3.75% 12/31/19		87,806		87,861
Community Health Systems Tranche H 1st Lien 4.00% 1/27/21		161,562		161,898
DPx Holdings 1st Lien 4.25% 3/11/21		212,313		209,606
Dynegy Tranche B2 4.00% 4/23/20		338,270		338,240
Emdeon 1st Lien 3.75% 11/2/18		197,302		196,973
Energy Transfer Equity 1st Lien 3.25% 12/2/19		115,000		111,406
FCA U.S. Tranche B 1st Lien 3.50% 5/24/17		19,491		19,460
First Data Tranche B 1st Lien 4.196% 3/24/21		389,313		389,659


	Principal amount°		Value (U.S. $)
Senior Secured Loans« (continued)
Flying Fortress 1st Lien 3.50% 6/30/17		345,000	$	344,838
Gardner Denver 1st Lien 4.25% 7/30/20		456,506		433,364
HCA Tranche B4 1st Lien 3.077% 5/1/18		392,000		392,271
HCA Tranche B5 1st Lien 2.944% 3/31/17		415,520		415,634
Hilton Worldwide Finance Tranche B2 3.50% 10/25/20		568,017		568,254
Houghton International 1st Lien 4.25% 12/20/19		636,988		636,689
Huntsman International Tranche B 1st Lien 3.75% 10/1/21		516,100		504,488
IASIS Healthcare Tranche B 1st Lien 4.50% 5/3/18		164,073		164,449
iHeartCommunications Tranche D 1st Lien 6.944% 1/30/19		295,000		245,588
Immucor Tranche B2 1st Lien 5.00% 8/19/18		303,438		302,174
Intelsat Jackson Holdings Tranche B2 3.75% 6/30/19		480,278		469,352
Landry’s Tranche B 1st Lien 4.00% 4/24/18		141,203		141,424
Level 3 Financing Tranche B 1st Lien 4.00% 1/15/20		245,000		244,724
MPH Acquisition Tranche B 1st Lien 3.75% 3/31/21		104,439		103,303
Neiman Marcus Group 1st Lien 4.25% 10/25/20		169,141		165,922
Novelis Tranche B 1st Lien 4.00% 6/2/22		439,898		434,994
Numericable US 1st Lien 4.50% 5/21/20		207,532		207,445
Numericable US Tranche B2 1st Lien 4.50% 5/21/20		179,543		178,618
Panda Liberty Tranche B 1st Lien 7.50% 8/21/20		7,000		6,720
Republic of Angola (Unsecured) 6.25% 12/16/23 @		255,000		226,950
Scientific Games International 1st Lien 6.00% 10/18/20		245,625		243,107
Sensus 2nd Lien 8.50% 5/9/18 @		165,000		164,175

(continues) 57

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund


	Principal amount°		Value (U.S. $)
Senior Secured Loans« (continued)
Smart & Final Stores Tranche B 1st Lien 4.00% 11/15/19		69,291	$	69,118
Univision Communications Tranche C4 1st Lien 4.00% 3/1/20		592,537		588,176
USI Insurance Services Tranche B 1st Lien 4.25% 12/27/19		160,487		159,351
Valeant Pharmaceuticals International Tranche BE 1st Lien 3.75% 8/5/20		611,277		603,254
Wide Open West Finance Tranche B 1st Lien 4.50% 4/1/19		477,004		474,471

Total Senior Secured Loans (cost $11,948,202)				11,849,815



Sovereign Bonds – 0.79%D
Australia – 0.07%
Australia Government Bond
3.25% 4/21/25	AUD	68,000		50,293
3.75% 4/21/37	AUD	205,000		155,586

				205,879

Brazil – 0.05%
Brazilian Government International Bond 5.00% 1/27/45		200,000		150,500

				150,500

Canada – 0.00%
Canadian Government Bond 2.75% 12/1/48	CAD	15,000		12,603

				12,603

Dominican Republic – 0.04%
Dominican Republic International Bond 144A 5.50% 1/27/25 #		100,000		97,000

				97,000

Germany – 0.01%
Bundesrepublik Deutschland 0.50% 2/15/25	EUR	33,000		36,778

				36,778

Hungary – 0.02%
Hungary Government International Bond 5.375% 3/25/24		56,000		60,900

				60,900


	Principal amount°		Value (U.S. $)
Sovereign BondsD (continued)
Indonesia – 0.06%
Indonesia Government International Bond 144A 4.625% 4/15/43 #		200,000	$	167,974

				167,974

Italy – 0.14%
Italy Buoni Poliennali Del Tesoro 1.35% 4/15/22	EUR	354,000		398,940

				398,940

Japan – 0.01%
Japan Government 40 yr Bond 1.40% 3/20/55	JPY	2,850,000		22,981

				22,981

Mexico – 0.05%
Mexican Bonos 10.00% 12/5/24	MXN	1,763,000		132,992

				132,992

Norway – 0.01%
Kommunalbanken 5.00% 3/28/19	NZD	30,000		20,354
Norway Government Bond 144A 2.00% 5/24/23 #	NOK	119,000		14,719

				35,073

Peru - 0.03%
Peruvian Government International Bond 4.125% 8/25/27		89,000		87,665

				87,665

Poland – 0.04%
Poland Government Bond 3.25% 7/25/25	PLN	365,000		99,512

				99,512

Portugal – 0.01%
Portugal Government International Bond 144A 5.125% 10/15/24 #		29,000		30,874

				30,874

Republic of Korea – 0.04%
Inflation Linked Korea Treasury Bond 1.125% 6/10/23	KRW	137,647,554		113,614

				113,614


	Principal amount°		Value (U.S. $)
Sovereign BondsD (continued)
South Africa – 0.06%
South Africa Government Bond 8.00% 1/31/30	ZAR	2,310,000	$	155,349

				155,349

Sri Lanka – 0.07%
Sri Lanka Government International Bond 144A 6.125% 6/3/25 #		200,000		191,972

				191,972

Sweden – 0.01%
Sweden Government Bond 1.50% 11/13/23	SEK	270,000		34,735

				34,735

United Kingdom – 0.07%
United Kingdom Gilt 3.25% 1/22/44	GBP	14,800		25,918
3.50% 1/22/45	GBP	20,900		38,256
United Kingdom Gilt Inflation Linked 0.125% 3/22/24	GBP	71,472		117,211

				181,385

Total Sovereign Bonds (cost $2,370,396)				2,216,726



Supranational Banks – 0.09%
European Bank for Reconstruction & Development 7.375% 4/15/19	IDR	730,000,000		44,954
Inter-American Development Bank 6.00% 9/5/17	INR	7,800,000		117,454
International Bank for Reconstruction & Development 4.625% 10/6/21	NZD	103,000		70,157
International Finance 3.625% 5/20/20	NZD	13,000		8,454

Total Supranational Banks (cost $279,004)				241,019



U.S. Treasury Obligations – 5.41%
U.S. Treasury Bond
3.00% 5/15/45 ¥		710,000		726,770
U.S. Treasury Notes 1.375% 8/31/20		5,000		5,007
1.375% 9/30/20		15,000		15,000
1.625% 7/31/20		8,075,000		8,174,725
2.00% 8/15/25		1,415,000		1,407,778


		Principal amount°		Value (U.S. $)
U.S. Treasury Obligations (continued)
U.S. Treasury Notes 2.125% 5/15/25			4,855,000	$	4,885,154

Total U.S. Treasury Obligations (cost $15,035,600)					15,214,434

		Number of shares
Preferred Stock – 0.41%
Bank of America 6.10% ●	��		70,000		68,337
Integrys Energy Group 6.00 % @●			3,550		95,495
National Retail Properties 5.70%			2,795		68,450
PNC Preferred Funding Trust II 144A 1.56% #●			300,000		277,875
Public Storage 5.20%			2,780		65,997
U.S. Bancorp 3.50% ●			600		477,315
USB Realty 144A 1.436% #●			100,000		91,000

Total Preferred Stock (cost $1,036,625)					1,144,469

		Principal amount°
Short-Term Investments – 4.90%
Discount Notes – 2.85%≠
Federal Home Loan Bank 0.07% 10/5/15			3,789,242		3,789,235
0.103% 10/23/15			857,516		857,506
0.105% 11/3/15			1,189,205		1,189,146
0.14% 10/28/15			137,789		137,787
0.17% 1/21/16			650,662		650,419
0.185% 1/19/16			278,925		278,822
0.195% 12/2/15			395,052		394,984
0.295% 3/2/16			135,000		134,888
Freddie Mac 0.075% 10/1/15			576,841		576,841

					8,009,628

(continues) 59

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund


	Principal amount°		Value (U.S. $)
Short-Term Investments (continued)
Repurchase Agreements – 2.05%
Bank of America Merrill Lynch 0.07%, dated 9/30/15, to be repurchased on 10/1/15, repurchase price $1,014,366 (collateralized by U.S. government obligations 1.875%–3.625% 8/31/22–2/15/44; market value $1,034,651)		1,014,364	$	1,014,364
Bank of Montreal 0.08%, dated 9/30/15, to be repurchased on 10/1/15, repurchase price $1,690,611 (collateralized by U.S. government obligations 1.75%–3.00% 10/31/18–8/15/45; market value $1,724,419)		1,690,607		1,690,607
BNP Paribas 0.07%, dated 9/30/15, to be repurchased on 10/1/15, repurchase price $3,048,035 (collateralized by U.S. government obligations 0.00%–3.25% 10/8/15–11/15/44; market value $3,108,990)		3,048,029		3,048,029

				5,753,000

Total Short-Term Investments (cost $13,762,215)				13,762,628

Total Value of Securities – 102.67% (cost $261,814,485)			$	288,688,110

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Sept. 30, 2015, the aggregate value of Rule 144A securities was $25,910,738, which represents 9.21% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”

@	Illiquid security. At Sept. 30, 2015, the aggregate value of illiquid securities was $4,227,823, which represents 1.50% of the Fund’s net assets. See Note 9 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.

=	Security is being fair valued in accordance with the Fund’s fair valuation policy. At Sept. 30, 2015, the aggregate value of fair valued securities was $156,641, which represents 0.06% 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 Sept. 30, 2015. 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 Sept. 30, 2015.

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at Sept. 30, 2015:¹

Foreign Currency Exchange Contracts


Counterparty	Contracts to Receive (Deliver)				In Exchange For				Settlement Date		Unrealized Appreciation (Depreciation)
BAML		AUD	(188,577	)		USD	133,635			10/16/15	$	1,392
BAML		CAD	(227,848	)		USD	171,172			10/16/15		442
BAML		EUR	1,816			USD	(2,033	)		10/16/15		(4)
BAML		NZD	(227,762	)		USD	144,321			10/16/15		(1,121)
BNP		AUD	(240,728	)		USD	170,599			10/16/15		1,784
BNP		NOK	(522,601	)		USD	62,395			10/16/15		1,025
BNYM		AUD	(5,527	)		USD	3,868			10/1/15		(11)
BNYM		CHF	3,606			USD	(3,697	)		10/2/15		2
BNYM		EUR	(49,871	)		USD	56,029			10/1/15		302
BNYM		HKD	(114,409	)		USD	14,770			10/2/15		8
BNYM		JPY	(8,484,760	)		USD	70,822			10/1/15		96
BNYM		SGD	5,327			USD	(3,748	)		10/5/15		(6)
DB		MXN	(6,889	)		USD	408			10/16/15		2
HSBC		GBP	(30,443	)		USD	46,758			10/16/15		707
JPMC		KRW	(131,574,780	)		USD	111,005			10/16/15		63
JPMC		PLN	(70,943	)		USD	18,789			10/16/15		130
JPMC		SEK	(289,976	)		USD	34,169			10/16/15		(484)
TD		CAD	202,109			USD	(152,067	)		10/16/15		(624)
TD		EUR	(86,255	)		USD	97,162			10/16/15		758
TD		JPY	(4,088,664	)		USD	33,759			10/16/15		(331)

											$	4,130

Futures Contracts


Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(18)	E-mini S&P500 Index	$	(1,742,394	)	$	(1,717,830	)		12/21/15	$	24,564
25	Euro-Bund		4,289,498			4,363,167			12/8/15		73,669
35	U.S. Treasury 5 yr Notes		4,175,477			4,218,047			1/2/16		42,570
30	U.S. Treasury 10 yr Notes		3,835,285			3,862,031			12/22/15		26,746
21	U.S. Treasury Long Bonds		3,245,372			3,304,219			12/22/15		58,847

		$	13,803,238							$	226,396

Swap Contracts

CDS Contracts²


Counter- party	Swap Referenced Obligation	Notional Value³		Annual Protection Payments			Termi- nation Date		Unrealized Appreciation (Depreciation)⁴
	Protection Purchased:
ICE	JPMC CDX.NA.HY.24		594,000		5.00	%		6/20/20	$	16,877
ICE	MSC iTraxx EUR Crossover Series 24	EUR	370,000		5.00	%		12/20/20		12,392
JPMC	CDX.EM.23		616,000		1.00	%		6/20/20		17,717
JPMC	People’s Republic of China		244,000		1.00	%		9/20/20		1,972

									$	48,958

¹	See Note 6 “Notes to financial statements.”

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.

³	Notional value shown is stated in U.S. Dollars unless noted that the swap is denominated in another currency.

⁴	Unrealized appreciation (depreciation) does not include periodic interest payments on swap contracts accrued daily in the amount of $(1,582).

(continues) 61

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

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

BNP – BNP Paribas

BNYM – Bank of New York Mellon

CAD – Canadian Dollar

CDS – Credit Default Swap

CDX.EM – Credit Default Swap Index Emerging Markets

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

CHF – Swiss Franc

CLO – Collateralized Loan Obligation

CVA – Dutch Certificate

DB – Deutsche Bank

EAFE – Europe Australasia Far East

ETF – Exchange-Traded Fund

EUR – European Monetary Unit

GBP – British Pound Sterling

GDR – Global Depositary Receipt

GNMA – Government National Mortgage Association

GS – Goldman Sachs

GSMPS – Goldman Sachs Reperforming Mortgage Securities

HKD – Hong Kong Dollar

HSBC – Hong Kong Shanghai Bank

ICE – Intercontinental Exchange, Inc.

IDR – Indonesian Rupiah

INR – Indian Rupee

JPMBB – JPMorgan Barclays Bank

JPMC – JPMorgan Chase Bank

JPY – Japanese Yen

KRW – South Korean Won

LB – Lehman Brothers

MXN – Mexican Peso

NOK – Norwegian Krone

NVDR – Non-Voting Depositary Receipt

NZD – New Zealand Dollar

PLN – Polish Zloty

RBS – Royal Bank of Scotland

REMIC – Real Estate Mortgage Investment Conduit

SEK – Swedish Krona

S.F. – Single Family

SGD – Singapore Dollar

SPDR^® – Standard & Poor’s Depositary Receipt

TBA – To be announced

TD – Toronto Dominion Bank

UBS – Union Bank of Switzerland

USD – U.S. Dollar

WF – Wells Fargo

yr – Year

ZAR – South African Rand

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

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

September 30, 2015 (Unaudited)


	Number of shares		Value (U.S. $)
Common Stock – 36.45%
U.S. Markets – 20.42%
Consumer Discretionary – 2.19%
Boot Barn Holdings †		1,485	$	27,369
BorgWarner		730		30,361
Buffalo Wild Wings †		200		38,686
Cheesecake Factory		630		33,995
Cinemark Holdings		510		16,570
Comcast Class A Special		920		52,661
Del Frisco’s Restaurant Group †		1,640		22,780
Discovery Communications Class A †		1,587		41,310
Discovery Communications Class C †		2,845		69,105
Disney (Walt)		890		90,958
DSW Class A		1,010		25,563
Express †		1,740		31,094
Fiesta Restaurant Group †		545		24,727
Ford Motor		3,460		46,952
G-III Apparel Group †		635		39,154
Jack in the Box		450		34,668
Jarden †		480		23,462
Johnson Controls		3,700		153,032
L Brands		2,068		186,389
Liberty Interactive Class A †		9,356		245,408
Lowe’s		2,600		179,192
Macy’s		660		33,871
Madden (Steven) †		902		33,031
Malibu Boats Class A †		845		11,813
National CineMedia		1,335		17,916
NIKE Class B		1,430		175,847
Nordstrom		680		48,763
Popeyes Louisiana Kitchen †		770		43,397
Shutterfly †		640		22,880
Starbucks		1,330		75,597
Tenneco †		760		34,025
Tractor Supply		680		57,338
TripAdvisor †		1,631		102,786
Urban Outfitters †		1,830		53,765

				2,124,465

Consumer Staples – 1.39%
Archer-Daniels-Midland		3,800		157,510
Casey’s General Stores		745		76,675
CVS Health		2,430		234,446
General Mills		560		31,433
J&J Snack Foods		310		35,235
Kimberly-Clark		370		40,345
Kraft Heinz		2,324		164,028


	Number of shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Consumer Staples (continued)
Mondelez International		4,173	$	174,723
PepsiCo		880		82,984
Procter & Gamble		1,150		82,731
Walgreens Boots Alliance		3,211		266,834

				1,346,944

Energy – 1.11%
Bonanza Creek Energy †		955		3,887
Bristow Group		240		6,278
Carrizo Oil & Gas †		735		22,447
Chevron		1,900		149,872
ConocoPhillips		3,370		161,625
Core Laboratories		280		27,944
EOG Resources		600		43,680
Exxon Mobil		1,570		116,729
Halliburton		4,300		152,005
Marathon Oil		7,000		107,800
Occidental Petroleum		2,970		196,465
Parsley Energy Class A †		630		9,494
Pioneer Energy Services †		820		1,722
RigNet †		745		18,997
RSP Permian †		620		12,555
Schlumberger		560		38,623

				1,070,123

Financials – 4.13%
Aflac		870		50,573
Allstate		2,800		163,072
American Equity Investment Life Holding		1,120		26,107
American Tower		650		57,187
Ameriprise Financial		320		34,922
Apartment Investment & Management		300		11,106
AvalonBay Communities		225		39,335
Bank of New York Mellon		4,400		172,260
BB&T		4,600		163,760
BBCN Bancorp		1,795		26,961
BlackRock		120		35,696
Boston Properties		275		32,560
Brandywine Realty Trust		950		11,704
Bryn Mawr Bank		330		10,253
Camden Property Trust		125		9,237
Capital One Financial		700		50,764
Cardinal Financial		1,160		26,692
Care Capital Properties		125		4,116
Citigroup		1,570		77,888

(continues) 63

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund


	Number of shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Financials (continued)
City Holding		635	$	31,305
CoBiz Financial		1,255		16,328
Cousins Properties		575		5,301
Crown Castle International		3,050		240,553
DCT Industrial Trust		1,188		39,988
DDR		775		11,919
Douglas Emmett		575		16,514
Duke Realty		1,150		21,907
DuPont Fabros Technology		950		24,586
EastGroup Properties		500		27,090
EPR Properties		675		34,810
Equinix		1,049		286,797
Equity LifeStyle Properties		175		10,250
Equity One		300		7,302
Equity Residential		550		41,316
Essex Property Trust		125		27,927
Evercore Partners Class A		1,150		57,776
Extra Space Storage		175		13,503
Federal Realty Investment Trust		100		13,645
Fidelity & Guaranty Life		855		20,982
First Industrial Realty Trust		675		14,141
First NBC Bank Holding †		795		27,857
FirstMerit		1,905		33,661
Flushing Financial		1,120		22,422
General Growth Properties		1,250		32,463
Great Western Bancorp		1,145		29,049
Highwoods Properties		325		12,594
Host Hotels & Resorts		3,265		51,620
Houlihan Lokey †		620		13,516
Independent Bank @		490		22,589
Infinity Property & Casualty @		290		23,357
Intercontinental Exchange		990		232,640
Invesco		900		28,107
JPMorgan Chase		1,670		101,820
KeyCorp		3,630		47,226
Kilroy Realty		225		14,661
Kimco Realty		600		14,658
Kite Realty Group Trust		1,458		34,715
LaSalle Hotel Properties		1,025		29,100
Lexington Realty Trust		700		5,670
Liberty Property Trust		175		5,514
LTC Properties		50		2,133
Macerich		175		13,443
Marsh & McLennan		3,200		167,104
National Retail Properties		1,515		54,949
Old National Bancorp		2,300		32,039


	Number of shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Financials (continued)
Omega Healthcare Investors		200	$	7,030
Pebblebrook Hotel Trust		665		23,574
Post Properties		225		13,115
Primerica		760		34,253
Prologis		800		31,120
Prosperity Bancshares		715		35,114
Prudential Financial		400		30,484
PS Business Parks		100		7,938
Public Storage		150		31,745
Ramco-Gershenson Properties Trust		2,500		37,525
Raymond James Financial		740		36,726
Regency Centers		275		17,091
RLJ Lodging Trust		375		9,476
Sabra Health Care REIT		175		4,057
Selective Insurance Group @		945		29,352
Simon Property Group		450		82,674
SL Green Realty		225		24,336
Sovran Self Storage		315		29,705
Spirit Realty Capital		875		7,997
State Street		680		45,703
Sterling Bancorp		2,705		40,223
Stifel Financial †		720		30,312
Strategic Hotels & Resorts †		775		10,687
Tanger Factory Outlet Centers		325		10,715
Taubman Centers		100		6,908
Texas Capital Bancshares †		360		18,871
Travelers		520		51,756
UDR		525		18,102
United Fire Group		560		19,628
Urban Edge Properties		175		3,778
Ventas		500		28,030
Vornado Realty Trust		325		29,387
Webster Financial		790		28,148
Wells Fargo		1,890		97,051
Welltower		175		11,851
Western Alliance Bancorp †		1,140		35,009

				4,000,511

Healthcare – 3.57%
AbbVie		1,210		65,836
Acorda Therapeutics †		1,085		28,763
Air Methods †		1,020		34,772
Alkermes †		730		42,829
Allergan †		1,219		331,336
Baxalta		2,800		88,228
Baxter International		2,600		85,410


	Number of shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Healthcare (continued)
Biogen †		596	$	173,919
Cardinal Health		2,200		169,004
Catalent †		1,255		30,497
Celgene †		3,592		388,547
Cepheid †		850		38,420
CONMED		735		35,089
CryoLife		2,300		22,379
Express Scripts Holding †		2,895		234,379
Gilead Sciences		900		88,371
Insys Therapeutics †		530		15,084
Johnson & Johnson		1,900		177,365
Ligand Pharmaceuticals Class B †		455		38,971
Medicines †		795		30,178
Merck		4,810		237,566
Merit Medical Systems †		1,216		29,075
Pfizer		8,758		275,089
Prestige Brands Holdings †		690		31,160
Quest Diagnostics		2,500		153,675
Quidel †		1,320		24,922
Retrophin †		700		14,182
Spectrum Pharmaceuticals †		2,495		14,920
Team Health Holdings †		420		22,693
TESARO †		535		21,453
Thermo Fisher Scientific		550		67,254
UnitedHealth Group		730		84,687
Valeant Pharmaceuticals International †		1,191		212,451
Vanda Pharmaceuticals †		2,120		23,914
Vertex Pharmaceuticals †		370		38,532
WellCare Health Plans †		450		38,781
West Pharmaceutical Services		840		45,461

				3,455,192

Industrials – 1.78%
AAON		1,433		27,772
Actuant Class A		735		13,517
Applied Industrial Technologies		840		32,046
Barnes Group		1,085		39,114
Boeing		320		41,904
Columbus McKinnon		1,475		26,786
Continental Building Products †		1,680		34,507
Eaton		560		28,728
ESCO Technologies		900		32,310
Essendant		950		30,809
Esterline Technologies †		525		37,742


