Delaware Group Foundation Funds N-CSR Certified 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:	March 31, 2017

Item 1. Reports to Stockholders

 Delaware Foundation Funds^®

 Delaware Foundation^® Growth Allocation Fund

 Delaware Foundation Moderate Allocation Fund

 Delaware Foundation Conservative Allocation Fund

 Annual report

 March 31, 2017

 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 delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

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

Table of contents

Portfolio management review	1
Performance summaries	4
Disclosure of Fund expenses	14
Security type / sector allocations, top 10 equity holdings and country allocations	16
Financial statements
Schedules of investments	22
Statements of assets and liabilities	100
Statements of operations	102
Statements of changes in net assets	103
Financial highlights	106
Notes to financial statements	118
Report of independent registered public accounting firm	142
Other Fund information	143
Board of trustees / directors and officers addendum	144
About the organization	147

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 referred to 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), a subsidiary of Macquarie Group Limited and an affiliate of Delaware Investments. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Funds are governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of March 31, 2017, and subject to change for events occurring after such date.

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

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.

© 2017 Delaware Management Holdings, Inc.

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

Portfolio management review
Delaware Foundation Funds®	April 11, 2017
(Unaudited)

Performance preview (for the year ended March 31, 2017)
Delaware Foundation® Growth Allocation Fund (Institutional Class shares)	1-year return	+11.56%
Delaware Foundation Growth Allocation Fund (Class A shares)	1-year return	+11.25%
S&P 500® Index (benchmark)	1-year return	+17.17%
Lipper Mixed-Asset Target Allocation Growth Funds Average	1-year return	+11.16%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Foundation Growth Allocation Fund, please see the table on page 4. Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible accounts.

The performance of Class A shares excludes the applicable sales charge. Both Institutional Class shares and Class A shares reflect the reinvestment of all distributions.

The Lipper Mixed-Asset Target Allocation Growth Funds Average compares funds that, by portfolio practice, maintain a mix of between 60% and 80% equity securities, with the remainder invested in bonds, cash, and cash equivalents.

Please see page 6 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Delaware Foundation Moderate Allocation Fund (Institutional Class shares)	1-year return	+9.70%
Delaware Foundation Moderate Allocation Fund (Class A shares)	1-year return	+9.45%
S&P 500 Index (benchmark)	1-year return	+17.17%
Bloomberg Barclays US Aggregate Index* (benchmark)	1-year return	+0.44%
Lipper Mixed-Asset Target Allocation Moderate Funds Average	1-year return	+9.86%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Foundation Moderate Allocation Fund, please see the table on page 7. Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible accounts.

The performance of Class A shares excludes the applicable sales charge. Both Institutional Class shares and Class A shares reflect the reinvestment of all distributions.

The Lipper Mixed-Asset Target Allocation Moderate Funds Average compares funds that, by portfolio practice, maintain a mix of between 40% and 60% equity securities, with the remainder invested in bonds, cash, and cash equivalents.

Please see page 9 for a description of the indices. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Delaware Foundation Conservative Allocation Fund (Institutional Class shares)	1-year return	+7.66%
Delaware Foundation Conservative Allocation Fund (Class A shares)	1-year return	+7.40%
Bloomberg Barclays US Aggregate Index* (benchmark)	1-year return	+0.44%
Lipper Mixed-Asset Target Allocation Conservative Funds Average	1-year return	+6.84%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Foundation Conservative Allocation Fund, please see the table on page 10.

Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible accounts.

The performance of Class A shares excludes the applicable sales charge. Both Institutional Class shares and Class A shares reflect the reinvestment of all distributions.

The Lipper Mixed-Asset Target Allocation Conservative Funds Average compares funds that, by portfolio practice, maintain a mix of between 20% and 40% equity securities, with the remainder invested in bonds, cash, and cash equivalents.

Please see page 12 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

* Formerly known as the Barclays US Aggregate Index.

(continues) 1

Portfolio management review

Delaware Foundation Funds^®

Jackson Square Partners, LLC (JSP) is the sub-advisor to the Funds’ US large-cap growth sleeve. As sub-advisor, JSP is responsible for day-to-day management of its portion of the Funds’ assets. Although JSP serves as sub-advisor, the investment manager, Delaware Management Company, a series of Delaware Management Business Trust, has ultimate responsibility for all investment advisory services.

Overview

All three Delaware Foundation Funds posted a positive return for the 1-year period ended March 31, 2017. Delaware Foundation^® Conservative Allocation Fund produced the lowest return, followed by Delaware Foundation Moderate Allocation Fund, with Delaware Foundation Growth Allocation Fund delivering the highest return over the period.

Delaware Foundation Growth Allocation Fund and Delaware Foundation Moderate Allocation Fund delivered lower returns than the S&P 500 Index, which we did not find surprising because both portfolios held fixed income securities, which generally underperformed equities for the 12-month period. Delaware Foundation Conservative Allocation Fund delivered returns that were above those of the Bloomberg Barclays US Aggregate Index, which we also did not find surprising because the Fund held equities, which generally outperformed fixed income securities over the period.

All three Delaware Foundation Funds tend to hold a higher weight in non-US securities than most other asset allocation funds; thus, when US markets are delivering higher total returns than non-US markets, and when the US dollar is appreciating relative to other currencies, these funds will tend to struggle. However, during the fiscal year ended March 31, 2017, Delaware Foundation Growth Allocation Fund and Delaware Foundation Conservative Allocation Fund delivered returns that were above the average returns of their respective Lipper peer groups, while Delaware Foundation Moderate Allocation Fund underperformed the average return of its Lipper peer group, as shown on page 1.

Economic backdrop

In the period from April 2016 to March 2017, the prices of risky assets around the world generally rose, though non-US investment grade fixed income securities generated small losses. In most developed countries, governments and central banks remained willing to provide some support for economic recovery, typically using a blend of fiscal and monetary measures. Over the course of the Funds’ fiscal year, investors apparently became less apprehensive about the near-term outlook for a number of major countries in Europe.

The currency markets experienced considerable fluctuations during the 12-month period. The trade-weighted US dollar appreciated by 6.1% over the period, and the trade-weighted Japanese yen rose by 4.2%. The trade-weighted euro depreciated by 0.5%, and the trade-weighted British pound fell by 9.2%, with much of the decline in the pound coming immediately after the outcome of the United Kingdom’s referendum on leaving the European Union. In general, a stronger currency means that imports look cheaper for US

consumers, but tends to impair the competitiveness of US exporters. The increase in the value of the dollar and the yen may worsen the competitive position of exporters in the United States and Japan relative to their counterparts in the euro zone and the UK.

The price of many commodities rose during the Funds’ fiscal year. Over the 12 months ended March 31, 2017, the spot price of West Texas Intermediate crude oil rose 32.0%, and the relatively energy-intensive S&P GSCI^® index rose 20.0%. The Thomson Reuters/ CoreCommodity CRB Index, which has a lower weight in energy-linked commodities, gained 9.0% during the period, while the spot price of gold rose by 6.1%. (Source: Bloomberg.)

Portfolio positioning

The Funds’ strategic policy weights reflect a commitment to seeking diversification in terms of both geographies and asset classes. At the beginning of April 2016, all three Funds were positioned defensively relative to their strategic policy weights. In particular, the Asset Allocation Committee chose to keep the Funds at slightly below their strategic policy weights in developed-market equities. Conversely, the Funds began the year with small tactical positions in US real estate equities, which were viewed as offering an attractive balance between risk and reward given the uncertain outlook.

In broad terms, these active positions were maintained throughout the 12 months ended March 31, 2017. The Asset Allocation Committee chose to slightly reduce the overweight in US large-cap equities and to maintain the underweight in developed-market equities. The Committee also continued to hold the Funds’ small tactical position in US real estate equities and maintained a modest overweight in US small-cap equities.

As part of the oversight process for the Funds, the Asset Allocation Committee periodically analyzes the sources of the Funds’ active performance. Over the 12 months ended March 31, 2017, the active positioning of the Funds with respect to the strategic policy weights of different asset classes detracted from the active performance of Delaware Foundation Growth Allocation Fund, but contributed to the active performance of Delaware Foundation Moderate Allocation Fund and Delaware Foundation Conservative Allocation Fund relative to their hypothetical returns at the strategic policy weights.

The Asset Allocation Committee also periodically examines the contribution of derivatives to the Funds’ performance. Based on the available information, the combination of futures, options, swaps, and currency positions in the Funds had only a limited effect on performance during the 12 months ended March 31, 2017. The estimated effect from these instruments amounted to 1.28% for Delaware Foundation Growth Allocation Fund, 1.50% for Delaware

2

Foundation Moderate Allocation Fund, and 1.35% for Delaware Foundation Conservative Allocation Fund.

About Delaware Foundation Funds

As the Funds’ fiscal year came to a close, we continued to seek to deliver the benefits of diversification while aiming to actively manage risk. With these two precepts in mind, each Delaware Foundation Fund seeks to deliver returns that are derived from tactical asset

allocation decisions as well as from active management of individual asset classes and investment styles. The Funds are based on the assumption that investors should keep a global perspective when evaluating potential investment opportunities. We therefore continue to manage each Fund so that it includes investment possibilities around the globe.

(continues) 3

Performance summaries
Delaware Foundation® Growth Allocation Fund	March 31, 2017
(Unaudited)

The performance data quoted represent past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please obtain the performance data current for the most recent month end by calling 800 523-1918 or visiting our website at delawarefunds.com/performance. Current performance may be lower or higher than the performance data quoted.

Fund and benchmark performance^1,2

	Average annual total returns through March 31, 2017
	1 year		5 years		10 years		Lifetime
Class A (Est. Dec. 31, 1997)
Excluding sales charge		+11.25%		+6.82%		+4.54%		+4.83%
Including sales charge		+4.90%		+5.56%		+3.92%		+4.51%
Class C (Est. Dec. 31, 1997)
Excluding sales charge		+10.44%		+6.02%		+3.76%		+4.06%
Including sales charge		+9.44%		+6.02%		+3.76%		+4.06%
Class R (Est. June 2, 2003)
Excluding sales charge		+11.08%		+6.57%		+4.29%		+6.41%
Including sales charge		+11.08%		+6.57%		+4.29%		+6.41%
Institutional Class (Est. Dec. 31, 1997)
Excluding sales charge		+11.56%		+7.11%		+4.81%		+5.10%
Including sales charge		+11.56%		+7.11%		+4.81%		+5.10%
S&P 500 Index		+17.17%		+13.30%		+7.51%		+6.71%*

*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the last business day in the month of the Fund’s Institutional Class inception date.

¹Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 5. Performance would have been lower had expense limitations not been in effect.

Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible accounts.

Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual distribution and service fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied.

Class C shares are sold with a contingent deferred sales charge of 1.00% if redeemed during the first 12 months. They are also subject to an annual distribution and service fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that contingent deferred sales charges did not apply or that the investment was not redeemed.

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual distribution and service fee of 0.50% of average daily net assets.

This Fund is subject to the same risks as the underlying styles in which it invests.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Fund may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

4

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds.

International investments entail risks not ordinarily associated with US investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

If and when the Fund invests in forward foreign currency contracts or uses other investments to hedge against currency risks, the Fund will be subject to special risks, including counterparty risk.

The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

Risk controls and asset allocation models do not promise any level of performance or guarantee against loss of principal.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

The Fund may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.

Interest payments on inflation-indexed debt securities will vary as the principal and/or interest is adjusted for inflation.

² The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total annual fund operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, 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 (collectively, nonroutine expenses)) from exceeding 0.90% of the Fund’s average daily net assets during the period from April 1, 2016 through March 31, 2017.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.

Fund expense ratios	Class A	Class C	Class R	Institutional Class
Total annual operating expenses (without fee waivers)	1.50%	2.25%	1.75%	1.25%
Net expenses (including fee waivers, if any)	1.15%	1.90%	1.40%	0.90%
Type of waiver	Contractual	Contractual	Contractual	Contractual

*The aggregate contractual waiver period covering this report is from Jan. 29, 2015, through July 29, 2017.

(continues) 5

Performance summaries

Delaware Foundation^® Growth Allocation Fund

Performance of a $10,000 investment¹

Average annual total returns from March 31, 2007, through March 31, 2017

	Starting value (March 31, 2007)	Ending value (March 31, 2017)
S&P 500 Index	$10,000	$20,627
Delaware Foundation® Growth Allocation Fund — Institutional Class shares	$10,000	$15,991
Delaware Foundation Growth Allocation Fund — Class A shares	$9,425	$14,696

¹ The “Performance of a $10,000 investment” graph assumes $10,000 invested in Institutional Class and Class A shares of the Fund on March 31, 2007, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 5. Please note additional details on pages 4 through 6.

The graph also assumes $10,000 invested in the S&P 500 Index as of March 31, 2007. The S&P 500 Index measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance is not a guarantee of future results.

Performance of other Fund classes will vary due to different charges and expenses.

Stock symbols and CUSIP numbers

	Nasdaq symbols	CUSIPs
Class A	DFGAX	245918883
Class C	DFGCX	245918867
Class R	DFGRX	245918826
Institutional Class	DFGIX	245918859

6

Performance summaries
Delaware Foundation® Moderate Allocation Fund	March 31, 2017
(Unaudited)

The performance data quoted represent past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please obtain the performance data current for the most recent month end by calling 800 523-1918 or visiting our website at delawarefunds.com/performance. Current performance may be lower or higher than the performance data quoted.

Fund and benchmark performance^1,2

	Average annual total returns through March 31, 2017
	1 year		5 years		10 years		Lifetime
Class A (Est. Dec. 31, 1997)
Excluding sales charge		+9.45%		+5.94%		+5.02%		+4.94%
Including sales charge		+3.15%		+4.69%		+4.40%		+4.62%
Class C (Est. Dec. 31, 1997)
Excluding sales charge		+8.62%		+5.13%		+4.22%		+4.17%
Including sales charge		+7.62%		+5.13%		+4.22%		+4.17%
Class R (Est. June 2, 2003)
Excluding sales charge		+9.11%		+5.63%		+4.73%		+6.06%
Including sales charge		+9.11%		+5.63%		+4.73%		+6.06%
Institutional Class (Est. Dec. 31, 1997)
Excluding sales charge		+9.70%		+6.17%		+5.26%		+5.19%
Including sales charge		+9.70%		+6.17%		+5.26%		+5.19%
S&P 500 Index		+17.17%		+13.30%		+7.51%		+6.71%*
Bloomberg Barclays US Aggregate Index		+0.44%		+2.34%		+4.27%		+5.04%*

*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the last business day in the month of the Fund’s Institutional Class inception date.

¹Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 8. Performance would have been lower had expense limitations not been in effect.

Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible accounts.

Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual distribution and service fee of 0.25% of average daily net assets. The Board has adopted a formula for calculating 12b-1 plan fees for the Fund’s Class A shares. The Fund’s Class A shares are currently subject to a blended 12b-1 fee equal to the sum of: (i) 0.10% of average daily net assets representing shares acquired prior to June 1, 1992, and (ii) 0.25% of average daily net assets representing shares acquired on or after June 1, 1992. All Class A shares currently bear 12b-1 fees at the same rate, the blended rate, currently 0.25% 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. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied.

Class C shares are sold with a contingent deferred sales charge of 1.00% if redeemed during the first 12 months. They are also subject to an annual distribution and service fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that contingent deferred sales charges did not apply or that the investment was not redeemed.

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual distribution and service fee of 0.50% of average daily net assets.

(continues) 7

Performance summaries

Delaware Foundation^® Moderate Allocation Fund

This Fund is subject to the same risks as the underlying styles in which it invests.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Fund may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds.

International investments entail risks not ordinarily associated with US investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

If and when the Fund invests in forward foreign currency contracts or uses other investments to hedge against currency risks, the Fund will be subject to special risks, including counterparty risk.

The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

Risk controls and asset allocation models do not promise any level of performance or guarantee against loss of principal.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

The Fund may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.

Interest payments on inflation-indexed debt securities will vary as the principal and/or interest is adjusted for inflation.

² The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total annual fund operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, 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 (collectively, nonroutine expenses)) from exceeding 0.90% of the Fund’s average daily net assets during the period from April 1, 2016 through March 31, 2017.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.

Fund expense ratios	Class A	Class C	Class R	Institutional Class
Total annual operating expenses (without fee waivers)	1.17%	1.93%	1.43%	0.93%
Net expenses (including fee waivers, if any)	1.14%	1.90%	1.40%	0.90%
Type of waiver	Contractual	Contractual	Contractual	Contractual

*The aggregate contractual waiver period covering this report is from Jan. 29, 2015 through July 29, 2017.

8

Performance of a $10,000 investment¹

Average annual total returns from March 31, 2007, through March 31, 2017

	Starting value (March 31, 2007)	Ending value (March 31, 2017)
S&P 500 Index	$10,000	$20,627
Delaware Foundation Moderate Allocation Fund — Institutional Class shares	$10,000	$16,693
Delaware Foundation Moderate Allocation Fund — Class A shares	$9,425	$15,381
Bloomberg Barclays US Aggregate Index	$10,000	$15,197

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Institutional Class and Class A shares of the Fund on March 31, 2007, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 8. Please note additional details on pages 7 through 9.

The graph also assumes $10,000 invested in the Bloomberg Barclays US Aggregate Index and the S&P 500 Index as of March 31, 2007.

The Bloomberg Barclays US Aggregate Index (formerly known as the Barclays US Aggregate Index) is a broad composite that tracks the investment grade domestic bond market.

The S&P 500 Index measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance is not a guarantee of future results.

Performance of other Fund classes will vary due to different charges and expenses.

Stock symbols and CUSIP numbers

	Nasdaq symbols	CUSIPs
Class A	DFBAX	245918503
Class C	DFBCX	245918701
Class R	DFBRX	245918834
Institutional Class	DFFIX	245918800

(continues) 9

Performance summaries
Delaware Foundation® Conservative Allocation Fund	March 31, 2017
(Unaudited)

The performance data quoted represent past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please obtain the performance data current for the most recent month end by calling 800 523-1918 or visiting our website at delawarefunds.com/performance. Current performance may be lower or higher than the performance data quoted.

Fund and benchmark performance^1,2

	Average annual total returns through March 31, 2017
	1 year		5 years		10 years		Lifetime
Class A (Est. Dec. 31, 1997)
Excluding sales charge		+7.40%		+4.77%		+5.09%		+4.76%
Including sales charge		+1.27%		+3.53%		+4.47%		+4.44%
Class C (Est. Dec. 31, 1997)
Excluding sales charge		+6.60%		+3.99%		+4.31%		+3.98%
Including sales charge		+5.60%		+3.99%		+4.31%		+3.98%
Class R (Est. June 2, 2003)
Excluding sales charge		+7.15%		+4.51%		+4.83%		+5.50%
Including sales charge		+7.15%		+4.51%		+4.83%		+5.50%
Institutional Class (Est. Dec. 31, 1997)
Excluding sales charge		+7.66%		+5.02%		+5.35%		+5.02%
Including sales charge		+7.66%		+5.02%		+5.35%		+5.02%
Bloomberg Barclays US Aggregate Index		+0.44%		+2.34%		+4.27%		+5.04%*

*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the last business day in the month of the Fund’s Institutional Class inception date.

¹Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 11. Performance would have been lower had expense limitations not been in effect.

Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible accounts.

Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual distribution and service fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied.

Class C shares are sold with a contingent deferred sales charge of 1.00% if redeemed during the first 12 months. They are also subject to an annual distribution and service fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that contingent deferred sales charges did not apply or that the investment was not redeemed.

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual distribution and service fee of 0.50% of average daily net assets.

This Fund is subject to the same risks as the underlying styles in which it invests.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Fund may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

10

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds.

International investments entail risks not ordinarily associated with US investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

If and when the Fund invests in forward foreign currency contracts or uses other investments to hedge against currency risks, the Fund will be subject to special risks, including counterparty risk.

The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

Risk controls and asset allocation models do not promise any level of performance or guarantee against loss of principal.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

The Fund may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.

Interest payments on inflation-indexed debt securities will vary as the principal and/or interest is adjusted for inflation.

² The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total annual fund operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, 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 (collectively, nonroutine expenses)) from exceeding 0.90% of the Fund’s average daily net assets during the period from April 1, 2016 through March 31, 2017.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.

Fund expense ratios	Class A	Class C	Class R	Institutional Class
Total annual operating expenses (without fee waivers)	1.36%	2.11%	1.61%	1.11%
Net expenses (including fee waivers, if any)	1.15%	1.90%	1.40%	0.90%
Type of waiver	Contractual	Contractual	Contractual	Contractual

*The aggregate contractual waiver period covering this report is from Jan. 29, 2015 through July 29, 2017.