	Number of shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Industrials (continued)
Federal Signal		1,410	$	19,331
FedEx		270		38,875
General Electric		4,130		104,159
Granite Construction		940		27,890
Honeywell International		500		47,345
Hunt (J.B.) Transport Services		370		26,418
Kadant		775		30,233
KEYW Holding †		284		1,747
Kforce		1,095		28,777
KLX †		490		17,513
Lockheed Martin		300		62,193
McGrath RentCorp		1,025		27,357
MYR Group †		850		22,270
Nielsen Holdings		760		33,797
Northrop Grumman		1,100		182,545
On Assignment †		850		31,365
Parker-Hannifin		330		32,109
Raytheon		1,600		174,816
Republic Services		820		33,784
Roadrunner Transportation Systems †		760		13,984
Rockwell Collins		310		25,370
Swift Transportation †		760		11,415
Tetra Tech		975		23,702
Union Pacific		700		61,887
United Technologies		590		52,504
US Ecology		440		19,206
WageWorks †		635		28,626
Waste Management		3,600		179,316
XPO Logistics †		775		18,468

				1,722,237

Information Technology – 4.95%
Accenture Class A		710		69,765
Adobe Systems †		560		46,043
Analog Devices		360		20,308
Anixter International †		400		23,112
Apple		1,620		178,686
Applied Micro Circuits †		4,020		21,346
Avago Technologies		510		63,755
CA		6,228		170,024
Callidus Software †		1,910		32,451
Cisco Systems		8,960		235,200
Convergys		1,460		33,741
eBay †		7,346		179,536
Electronic Arts †		3,303		223,778

(continues) 65

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund


	Number of shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Information Technology (continued)
EMC		2,280	$	55,085
ExlService Holdings †		775		28,621
Facebook Class A †		2,513		225,919
FARO Technologies †		760		26,600
Google Class A †		494		315,355
Google Class C †		240		146,021
GrubHub †		680		16,551
Guidewire Software †		655		34,440
Infinera †		955		18,680
Intel		8,170		246,244
InterXion Holding †		635		17,196
Intuit		1,219		108,186
j2 Global @		590		41,801
MasterCard Class A		2,982		268,738
Maxim Integrated Products		1,570		52,438
MaxLinear Class A †		1,120		13,933
Microsemi †		435		14,277
Microsoft		6,133		271,447
NETGEAR †		605		17,648
PayPal Holdings †		6,149		190,865
Plantronics		520		26,442
Proofpoint †		540		32,573
Q2 Holdings †		425		10,506
Qlik Technologies †		780		28,431
QUALCOMM		7,053		378,958
Rofin-Sinar Technologies †		285		7,390
Ruckus Wireless †		1,190		14,137
Sabre		1,860		50,555
salesforce.com †		840		58,321
SciQuest †		1,680		16,800
Semtech †		1,675		25,293
Silicon Laboratories †		330		13,708
SS&C Technologies Holdings		790		55,332
Synaptics †		470		38,756
TeleTech Holdings		890		23,843
Tyler Technologies †		450		67,189
Visa Class A		4,580		319,043
Xerox		16,500		160,545
Yahoo †		1,000		28,910
Yelp †		1,158		25,082

				4,789,604

Materials – 0.54%
Axalta Coating Systems †		1,390		35,223
Axiall		535		8,394
Balchem		280		17,016


	Number of shares		Value (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Materials (continued)
Boise Cascade †		720	$	18,158
Chemtura †		640		18,317
duPont (E.I.) deNemours		3,100		149,420
Eastman Chemical		770		49,834
Huntsman		1,650		15,989
Innophos Holdings		160		6,342
Kaiser Aluminum		395		31,699
Minerals Technologies		695		33,471
Neenah Paper		630		36,716
Quaker Chemical		370		28,520
WestRock		855		43,981
Worthington Industries		1,215		32,173

				525,253

Telecommunication Services – 0.49%
AT&T		7,640		248,911
Atlantic Tele-Network		375		27,724
inContact †		3,305		24,821
Verizon Communications		3,900		169,689

				471,145

Utilities – 0.27%
Cleco		275		14,641
Edison International		2,800		176,596
NorthWestern		635		34,182
OGE Energy		820		22,435
South Jersey Industries		425		10,731

				258,585

Total U.S. Markets (cost $13,777,785)				19,764,059

Developed Markets – 11.78%§
Consumer Discretionary – 1.97%
adidas		600		48,376
Bayerische Motoren Werke		748		65,258
Cie Financiere Richemont Class A		330		25,675
Daimler		750		54,602
Denso		1,000		42,361
Hennes & Mauritz Class B		1,100		40,185
Jardine Cycle & Carriage		1,500		28,501
Kering		523		85,612
LVMH Moet Hennessy Louis Vuitton		170		28,941
Nitori Holdings		2,826		221,297
Publicis Groupe		897		61,303
RELX		2,200		35,941
Sekisui Chemical		4,000		42,104


	Number of shares		Value (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Consumer Discretionary (continued)
Shimano		300	$	42,150
Singapore Press Holdings		10,700		28,882
Sodexo		390		32,360
Sumitomo Electric Industries		2,300		29,425
Sumitomo Rubber Industries		9,500		131,877
Swatch Group		100		37,083
Taylor Wimpey		12,700		37,628
Techtronic Industries		37,500		139,800
Toyota Motor		5,199		304,403
USS		1,500		24,949
Volkswagen		135		15,906
Whitbread		530		37,550
WPP		2,220		46,220
Yue Yuen Industrial Holdings		58,000		215,784

				1,904,173

Consumer Staples – 1.54%
Anheuser-Busch InBev		505		53,710
Aryzta †		3,954		167,567
Asahi Group Holdings		1,600		51,911
British American Tobacco		1,160		64,006
Carlsberg Class B		1,759		135,167
Chocoladefabriken Lindt & Sprungli Class PC		7		41,038
Coca-Cola Amatil		14,342		90,922
Diageo		1,520		40,839
Heineken		570		46,152
Henkel		390		34,471
Japan Tobacco		5,300		164,414
Jeronimo Martins		2,250		30,367
Koninklijke Ahold		2,050		39,991
L’Oreal		300		52,144
Nestle		1,070		80,462
Pernod Ricard		425		42,912
Reckitt Benckiser Group		395		35,822
SABMiller		550		31,146
Tesco		40,356		112,096
Treasury Wine Estates		7,000		32,436
Unilever		1,600		65,170
Unilever CVA		1,065		42,690
Wesfarmers		1,470		40,635

				1,496,068

Energy – 0.37%
Amec Foster Wheeler		2,500		27,158
CGG †		3,850		13,303
Idemitsu Kosan		1,600		24,510


	Number of shares		Value (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Energy (continued)
Neste Oil		1,220	$	28,078
Saipem †		6,941		55,656
Subsea 7 †		1,265		9,522
Suncor Energy		3,700		98,957
TOTAL		2,188		98,423

				355,607

Financials – 1.84%
AIA Group		11,200		58,248
AXA		9,866		239,536
Banco Espirito Santo Class R =†		85,000		0
Bank Leumi Le-Israel BM †		10,600		39,568
Commonwealth Bank of Australia		1,600		82,126
Credit Agricole		2,500		28,782
Daito Trust Construction		400		40,644
ING Groep CVA		11,048		156,165
Intesa Sanpaolo		11,250		39,743
Investor Class B		1,330		45,695
Mitsubishi UFJ Financial Group		40,481		244,606
Nordea Bank		19,574		218,353
Platinum Asset Management		6,200		29,621
Prudential		2,670		56,330
QBE Insurance Group		3,440		31,327
Schroders		850		36,119
Seven Bank		6,900		29,865
Sony Financial Holdings		2,400		39,393
Standard Chartered		13,614		132,127
Swire Properties		10,200		28,271
UBS Group		2,050		37,897
UniCredit		27,262		169,957

				1,784,373

Healthcare – 2.06%
Astellas Pharma		3,300		42,717
Bayer		530		67,998
ICON †		565		40,098
Indivior		9,000		30,913
Merck		380		33,644
Miraca Holdings		800		33,928
Novartis		4,127		379,281
Novo Nordisk ADR		3,580		194,179
Novo Nordisk Class B		1,300		70,156
QIAGEN †		1,470		37,919
Roche Holding		460		122,104

(continues) 67

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund


	Number of shares		Value (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Healthcare (continued)
Sanofi		2,369	$	225,529
Smith & Nephew		2,880		50,319
Sonic Healthcare		2,200		28,297
STADA Arzneimittel		3,877		138,976
Sumitomo Dainippon Pharma		2,600		25,994
Teva Pharmaceutical Industries ADR		8,397		474,095

				1,996,147

Industrials – 1.81%
ABB †		2,600		45,998
Aggreko		1,700		24,508
ANDRITZ		570		25,685
AP Moeller - Maersk		21		32,372
Boskalis Westminster		770		33,705
Cathay Pacific Airways		18,000		33,897
Cie de Saint-Gobain		830		36,022
Deutsche Lufthansa †		2,350		32,714
Deutsche Post		6,201		171,786
East Japan Railway		2,125		179,072
Elbit Systems		520		38,442
Experian		2,200		35,318
Fraport		530		32,771
Fuji Electric		9,000		32,641
ITOCHU		17,037		180,110
Japan Airlines		800		28,309
JTEKT		2,200		30,803
Koninklijke Philips		5,852		137,679
Meggitt		13,581		97,978
Mitsubishi Electric		3,000		27,483
Mitsubishi Heavy Industries		7,000		31,307
Rexel		4,087		50,313
Schneider Electric		510		28,560
Singapore Airlines		4,300		32,371
THK		1,600		25,487
Travis Perkins		1,480		44,154
Vinci		3,151		200,368
WestJet Airlines Class VV @		3,350		59,547
Yamato Holdings		1,100		21,062

				1,750,462

Information Technology – 0.86%
Amadeus IT Holding		880		37,704
CGI Group Class A †		5,632		204,059
Computershare		3,800		28,376
Ericsson Class B		4,800		47,081
Infineon Technologies		3,500		39,324


	Number of shares		Value (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Information Technology (continued)
NICE-Systems		380	$	21,284
Omron		900		27,093
Playtech		9,400		118,039
SAP		630		40,814
Seiko Epson		2,500		35,367
Teleperformance		2,762		209,573
Trend Micro		600		21,195

				829,909

Materials – 0.63%
Air Liquide		460		54,534
Alamos Gold		6,402		23,700
Anglo American ADR		2,000		8,240
Arkema		560		36,298
EMS-Chemie Holding		90		37,022
Johnson Matthey		710		26,325
Linde		245		39,794
Rexam		19,045		151,216
Rio Tinto		2,816		94,489
Shin-Etsu Chemical		700		35,900
South32 †		18,600		17,979
Toray Industries		5,000		43,228
Umicore		755		29,118
Yamana Gold		8,453		14,253

				612,096

Telecommunication Services – 0.58%
BT Group		7,700		49,009
Deutsche Telekom		3,350		59,635
KDDI		2,200		49,245
Nippon Telegraph & Telephone		6,744		237,558
Swisscom		60		29,941
Tele2 Class B		13,924		135,780

				561,168

Utilities – 0.12%
National Grid		5,900		82,173
Tokyo Gas		7,000		33,863

				116,036

Total Developed Markets (cost $10,152,952)				11,406,039

Emerging Markets X – 4.25%
Consumer Discretionary – 0.26%
Arcos Dorados Holdings Class A @		4,600		12,512
Grupo Televisa ADR		4,025		104,731
Hyundai Motor		197		27,376


	Number of shares		Value (U.S. $)
Common Stock (continued)
Emerging Markets X (continued)
Consumer Discretionary (continued)
Mahindra & Mahindra		2,703	$	52,290
Qunar Cayman Islands ADR †		300		9,021
Woolworths Holdings		6,290		44,022

				249,952

Consumer Staples – 0.65%
Anadolu Efes Biracilik Ve Malt Sanayii		5,647		39,864
BRF ADR		2,700		48,033
China Mengniu Dairy		11,000		38,789
Cia Brasileira de Distribuicao ADR		1,100		13,794
Cia Cervecerias Unidas ADR		1,300		28,795
Fomento Economico Mexicano ADR		600		53,550
Hypermarcas †		13,100		50,151
Lotte Chilsung Beverage @		49		99,736
Lotte Confectionery @		33		61,285
Tingyi Cayman Islands Holding		19,908		31,800
Tsingtao Brewery		8,004		35,205
Uni-President China Holdings @		89,600		86,895
Wal-Mart de Mexico Class V		16,490		40,650

				628,547

Energy – 0.58%
Cairn India		7,153		16,830
China Petroleum & Chemical		37,350		22,878
CNOOC ADR		400		41,232
Gazprom ADR @		7,988		32,226
Lukoil ADR		1,100		37,466
PetroChina ADR		475		33,107
Petroleo Brasileiro ADR †		9,219		40,103
Polski Koncern Naftowy Orlen		2,299		40,143
PTT Foreign		5,841		38,565
Reliance Industries GDR 144A #		6,684		173,784
Rosneft GDR		6,870		25,426
Sasol ADR		1,100		30,602
Tambang Batubara Bukit Asam Persero		28,600		11,015
YPF ADR		1,200		18,276

				561,653

Financials – 0.67%
Akbank		19,167		42,998
Banco Santander Brasil ADR		7,500		23,625
Bangkok Bank		9,696		42,769


	Number of shares		Value (U.S. $)
Common Stock (continued)
Emerging Markets X (continued)
Financials (continued)
China Construction Bank		75,080	$	50,103
Etalon Group GDR 144A #@=		3,700		6,087
Grupo Financiero Banorte Class O		5,000		24,504
ICICI Bank ADR		7,100		59,498
Industrial & Commercial Bank of China		94,459		54,569
Itau Unibanco Holding ADR		5,685		37,635
KB Financial Group ADR		2,327		68,391
Powszechna Kasa Oszczednosci Bank Polski †		2,376		18,425
Reliance Capital		3,798		21,909
Remgro		2,268		41,365
Samsung Life Insurance		625		52,267
Sberbank of Russia @=		29,194		33,629
Shinhan Financial Group		1,576		55,117
UEM Sunrise @		74,259		20,784

				653,675

Industrials – 0.10%
Empresas ICA ADR †		4,200		7,014
Gol Linhas Aereas Inteligentes ADR		6,100		5,943
KCC		211		73,717
Rumo Logistica Operadora Multimodal †		1,272		1,905
Santos Brasil Participacoes		1,900		6,229

				94,808

Information Technology – 1.02%
Baidu ADR †		2,083		286,225
Hon Hai Precision Industry		28,608		74,585
LG Display ADR		3,600		34,200
MediaTek		5,000		37,132
Samsung Electronics		242		232,192
Samsung SDI		269		24,749
SINA †		1,200		48,144
Sohu.com †		1,800		74,340
Taiwan Semiconductor Manufacturing		16,034		64,128
Taiwan Semiconductor Manufacturing ADR		2,200		45,650
United Microelectronics		90,000		29,503
WNS Holdings ADR †		1,435		40,108

				990,956

Materials – 0.26%
Anglo American Platinum †		764		12,658

(continues) 69

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund


	Number of shares		Value (U.S. $)
Common Stock (continued)
Emerging Markets X (continued)
Materials (continued)
Braskem ADR		3,400	$	28,662
Cemex ADR †		5,619		39,277
Cemex Latam Holdings †		2,954		11,499
Gerdau @		2,400		2,718
Gerdau ADR		2,500		3,425
Impala Platinum Holdings †		1,572		4,366
Nine Dragons Paper Holdings		34,000		17,733
Siam Cement NVDR		1,100		14,058
Siam Cement-Foreign		1,898		24,355
Sociedad Quimica y Minera de Chile ADR		1,200		17,448
Ultratech Cement		1,294		52,836
Vale ADR		4,525		19,005

				248,040

Telecommunication Services – 0.71%
America Movil Class L ADR		2,200		36,410
China Mobile		9,294		111,246
China Mobile ADR		1,100		65,450
KT ADR †		2,500		32,675
MegaFon GDR		2,359		28,662
Mobile TeleSystems ADR		1,800		12,996
Reliance Communications †		12,694		13,182
SK Telecom ADR		8,700		212,280
Telefonica Brasil ADR		4,850		44,281
Tim Participacoes ADR		6,400		60,480
Turkcell Iletisim Hizmetleri ADR		2,987		25,927
Vodacom Group		4,229		42,066

				685,655

Total Emerging Markets (cost $4,940,435)				4,113,286

Total Common Stock (cost $28,871,172)				35,283,384


Convertible Preferred Stock – 0.25%
Alcoa 5.375% exercise price $19.39, expiration date 10/1/17		350		11,690
Anadarko Petroleum 7.50% exercise price $69.84, expiration date 6/7/18		322		12,052
Bank of America 7.25% exercise price $50.00, expiration date 12/31/49		23		24,731


	Number of shares		Value (U.S. $)
Convertible Preferred Stock (continued)
Chesapeake Energy 5.75% exercise price $26.10, expiration date 12/31/49		30	$	12,300
Crown Castle International 4.50% exercise price $87.58, expiration date 11/1/16		200		20,372
Dominion Resources 6.125% exercise price $64.91, expiration date 4/1/16		340		18,805
Dynegy 5.375% exercise price $38.75, expiration date 11/1/17 @		180		14,062
Exelon 6.50% exercise price $43.75, expiration date 6/1/17		450		19,643
Halcon Resources 5.75% exercise price $6.16, expiration date 12/31/49 @		26		2,948
Huntington Bancshares 8.50% exercise price $11.95, expiration date 12/31/49 @		21		28,035
Intelsat 5.75% exercise price $22.05, expiration date 5/1/16 @		622		11,631
Maiden Holdings 7.25% exercise price $15.26, expiration date 9/15/16		535		27,143
T-Mobile US 5.50% exercise price $31.02, expiration date 12/15/17		273		18,853
Wells Fargo 7.50% exercise price $156.71, expiration date 12/31/49		20		23,360

Total Convertible Preferred Stock (cost $317,847)				245,625


	Number of shares		Value (U.S. $)
Exchange-Traded Funds – 0.63%
Financial Select Sector SPDR^® Fund		6,625	$	150,123
iShares MSCI EAFE Growth Index ETF		500		31,905
iShares MSCI EAFE Index ETF		50		2,866
PowerShares KBW Bank Portfolio		11,675		419,833
Vanguard FTSE Developed Markets ETF		190		6,772

Total Exchange-Traded Funds (cost $678,023)				611,499


	Principal amount°
Agency Collateralized Mortgage Obligations – 0.82%
Fannie Mae REMICs Series 1996-46 ZA 7.50% 11/25/26		1,230		1,399
Series 2003-26 AT 5.00% 11/25/32		10,356		10,569
Series 2005-70 PA 5.50% 8/25/35		5,269		5,981
Series 2010-41 PN 4.50% 4/25/40		60,000		65,739
Series 2010-43 HJ 5.50% 5/25/40		9,756		11,077
Series 2010-96 DC 4.00% 9/25/25		94,700		100,435
Series 2012-122 SD 5.906% 11/25/42 ●S		97,885		24,195
Series 2013-26 ID 3.00% 4/25/33 S		132,189		19,158
Series 2013-38 AI 3.00% 4/25/33 S		127,878		18,186
Series 2013-44 DI 3.00% 5/25/33 S		391,933		56,618
Series 2014-36 ZE 3.00% 6/25/44		67,649		61,410
Freddie Mac Multifamily Structured Pass Through Certificates 3.389% 3/25/24 ¿		160,000		169,633
Freddie Mac REMICs Series 2512 PG 5.50% 10/15/22		52,695		57,107
Series 4065 DE 3.00% 6/15/32		15,000		15,267
Series 4185 LI 3.00% 3/15/33 S		94,789		13,531


	Principal amount°		Value (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
Freddie Mac REMICs Series 4191 CI 3.00% 4/15/33 S		81,574	$	10,963
GNMA Series 2010-113 KE 4.50% 9/20/40		140,000		156,365

Total Agency Collateralized Mortgage Obligations (cost $789,396)				797,633


Agency Mortgage-Backed Securities – 10.85%
Fannie Mae ARM 2.417% 5/1/43 ●		49,041		50,018
2.553% 6/1/43 ●		16,600		17,029
2.913% 7/1/45 ●		16,913		17,424
3.18% 4/1/44 ●		62,371		64,912
3.26% 3/1/44 ●		69,690		72,800
3.288% 9/1/43 ●		47,663		49,829
Fannie Mae S.F. 15 yr 3.50% 7/1/26		38,016		40,315
4.00% 4/1/24		13,054		13,864
4.00% 5/1/24		121,297		128,788
4.00% 11/1/25		71,689		76,330
4.00% 12/1/26		38,837		41,256
4.00% 1/1/27		186,954		198,997
4.00% 8/1/27		46,615		49,622
4.50% 4/1/18		3,085		3,197
5.00% 9/1/18		7,551		7,846
5.50% 7/1/22		11,489		12,560
Fannie Mae S.F. 20 yr 3.00% 2/1/33		5,508		5,716
3.00% 8/1/33		22,456		23,333
3.50% 4/1/33		6,734		7,129
4.00% 1/1/31		9,997		10,775
4.00% 2/1/31		32,753		35,306
5.00% 11/1/23		2,747		3,022
5.50% 12/1/29		3,789		4,227
6.00% 9/1/29		24,695		27,832
Fannie Mae S.F. 30 yr 3.00% 7/1/42		42,320		43,061
3.00% 10/1/42		26,114		26,572
3.00% 12/1/42		53,063		53,960
3.00% 5/1/43		82,485		83,845
4.00% 8/1/43		19,355		20,774
4.50% 7/1/41		22,368		24,293
4.50% 1/1/42		245,121		266,289
4.50% 9/1/42		417,928		454,412
4.50% 11/1/43		57,116		61,975

(continues) 71

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund


	Principal amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr 4.50% 6/1/44		49,733	$	54,068
4.50% 10/1/44		186,107		202,314
4.50% 2/1/45		419,211		455,040
5.00% 11/1/35		18,425		20,308
5.00% 4/1/37		11,491		12,670
5.50% 12/1/32		2,173		2,447
5.50% 2/1/33		28,831		32,304
5.50% 4/1/34		11,077		12,444
5.50% 11/1/34		12,337		13,894
5.50% 12/1/34		73,820		83,125
5.50% 3/1/35		23,442		26,398
5.50% 5/1/35		19,023		21,418
5.50% 6/1/35		8,204		9,158
5.50% 1/1/36		35,381		39,867
5.50% 4/1/36		70,320		78,977
5.50% 5/1/36		5,356		6,015
5.50% 7/1/36		3,350		3,773
5.50% 11/1/36		7,001		7,845
5.50% 1/1/37		29,776		33,396
5.50% 2/1/37		15,179		16,998
5.50% 4/1/37		60,748		68,052
5.50% 8/1/37		31,014		34,897
5.50% 1/1/38		868		971
5.50% 2/1/38		29,107		32,734
5.50% 3/1/38		16,580		18,640
5.50% 4/1/38		33,475		37,338
5.50% 6/1/38		66,130		74,054
5.50% 1/1/39		27,977		31,284
5.50% 2/1/39		101,665		114,439
5.50% 7/1/40		66,773		75,158
5.50% 9/1/41		285,135		318,888
6.00% 4/1/35		123,853		140,882
6.00% 5/1/36		32,438		36,663
6.00% 6/1/36		3,751		4,241
6.00% 12/1/36		4,113		4,667
6.00% 2/1/37		13,547		15,315
6.00% 5/1/37		32,911		37,152
6.00% 6/1/37		2,302		2,614
6.00% 7/1/37		2,523		2,865
6.00% 8/1/37		29,348		33,141
6.00% 9/1/37		4,586		5,181
6.00% 11/1/37		5,449		6,142
6.00% 5/1/38		55,459		62,646
6.00% 7/1/38		1,496		1,688
6.00% 9/1/38		11,421		12,913
6.00% 10/1/38		5,350		6,036
6.00% 9/1/39		181,320		204,850
6.00% 3/1/40		17,409		19,703


	Principal amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr 6.00% 9/1/40		16,744	$	18,932
6.00% 11/1/40		6,822		7,772
6.00% 5/1/41		85,492		96,774
6.50% 2/1/36		6,124		6,995
6.50% 3/1/40		94,481		109,210
Fannie Mae S.F. 30 yr TBA 3.00% 11/1/45		4,289,000		4,337,586
4.50% 11/1/45		218,000		236,111
Freddie Mac ARM 2.515% 1/1/44 ●		140,036		144,254
2.958% 10/1/45 ●		36,000		37,066
Freddie Mac S.F. 15 yr 2.50% 3/1/28		12,163		12,522
4.00% 12/1/24		17,434		18,658
4.00% 5/1/25		6,631		7,099
4.00% 8/1/25		14,470		15,497
4.50% 8/1/24		40,244		43,116
4.50% 6/1/26		18,681		19,929
4.50% 9/1/26		18,307		19,551
Freddie Mac S.F. 20 yr 3.00% 6/1/34		23,761		24,657
3.50% 1/1/34		54,529		57,593
Freddie Mac S.F. 30 yr 3.00% 10/1/42		47,722		48,447
3.00% 11/1/42		47,120		47,899
4.50% 10/1/39		20,599		22,334
4.50% 11/1/39		83,776		91,626
4.50% 4/1/41		99,051		107,498
5.50% 3/1/34		4,744		5,290
5.50% 12/1/34		4,454		4,971
5.50% 6/1/36		2,987		3,306
5.50% 11/1/36		6,018		6,660
5.50% 12/1/36		1,404		1,556
5.50% 7/1/37		2,570		2,852
5.50% 9/1/37		4,334		4,800
5.50% 4/1/38		14,791		16,380
5.50% 6/1/38		3,508		3,882
5.50% 7/1/38		15,683		17,360
5.50% 6/1/39		15,612		17,284
5.50% 3/1/40		16,705		18,500
5.50% 8/1/40		25,958		28,740
5.50% 1/1/41		17,342		19,207
5.50% 6/1/41		90,693		100,408
6.00% 2/1/36		9,703		11,054
6.00% 1/1/38		5,938		6,696
6.00% 6/1/38		16,518		18,587
6.00% 8/1/38		43,600		49,712
6.00% 5/1/40		24,745		28,108


	Principal amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Freddie Mac S.F. 30 yr 6.00% 7/1/40		26,542	$	29,808
6.50% 4/1/39		25,564		29,225
GNMA I S.F. 30 yr 5.00% 6/15/40		8,960		9,953

Total Agency Mortgage-Backed Securities (cost $10,444,354)				10,498,386


Agency Obligation – 0.04%
Tennessee Valley Authority 4.25% 9/15/65		40,000		40,324

Total Agency Obligation (cost $38,926)				40,324


Collateralized Debt Obligations – 0.51%
CIFC Funding 2014-II Series 2014-2A A1L 144A 1.809% 5/24/26 #●		250,000		247,825
Magnetite IX Series 2014-9A A1 144A 1.715% 7/25/26 #●		250,000		247,550

Total Collateralized Debt Obligations (cost $498,275)				495,375


Commercial Mortgage-Backed Securities – 3.55%
Banc of America Commercial Mortgage Trust Series 2006-1 AM 5.421% 9/10/45 ●		15,000		15,078
Series 2006-4 A4 5.634% 7/10/46		42,992		43,700
Series 2007-4 AM 6.002% 2/10/51 ●		60,000		63,950
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PWR18 A4 5.70% 6/11/50		30,000		31,658
CD Commercial Mortgage Trust Series 2005-CD1 AJ 5.289% 7/15/44 ●		20,746		20,737
Series 2005-CD1 C 5.289% 7/15/44 ●		20,000		19,982
CFCRE Commercial Mortgage Trust Series 2011-C1 144A 3.759% 4/15/44 #		46,533		46,883


	Principal amount°		Value (U.S. $)
Commercial Mortgage-Backed Securities (continued)
Citigroup Commercial Mortgage Trust Series 2007-C6 AM 5.899% 12/10/49 ●		35,000	$	36,696
Series 2014-GC25 A4 3.635% 10/10/47		65,000		67,753
Series 2015-GC27 A5 3.137% 2/10/48		25,000		24,914
COMM Mortgage Trust Series 2014-CR19 A5 3.796% 8/10/47		45,000		47,625
Series 2014-CR20 A4 3.59% 11/10/47		80,000		83,232
Series 2014-CR20 AM 3.938% 11/10/47		130,000		135,256
Series 2014-CR21 A3 3.528% 12/10/47		15,000		15,528
Series 2015-3BP A 144A 3.178% 2/10/35 #		200,000		200,832
Commercial Mortgage Trust Series 2007-GG9 AM 5.475% 3/10/39		30,000		31,067
DBUBS Mortgage Trust Series 2011-LC1A C 144A 5.735% 11/10/46 #●		100,000		111,506
FREMF Mortgage Trust Series 2011-K10 B 144A 4.781% 11/25/49 #●		40,000		43,255
Series 2011-K15 B 144A 5.116% 8/25/44 #●		10,000		11,077
Series 2012-K18 B 144A 4.41% 1/25/45 #●		30,000		32,129
Series 2012-K19 B 144A 4.175% 5/25/45 #●		15,000		15,973
Series 2012-K22 B 144A 3.812% 8/25/45 #●		50,000		51,095
Series 2012-K22 C 144A 3.812% 8/25/45 #●		40,000		40,454
Series 2012-K707 B 144A 4.019% 1/25/47 #●		20,000		20,668
Series 2012-K708 B 144A 3.886% 2/25/45 #●		80,000		83,358
Series 2012-K708 C 144A 3.886% 2/25/45 #●		15,000		15,339
Series 2012-K711 B 144A 3.684% 8/25/45 #●		10,000		10,432
Series 2013-K25 C 144A 3.743% 11/25/45 #●		40,000		39,231
Series 2013-K26 C 144A 3.723% 12/25/45 #●		25,000		24,421

(continues) 73

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund


	Principal amount°		Value (U.S. $)
Commercial Mortgage-Backed Securities (continued)
FREMF Mortgage Trust Series 2013-K30 C 144A 3.668% 6/25/45 #●		40,000	$	39,415
Series 2013-K31 C 144A 3.74% 7/25/46 #•		85,000		84,643
Series 2013-K33 B 144A 3.618% 8/25/46 #●		50,000		50,312
Series 2013-K33 C 144A 3.618% 8/25/46 #●		10,000		9,626
Series 2013-K712 B 144A 3.484% 5/25/45 #●		35,000		35,968
Series 2013-K713 B 144A 3.274% 4/25/46 #●		70,000		71,336
Series 2013-K713 C 144A 3.274% 4/25/46 #●		75,000		74,722
Series 2014-K716 C 144A 4.085% 8/25/47 #●		30,000		30,745
Series 2015-K47 B 144A 3.723% 6/25/48 #●		35,000		32,853
GS Mortgage Securities Trust Series 2010-C1 A2 144A 4.592% 8/10/43 #		400,000		438,947
Series 2015-GC32 A4 3.764% 7/10/48		25,000		26,286
Hilton USA Trust Series 2013-HLT BFX 144A 3.367% 11/5/30 #		100,000		100,294
Houston Galleria Mall Trust Series 2015-HGLR A1A2 144A 3.087% 3/5/37 #		100,000		98,711
JPMBB Commercial Mortgage Securities Trust Series 2014-C18 A1 1.254% 2/15/47		30,162		30,160
Series 2014-C22 B 4.713% 9/15/47 ●		20,000		20,774
JPMorgan Chase Commercial Mortgage Securities Trust Series 2005-CB11 E 5.675% 8/12/37 ●		25,000		27,323
Series 2005-LDP4 AJ 5.04% 10/15/42 ●		95,987		95,963
Series 2005-LDP5 D 5.563% 12/15/44 ●		45,000		44,897
Series 2006-LDP8 AM 5.44% 5/15/45		163,000		167,457
LB-UBS Commercial Mortgage Trust Series 2004-C1 A4 4.568% 1/15/31		4,007		4,045


	Principal amount°		Value (U.S. $)
Commercial Mortgage-Backed Securities (continued)
LB-UBS Commercial Mortgage Trust Series 2006-C6 AJ 5.452% 9/15/39 ●		70,000	$	72,276
Series 2006-C6 AM 5.413% 9/15/39		65,000		67,219
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19 AS 3.832% 12/15/47		15,000		15,480
Series 2015-C22 A3 3.046% 4/15/48		35,000		34,706
Series 2015-C23 A4 3.719% 7/15/50		110,000		114,942
Morgan Stanley Capital I Trust Series 2005-HQ7 AJ 5.397% 11/14/42 ●		70,000		69,946
Series 2006-TOP21 AM 5.204% 10/12/52 ●		65,000		65,263
Series 2006-TOP23 A4 6.017% 8/12/41 ●		35,022		35,712
Wells Fargo Commercial Mortgage Trust Series 2012-LC5 A3 2.918% 10/15/45		35,000		35,615
Series 2015-NXS3 A4 3.617% 9/15/57		40,000		41,516
WFRBS Commercial Mortgage Trust Series 2014-C23 A5 3.917% 10/15/57		15,000		15,968

Total Commercial Mortgage-Backed Securities (cost $3,447,328)				3,436,949


Convertible Bonds – 0.91%
Alaska Communications Systems Group 6.25% exercise price $10.28, expiration date 4/27/18 @		49,000		49,551
Ares Capital 5.75% exercise price $18.36, expiration date 2/1/16		17,000		17,149
BGC Partners 4.50% exercise price $9.84, expiration date 7/13/16		19,000		19,689
BioMarin Pharmaceutical 1.50% exercise price $94.15, expiration date 10/13/20		21,000		28,324


	Principal amount°		Value (U.S. $)
Convertible Bonds (continued)
Blackstone Mortgage Trust 5.25% exercise price $28.66, expiration date 12/1/18		41,000	$	43,076
Blucora 4.25% exercise price $21.66, expiration date 3/29/19		29,000		27,586
Campus Crest Communities Operating Partnership 144A 5.00% exercise price $12.56, expiration date 10/11/18 #		34,000		32,066
Cardtronics 1.00% exercise price $52.35, expiration date 11/27/20		31,000		28,869
Cemex 3.72% exercise price $11.90, expiration date 3/15/20		22,000		20,075
Chart Industries 2.00% exercise price $69.03, expiration date 7/30/18 @		33,000		28,999
Chesapeake Energy 2.25% exercise price $80.28, expiration date 12/14/38		17,000		12,155
Chesapeake Energy 2.50% exercise price $47.55, expiration date 5/15/37		18,000		15,570
Ciena 144A 3.75% exercise price $20.17, expiration date 10/15/18 #		20,000		25,113
GAIN Capital Holdings 4.125% exercise price $12.00, expiration date 11/30/18 @		19,000		17,991
General Cable 4.50% exercise price $33.77, expiration date 11/15/29 @φ		35,000		21,197
Gilead Sciences 1.625% exercise price $22.53, expiration date 4/29/16		6,000		25,733
HealthSouth 2.00% exercise price $38.30, expiration date 11/30/43		19,000		21,565
Helix Energy Solutions Group 3.25% exercise price $25.02, expiration date 3/12/32		24,000		19,710
Illumina 0.25% exercise price $83.55, expiration date 3/11/16		7,000		14,691


	Principal amount°		Value (U.S. $)
Convertible Bonds (continued)
inContact 144A 2.50% exercise price $14.23, expiration date 4/1/22 #		28,000	$	23,363
j2 Global 3.25% exercise price $69.37, expiration date 6/14/29		20,000		23,825
Liberty Interactive 144A 1.00% exercise price $64.26, expiration date 9/28/43 #		29,000		26,100
Meritor 4.00% exercise price $26.73, expiration date 2/12/27 φ		22,000		21,849
Microchip Technology 144A 1.625% exercise price $67.13, expiration date 2/13/25 #		14,000		13,466
Novellus Systems 2.625% exercise price $34.51, expiration date 5/14/41		17,000		33,373
NuVasive 2.75% exercise price $42.13, expiration date 6/30/17		22,000		27,844
NXP Semiconductors 144A 1.00% exercise price $102.84, expiration date 11/27/19 #		18,000		19,969
Oclaro 144A 6.00% exercise price $1.95, expiration date 2/14/20 #		7,000		9,594
PROS Holdings 144A 2.00% exercise price $33.79, expiration date 11/27/19 #		30,000		29,381
SanDisk 1.50% exercise price $50.68, expiration date 8/11/17		7,000		8,724
Spectrum Pharmaceuticals 2.75% exercise price $10.53, expiration date 12/13/18 @		23,000		20,599
Spirit Realty Capital 3.75% exercise price $13.10, expiration date 5/13/21 @		28,000		25,603
SunEdison 144A 3.375% exercise price $38.65, expiration date 5/30/25 #		19,000		9,749
Titan Machinery 3.75% exercise price $43.17, expiration date 4/30/19 @		6,000		4,545

(continues) 75

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund


	Principal amount°		Value (U.S. $)
Convertible Bonds (continued)
TPG Specialty Lending 4.50% exercise price $25.83, expiration date 12/15/19 @		22,000	$	21,615
Vector Group 1.75% exercise price $24.64, expiration date 4/15/20 ●		34,000		38,123
Vector Group 2.50% exercise price $15.98, expiration date 1/14/19 ●		15,000		22,643
VEREIT 3.75% exercise price $15.15, expiration date 12/14/20 @		29,000		26,843

Total Convertible Bonds (cost $862,242)				876,317


Corporate Bonds – 23.90%
Banking – 2.70%
Australia & New Zealand Banking Group 2.625% 12/10/18	CAD	27,000		21,101
Banco Bilbao Vizcaya Argentaria Colombia 144A 4.875% 4/21/25 #		150,000		143,205
Bank of America 3.95% 4/21/25		170,000		165,707
Bank of New York Mellon 2.15% 2/24/20		15,000		15,023
City National 5.25% 9/15/20		55,000		62,763
Cooperatieve Centrale Raiffeisen-Boerenleenbank 4.25% 1/13/22	AUD	53,000		38,700
Credit Suisse Group 144A 6.25% 12/29/49 #●		220,000		206,927
Fifth Third Bancorp 2.875% 7/27/20		25,000		25,234
Goldman Sachs Group 5.20% 12/17/19	NZD	67,000		44,858
JPMorgan Chase 0.924% 1/28/19 ●		53,000		52,833
4.25% 11/2/18	NZD	85,000		55,341
4.25% 10/1/27		20,000		19,965
KeyBank 3.30% 6/1/25		250,000		247,949
Morgan Stanley 1.143% 1/24/19 ●		57,000		57,080
4.35% 9/8/26		10,000		10,073
5.00% 9/30/21	AUD	54,000		40,119
MUFG Americas Holdings 2.25% 2/10/20		45,000		44,896
3.00% 2/10/25		95,000		90,987


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Banking (continued)
PNC Funding 5.625% 2/1/17		150,000	$	158,022
Santander UK Group Holdings 144A 4.75% 9/15/25 #		200,000		198,716
State Street 2.55% 8/18/20		60,000		60,834
3.55% 8/18/25		75,000		76,613
SunTrust Banks 2.35% 11/1/18		90,000		91,069
USB Capital IX 3.50% 10/29/49 ●		145,000		118,175
Wells Fargo 4.30% 7/22/27		85,000		86,747
4.75% 8/27/24	AUD	10,000		7,467
Woori Bank 144A 2.875% 10/2/18 #		200,000		204,599
144A 4.75% 4/30/24 #		200,000		207,044
Zions Bancorporation 4.50% 6/13/23		60,000		62,401

				2,614,448


Basic Industry – 1.71%
ArcelorMittal 10.60% 6/1/19		85,000		92,119
Ball 5.25% 7/1/25		45,000		44,522
CF Industries 6.875% 5/1/18		165,000		184,070
7.125% 5/1/20		47,000		55,304
Chemours 144A 6.625% 5/15/23 #		5,000		3,375
144A 7.00% 5/15/25 #		25,000		16,500
Dow Chemical 8.55% 5/15/19		198,000		239,547
Freeport-McMoran Oil & Gas 6.50% 11/15/20		34,000		30,749
Georgia-Pacific 8.00% 1/15/24		160,000		207,693
Gerdau Holdings 144A 7.00% 1/20/20 #		100,000		93,750
Grace (W.R.) 144A 5.125% 10/1/21 #		15,000		14,850
HD Supply 7.50% 7/15/20		24,000		25,080
International Paper 5.00% 9/15/35		40,000		39,342
INVISTA Finance 144A 4.25% 10/15/19 #		75,000		72,750
Joseph T Ryerson & Son 9.00% 10/15/17		35,000		31,325
11.25% 10/15/18 @		14,000		12,775
Lundin Mining 144A 7.50% 11/1/20 #		35,000		33,950


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
Methanex 4.25% 12/1/24		75,000	$	72,347
Novelis 8.75% 12/15/20		25,000		24,193
OCP 144A 4.50% 10/22/25 #		200,000		188,000
PolyOne 5.25% 3/15/23		30,000		28,515
PPG Industries 2.30% 11/15/19		50,000		50,458
Rockwood Specialties Group 4.625% 10/15/20		40,000		41,414
Tronox Finance 6.375% 8/15/20		40,000		25,600
144A 7.50% 3/15/22 #		50,000		31,750

				1,659,978

Brokerage – 0.12%
Jefferies Group 5.125% 1/20/23		50,000		50,174
6.45% 6/8/27		30,000		31,252
6.50% 1/20/43		20,000		19,046
Lazard Group 6.85% 6/15/17		17,000		18,377

				118,849

Capital Goods – 0.61%
BWAY Holding 144A 9.125% 8/15/21 #		50,000		48,500
Cemex Finance 144A 9.375% 10/12/22 #		200,000		213,740
Embraer Netherlands Finance 5.05% 6/15/25		65,000		60,304
Fortune Brands Home & Security 3.00% 6/15/20		35,000		35,300
Gates Global 144A 6.00% 7/15/22 #		45,000		36,450
Masco 4.45% 4/1/25		40,000		40,600
Milacron 144A 7.75% 2/15/21 #		30,000		30,750
Owens-Brockway Glass Container 144A 5.875% 8/15/23 #		15,000		15,122
Parker-Hannifin 3.30% 11/21/24		5,000		5,110
Plastipak Holdings 144A 6.50% 10/1/21 #		40,000		38,400
TransDigm 6.00% 7/15/22		40,000		37,500
6.50% 7/15/24		30,000		28,345

				590,121

Consumer Cyclical – 1.98%
Alibaba Group Holding 144A 3.125% 11/28/21 #		200,000		192,546


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
American Axle & Manufacturing 6.25% 3/15/21		45,000	$	45,056
AutoNation 3.35% 1/15/21		15,000		15,179
4.50% 10/1/25		25,000		25,530
Caesars Growth Properties Holdings 9.375% 5/1/22		30,000		23,625
CDK Global 4.50% 10/15/24		45,000		45,402
Daimler 2.75% 12/10/18	NOK	520,000		63,012
Ford Motor 7.45% 7/16/31		92,000		114,568
Ford Motor Credit 2.24% 6/15/18		200,000		199,547
General Motors Financial 3.45% 4/10/22		100,000		96,327
4.00% 1/15/25		65,000		61,672
4.375% 9/25/21		50,000		51,116
Harman International Industries 4.15% 5/15/25		75,000		74,732
Host Hotels & Resorts 3.75% 10/15/23		60,000		58,828
Hyundai Capital America 144A 2.125% 10/2/17 #		60,000		60,225
144A 2.55% 2/6/19 #		15,000		15,091
Kohl’s 4.25% 7/17/25		60,000		60,222
Lear 5.25% 1/15/25		100,000		98,500
Lowe’s 3.375% 9/15/25		50,000		50,580
Marriott International 3.375% 10/15/20		50,000		51,887
Meritor 6.75% 6/15/21		30,000		30,300
Netflix 144A 5.875% 2/15/25 #		90,000		92,925
QVC 4.375% 3/15/23		110,000		107,094
5.45% 8/15/34		70,000		62,720
Signet UK Finance 4.70% 6/15/24		85,000		85,990
Starwood Hotels & Resorts Worldwide 3.75% 3/15/25 @		45,000		44,173
4.50% 10/1/34 @		10,000		8,849
Toyota Finance Australia 2.25% 8/31/16	NOK	60,000		7,093
3.04% 12/20/16	NZD	120,000		76,343

				1,919,132

Consumer Non-Cyclical – 2.55%
Actavis Funding 3.80% 3/15/25		25,000		24,198

(continues) 77

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Baxalta 144A 4.00% 6/23/25 #		55,000	$	55,195
Becton Dickinson 6.375% 8/1/19		95,000		108,689
Biogen 2.90% 9/15/20		5,000		5,056
4.05% 9/15/25		15,000		15,183
5.20% 9/15/45		35,000		35,450
Boston Scientific 2.65% 10/1/18		15,000		15,194
Celgene 5.00% 8/15/45		15,000		14,936
Community Health Systems 6.875% 2/1/22		60,000		61,423
DaVita HealthCare Partners 5.00% 5/1/25		180,000		173,250
EMD Finance 144A 2.95% 3/19/22 #		40,000		39,582
Express Scripts Holding 2.25% 6/15/19		55,000		54,876
HCA 5.375% 2/1/25		155,000		153,837
HealthSouth 5.125% 3/15/23		15,000		14,494
5.75% 11/1/24		10,000		9,900
144A 5.75% 9/15/25 #		15,000		14,587
IASIS Healthcare 8.375% 5/15/19		135,000		139,219
Immucor 11.125% 8/15/19		160,000		165,600
JB 144A 3.75% 5/13/25 #		150,000		144,371
JBS Investments 144A 7.75% 10/28/20 #		200,000		206,000
JBS USA 144A 5.75% 6/15/25 #		95,000		87,875
Kinetic Concepts 10.50% 11/1/18		35,000		36,724
Mallinckrodt International Finance 144A 4.875% 4/15/20 #		30,000		28,763
144A 5.50% 4/15/25 #		70,000		62,650
Omnicare 5.00% 12/1/24		30,000		32,700
Perrigo Finance 3.50% 12/15/21		200,000		197,734
Prestige Brands 144A 5.375% 12/15/21 #		75,000		73,500
Reynolds American 2.30% 6/12/18		60,000		60,685
4.00% 6/12/22		10,000		10,464
5.85% 8/15/45		30,000		33,500
St. Jude Medical 2.80% 9/15/20		35,000		35,227


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
St. Jude Medical 3.875% 9/15/25		55,000	$	55,852
Sysco 2.60% 10/1/20		50,000		50,077
3.75% 10/1/25		50,000		50,588
Tenet Healthcare 4.50% 4/1/21		50,000		49,437
Valeant Pharmaceuticals International 144A 5.875% 5/15/23 #		60,000		57,487
Zimmer Biomet Holdings 3.375% 11/30/21		90,000		91,126