(continues) 11

Performance summaries

Delaware Foundation^® Conservative Allocation Fund

Performance of a $10,000 investment¹

Average annual total returns from March 31, 2007, through March 31, 2017

	Starting value (March 31, 2007)	Ending value (March 31, 2017)
Delaware Foundation® Conservative Allocation Fund — Institutional Class shares	$10,000	$16,840
Delaware Foundation Conservative Allocation Fund — Class A shares	$9,425	$15,481
Bloomberg Barclays US Aggregate Index	$10,000	$15,197

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Institutional Class and Class A shares of the Fund on March 31, 2007, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 11. Please note additional details on pages 10 through 12.

The graph also assumes $10,000 invested in the Bloomberg Barclays US Aggregate Index as of March 31, 2007. The Bloomberg Barclays US Aggregate Index (formerly known as the Barclays US Aggregate Index) is a broad composite that tracks the investment grade domestic bond market.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance is not a guarantee of future results.

Performance of other Fund classes will vary due to different charges and expenses.

Stock symbols and CUSIP numbers

	Nasdaq symbols	CUSIPs
Class A	DFIAX	245918107
Class C	DFICX	245918305
Class R	DFIRX	245918818
Institutional Class	DFIIX	245918404

12

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Disclosure of Fund expenses

For the six-month period from October 1, 2016 to March 31, 2017 (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 Oct. 1, 2016 to March 31, 2017.

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 the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

Delaware Foundation^® Growth Allocation Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 10/1/16		Ending Account Value 3/31/17		Annualized Expense Ratio		Expenses Paid During Period 10/1/16 to 3/31/17*
Actual Fund return†
Class A	$	1,000.00	$	1,046.60		1.15%		$5.87
Class C		1,000.00		1,042.20		1.90%		9.67
Class R		1,000.00		1,046.10		1.40%		7.14
Institutional Class		1,000.00		1,048.20		0.90%		4.60
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.20		1.15%		$5.79
Class C		1,000.00		1,015.46		1.90%		9.55
Class R		1,000.00		1,017.95		1.40%		7.04
Institutional Class		1,000.00		1,020.44		0.90%		4.53

Delaware Foundation Moderate Allocation Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 10/1/16		Ending Account Value 3/31/17		Annualized Expense Ratio		Expenses Paid During Period 10/1/16 to 3/31/17*
Actual Fund return†
Class A	$	1,000.00	$	1,037.50		1.14%		$5.79
Class C		1,000.00		1,032.60		1.90%		9.63
Class R		1,000.00		1,035.40		1.40%		7.10
Institutional Class		1,000.00		1,037.70		0.90%		4.57
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.25		1.14%		$5.74
Class C		1,000.00		1,015.46		1.90%		9.55
Class R		1,000.00		1,017.95		1.40%		7.04
Institutional Class		1,000.00		1,020.44		0.90%		4.53

14

Delaware Foundation^® Conservative Allocation Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 10/1/16		Ending Account Value 3/31/17		Annualized Expense Ratio		Expenses Paid During Period 10/1/16 to 3/31/17*
Actual Fund return†
Class A		$1,000.00		$1,027.20		1.15%		$5.81
Class C		1,000.00		1,023.40		1.90%		9.58
Class R		1,000.00		1,026.00		1.40%		7.07
Institutional Class		1,000.00		1,028.40		0.90%		4.55
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,019.20		1.15%		$5.79
Class C		1,000.00		1,015.46		1.90%		9.55
Class R		1,000.00		1,017.95		1.40%		7.04
Institutional Class		1,000.00		1,020.44		0.90%		4.53

^*“Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

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

15

Security type / sector allocations, top 10 equity

holdings and country allocations

Delaware Foundation^® Growth Allocation Fund

As of March 31, 2017 (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		70.61%
U.S. Markets		38.31%
Consumer Discretionary		2.86%
Consumer Staples		2.05%
Energy		2.47%
Financials		4.87%
Healthcare		5.76%
Industrials		3.85%
Information Technology		7.43%
Materials		1.15%
Real Estate		6.30%
Telecommunication Services		1.00%
Utilities		0.57%
Developed Markets		22.97%
Consumer Discretionary		3.91%
Consumer Staples		3.41%
Energy		0.68%
Financials		2.85%
Healthcare		3.14%
Industrials		4.70%
Information Technology		1.55%
Materials		1.36%
Real Estate		0.18%
Telecommunication Services		1.03%
Utilities		0.16%
Emerging Markets		9.33%
Consumer Discretionary		0.77%
Consumer Staples		1.28%
Energy		1.39%
Financials		1.19%
Healthcare		0.06%
Industrials		0.15%
Information Technology		2.59%
Materials		0.42%
Real Estate		0.14%
Telecommunication Services		1.34%
Utilities		0.00%
Exchange-Traded Funds		2.90%
Agency Collateralized Mortgage Obligations		4.44%
Agency Commercial Mortgage-Backed Securities		0.25%

Security type / sector	Percentage   of net assets
Agency Mortgage-Backed Securities		4.01%
Collateralized Debt Obligations		0.31%
Convertible Bond		0.06%
Corporate Bonds		11.08%
Banking		1.84%
Basic Industry		0.90%
Capital Goods		0.43%
Consumer Cyclical		0.77%
Consumer Non-Cyclical		1.17%
Energy		1.02%
Financials		0.35%
Insurance		0.62%
Media		0.33%
Real Estate		0.66%
Services		0.11%
Technology		0.39%
Telecommunications		0.55%
Transportation		0.38%
Utilities		1.56%
Loan Agreements		1.55%
Municipal Bonds		0.21%
Non-Agency Asset-Backed Securities		1.12%
Non-Agency Collateralized Mortgage Obligations		0.06%
Non-Agency Commercial Mortgage-Backed Securities		1.41%
Regional Bonds		0.05%
Sovereign Bonds		0.12%
Supranational Banks		0.06%
U.S. Treasury Obligations		1.28%
Preferred Stock		0.12%
Rights		0.01%
Short-Term Investments		1.51%
Total Value of Securities		101.16%
Liabilities Net of Receivables and Other Assets		(1.16%)
Total Net Assets		100.00%

16

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
Reliance Industries GDR	0.65%
Novartis	0.61%
AT&T	0.59%
Microsoft	0.56%
Samsung Electronics	0.55%
ITOCHU	0.55%
Mitsubishi UFJ Financial Group	0.54%
Sanofi	0.53%
Vinci	0.52%
Chevron	0.51%
*Country / market	Percentage     of net assets
Developed Markets	24.63%
Australia	1.13%
Austria	0.06%
Belgium	0.15%
Canada	1.14%
Cayman Islands	0.46%
Denmark	0.48%
Finland	0.11%
France	3.59%
Germany	1.61%
Hong Kong	1.04%
Ireland	0.21%
Israel	0.51%
Italy	0.35%
Japan	5.79%
Netherlands	1.48%

*Country / market	Percentage     of net assets
New Zealand	0.08%
Norway	0.06%
Portugal	0.07%
Singapore	0.04%
Spain	0.18%
Sweden	0.92%
Switzerland	1.81%
United Kingdom	3.36%
Emerging Markets	9.47%
Argentina	0.16%
Brazil	1.30%
Chile	0.12%
China	2.05%
Colombia	0.03%
Hungary	0.04%
India	1.08%
Indonesia	0.11%
Malaysia	0.04%
Mexico	0.91%
Peru	0.05%
Republic of Korea	1.67%
Russia	0.74%
South Africa	0.12%
Taiwan	0.62%
Thailand	0.20%
Turkey	0.23%
Supranational	0.06%
U.S. Markets	65.49%
Total	99.65%

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

(continues) 17

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

Delaware Foundation^® Moderate Allocation Fund

As of March 31, 2017 (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		52.54%
U.S. Markets		28.57%
Consumer Discretionary		2.11%
Consumer Staples		1.54%
Energy		1.80%
Financials		3.64%
Healthcare		4.28%
Industrials		2.88%
Information Technology		5.50%
Materials		0.86%
Real Estate		4.79%
Telecommunication Services		0.75%
Utilities		0.42%
Developed Markets		17.25%
Consumer Discretionary		2.92%
Consumer Staples		2.57%
Energy		0.51%
Financials		2.15%
Healthcare		2.39%
Industrials		3.52%
Information Technology		1.15%
Materials		1.03%
Real Estate		0.13%
Telecommunication Services		0.76%
Utilities		0.12%
Emerging Markets		6.72%
Consumer Discretionary		0.54%
Consumer Staples		0.92%
Energy		0.97%
Financials		0.85%
Healthcare		0.04%
Industrials		0.11%
Information Technology		1.93%
Materials		0.31%
Real Estate		0.09%
Telecommunication Services		0.96%
Exchange-Traded Funds		2.38%
Agency Asset-Backed Securities		0.02%
Agency Collateralized Mortgage Obligations		7.22%
Agency Commercial Mortgage-Backed Securities		0.41%
Agency Mortgage-Backed Securities		6.45%

Security type / sector	Percentage    of net��assets
Collateralized Debt Obligations		1.04%
Convertible Bond		0.09%
Corporate Bonds		22.17%
Banking		5.15%
Basic Industry		1.53%
Capital Goods		0.98%
Consumer Cyclical		1.41%
Consumer Non-Cyclical		1.92%
Energy		2.07%
Financials		0.76%
Insurance		0.77%
Media		0.67%
Real Estate		0.94%
Services		0.14%
Technology		0.66%
Telecommunications		1.33%
Transportation		0.68%
Utilities		3.16%
Loan Agreements		1.01%
Municipal Bonds		0.36%
Non-Agency Asset-Backed Securities		1.96%
Non-Agency Collateralized Mortgage Obligations		0.46%
Non-Agency Commercial Mortgage-Backed Securities		2.01%
Regional Bonds		0.16%
Sovereign Bonds		0.60%
Supranational Banks		0.08%
U.S. Treasury Obligations		0.65%
Preferred Stock		0.36%
Rights		0.01%
Short-Term Investments		1.73%
Total Value of Securities		101.71%
Liabilities Net of Receivables and Other Assets		(1.71%)
Total Net Assets		100.00%

18

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
Novartis		0.47%
Reliance Industries GDR		0.45%
AT&T		0.44%
Equity Residential		0.42%
ITOCHU		0.42%
Microsoft		0.41%
Samsung Electronics		0.41%
Mitsubishi UFJ Financial Group		0.40%
Sanofi		0.40%
Vinci		0.38%
*Country / market	Percentage     of net assets
Developed Markets		23.27%
Australia		1.10%
Austria		0.05%
Belgium		0.11%
Bermuda		0.14%
Canada		1.26%
Cayman Islands		1.19%
Denmark		0.36%
Finland		0.08%
France		2.79%
Germany		1.28%
Guernsey		0.12%
Hong Kong		0.77%
Ireland		0.35%
Israel		0.39%
Italy		0.34%
Japan		4.34%
Jersey		0.07%
Luxembourg		0.12%
Netherlands		2.17%
New Zealand		0.09%
Norway		0.04%

*Country / market	Percentage     of net assets
Portugal		0.06%
Singapore		0.03%
Spain		0.14%
Sweden		0.77%
Switzerland		1.72%
United Kingdom		3.39%
Emerging Markets		8.77%
Argentina		0.43%
Barbados		0.08%
Brazil		1.03%
Chile		0.32%
China		1.60%
Colombia		0.11%
Costa Rica		0.08%
Curacao		0.04%
Hungary		0.05%
India		0.82%
Indonesia		0.24%
Jamaica		0.06%
Malaysia		0.03%
Mexico		0.87%
Morocco		0.07%
Panama		0.08%
Peru		0.12%
Republic of Korea		1.26%
Russia		0.51%
Saudi Arabia		0.07%
South Africa		0.08%
Sri Lanka		0.07%
Taiwan		0.46%
Thailand		0.13%
Turkey		0.16%
Supranational		0.08%
U.S. Markets		67.86%
Total		99.98%

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

(continues) 19

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

Delaware Foundation^® Conservative Allocation Fund

As of March 31, 2017 (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		35.97%
U.S. Markets		19.20%
Consumer Discretionary		1.42%
Consumer Staples		1.02%
Energy		1.24%
Financials		2.48%
Healthcare		2.87%
Industrials		1.94%
Information Technology		3.72%
Materials		0.58%
Real Estate		3.14%
Telecommunication Services		0.50%
Utilities		0.29%
Developed Markets		11.88%
Consumer Discretionary		2.04%
Consumer Staples		1.77%
Energy		0.34%
Financials		1.45%
Healthcare		1.66%
Industrials		2.42%
Information Technology		0.80%
Materials		0.71%
Real Estate		0.09%
Telecommunication Services		0.52%
Utilities		0.08%
Emerging Markets		4.89%
Consumer Discretionary		0.40%
Consumer Staples		0.69%
Energy		0.71%
Financials		0.63%
Healthcare		0.03%
Industrials		0.08%
Information Technology		1.36%
Materials		0.22%
Real Estate		0.07%
Telecommunication Services		0.70%
Exchange-Traded Funds		1.26%
Agency Collateralized Mortgage Obligations		10.49%
Agency Commercial Mortgage-Backed Securities		0.68%
Agency Mortgage-Backed Securities		9.58%
Collateralized Debt Obligations		1.79%

Security type / sector	Percentage     of net assets
Convertible Bond		0.13%
Corporate Bonds		30.07%
Banking		5.97%
Basic Industry		2.49%
Capital Goods		1.16%
Consumer Cyclical		1.85%
Consumer Non-Cyclical		2.69%
Energy		2.59%
Financials		1.27%
Insurance		1.01%
Media		0.71%
Real Estate		1.60%
Services		0.23%
Technology		0.73%
Telecommunications		2.33%
Transportation		0.74%
Utilities		4.70%
Loan Agreements		1.56%
Municipal Bonds		0.47%
Non-Agency Asset-Backed Securities		3.40%
Non-Agency Collateralized Mortgage Obligations		1.35%
Non-Agency Commercial Mortgage-Backed Securities		3.32%
Regional Bond		0.07%
Sovereign Bonds		0.36%
Supranational Banks		0.15%
U.S. Treasury Obligations		1.46%
Preferred Stock		0.71%
Rights		0.01%
Short-Term Investments		0.64%
Total Value of Securities		103.47%
Liabilities Net of Receivables and Other Assets		(3.47%)
Total Net Assets		100.00%

20

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
Reliance Industries GDR	0.33%
Novartis	0.32%
AT&T	0.29%
Samsung Electronics	0.29%
Equity Residential	0.28%
Microsoft	0.28%
Mitsubishi UFJ Financial Group	0.27%
Sanofi	0.27%
Vinci	0.26%
ITOCHU	0.26%
*Country / market	Percentage     of net assets
Developed Markets	19.42%
Australia	0.83%
Austria	0.03%
Belgium	0.08%
Canada	1.37%
Cayman Islands	1.95%
Denmark	0.25%
Finland	0.06%
France	1.84%
Germany	0.94%
Guernsey	0.32%
Hong Kong	0.54%
Ireland	0.45%
Israel	0.27%
Italy	0.46%
Japan	2.99%
Jersey	0.25%
Luxembourg	0.40%

*Country / market	Percentage     of net assets
Netherlands	1.73%
New Zealand	0.11%
Norway	0.03%
Portugal	0.09%
Singapore	0.02%
Spain	0.10%
Sweden	0.47%
Switzerland	1.22%
United Kingdom	2.62%
Emerging Markets	6.40%
Argentina	0.15%
Brazil	0.75%
Chile	0.09%
China	1.07%
Colombia	0.03%
Hungary	0.08%
India	0.80%
Indonesia	0.06%
Jamaica	0.21%
Malaysia	0.02%
Mexico	0.97%
Morocco	0.24%
Peru	0.05%
Republic of Korea	0.89%
Russia	0.38%
South Africa	0.07%
Taiwan	0.33%
Thailand	0.09%
Turkey	0.12%
Supranational	0.15%
U.S. Markets	76.86%
Total	102.83%

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

21

Schedules of investments

Delaware Foundation^® Growth Allocation Fund

March 31, 2017

	Number of   shares		Value     (U.S. $)
Common Stock – 70.61%
U.S. Markets – 38.31%
Consumer Discretionary – 2.86%
Amazon.com †		90	$	79,789
Aramark		990		36,501
BorgWarner		990		41,372
Cheesecake Factory		530		33,581
Chuy’s Holdings †		560		16,688
Cinemark Holdings		1,090		48,331
Comcast Class A		1,940		72,925
Del Frisco’s Restaurant Group †		2,045		36,912
Dollar General		987		68,824
Fiesta Restaurant Group †		610		14,762
Five Below †		815		35,298
Ford Motor		3,720		43,301
Home Depot		600		88,098
Jack in the Box		550		55,946
Liberty Global Class A †		736		26,400
Liberty Global Class C †		2,762		96,780
Liberty Interactive Corp. QVC Group Class A †		6,834		136,817
Lowe’s		2,900		238,409
Malibu Boats Class A †		1,900		42,655
National CineMedia		1,960		24,755
Newell Brands		1,356		63,963
NIKE Class B		800		44,584
Shutterfly †		665		32,113
Starbucks		1,210		70,652
Steven Madden †		1,377		53,083
Tenneco		840		52,433
Tractor Supply		490		33,795
TripAdvisor †		2,150		92,794
Walt Disney		1,200		136,068
				1,817,629
Consumer Staples – 2.05%
Archer-Daniels-Midland		5,100		234,804
Casey’s General Stores		340		38,165
CVS Health		3,700		290,450
General Mills		590		34,816
J&J Snack Foods		317		42,973
Kimberly-Clark		250		32,907
Kraft Heinz		2,533		230,022
Mondelez International		5,300		228,324
PepsiCo		470		52,574
Pinnacle Foods		600		34,722
Procter & Gamble		360		32,346
Walgreens Boots Alliance		573		47,588
				1,299,691

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Energy – 2.47%
Carrizo Oil & Gas †		1,250	$	35,825
Chevron		3,000		322,110
ConocoPhillips		5,100		254,337
EOG Resources		480		46,824
Halliburton		5,550		273,115
Keane Group †		615		8,795
Marathon Oil		10,800		170,640
Occidental Petroleum		4,140		262,310
PDC Energy †		585		36,475
Pioneer Energy Services †		1,740		6,960
Pioneer Natural Resources		370		68,905
RSP Permian †		885		36,666
SRC Energy †		3,800		32,072
Superior Energy Services †		1,120		15,971
				1,571,005
Financials – 4.87%
Aflac		1,120		81,110
Allstate		2,900		236,321
American Equity Investment Life Holding		1,545		36,508
Bank of New York Mellon		4,900		231,427
BB&T		4,800		214,560
BlackRock		180		69,032
Bryn Mawr Bank		640		25,280
Capital One Financial		700		60,662
Cardinal Financial		1,310		39,221
Charles Schwab		2,478		101,127
Citigroup		1,590		95,114
City Holding		781		50,359
CoBiz Financial		1,705		28,644
East West Bancorp		340		17,547
Essent Group †		1,440		52,085
Evercore Partners Class A		480		37,392
First Bancorp (North Carolina)		615		18,013
Flushing Financial		705		18,943
Great Western Bancorp		1,200		50,892
Hope Bancorp		2,275		43,612
Houlihan Lokey		900		31,005
Independent Bank (Massachusetts)		455		29,575
Infinity Property & Casualty		390		37,245
Intercontinental Exchange		3,154		188,830
Invesco		1,830		56,053
JPMorgan Chase & Co.		1,710		150,206
KeyCorp		3,280		58,318

22

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Financials (continued)
Marsh & McLennan		3,200	$	236,448
MGIC Investment †		7,215		73,088
Old National Bancorp		2,920		50,662
Primerica		715		58,773
Prosperity Bancshares		765		53,328
Prudential Financial		510		54,407
Raymond James Financial		630		48,044
Reinsurance Group of America		210		26,666
Selective Insurance Group		1,055		49,743
State Street		600		47,766
Sterling Bancorp		2,555		60,553
Stifel Financial †		825		41,407
Travelers		340		40,984
Umpqua Holdings		2,700		47,898
United Fire Group		350		14,970
Validus Holdings		540		30,451
Webster Financial		1,050		52,542
WSFS Financial		940		43,193
				3,090,004
Healthcare – 5.76%
Abbott Laboratories		6,390		283,780
AbbVie		440		28,670
Acorda Therapeutics †		810		17,010
Air Methods †		775		33,325
Alkermes †		430		25,155
Allergan		470		112,292
Biogen †		486		132,882
Brookdale Senior Living †		4,350		58,421
Cardinal Health		2,900		236,495
Catalent †		1,695		48,002
Celgene †		2,258		280,963
Cigna		450		65,921
CONMED		1,010		44,854
CryoLife †		1,767		29,421
DENTSPLY SIRONA		1,592		99,404
Edwards Lifesciences †		420		39,509
Eli Lilly & Co.		600		50,466
Exact Sciences †		860		20,313
Express Scripts Holding †		4,140		272,867
Gilead Sciences		710		48,223
HealthSouth		800		34,248
Johnson & Johnson		2,410		300,165
Ligand Pharmaceuticals Class B †		465		49,216
Medicines †		905		44,255
Merck & Co.		4,670		296,732