				2,465,429

Energy – 2.58%
AmeriGas Finance 7.00% 5/20/22		35,000		36,050
Bristow Group 6.25% 10/15/22		25,000		21,625
Chaparral Energy 7.625% 11/15/22		10,000		3,000
Chesapeake Energy 4.875% 4/15/22		75,000		49,313
Continental Resources 4.50% 4/15/23		120,000		104,366
Dominion Gas Holdings 3.60% 12/15/24		55,000		54,824
4.60% 12/15/44		85,000		81,087
Ecopetrol 5.375% 6/26/26		60,000		52,425
Enbridge Energy Partners 8.05% 10/1/37 ●		115,000		110,975
Energy Transfer Partners 9.70% 3/15/19		56,000		66,861
EnLink Midstream Partners 4.15% 6/1/25		55,000		50,550
Ensco 4.70% 3/15/21		55,000		46,369
Enterprise Products Operating 3.70% 2/15/26		5,000		4,735
7.034% 1/15/68 ●		160,000		169,200
Gulfstream Natural Gas System 144A 4.60% 9/15/25 #		40,000		40,335
Kinder Morgan Energy Partners 9.00% 2/1/19		95,000		112,294
Laredo Petroleum 7.375% 5/1/22		60,000		58,350
Marathon Oil 3.85% 6/1/25		85,000		75,398
Murphy Oil USA 6.00% 8/15/23		80,000		82,200


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Energy (continued)
Newfield Exploration 5.375% 1/1/26		80,000	$	73,600
5.625% 7/1/24		55,000		52,250
Noble Energy 5.05% 11/15/44		50,000		43,453
Noble Holding International 4.00% 3/16/18		10,000		9,477
Oasis Petroleum 6.875% 3/15/22		50,000		39,865
PDC Energy 7.75% 10/15/22		20,000		20,000
Petrobras Global Finance 4.875% 3/17/20		21,000		15,277
Petroleos Mexicanos 144A 4.25% 1/15/25 #		40,000		36,700
6.50% 6/2/41		15,000		13,872
Plains All American Pipeline 8.75% 5/1/19		90,000		107,437
Pride International 6.875% 8/15/20		105,000		100,010
Regency Energy Partners 5.875% 3/1/22		115,000		118,000
Sunoco Logistics Partners Operations 3.45% 1/15/23		135,000		117,545
Talisman Energy 3.75% 2/1/21		50,000		47,209
5.50% 5/15/42		90,000		69,738
Weatherford International Bermuda 4.50% 4/15/22		35,000		28,346
Williams Partners 4.00% 9/15/25		65,000		56,409
7.25% 2/1/17		85,000		90,472
Woodside Finance 144A 3.65% 3/5/25 #		70,000		63,442
144A 8.75% 3/1/19 #		65,000		76,870
YPF 144A 8.75% 4/4/24 #		70,000		62,216
144A 8.875% 12/19/18 #		40,000		38,800

				2,500,945

Financials – 0.65%
Affiliated Managers Group 3.50% 8/1/25		60,000		57,844
American Tower 2.80% 6/1/20		30,000		29,971
4.00% 6/1/25		35,000		34,218
Aviation Capital Group 144A 2.875% 9/17/18 #		5,000		5,002


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Financials (continued)
Aviation Capital Group 144A 4.875% 10/1/25 #		25,000	$	24,906
144A 6.75% 4/6/21 #		50,000		56,187
General Electric Capital 4.25% 1/17/18	NZD	10,000		6,533
5.55% 5/4/20		40,000		46,227
6.00% 8/7/19		80,000		92,573
7.125% 12/29/49 ●		100,000		115,625
Lazard Group 3.75% 2/13/25		60,000		57,362
Peachtree Corners Funding Trust 144A 3.976% 2/15/25 #		100,000		100,905

				627,353

Insurance – 1.05%
Berkshire Hathaway Finance 2.90% 10/15/20		75,000		77,932
Highmark 144A 4.75% 5/15/21 #		45,000		46,803
144A 6.125% 5/15/41 #		20,000		20,293
HUB International 144A 7.875% 10/1/21 #		55,000		52,663
Liberty Mutual Group 144A 4.95% 5/1/22 #		25,000		27,068
MetLife 5.25% 12/29/49 ●		160,000		158,800
6.40% 12/15/36		90,000		98,325
Prudential Financial 4.50% 11/15/20		20,000		21,952
5.375% 5/15/45 ●		45,000		44,719
5.625% 6/15/43 ●		35,000		36,207
5.875% 9/15/42 ●		70,000		74,375
TIAA Asset Management Finance 144A 2.95% 11/1/19 #		50,000		50,743
144A 4.125% 11/1/24 #		95,000		97,023
USI 144A 7.75% 1/15/21 #		15,000		14,737
Voya Financial 5.65% 5/15/53 ●		60,000		60,780
XLIT 4.45% 3/31/25		70,000		70,185
5.50% 3/31/45		35,000		33,058
6.50% 10/29/49 ●		40,000		31,860

				1,017,523

Media – 0.59%
CBS 4.00% 1/15/26		35,000		34,504
CCO Holdings 144A 5.125% 5/1/23 #		65,000		60,086

(continues) 79

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Media (continued)
CCO Safari II 144A 4.908% 7/23/25 #		120,000	$	119,608
CSC Holdings 5.25% 6/1/24		150,000		118,687
Gray Television 7.50% 10/1/20		30,000		30,863
Sirius XM Radio 144A 5.375% 4/15/25 #		95,000		90,963
Time Warner 4.85% 7/15/45		35,000		34,483
Tribune Media 144A 5.875% 7/15/22 #		80,000		77,800

				566,994

Real Estate – 0.68%
Alexandria Real Estate Equities 4.60% 4/1/22		45,000		47,354
Carey (W.P.) 4.60% 4/1/24		45,000		45,968
CBL & Associates 4.60% 10/15/24		70,000		68,560
5.25% 12/1/23		15,000		15,651
Corporate Office Properties 3.60% 5/15/23		55,000		51,687
5.25% 2/15/24		65,000		67,191
DDR 7.50% 4/1/17		30,000		32,478
7.875% 9/1/20		73,000		89,269
Education Realty Operating Partnership 4.60% 12/1/24		60,000		60,405
Excel Trust 4.625% 5/15/24		30,000		29,727
Hospitality Properties Trust 4.50% 3/15/25		55,000		53,994
Omega Healthcare Investors 144A 5.25% 1/15/26 #		35,000		35,647
UDR 4.00% 10/1/25		20,000		20,348
Ventas Realty 4.125% 1/15/26		35,000		35,352

				653,631

Services – 0.78%
AECOM 144A 5.75% 10/15/22 #		7,000		7,057
144A 5.875% 10/15/24 #		85,000		85,850
Algeco Scotsman Global Finance 144A 8.50% 10/15/18 #		240,000		211,248
DigitalGlobe 144A 5.25% 2/1/21 #		110,000		104,775
GEO Group 5.125% 4/1/23		55,000		54,725
5.875% 10/15/24		30,000		30,450


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Services (continued)
MGM Resorts International 6.00% 3/15/23		68,000	$	66,215
United Rentals North America 5.50% 7/15/25		103,000		96,691
Wynn Las Vegas 144A 5.50% 3/1/25 #		60,000		51,675
Zayo Group 144A 6.00% 4/1/23 #		45,000		43,763

				752,449

Technology – 1.08%
Apple 3.45% 2/9/45		80,000		67,902
Cisco Systems 1.65% 6/15/18		75,000		75,576
First Data 11.25% 1/15/21		55,000		60,225
Flextronics International 144A 4.75% 6/15/25 #		75,000		72,841
Hewlett Packard Enterprise 144A 2.85% 10/5/18 #		35,000		34,955
144A 3.60% 10/15/20 #		35,000		34,990
144A 4.90% 10/15/25 #		45,000		44,876
Jabil Circuit 7.75% 7/15/16		9,000		9,337
Micron Technology 144A 5.25% 8/1/23 #		140,000		129,122
5.50% 2/1/25		60,000		55,200
Molex Electronic Technologies 144A 2.878% 4/15/20 #		50,000		49,505
144A 3.90% 4/15/25 #		50,000		48,821
Motorola Solutions 4.00% 9/1/24		55,000		49,722
Oracle 3.25% 5/15/30		65,000		61,230
4.30% 7/8/34		25,000		25,112
QUALCOMM 3.00% 5/20/22		50,000		49,345
3.45% 5/20/25		50,000		47,271
Seagate HDD Cayman 4.75% 1/1/25		115,000		110,599
144A 4.875% 6/1/27 #		25,000		23,304

				1,049,933

Telecommunications – 2.73%
American Tower Trust I 144A 3.07% 3/15/23 #		75,000		74,319
AT&T 3.40% 5/15/25		65,000		62,168
4.50% 5/15/35		35,000		32,119
4.75% 5/15/46		100,000		91,983
CC Holdings GS V 3.849% 4/15/23		30,000		29,943


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Telecommunications (continued)
CenturyLink 5.80% 3/15/22		75,000	$	64,406
6.75% 12/1/23		50,000		43,937
Columbus International 144A 7.375% 3/30/21 #		200,000		207,750
Crown Castle Towers 144A 4.883% 8/15/20 #		255,000		276,263
Digicel Group 144A 8.25% 9/30/20 #		200,000		186,000
Equinix 5.375% 4/1/23		80,000		78,648
Frontier Communications 144A 8.875% 9/15/20 #		115,000		112,987
GTP Acquisition Partners I 144A 2.35% 6/15/20 #		100,000		99,839
Hughes Satellite Systems 7.625% 6/15/21		25,000		26,875
Intelsat Luxembourg 8.125% 6/1/23 @		130,000		85,150
Millicom International Cellular 144A 6.625% 10/15/21 #		200,000		198,800
SBA Tower Trust 144A 2.24% 4/16/18 #		55,000		54,725
144A 2.898% 10/15/19 #		40,000		40,128
Scripps Networks Interactive 3.95% 6/15/25		40,000		38,797
SES 144A 3.60% 4/4/23 #		110,000		111,289
SES GLOBAL Americas Holdings 144A 5.30% 3/25/44 #		120,000		118,831
Sprint 7.125% 6/15/24		90,000		69,489
Telefonica Emisiones 6.421% 6/20/16		80,000		82,860
Time Warner Cable 5.50% 9/1/41		35,000		31,449
T-Mobile USA 6.125% 1/15/22		70,000		67,725
Verizon Communications 4.40% 11/1/34		50,000		46,669
4.862% 8/21/46		110,000		103,547
VTR Finance 144A 6.875% 1/15/24 #		200,000		182,000
WPP Finance 2010 5.625% 11/15/43		20,000		21,036

				2,639,732

Transportation – 0.35%
Air Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27 #¿		35,000		33,994


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Transportation (continued)
American Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26 ¿		29,121	$	28,939
American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27 ¿		45,000		44,179
American Airlines 2015-2 Class AA Pass Through Trust 3.60% 9/22/27 ¿		10,000		10,037
Kansas City Southern de Mexico 3.00% 5/15/23		35,000		33,920
Trinity Industries 4.55% 10/1/24 @		70,000		66,244
United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26 ¿		25,000		25,594
United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26 ¿		55,000		55,206
United Parcel Service 5.125% 4/1/19		40,000		44,832

				342,945

Utilities – 3.74%
AES Gener 144A 8.375% 12/18/73 #●		200,000		211,500
Ameren Illinois 3.25% 3/1/25		55,000		55,699
9.75% 11/15/18		165,000		203,953
American Transmission Systems 144A 5.25% 1/15/22 #		140,000		155,608
American Water Capital 3.40% 3/1/25		65,000		65,945
4.30% 9/1/45		15,000		15,157
Appalachian Power 3.40% 6/1/25		165,000		163,690
4.45% 6/1/45		35,000		34,113
Berkshire Hathaway Energy 3.75% 11/15/23		90,000		92,889
Calpine 5.375% 1/15/23		30,000		28,125
Cleveland Electric Illuminating 5.50% 8/15/24		60,000		68,506
CMS Energy 6.25% 2/1/20		65,000		75,041
ComEd Financing III 6.35% 3/15/33 @		65,000		68,456
Dominion Resources 1.90% 6/15/18		100,000		99,970
DTE Energy 144A 3.30% 6/15/22 #		60,000		61,487

(continues) 81

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund


	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Utilities (continued)
Dynegy 7.625% 11/1/24		85,000	$	86,275
Electricite de France 144A 5.25% 12/29/49 #●		190,000		183,587
Enel 144A 8.75% 9/24/73 #●		200,000		230,194
Entergy 4.00% 7/15/22		30,000		31,025
Entergy Louisiana 4.05% 9/1/23		150,000		158,691
Exelon 3.95% 6/15/25		55,000		55,621
5.10% 6/15/45		50,000		51,249
Great Plains Energy 4.85% 6/1/21		30,000		32,946
Integrys Holdings 6.11% 12/1/66 @●		105,000		89,010
Interstate Power & Light 3.40% 8/15/25		45,000		45,836
IPALCO Enterprises 5.00% 5/1/18		35,000		36,837
Kansas City Power & Light 3.65% 8/15/25		90,000		92,068
LG&E & KU Energy 4.375% 10/1/21		110,000		120,160
Metropolitan Edison 144A 4.00% 4/15/25 #		40,000		40,838
National Rural Utilities Cooperative Finance 4.75% 4/30/43 ●		85,000		84,490
NextEra Energy Capital Holdings 2.40% 9/15/19		85,000		84,829
3.625% 6/15/23		35,000		35,394
NV Energy 6.25% 11/15/20		65,000		75,859
Pennsylvania Electric 5.20% 4/1/20		75,000		81,802
Public Service of New Hampshire 3.50% 11/1/23		50,000		51,813
Puget Energy 6.00% 9/1/21		35,000		40,297
Southern 2.75% 6/15/20		250,000		249,504
Trans-Allegheny Interstate Line 144A 3.85% 6/1/25 #		50,000		50,325
WEC Energy Group 3.55% 6/15/25		50,000		50,885
Xcel Energy 3.30% 6/1/25		160,000		158,932

				3,618,606

Total Corporate Bonds (cost $23,530,157)				23,138,068


	Principal amount°		Value (U.S. $)
Municipal Bonds – 0.84%
Atlanta, Georgia Water & Wastewater Revenue 5.00% 11/1/40		35,000	$	39,762
California State Various Purpose 5.00% 3/1/45		60,000		68,095
City of Chicago, Illinois (Taxable Build America Bond) Series B 7.75% 1/1/42		75,000		75,431
Golden State, California Tobacco Securitization Asset-Backed Senior Notes Series A-1 5.125% 6/1/47		40,000		33,205
5.75% 6/1/47		45,000		40,378
Golden State, California Tobacco Securitization Enhanced Asset-Backed Series A 5.00% 6/1/40		105,000		116,457
5.00% 6/1/45		35,000		38,639
Maryland State Local Facilities 2nd Loan Series A 5.00% 8/1/21		45,000		53,890
New Jersey State Transportation Trust Fund (Transportation Program) Series AA 5.00% 6/15/44		50,000		50,442
New York City, New York Series I 5.00% 8/1/22		35,000		41,986
New York City, New York Water & Sewer System Series EE 5.00% 6/15/45		50,000		56,164
New York State Thruway Authority Series A 5.00% 5/1/19		45,000		50,914
Texas Private Activity Bond Surface Transportation Revenue (Senior Lien NTE Mobility Partners Segments 3A & 3B) 6.75% 6/30/43 (AMT)		35,000		42,577
Texas State Transportation Commission (Senior Lien Mobility Fund) Series A 5.00% 10/1/44		90,000		102,660

Total Municipal Bonds (cost $792,310)				810,600


	Principal amount°		Value (U.S. $)
Non-Agency Asset-Backed Securities – 2.82%
AEP Texas Central Transition Funding II Series 2006-A A4 5.17% 1/1/18		87,013	$	91,320
Ally Master Owner Trust Series 2012-5 A 1.54% 9/15/19		100,000		100,195
Series 2014-4 A2 1.43% 6/17/19		90,000		90,159
American Express Credit Account Secured Note Trust Series 2012-4 A 0.447% 5/15/20 ●		185,000		184,713
Avis Budget Rental Car Funding AESOP Series 2011-3A A 144A 3.41% 11/20/17 #		100,000		102,247
Bank of America Credit Card Trust Series 2014-A3 A 0.497% 1/15/20 ●		70,000		69,960
Series 2015-A1 A 0.537% 6/15/20 ●		185,000		184,719
Cabela’s Credit Card Master Note Trust Series 2012-2A A1 144A 1.45% 6/15/20 #		100,000		100,429
California Republic Auto Receivables Trust Series 2013-1 A2 144A 1.41% 9/17/18 #		30,862		30,949
Capital One Multi-Asset Execution Trust Series 2007-A5 A5 0.247% 7/15/20 ●		100,000		99,391
Chase Issuance Trust Series 2014-A5 A5 0.577% 4/15/21 ●		100,000		100,057
Series 2015-A4 A4 1.84% 4/15/22		100,000		99,920
Citibank Credit Card Issuance Trust Series 2014-A9 A9 0.445% 11/23/18 ●		145,000		144,892
Discover Card Execution Note Trust Series 2015-A3 A 1.45% 3/15/21		100,000		99,987
FirstKey Lending Trust Series 2015-SFR1 A 144A 2.553% 3/9/47 #		99,035		99,068


	Principal amount°		Value (U.S. $)
Non-Agency Asset-Backed Securities (continued)
Ford Credit Auto Lease Trust Series 2015-A A3 1.13% 6/15/18		45,000	$	44,977
Ford Credit Auto Owner Trust Series 2014-2 A 144A 2.31% 4/15/26 #		100,000		101,425
HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44 #		49,000		48,732
Honda Auto Receivables Owner Trust Series 2015-3 A3 1.27% 4/18/19		100,000		100,313
MMAF Equipment Finance Series 2014-AA A4 144A 1.59% 2/8/22 #		100,000		100,148
PFS Financing Series 2015-AA A 144A 0.827% 4/15/20 #●		100,000		99,437
Porsche Innovative Lease Owner Trust Series 2015-1 A3 144A 1.19% 7/23/18 #		100,000		99,925
Progress Residential Trust Series 2015-SFR2 A 144A 2.74% 6/12/32 #		100,000		98,886
Synchrony Credit Card Master Note Trust Series 2012-6 A 1.36% 8/17/20		100,000		100,047
Series 2015-2 A 1.60% 4/15/21		100,000		100,358
Volkswagen Credit Auto Master Trust Series 2014-1A A2 144A 1.40% 7/22/19 #		135,000		134,492
Wendys Funding Series 2015-1A A2I 144A 3.371% 6/15/45 #		100,000		100,491

Total Non-Agency Asset-Backed Securities (cost $2,737,978)				2,727,237


Non-Agency Collateralized Mortgage Obligations – 1.04%
Bank of America Alternative Loan Trust Series 2005-3 2A1 5.50% 4/25/20		1,665		1,710
Series 2005-6 7A1 5.50% 7/25/20		1,174		1,145

(continues) 83

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund


	Principal amount°		Value (U.S. $)
Non-Agency Collateralized Mortgage Obligations (continued)
ChaseFlex Trust Series 2006-1 A4 4.798% 6/25/36 ●		100,000	$	85,703
Credit Suisse First Boston Mortgage Securities Series 2005-5 6A3 5.00% 7/25/35		44,649		44,731
JPMorgan Mortgage Trust Series 2006-S1 1A1 6.00% 4/25/36		53,335		55,016
Series 2014-2 B1 144A 3.427% 6/25/29 #●		90,909		92,483
Series 2014-2 B2 144A 3.427% 6/25/29 #●		90,909		91,036
Series 2014-IVR6 2A4 144A 2.50% 7/25/44 #●		100,000		100,808
Series 2015-1 B1 144A 2.665% 12/25/44 #●		99,506		98,410
Series 2015-4 B1 144A 3.637% 6/25/45 #●		99,643		96,888
Series 2015-4 B2 144A 3.637% 6/25/45 #●		99,643		94,800
Sequoia Mortgage Trust Series 2013-11 B1 144A 3.69% 9/25/43 #●		95,567		95,128
Series 2014-2 A4 144A 3.50% 7/25/44 #●		67,875		68,970
Series 2015-1 B2 144A 3.899% 1/25/45 #●		24,634		24,967
Structured Asset Securities Corporation Mortgage Pass Through Certificates Series 2004-20 2A1 5.50% 11/25/34 ¿		27,166		27,728
Wells Fargo Mortgage-Backed Securities Trust Series 2006-2 3A1 5.75% 3/25/36		15,688		16,005
Series 2006-AR5 2A1 2.713% 4/25/36 ●		10,885		10,224


Total Non-Agency Collateralized Mortgage Obligations (cost $955,859)				1,005,752


Regional Bonds – 0.16%D
Australia – 0.06%
Queensland Treasury 144A 4.75% 7/21/25 #	AUD	75,000		59,673

				59,673


	Principal amount°		Value (U.S. $)
Regional BondsD (continued)
Canada – 0.10%
Province of Ontario Canada 3.45% 6/2/45	CAD	56,000	$	43,039
Province of Quebec Canada 6.00% 10/1/29	CAD	54,000		54,637

				97,676

Total Regional Bonds (cost $181,679)				157,349


Senior Secured Loans – 6.45%«
Activision Blizzard Tranche B 1st Lien 3.25% 10/11/20		194,350		194,606
Aramark Tranche E 3.25% 9/7/19		121,250		121,355
BJ’s Wholesale Club Tranche B 1st Lien 4.50% 9/26/19		305,174		304,047
Caesars Growth Properties Holdings Tranche B 1st Lien 6.25% 5/8/21		88,875		78,210
Communications Sales & Leasing Tranche B 1st Lien 5.00% 10/24/22		64,838		60,866
Community Health Systems Tranche F 1st Lien 3.575% 12/31/18		44,343		44,367
Community Health Systems Tranche G 1st Lien 3.75% 12/31/19		60,692		60,730
Community Health Systems Tranche H 1st Lien 4.00% 1/27/21		111,672		111,905
DPx Holdings 1st Lien 4.25% 3/11/21		54,313		53,620
Energy Transfer Equity 1st Lien 3.25% 12/2/19		65,000		62,969
FCA U.S. Tranche B 1st Lien 3.50% 5/24/17		14,618		14,595
First Data Tranche B 1st Lien 4.196% 3/24/21		292,556		292,816
Gardner Denver 1st Lien 4.25% 7/30/20		262,987		249,655
HCA Tranche B4 1st Lien 3.077% 5/1/18		308,700		308,914
HCA Tranche B5 1st Lien 2.944% 3/31/17		234,220		234,284
Hilton Worldwide Finance Tranche B2 3.50% 10/25/20		277,120		277,236
Houghton International 1st Lien 4.25% 12/20/19		345,238		345,076


	Principal amount°		Value (U.S. $)
Senior Secured Loans« (continued)
Huntsman International Tranche B 1st Lien 3.75% 10/1/21		347,375	$	339,559
IASIS Healthcare Tranche B 1st Lien 4.50% 5/3/18		86,862		87,061
iHeartCommunications Tranche D 1st Lien 6.944% 1/30/19		170,000		141,525
Immucor Tranche B2 1st Lien 5.00% 8/19/18		289,395		288,189
Intelsat Jackson Holdings Tranche B2 3.75% 6/30/19		273,448		267,227
Landry’s Tranche B 1st Lien 4.00% 4/24/18		77,020		77,140
Level 3 Financing Tranche B 1st Lien 4.00% 1/15/20		125,000		124,859
MPH Acquisition Tranche B 1st Lien 3.75% 3/31/21		59,031		58,389
Neiman Marcus Group 1st Lien 4.25% 10/25/20		99,495		97,601
Novelis Tranche B 1st Lien 4.00% 6/2/22		242,393		239,691
Numericable US 1st Lien 4.50% 5/21/20		119,730		119,680
Numericable US Tranche B2 1st Lien 4.50% 5/21/20		103,583		103,049
Panda Liberty Tranche B 1st Lien 7.50% 8/21/20		7,000		6,720
Republic of Angola (Unsecured) 6.25% 12/16/23 @		175,000		155,750
Scientific Games International 1st Lien 6.00% 10/18/20		142,462		141,002
Sensus 2nd Lien 8.50% 5/9/18 @		85,000		84,575
Smart & Final Stores Tranche B 1st Lien 4.00% 11/15/19		37,945		37,850
Univision Communications Tranche C4 1st Lien 4.00% 3/1/20		318,272		315,929
USI Insurance Services Tranche B 1st Lien 4.25% 12/27/19		87,538		86,918
Valeant Pharmaceuticals International Tranche BE 1st Lien 3.75% 8/5/20		265,000		261,522


	Principal amount°		Value (U.S. $)
Senior Secured Loans« (continued)
Wide Open West Finance Tranche B 1st Lien 4.50% 4/1/19		391,504	$	389,424

Total Senior Secured Loans (cost $6,288,495)				6,238,911


Sovereign Bonds – 1.39%D
Australia – 0.09%
Australia Government Bond 3.25% 4/21/25	AUD	39,000		28,845
3.75% 4/21/37	AUD	83,000		62,994

				91,839

Canada – 0.01%
Canadian Government Bond 2.75% 12/1/48	CAD	13,000		10,922

				10,922

Dominican Republic – 0.10%
Dominican Republic International Bond 144A 5.50% 1/27/25 #		100,000		97,000

				97,000

Germany – 0.02%
Bundesrepublik Deutschland 0.50% 2/15/25	EUR	18,000		20,061

				20,061

Hungary – 0.03%
Hungary Government International Bond 5.375% 3/25/24		24,000		26,100

				26,100

Indonesia – 0.17%
Indonesia Government International Bond 144A 4.625% 4/15/43 #		200,000		167,974

				167,974

Italy – 0.25%
Italy Buoni Poliennali Del Tesoro 1.35% 4/15/22	EUR	217,000		244,548

				244,548

Japan – 0.03%
Japan Government 40 yr Bond 1.40% 3/20/55	JPY	3,400,000		27,416

				27,416

(continues) 85

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund


	Principal amount°		Value (U.S. $)
Sovereign BondsD (continued)
Mexico – 0.08%
Mexican Bonos 10.00% 12/5/24	MXN	1,029,000	$	77,623

				77,623

Norway – 0.01%
Norway Government Bond 144A 2.00% 5/24/23 #	NOK	69,000		8,535

				8,535

Peru – 0.05%
Peruvian Government International Bond 4.125% 8/25/27		46,000		45,310

				45,310

Poland – 0.09%
Poland Government Bond 3.25% 7/25/25	PLN	327,000		89,152

				89,152

Portugal – 0.04%
Portugal Government International Bond 144A 5.125% 10/15/24 #		39,000		41,520

				41,520

Republic of Korea – 0.09%
Inflation Linked Korea Treasury Bond 1.125% 6/10/23	KRW	102,619,844		84,702

				84,702

South Africa – 0.10%
South Africa Government Bond 8.00% 1/31/30	ZAR	1,400,000		94,151

				94,151

Sweden – 0.04%
Sweden Government Bond 1.50% 11/13/23	SEK	305,000		39,237

				39,237

United Kingdom – 0.19%
United Kingdom Gilt 3.25% 1/22/44	GBP	7,900		13,835
3.50% 1/22/45	GBP	18,400		33,680
United Kingdom Gilt Inflation Linked 0.125% 3/22/24	GBP	82,140		134,705

				182,220

Total Sovereign Bonds (cost $1,438,003)				1,348,310


	Principal amount°		Value (U.S. $)
Supranational Banks – 0.16%
European Bank for Reconstruction & Development 7.375% 4/15/19	IDR	420,000,000	$	25,864
Inter-American Development Bank 6.00% 9/5/17	INR	4,500,000		67,762
International Bank for Reconstruction & Development 4.625% 10/6/21	NZD	72,000		49,042
International Finance 3.625% 5/20/20	NZD	11,000		7,153

Total Supranational Banks (cost $173,218)				149,821


U.S. Treasury Obligations – 6.12%
U.S. Treasury Bond 3.00% 5/15/45		185,000		189,370
U.S. Treasury Notes 1.375% 8/31/20		10,000		10,013
1.375% 9/30/20		10,000		10,000
1.625% 7/31/20 ¥		2,695,000		2,728,283
2.00% 8/15/25		800,000		795,917
2.125% 5/15/25		2,180,000		2,193,540

Total U.S. Treasury Obligations (cost $5,868,699)				5,927,123


	Number of shares
Preferred Stock – 0.76%
Bank of America 6.10% ●		40,000		39,050
Integrys Energy Group 6.00% @●		3,500		94,150
National Retail Properties 5.70%		2,120		51,919
PNC Preferred Funding Trust II 144A 1.56% #●		200,000		185,250
Public Storage 5.20%		2,050		48,667
U.S. Bancorp 3.50% ●		400		318,210

Total Preferred Stock (cost $690,000)				737,246


	Principal amount°		Value (U.S. $)
Short-Term Investments – 6.56%
Discount Notes – 3.05%≠
Federal Home Loan Bank 0.07% 10/5/15		1,613,435	$	1,613,432
0.105% 11/3/15		121,458		121,452
0.112% 10/23/15		162,022		162,020
0.14% 10/28/15		96,426		96,424
0.17% 1/21/16		371,750		371,611
0.185% 1/19/16		195,193		195,122
0.195% 12/2/15		276,460		276,413
0.295% 3/2/16		94,474		94,395
Freddie Mac 0.075% 10/1/15		16,184		16,183

				2,947,052

Repurchase Agreements – 3.51%
Bank of America Merrill Lynch 0.07%, dated 9/30/15, to be repurchased on 10/1/15, repurchase price $599,663 (collateralized by U.S. government obligations 1.875%–3.625% 8/31/22–2/15/44; market value $611,655)		599,661		599,661
Bank of Montreal 0.08%, dated 9/30/15, to be repurchased on 10/1/15, repurchase price $999,438 (collateralized by U.S. government obligations 1.75%–3.00% 10/31/18–8/15/45; market value $1,019,424)		999,436		999,436
BNP Paribas 0.07%, dated 9/30/15, to be repurchased on 10/1/15, repurchase price $1,801,906 (collateralized by U.S. government obligations 0.00%–3.25% 10/8/15–11/15/44; market value $1,837,941)		1,801,903		1,801,903

				3,401,000

Total Short-Term Investments (cost $6,347,836)				6,348,052

Total Value of Securities – 104.21% (cost $94,951,797)			$	100,873,961

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Sept. 30, 2015, the aggregate value of Rule 144A securities was $12,819,161, which represents 13.24% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”

@	Illiquid security. At Sept. 30, 2015, the aggregate value of illiquid securities was $1,633,444, which represents 1.69% of the Fund’s net assets. See Note 9 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.

=	Security is being fair valued in accordance with the Fund’s fair valuation policy. At Sept. 30, 2015, the aggregate value of fair valued securities was $39,716, which represents 0.04% 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 Sept. 30, 2015. 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 Sept. 30, 2015.

(continues) 87

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at Sept. 30, 2015:¹

Foreign Currency Exchange Contracts


Counterparty	Contracts to Receive (Deliver)				In Exchange For				Settlement Date		Unrealized Appreciation (Depreciation)
BAML		AUD	(217,081	)		USD	153,835			10/16/15	$	1,602
BAML		CAD	(147,054	)		USD	110,475			10/16/15		285
BAML		EUR	1,593			USD	(1,784	)		10/16/15		(3	)
BAML		NZD	(246,567	)		USD	156,237			10/16/15		(1,214	)
BNP		AUD	(52,363	)		USD	37,108			10/16/15		388
BNP		NOK	(655,354	)		USD	78,245			10/16/15		1,285
BNYM		EUR	(11,508	)		USD	12,929			10/1/15		70
DB		MXN	(5,010	)		USD	297			10/16/15		1
HSBC		GBP	(54,994	)		USD	84,467			10/16/15		1,278
JPMC		KRW	(98,158,430	)		USD	82,813			10/16/15		47
JPMC		PLN	(170,612	)		USD	45,187			10/16/15		311
JPMC		SEK	(325,649	)		USD	38,372			10/16/15		(544	)
TD		CAD	110,241			USD	(82,945	)		10/16/15		(340	)
TD		EUR	(47,524	)		USD	53,533			10/16/15		418
TD		JPY	(3,679,798	)		USD	30,383			10/16/15		(298	)

											$	3,286

Futures Contracts


Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(27)	E-mini S&P 500 Index	$	(2,631,886	)	$	(2,576,745	)		12/21/15	$	55,141
14	Euro-Bund		2,402,119			2,443,374			12/8/15		41,255
43	U.S. Treasury 5 yr Notes		5,140,863			5,182,172			1/2/16		41,309
9	U.S. Treasury 10 yr Notes		1,150,599			1,158,609			12/22/15		8,010
9	U.S. Treasury Long Bonds		1,390,874			1,416,094			12/22/15		25,220

		$	7,452,569							$	170,935

Swap Contracts

CDS Contracts²


Counter- party	Swap Referenced Obligation	Notional Value³		Annual Protection Payments			Termin- ation Date		Unrealized Appreciation (Depreciation)⁴
	Protection
	Purchased:
	JPMC
ICE	CDX.NA.HY.24		301,950		5.00	%		6/20/20	$	8,579
	MSC iTraxx EUR
ICE	Crossover Series 24	EUR	205,000		5.00	%		12/20/20		6,866
JPMC	CDX.EM.23		312,000		1.00	%		6/20/20		8,973
JPMC	People’s Republic of China		124,000		1.00	%		9/20/20		1,002

									$	25,420

The use of foreign currency exchange contracts, futures contracts, and swap contracts involves 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 6 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.

³ Notional value shown is stated in U.S. Dollars unless noted that the swap is denominated in another currency.

⁴ Unrealized appreciation (depreciation) does not include periodic interest payments on swap contracts accrued daily in the amount of $(827).

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

BNP – BNP Paribas

BNYM – Bank of New York Mellon

CAD – Canadian Dollar

CDS – Credit Default Swap

CDX.EM – Credit Default Swap Index Emerging Markets

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

CVA – Dutch Certificate

DB – Deutsche Bank

EAFE – Europe Australasia Far East

ETF – Exchange-Traded Fund

EUR – Euro

GBP – British Pound Sterling

GDR – Global Depositary Receipt

GNMA – Government National Mortgage Association

GS – Goldman Sachs

HSBC – Hong Kong Shanghai Bank

ICE – Intercontinental Exchange, Inc.

IDR – Indonesian Rupiah

INR – Indian Rupee

JPMBB – JPMorgan Barclays Bank

JPMC – JPMorgan Chase Bank

JPY – Japanese Yen

KRW – South Korean Won

LB – Lehman Brothers

MSC – Morgan Stanley Capital

MXN – Mexican Peso

NOK – Norwegian Krone

NVDR – Non-Voting Depositary Receipt

NZD – New Zealand Dollar

PLN – Polish Zloty

RBS – Royal Bank of Scotland

REIT – Real Estate Investment Trust

REMIC – Real Estate Mortgage Investment Conduit

SEK – Swedish Krona

S.F. – Single Family

SPDR^® – Standard & Poor’s Depositary Receipts

TBA – To be announced

TD – Toronto Dominion Bank

UBS – Union Bank of Switzerland

USD – U.S. Dollar

WF – Wells Fargo

yr – Year

ZAR – South African Rand

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

Statements of assets and liabilities

Delaware Foundation Funds^®

September 30, 2015 (Unaudited)


	Delaware Foundation^® Growth Allocation Fund				Delaware Foundation Moderate Allocation Fund				Delaware Foundation Conservative Allocation Fund
Assets:
Investments, at value¹		$	70,899,499			$	274,925,482			$	94,525,909
Short-term investments, at value²			3,052,654				13,762,628				6,348,052
Foreign currencies, at value³			51,793				103,725				44,589
Cash			39,403				190,742				82,014
Cash collateral due from broker			10,537				74,762				39,703
Receivable for securities sold			1,526,740				11,789,145				5,863,986
Dividends and interest receivable			296,874				1,402,743				587,667
Receivable for fund shares sold			46,726				269,961				17,713
Upfront payments paid on credit default swap contracts			7,583				57,671				29,210
Unrealized appreciation on credit default swap contracts			7,319				53,467				27,823
Unrealized appreciation on foreign currency exchange contracts			1,413				6,711				5,685

Total assets			75,940,541				302,637,037				107,572,351

Liabilities:
Payable for securities purchased			2,811,881				20,790,418				10,301,353
Payable for fund shares redeemed			31,125				112,119				160,140
Variation margin due to broker on futures contracts			5,873				43,659				50,932
Swap payments payable			227				1,642				859
Distributions payable			—				—				1,146
Other accrued expenses			114,118				198,722				142,501
Distribution fees payable to affiliates			19,780				57,599				37,482
Other affiliates payable			16,682				26,334				18,026
Investment management fees payable			7,484				135,039				15,075
Trustees’ fees and expenses payable			194				753				259
Upfront payments received on credit default swap contracts			9,893				70,050				37,259
Variation margin due to broker on centrally cleared credit default swap contracts			638				4,509				2,403
Unrealized depreciation on foreign currency exchange contracts			392				2,581				2,399

Total liabilities			3,018,287				21,443,425				10,769,834

Total Net Assets		$	72,922,254			$	281,193,612			$	96,802,517

Net Assets Consist of:
Paid-in capital		$	62,409,971			$	251,679,727			$	90,329,525
Undistributed (distributions in excess of) net investment income			399,594				182,283				(274,774	)
Undistributed net realized gain			692,290				2,201,865				630,854
Net unrealized appreciation of investments			9,389,665				26,873,625				5,922,164
Net unrealized depreciation of foreign currencies			(11,128	)			(21,790	)			(4,066	)
Net unrealized appreciation of foreign currency exchange contracts			1,021				4,130				3,286
Net unrealized appreciation of futures contracts			34,379				226,396				170,935
Net unrealized appreciation of swap contracts			6,462				47,376				24,593

Total Net Assets		$	72,922,254			$	281,193,612			$	96,802,517


	Delaware Foundation^® Growth Allocation Fund			Delaware Foundation Moderate Allocation Fund			Delaware Foundation Conservative Allocation Fund
Net Asset Value

Class A:
Net assets	$	42,144,312		$	176,280,599		$	45,580,017
Shares of beneficial interest outstanding, unlimited authorization, no par		4,545,804			16,684,313			4,935,765
Net asset value per share	$	9.27		$	10.57		$	9.23
Sales charge		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 – sales charge)	$	9.84		$	11.21		$	9.79

Class C:
Net assets	$	10,992,374		$	26,410,820		$	31,554,017
Shares of beneficial interest outstanding, unlimited authorization, no par		1,221,562			2,499,276			3,407,660
Net asset value per share	$	9.00		$	10.57		$	9.26

Class R:
Net assets	$	4,580,342		$	1,728,650		$	4,019,573
Shares of beneficial interest outstanding, unlimited authorization, no par		498,181			164,253			435,314
Net asset value per share	$	9.19		$	10.52		$	9.23

Institutional Class:
Net assets	$	15,205,226		$	76,773,543		$	15,648,910
Shares of beneficial interest outstanding, unlimited authorization, no par		1,628,642			7,263,279			1,691,039
Net asset value per share	$	9.34		$	10.57		$	9.25
__________________
¹Investments, at cost	$	61,509,919		$	248,052,270		$	88,603,961
²Short-term investments, at cost		3,052,569			13,762,215			6,347,836
³Foreign currencies, at cost		56,154			107,321			44,834

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

Statements of operations

Delaware Foundation Funds^®

Six months ended September 30, 2015 (Unaudited)


	Delaware Foundation^® Growth Allocation Fund			Delaware Foundation Moderate Allocation Fund			Delaware Foundation Conservative Allocation Fund
Investment Income:
Dividends	$	817,485		$	2,225,851		$	550,927
Interest		279,934			2,107,673			1,136,151
Foreign tax withheld		(46,557	)		(125,070	)		(30,527	)

		1,050,862			4,208,454			1,656,551

Expenses:
Management fees		261,274			954,298			338,099
Distribution expenses – Class A		56,863			225,834			61,422
Distribution expenses – Class C		56,610			144,876			170,475
Distribution expenses – Class R		11,610			5,315			10,468
Dividend disbursing and transfer agent fees and expenses		74,792			143,088			60,968
Custodian fees		43,397			52,248			38,704
Audit and tax fees		32,409			32,503			32,410
Registration fees		28,494			32,910			34,440
Reports and statements to shareholders		25,647			55,327			47,103
Accounting and administration expenses		12,758			46,626			16,611
Legal fees		3,842			16,523			5,450
Trustees’ fees and expenses		1,896			6,878			2,494
Other		32,598			38,303			34,695

		642,190			1,754,729			853,339
Less expenses waived		(145,293	)		(42,486	)		(113,381	)
Less expenses paid indirectly		(31	)		(106	)		(28	)

Total operating expenses		496,866			1,712,137			739,930

Net Investment Income		553,996			2,496,317			916,621


Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,640,965			5,058,803			1,435,390
Foreign currencies		(42,134	)		(230,294	)		(150,338	)
Foreign currency exchange contracts		3,049			(21,840	)		10,195
Futures contracts		(26,123	)		68,655			98,146
Swap contracts		241			3,056			628

Net realized gain		1,575,998			4,878,380			1,394,021

Net change in unrealized appreciation (depreciation) of:
Investments		(8,265,189	)		(25,571,078	)		(7,339,829	)
Foreign currencies		(185	)		14,558			21,288
Foreign currency exchange contracts		(3,841	)		(22,642	)		(16,099	)
Futures contracts		46,366			242,503			165,040
Swap contracts		6,462			47,376			24,593

Net change in unrealized appreciation (depreciation)		(8,216,387	)		(25,289,283	)		(7,145,007	)

Net Realized and Unrealized Loss		(6,640,389	)		(20,410,903	)		(5,750,986	)


Net Decrease in Net Assets Resulting from Operations	$	(6,086,393	)	$	(17,914,586	)	$	(4,834,365	)

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

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Statements of changes in net assets

Delaware Foundation Funds^®


	Delaware Foundation^® Growth Allocation Fund
	Six months ended 9/30/15 (Unaudited)			10/1/14 to 3/31/15*			Year ended 9/30/14
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	553,996		$	340,842		$	1,270,611
Net realized gain		1,575,998			4,756,955			8,914,822
Net change in unrealized appreciation (depreciation)		(8,216,387	)		(2,552,317	)		(1,607,140	)

Net increase (decrease) in net assets resulting from operations		(6,086,393	)		2,545,480			8,578,293


Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(81,382	)		(670,486	)		(603,852	)
Class B		—			—			(12,160	)
Class C		(1,090	)		(104,793	)		(48,978	)
Class R		(5,634	)		(229,430	)		(157,594	)
Institutional Class		(55,926	)		(388,795	)		(351,106	)

Net realized gain:
Class A		(2,548,547	)		(3,832,820	)		(3,111,229	)
Class B		—			—			(62,653	)
Class C		(648,191	)		(1,033,470	)		(552,240	)
Class R		(257,880	)		(1,525,979	)		(996,815	)
Institutional Class		(1,279,840	)		(1,942,280	)		(1,526,037	)

		(4,878,490	)		(9,728,053	)		(7,422,664	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		5,132,271			8,011,391			6,530,915
Class B		—			—			7,978
Class C		1,691,048			1,695,226			2,924,031
Class R		1,347,825			2,038,922			2,506,334
Institutional Class		4,051,000			3,118,268			17,344,742

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		2,598,087			4,436,305			3,683,355
Class B		—			—			74,082
Class C		634,185			1,107,607			587,450
Class R		260,738			1,749,402			1,150,296
Institutional Class		988,083			1,647,866			1,528,053

		16,703,237			23,804,987			36,337,236


	Delaware Foundation^® Growth Allocation Fund
	Six months ended 9/30/15 (Unaudited)			10/1/14 to 3/31/15*			Year ended 9/30/14
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(3,917,976	)	$	(4,466,450	)	$	(19,715,840	)
Class B		—			—			(1,217,288	)
Class C		(760,148	)		(634,038	)		(1,544,372	)
Class R		(768,484	)		(13,646,610	)		(2,788,415	)
Institutional Class		(7,533,984	)		(1,717,849	)		(26,135,144	)

		(12,980,592	)		(20,464,947	)		(51,401,059	)

Increase (Decrease) in net assets derived from capital share transactions		3,722,645			3,340,040			(15,063,823	)

Net Decrease in Net Assets		(7,242,238	)		(3,842,533	)		(13,908,194	)

Net Assets:
Beginning of period		80,164,492			84,007,025			97,915,219

End of period	$	72,922,254		$	80,164,492		$	84,007,025

Undistributed (distributions in excess of) net investment income	$	399,594		$	(10,370	)	$	1,039,530

^* During the period ended March 31, 2015, the Fund changed its fiscal year end from September to March.

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^® Moderate Allocation Fund
	Six months ended 9/30/15 (Unaudited)			10/1/14 to 3/31/15*			Year ended 9/30/14
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,496,317		$	1,979,719		$	5,839,168
Net realized gain		4,878,380			15,458,105			24,649,805
Net change in unrealized appreciation (depreciation)		(25,289,283	)		(8,633,698	)		(3,466,979	)

Net increase (decrease) in net assets resulting from operations		(17,914,586	)		8,804,126			27,021,994


Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(1,799,002	)		(1,827,308	)		(2,891,845	)
Class B		—			—			(10,609	)
Class C		(163,642	)		(156,883	)		(233,429	)
Class R		(16,323	)		(123,654	)		(300,275	)
Institutional Class		(744,846	)		(666,817	)		(1,212,686	)

Net realized gain:
Class A		(10,223,231	)		(15,038,907	)		(11,302,237	)
Class B		—			—			(56,210	)
Class C		(1,560,097	)		(2,126,585	)		(1,280,965	)
Class R		(108,271	)		(1,767,981	)		(1,219,067	)
Institutional Class		(3,278,591	)		(4,875,746	)		(3,219,383	)

		(17,894,003	)		(26,583,881	)		(21,726,706	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		3,358,279			4,019,646			11,087,706
Class B		—			—			24,360
Class C		2,606,147			2,868,847			8,147,792
Class R		634,792			1,488,037			2,666,433
Institutional Class		24,955,049			8,746,195			35,027,943

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		10,893,420			15,150,986			12,716,282
Class B		—			—			66,760
Class C		1,659,469			2,172,738			1,431,152
Class R		124,592			1,891,527			1,519,340
Institutional Class		1,558,584			2,313,602			2,027,366

		45,790,332			38,651,578			74,715,134


	Delaware Foundation^® Moderate Allocation Fund
	Six months ended 9/30/15 (Unaudited)			10/1/14 to 3/31/15*			Year ended 9/30/14
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(10,625,445	)	$	(13,648,646	)	$	(45,785,450	)
Class B		—			—			(1,299,556	)
Class C		(3,255,533	)		(2,401,739	)		(4,802,879	)
Class R		(1,295,551	)		(23,847,621	)		(3,798,762	)
Institutional Class		(3,813,261	)		(4,747,408	)		(45,093,605	)

		(18,989,790	)		(44,645,414	)		(100,780,252	)

Increase (Decrease) in net assets derived from capital share transactions		26,800,542			(5,993,836	)		(26,065,118	)

Net Decrease in Net Assets		(9,008,047	)		(23,773,591	)		(20,769,830	)

Net Assets:
Beginning of period		290,201,659			313,975,250			334,745,080

End of period	$	281,193,612		$	290,201,659		$	313,975,250

Undistributed net investment income	$	182,283		$	409,779		$	1,022,864

^* During the period ended March 31, 2015, the Fund changed its fiscal year end from September to March.