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Healthcare (continued)
Merit Medical Systems †		1,508	$	43,581
Natera †		770		6,830
Pfizer		6,738		230,507
Prestige Brands Holdings †		766		42,559
Quest Diagnostics		2,400		235,656
Quidel †		1,785		40,412
Quintiles IMS Holdings †		1,497		120,553
Repligen †		725		25,520
Retrophin †		1,520		28,059
Spectrum Pharmaceuticals †		3,135		20,377
TESARO †		335		51,546
Thermo Fisher Scientific		350		53,760
Vanda Pharmaceuticals †		2,120		29,680
Vertex Pharmaceuticals †		310		33,899
Wright Medical Group †		1,250		38,900
				3,654,428
Industrials – 3.85%
AAON		1,555		54,969
ABM Industries		1,105		48,178
Applied Industrial Technologies		780		48,243
Barnes Group		1,230		63,148
Casella Waste Systems †		642		9,059
Columbus McKinnon		1,586		39,365
Continental Building Products †		2,140		52,430
Eaton		610		45,232
ESCO Technologies		1,025		59,553
Esterline Technologies †		225		19,361
Federal Signal		1,575		21,751
FedEx		567		110,650
General Electric		4,100		122,180
Granite Construction		985		49,437
Hawaiian Holdings †		220		10,219
Honeywell International		320		39,958
Kadant		985		58,460
KeyW Holding †		2,170		20,485
Kforce		1,600		38,000
KLX †		900		40,230
Lockheed Martin		160		42,816
MYR Group †		1,015		41,615
Nielsen Holdings		2,881		119,014
Northrop Grumman		1,000		237,840
On Assignment †		1,105		53,626
Parker-Hannifin		450		72,144
Raytheon		1,500		228,750

(continues) 23

Schedules of investments

Delaware Foundation^® Growth Allocation Fund

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Industrials (continued)
Rockwell Collins		330	$	32,063
Southwest Airlines		510		27,418
Swift Transportation †		1,415		29,064
Tetra Tech		1,095		44,731
TransUnion †		780		29,913
TriNet Group †		1,205		34,825
U.S. Ecology		795		37,246
Union Pacific		720		76,262
United Technologies		600		67,326
WageWorks †		536		38,753
Waste Management		3,200		233,344
XPO Logistics †		1,030		49,327
				2,446,985
Information Technology – 7.43%
Accenture Class A		460		55,145
Adobe Systems †		680		88,488
Alphabet Class A †		350		296,730
Alphabet Class C †		135		111,991
Analog Devices		410		33,599
Anixter International †		485		38,461
Apple		1,110		159,463
Broadcom		350		76,636
Brooks Automation		1,415		31,696
CA		7,274		230,731
Callidus Software †		2,255		48,144
Cisco Systems		8,270		279,526
Convergys		1,825		38,599
eBay †		4,880		163,822
Electronic Arts †		1,447		129,535
ExlService Holdings †		945		44,755
Facebook Class A †		2,042		290,066
GrubHub †		805		26,476
Guidewire Software †		240		13,519
II-VI †		660		23,793
Intel		8,840		318,859
Intuit		634		73,538
j2 Global		740		62,093
MACOM Technology Solutions Holdings †		845		40,813
Mastercard Class A		1,517		170,617
Maxim Integrated Products		880		39,565
MaxLinear Class A †		1,700		47,685
Microsemi †		1,175		60,548
Microsoft		5,445		358,608
NETGEAR †		675		33,446
Oracle		5,300		236,433

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Information Technology (continued)
PayPal Holdings †		4,823	$	207,485
Plantronics		570		30,843
Proofpoint †		700		52,052
Q2 Holdings †		760		26,486
QUALCOMM		1,859		106,595
salesforce.com †		900		74,241
Semtech †		1,515		51,207
Silicon Laboratories †		445		32,730
SS&C Technologies Holdings		980		34,692
Symantec		4,002		122,781
Synaptics †		630		31,191
Tyler Technologies †		310		47,914
Visa Class A		2,408		213,999
Yahoo †		1,400		64,974
				4,720,570
Materials – 1.15%
Axalta Coating Systems †		1,720		55,384
Balchem		355		29,259
Boise Cascade †		1,145		30,571
Chemtura †		575		19,205
Eastman Chemical		690		55,752
EI du Pont de Nemours & Co.		2,900		232,957
Kaiser Aluminum		475		37,953
Minerals Technologies		830		63,578
Neenah Paper		670		50,049
Quaker Chemical		450		59,247
WestRock		908		47,243
Worthington Industries		1,060		47,795
				728,993
Real Estate – 6.30%
American Tower		760		92,370
Apartment Investment & Management		1,575		69,851
AvalonBay Communities		350		64,260
Boston Properties		600		79,446
Brandywine Realty Trust		3,475		56,399
Cousins Properties		4,225		34,941
Crown Castle International		1,803		170,293
DCT Industrial Trust		1,694		81,515
DDR		3,075		38,530
Douglas Emmett		1,825		70,080
EastGroup Properties		600		44,118
Empire State Realty Trust		750		15,480
EPR Properties		1,070		78,784
Equinix		230		92,085
Equity LifeStyle Properties		1,175		90,545

24

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Real Estate (continued)
Equity Residential		4,550	$	283,101
Essex Property Trust		250		57,883
Extra Space Storage		1,050		78,109
Federal Realty Investment Trust		475		63,413
First Industrial Realty Trust		4,395		117,039
First Potomac Realty Trust		4,200		43,176
GGP		2,400		55,632
Gramercy Property Trust		1,858		48,865
Healthcare Realty Trust		1,275		41,437
Healthcare Trust of America Class A		2,237		70,376
Highwoods Properties		1,375		67,554
Host Hotels & Resorts		5,985		111,680
Kilroy Realty		875		63,070
Kimco Realty		2,350		51,911
Kite Realty Group Trust		2,160		46,440
LaSalle Hotel Properties		2,805		81,205
Lexington Realty Trust		3,325		33,183
Liberty Property Trust		1,550		59,753
Life Storage		510		41,881
LTC Properties		1,425		68,257
Macerich		800		51,520
Mack-Cali Realty		1,570		42,296
Mid-America Apartment Communities		748		76,102
National Retail Properties		2,805		122,354
Parkway		540		10,741
Pebblebrook Hotel Trust		2,665		77,845
Prologis		1,375		71,335
PS Business Parks		700		80,332
Public Storage		450		98,509
Ramco-Gershenson Properties Trust		6,090		85,382
Regency Centers		2,007		133,245
RLJ Lodging Trust		1,775		41,730
Sabra Health Care REIT		1,825		50,972
Simon Property Group		225		38,707
SL Green Realty		525		55,975
Spirit Realty Capital		4,675		47,358
Tanger Factory Outlet Centers		1,575		51,613
Taubman Centers		775		51,166
UDR		1,775		64,362
Urban Edge Properties		325		8,548
Ventas		850		55,284
Vornado Realty Trust		650		65,202

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Real Estate (continued)
Welltower		850	$	60,197
				4,003,437
Telecommunication Services – 1.00%
AT&T		9,010		374,365
ATN International		475		33,449
Verizon Communications		4,700		229,125
				636,939
Utilities – 0.57%
Edison International		2,900		230,869
NorthWestern		860		50,482
South Jersey Industries		1,020		36,363
Spire		615		41,513
				359,227
Total U.S. Markets (cost $15,463,031)				24,328,908
Developed Markets – 22.97%§
Consumer Discretionary – 3.91%
Bandai Namco Holdings		1,300		38,884
Bayerische Motoren Werke		2,305		210,267
Cie Generale des Etablissements Michelin		310		37,651
Denso		1,300		57,182
Donaco International		51,000		15,391
Hennes & Mauritz Class B		1,450		37,056
Industria de Diseno Textil		1,580		55,690
Kering		704		182,087
LVMH Moet Hennessy Louis Vuitton		370		81,252
Next		485		26,251
Nitori Holdings		1,542		194,880
Oriental Land		700		40,134
Publicis Groupe		1,205		84,213
RTL Group		512		41,238
Sekisui Chemical		3,100		52,098
Sodexo		380		44,694
Stanley Electric		1,600		45,630
Sumitomo Rubber Industries		12,600		214,697
Techtronic Industries		49,500		200,318
Toyota Motor		4,886		265,169
USS		2,200		36,677
Valeo		2,206		146,920
Whitbread		760		37,688
WPP		2,600		57,072
Yue Yuen Industrial Holdings		71,500		281,069
				2,484,208

(continues) 25

Schedules of investments

Delaware Foundation^® Growth Allocation Fund

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Consumer Staples – 3.41%
Anheuser-Busch InBev		455	$	49,947
Aryzta †		4,085		131,116
Asahi Group Holdings		1,000		37,798
British American Tobacco		2,015		133,803
Carlsberg Class B		2,105		194,393
Chocoladefabriken Lindt & Spruengli †		9		51,036
Coca-Cola Amatil		19,119		158,047
Coca-Cola European Partners		1,215		45,430
Danone		875		59,517
Diageo		1,830		52,356
FamilyMart UNY Holdings		600		35,785
Imperial Brands		3,707		179,603
Japan Tobacco		7,000		227,486
Jeronimo Martins		2,450		43,831
Kao		1,000		54,828
Koninklijke Ahold Delhaize		2,485		53,179
L’Oreal		440		84,561
Nestle		2,535		194,494
Reckitt Benckiser Group		445		40,622
Suntory Beverage & Food		900		37,914
Svenska Cellulosa Class B		1,130		36,445
Tate & Lyle		3,700		35,440
Treasury Wine Estates		3,600		33,637
Unilever		960		47,384
Unilever CVA		1,290		64,088
WH Group 144A #		46,500		40,089
Woolworths		2,100		42,517
				2,165,346
Energy – 0.68%
Amec Foster Wheeler		5,550		36,958
Neste		650		25,351
Origin Energy †		6,500		35,010
Suncor Energy		4,800		147,373
TOTAL		3,726		188,470
				433,162
Financials – 2.85%
AIA Group		13,200		83,227
AXA		9,668		250,162
Banco Espirito Santo Class R =†		105,000		0
Bank Leumi Le-Israel †		10,950		48,364
Deutsche Bank †		1,200		20,675
ING Groep		14,766		223,211
Medibank Pvt		16,200		34,903

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Financials (continued)
Mitsubishi UFJ Financial Group		54,114	$	340,102
Nordea Bank		26,201		299,126
Prudential		3,850		81,327
Sony Financial Holdings		2,300		36,959
Standard Chartered †		23,051		220,359
UniCredit		11,287		173,992
				1,812,407
Healthcare – 3.14%
Actelion †		205		57,756
Astellas Pharma		4,600		60,573
Bayer		625		72,042
Fresenius SE & Co.		740		59,468
GlaxoSmithKline		2,450		50,940
ICON †		525		41,853
Indivior		9,200		37,127
Lonza Group †		220		41,599
Merck		445		50,701
Miraca Holdings		1,000		45,989
Novartis		5,201		386,057
Novo Nordisk Class B		1,100		37,778
Orion Class B		870		45,357
Ramsay Health Care		810		43,251
Roche Holding		710		181,319
Sanofi		3,711		335,002
Shire		3,286		191,895
Smith & Nephew		2,750		41,897
Sumitomo Dainippon Pharma		2,500		41,274
Teva Pharmaceutical Industries ADR		5,300		170,077
				1,991,955
Industrials – 4.70%
ABB		2,220		51,929
ANDRITZ		770		38,513
Aurizon Holdings		10,200		40,912
Deutsche Lufthansa		3,150		51,078
Deutsche Post		8,059		276,018
East Japan Railway		3,003		261,485
Elbit Systems		300		34,335
Fraport Frankfurt Airport Services Worldwide		720		50,948
Fuji Electric		8,000		47,498
ITOCHU		24,673		350,160
Japan Airlines		1,400		44,340
JTEKT		2,500		38,826
Koninklijke Philips		9,486		304,905

26

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Industrials (continued)
Legrand		860	$	51,854
Leonardo †		3,459		49,041
Meggitt		25,896		144,478
MINEBEA MITSUMI		12,800		170,736
Mitsubishi Electric		3,000		43,034
Mitsubishi Heavy Industries		11,000		44,126
Rexel		5,413		98,283
Rolls-Royce Holdings †		4,550		42,983
Safran		610		45,572
Securitas Class B		2,200		34,372
Singapore Airlines		3,900		28,075
Teleperformance		1,837		198,421
Vestas Wind Systems		485		39,434
Vinci		4,174		330,845
Wolters Kluwer		950		39,489
Yamato Holdings		1,600		33,522
				2,985,212
Information Technology – 1.55%
Amadeus IT Group		1,210		61,392
ASM Pacific Technology		4,300		58,484
ASML Holding (New York Shares) †		437		58,034
Atos		500		61,848
Brother Industries		2,400		50,121
CGI Group Class A †		3,646		174,699
Infineon Technologies		2,300		46,975
InterXion Holding †		750		29,670
Nice		570		38,299
Omron		1,300		57,042
Playtech		15,871		185,127
SAP		690		67,706
Seiko Epson		2,600		54,742
Trend Micro		900		40,016
				984,155
Materials – 1.36%
Alamos Gold		9,480		76,134
Amcor		3,550		40,846
Anglo American †		2,900		44,309
Anglo American ADR †		2,700		20,547
BHP Billiton		2,500		38,652
Boral		7,700		34,356
Chr Hansen Holding		540		34,660
Covestro 144A #		520		40,030
Daicel		3,400		40,954
EMS-Chemie Holding		95		55,341
Fletcher Building		5,300		30,911

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Materials (continued)
Johnson Matthey		950	$	36,660
Kuraray		2,900		43,970
Rio Tinto		3,739		150,352
Shin-Etsu Chemical		700		60,638
South32		18,800		39,642
Umicore		740		42,156
Yamana Gold		12,748		35,181
				865,339
Real Estate – 0.18%
Azrieli Group †		580		30,773
Daito Trust Construction		300		41,215
Westfield		5,800		39,349
				111,337
Telecommunication Services – 1.03%
KDDI		2,300		60,366
Nippon Telegraph & Telephone		6,712		286,494
Tele2 Class B		18,624		177,809
Telenor		2,100		34,950
Telstra		12,400		44,147
Vodafone Group		17,900		46,670
				650,436
Utilities – 0.16%
National Grid		4,377		55,580
Tokyo Gas		10,000		45,504
				101,084
Total Developed Markets (cost $11,753,558)				14,584,641
Emerging Markets X – 9.33%
Consumer Discretionary – 0.77%
Arcos Dorados Holdings Class A †		6,300		50,715
Astra International		106,600		68,997
B2W Cia Digital †		27,799		109,665
Ctrip.com International ADR †		1,500		73,725
Grupo Televisa ADR		4,200		108,948
Hyundai Motor		213		29,999
Woolworths Holdings		8,164		42,541
				484,590
Consumer Staples – 1.28%
Anadolu Efes Biracilik Ve Malt Sanayii		5,235		28,534
BRF ADR		4,000		49,000
China Mengniu Dairy		25,000		51,792

(continues) 27

Schedules of investments

Delaware Foundation^® Growth Allocation Fund

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
Emerging Markets X (continued)
Consumer Staples (continued)
Cia Brasileira de Distribuicao ADR		2,500	$	48,000
Cia Cervecerias Unidas ADR		1,700		42,959
Coca-Cola Femsa ADR		1,719		123,252
Fomento Economico Mexicano ADR		875		77,455
JBS		4,700		15,403
Lotte Chilsung Beverage		43		54,408
Lotte Confectionery		427		73,311
Tingyi Cayman Islands Holding		48,245		60,589
Uni-President China Holdings		103,200		72,638
Wal-Mart de Mexico		14,915		34,415
X5 Retail Group GDR †		2,467		83,015
				814,771
Energy – 1.39%
Cairn India		8,958		42,193
China Petroleum & Chemical		64,000		51,882
Gazprom PJSC ADR		17,508		78,261
Lukoil PJSC ADR		1,600		84,896
Petroleo Brasileiro ADR †		8,475		82,123
PTT		6,568		73,971
Reliance Industries GDR 144A #		10,171		409,891
Rosneft Oil PJSC GDR		10,465		59,546
				882,763
Financials – 1.19%
Akbank		36,546		85,773
Banco Bradesco ADR		7,100		72,704
Bangkok Bank		9,573		50,564
Grupo Financiero Banorte		6,600		37,981
Grupo Financiero Santander Mexico Class B ADR		6,200		55,986
ICICI Bank ADR		11,700		100,620
Industrial & Commercial Bank of China		36,000		23,532
Itau Unibanco Holding ADR		7,810		94,267
KB Financial Group ADR		1,493		65,647
Samsung Life Insurance		858		83,245
Sberbank of Russia PJSC =		30,743		87,295
				757,614
Healthcare – 0.06%
Hypermarcas		3,900		36,127
				36,127

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
Emerging Markets X (continued)
Industrials – 0.15%
Gol Linhas Aereas Inteligentes ADR †		850	$	22,525
KCC		184		58,246
Rumo †		1,723		4,711
Santos Brasil Participacoes †		12,500		9,064
ZTO Express Cayman ADR †		142		1,859
				96,405
Information Technology – 2.59%
Alibaba Group Holding ADR †		1,690		182,233
Baidu ADR †		940		162,169
Hon Hai Precision Industry		24,859		74,554
MediaTek		13,000		92,115
Samsung Electronics		191		351,838
Samsung SDI		351		43,314
SINA †		1,600		115,392
Sohu.com †		3,200		125,856
Taiwan Semiconductor Manufacturing		20,074		125,039
Taiwan Semiconductor Manufacturing ADR		3,100		101,804
Tencent Holdings		7,700		220,750
Weibo ADR †		160		8,349
WNS Holdings ADR †		1,380		39,482
				1,642,895
Materials – 0.42%
Braskem ADR		2,200		44,770
Cemex ADR †		6,137		55,663
Cemex Latam Holdings †		3,446		12,705
Cia de Minas Buenaventura ADR		1,900		22,876
Impala Platinum Holdings †		1,930		6,505
Sociedad Quimica y Minera de Chile ADR		900		30,933
UltraTech Cement		1,533		94,073
				267,525
Real Estate – 0.14%
Etalon Group GDR 144A #=		6,500		24,570
IRSA Inversiones y Representaciones ADR †		1,500		36,765
UEM Sunrise		92,458		26,533
				87,868
Telecommunication Services – 1.34%
America Movil Class L ADR		5,742		81,364
China Mobile		12,268		134,259
China Mobile ADR		350		19,331

28

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
Emerging Markets X (continued)
Telecommunication Services (continued)
LG Uplus		2,972	$	38,004
Mobile TeleSystems ADR		2,400		26,472
SK Telecom ADR		10,400		261,872
Telefonica Brasil ADR		5,880		87,318
TIM Participacoes ADR		7,200		115,056
Turkcell Iletisim Hizmetleri ADR †		3,950		32,706
VEON ADR		6,700		27,336
Vodacom Group		2,430		27,531
				851,249
Utilities – 0.00%
ENEL RUSSIA PJSC †		100		91
				91
Total Emerging Markets (cost $4,988,501)				5,921,898
Total Common Stock (cost $32,205,090)				44,835,447
Exchange-Traded Funds – 2.90%
iShares MSCI EAFE ETF		460		28,653
iShares MSCI EAFE Growth ETF		1,800		125,082
iShares Russell 1000 Growth ETF		11,680		1,329,184
Vanguard FTSE Developed Markets ETF		245		9,629
Vanguard Mega Cap Growth ETF		1,890		180,892
Vanguard Russell 1000 Growth ETF		1,420		165,714
Total Exchange-Traded Funds (cost $1,777,338)				1,839,154
	Principal   amount°
Agency Collateralized Mortgage Obligations – 4.44%
Fannie Mae REMICs
Series 1996-46 ZA 7.50% 11/25/26		310		360
Series 2005-70 PA 5.50% 8/25/35		1,238		1,384
Series 2008-15 SB 5.618% 8/25/36 S●		22,303		4,234
Series 2010-41 PN 4.50% 4/25/40		20,000		21,580
Series 2010-43 HJ 5.50% 5/25/40		1,676		1,871