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

(continues) 97

Statements of changes in net assets

Delaware Foundation Funds^®


	Delaware Foundation^® Conservative Allocation Fund
	Six months ended 9/30/15 (Unaudited)			10/1/14 to 3/31/15*			Year ended 9/30/14
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	916,621		$	853,535		$	2,965,938
Net realized gain		1,394,021			4,398,007			10,112,147
Net change in unrealized appreciation (depreciation)		(7,145,007	)		(2,269,835	)		(2,238,392	)

Net increase (decrease) in net assets resulting from operations		(4,834,365	)		2,981,707			10,839,693


Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(546,764	)		(543,728	)		(1,337,552	)
Class B		—			—			(3,240	)
Class C		(258,661	)		(237,788	)		(502,587	)
Class R		(41,785	)		(63,235	)		(161,662	)
Institutional Class		(217,020	)		(214,204	)		(1,047,149	)

Net realized gain:
Class A		(1,733,197	)		(4,241,701	)		(1,716,123	)
Class B		—			—			(4,304	)
Class C		(1,238,799	)		(2,890,282	)		(658,350	)
Class R		(148,070	)		(729,542	)		(146,792	)
Institutional Class		(644,440	)		(1,492,551	)		(592,651	)

		(4,828,736	)		(10,413,031	)		(6,170,410	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		3,482,376			4,407,440			14,011,807
Class B		—			—			3,265
Class C		2,462,902			3,278,408			10,696,827
Class R		542,204			754,001			5,215,274
Institutional Class		1,905,603			3,504,138			40,956,160

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		2,230,360			4,647,836			2,958,782
Class B		—			—			7,543
Class C		1,440,045			2,965,207			1,097,606
Class R		189,672			792,356			308,454
Institutional Class		694,742			1,380,681			1,527,292

		12,947,904			21,730,067			76,783,010


	Delaware Foundation^® Conservative Allocation Fund
	Six months ended 9/30/15 (Unaudited)			10/1/14 to 3/31/15*			Year ended 9/30/14
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(7,362,456	)	$	(6,417,076	)	$	(47,660,435	)
Class B		—			—			(273,538	)
Class C		(3,846,773	)		(4,378,655	)		(8,808,935	)
Class R		(557,458	)		(6,033,341	)		(2,013,059	)
Institutional Class		(3,677,641	)		(6,407,936	)		(54,098,565	)

		(15,444,328	)		(23,237,008	)		(112,854,532	)

Decrease in net assets derived from capital share transactions		(2,496,424	)		(1,506,941	)		(36,071,522	)

Net Decrease in Net Assets		(12,159,525	)		(8,938,265	)		(31,402,239	)

Net Assets:
Beginning of period		108,962,042			117,900,307			149,302,546

End of period	$	96,802,517		$	108,962,042		$	117,900,307

Distributions in excess of net investment income	$	(274,774	)	$	(127,165	)	$	(42,458	)

^* During the period ended March 31, 2015, the Fund changed its fiscal year end from September to March.

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			10/1/14
	ended			to			Year ended
	9/30/15¹			3/31/15²			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
	(Unaudited)
Net asset value, beginning of period	$	10.640		$	11.640		$	11.550		$	10.220		$	8.970		$	9.390		$	8.670

Income (loss) from investment operations:
Net investment income³		0.074			0.049			0.159			0.148			0.143			0.158			0.158
Net realized and unrealized gain (loss)		(0.830	)		0.295			0.860			1.355			1.506			(0.426	)		0.745

Total from investment operations		(0.756	)		0.344			1.019			1.503			1.649			(0.268	)		0.903


Less dividends and distributions from:
Net investment income		(0.019	)		(0.200	)		(0.151	)		(0.145	)		(0.148	)		(0.152	)		(0.183	)
Net realized gain		(0.595	)		(1.144	)		(0.778	)		(0.028	)		(0.251	)		—			—

Total dividends and distributions		(0.614	)		(1.344	)		(0.929	)		(0.173	)		(0.399	)		(0.152	)		(0.183	)


Net asset value, end of period	$	9.270		$	10.640		$	11.640		$	11.550		$	10.220		$	8.970		$	9.390


Total return⁴		(7.66%	)		3.15%			9.21%			14.92%			18.87%			(3.00%	)		10.53%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	42,144		$	44,463		$	39,716		$	49,046		$	42,992		$	38,595		$	37,248
Ratio of expenses to average net assets		1.17%			1.17%			1.15%			1.15%			1.15%			1.15%			1.12%
Ratio of expenses to average net assets prior to fees waived		1.53%			1.58%			1.44%			1.52%			1.53%			1.54%			1.66%
Ratio of net investment income to average net assets		1.44%			0.89%			1.37%			1.37%			1.47%			1.58%			1.77%
Ratio of net investment income to average net assets prior to fees waived		1.08%			0.48%			1.08%			1.00%			1.09%			1.19%			1.23%
Portfolio turnover		44%			49%			77%			104%			109%			110%			98%

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

²	During the period ended March 31, 2015, the Fund changed its fiscal year end from September to March. Ratios have been annualized and total return and portfolio turnover have not been annualized.

³	The average shares outstanding method has been applied for per share information.

⁴

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.

100

Delaware Foundation^® Growth Allocation Fund Class C

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


	Six months			10/1/14
	ended			to			Year ended
	9/30/15¹			3/31/15²			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
	(Unaudited)
Net asset value, beginning of period	$	10.360		$	11.340		$	11.270		$	9.980		$	8.760		$	9.180		$	8.490

Income (loss) from investment operations:
Net investment income³		0.034			0.007			0.071			0.066			0.068			0.081			0.089
Net realized and unrealized gain (loss)		(0.798	)		0.273			0.846			1.324			1.479			(0.415	)		0.728

Total from investment operations		(0.764	)		0.280			0.917			1.390			1.547			(0.334	)		0.817


Less dividends and distributions from:
Net investment income		(0.001	)		(0.116	)		(0.069	)		(0.072	)		(0.076	)		(0.086	)		(0.127	)
Net realized gain		(0.595	)		(1.144	)		(0.778	)		(0.028	)		(0.251	)		—			—

Total dividends and distributions		(0.596	)		(1.260	)		(0.847	)		(0.100	)		(0.327	)		(0.086	)		(0.127	)
											��

Net asset value, end of period	$	9.000		$	10.360		$	11.340		$	11.270		$	9.980		$	8.760		$	9.180


Total return⁴		(7.94%	)		2.72%			8.37%			14.05%			18.04%			(3.73%	)		9.70%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	10,993		$	11,017		$	9,707		$	7,687		$	6,570		$	6,043		$	6,789
Ratio of expenses to average net assets		1.92%			1.92%			1.90%			1.90%			1.90%			1.90%			1.87%
Ratio of expenses to average net assets prior to fees waived		2.28%			2.33%			2.19%			2.22%			2.23%			2.24%			2.36%
Ratio of net investment income to average net assets		0.69%			0.14%			0.62%			0.62%			0.72%			0.83%			1.02%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.33%			(0.27%	)		0.33%			0.30%			0.39%			0.49%			0.53%
Portfolio turnover		44%			49%			77%			104%			109%			110%			98%

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

²	During the period ended March 31, 2015, the Fund changed its fiscal year end from September to March. Ratios have been annualized and total return and portfolio turnover have not been annualized.

³	The average shares outstanding method has been applied for per share information.

⁴

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) 101

Financial highlights

Delaware Foundation^® Growth Allocation Fund Class R

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


	Six months			10/1/14
	ended			to			Year ended
	9/30/15¹			3/31/15²			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
	(Unaudited)
Net asset value, beginning of period	$	10.560		$	11.560		$	11.480		$	10.150		$	8.910		$	9.330		$	8.610

Income (loss) from investment operations:
Net investment income³		0.060			0.035			0.131			0.121			0.118			0.132			0.136
Net realized and unrealized gain (loss)		(0.822	)		0.281			0.850			1.357			1.497			(0.424	)		0.747

Total from investment operations		(0.762	)		0.316			0.981			1.478			1.615			(0.292	)		0.883


Less dividends and distributions from:
Net investment income		(0.013	)		(0.172	)		(0.123	)		(0.120	)		(0.124	)		(0.128	)		(0.163	)
Net realized gain		(0.595	)		(1.144	)		(0.778	)		(0.028	)		(0.251	)		—			—

Total dividends and distributions		(0.608	)		(1.316	)		(0.901	)		(0.148	)		(0.375	)		(0.128	)		(0.163	)


Net asset value, end of period	$	9.190		$	10.560		$	11.560		$	11.480		$	10.150		$	8.910		$	9.330


Total return⁴		(7.78%	)		2.91%			8.92%			14.75%			18.58%			(3.25%	)		10.36%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4,580		$	4,399		$	15,654		$	14,635		$	12,156		$	10,085		$	8,136
Ratio of expenses to average net assets		1.42%			1.42%			1.40%			1.40%			1.40%			1.40%			1.37%
Ratio of expenses to average net assets prior to fees waived		1.78%			1.83%			1.69%			1.82%			1.83%			1.84%			1.96%
Ratio of net investment income to average net assets		1.19%			0.64%			1.12%			1.12%			1.22%			1.33%			1.52%
Ratio of net investment income to average net assets prior to fees waived		0.83%			0.23%			0.83%			0.70%			0.79%			0.89%			0.93%
Portfolio turnover		44%			49%			77%			104%			109%			110%			98%

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

²	During the period ended March 31, 2015, the Fund changed its fiscal year end from September to March. Ratios have been annualized and total return and portfolio turnover have not been annualized.

³	The average shares outstanding method has been applied for per share information.

⁴

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.

102

Delaware Foundation^® Growth Allocation Fund Institutional Class

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


	Six months			10/1/14
	ended			to			Year ended
	9/30/15¹			3/31/15²			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
	(Unaudited)
Net asset value, beginning of period	$	10.700		$	11.720		$	11.630		$	10.280		$	9.020		$	9.440		$	8.710

Income (loss) from investment operations:
Net investment income³		0.088			0.063			0.187			0.175			0.168			0.184			0.181
Net realized and unrealized gain (loss)		(0.827	)		0.290			0.860			1.372			1.516			(0.429	)		0.751

Total from investment operations		(0.739	)		0.353			1.047			1.547			1.684			(0.245	)		0.932


Less dividends and distributions from:
Net investment income		(0.026	)		(0.229	)		(0.179	)		(0.169	)		(0.173	)		(0.175	)		(0.202	)
Net realized gain		(0.595	)		(1.144	)		(0.778	)		(0.028	)		(0.251	)		—			—

Total dividends and distributions		(0.621	)		(1.373	)		(0.957	)		(0.197	)		(0.424	)		(0.175	)		(0.202	)


Net asset value, end of period	$	9.340		$	10.700		$	11.720		$	11.630		$	10.280		$	9.020		$	9.440


Total return⁴		(7.46%	)		3.21%			9.42%			15.30%			19.19%			(2.76%	)		10.84%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	15,205		$	20,285		$	18,930		$	25,426		$	37,054		$	30,452		$	29,311
Ratio of expenses to average net assets		0.92%			0.92%			0.90%			0.90%			0.90%			0.90%			0.87%
Ratio of expenses to average net assets prior to fees waived		1.28%			1.33%			1.19%			1.22%			1.23%			1.24%			1.36%
Ratio of net investment income to average net assets		1.69%			1.14%			1.62%			1.62%			1.72%			1.83%			2.02%
Ratio of net investment income to average net assets prior to fees waived		1.33%			0.73%			1.33%			1.30%			1.39%			1.49%			1.53%
Portfolio turnover		44%			49%			77%			104%			109%			110%			98%

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

²	During the period ended March 31, 2015, the Fund changed its fiscal year end from September to March. Ratios have been annualized and total return and portfolio turnover have not been annualized.

³	The average shares outstanding method has been applied for per share information.

⁴

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) 103

Financial highlights

Delaware Foundation^® Moderate Allocation Fund Class A

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


	Six months			10/1/14
	ended			to			Year ended
	9/30/15¹			3/31/15²			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
	(Unaudited)
Net asset value, beginning of period	$	11.970		$	12.700		$	12.520		$	11.520		$	10.080		$	10.410		$	9.74

Income (loss) from investment operations:
Net investment income³		0.099			0.082			0.223			0.210			0.202			0.225			0.249
Net realized and unrealized gain (loss)		(0.757	)		0.266			0.790			1.006			1.444			(0.355	)		0.817

Total from investment operations		(0.658	)		0.348			1.013			1.216			1.646			(0.130	)		1.066


Less dividends and distributions from:
Net investment income		(0.110	)		(0.115	)		(0.181	)		(0.216	)		(0.206	)		(0.200	)		(0.396	)
Net realized gain		(0.632	)		(0.963	)		(0.652	)		—			—			—			—

Total dividends and distributions		(0.742	)		(1.078	)		(0.833	)		(0.216	)		(0.206	)		(0.200	)		(0.396	)


Net asset value, end of period	$	10.570		$	11.970		$	12.700		$	12.520		$	11.520		$	10.080		$	10.410


Total return⁴		(5.93%	)		2.89%			8.34%			10.66%			16.46%			(1.39%	)		11.06%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	176,281		$	195,937		$	201,628		$	220,891		$	214,553		$	197,639		$	201,006
Ratio of expenses to average net assets		1.15%			1.16%			1.13%			1.13%			1.13%			1.13%			1.10%
Ratio of expenses to average net assets prior to fees waived		1.18%			1.25%			1.17%			1.25%			1.25%			1.24%			1.33%
Ratio of net investment income to average net assets		1.72%			1.34%			1.75%			1.75%			1.84%			2.05%			2.49%
Ratio of net investment income to average net assets prior to fees waived		1.69%			1.25%			1.71%			1.63%			1.72%			1.94%			2.26%
Portfolio turnover		60%			65%			115%			135%			157%			164%			134%

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

²	During the period ended March 31, 2015, the Fund changed its fiscal year end from September to March. Ratios have been annualized and total return and portfolio turnover have not been annualized.

³	The average shares outstanding method has been applied for per share information.

⁴

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			10/1/14
	ended			to			Year ended
	9/30/15¹			3/31/15²			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
	(Unaudited)
Net asset value, beginning of period	$	11.970		$	12.700		$	12.550		$	11.550		$	10.100		$	10.430		$	9.730

Income (loss) from investment operations:
Net investment income³		0.055			0.035			0.126			0.119			0.118			0.141			0.172
Net realized and unrealized gain (loss)		(0.757	)		0.267			0.784			1.007			1.454			(0.352	)		0.802

Total from investment operations		(0.702	)		0.302			0.910			1.126			1.572			(0.211	)		0.974


Less dividends and distributions from:
Net investment income		(0.066	)		(0.069	)		(0.108	)		(0.126	)		(0.122	)		(0.119	)		(0.274	)
Net realized gain		(0.632	)		(0.963	)		(0.652	)		—			—			—			—

Total dividends and distributions		(0.698	)		(1.032	)		(0.760	)		(0.126	)		(0.122	)		(0.119	)		(0.274	)


Net asset value, end of period	$	10.570		$	11.970		$	12.700		$	12.550		$	11.550		$	10.100		$	10.430


Total return⁴		(6.29%	)		2.50%			7.47%			9.81%			15.53%			(2.03%	)		10.16%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	26,411		$	28,965		$	27,906		$	22,838		$	16,575		$	13,813		$	12,068
Ratio of expenses to average net assets		1.91%			1.92%			1.90%			1.90%			1.90%			1.90%			1.87%
Ratio of expenses to average net assets prior to fees waived		1.94%			2.01%			1.94%			1.97%			1.97%			2.01%			2.06%
Ratio of net investment income to average net assets		0.96%			0.58%			0.98%			0.98%			1.07%			1.28%			1.72%
Ratio of net investment income to average net assets prior to fees waived		0.93%			0.49%			0.94%			0.91%			1.00%			1.17%			1.53%
Portfolio turnover		60%			65%			115%			135%			157%			164%			134%

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

²	During the period ended March 31, 2015, the Fund changed its fiscal year end from September to March. Ratios have been annualized and total return and portfolio turnover have not been annualized.

³	The average shares outstanding method has been applied for per share information.

⁴

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			10/1/14 to			Year ended
	9/30/15¹			3/31/15²			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
	(Unaudited)
Net asset value, beginning of period	$	11.930		$	12.660		$	12.500		$	11.500		$	10.060		$	10.380		$	9.710

Income (loss) from investment operations:
Net investment income³		0.084			0.066			0.189			0.178			0.172			0.195			0.223
Net realized and unrealized gain (loss)		(0.767	)		0.267			0.779			1.005			1.445			(0.348	)		0.799

Total from investment operations		(0.683	)		0.333			0.968			1.183			1.617			(0.153	)		1.022


Less dividends and distributions from:
Net investment income		(0.095	)		(0.100	)		(0.156	)		(0.183	)		(0.177	)		(0.167	)		(0.352	)
Net realized gain		(0.632	)		(0.963	)		(0.652	)		—			—			—			—

Total dividends and distributions		(0.727	)		(1.063	)		(0.808	)		(0.183	)		(0.177	)		(0.167	)		(0.352	)


Net asset value, end of period	$	10.520		$	11.930		$	12.660		$	12.500		$	11.500		$	10.060		$	10.38


Total return⁴		(6.16%	)		2.76%			7.99%			10.38%			16.19%			(1.60%	)		10.73%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,729		$	2,501		$	24,307		$	23,566		$	22,883		$	18,645		$	6,994
Ratio of expenses to average net assets		1.41%			1.42%			1.40%			1.40%			1.40%			1.40%			1.37%
Ratio of expenses to average net assets prior to fees waived		1.44%			1.51%			1.44%			1.57%			1.57%			1.61%			1.66%
Ratio of net investment income to average net assets		1.46%			1.08%			1.48%			1.48%			1.57%			1.78%			2.22%
Ratio of net investment income to average net assets prior to fees waived		1.43%			0.99%			1.44%			1.31%			1.40%			1.57%			1.93%
Portfolio turnover		60%			65%			115%			135%			157%			164%			134%

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

²	During the period ended March 31, 2015, the Fund changed its fiscal year end from September to March. Ratios have been annualized and total return and portfolio turnover have not been annualized.

³	The average shares outstanding method has been applied for per share information.

⁴

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			10/1/14 to			Year ended
	9/30/15¹			3/31/15²			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
	(Unaudited)
Net asset value, beginning of period	$	11.980		$	12.710		$	12.520		$	11.520		$	10.080		$	10.400		$	9.760

Income (loss) from investment operations:
Net investment income³		0.112			0.097			0.252			0.238			0.228			0.250			0.272
Net realized and unrealized gain (loss)		(0.766	)		0.266			0.793			1.005			1.444			(0.345	)		0.802

Total from investment operations		(0.654	)		0.363			1.045			1.243			1.672			(0.095	)		1.074


Less dividends and distributions from:
Net investment income		(0.124	)		(0.130	)		(0.203	)		(0.243	)		(0.232	)		(0.225	)		(0.434	)
Net realized gain		(0.632	)		(0.963	)		(0.652	)		—			—			—			—

Total dividends and distributions		(0.756	)		(1.093	)		(0.855	)		(0.243	)		(0.232	)		(0.225	)		(0.434	)


Net asset value, end of period	$	10.570		$	11.980		$	12.710		$	12.520		$	11.520		$	10.080		$	10.400


Total return⁴		(5.89%	)		3.01%			8.62%			10.91%			16.73%			(1.07%	)		11.26%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	76,773		$	62,799		$	60,134		$	66,263		$	142,925		$	113,458		$	66,326
Ratio of expenses to average net assets		0.91%			0.92%			0.90%			0.90%			0.90%			0.90%			0.87%
Ratio of expenses to average net assets prior to fees waived		0.94%			1.01%			0.94%			0.97%			0.97%			1.01%			1.06%
Ratio of net investment income to average net assets		1.96%			1.58%			1.98%			1.98%			2.07%			2.28%			2.72%
Ratio of net investment income to average net assets prior to fees waived		1.93%			1.49%			1.94%			1.91%			2.00%			2.17%			2.53%
Portfolio turnover		60%			65%			115%			135%			157%			164%			134%

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

²	During the period ended March 31, 2015, the Fund changed its fiscal year end from September to March. Ratios have been annualized and total return and portfolio turnover have not been annualized.

³	The average shares outstanding method has been applied for per share information.

⁴

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			10/1/14 to			Year ended
	9/30/15¹			3/31/15²			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
	(Unaudited)
Net asset value, beginning of period	$	10.160		$	10.870		$	10.570		$	10.220		$	9.430		$	9.900		$	9.360

Income (loss) from investment operations:
Net investment income³		0.097			0.090			0.223			0.198			0.203			0.245			0.289
Net realized and unrealized gain (loss)		(0.550	)		0.203			0.540			0.414			1.035			(0.183	)		0.687

Total from investment operations		(0.453	)		0.293			0.763			0.612			1.238			0.062			0.976


Less dividends and distributions from:
Net investment income		(0.113	)		(0.111	)		(0.245	)		(0.192	)		(0.186	)		(0.236	)		(0.436	)
Net realized gain		(0.364	)		(0.892	)		(0.218	)		(0.070	)		(0.262	)		(0.296	)		—

Total dividends and distributions		(0.477	)		(1.003	)		(0.463	)		(0.262	)		(0.448	)		(0.532	)		(0.436	)


Net asset value, end of period	$	9.230		$	10.160		$	10.870		$	10.570		$	10.220		$	9.430		$	9.900


Total return⁴		(4.68%	)		2.86%			7.34%			6.09%			13.47%			0.48%			10.70%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	45,580		$	51,722		$	52,429		$	81,655		$	75,988		$	66,175		$	55,513
Ratio of expenses to average net assets		1.20%			1.15%			1.13%			1.13%			1.13%			1.14%			1.13%
Ratio of expenses to average net assets prior to fees waived		1.42%			1.50%			1.33%			1.41%			1.43%			1.47%			1.55%
Ratio of net investment income to average net assets		1.96%			1.73%			2.06%			1.90%			2.05%			2.44%			3.02%
Ratio of net investment income to average net assets prior to fees waived		1.74%			1.38%			1.86%			1.62%			1.75%			2.11%			2.60%
Portfolio turnover		72%			93%			163%			210%			219%			211%			192%

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

²	During the period ended March 31, 2015, the Fund changed its fiscal year end from September to March. Ratios have been annualized and total return and portfolio turnover have not been annualized.

³	The average shares outstanding method has been applied for per share information.

⁴

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

108

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			10/1/14 to			Year ended
	9/30/15¹			3/31/15²			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
	(Unaudited)
Net asset value, beginning of period	$	10.180		$	10.900		$	10.590		$	10.240		$	9.450		$	9.920		$	9.330

Income (loss) from investment operations:
Net investment income³		0.060			0.051			0.143			0.120			0.129			0.170			0.218
Net realized and unrealized gain (loss)		(0.540	)		0.193			0.541			0.420			1.035			(0.190	)		0.695

Total from investment operations		(0.480	)		0.244			0.684			0.540			1.164			(0.020	)		0.913


Less dividends and distributions from:
Net investment income		(0.076	)		(0.072	)		(0.156	)		(0.120	)		(0.112	)		(0.154	)		(0.323	)
Net realized gain		(0.364	)		(0.892	)		(0.218	)		(0.070	)		(0.262	)		(0.296	)		—

Total dividends and distributions		(0.440	)		(0.964	)		(0.374	)		(0.190	)		(0.374	)		(0.450	)		(0.323	)


Net asset value, end of period	$	9.260		$	10.180		$	10.900		$	10.590		$	10.240		$	9.450		$	9.920


Total return⁴		(4.93%	)		2.37%			6.56%			5.35%			12.60%			(0.34%	)		9.98%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	31,554		$	34,671		$	35,101		$	31,132		$	23,943		$	17,206		$	10,578
Ratio of expenses to average net assets		1.95%			1.90%			1.88%			1.88%			1.88%			1.89%			1.88%
Ratio of expenses to average net assets prior to fees waived		2.17%			2.25%			2.08%			2.11%			2.13%			2.17%			2.25%
Ratio of net investment income to average net assets		1.21%			0.98%			1.31%			1.15%			1.30%			1.69%			2.27%
Ratio of net investment income to average net assets prior to fees waived		0.99%			0.63%			1.11%			0.92%			1.05%			1.41%			1.90%
Portfolio turnover		72%			93%			163%			210%			219%			211%			192%

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

²	During the period ended March 31, 2015, the Fund changed its fiscal year end from September to March. Ratios have been annualized and total return and portfolio turnover have not been annualized.

³	The average shares outstanding method has been applied for per share information.

⁴

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) 109

Financial highlights

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			10/1/14 to			Year ended
	9/30/15¹			3/31/15²			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
	(Unaudited)
Net asset value, beginning of period	$	10.150		$	10.870		$	10.570		$	10.220		$	9.430		$	9.900		$	9.350

Income (loss) from investment operations:
Net investment income³		0.084			0.077			0.197			0.172			0.178			0.220			0.265
Net realized and unrealized gain (loss)		(0.540	)		0.193			0.537			0.415			1.035			(0.184	)		0.683

Total from investment operations		(0.456	)		0.270			0.734			0.587			1.213			0.036			0.948


Less dividends and distributions from:
Net investment income		(0.100	)		(0.098	)		(0.216	)		(0.167	)		(0.161	)		(0.210	)		(0.398	)
Net realized gain		(0.364	)		(0.892	)		(0.218	)		(0.070	)		(0.262	)		(0.296	)		—

Total dividends and distributions		(0.464	)		(0.990	)		(0.434	)		(0.237	)		(0.423	)		(0.506	)		(0.398	)


Net asset value, end of period	$	9.230		$	10.150		$	10.870		$	10.570		$	10.220		$	9.430		$	9.900


Total return⁴		(4.71%	)		2.63%			7.06%			5.84%			13.19%			0.22%			10.39%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4,020		$	4,232		$	9,327		$	5,646		$	4,293		$	3,220		$	1,590
Ratio of expenses to average net assets		1.45%			1.40%			1.38%			1.38%			1.38%			1.39%			1.38%
Ratio of expenses to average net assets prior to fees waived		1.67%			1.75%			1.58%			1.71%			1.73%			1.77%			1.85%
Ratio of net investment income to average net assets		1.71%			1.48%			1.81%			1.65%			1.80%			2.19%			2.77%
Ratio of net investment income to average net assets prior to fees waived		1.49%			1.13%			1.61%			1.32%			1.45%			1.81%			2.30%
Portfolio turnover		72%			93%			163%			210%			219%			211%			192%

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

²	During the period ended March 31, 2015, the Fund changed its fiscal year end from September to March. Ratios have been annualized and total return and portfolio turnover have not been annualized.

³	The average shares outstanding method has been applied for per share information.

⁴

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

110

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			10/1/14 to			Year ended
	9/30/15¹			3/31/15²			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
	(Unaudited)
Net asset value, beginning of period	$	10.180		$	10.890		$	10.590		$	10.230		$	9.440		$	9.920		$	9.390

Income (loss) from investment operations:
Net investment income³		0.110			0.103			0.250			0.224			0.228			0.271			0.314
Net realized and unrealized gain (loss)		(0.551	)		0.203			0.539			0.424			1.035			(0.194	)		0.692

Total from investment operations		(0.441	)		0.306			0.789			0.648			1.263			0.077			1.006


Less dividends and distributions from:
Net investment income		(0.125	)		(0.124	)		(0.271	)		(0.218	)		(0.211	)		(0.261	)		(0.476	)
Net realized gain		(0.364	)		(0.892	)		(0.218	)		(0.070	)		(0.262	)		(0.296	)		—

Total dividends and distributions		(0.489	)		(1.016	)		(0.489	)		(0.288	)		(0.473	)		(0.557	)		(0.476	)


Net asset value, end of period	$	9.250		$	10.180		$	10.890		$	10.590		$	10.230		$	9.440		$	9.920


Total return⁴		(4.55%	)		2.98%			7.59%			6.45%			13.74%			0.63%			11.02%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	15,649		$	18,337		$	21,043		$	30,615		$	45,993		$	33,583		$	30,399
Ratio of expenses to average net assets		0.95%			0.90%			0.88%			0.88%			0.88%			0.89%			0.88%
Ratio of expenses to average net assets prior to fees waived		1.17%			1.25%			1.08%			1.11%			1.13%			1.17%			1.25%
Ratio of net investment income to average net assets		2.21%			1.98%			2.31%			2.15%			2.30%			2.69%			3.27%
Ratio of net investment income to average net assets prior to fees waived		1.99%			1.63%			2.11%			1.92%			2.05%			2.41%			2.90%
Portfolio turnover		72%			93%			163%			210%			219%			211%			192%

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

²	During the period ended March 31, 2015, the Fund changed its fiscal year end from September to March. Ratios have been annualized and total return and portfolio turnover have not been annualized.

³	The average shares outstanding method has been applied for per share information.

⁴

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.

111

Notes to financial statements

Delaware Foundation Funds^®

September 30, 2015 (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, and offer Class A, 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. Effective Sept. 25, 2014, all remaining shares of Class B were converted to Class A shares. 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.

On May 20, 2014, the Fund’s Board of Trustees (Board) approved changing the Funds’ fiscal year-end from Sept. 30 to March 31, effective March 31, 2015.

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 LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and ask prices will be used, which approximates fair value. 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 companies are valued at net asset value, 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. 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. 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. Whenever such a significant event occurs, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

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

112

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, 2012–March 31, 2015), and has concluded that no provision for federal income tax is required in any 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 Sept. 30, 2015 and will mature on the next business day.

To Be Announced Trades (TBA) — Each Fund may contract to purchase or sell securities for a fixed price at a transaction date beyond the customary settlement period (examples: 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 or deliver 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 or the transaction is completed; 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), which is due to changes in foreign exchange rates, is included in the “Statements of operations” under “Net realized gain (loss) on foreign currencies.” For foreign equity securities, these changes are included in the “Statements of operations” under “Net realized and unrealized gain (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 — Each Fund is an investment company, whose financial statements are prepared in conformity with U.S. GAAP. Therefore, each Fund follows the accounting and reporting guidelines for investment companies. 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 accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. 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

(continues) 113

Notes to financial statements

Delaware Foundation Funds^®

1. Significant Accounting Policies (continued)

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 such earnings credits for the six months ended Sept. 30, 2015.

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 on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expense offset shown under “Less expenses paid indirectly.” For the six months ended Sept. 30, 2015, each Fund earned the following amounts under this agreement:


Delaware Foundation Growth Allocation Fund	Delaware Foundation Moderate Allocation Fund	Delaware Foundation Conservative Allocation Fund
$31	$106	$28

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 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/or pay/reimburse each Fund to the extent necessary to ensure that total annual operating expenses (excluding any 12b-1 fees, 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 specified percentages of average daily net assets of each Fund from April 1, 2015 through Sept. 30, 2015* 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%	0.90%

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Funds. For these services, DIFSC’s fees are calculated 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 0.0025% of aggregate average daily net assets in excess of $50 billion. The fees payable to DIFSC under the service agreement described above are allocated among all retail funds in the Delaware Investments Family of Funds on a relative net asset value basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended Sept. 30, 2015, each Fund was charged for these services as follows:

114


Delaware Foundation^® Growth Allocation Fund	Delaware Foundation Moderate Allocation Fund	Delaware Foundation Conservative Allocation Fund
$1,902	$6,947	$2,476

DIFSC also became the transfer agent and dividend disbursing agent of the Funds. For these services, DIFSC’s fees are calculated 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% of average daily net assets in excess of $30 billion. The fees payable to DIFSC under the service agreement described above are allocated among all retail Funds in the Delaware Investments Family of Funds on a relative net asset value basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended Sept. 30, 2015, each Fund was charged for these services as follows:


Delaware Foundation Growth Allocation Fund	Delaware Foundation Moderate Allocation Fund	Delaware Foundation Conservative Allocation Fund
$8,287	$30,277	$10,788

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to each Fund. Sub-transfer agency fees are passed on to and paid 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 C shares, and 0.50% of the average daily net assets of the Class R shares. Institutional Class shares pay no distribution and service fees.

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 0.24% 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 certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended Sept. 30, 2015, 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
$927	$3,390	$1,221

For the six months ended Sept. 30, 2015, 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
$5,443	$6,563	$6,776

For the six months ended Sept. 30, 2015, DDLP received gross CDSC commissions on redemption of each Fund’s Class A and 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:

(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
Class A	$ 18	$ 7	$ —
Class C	445	1,214	339

Trustees’ fees include expenses accrued by the Funds for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, 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. 29, 2015 through July 29, 2016.

3. Investments

For the six months ended Sept. 30, 2015, 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		$29,699,857		$149,637,022		$61,806,142
Purchases of U.S. government securities		4,336,725		30,472,458		10,923,205
Sales other than U.S. government securities		32,534,203		153,647,614		74,064,083
Sales of U.S. government securities		2,108,668		17,502,046		5,621,392

At Sept. 30, 2015, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Sept. 30, 2015, the cost and unrealized appreciation (depreciation) of investments were as follows:


	Delaware Foundation Growth Allocation Fund			Delaware Foundation Moderate Allocation Fund				Delaware Foundation Conservative Allocation Fund
Cost of Investments		$	64,621,154		$	262,168,883			$	95,128,503

Aggregate unrealized appreciation of investments		$	15,997,175		$	46,983,502			$	11,565,703
Aggregate unrealized depreciation of investments			(6,666,176)			(20,464,275	)			(5,820,245	)

Net unrealized appreciation of investments		$	9,330,999		$	26,519,227			$	5,745,458

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 based on the best information available under the circumstances. Each Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below.


Level 1	–	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, 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

116


		the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)

Level 3	–	Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, 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 tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of Sept. 30, 2015:


	Delaware Foundation^® Growth Allocation Fund
Securities	Level 1			Level 2			Level 3			Total
Agency, Asset-& Mortgage-Backed Securities		$	—		$	4,415,397		$	—		$	4,415,397
Corporate Debt			—			5,605,353			—			5,605,353
Foreign Debt			—			414,642			—			414,642
Municipal Bonds			—			191,216			—			191,216
Senior Secured Loans¹			—			1,764,356			27,590			1,791,946
Common Stock
Consumer Discretionary			3,505,022			3,130,277			—			6,635,299
Consumer Staples			2,457,894			2,872,452			—			5,330,346
Energy			2,469,296			581,845			—			3,051,141
Financials			6,865,243			3,193,375			—			10,058,618
Healthcare			6,389,226			1,958,932			—			8,348,158
Industrials			2,804,652			2,737,443			—			5,542,095
Information Technology			8,527,521			1,762,042			—			10,289,563
Materials			1,079,974			1,071,410			—			2,151,384
Telecommunication Services			1,567,850			1,121,451			—			2,689,301
Utilities			435,596			178,729			—			614,325
Convertible Preferred Stock¹			58,677			11,969			—			70,646
Exchange-Traded Funds			971,048			—			—			971,048
Preferred Stock¹			56,385			9,763			—			66,148
U.S. Treasury Obligations			—			2,662,873			—			2,662,873
Short-Term Investments			—			3,052,654			—			3,052,654

Total Value of Securities		$	37,188,384		$	36,736,179		$	27,590		$	73,952,153

Foreign Currency Exchange Contracts		$	—		$	1,021		$	—		$	1,021
Futures Contracts			34,379			—			—			34,379
Swap Contracts			—			6,681			—			6,681

¹Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments, Level 2 investments represent investments with observable inputs or matrix-priced investments, and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 1 investments, Level 2 investments, and Level 3 investments represent the following percentages of the total market value of these security types:


	Level 1			Level 2			Level 3			Total
Senior Secured Loans		—			98.46	%		1.54	%		100.00	%
Convertible Preferred Stock		83.06	%		16.94	%		��			100.00	%
Preferred Stock		85.24	%		14.76	%		—			100.00	%

(continues) 117

Notes to financial statements

Delaware Foundation Funds^®

3. Investments (continued)


	Delaware Foundation^® Moderate Allocation Fund
Securities	Level 1			Level 2			Level 3			Total
Agency, Asset-Backed & Mortgage-Backed Securities		$	—		$	36,254,708		$	—		$	36,254,708
Corporate Debt			—			48,262,056			—			48,262,056
Foreign Debt			—			2,730,548			—			2,730,548
Municipal Bonds			—			1,597,413			—			1,597,413
Senior Secured Loans¹			—			11,622,865			226,950			11,849,815
Common Stock
Consumer Discretionary			9,969,948			8,954,591			—			18,924,539
Consumer Staples			6,919,621			8,085,449			—			15,005,070
Energy			7,002,177			1,658,290			—			8,660,467
Financials			19,127,366			8,977,373			—			28,104,739
Healthcare			18,122,264			5,680,147			—			23,802,411
Industrials			7,945,106			7,860,359			—			15,805,465
Information Technology			24,315,704			4,725,623			—			29,041,327
Materials			3,027,379			3,045,769			—			6,073,148
Telecommunication Services			4,186,410			3,183,844			—			7,370,254
Utilities			1,166,506			513,362			—			1,679,868
Convertible Preferred Stock¹			470,663			65,178			—			535,841
Exchange-Traded Funds			2,868,910			—			—			2,868,910
Preferred Stock¹			707,257			437,212			—			1,144,469
U.S. Treasury Obligations			—			15,214,434			—			15,214,434
Short-Term Investments			—			13,762,628			—			13,762,628

Total Value of Securities		$	105,829,311		$	182,631,849		$	226,950		$	288,688,110

Foreign Currency Exchange Contracts		$	—		$	4,130		$	—		$	4,130
Futures Contracts			226,396			—			—			226,396
Swap Contracts			—			48,958			—			48,958


	Level 1			Level 2			Level 3			Total
Senior Secured Loans		—			98.08	%		1.92	%		100.00	%
Convertible Preferred Stock		87.84	%		12.16	%		—			100.00	%
Preferred Stock		61.80	%		38.20	%		—			100.00	%

118


	Delaware Foundation^® Conservative Allocation Fund
Securities	Level 1			Level 2			Level 3			Total
Agency, Asset-Backed & Mortgage- Backed Securities		$	—		$	19,001,656		$	—		$	19,001,656
Corporate Debt			—			24,014,385			—			24,014,385
Foreign Debt			—			1,655,480			—			1,655,480
Municipal Bonds			—			810,600			—			810,600
Senior Secured Loans¹			—			6,083,161			155,750			6,238,911
Common Stock
Consumer Discretionary			2,250,729			2,027,861			—			4,278,590
Consumer Staples			1,581,917			1,889,642			—			3,471,559
Energy			1,607,641			379,742			—			1,987,383
Financials			4,370,329			2,068,230			—			6,438,559
Healthcare			4,163,564			1,287,775			—			5,451,339
Industrials			1,802,875			1,764,632			—			3,567,507
Information Technology			5,522,330			1,088,139			—			6,610,469
Materials			693,480			691,909			—			1,385,389
Telecommunication Services			990,306			727,662			—			1,717,968
Utilities			258,585			116,036			—			374,621
Convertible Preferred Stock¹			205,646			39,979			—			245,625
Exchange-Traded Funds			611,499			—			—			611,499
Preferred Stock¹			512,946			224,300			—			737,246
U.S. Treasury Obligations			—			5,927,123			—			5,927,123
Short-Term Investments			—			6,348,052			—			6,348,052

Total Value of Securities		$	24,571,847		$	76,146,364		$	155,750		$	100,873,961

Foreign Currency Exchange Contracts		$	—		$	3,286		$	—		$	3,286
Futures Contracts			170,935			—			—			170,935
Swap Contracts			—			25,420			—			25,420


	Level 1			Level 2			Level 3			Total
Senior Secured Loans		—			97.50	%		2.50	%		100.00	%
Convertible Preferred Stock		83.72	%		16.28	%		—			100.00	%
Preferred Stock		69.58	%		30.42	%		—			100.00	%

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 Sept. 30, 2015, a portion of each Fund’s portfolio was categorized as Level 2.

During the six months ended Sept. 30, 2015, 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 of securities in each Fund occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that each Fund’s net asset value is determined) are 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.

(continues) 119

Notes to financial statements

Delaware Foundation Funds^®

3. Investments (continued)

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 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
	Six months ended 9/30/15			10/1/14 to 3/31/15			Year ended 9/30/14			Six months ended 9/30/15			10/1/14 to 3/31/15			Year ended 9/30/14
Shares sold:
Class A		497,064			753,884			563,684			289,012			328,925			871,987
Class B		—			—			706			—			—			1,885
Class C		170,836			158,709			258,123			221,965			235,070			642,276
Class R		133,124			187,593			217,019			53,147			121,858			211,950
Institutional Class		382,339			283,167			1,531,904			2,216,814			706,020			2,800,878

Shares issued upon reinvestment of dividends and distributions:
Class A		253,224			424,122			331,834			955,439			1,282,706			1,027,567
Class B		—			—			6,822			—			—			5,403
Class C		63,545			108,483			54,043			145,270			183,876			115,796
Class R		25,613			168,212			104,193			10,969			160,693			123,154
Institutional Class		95,652			156,641			137,045			136,781			195,693			163,289

		1,621,397			2,240,811			3,205,373			4,029,397			3,214,841			5,964,185

Shares redeemed:
Class A		(385,205	)		(407,843	)		(1,729,600	)		(924,755	)		(1,124,438	)		(3,659,899	)
Class B		—			—			(106,501	)		—			—			(102,042	)
Class C		(76,194	)		(60,205	)		(137,787	)		(286,728	)		(197,148	)		(380,757	)
Class R		(77,159	)		(1,293,441	)		(242,095	)		(109,518	)		(1,992,594	)		(300,932	)
Institutional Class		(745,178	)		(158,913	)		(2,241,085	)		(332,826	)		(392,171	)		(3,522,871	)

		(1,283,736	)		(1,920,402	)		(4,457,068	)		(1,653,827	)		(3,706,351	)		(7,966,501	)

Net increase (decrease)		337,661			320,409			(1,251,695	)		2,375,570			(491,510	)		(2,002,316	)

120


	Delaware Foundation^® Conservative Allocation Fund
	Six months ended 9/30/15			10/1/14 to 3/31/15			Year ended 9/30/14
Shares sold:
Class A		352,981			420,571			1,297,055
Class B		—			—			303
Class C		246,568			313,109			988,172
Class R		55,561			72,029			480,272
Institutional Class		193,501			344,032			3,842,983
Shares issued upon reinvestment of dividends and distributions:
Class A		229,270			463,432			277,338
Class B		—			—			702
Class C		147,318			294,873			102,400
Class R		19,490			79,045			28,788
Institutional Class		71,290			137,376			142,025

		1,315,979			2,124,467			7,160,038

Shares redeemed:
Class A		(739,009	)		(613,895	)		(4,475,301	)
Class B		—			—			(24,958	)
Class C		(391,245	)		(423,838	)		(809,443	)
Class R		(56,488	)		(592,273	)		(185,286	)
Institutional Class		(375,682	)		(611,710	)		(4,944,290	)

		(1,562,424	)		(2,241,716	)		(10,439,278	)

Net decrease		(246,445	)		(117,249	)		(3,279,240	)

For the year ended Sept. 30, 2014, the following shares and values were converted from Class B to Class A. The respective amounts are included in Class B redemptions and Class A subscriptions in the tables above and on the preceeding page and the “Statements of changes in net assets.”


	Year ended 9/30/14
	Class B Shares		Class A Shares		Value
Delaware Foundation Growth Allocation Fund		67,023		65,594	$	765,654
Delaware Foundation Moderate Allocation Fund		60,646		60,646		772,982
Delaware Foundation Conservative Allocation Fund		9,313		9,390		102,464

(continues) 121

Notes to financial statements

Delaware Foundation Funds^®

4. Capital Shares (continued)

Certain shareholders may exchange shares of one class for another class in the same Fund. For the six months ended Sept. 30, 2015, the Funds had the following exchange transactions. These exchange transactions are included as subscriptions and redemptions in the tables on the previous pages, and the “Statements of changes in net assets.”


	Exchange Redemptions	Six months ended 9/30/15 Exchange Subscriptions
	Class C Shares	Class A Shares	Value
Delaware Foundation^® Growth Allocation Fund	3,845	3,733	$35,787
Delaware Foundation Moderate Allocation Fund	934	932	10,152
Delaware Foundation Conservative Allocation Fund	7,344	7,352	69,331

5. Line of Credit

Each Fund, along with certain other funds in the Delaware Investments^® Family of Funds (Participants), was a participant in a $275,000,000 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. 9, 2015.

Each Fund had no amounts outstanding as of Sept. 30, 2015, or at any time during the period then ended.

6. 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. In addition, each Fund may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. The change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, 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 Sept. 30, 2015, each Fund entered into foreign 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 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 objectives. Each Fund may invest in futures contracts to hedge its existing portfolio securities against

122

fluctuations in value caused by changes in interest rates or market conditions. 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. At Sept. 30, 2015, Delaware Foundation Growth^® Allocation Fund, Delaware Foundation Moderate Allocation Fund, and Delaware Foundation Conservative Allocation Fund posted securities, comprised of U.S. treasury obligations with a value of $70,435, $317,322, and $263,211, respectively, as margin for open futures contracts, which is presented on the “Schedules of investments.”

During the six months ended Sept. 30, 2015, each Fund used 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 Sept. 30, 2015, 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 caused by interest rate or market conditions 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 Sept. 30, 2015, each Fund entered into purchased option contracts to manage each Fund’s exposure to changes in securities prices caused by interest rates or market conditions. There were no transactions in options written during the six months ended Sept. 30, 2015.

Swap Contracts — Each Fund may enter into CDS contracts in the normal course of pursuing its respective investment objective. 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 Financial Services LLC (S&P) or Baa3 by Moody’s Investors Service Inc. (Moody’s) or is determined to be of equivalent credit quality by DMC.

Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by 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 Sept. 30, 2015, each Fund entered into CDS contracts as a purchaser of protection. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over

(continues) 123

Notes to financial statements

Delaware Foundation Funds^®

6. Derivatives (continued)

the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for CDS basket trades, as determined by the applicable central counterparty. During the six months ended September 30, 2015, the Funds did not enter into any CDS contracts as a seller of protection.

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) for bilateral swap contracts, 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) for cleared swaps, trading these instruments through a central counterparty.

During the six months ended Sept. 30, 2015, each Fund entered into CDS contracts to hedge against credit events.

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 contract on a given day. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument, or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the “Schedules of investments.”