	Principal   amount°		Value     (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs
Series 2010-129 SM 5.018% 11/25/40 S●		16,775	$	2,718
Series 2012-98 MI 3.00% 8/25/31 S		49,081		5,543
Series 2012-99 AI 3.50% 5/25/39 S		67,768		7,228
Series 2012-118 AI 3.50% 11/25/37 S		53,601		6,549
Series 2012-120 WI 3.00% 11/25/27 S		49,402		5,000
Series 2012-125 MI 3.50% 11/25/42 S		64,932		13,002
Series 2013-7 EI 3.00% 10/25/40 S		377,240		50,793
Series 2013-26 ID 3.00% 4/25/33 S		63,150		8,859
Series 2013-38 AI 3.00% 4/25/33 S		58,721		7,946
Series 2013-43 IX 4.00% 5/25/43 S		68,654		16,219
Series 2013-44 DI 3.00% 5/25/33 S		70,618		11,265
Series 2013-45 PI 3.00% 5/25/33 S		63,923		9,424
Series 2013-51 PI 3.00% 11/25/32 S		64,968		7,730
Series 2013-55 AI 3.00% 6/25/33 S		65,984		9,547
Series 2013-59 PY 2.50% 6/25/43		10,000		9,132
Series 2013-62 PY 2.50% 6/25/43		10,000		9,148
Series 2013-64 KI 3.00% 2/25/33 S		160,815		21,236
Series 2013-69 IJ 3.00% 7/25/33 S		62,762		9,126
Series 2013-71 ZA 3.50% 7/25/43		10,260		10,284
Series 2014-36 ZE 3.00% 6/25/44		14,152		12,925
Series 2015-40 GZ 3.50% 5/25/45		3,199		3,043
Series 2015-44 Z 3.00% 9/25/43		24,238		23,429
Series 2015-45 AI 3.00% 1/25/33 S		71,499		7,558
Series 2015-71 PI 4.00% 3/25/43 S		96,025		15,746
Series 2016-2 HI 3.00% 12/25/41 S		81,452		10,891

(continues) 29

Schedules of investments

Delaware Foundation^® Growth Allocation Fund

	Principal   amount°		Value     (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs
Series 2016-17 BI 4.00% 2/25/43 S		283,431	$	48,282
Series 2016-74 GS 5.018% 10/25/46 S●		418,313		103,035
Series 2016-80 BZ 3.00% 11/25/46		53,666		47,063
Series 2016-80 CZ 3.00% 11/25/46		46,578		40,844
Series 2016-80 JZ 3.00% 11/25/46		5,063		4,593
Series 2016-90 CI 3.00% 2/25/45 S		412,445		63,472
Series 2016-95 IO 3.00% 12/25/46 S		530,125		104,721
Series 2016-95 LZ 2.50% 12/25/46		25,209		20,487
Series 2016-95 US 5.018% 12/25/46 S●		538,129		118,049
Series 2017-16 YT 3.00% 7/25/46		10,000		9,791
Freddie Mac REMICs
Series 2512 PG 5.50% 10/15/22		15,247		16,520
Series 2708 ZD 5.50% 11/15/33		3,556		3,954
Series 4065 DE 3.00% 6/15/32		5,000		5,031
Series 4100 EI 3.00% 8/15/27 S		41,614		4,206
Series 4109 AI 3.00% 7/15/31 S		103,904		11,183
Series 4120 IK 3.00% 10/15/32 S		57,101		7,797
Series 4136 EZ 3.00% 11/15/42		5,478		5,384
Series 4146 IA 3.50% 12/15/32 S		57,831		9,107
Series 4184 GS 5.208% 3/15/43 S●		63,105		14,375
Series 4185 LI 3.00% 3/15/33 S		62,911		8,786
Series 4186 IE 3.00% 3/15/33 S		429,832		60,475
Series 4206 DZ 3.00% 5/15/33		11,295		11,008
Series 4223 HI 3.00% 4/15/30 S		111,457		8,788
Series 4342 CI 3.00% 11/15/33 S		64,294		8,329
Series 4366 DI 3.50% 5/15/33 S		74,170		10,101

	Principal   amount°		Value     (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
Freddie Mac REMICs
Series 4433 DI 3.00% 8/15/32 S		221,239	$	22,328
Series 4435 DY 3.00% 2/15/35		19,000		18,859
Series 4476 GI 3.00% 6/15/41 S		71,451		8,216
Series 4518 CI 3.50% 6/15/42 S		153,719		20,852
Series 4567 LI 4.00% 8/15/45 S		212,412		40,276
Series 4574 AI 3.00% 4/15/31 S		95,948		12,286
Series 4592 WT 5.50% 6/15/46		38,122		42,547
Series 4596 ZH 3.00% 11/15/45		240,341		240,084
Series 4614 HB 2.50% 9/15/46		10,000		8,940
Series 4623 LZ 2.50% 10/15/46		40,418		34,482
Series 4623 MW 2.50% 10/15/46		75,000		68,104
Series 4623 WI 4.00% 8/15/44 S		98,022		18,230
Series 4643 QI 3.50% 9/15/45 S		99,342		16,362
Series 4648 ND 3.00% 9/15/46		4,000		3,808
Series 4648 SA 5.088% 1/15/47 S●		538,655		123,124
Series 4657 NW 3.00% 4/15/45		4,000		3,953
Freddie Mac Strips
Series 299 S1 5.088% 1/15/43 S●		65,573		13,423
Series 326 S2 5.038% 3/15/44 S●		73,900		14,637
GNMA
Series 2010-113 KE 4.50% 9/20/40		50,000		54,489
Series 2012-136 MX 2.00% 11/20/42		80,000		72,539
Series 2013-113 AZ 3.00% 8/20/43		26,720		25,342
Series 2013-113 LY 3.00% 5/20/43		45,000		44,345
Series 2015-64 GZ 2.00% 5/20/45		10,373		8,436
Series 2015-133 AL 3.00% 5/20/45		25,000		24,425

30

	Principal   amount°		Value     (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
GNMA
Series 2016-5 GL 3.00% 7/20/45		45,000	$	43,870
Series 2016-101 QL 3.00% 7/20/46		117,000		110,638
Series 2016-108 YL 3.00% 8/20/46		570,000		535,361
Series 2016-134 MW 3.00% 10/20/46		106,000		105,520
Series 2016-135 Z 3.00%10/20/46		2,025		1,834
Series 2016-160 VZ 2.50%11/20/46		5,042		4,105
Series 2017-4 BW 3.00% 1/20/47		4,000		3,769
Series 2017-25 CZ 3.50% 2/20/47		5,015		5,001
Total Agency Collateralized Mortgage Obligations (cost $2,840,993)				2,819,336
Agency Commercial Mortgage-Backed Securities – 0.25%
Freddie Mac Multifamily Structured Pass Through Certificates
Series K037 A2 3.49% 1/25/24 ◆		20,000		21,190
Series KS03 A4 3.161% 5/25/25 ◆●		20,000		20,171
FREMF Mortgage Trust
Series 2011-K14 B 144A 5.167% 2/25/47 #●		10,000		10,930
Series 2012-K18 B 144A 4.256% 1/25/45 #●		10,000		10,581
Series 2012-K22 B 144A 3.686% 8/25/45 #●		15,000		15,418
Series 2012-K708 B 144A 3.752% 2/25/45 #●		10,000		10,220
Series 2013-K32 B 144A 3.538% 10/25/46 #●		35,000		34,983
Series 2013-K33 B 144A 3.502% 8/25/46 #●		10,000		9,939
Series 2013-K713 C 144A 3.166% 4/25/46 #●		25,000		25,064
Total Agency Commercial Mortgage-Backed Securities (cost $159,679)				158,496
Agency Mortgage-Backed Securities – 4.01%
Fannie Mae S.F. 30 yr
4.50% 5/1/39		14,927		16,100

	Principal   amount°		Value     (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr
4.50% 2/1/46		77,324	$	83,134
5.00% 11/1/33		151		165
5.00% 8/1/35		579		633
5.00% 10/1/35		75,638		82,759
5.00% 10/1/36		237		259
5.00% 12/1/36		202		221
5.50% 4/1/34		276		309
5.50% 11/1/34		524		587
5.50% 2/1/35		478		535
5.50% 8/1/37		2,548		2,854
5.50% 1/1/38		26,458		29,585
5.50% 3/1/38		8,545		9,573
5.50% 12/1/38		192		214
5.50% 6/1/39		5,972		6,684
5.50% 7/1/40		4,976		5,567
5.50% 5/1/44		261,750		292,908
6.00% 3/1/34		1,428		1,634
6.00% 8/1/34		2,377		2,713
6.00% 11/1/34		57		64
6.00% 4/1/35		2,343		2,663
6.00% 6/1/35		28,110		32,014
6.00% 7/1/35		8,316		9,436
6.00% 12/1/35		11,558		13,134
6.00% 5/1/36		17,920		20,285
6.00% 6/1/36		41,921		48,521
6.00% 9/1/36		22,216		25,199
6.00% 12/1/36		579		659
6.00% 2/1/37		1,795		2,028
6.00% 5/1/37		38,476		43,615
6.00% 6/1/37		305		348
6.00% 7/1/37		239		270
6.00% 8/1/37		37,848		42,957
6.00% 9/1/37		22,313		25,237
6.00% 11/1/37		116		131
6.00% 3/1/38		56,142		64,003
6.00% 5/1/38		19,422		22,005
6.00% 7/1/38		27,038		30,550
6.00% 9/1/38		1,882		2,148
6.00% 10/1/38		508		574
6.00% 11/1/38		1,356		1,548
6.00% 1/1/39		2,491		2,812
6.00% 9/1/39		44,482		51,117
6.00% 10/1/39		29,593		33,876
6.00% 3/1/40		10,173		11,484
6.00% 7/1/40		4,129		4,662
6.00% 9/1/40		2,194		2,480
6.00% 11/1/40		774		887
6.00% 5/1/41		33,241		37,570

(continues) 31

Schedules of investments

Delaware Foundation^® Growth Allocation Fund

	Principal   amount°		Value     (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr
6.00% 6/1/41		8,641	$	9,762
6.00% 7/1/41		8,028		9,064
6.50% 3/1/40		15,238		17,241
Fannie Mae S.F. 30 yr TBA
4.50% 4/1/47		987,000		1,056,707
Freddie Mac ARM
2.553% 10/1/46 ●		14,853		14,918
Freddie Mac S.F. 30 yr
5.00% 5/1/41		17,740		19,542
5.00% 4/1/44		21,934		24,126
5.50% 3/1/34		668		751
5.50% 12/1/34		577		649
5.50% 11/1/36		810		901
5.50% 9/1/37		734		814
5.50% 12/1/37		98,032		109,969
5.50% 6/1/39		2,275		2,523
5.50% 3/1/40		2,142		2,375
5.50% 8/1/40		1,730		1,918
5.50% 6/1/41		29,786		33,254
6.00% 5/1/35		3,137		3,572
6.00% 2/1/36		1,283		1,461
6.00% 3/1/36		2,935		3,345
6.00% 8/1/38		10,055		11,524
6.00% 10/1/38		1,170		1,338
6.00% 3/1/40		29,530		33,336
6.00% 5/1/40		43,430		49,397
6.00% 7/1/40		4,253		4,821
6.50% 12/1/31		666		752
GNMA II S.F. 30 yr
5.50% 5/20/37		3,867		4,301
5.50% 4/20/40		3,498		3,824
6.00% 2/20/39		5,208		5,905
6.00% 10/20/39		6,941		7,753
6.00% 2/20/40		17,474		19,574
6.00% 4/20/46		7,017		7,853
6.50% 6/20/39		6,636		7,512
6.50% 10/20/39		4,781		5,396
Total Agency Mortgage-Backed Securities (cost $2,546,620)				2,544,889
Collateralized Debt Obligations – 0.31%
AMMC CLO
Series 2015-16A AR 144A 2.42% 4/14/29 #●		100,000		99,950

	Principal   amount°		Value     (U.S. $)
Collateralized Debt Obligations (continued)
JFIN CLO
Series 2017-1A A1 144A 2.324% 4/24/29 #●		100,000	$	100,150
Total Collateralized Debt Obligations (cost $200,000)				200,100
Convertible Bond – 0.06%
Clearwire Communications 144A 8.25% exercise price $7.08, maturity date 12/1/40 #		35,000		36,356
Total Convertible Bond (cost $36,575)				36,356
Corporate Bonds – 11.08%
Banking – 1.84%
Bank Nederlandse Gemeenten 3.50% 7/19/27	AUD	4,000		3,035
Bank of America
3.124% 1/20/23 ●		75,000		75,372
3.248% 10/21/27		5,000		4,770
3.824% 1/20/28 ●		20,000		20,081
4.183% 11/25/27		15,000		15,083
Bank of New York Mellon
2.15% 2/24/20		5,000		5,022
2.20% 8/16/23		25,000		24,019
2.50% 4/15/21		30,000		30,093
3.442% 2/7/28 ●		25,000		25,219
4.625% 12/29/49 ●		20,000		19,250
BB&T 2.45% 1/15/20		25,000		25,262
Citigroup
1.80% 1/10/20 ●		85,000		85,319
3.75% 10/27/23	AUD	7,000		5,349
Citizens Financial Group
2.375% 7/28/21		10,000		9,870
4.30% 12/3/25		15,000		15,486
Fifth Third Bancorp
2.875% 7/27/20		5,000		5,068
Goldman Sachs Group
3.85% 1/26/27		10,000		10,064
5.15% 5/22/45		35,000		36,842
5.20% 12/17/19	NZD	4,000		2,911
Huntington Bancshares 2.30% 1/14/22		5,000		4,874
JPMorgan Chase & Co.
3.782% 2/1/28 ●		85,000		85,892
4.25% 11/2/18	NZD	15,000		10,674
4.25% 10/1/27		20,000		20,568
KeyCorp 5.00% 12/29/49 ●		105,000		104,213

32

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Banking (continued)
Landwirtschaftliche Rentenbank 5.375% 4/23/24	NZD	40,000	$	30,631
Morgan Stanley
2.625% 11/17/21		30,000		29,795
3.625% 1/20/27		15,000		14,914
3.95% 4/23/27		25,000		24,805
5.00% 9/30/21	AUD	9,000		7,346
PNC Financial Services Group
5.00% 12/29/49 ●		20,000		19,950
Royal Bank of Canada 2.75% 2/1/22 30,000				30,292
Santander UK Group Holdings
2.875% 10/16/20		35,000		35,106
3.125% 1/8/21		10,000		10,062
State Street
2.55% 8/18/20		15,000		15,207
3.10% 5/15/23		10,000		10,079
3.55% 8/18/25		15,000		15,430
SunTrust Banks 2.70% 1/27/22 25,000				24,924
Toronto-Dominion Bank
2.125% 4/7/21		40,000		39,665
2.50% 12/14/20		15,000		15,131
3.625% 9/15/31 ●		20,000		19,618
U.S. Bancorp
2.625% 1/24/22		10,000		10,043
3.10% 4/27/26		10,000		9,829
3.60% 9/11/24		10,000		10,307
USB Capital IX
3.50% 10/29/49 ●		55,000		46,819
Wells Fargo & Co.
3.00% 7/27/21	AUD	7,000		5,269
3.069% 1/24/23		90,000		90,446
Zions Bancorporation
4.50% 6/13/23		10,000		10,379
				1,170,383
Basic Industry – 0.90%
Boise Cascade 144A 5.625% 9/1/24 #		20,000		20,400
Builders FirstSource 144A 5.625% 9/1/24 #		20,000		20,375
CF Industries 6.875% 5/1/18		25,000		26,125
Cliffs Natural Resources 144A 5.75% 3/1/25 #		5,000		4,863
Dow Chemical 8.55% 5/15/19		78,000		88,458
Freeport-McMoRan 144A 6.875% 2/15/23 #		30,000		31,125

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
General Electric
2.10% 12/11/19		10,000	$	10,097
4.25% 1/17/18		NZD  10,000		7,096
5.55% 5/4/20		10,000		11,066
6.00% 8/7/19		19,000		20,875
Georgia-Pacific 8.00% 1/15/24		40,000		51,310
International Paper 4.40% 8/15/47		30,000		28,427
INVISTA Finance 144A 4.25% 10/15/19 #		20,000		20,650
Koppers 144A 6.00% 2/15/25 #		15,000		15,525
LYB International Finance II 3.50% 3/2/27		30,000		29,499
Novelis 144A 5.875% 9/30/26 #		10,000		10,225
Olin 5.125% 9/15/27		10,000		10,194
PolyOne 5.25% 3/15/23		13,000		13,163
Potash Corp. of Saskatchewan 4.00% 12/15/26		15,000		15,385
PulteGroup 5.00% 1/15/27		15,000		15,056
Southern Copper 5.875% 4/23/45		10,000		10,469
Standard Industries 144A 5.00% 2/15/27 #		40,000		39,300
US Concrete 144A 6.375% 6/1/24 #		10,000		10,400
Vale Overseas 6.25% 8/10/26		25,000		27,219
Westlake Chemical 144A 5.00% 8/15/46 #		10,000		10,305
WR Grace & Co. 144A 5.625% 10/1/24 #		21,000		22,207
				569,814
Capital Goods – 0.43%
Ball 5.25% 7/1/25		20,000		21,250
CCL Industries 144A 3.25% 10/1/26 #		10,000		9,589
Crane
2.75% 12/15/18		5,000		5,082
4.45% 12/15/23		15,000		15,759
Crown Americas 144A 4.25% 9/30/26 #		8,000		7,715
Fortune Brands Home & Security 3.00% 6/15/20		10,000		10,128
KLX 144A 5.875% 12/1/22 #		10,000		10,350
Lennox International 3.00% 11/15/23		55,000		54,127

(continues) 33

Schedules of investments

Delaware Foundation^® Growth Allocation Fund

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Capital Goods (continued)
Masco 3.50% 4/1/21		20,000	$	20,452
Owens-Brockway Glass Container 144A 5.875% 8/15/23 #		15,000		15,900
Rockwell Collins 3.20% 3/15/24		15,000		14,990
Roper Technologies 2.80% 12/15/21		10,000		10,021
United Technologies 3.75% 11/1/46		15,000		14,115
Waste Management 2.40% 5/15/23		65,000		63,915
				273,393
Consumer Cyclical – 0.77%
Albertsons 144A 6.625% 6/15/24 #		10,000		10,250
BMW US Capital 144A 3.30% 4/6/27 #		20,000		19,949
Boyd Gaming 6.375% 4/1/26		15,000		16,087
Dollar General 3.875% 4/15/27		30,000		30,081
General Motors Financial
3.45% 4/10/22		45,000		45,271
3.70% 5/9/23		5,000		5,044
GLP Capital 5.375% 4/15/26		25,000		25,875
Goodyear Tire & Rubber 5.00% 5/31/26		15,000		15,413
Hanesbrands 144A 4.875% 5/15/26 #		20,000		19,750
Hilton Worldwide Finance 144A 4.875% 4/1/27 #		15,000		15,187
Hyundai Capital America
144A 2.55% 2/6/19 #		20,000		20,111
144A 3.00% 3/18/21 #		5,000		5,021
KFC Holding
144A 5.00% 6/1/24 #		6,000		6,143
144A 5.25% 6/1/26 #		8,000		8,160
Levi Strauss & Co. 5.00% 5/1/25		30,000		30,906
Live Nation Entertainment 144A 4.875% 11/1/24 #		15,000		15,037
Lowe’s 3.70% 4/15/46		25,000		23,263
Marriott International
3.75% 3/15/25		10,000		10,179
4.50% 10/1/34		5,000		5,081
MGM Resorts International 4.625% 9/1/26		10,000		9,750