Fair values of derivative instruments as of Sept. 30, 2015 were as follows:


	Delaware Foundation^® Growth Allocation Fund
	Asset Derivatives Fair Value
Statements of Assets and Liabilities Location	Foreign Currency Exchange Contracts			Equity Contracts			Interest Rate Contracts			Credit Contracts			Total
Unrealized appreciation on foreign currency exchange contracts		$	1,413		$	—		$	—		$	—		$	1,413
Variation margin due from broker on futures contracts*			—			5,503			28,876			—			34,379
Unrealized appreciation on credit default swap contracts			—			—			—			7,319			7,319

Total		$	1,413		$	5,503		$	28,876		$	7,319		$	43,111


	Liability Derivatives Fair Value
Statements of Assets and Liabilities Location	Foreign Currency Exchange Contracts			Equity Contracts			Interest Rate Contracts			Credit Contracts			Total
Unrealized depreciation on foreign currency exchange contracts		$	392		$	—		$	—		$	—		$	392
Variation margin due to broker on centrally cleared credit default swap contracts			—			—			—			638			638

Total		$	392		$	—		$	—		$	638		$	1,030

124


	Delaware Foundation^® Moderate Allocation Fund
	Asset Derivatives Fair Value
Statements of Assets and Liabilities Location	Foreign Currency Exchange Contracts			Equity Contracts			Interest Rate Contracts			Credit Contracts			Total
Unrealized appreciation on foreign currency exchange contracts		$	6,711		$	—		$	—		$	—		$	6,711
Variation margin due from broker on futures contracts*			—			24,564			201,832			—			226,396
Unrealized appreciation on credit default swap contracts			—			—			—			53,467			53,467

Total		$	6,711		$	24,564		$	201,832		$	53,467		$	286,574


	Liability Derivatives Fair Value
Statements of Assets and Liabilities Location	Foreign Currency Exchange Contracts			Equity Contracts			Interest Rate Contracts			Credit Contracts			Total
Unrealized depreciation on foreign currency exchange contracts		$	2,581		$	—		$	—		$	—		$	2,581
Variation margin due to broker on centrally cleared credit default swap contracts			—			—			—			4,509			4,509

Total		$	2,581		$	—		$	—		$	4,509		$	7,090

(continues) 125

Notes to financial statements

Delaware Foundation Funds^®

6. Derivatives (continued)


	Delaware Foundation^® Moderate Allocation Fund
	Asset Derivatives Fair Value
Statements of Assets and Liabilities Location	Foreign Currency Exchange Contracts			Equity Contracts			Interest Rate Contracts			Credit Contracts			Total
Unrealized appreciation on foreign currency exchange contracts		$	5,685		$	—		$	—		$	—		$	5,685
Variation margin due from broker on futures contracts*			—			55,141			115,794			—			170,935
Unrealized appreciation on credit default swap contracts			—			—			—			27,823			27,823

Total		$	5,685		$	55,141		$	115,794		$	27,823		$	204,443


	Liability Derivatives Fair Value
Statements of Assets and Liabilities Location	Foreign Currency Exchange Contracts			Equity Contracts			Interest Rate Contracts			Credit Contracts			Total
Unrealized depreciation on foreign currency exchange contracts		$	2,399		$	—		$	—		$	—		$	2,399
Variation margin due to broker on centrally cleared credit default swap contracts			—			—			—			2,403			2,403

Total		$	2,399		$	—		$	—		$	2,403		$	4,802

*Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts are opened through Sept. 30, 2015. Only current day variation margin is reported on the “Statements of assets and liabilities.”

126

The effect of derivative instruments on the “Statements of operations” for the six months ended Sept. 30, 2015 were 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		$	3,049			$	—			$	—		$	3,049
Interest rate contracts			—				(54,977	)			—			(54,977	)
Equity contracts			—				28,854				—			28,854
Credit contracts			—				—				241			241

Total		$	3,049			$	(26,123	)		$	241		$	(22,833	)


	Net Change in Unrealized Appreciation (Depreciation) of:

	Foreign Currency Exchange Contracts				Futures Contracts				Swap Contracts			Total
Forward currency exchange contracts		$	(3,841	)		$	—			$	—		$	(3,841	)
Interest rate contracts			—				26,827				—		��	26,827
Equity contracts			—				19,539				—			19,539
Credit contracts			—				—				6,462			6,462

Total		$	(3,841	)		$	46,366			$	6,462		$	48,987


	Delaware Foundation Moderate Allocation Fund
	Net Realized Gain (Loss) on:

	Foreign Currency Exchange Contracts				Futures Contracts				Swap Contracts			Total
Forward currency exchange contracts		$	(21,840	)		$	—			$	—		$	(21,840	)
Interest rate contracts			—				204,263				—			204,263
Equity contracts			—				(135,608	)			—			(135,608	)
Credit contracts			—				—				3,056			3,056

Total		$	(21,840	)		$	68,655			$	3,056		$	49,871


	Net Change in Unrealized Appreciation (Depreciation) of:

	Foreign Currency Exchange Contracts				Futures Contracts				Swap Contracts			Total
Forward currency exchange contracts		$	(22,642	)		$	—			$	—		$	(22,642	)
Interest rate contracts			—				176,555				—			176,555
Equity contracts			—				65,948				—			65,948
Credit contracts			—				—				47,376			47,376

Total		$	(22,642	)		$	242,503			$	47,376		$	267,237

(continues) 127

Notes to financial statements

Delaware Foundation Funds^®

6. Derivatives (continued)


	Delaware Foundation^® Conservative Allocation Fund
	Net Realized Gain (Loss) on:

	Foreign Currency Exchange Contracts				Futures Contracts				Swap Contracts			Total
Forward currency exchange contracts		$	10,195			$	—			$	—		$	10,195
Interest rate contracts			—				107,946				—			107,946
Equity contracts			—				(9,800	)			—			(9,800	)
Credit contracts			—				—				628			628

Total		$	10,195			$	98,146			$	628		$	108,969


	Net Change in Unrealized Appreciation (Depreciation) of:

	Foreign Currency Exchange Contracts				Futures Contracts				Swap Contracts			Total
Forward currency exchange contracts		$	(16,099	)		$	—			$	—		$	(16,099	)
Interest rate contracts			—				100,541				—			100,541
Equity contracts			—				64,499				—			64,499
Credit contracts			—				—				24,593			24,593

Total		$	(16,099	)		$	165,040			$	24,593		$	173,534

Derivatives Generally. The tables below summarize the average balance of derivative holdings by each Fund during the six months ended Sept. 30, 2015.


	Delaware Foundation Growth Allocation Fund
	Long Derivative Volume			Short Derivative Volume
Foreign currency exchange contracts (average cost)		USD	79,201		USD	263,195
Futures contracts (average notional value)			1,672,654			710,295
Options contracts (average notional value)			899			—
CDS contracts (average notional value)*			131,653			—
		EUR	47,165		EUR	—

	Delaware Foundation Moderate Allocation Fund
	Long Derivative Volume			Short Derivative Volume
Foreign currency exchange contracts (average cost)		USD	385,676		USD	1,614,766
Futures contracts (average notional value)			10,861,687			3,182,477
Options contracts (average notional value)			6,306			—
CDS contracts (average notional value)*			1,326,415			—
		EUR	313,622			—

	Delaware Foundation Conservative Allocation Fund
	Long Derivative Volume			Short Derivative Volume
Foreign currency exchange contracts (average cost)		USD	178,846		USD	1,130,210
Futures contracts (average notional value)			6,283,701			1,804,591
Options contracts (average notional value)			3,313			—
CDS contracts (average notional value)*			497,189			—
		EUR	172,126			—

*Long represents buying protection and short represents selling protection.

128

7. Offsetting

In December 2011, the Financial Accounting Standards Board (FASB) issued guidance that expanded disclosure requirements on the offsetting of certain assets and liabilities. The disclosures are required for investments and derivative financial instruments subject to master netting or similar agreements which are eligible for offset on 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 clarified 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. The guidance is effective for financial statements with fiscal years beginning on or after Jan. 1, 2013, and interim periods within those fiscal years.

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 a similar agreement with certain of their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs certain over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/ or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

Repurchase agreements are entered into by a Fund under Master Repurchase Agreements (each, an “MRA”). The MRA permits a Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, a Fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, a Fund would recognize a liability with respect to such excess collateral. The liability reflects a Fund’s obligation under bankruptcy law to return the excess to the counterparty.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statements of assets and liabilities.”

(continues) 129

Notes to financial statements

Delaware Foundation Funds^®

7. Offsetting (continued)

At Sept. 30, 2015, 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		$ 116		$(152)		$ (36)
BNP Paribas		906		—		906
Bank of New York Mellon		115		(20)		95
Hong Kong Shanghai Bank		126		—		126
JPMorgan Chase Bank		2,626		(57)		2,569
Toronto Dominion Bank		113		(163)		(50)
Total		$4,002		$(392)		$3,610


Counterparty	Net Position		Fair Value of Non-Cash Collateral Received		Cash Collateral Received		Fair Value of Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Exposure^(a)
Bank of America Merrill Lynch		$ (36)		$—		$—		$—		$—		$ (36)
BNP Paribas		906		—		—		—		—		906
Bank of New York Mellon		95		—		—		—		—		95
Hong Kong Shanghai Bank		126		—		—		—		—		126
JPMorgan Chase Bank		2,569		—		—		—		—		2,569
Toronto Dominion Bank		(50)		—		—		—		—		(50)
Total		$3,610		$—		$—		$—		$—		$3,610

Master Repurchase Agreements


Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral Received		Cash Collateral Received		Net Collateral Received		Net Exposure^(a)
Bank of America Merrill Lynch		$ 313,848		$ (313,848)		$—		$ (313,848)		$—
Bank of Montreal		523,080		(523,080)		—		(523,080)		$—
BNP Paribas		943,072		(943,072)		—		(943,072)		$—
Total		$1,780,000		$(1,780,000)		$—		$(1,780,000)		$—

^(a)Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

130

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		$ 1,834		$(1,125)		$ 709
BNP Paribas		2,809		—		2,809
Bank of New York Mellon		408		(17)		391
Deutsche Bank		2		—		2
Hong Kong Shanghai Bank		707		—		707
JPMorgan Chase Bank		19,882		(484)		19,398
Toronto Dominion Bank		758		(955)		(197)
Total		$26,400		$(2,581)		$23,819


Counterparty	Net Position		Fair Value of Non-Cash Collateral Received		Cash Collateral Received		Fair Value of Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Exposure^(a)

Bank of America Merrill Lynch		$ 709		$—		$—		$—		$—		$ 709
BNP Paribas		2,809		—		—		—		—		2,809
Bank of New York Mellon		391		—		—		—		—		391
Deutsche Bank		2		—		—		—		—		2
Hong Kong Shanghai Bank		707		—		—		—		—		707
JPMorgan Chase Bank		19,398		—		—		—		—		19,398
Toronto Dominion Bank		(197)		—		—		—		—		(197)
Total		$23,819		$—		$—		$—		$—		$23,819

Master Repurchase Agreements


Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral Received		Cash Collateral Received		Net Collateral Received		Net Exposure^(a)

Bank of America Merrill Lynch		$1,014,364		$(1,014,364)		$—		$(1,014,364)		$—
Bank of Montreal		1,690,607		(1,690,607)		—		(1,690,607)		$—
BNP Paribas		3,048,029		(3,048,029)		—		(3,048,029)		$—
Total		$5,753,000		$(5,753,000)		$—		$(5,753,000)		$—

^(a)Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

(continues) 131

Notes to financial statements

Delaware Foundation Funds^®

7. 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		$ 1,887		$(1,217)		$ 670
BNP Paribas		1,673		—		1,673
Bank of New York Mellon		70		—		70
Deutsche Bank		1		—		1
Hong Kong Shanghai Bank		1,278		—		1,278
JPMorgan Chase Bank		10,333		(544)		9,789
Toronto Dominion Bank		418		(638)		(220)
Total		$15,660		$(2,399)		$13,261


Counterparty	Net Position		Fair Value of Non-Cash Collateral Received		Cash Collateral Received		Fair Value of Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Exposure^(a)

Bank of America Merrill Lynch		$ 670		$—		$—		$—		$—		$ 670
BNP Paribas		1,673		—		—		—		—		1,673
Bank of New York Mellon		70		—		—		—		—		70
Deutsche Bank		1		—		—		—		—		1
Hong Kong Shanghai Bank		1,278		—		—		—		—		1,278
JPMorgan Chase Bank		9,789		—		—		—		—		9,789
Toronto Dominion Bank		(220)		—		—		—		—		(220)
Total		$13,261		$—		$—		$—		$—		$13,261

Master Repurchase Agreements


Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral Received		Cash Collateral Received		Net Collateral Received		Net Exposure^(a)

Bank of America Merrill Lynch		$ 599,661		$ (599,661)		$—		$ (599,661)		$—
Bank of Montreal		999,436		(999,436)		—		(999,436)		$—
BNP Paribas		1,801,903		(1,801,903)		—		(1,801,903)		$—
Total		$3,401,000		$(3,401,000)		$—		$(3,401,000)		$—

^(a)Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

132

8. 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 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 Sept. 30, 2015, each Fund had no securities out on loan.

9. 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

(continues) 133

Notes to financial statements

Delaware Foundation Funds^®

9. Credit and Market Risk (continued)

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.

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 designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction or through a combination of such approaches. 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 invests in bank loans and other securities that may subject them to direct indebtedness risk, the risk that each Fund will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer each Fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by each Fund may involve revolving credit facilities or other standby financing commitments that obligate each Fund to pay additional cash on a certain date or on demand. These commitments may require each Fund to increase its investment in a company at a time when each Fund might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that each Fund is committed to advance additional funds, it will at all times hold and maintain cash or other high grade debt obligations in an amount sufficient to meet such commitments.

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

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the 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 Sept. 30, 2015, Rule 144A and illiquid securities have been identified on the “Schedules of investments.”

134

10. Contractual Obligations

Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. However, 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.

11. Recent Accounting Pronouncements

In May 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-07 regarding “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share.” The amendments in this update are effective for the Fund for fiscal years beginning after Dec. 15, 2015, and interim periods within those fiscal years. ASU No. 2015-07 will eliminate the requirement to categorize investments in the fair value hierarchy if their fair value is measured at net asset value (“NAV”) per share (or its equivalent) using the practical expedient in the FASB’s fair value measurement guidance. At this time, management is evaluating the implications of ASU No. 2015-07 and its impact on the financial statement disclosures has not yet been determined.

12. Subsequent Events

On Nov. 9, 2015, each Fund, along with the other Participants, entered into an amendment to the agreement for a $155,000,000 revolving line of credit to be used as described in Note 5 and to be operated in substantially the same manner as the agreement described in Note 5, with the exception of the annual commitment fee. Under the amendment to the agreement, the Participants are charged an annual commitment fee of 0.10%, which is allocated across the Participants on the basis of each Participant’s allocation of the entire facility. The line of credit available under the agreement expires on Nov. 7, 2016.

Management has determined that no other material events or transactions occurred subsequent to Sept. 30, 2015 that would require recognition or disclosure in each Fund’s financial statements.

135

Other Fund information

(Unaudited)

Delaware Foundation Funds^®

Board consideration of Delaware Foundation^® Conservative Allocation Fund, Delaware Foundation Growth Allocation Fund, and Delaware Foundation Moderate Allocation Fund investment advisory and sub-advisory agreements

At a meeting held on Aug. 18-20, 2015 (the “Annual Meeting”), the Board of Trustees (collectively referred to here as the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory Agreements for Delaware Foundation Conservative Allocation Fund, Delaware Foundation Growth Allocation Fund, and Delaware Foundation Moderate Allocation Fund (each, a “Fund” and together, the “Funds”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Fund performance, investment strategies and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreements with Delaware Management Company (“DMC”) and Sub-Advisory Agreements with Jackson Square Partners, LLC (“JSP”) included materials provided by DMC and its affiliates (“Delaware Investments”) concerning, among other things, the nature, extent, and quality of services provided to the Funds, the costs of such services to the Funds, economies of scale, and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, reports were provided to the Trustees in May 2015 and included reports provided by Lipper, Inc., an independent statistical compilation organization (“Lipper”). The Lipper reports compared each Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Lipper reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Fund policies.

In considering information relating to the approval of each Fund’s advisory and sub-advisory agreements, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees. They also engaged a consultant to assist them in analyzing portions of the data received. The Independent Trustees reviewed and discussed with the consultant two reports prepared by the consultant with respect to such data. Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of service. The Board considered the services provided by DMC to the Funds and their shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Funds; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Funds; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Investments^® Family of Funds complex; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Funds’ investment advisor and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of several industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenditures while maintaining service levels committed to fund matters. The Board noted that, in the third and fourth quarters of 2013, Management reduced the maximum 12b-1 fee for certain funds; and in November 2013 Management negotiated a substantial reduction in fees for fund accounting services provided to the Funds. The Board noted the benefits provided to Fund shareholders through each shareholder’s ability to exchange an investment in one Delaware Investments fund for the same class of shares in another Delaware Investments fund without a sales charge, to reinvest Fund dividends into additional shares of the Fund or into additional shares of other Delaware Investments funds and the privilege to combine holdings in other Delaware Investments funds to obtain a reduced sales charge. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

Nature, extent, and quality of service. The Board considered the services provided by JSP to the Funds and their shareholders. In reviewing the nature, extent, and quality of services, the Board took account of reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Funds; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Funds; the compliance of JSP personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of JSP and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by JSP.

Investment performance. The Board placed significant emphasis on the investment performance of the Funds in view of the importance of investment performance to shareholders. Although the Board gave appropriate consideration to performance reports and discussions with

136

portfolio managers at Investment Committee meetings throughout the year, the Board gave particular weight to the Lipper reports furnished for the Annual Meeting. The Lipper reports prepared for each Fund showed the investment performance of its Class A shares in comparison to a group of similar funds as selected by Lipper (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for each Fund was shown for the past 1-, 3-, 5-, and 10-year periods, to the extent applicable, ended March 31, 2015. The Board’s objective is that each Fund’s performance for the periods considered be at or above the median of its Performance Universe.

Delaware Foundation^® Conservative Allocation Fund — The Performance Universe for the Fund consisted of the Fund and all retail and institutional mixed-asset target allocation conservative funds as selected by Lipper. The Lipper report comparison showed that the Fund’s total return for the 1- and 10-year periods was in the first quartile of its Performance Universe. The report further showed that the Fund’s total return for the 3- and 5-year periods was in the second quartile of its Performance Universe. The Board was satisfied with performance.

Delaware Foundation Growth Allocation Fund — The Performance Universe for the Fund consisted of the Fund and all retail and institutional mixed-asset target allocation growth funds as selected by Lipper. The Lipper report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was in the third quartile of its Performance Universe. The Board observed that the Fund’s short and intermediate term performance results were not in line with the Board’s objective. In evaluating the Fund’s performance, the Board considered recent changes to the Funds’ investment authority relating to the credit quality of investments in structured products. The Board also considered the numerous investment and performance reports delivered by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking action to improve the Fund’s short and intermediate term performance and to meet the Board’s performance objective.

Delaware Foundation Moderate Allocation Fund — The Performance Universe for the Fund consisted of the Fund and all retail and institutional mixed-asset target allocation moderate funds as selected by Lipper. The Lipper report comparison showed that the Fund’s total return for the 1-, 3-, and 5-year periods was in the third quartile of its Performance Universe. The report further showed that the Fund’s total return for the 10-year period was in the second quartile of its Performance Universe. The Board observed that the Fund’s performance results were not in line with the Board’s objective. In evaluating the Fund’s performance, the Board considered recent changes to the Funds’ investment authority relating to the credit quality of investments in structured products. The Board also considered the numerous investment and performance reports delivered by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking action to improve Fund performance and to meet the Board’s performance objective.

Comparative expenses. The Board considered expense comparison data for the Delaware Investments^® Family of Funds. Management provided the Board with information on pricing levels and fee structures for each Fund as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of each Fund versus effective management fees and expense ratios of a group of similar funds as selected by Lipper (the “Expense Group”). In reviewing comparative costs, each Fund’s contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Fund) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. Each Fund’s total expenses were also compared with those of its Expense Group. The Lipper total expenses, for comparative consistency, were shown by Lipper for Class A shares and comparative total expenses including 12b-1 and non-12b-1 service fees. The Board considered fees paid to DMC for non-management services. The Board’s objective is to limit each Fund’s total expense ratio to be competitive with that of the Expense Group.

Delaware Foundation Conservative Allocation Fund — The expense comparisons for the Fund showed that its actual management fee was in the quartile with the second highest expenses of its Expense Group and its total expenses were in the quartile with the second lowest expenses of its Expense Group. The Board was satisfied with the total expenses of the Fund in comparison to those of its Expense Group as shown in the Lipper report.

Delaware Foundation Growth Allocation Fund — The expense comparisons for the Fund showed that its actual management fee was in the quartile with the second lowest expenses of its Expense Group and its total expenses were in the quartile with the lowest expenses of its Expense Group. The Board was satisfied with the management fee and total expenses of the Fund in comparison to those of its Expense Group as shown in the Lipper report.

(continues) 137

Other Fund information

(Unaudited)

Delaware Foundation Funds^®

Delaware Foundation Moderate Allocation Fund — The expense comparisons for the Fund showed that its actual management fee was in the quartile with the second highest expenses of its Expense Group and its total expenses were in the quartile with the lowest expenses of its Expense Group. The Board was satisfied with the total expenses of the Fund in comparison to those of its Expense Group as shown in the Lipper report.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Funds. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Investments^® Family of Funds as a whole. Specific attention was given to the methodology followed in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Delaware Investments Family of Funds and the benefits from allocation of fund brokerage to improve trading efficiencies. The Board found that the management fees were reasonable in light of the services rendered and the level of profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by in relation to the services being provided to the Funds or in relation to JSP’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Fund expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by JSP in connection with its relationship to the Funds, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as each Fund’s assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the standardized advisory fee pricing and structure, approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Investments Family of Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. The Board noted that the fee under each Fund’s management contract fell within the standard structure. Although the Funds have not reached a size at which they can take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fees were structured so that if the Funds grow, economies of scale may be shared.

138

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 the Delaware Investments^® Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawareinvestments.com.

Board of trustees

Shawn K. Lytle

President and

Chief Executive Officer

Delaware Investments

Family of Funds

Philadelphia, PA

Thomas L. Bennett

Chairman of the Board

Delaware Investments

Family of Funds

Private Investor

Rosemont, PA

Ann D. Borowiec

Former Chief Executive Officer

Private Wealth Management

J.P. Morgan Chase & Co.

New York, NY

Joseph W. Chow

Former Executive Vice President

State Street Corporation

Brookline, MA

John A. Fry

President

Drexel University

Philadelphia, PA

Lucinda S. Landreth

Former Chief Investment Officer

Assurant, Inc.

New York, NY

Frances A. Sevilla-Sacasa

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

Affiliated officers

David F. Connor

Senior Vice President,

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

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.

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. Each Fund’s 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 the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedules of Investments included in the Funds’ most recent Forms N-Q 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 the Funds voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds’ website at delawareinvestments.com; and (ii) on the SEC’s website at sec.gov.

139

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/ SHAWN LYTLE
By:	Shawn Lytle
Title:	Chief Executive Officer
Date:	December 2, 2015

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/ SHAWN LYTLE
By:	Shawn Lytle
Title:	Chief Executive Officer
Date:	December 2, 2015

/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	December 2, 2015

Delaware Group Foundation Funds N-CSRSCertified semi-annual shareholder report (management investment company)