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Penn National Gaming 144A 5.625% 1/15/27 #		35,000	$	34,825
Scientific Games International 144A 7.00% 1/1/22 #		20,000		21,425
Target 3.625% 4/15/46		20,000		18,092
Toyota Motor Credit 2.80% 7/13/22		20,000		20,153
Walgreens Boots Alliance
3.10% 6/1/23		40,000		39,995
3.45% 6/1/26		10,000		9,767
Wyndham Worldwide 4.15% 4/1/24		10,000		10,098
				490,913
Consumer Non-Cyclical – 1.17%
Abbott Laboratories 2.90% 11/30/21		75,000		75,400
ACCO Brands 144A 5.25% 12/15/24 #		5,000		5,037
Anheuser-Busch InBev Finance 2.65% 2/1/21		90,000		90,749
Biogen 5.20% 9/15/45		15,000		16,274
Celgene 3.25% 8/15/22		45,000		45,747
DaVita 5.00% 5/1/25		20,000		19,988
Dean Foods 144A 6.50% 3/15/23 #		25,000		26,125
HCA 5.375% 2/1/25		20,000		20,850
HealthSouth
5.125% 3/15/23		5,000		5,025
5.75% 11/1/24		30,000		30,375
5.75% 9/15/25		5,000		5,019
Heineken 144A 3.50% 1/29/28 #		5,000		5,037
Hill-Rom Holdings 144A 5.00% 2/15/25 #		25,000		25,031
JBS USA 144A 5.75% 6/15/25 #		15,000		15,225
Molson Coors Brewing
3.00% 7/15/26		40,000		38,109
4.20% 7/15/46		15,000		14,099
Mylan 3.95% 6/15/26		5,000		4,903
New York and Presbyterian
Hospital 4.063% 8/1/56		20,000		18,802
Post Holdings
144A 5.00% 8/15/26 #		25,000		24,000
144A 5.75% 3/1/27 #		5,000		5,013
Revlon Consumer Products 6.25% 8/1/24		10,000		10,000
Reynolds American 4.00% 6/12/22		25,000		26,267

34

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Shire Acquisitions Investments Ireland
2.40% 9/23/21		20,000	$	19,606
2.875% 9/23/23		45,000		43,719
Tempur Sealy International 5.50% 6/15/26		10,000		9,885
Thermo Fisher Scientific 3.00% 4/15/23		90,000		89,426
Transurban Finance 144A 3.375% 3/22/27 #		10,000		9,689
Universal Health Services 144A 5.00% 6/1/26 #		5,000		5,163
Zimmer Biomet Holdings
3.375% 11/30/21		15,000		15,189
4.625% 11/30/19		20,000		21,219
				740,971
Energy – 1.02%
Anadarko Petroleum 5.55% 3/15/26		55,000		61,139
BP Capital Markets
3.216% 11/28/23		30,000		30,176
3.224% 4/14/24		15,000		15,019
Diamondback Energy 144A 4.75% 11/1/24 #		20,000		20,218
Ecopetrol 7.375% 9/18/43		5,000		5,367
Enbridge
4.25% 12/1/26		10,000		10,227
6.00% 1/15/77 ●		5,000		5,069
Energy Transfer Equity 7.50% 10/15/20		15,000		16,800
Energy Transfer Partners
4.75% 1/15/26		5,000		5,154
6.125% 12/15/45		25,000		26,731
9.70% 3/15/19		15,000		17,063
Enterprise Products Operating 7.034% 1/15/68 ●		5,000		5,205
Genesis Energy 5.625% 6/15/24		10,000		9,825
Gulfport Energy
144A 6.00% 10/15/24 #		15,000		14,625
6.625% 5/1/23		10,000		10,163
Hilcorp Energy I 144A 5.00% 12/1/24 #		25,000		23,563
Kinder Morgan Energy
Partners 5.80% 3/1/21		15,000		16,492
Laredo Petroleum 6.25% 3/15/23		15,000		15,300
MPLX 4.875% 12/1/24		30,000		31,604

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Energy (continued)
MPLX 4.875% 6/1/25		10,000	$	10,491
Murphy Oil 6.875% 8/15/24		25,000		26,563
Murphy Oil USA 6.00% 8/15/23		21,000		22,103
Newfield Exploration 5.75% 1/30/22		10,000		10,663
Noble Energy 5.05% 11/15/44		10,000		10,236
Petrobras Global Finance 7.375% 1/17/27		5,000		5,299
Plains All American Pipeline 8.75% 5/1/19		20,000		22,567
Regency Energy Partners 5.00% 10/1/22		5,000		5,322
Sabine Pass Liquefaction
144A 4.20% 3/15/28 #		20,000		19,739
144A 5.00% 3/15/27 #		5,000		5,232
Shell International Finance
2.875% 5/10/26		5,000		4,867
4.00% 5/10/46		30,000		28,913
4.375% 5/11/45		15,000		15,259
Southwestern Energy 6.70% 1/23/25		20,000		19,900
Targa Resources Partners
144A 5.125% 2/1/25 #		10,000		10,338
144A 5.375% 2/1/27 #		10,000		10,400
Transcanada Trust
5.30% 3/15/77 ●		10,000		9,900
5.875% 8/15/76 ●		10,000		10,575
Transocean Proteus 144A 6.25% 12/1/24 #		10,000		10,375
Woodside Finance
144A 3.65% 3/5/25 #		15,000		14,794
144A 3.70% 9/15/26 #		5,000		4,894
144A 8.75% 3/1/19 #		15,000		16,786
YPF 144A 23.854% 7/7/20 #●		10,000		11,195
				646,151
Financials – 0.35%
Affiliated Managers Group 3.50% 8/1/25		15,000		14,763
Air Lease
3.00% 9/15/23		20,000		19,570
3.625% 4/1/27		45,000		43,824
Aviation Capital Group
144A 2.875% 1/20/22 #		5,000		4,970
144A 4.875% 10/1/25 #		25,000		26,936
144A 6.75% 4/6/21 #		5,000		5,731

(continues) 35

Schedules of investments

Delaware Foundation^® Growth Allocation Fund

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Financials (continued)
Berkshire Hathaway 2.75% 3/15/23		10,000	$	10,009
BlackRock 3.20% 3/15/27		15,000		15,024
E*TRADE Financial 5.875% 12/29/49 ●		20,000		20,655
Jefferies Group
4.85% 1/15/27		5,000		5,113
6.45% 6/8/27		5,000		5,666
6.50% 1/20/43		5,000		5,440
Lazard Group
3.625% 3/1/27		5,000		4,888
3.75% 2/13/25		10,000		9,957
Park Aerospace Holdings 144A 5.50% 2/15/24 #		25,000		26,063
				218,609
Insurance – 0.62%
Allstate 3.28% 12/15/26		50,000		50,297
Berkshire Hathaway Finance 2.90% 10/15/20		20,000		20,668
Liberty Mutual Group 144A 4.95% 5/1/22 #		10,000		10,876
Manulife Financial 4.061% 2/24/32 ●		20,000		20,075
MetLife
6.40% 12/15/36		30,000		33,000
6.817% 8/15/18		80,000		85,299
Principal Life Global Funding II 144A 3.00% 4/18/26 #		60,000		58,481
Prudential Financial
4.50% 11/15/20		35,000		37,580
5.375% 5/15/45 ●		10,000		10,490
TIAA Asset Management Finance
144A 2.95% 11/1/19 #		10,000		10,170
144A 4.125% 11/1/24 #		20,000		20,412
USI 144A 7.75% 1/15/21 #		5,000		5,091
XLIT
4.45% 3/31/25		10,000		10,105
5.50% 3/31/45		15,000		15,039
6.50% 12/29/49 ●		10,000		8,425
				396,008
Media – 0.33%
21st Century Fox America 4.95% 10/15/45		20,000		20,774
CCO Holdings 144A 5.75% 2/15/26 #		15,000		15,787
Comcast 3.00% 2/1/24		25,000		25,007
CSC Holdings 5.25% 6/1/24		5,000		4,994

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Media (continued)
DISH DBS 7.75% 7/1/26		5,000	$	5,825
Gray Television 144A 5.875% 7/15/26 #		15,000		15,300
Nexstar Broadcasting 144A 5.625% 8/1/24 #		15,000		15,263
Sinclair Television Group 144A 5.125% 2/15/27 #		15,000		14,550
Sirius XM Radio 144A 5.375% 7/15/26 #		20,000		20,500
Time Warner Cable 7.30% 7/1/38		40,000		49,702
Tribune Media 5.875% 7/15/22		20,000		20,950
				208,652
Real Estate – 0.66%
American Tower
4.00% 6/1/25		25,000		25,335
4.40% 2/15/26		50,000		51,811
American Tower Trust I 144A 3.07% 3/15/23 #		20,000		19,957
CC Holdings GS V 3.849% 4/15/23		10,000		10,254
Corporate Office Properties
3.60% 5/15/23		15,000		14,598
5.25% 2/15/24		15,000		15,801
Crown Castle International 5.25% 1/15/23		20,000		21,849
CubeSmart 3.125% 9/1/26		15,000		14,116
DDR 7.50% 4/1/17		5,000		5,000
Education Realty Operating Partnership 4.60% 12/1/24		10,000		10,091
ESH Hospitality 144A 5.25% 5/1/25 #		25,000		25,265
Hospitality Properties Trust 4.50% 3/15/25		10,000		10,053
Host Hotels & Resorts
3.75% 10/15/23		5,000		5,045
3.875% 4/1/24		10,000		10,089
4.50% 2/1/26		10,000		10,363
Iron Mountain U.S. Holdings 144A 5.375% 6/1/26 #		20,000		20,050
Kite Realty Group 4.00% 10/1/26		5,000		4,800
LifeStorage 3.50% 7/1/26		15,000		14,379
MGM Growth Properties Operating Partnership 4.50% 9/1/26		15,000		14,625

36

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Real Estate (continued)
Realty Income 4.125% 10/15/26		15,000	$	15,477
Regency Centers 3.60% 2/1/27		10,000		9,941
SBA Communications 144A 4.875% 9/1/24 #		15,000		14,847
UDR 4.00% 10/1/25		55,000		56,194
Uniti Group 144A 7.125% 12/15/24 #		10,000		10,175
WP Carey 4.60% 4/1/24		10,000		10,364
				420,479
Services – 0.11%
Aramark Services 5.125% 1/15/24		20,000		21,025
Avis Budget Car Rental 144A 6.375% 4/1/24 #		5,000		5,031
Herc Rentals 144A 7.75% 6/1/24 #		8,000		8,560
Prime Security Services Borrower 144A 9.25% 5/15/23 #		20,000		21,975
United Rentals North America
5.50% 5/15/27		10,000		10,125
5.875% 9/15/26		5,000		5,231
				71,947
Technology – 0.39%
Apple 3.45% 2/9/45		15,000		13,472
Broadcom
144A 3.00% 1/15/22 #		15,000		14,971
144A 3.625% 1/15/24 #		30,000		30,259
CDK Global 5.00% 10/15/24		5,000		5,070
CDW 5.00% 9/1/25		5,000		5,106
Cisco Systems 1.85% 9/20/21		20,000		19,624
CommScope Technologies 144A 5.00% 3/15/27 #		5,000		5,005
Diamond 1 Finance 144A 6.02% 6/15/26 #		10,000		10,941
DXC Technology
144A 4.25% 4/15/24 #		5,000		5,091
144A 4.75% 4/15/27 #		15,000		15,324
Fidelity National Information Services 5.00% 10/15/25		10,000		10,894
First Data
144A 5.75% 1/15/24 #		20,000		20,705
144A 7.00% 12/1/23 #		17,000		18,275
Microsoft 2.40% 2/6/22		5,000		5,033

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Technology (continued)
Microsoft
2.875% 2/6/24		5,000	$	5,035
4.25% 2/6/47		40,000		41,093
Symantec 144A 5.00% 4/15/25 #		20,000		20,489
				246,387
Telecommunications – 0.55%
AT&T 5.25% 3/1/37		40,000		40,863
CenturyLink
5.80% 3/15/22		20,000		20,686
6.75% 12/1/23		13,000		13,601
Charter Communications Operating 4.908% 7/23/25		35,000		37,019
Cincinnati Bell 144A 7.00% 7/15/24 #		10,000		10,513
Crown Castle Towers 144A 4.883% 8/15/20 #		55,000		58,581
Level 3 Financing
5.25% 3/15/26		5,000		5,044
5.375% 5/1/25		10,000		10,200
Radiate Holdco 144A 6.625% 2/15/25 #		10,000		9,894
SBA Tower Trust 144A 2.24% 4/16/18 #		25,000		25,010
Sprint 7.875% 9/15/23		22,000		24,420
T-Mobile USA 6.50% 1/15/26		20,000		21,950
Verizon Communications 144A 2.946% 3/15/22 #		50,000		49,838
WPP Finance 2010 5.625% 11/15/43		5,000		5,346
Zayo Group 144A 5.75% 1/15/27 #		15,000		15,860
				348,825
Transportation – 0.38%
Air Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27 #◆		9,361		9,420
American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27 ◆		13,938		13,677
American Airlines 2015-2 Class AA Pass Through Trust 3.60% 9/22/27 ◆		4,763		4,795
American Airlines 2016-1 Class AA Pass Through Trust 3.575% 1/15/28 ◆		9,747		9,735

(continues) 37

Schedules of investments

Delaware Foundation^® Growth Allocation Fund

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Transportation (continued)
Burlington Northern Santa Fe 4.70% 9/1/45		40,000	$	43,549
Penske Truck Leasing
144A 3.30% 4/1/21 #		15,000		15,217
144A 4.20% 4/1/27 #		70,000		71,406
Union Pacific 3.00% 4/15/27		15,000		14,836
United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26 ◆		4,576		4,748
United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26 ◆		13,707		13,931
United Airlines 2016-1 Class AA Pass Through Trust 3.10% 7/7/28 ◆		10,000		9,850
United Parcel Service 5.125% 4/1/19		20,000		21,376
XPO Logistics 144A 6.125% 9/1/23 #		10,000		10,438
				242,978
Utilities – 1.56%
AES 5.50% 4/15/25		5,000		5,087
Ameren Illinois 9.75% 11/15/18		35,000		39,329
American Transmission Systems 144A 5.25% 1/15/22 #		40,000		44,073
AmeriGas Partners 5.875% 8/20/26		20,000		20,000
Berkshire Hathaway Energy 3.75% 11/15/23		50,000		52,322
Calpine
144A 5.25% 6/1/26 #		20,000		20,400
5.375% 1/15/23		5,000		5,087
CMS Energy 6.25% 2/1/20		50,000		55,174
ComEd Financing III 6.35% 3/15/33		20,000		21,384
DTE Energy 3.30% 6/15/22		60,000		60,984
Duke Energy 4.80% 12/15/45		5,000		5,299
Emera 6.75% 6/15/76 ●		30,000		32,887
Emera US Finance
3.55% 6/15/26		45,000		44,318
4.75% 6/15/46		20,000		20,254
Enel Americas 4.00% 10/25/26		5,000		4,959
Entergy 4.00% 7/15/22		45,000		47,184
Entergy Louisiana 4.05% 9/1/23		20,000		21,117

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Utilities (continued)
Entergy Louisiana 4.95% 1/15/45		5,000	$	5,132
Exelon
3.497% 6/1/22		15,000		15,154
3.95% 6/15/25		15,000		15,442
Fortis 144A 3.055% 10/4/26 #		40,000		37,605
Great Plains Energy
3.15% 4/1/22		50,000		50,554
4.85% 6/1/21		10,000		10,679
IPALCO Enterprises 5.00% 5/1/18		10,000		10,325
ITC Holdings 3.25% 6/30/26		5,000		4,866
Kansas City Power & Light 3.65% 8/15/25		20,000		20,112
LG&E &KU Energy 4.375% 10/1/21		40,000		42,268
Metropolitan Edison 144A 4.00% 4/15/25 #		5,000		5,050
MidAmerican Energy 4.25% 5/1/46		5,000		5,173
National Rural Utilities Cooperative Finance
2.70% 2/15/23		15,000		14,871
2.85% 1/27/25		15,000		14,821
4.75% 4/30/43 ●		20,000		20,500
5.25% 4/20/46 ●		5,000		5,217
New York State Electric & Gas 144A 3.25% 12/1/26 #		20,000		19,918
NextEra Energy Capital Holdings
2.40% 9/15/19		15,000		15,126
3.625% 6/15/23		10,000		10,147
NiSource Finance 6.125% 3/1/22		15,000		17,198
NV Energy 6.25% 11/15/20		15,000		16,859
Pennsylvania Electric 5.20% 4/1/20		15,000		15,957
Public Service Co. of Oklahoma 5.15% 12/1/19		10,000		10,721
SCANA 4.125% 2/1/22		15,000		15,216
Southern
2.75% 6/15/20		70,000		70,639
4.40% 7/1/46		5,000		4,797
Trans-Allegheny Interstate Line 144A 3.85% 6/1/25 #		5,000		5,130

38

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Utilities (continued)
Wisconsin Electric Power 4.30% 12/15/45		10,000	$	10,251
				989,586
Total Corporate Bonds (cost $6,950,902)				7,035,096
Loan Agreements – 1.55%«
Aercap Tranche B 1st Lien 3.397% 10/30/22		50,000		50,464
Air Medical Group Holdings Tranche B 1st Lien 4.25% 4/28/22		29,525		29,549
Amaya Holdings 1st Lien 4.647% 8/1/21		29,848		29,955
Builders FirstSource 1st Lien 4.00% 2/29/24		44,663		44,697
Cablevision Tranche B 1st Lien 3.943% 10/11/24		44,888		44,869
Change Healthcare Tranche B 1st Lien 3.75% 3/1/24		45,000		45,131
DaVita Healthcare Partners Tranche B 1st Lien 3.732% 6/24/21		44,656		45,234
Examworks Group Tranche B 1st Lien 4.25% 7/27/23		44,775		45,111
First Data 1st Lien
3.984% 3/24/21		33,528		33,821
3.984% 7/10/22		37,318		37,663
First Eagle Holdings 5.147% 12/1/22		29,849		30,045
FMG Resources 1st Lien 3.75% 6/30/19		14,761		14,858
Gardner Denver 4.568% 7/30/20		29,769		29,745
Gates Global 1st Lien 4.397% 7/6/21		30,521		30,616
HCA Tranche B9 1st Lien 2.982% 3/18/23		40,196		40,413
Houghton International 1st Lien 4.397% 12/20/19		86,175		86,929
JC Penney Tranche B 1st Lien 5.304% 6/23/23		44,438		44,222
KIK Custom Products Tranche B 1st Lien 5.653% 8/26/22		21,492		21,741
PQ 1st Lien 5.25% 11/4/22		44,663		45,189
Republic of Angola 7.57% 12/16/23		27,125		23,599

	Principal   amount°		Value     (U.S. $)
Loan Agreements« (continued)
Russell Investments US Institutional Holdco Tranche B 1st Lien 6.75% 6/1/23		29,775	$	30,073
Sable International Finance Tranche B 1st Lien 5.732% 1/3/23		45,000		45,600
Sprint Communications Tranche B 1st Lien 3.50% 2/2/24		40,000		40,058
USI Insurance Services Tranche B 1st Lien 4.25% 12/27/19		22,507		22,568
WideOpenWest Finance Tranche B 1st Lien 4.50% 8/19/23		39,800		40,079
Windstream Services Tranche B6 1st Lien 4.95% 3/30/21		29,850		30,180
Total Loan Agreements (cost $974,833)				982,409
Municipal Bonds – 0.21%
Bay Area Toll Authority (Build America Bonds) Series S3 6.907% 10/1/50		25,000		35,871
California State Various Purposes (Build America Bonds) 7.55% 4/1/39		20,000		29,373
Commonwealth of Massachusetts Series C 5.00% 10/1/25		10,000		12,173
New Jersey Turnpike Authority (Build America Bonds)
Series A 7.102% 1/1/41		10,000		13,994
Series F 7.414% 1/1/40		5,000		7,213
New York City, New York
Series C 5.00% 8/1/26		5,000		6,009
Series C 5.00% 8/1/27		5,000		5,963
South Carolina Public Service Authority Series D 4.77% 12/1/45		5,000		4,502
Texas Water Development Board Water Implementation Revenue 5.00% 10/15/46		15,000		17,178
Total Municipal Bonds (cost $141,046)				132,276

(continues) 39

Schedules of investments

Delaware Foundation^® Growth Allocation Fund

	Principal   amount°		Value     (U.S. $)
Non-Agency Asset-Backed Securities – 1.12%
Ally Master Owner Trust Series 2014-4 A2 1.43% 6/17/19		25,000	$	25,019
American Express Credit Account Master Trust Series 2014-5 A 1.202% 5/15/20 ●		150,000		150,193
American Express Credit Account Secured Note Trust Series 2012-4 B 1.462% 5/15/20 ●		120,000		120,183
CNH Equipment Trust Series 2016-B A2B 1.312% 10/15/19 ●		3,621		3,628
Discover Card Execution Note Trust Series 2015-A1 A1 1.262% 8/17/20 ●		135,000		135,298
Ford Credit Auto Lease Trust Series 2015-A A3 1.13% 6/15/18		4,890		4,889
Mercedes-Benz Auto Lease Trust Series 2016-A A2B 1.472% 7/16/18 ●		5,610		5,616
Navistar Financial Dealer Note Master Owner Trust II Series 2016-1 A 144A 2.332% 9/27/21 #●		10,000		10,024
Nissan Auto Lease Trust Series 2015-B A2B 1.442% 12/15/17 ●		4,713		4,715
PFS Financing Series 2015-AA A 144A 1.532% 4/15/20 #●		100,000		99,969
Volkswagen Credit Auto Master Trust Series 2014-1A A2 144A 1.40% 7/22/19 #		35,000		34,989
Wells Fargo Dealer Floorplan Master Note Trust Series 2014-2 A 1.428% 10/20/19 ●		120,000		120,081
Total Non-Agency Asset-Backed Securities (cost $714,747)				714,604
Non-Agency Collateralized Mortgage Obligations – 0.06%
Bank of America Alternative Loan Trust Series 2005-6 7A1 5.50% 7/25/20		327		312

	Principal   amount°		Value     (U.S. $)
Non-Agency Collateralized Mortgage Obligations (continued)
Credit Suisse First Boston Mortgage Securities Series 2005-5 6A3 5.00% 7/25/35		6,358	$	6,328
JPMorgan Mortgage Trust Series 2006-S1 1A1 6.00% 4/25/36		21,255		21,731
Structured Asset Securities Corporation Mortgage Pass Through Certificates Series 2004-20 2A1 5.50% 11/25/34 ◆		3,750		3,831
Wells Fargo Mortgage-Backed Securities Trust
Series 2006-2 3A1 5.75% 3/25/36		2,367		2,373
Series 2006-AR5 2A1 3.294% 4/25/36 ●		7,714		7,236
Total Non-Agency Collateralized Mortgage Obligations (cost $38,642)				41,811
Non-Agency Commercial Mortgage-Backed Securities – 1.41%
Banc of America Commercial Mortgage Trust
Series 2007-4 AM 5.961% 2/10/51 ●		20,000		20,193
Series 2017-BNK3 B 3.879% 2/15/50 ●		30,000		30,604
Series 2017-BNK3 C 4.352% 2/15/50 ●		30,000		30,586
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PWR18 A4 5.70% 6/11/50		21,196		21,450
Citigroup Commercial Mortgage Trust
Series 2007-C6 AM 5.779% 12/10/49 ●		10,000		10,121
Series 2014-GC25 A4 3.635% 10/10/47		10,000		10,315
Series 2015-GC27 A5 3.137% 2/10/48		15,000		14,945
Series 2016-P3 A4 3.329% 4/15/49		15,000		15,079
Series 2016-P5 A4 2.941% 10/10/49		15,000		14,580
COMM Mortgage Trust Series 2013-CR6 AM 144A 3.147% 3/10/46 #		15,000		15,017

40

	Principal   amount°		Value     (U.S. $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
COMM Mortgage Trust
Series 2014-CR19 A5
3.796% 8/10/47		10,000	$	10,460
Series 2014-CR20 AM
3.938% 11/10/47		30,000		31,106
Series 2015-CR23 A4
3.497% 5/10/48		10,000		10,173
DB-JPM Mortgage Trust
Series 2016-C1 A4
3.276% 5/10/49		50,000		50,196
Series 2016-C3 A5
2.89% 9/10/49		35,000		33,977
GRACE Mortgage Trust Series 2014-GRCE A 144A 3.369% 6/10/28 #		210,000		217,486
GS Mortgage Securities Trust
Series 2014-GC24 A5
3.931% 9/10/47		20,000		21,032
Series 2015-GC32 A4
3.764% 7/10/48		10,000		10,411
JPM-BB Commercial Mortgage Securities Trust
Series 2015-C32 A5
3.598% 11/15/48		15,000		15,362
Series 2015-C33 A4
3.77% 12/15/48		70,000		72,563
JPM-DB Commercial Mortgage Securities Trust Series 2016-C2 A4 3.144% 6/15/49		30,000		29,743
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2005-CB11 E
5.525% 8/12/37 ●		10,000		10,397
Series 2013-LC11 B
3.499% 4/15/46		10,000		9,953
Series 2015-JP1 A5
3.914% 1/15/49		10,000		10,504
Series 2016-JP2 A4
2.822% 8/15/49		20,000		19,306
Series 2016-JP3 B
3.397% 8/15/49 ●		10,000		9,762
Series 2016-WIKI A 144A
2.798% 10/5/31 #		10,000		10,062
Series 2016-WIKI B 144A
3.201% 10/5/31 #		10,000		10,106
LB-UBS Commercial Mortgage Trust Series 2006-C6 AJ 5.452% 9/15/39 ●		7,890		6,973

	Principal   amount°		Value     (U.S. $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C17 A5
3.741% 8/15/47		15,000	$	15,616
Series 2015-C23 A4
3.719% 7/15/50		35,000		36,256
Series 2015-C26 A5
3.531% 10/15/48		15,000		15,320
Series 2016-C29 A4
3.325% 5/15/49		20,000		20,097
Wells Fargo Commercial Mortgage Trust
Series 2015-NXS3 A4
3.617% 9/15/57		15,000		15,360
Series 2016-BNK1 A3
2.652% 8/15/49		20,000		19,060
Total Non-Agency Commercial Mortgage-Backed Securities (cost $913,671)				894,171
Regional Bonds – 0.05%D
Australia – 0.05%
New South Wales Treasury 4.00% 5/20/26	AUD	7,400		6,155
Queensland Treasury
144A 2.75% 8/20/27 #	AUD	26,000		19,059
144A 3.25% 7/21/28 #	AUD	7,000		5,324
				30,538
Total Regional Bonds (cost $31,376)				30,538
Sovereign Bonds – 0.12% D
Argentina – 0.01%
Argentine Republic Government International Bond 144A 5.625% 1/26/22 #		5,000		5,126
				5,126
Australia – 0.04%
Australia Government Bond 3.75% 4/21/37	AUD	33,000		26,845
				26,845
Hungary – 0.04%
Hungary Government International Bond 5.75% 11/22/23		20,000		22,640
				22,640

(continues) 41

Schedules of investments

Delaware Foundation^® Growth Allocation Fund

	Principal   amount°		Value     (U.S. $)
Sovereign BondsD (continued)
New Zealand – 0.03%
New Zealand Government Bond 2.75% 4/15/25	NZD	31,000	$	21,217
				21,217
Total Sovereign Bonds (cost $79,260)				75,828
Supranational Banks – 0.06%
International Bank for Reconstruction & Development
3.50% 1/22/21	NZD	47,000		33,455
4.625% 10/6/21	NZD	4,000		2,967
Total Supranational Banks (cost $34,878)				36,422
U.S. Treasury Obligations – 1.28%
U.S. Treasury Bond 2.875% 11/15/46		85,000		82,462
U.S. Treasury Notes
1.875% 1/31/22		315,000		314,323
2.00% 11/15/26 ¥		300,000		289,787
2.25% 2/15/27		130,000		128,342
Total U.S. Treasury Obligations (cost $811,713)				814,914
	Number of shares
Preferred Stock – 0.12%
General Electric 5.00% ●		35,000		36,925
Integrys Energy Group 6.00% ●		600		15,667
U.S. Bancorp 3.50% ●		25		21,500
Total Preferred Stock (cost $67,887)				74,092
Rights – 0.01%
B2W Cia Digital exercise price BRL 11.00, expiration date 4/25/17 †		8,929		4,050
Deutsche Bank exercise price EUR 11.65, expiration date 4/6/17 †		1,200		2,868
Total Rights (cost $0)				6,918

	Principal   amount°		Value     (U.S. $)
Short-Term Investments – 1.51%
Discount Notes – 0.35%≠
Federal Home Loan Bank
0.55% 5/26/17		58,844	$	58,782
0.765% 5/19/17		163,199		163,049
				221,831
Repurchase Agreements – 0.88%
Bank of America Merrill Lynch 0.73%, dated 3/31/17, to be repurchased on 4/3/17, repurchase price $181,969 (collateralized by U.S. government obligations 0.125% 4/15/18; market value $185,597)		181,958		181,958
Bank of Montreal 0.66%, dated 3/31/17, to be repurchased on 4/3/17, repurchase price $181,968 (collateralized by U.S. government obligations 0.75%–2.00% 2/28/19–2/15/45; market value $185,597)		181,957		181,957
BNP Paribas 0.76%, dated 3/31/17, to be repurchased on 4/3/17, repurchase price $193,097 (collateralized by U.S. government obligations 0.00%–3.125% 6/30/17–2/15/43; market value $196,947)		193,085		193,085
				557,000
U.S. Treasury Obligation – 0.28%≠
U.S. Treasury Bill 0.44% 4/13/17		180,959		180,923
				180,923
Total Short-Term Investments (cost $959,759)				959,754
Total Value of Securities – 101.16% (cost $51,485,009)			$	64,232,611

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2017, the aggregate value of Rule 144A securities was $2,928,002, which represents 4.61% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”

42

◆ 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 March 31,2017,the aggregate value of fair valued securities was $111,865, which represents 0.18% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”

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

« Loan agreements generally pay interest at rates which are periodically reset 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. Loan agreements may be subject to restrictions on resale. Stated rate in effect at March 31, 2017.

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

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

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.

† Non-income producing security.

● Variable rate security. Each rate shown is as of March 31, 2017. Interest rates reset periodically.

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

¥ Fully or partially pledged as collateral for futures contracts.

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at March 31, 2017:1

Foreign Currency Exchange Contracts

Counterparty	Contracts to       Receive (Deliver)			In Exchange For				Settlement Date		Unrealized Appreciation   (Depreciation)
BAML	AUD	(30,628	)		USD	23,315			5/12/17	$	(66	)
BAML	NZD	(78,988	)		USD	55,468			5/12/17		159
BNP	AUD	(73,333	)		USD	55,791			5/12/17		(193	)
BNYM	CHF	(42,977	)		USD	42,934			4/4/17		18
BNYM	EUR	(837	)		USD	894			4/3/17		1
BNYM	EUR	(39,297	)		USD	41,999			4/4/17		70
BNYM	EUR	(2,458	)		USD	2,627			4/5/17		4
BNYM	GBP	36,074			USD	(45,188	)		4/4/17		14
BNYM	HKD	237,613			USD	(30,592	)		4/5/17		(13	)
										$	(6	)

Futures Contracts

Contracts to Buy (Sell)	Notional     Cost (Proceeds)			Notional       Value			Expiration     Date		Unrealized Appreciation   (Depreciation)
(3)     U.S. Treasury 5       yr Notes	$	(351,109	)	$	(353,180	)		7/3/17	$	(2,071	)
(29)   U.S. Treasury 10       yr Notes		(3,601,199	)		(3,612,312	)		6/22/17		(11,113	)
(8)     U.S. Treasury       Long Bonds		(1,200,977	)		(1,206,750	)		6/22/17		(5,773	)
(2)     Euro-O.A.T.		(315,024	)		(313,724	)		6/9/17		1,300
	$	(5,468,309	)						$	(17,657	)

(continues) 43

Schedules of investments

Delaware Foundation^® Growth Allocation Fund

Swap Contracts

CDS Contracts²

Counterparty	Swap Referenced Obligation	Notional     Value3		Annual Protection       Payments		Termination         Date		Upfront Payments Paid   (Received)		Unrealized Appreciation       (Depreciation)4
	Protection Purchased:
ICE	JPM - CDX.NA.HY.275		757,350		5.00%		12/20/21		$(48,201)		$	(11,701	)
	Protection Sold:
HSBC	CDX.EM.276		235,000		1.00%		6/20/22		(13,192)			722
											$	(10,979	)

IRS Contracts⁷

Counterparty & Swap Referenced Obligation	Notional Value3		Fixed Interest Rate Paid       (Received)		Variable Interest Rate Paid       (Received)		Termination     Date		Unrealized Appreciation   (Depreciation)4
CME - BAML IRS 3 yr		1,475,000		1.808%		(1.151%)		3/28/20	$	(28	)
LCH - BAML IRS 5 yr		3,100,000		2.066%		(1.148%)		4/3/22		(1,589	)
									$	(1,617	)

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

¹See Note 8 in “Notes to financial statements.”

²A Credit Default Swap (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 daily as unrealized appreciation or depreciation. 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.

⁴Unrealized appreciation (depreciation) does not include periodic interest payments (receipts) on swap contracts accrued daily in the amount of ($2,867).

⁵Markit’s CDX.NA.HY Index, is composed of 100 of the most liquid North American entities with high yield credit ratings that trade in the CDS market.

⁶Markit’s CDX.EM Index is composed of 15 sovereign issuers from the following countries: Argentina, Brazil, Chile, China, Columbia, Indonesia, Malaysia, Mexico, Panama, Peru, Philippines, Russia, South Africa, Turkey and Venezuela, which have a S&P credit quality rating of CCC and above.

⁷An interest rate swap (IRS) agreement is an exchange of interest rates between counterparties. Periodic payments (receipt) on such contracts are accrued daily and recorded as unrealized appreciation (depreciation) on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains (losses) on swap contracts.

Summary of abbreviations:

ADR – American Depositary Receipt

ARM – Adjustable Rate Mortgage

AUD – Australian Dollar

BAML – Bank of America Merrill Lynch

BB – Barclays Bank

BNP – BNP Paribas

BNYM – Bank of New York Mellon

BRL – Brazilian Real

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

CME – Chicago Mercantile Exchange

44

Summary of abbreviations (continued):

CVA – Dutch Certificate

DB – Deutsche Bank

EAFE – Europe Australasia Far East

ETF – Exchange–Traded Fund

EUR – European Monetary Unit

FREMF – Freddie Mac Multifamily

FTSE – Financial Times Stock Exchange

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.

IRS – Interest Rate Swap

JPM – JPMorgan

LB – Lehman Brothers

LCH – London Clearing House

MSCI – Morgan Stanley Capital International

NZD – New Zealand Dollar

O.A.T. – Obligations Assimilables du Trésor (French Treasury Bond)

PJSC – Private Joint Stock Company

REIT – Real Estate Investment Trust

REMIC – Real Estate Mortgage Investment Conduit

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

S.F. – Single Family

TBA – To be announced

USD – U.S. Dollar

yr – Year

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

45

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

March 31, 2017

	Number of   shares		Value     (U.S. $)
Common Stock – 52.54%
U.S. Markets – 28.57%
Consumer Discretionary – 2.11%
Amazon.com †		280	$	248,231
Aramark		3,080		113,560
BorgWarner		3,090		129,131
Century Communications =†		25,000		0
Cheesecake Factory		1,685		106,762
Chuy’s Holdings †		1,810		53,938
Cinemark Holdings		3,450		152,973
Comcast Class A		6,130		230,427
Del Frisco’s Restaurant Group †		6,505		117,415
Dollar General		3,126		217,976
Fiesta Restaurant Group †		1,985		48,037
Five Below †		2,575		111,523
Ford Motor		11,710		136,304
Home Depot		1,920		281,914
Jack in the Box		1,745		177,501
Liberty Global Class A †		2,331		83,613
Liberty Global Class C †		8,747		306,495
Liberty Interactive Corp. QVC Group Class A †		21,642		433,273
Lowe’s		9,500		780,995
Malibu Boats Class A †		5,975		134,139
National CineMedia		6,125		77,359
Newell Brands		4,187		197,501
NIKE Class B		2,480		138,210
Shutterfly †		2,140		103,341
Starbucks		3,800		221,882
Steven Madden †		4,405		169,813
Tenneco		2,720		169,782
Tractor Supply		1,530		105,524
TripAdvisor †		6,808		293,833
Walt Disney		4,000		453,560
				5,795,012
Consumer Staples – 1.54%
Archer-Daniels-Midland		16,500		759,660
Casey’s General Stores		1,030		115,617
CVS Health		12,090		949,065
General Mills		1,920		113,299
J&J Snack Foods		972		131,764
Kimberly-Clark		800		105,304
Kraft Heinz		8,366		759,716
Mondelez International		17,400		749,592
PepsiCo		1,460		163,316
Pinnacle Foods		1,920		111,110
Procter & Gamble		1,140		102,429

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Consumer Staples (continued)
Walgreens Boots Alliance		1,820	$	151,151
				4,212,023
Energy – 1.80%
Carrizo Oil & Gas †		4,060		116,360
Chevron		9,460		1,015,720
ConocoPhillips		15,400		767,998
EOG Resources		1,540		150,227
Halliburton		17,750		873,477
Keane Group †		1,990		28,457
Marathon Oil		31,600		499,280
Occidental Petroleum		13,440		851,558
PDC Energy †		1,855		115,659
Pioneer Energy Services †		5,525		22,100
Pioneer Natural Resources		1,190		221,614
RSP Permian †		2,805		116,211
SRC Energy †		12,100		102,124
Superior Energy Services †		3,530		50,338
				4,931,123
Financials – 3.64%
Aflac		3,590		259,988
Allstate		9,400		766,006
American Equity Investment Life Holding		4,840		114,369
Bank of New York Mellon		15,800		746,234
BB&T		15,600		697,320
BlackRock		570		218,601
Bryn Mawr Bank		2,040		80,580
Capital One Financial		2,220		192,385
Cardinal Financial		4,140		123,952
Charles Schwab		7,848		320,277
Citigroup		4,960		296,707
City Holding		2,401		154,816
CoBiz Financial		5,205		87,444
East West Bancorp		2,770		142,960
Essent Group †		4,380		158,425
Evercore Partners Class A		1,535		119,577
First Bancorp (North Carolina)		1,905		55,797
Flushing Financial		2,115		56,830
Great Western Bancorp		3,811		161,624
Hope Bancorp		7,070		135,532
Houlihan Lokey		2,880		99,216
Independent Bank (Massachusetts)		1,430		92,950
Infinity Property & Casualty		1,290		123,195
Intercontinental Exchange		9,991		598,161

46

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Financials (continued)
Invesco		5,620	$	172,141
JPMorgan Chase & Co.		5,270		462,917
KeyCorp		12,470		221,717
Marsh & McLennan		10,400		768,456
MGIC Investment †		23,125		234,256
Old National Bancorp		9,270		160,835
Primerica		2,290		188,238
Prosperity Bancshares		2,425		169,047
Prudential Financial		1,640		174,955
Raymond James Financial		1,980		150,995
Reinsurance Group of America		690		87,616
Selective Insurance Group		3,425		161,489
State Street		1,890		150,463
Sterling Bancorp		8,360		198,132
Stifel Financial †		2,690		135,011
Travelers		1,090		131,389
Umpqua Holdings		8,590		152,387
United Fire Group		1,155		49,399
Validus Holdings		1,820		102,630
Webster Financial		3,200		160,128
WSFS Financial		2,965		136,242
				9,971,389
Healthcare – 4.28%
Abbott Laboratories		20,730		920,619
AbbVie		1,360		88,618
Acorda Therapeutics †		2,575		54,075
Air Methods †		2,490		107,070
Alkermes †		1,330		77,805
Allergan		1,487		355,274
Biogen †		1,540		421,067
Brookdale Senior Living †		14,200		190,706
Cardinal Health		9,400		766,570
Catalent †		5,330		150,946
Celgene †		7,139		888,306
Cigna		1,510		221,200
CONMED		3,220		143,000
CryoLife †		5,701		94,922
DENTSPLY SIRONA		5,042		314,822
Edwards Lifesciences †		1,360		127,935
Eli Lilly & Co.		1,930		162,332
Exact Sciences †		2,745		64,837
Express Scripts Holding †		12,740		839,693
Gilead Sciences		2,470		167,762
HealthSouth		2,530		108,309
Johnson & Johnson		8,080		1,006,364

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Healthcare (continued)
Ligand Pharmaceuticals Class B †		1,460	$	154,526
Medicines †		2,925		143,033
Merck & Co.		14,990		952,465
Merit Medical Systems †		4,830		139,587
Natera †		2,395		21,244
Pfizer		21,922		749,952
Prestige Brands Holdings †		2,448		136,011
Quest Diagnostics		7,600		746,244
Quidel †		5,740		129,954
Quintiles IMS Holdings †		4,741		381,793
Repligen †		2,320		81,664
Retrophin †		4,760		87,870
Spectrum Pharmaceuticals †		9,985		64,903
TESARO †		1,065		163,872
Thermo Fisher Scientific		1,120		172,032
Vanda Pharmaceuticals †		6,715		94,010
Vertex Pharmaceuticals †		980		107,163
Wright Medical Group †		3,985		124,013
				11,722,568
Industrials – 2.88%
AAON		4,981		176,078
ABM Industries		3,495		152,382
Applied Industrial Technologies		2,480		153,388
Barnes Group		3,770		193,552
Casella Waste Systems †		2,055		28,996
Columbus McKinnon		4,423		109,779
Continental Building Products †		6,815		166,967
Eaton		1,940		143,851
ESCO Technologies		3,358		195,100
Esterline Technologies †		675		58,084
Federal Signal		4,995		68,981
FedEx		1,801		351,465
General Electric		13,020		387,996
Granite Construction		3,208		161,010
Hawaiian Holdings †		680		31,586
Honeywell International		1,030		128,616
Kadant		3,245		192,591
KeyW Holding †		6,890		65,042
Kforce		4,910		116,613
KLX †		2,900		129,630
Lockheed Martin		510		136,476
MYR Group †		3,360		137,760
Nielsen Holdings		9,148		377,904
Northrop Grumman		3,100		737,304

(continues) 47

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Industrials (continued)
On Assignment †		3,500	$	169,855
Parker-Hannifin		1,410		226,051
Raytheon		5,000		762,500
Rockwell Collins		1,050		102,018
Southwest Airlines		1,590		85,478
Swift Transportation †		4,505		92,533
Tetra Tech		3,600		147,060
TransUnion †		2,510		96,259
TriNet Group †		3,820		110,398
U.S. Ecology		2,560		119,936
Union Pacific		2,470		261,622
United Technologies		2,350		263,693
WageWorks †		1,737		125,585
Waste Management		10,600		772,952
XPO Logistics †		3,340		159,953
				7,897,044
Information Technology – 5.50%
Accenture Class A		1,430		171,428
Adobe Systems †		2,160		281,081
Alphabet Class A †		1,107		938,515
Alphabet Class C †		426		353,393
Analog Devices		1,220		99,979
Anixter International †		1,555		123,311
Apple		3,875		556,683
Broadcom		1,060		232,098
Brooks Automation		4,520		101,248
CA		23,445		743,675
Callidus Software †		7,160		152,866
Cisco Systems		26,740		903,812
Convergys		5,875		124,256
eBay †		15,454		518,791
Electronic Arts †		4,589		410,807
ExlService Holdings †		3,150		149,184
Facebook Class A †		6,813		967,787
GrubHub †		2,615		86,007
Guidewire Software †		695		39,149
II-VI †		2,095		75,525
Intel		28,980		1,045,309
Intuit		2,009		233,024
j2 Global		2,345		196,769
MACOM Technology Solutions Holdings †		2,680		129,444
Mastercard Class A		4,803		540,193
Maxim Integrated Products		2,820		126,787
MaxLinear Class A †		5,530		155,117
Microsemi †		3,735		192,465

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Information Technology (continued)
Microsoft		17,264	$	1,137,007
NETGEAR †		2,120		105,046
Oracle		17,000		758,370
PayPal Holdings †		15,273		657,044
Plantronics		1,775		96,045
Proofpoint †		2,235		166,195
Q2 Holdings †		2,470		86,079
QUALCOMM		5,841		334,923
salesforce.com †		2,830		233,447
Semtech †		4,720		159,536
Silicon Laboratories †		1,420		104,441
SS&C Technologies Holdings		2,890		102,306
Symantec		12,673		388,808
Synaptics †		2,010		99,515
Tyler Technologies †		980		151,469
Visa Class A		7,626		677,723
Yahoo †		3,900		180,999
				15,087,656
Materials – 0.86%
Axalta Coating Systems †		5,430		174,846
Balchem		1,130		93,135
Boise Cascade †		3,815		101,861
Chemtura †		1,770		59,118
Eastman Chemical		2,570		207,656
EI du Pont de Nemours & Co.		9,500		763,135
Kaiser Aluminum		1,535		122,647
Minerals Technologies		2,595		198,777
Neenah Paper		2,110		157,617
Quaker Chemical		1,420		186,957
WestRock		2,864		149,014
Worthington Industries		3,360		151,502
				2,366,265
Real Estate – 4.79%
American Tower		2,380		289,265
Apartment Investment & Management		3,550		157,443
AvalonBay Communities		2,625		481,950
Boston Properties		3,275		433,643
Brandywine Realty Trust		24,375		395,606
Camden Property Trust		550		44,253
Cousins Properties		6,800		56,236
Crown Castle International		5,709		539,215
DCT Industrial Trust		3,868		186,128
DDR		12,475		156,312
Douglas Emmett		6,900		264,960
EastGroup Properties		1,675		123,163

48

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Real Estate (continued)
Empire State Realty Trust		2,225	$	45,924
EPR Properties		340		25,034
Equinix		729		291,870
Equity LifeStyle Properties		1,900		146,414
Equity Residential		18,645		1,160,092
Essex Property Trust		1,425		329,930
Extra Space Storage		1,775		132,042
Federal Realty Investment Trust		925		123,487
First Industrial Realty Trust		12,170		324,087
GGP		15,900		368,562
Gramercy Property Trust		6,050		159,115
Highwoods Properties		3,800		186,694
Host Hotels & Resorts		22,025		410,987
Kilroy Realty		2,325		167,586
Kimco Realty		8,350		184,451
Kite Realty Group Trust		6,287		135,171
LaSalle Hotel Properties		5,650		163,567
Lexington Realty Trust		8,150		81,337
Life Storage		1,620		133,034
Macerich		2,100		135,240
Mack-Cali Realty		4,945		133,218
Mid-America Apartment Communities		1,771		180,182
National Retail Properties		6,745		294,217
Omega Healthcare Investors		2,550		84,125
Parkway		846		16,827
Pebblebrook Hotel Trust		7,060		206,223
Prologis		9,400		487,672
PS Business Parks		1,050		120,498
Public Storage		1,900		415,929
Ramco-Gershenson Properties Trust		14,075		197,331
Regency Centers		5,048		335,137
RLJ Lodging Trust		4,050		95,215
Simon Property Group		5,700		980,571
SL Green Realty		2,800		298,536
Spirit Realty Capital		10,275		104,086
Tanger Factory Outlet Centers		4,000		131,080
Taubman Centers		950		62,719
UDR		6,150		222,999
Urban Edge Properties		1,775		46,683
Ventas		5,700		370,728
Vornado Realty Trust		3,800		381,178
Welltower		2,025		143,411
				13,141,363

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Telecommunication Services – 0.75%
AT&T		28,830	$	1,197,887
ATN International		1,545		108,799
Verizon Communications		15,500		755,625
				2,062,311
Utilities – 0.42%
Edison International		9,500		756,295
NorthWestern		2,710		159,077
South Jersey Industries		3,250		115,863
Spire		1,945		131,287
				1,162,522
Total U.S. Markets (cost $50,156,023)				78,349,276
Developed Markets – 17.25%§
Consumer Discretionary – 2.92%
Bandai Namco Holdings		4,300		128,618
Bayerische Motoren Werke		7,531		686,993
Cie Generale des Etablissements Michelin		1,030		125,099
Denso		4,200		184,743
Donaco International		165,000		49,794
Hennes & Mauritz Class B		4,750		121,392
Industria de Diseno Textil		5,150		181,522
Kering		2,285		591,005
LVMH Moet Hennessy Louis Vuitton		1,230		270,109
Next		1,500		81,188
Nitori Holdings		4,648		587,419
Oriental Land		2,400		137,602
Publicis Groupe		3,912		273,394
RTL Group		1,694		136,440
Sekisui Chemical		10,200		171,420
Sodexo		1,255		147,606
Stanley Electric		5,200		148,298
Sumitomo Rubber Industries		40,600		691,801
Techtronic Industries		158,000		639,400
Toyota Motor		16,789		911,157
USS		7,300		121,699
Valeo		6,015		400,601
Whitbread		2,500		123,974
WPP		8,650		189,874
Yue Yuen Industrial Holdings		226,500		890,378
				7,991,526
Consumer Staples – 2.57%
Anheuser-Busch InBev		1,500		164,661
Aryzta †		12,917		414,597
Asahi Group Holdings		3,400		128,512

(continues) 49

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Consumer Staples (continued)
British American Tobacco		6,650	$	441,585
Carlsberg Class B		6,818		629,631
Chocoladefabriken Lindt & Spruengli †		29		164,449
Coca-Cola Amatil		62,214		514,291
Coca-Cola European Partners		4,000		149,565
Danone		2,855		194,195
Diageo		5,950		170,229
FamilyMart UNY Holdings		1,900		113,321
Imperial Brands		11,881		575,630
Japan Tobacco		22,600		734,454
Jeronimo Martins		8,030		143,659
Kao		3,300		180,932
Koninklijke Ahold Delhaize		8,222		175,951
L’Oreal		1,460		280,589
Nestle		8,370		642,175
Reckitt Benckiser Group		1,470		134,191
Suntory Beverage & Food		2,900		122,168
Svenska Cellulosa Class B		3,750		120,945
Tate & Lyle		12,300		117,815
Treasury Wine Estates		11,700		109,322
Unilever		3,170		156,465
Unilever CVA		4,250		211,144
WH Group 144A #		153,000		131,905
Woolworths		6,600		133,624
				7,056,005
Energy – 0.51%
Amec Foster Wheeler		17,100		113,872
Neste		2,000		78,004
Origin Energy †		20,500		110,417
Suncor Energy		15,800		485,103
TOTAL		12,112		612,653
				1,400,049
Financials – 2.15%
AIA Group		43,600		274,902
AXA		31,380		811,965
Banco Espirito Santo Class R =†		285,000		0
Bank Leumi Le-Israel †		35,650		157,460
Deutsche Bank †		3,650		62,885
ING Groep		48,253		729,419
Medibank Pvt		53,500		115,265
Mitsubishi UFJ Financial Group		176,073		1,106,604
Nordea Bank		85,346		974,360
Prudential		12,800		270,386

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Financials (continued)
Sony Financial Holdings		7,600	$	122,127
Standard Chartered †		74,871		715,739
UniCredit		36,176		557,662
				5,898,774
Healthcare – 2.39%
Actelion †		665		187,354
Astellas Pharma		15,200		200,155
Bayer		2,060		237,452
Fresenius SE & Co.		2,430		195,280
GlaxoSmithKline		8,100		168,414
ICON †		1,640		130,741
Indivior		30,300		122,278
Lonza Group †		730		138,034
Merck		1,495		170,332
Miraca Holdings		3,300		151,765
Novartis		17,338		1,286,957
Novo Nordisk Class B		3,550		121,921
Orion Class B		2,830		147,541
Ramsay Health Care		2,690		143,635
Roche Holding		2,385		609,078
Sanofi		12,013		1,084,445
Shire		10,601		619,074
Smith & Nephew		9,000		137,117
Sumitomo Dainippon Pharma		8,000		132,076
Teva Pharmaceutical Industries ADR		17,900		574,411
				6,558,060
Industrials – 3.52%
ABB		7,250		169,588
ANDRITZ		2,520		126,043
Aurizon Holdings		34,200		137,176
Deutsche Lufthansa		10,100		163,775
Deutsche Post		26,649		912,718
East Japan Railway		9,141		795,948
Elbit Systems		980		112,162
Fraport Frankfurt Airport Services Worldwide		2,340		165,580
Fuji Electric		24,000		142,495
ITOCHU		80,749		1,145,993
Japan Airlines		4,700		148,857
JTEKT		7,900		122,690
Koninklijke Philips		31,030		997,387
Legrand		2,850		171,842
Leonardo †		11,084		157,146
Meggitt		84,113		469,280
MINEBEA MITSUMI		40,900		545,554

50

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Industrials (continued)
Mitsubishi Electric		9,800	$	140,578
Mitsubishi Heavy Industries		35,000		140,402
Rexel		17,843		323,974
Rolls-Royce Holdings †		15,000		141,703
Safran		2,020		150,910
Securitas Class B		7,250		113,273
Singapore Airlines		12,500		89,985
Teleperformance		5,893		636,524
Vestas Wind Systems		1,600		130,091
Vinci		13,285		1,053,012
Wolters Kluwer		3,150		130,939
Yamato Holdings		5,200		108,946
				9,644,571
Information Technology – 1.15%
Amadeus IT Group		3,950		200,411
ASM Pacific Technology		13,800		187,693
ASML Holding (New York Shares) †		1,385		183,928
Atos		1,620		200,387
Brother Industries		7,900		164,982
CGI Group Class A †		11,204		536,842
Infineon Technologies		7,550		154,200
InterXion Holding †		2,400		94,944
Nice		1,830		122,960
Omron		4,300		188,678
Playtech		50,788		592,417
SAP		2,275		223,233
Seiko Epson		8,500		178,963
Trend Micro		2,900		128,941
				3,158,579
Materials – 1.03%
Alamos Gold		28,071		225,438
Amcor		11,750		135,194
Anglo American †		9,500		145,152
Anglo American ADR †		8,700		66,207
BHP Billiton		8,250		127,551
Boral		25,300		112,883
Chr Hansen Holding		1,770		113,607
Covestro 144A #		1,720		132,406
Daicel		11,100		133,702
EMS-Chemie Holding		315		183,500
Fletcher Building		16,700		97,400
Johnson Matthey		3,102		119,704
Kuraray		9,400		142,524
Rio Tinto		12,383		497,943
Shin-Etsu Chemical		2,400		207,901

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Materials (continued)
South32		62,000	$	130,736
Umicore		2,430		138,430
Yamana Gold		38,483		106,202
				2,816,480
Real Estate – 0.13%
Azrieli Group †		1,900		100,809
Daito Trust Construction		1,000		137,384
Westfield		18,700		126,867
				365,060
Telecommunication Services – 0.76%
KDDI		7,600		199,472
Nippon Telegraph & Telephone		21,186		904,301
Tele2 Class B		61,375		585,965
Telenor		6,700		111,508
Telstra		39,500		140,629
Vodafone Group		59,000		153,830
				2,095,705
Utilities – 0.12%
National Grid		14,030		178,155
Tokyo Gas		33,000		150,164
				328,319
Total Developed Markets (cost $38,415,780)				47,313,128
Emerging Markets X – 6.72%
Consumer Discretionary – 0.54%
Arcos Dorados Holdings Class A †		19,500		156,975
Astra International		340,400		220,326
B2W Cia Digital †		76,976		303,665
Ctrip.com International ADR †		4,800		235,920
Grupo Televisa ADR		13,250		343,705
Hyundai Motor		680		95,770
Woolworths Holdings		23,228		121,037
				1,477,398
Consumer Staples – 0.92%
Anadolu Efes Biracilik Ve Malt Sanayii		15,698		85,564
BRF ADR		12,660		155,085
China Mengniu Dairy		74,000		153,304
Cia Brasileira de Distribuicao ADR		6,900		132,480
Cia Cervecerias Unidas ADR		5,900		149,093
Coca-Cola Femsa ADR		5,600		401,520

(continues) 51

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
Emerging Markets X (continued)
Consumer Staples (continued)
Fomento Economico Mexicano ADR		3,125	$	276,625
JBS		14,900		48,832
Lotte Chilsung Beverage		138		174,613
Lotte Confectionery		1,240		212,895
Tingyi Cayman Islands Holding		157,816		198,196
Uni-President China Holdings		309,000		217,491
Wal-Mart de Mexico		44,372		102,385
X5 Retail Group GDR †		6,838		230,099
				2,538,182
Energy – 0.97%
Cairn India		25,954		122,246
China Petroleum & Chemical		198,850		161,199
Gazprom PJSC ADR		55,537		248,250
Lukoil PJSC ADR		4,500		238,770
Petroleo Brasileiro ADR †		29,800		288,762
PTT		18,391		207,125
Reliance Industries GDR 144A #		30,375		1,224,113
Rosneft Oil PJSC GDR		27,910		158,808
				2,649,273
Financials – 0.85%
Akbank		108,919		255,631
Banco Bradesco ADR		21,400		219,136
Bangkok Bank		28,361		149,801
Grupo Financiero Banorte		19,600		112,791
Grupo Financiero Santander Mexico Class B ADR		18,600		167,958
ICICI Bank ADR		34,900		300,140
Industrial & Commercial Bank of China		114,000		74,518
Itau Unibanco Holding ADR		27,040		326,373
KB Financial Group ADR		4,489		197,381
Samsung Life Insurance		2,564		248,765
Sberbank of Russia PJSC =		98,223		278,904
				2,331,398
Healthcare – 0.04%
Hypermarcas		12,100		112,087
				112,087
Industrials – 0.11%
Gol Linhas Aereas Inteligentes ADR †		2,510		66,515
KCC		587		185,816
Rumo †		4,406		12,047
Santos Brasil Participacoes †		32,500		23,566

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
Emerging Markets X (continued)
Industrials (continued)
ZTO Express Cayman ADR †		420	$	5,498
				293,442
Information Technology – 1.93%
Alibaba Group Holding ADR †		5,500		593,065
Baidu ADR †		3,600		621,072
Hon Hai Precision Industry		73,978		221,867
MediaTek		43,000		304,688
Samsung Electronics		607		1,118,144
Samsung SDI		934		115,257
SINA †		5,800		418,296
Sohu.com †		9,500		373,635
Taiwan Semiconductor Manufacturing		61,069		380,392
Taiwan Semiconductor Manufacturing ADR		11,000		361,240
Tencent Holdings		23,000		659,384
Weibo ADR †		480		25,046
WNS Holdings ADR †		3,960		113,296
				5,305,382
Materials – 0.31%
Braskem ADR		6,775		137,871
Cemex ADR †		18,199		165,065
Cemex Latam Holdings †		10,013		36,918
Cia de Minas Buenaventura ADR		6,100		73,444
Impala Platinum Holdings †		5,403		18,211
Sociedad Quimica y Minera de Chile ADR		2,900		99,673
UltraTech Cement		5,021		308,115
				839,297
Real Estate – 0.09%
Etalon Group GDR 144A #=		16,400		61,992
IRSA Inversiones y Representaciones ADR †		4,500		110,295
UEM Sunrise		258,519		74,188
				246,475
Telecommunication Services – 0.96%
America Movil Class L ADR		17,220		244,007
China Mobile		32,921		360,282
China Mobile ADR		1,725		95,272
LG Uplus		8,918		114,037
Mobile TeleSystems ADR		7,600		83,828
SK Telecom ADR		31,200		785,616
Telefonica Brasil ADR		20,405		303,014
TIM Participacoes ADR		23,100		369,138

52

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
Emerging Markets X (continued)
Telecommunication Services (continued)
Turkcell Iletisim Hizmetleri ADR †		12,450	$	103,086
VEON ADR		21,400		87,312
Vodacom Group		7,335		83,102
				2,628,694
Total Emerging Markets (cost $15,414,665)				18,421,628
Total Common Stock (cost $103,986,468)				144,084,032
Exchange-Traded Funds – 2.38%
iShares MSCI EAFE ETF		685		42,669
iShares MSCI EAFE Growth ETF		6,840		475,312
iShares Russell 1000 Growth ETF		41,620		4,736,356
Vanguard FTSE Developed Markets ETF		1,900		74,670
Vanguard Mega Cap Growth ETF		6,205		593,881
Vanguard Russell 1000 Growth ETF		5,145		600,421
Total Exchange-Traded Funds (cost $6,254,026)				6,523,309
	Principal   amount°
Agency Asset-Backed Securities – 0.02%
Fannie Mae Grantor Trust Series 2003-T4 2A5 4.816% 9/26/33 ϕ		49,887		54,907
Fannie Mae REMIC Trust Series 2002-W11 AV1 1.322% 11/25/32 ●		2,593		2,535
Total Agency Asset-Backed Securities (cost $52,077)				57,442
Agency Collateralized Mortgage Obligations – 7.22%
Fannie Mae REMICs
Series 1996-46 ZA 7.50% 11/25/26		16,756		19,438
Series 2005-70 PA 5.50% 8/25/35		8,046		8,994
Series 2008-15 SB 5.618% 8/25/36 S●		22,303		4,234

	Principal   amount°		Value     (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs
Series 2010-41 PN 4.50% 4/25/40		120,000	$	129,482
Series 2010-43 HJ 5.50% 5/25/40		11,733		13,094
Series 2010-96 DC 4.00% 9/25/25		2,580		2,758
Series 2010-129 SM 5.018% 11/25/40 S●		125,219		20,291
Series 2012-51 SA 5.518% 5/25/42 S●		56,390		12,981
Series 2012-98 MI 3.00% 8/25/31 S		177,181		20,010
Series 2012-99 AI 3.50% 5/25/39 S		463,952		49,486
Series 2012-118 AI 3.50% 11/25/37 S		91,121		11,134
Series 2012-120 WI 3.00% 11/25/27 S		49,402		5,000
Series 2012-122 SD 5.118% 11/25/42 S●		79,384		16,303
Series 2012-125 MI 3.50% 11/25/42 S		370,115		74,113
Series 2013-7 EI 3.00% 10/25/40 S		5,002,391		673,546
Series 2013-26 ID 3.00% 4/25/33 S		183,136		25,690
Series 2013-38 AI 3.00% 4/25/33 S		170,291		23,043
Series 2013-43 IX 4.00% 5/25/43 S		510,945		120,705
Series 2013-44 DI 3.00% 5/25/33 S		552,101		88,068
Series 2013-45 PI 3.00% 5/25/33 S		348,383		51,361
Series 2013-51 PI 3.00% 11/25/32 S		341,084		40,583
Series 2013-55 AI 3.00% 6/25/33 S		211,149		30,552
Series 2013-59 PY 2.50% 6/25/43		70,000		63,927
Series 2013-62 PY 2.50% 6/25/43		55,000		50,312
Series 2013-64 KI 3.00% 2/25/33 S		1,108,361		146,359
Series 2013-69 IJ 3.00% 7/25/33 S		62,762		9,126
Series 2013-71 ZA 3.50% 7/25/43		67,262		67,418
Series 2014-25 DI 3.50% 8/25/32 S		82,998		9,463

(continues) 53

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal   amount°		Value     (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs
Series 2014-36 ZE 3.00% 6/25/44		103,417	$	94,452
Series 2014-68 BS 5.168% 11/25/44 S●		175,797		34,407
Series 2014-90 SA 5.168% 1/25/45 S●		117,158		23,580
Series 2015-11 BI 3.00% 1/25/33 S		142,591		14,604
Series 2015-40 GZ 3.50% 5/25/45		25,588		24,343
Series 2015-43 PZ 3.50% 6/25/45		10,662		10,736
Series 2015-44 Z 3.00% 9/25/43		177,044		171,134
Series 2015-71 PI 4.00% 3/25/43 S		663,198		108,752
Series 2015-95 SH 5.018% 1/25/46 S●		171,855		36,806
Series 2016-2 HI 3.00% 12/25/41 S		317,662		42,476
Series 2016-17 BI 4.00% 2/25/43 S		1,727,251		294,236
Series 2016-33 DI 3.50% 6/25/36 S		85,201		13,337
Series 2016-54 PI 3.00% 2/25/44 S		323,502		40,137
Series 2016-62 SA 5.018% 9/25/46 S●		273,645		65,664
Series 2016-74 GS 5.018% 10/25/46 S●		2,435,946		599,998
Series 2016-74 IH 3.50% 11/25/45 S		97,807		17,923
Series 2016-80 BZ 3.00% 11/25/46		369,585		324,112
Series 2016-80 CZ 3.00% 11/25/46		323,007		283,243
Series 2016-80 JZ 3.00% 11/25/46		33,415		30,314
Series 2016-90 CI 3.00% 2/25/45 S		2,398,071		369,045
Series 2016-95 IO 3.00% 12/25/46 S		3,663,179		723,627
Series 2016-95 LZ 2.50% 12/25/46		166,379		135,213
Series 2016-95 US 5.018% 12/25/46 S●		3,727,407		817,679
Series 2016-99 DI 3.50% 1/25/46 S		98,878		16,505
Series 2016-99 TI 3.50% 3/25/36 S		167,192		23,018

	Principal   amount°		Value     (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs
Series 2016-105 SA 5.018% 1/25/47 S●		97,314	$	20,781
Series 2017-6 NI 3.50% 3/25/46 S		228,052		36,266
Series 2017-16 YT 3.00% 7/25/46		70,000		68,534
Series 2017-24 AI 3.00% 8/25/46 S		190,000		25,175
Freddie Mac REMICs
Series 1730 Z 7.00% 5/15/24		11,083		12,352
Series 2621 QH 5.00% 5/15/33		367		393
Series 2708 ZD 5.50% 11/15/33		22,761		25,309
Series 4050 EI 4.00% 2/15/39 S		44,966		4,610
Series 4065 DE 3.00% 6/15/32		30,000		30,185
Series 4100 EI 3.00% 8/15/27 S		183,101		18,508
Series 4109 AI 3.00% 7/15/31 S		324,698		34,946
Series 4120 IK 3.00% 10/15/32 S		263,808		36,021
Series 4136 EZ 3.00% 11/15/42		35,914		35,295
Series 4146 IA 3.50% 12/15/32 S		139,372		21,948
Series 4159 KS 5.238% 1/15/43 S●		62,527		14,376
Series 4161 IM 3.50% 2/15/43 S		113,417		25,672
Series 4181 DI 2.50% 3/15/33 S		87,204		9,808
Series 4184 GS 5.208% 3/15/43 S●		148,296		33,781
Series 4185 LI 3.00% 3/15/33 S		135,258		18,890
Series 4186 IE 3.00% 3/15/33 S		2,954,116		415,628
Series 4191 CI 3.00% 4/15/33 S		65,956		9,275
Series 4206 DZ 3.00% 5/15/33		79,932		77,904
Series 4223 HI 3.00% 4/15/30 S		774,482		61,064
Series 4342 CI 3.00% 11/15/33 S		64,294		8,329

54

	Principal   amount°		Value     (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
Freddie Mac REMICs
Series 4366 DI 3.50% 5/15/33 S		396,069	$	53,941
Series 4433 DI 3.00% 8/15/32 S		1,539,055		155,326
Series 4435 DY 3.00% 2/15/35		142,000		140,943
Series 4476 GI 3.00% 6/15/41 S		346,535		39,849
Series 4493 HI 3.00% 6/15/41 S		77,684		10,549
Series 4518 CI 3.50% 6/15/42 S		1,064,786		144,441
Series 4567 LI 4.00% 8/15/45 S		1,622,643		307,676
Series 4574 AI 3.00% 4/15/31 S		661,954		84,759
Series 4581 LI 3.00% 5/15/36 S		86,514		12,099
Series 4592 WT 5.50% 6/15/46		283,079		315,937
Series 4594 SG 5.088% 6/15/46 S●		95,852		23,410
Series 4596 ZH 3.00% 11/15/45		1,651,703		1,649,941
Series 4614 HB 2.50% 9/15/46		72,000		64,366
Series 4618 SA 5.088% 9/15/46 S●		102,202		25,088
Series 4623 IY 4.00% 10/15/46 S		98,331		22,130
Series 4623 LZ 2.50% 10/15/46		267,772		228,442
Series 4623 MW 2.50% 10/15/46		510,000		463,108
Series 4623 WI 4.00% 8/15/44 S		298,967		55,600
Series 4643 QI 3.50% 9/15/45 S		501,679		82,630
Series 4648 ND 3.00% 9/15/46		28,000		26,659
Series 4648 SA 5.088% 1/15/47 S●		4,403,131		1,006,454
Series 4656 HI 3.50% 5/15/42 S		184,346		22,862
Series 4657 NW 3.00% 4/15/45		27,000		26,680
Series 4660 GI 3.00% 8/15/43 S		174,628		24,932

	Principal   amount°		Value     (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
Freddie Mac Strips
Series 267 S5 5.088% 8/15/42 S●		178,571	$	36,188
Series 299 S1 5.088% 1/15/43 S●		136,391		27,920
Series 326 S2 5.038% 3/15/44 S●		92,375		18,297
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2015-HQA2 M2 3.782% 5/25/28 ●		237,685		245,049
GNMA
Series 2010-113 KE 4.50% 9/20/40		295,000		321,483
Series 2012-136 MX 2.00% 11/20/42		540,000		489,641
Series 2013-113 AZ 3.00% 8/20/43		180,361		171,056
Series 2013-113 LY 3.00% 5/20/43		312,000		307,457
Series 2015-64 GZ 2.00% 5/20/45		74,687		60,737
Series 2015-74 CI 3.00% 10/16/39 S		75,677		9,605
Series 2015-82 GI 3.50% 12/20/38 S		266,289		26,757
Series 2015-133 AL 3.00% 5/20/45		188,000		183,673
Series 2015-142 AI 4.00% 2/20/44 S		68,429		8,655
Series 2016-5 GL 3.00% 7/20/45		315,000		307,092
Series 2016-101 QL 3.00% 7/20/46		808,000		764,064
Series 2016-108 YL 3.00% 8/20/46		3,921,650		3,683,328
Series 2016-111 PB 2.50% 8/20/46		67,000		60,276
Series 2016-134 MW 3.00% 10/20/46		810,000		806,330
Series 2016-135 Z 3.00% 10/20/46		12,151		11,006
Series 2016-146 KS 5.122% 10/20/46 S●		97,309		23,293
Series 2016-149 GI 4.00% 11/20/46 S		98,757		21,595
Series 2016-160 VZ 2.50% 11/20/46		33,276		27,096
Series 2017-4 BW 3.00% 1/20/47		28,000		26,384

(continues) 55

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal   amount°		Value     (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
GNMA
Series 2017-25 CZ 3.50% 2/20/47		12,035	$	12,001
Total Agency Collateralized Mortgage Obligations (cost $19,897,072)				19,784,667
Agency Commercial Mortgage-Backed Securities – 0.41%
Freddie Mac Multifamily Structured Pass Through Certificates
Series K037 A2 3.49% 1/25/24 ◆		130,000		137,736
Series KS03 A4 3.161% 5/25/25 ◆●		110,000		110,941
FREMF Mortgage Trust
Series 2011-K14 B 144A 5.167% 2/25/47 #●		45,000		49,185
Series 2011-K15 B 144A 4.949% 8/25/44 #●		10,000		10,862
Series 2012-K18 B 144A 4.256% 1/25/45 #●		50,000		52,907
Series 2012-K22 B 144A 3.686% 8/25/45 #●		95,000		97,646
Series 2012-K708 B 144A 3.752% 2/25/45 #●		95,000		97,091
Series 2013-K32 B 144A 3.538% 10/25/46 #●		255,000		254,873
Series 2013-K33 B 144A 3.502% 8/25/46 #●		80,000		79,509
Series 2013-K712 B 144A 3.365% 5/25/45 #●		55,000		56,096
Series 2013-K713 B 144A 3.166% 4/25/46 #●		35,000		35,507
Series 2013-K713 C 144A 3.166% 4/25/46 #●		135,000		135,346
Total Agency Commercial Mortgage-Backed Securities (cost $1,123,815)				1,117,699
Agency Mortgage-Backed Securities – 6.45%
Fannie Mae S.F. 30 yr
4.50% 5/1/39		103,661		111,809
4.50% 2/1/46		524,084		563,463
5.00% 11/1/33		1,207		1,323
5.00% 8/1/35		3,821		4,181
5.00% 10/1/35		523,012		572,248
5.00% 10/1/36		1,600		1,751
5.00% 12/1/36		1,212		1,325

	Principal   amount°		Value     (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr
5.50% 3/1/34		107,699	$	120,732
5.50% 4/1/34		1,860		2,083
5.50% 11/1/34		3,843		4,303
5.50% 2/1/35		3,392		3,798
5.50% 8/1/37		16,747		18,754
5.50% 1/1/38		178,590		199,696
5.50% 3/1/38		62,767		70,326
5.50% 12/1/38		1,724		1,930
5.50% 6/1/39		41,060		45,955
5.50% 7/1/40		39,809		44,536
5.50% 6/1/41		108,008		120,988
5.50% 5/1/44		2,258,696		2,527,565
6.00% 3/1/34		9,687		11,090
6.00% 8/1/34		16,263		18,564
6.00% 11/1/34		481		547
6.00% 4/1/35		15,894		18,063
6.00% 6/1/35		192,085		218,760
6.00% 7/1/35		56,782		64,430
6.00% 12/1/35		78,708		89,439
6.00% 5/1/36		157,284		178,039
6.00% 6/1/36		285,050		329,945
6.00% 9/1/36		150,173		170,305
6.00% 12/1/36		4,106		4,675
6.00% 2/1/37		12,681		14,322
6.00% 5/1/37		172,438		195,790
6.00% 6/1/37		2,286		2,607
6.00% 7/1/37		1,778		2,008
6.00% 8/1/37		258,883		293,825
6.00% 9/1/37		152,153		172,095
6.00% 11/1/37		774		874
6.00% 3/1/38		388,288		442,659
6.00% 5/1/38		87,462		99,050
6.00% 9/1/38		74,808		84,775
6.00% 10/1/38		5,592		6,313
6.00% 11/1/38		9,689		11,060
6.00% 1/1/39		18,289		20,647
6.00% 9/1/39		466,740		533,076
6.00% 10/1/39		209,521		239,845
6.00% 3/1/40		71,210		80,391
6.00% 7/1/40		61,749		69,725
6.00% 9/1/40		15,361		17,360
6.00% 11/1/40		6,582		7,540
6.00% 5/1/41		126,686		143,184
6.00% 6/1/41		64,808		73,217
6.00% 7/1/41		58,202		65,711
7.50% 6/1/31		11,274		13,673
Fannie Mae S.F. 30 yr TBA
4.50% 4/1/47		6,880,000		7,365,900

56

	Principal   amount°		Value     (U.S. $)
Agency Mortgage-Backed Securities (continued)
Freddie Mac ARM
2.553% 10/1/46●		108,924	$	109,400
Freddie Mac S.F. 30 yr
5.00% 5/1/41		118,694		130,757
5.50% 3/1/34		4,952		5,567
5.50% 12/1/34		4,425		4,975
5.50% 11/1/36		5,420		6,025
5.50% 9/1/37		5,067		5,619
5.50% 6/1/39		17,391		19,281
5.50% 3/1/40		14,639		16,228
5.50% 8/1/40		10,378		11,507
5.50% 6/1/41		213,219		238,021
6.00% 5/1/35		21,446		24,426
6.00% 2/1/36		9,498		10,813
6.00% 3/1/36		20,002		22,796
6.00% 8/1/38		33,441		38,326
6.00% 10/1/38		7,956		9,099
6.00% 3/1/40		201,237		227,179
6.00% 5/1/40		594,010		676,044
6.00% 7/1/40		30,241		34,280
6.50% 12/1/31		4,756		5,372
GNMA II S.F. 30 yr
5.00% 9/20/46		202,888		217,866
5.50% 5/20/37		25,521		28,387
5.50% 4/20/40		23,084		25,236
6.00% 2/20/39		33,854		38,379
6.00% 10/20/39		38,671		43,193
6.00% 2/20/40		122,321		137,018
6.00% 4/20/46		38,594		43,191
6.50% 6/20/39		42,662		48,293
6.50% 10/20/39		36,333		41,011
Total Agency Mortgage-Backed Securities (cost $17,696,051)				17,694,559
Collateralized Debt Obligations – 1.04%
AMMC CLO Series 2015-16A AR 144A 2.42% 4/14/29 #●		170,000		169,915
Avery Point III CLO Series 2013-3A A 144A 2.424% 1/18/25 #●		250,000		249,895
Benefit Street Partners CLO IV Series 2014-IVA A1R 144A 2.515% 1/20/29 #●		500,000		501,433
Cedar Funding VI CLO Series 2016-6A A1 144A 2.344% 10/20/28 #●		250,000		250,524

	Principal   amount°		Value     (U.S. $)
Collateralized Debt Obligations (continued)
GoldentTree Loan Management U.S. CLO Series 2017-1A A 144A 2.38% 4/20/29 #●		250,000	$	250,905
JFIN CLO Series 2017-1A A1 144A 2.324% 4/24/29 #●		155,000		155,233
Magnetite IX Series 2014-9A A1 144A 2.458% 7/25/26 #●		285,000		285,285
Neuberger Berman CLO XIX Series 2015-19A A1 144A 2.443% 7/15/27 #●		250,000		249,995
Shackleton CLO Series 2014-5A A 144A 2.534% 5/7/26 #●		250,000		249,916
TIAA CLO II Series 2017-1A A 144A 2.49% 4/20/29 #●		250,000		249,781
Venture CDO Series 2016-25A A1 144A 2.49% 4/20/29 #●		100,000		100,326
Venture XXIV CLO Series 2016-24A A1D 144A 2.419% 10/20/28 #●		140,000		140,186
Total Collateralized Debt Obligations (cost $2,847,677)				2,853,394
Convertible Bond – 0.09%
Clearwire Communications 144A 8.25% exercise price $7.08, maturity date 12/1/40 #		250,000		259,687
Total Convertible Bond (cost $261,250)				259,687
Corporate Bonds – 22.17%
Banking – 5.15%
Banco Nacional de Costa Rica 144A 5.875% 4/25/21 #		200,000		203,750
Bank Nederlandse Gemeenten 3.50% 7/19/27	AUD	24,000		18,210
Bank of America
3.124% 1/20/23 ●		420,000		422,081
3.248% 10/21/27		55,000		52,465
3.30% 8/5/21	AUD	20,000		15,234

(continues) 57

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Banking (continued)
Bank of America
3.824% 1/20/28 ●		155,000	$	155,630
4.183% 11/25/27		155,000		155,860
Bank of New York Mellon
2.15% 2/24/20		25,000		25,110
2.20% 8/16/23		140,000		134,507
2.50% 4/15/21		235,000		235,725
3.442% 2/7/28 ●		205,000		206,793
4.625% 12/29/49 ●		140,000		134,750
Barclays
4.337% 1/10/28		200,000		200,008
4.95% 1/10/47		200,000		200,551
8.25% 12/29/49 ●		200,000		210,694
BBVA Bancomer 144A 6.50% 3/10/21 #		150,000		165,000
Citigroup
1.80% 1/10/20 ●		595,000		597,229
3.75% 10/27/23	AUD	24,000		18,338
Citizens Financial Group
2.375% 7/28/21		75,000		74,025
4.30% 12/3/25		105,000		108,404
Compass Bank 3.875% 4/10/25		250,000		245,805
Cooperatieve Rabobank 3.75% 7/21/26		250,000		244,722
Credit Suisse Group 144A 6.25% 12/29/49 #●		400,000		407,184
Credit Suisse Group Funding Guernsey 4.55% 4/17/26		315,000		326,139
Export-Import Bank of India 144A 3.375% 8/5/26 #		200,000		191,554
Export-Import Bank of Korea 4.00% 6/7/27	AUD	10,000		7,607
Fifth Third Bancorp 2.875% 7/27/20		50,000		50,681
Fifth Third Bank 3.85% 3/15/26		200,000		201,953
Goldman Sachs Group
3.85% 1/26/27		95,000		95,611
5.15% 5/22/45		235,000		247,368
5.20% 12/17/19	NZD	20,000		14,553
HSBC Holdings 4.041% 3/13/28 ●		200,000		202,389
Huntington Bancshares 2.30% 1/14/22		80,000		77,988
Huntington National Bank 2.375% 3/10/20		260,000		261,062
ING Groep 3.15% 3/29/22		200,000		200,742

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Banking (continued)
ING Groep 3.95% 3/29/27		270,000	$	270,741
JPMorgan Chase & Co.
3.782% 2/1/28 ●		320,000		323,357
4.25% 11/2/18	NZD	110,000		78,273
4.25% 10/1/27		160,000		164,545
KeyBank
2.35% 3/8/19		260,000		262,095
3.40% 5/20/26		250,000		243,568
KeyCorp 5.00% 12/29/49 ●		225,000		223,313
Landwirtschaftliche Rentenbank 5.375% 4/23/24	NZD	335,000		256,536
Lloyds Banking Group 3.00% 1/11/22		200,000		199,054
Morgan Stanley
2.625% 11/17/21		190,000		188,699
3.625% 1/20/27		110,000		109,372
3.95% 4/23/27		270,000		267,891
5.00% 9/30/21	AUD	24,000		19,590
National City Bank 1.472% 6/7/17 ●		250,000		250,011
Nationwide Building Society 144A 4.00% 9/14/26 #		250,000		242,475
PNC Bank 2.625% 2/17/22		250,000		250,297
PNC Financial Services Group 5.00% 12/29/49 ●		145,000		144,637
Royal Bank of Canada 2.75% 2/1/22		215,000		217,090
Royal Bank of Scotland Group
3.875% 9/12/23		400,000		394,724
8.625% 12/29/49 ●		200,000		209,000
Santander UK Group Holdings 3.571% 1/10/23		200,000		200,228
State Street
2.55% 8/18/20		115,000		116,585
3.10% 5/15/23		65,000		65,516
3.55% 8/18/25		115,000		118,299
SunTrust Bank 3.30% 5/15/26		200,000		194,552
SunTrust Banks 2.70% 1/27/22		35,000		34,894
Swedbank 144A 2.65% 3/10/21 #		200,000		201,103
Toronto-Dominion Bank
2.125% 4/7/21		460,000		456,142
2.50% 12/14/20		90,000		90,789
3.625% 9/15/31 ●		135,000		132,419
U.S. Bancorp 3.10% 4/27/26		155,000		152,356

58

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Banking (continued)
UBS Group Funding Jersey 144A 2.65% 2/1/22 #		200,000	$	196,255
UBS Group Funding Switzerland
144A 3.491% 5/23/23 #		200,000		201,502
144A 4.253% 3/23/28 #		300,000		304,116
USB Capital IX 3.50% 10/29/49 ●		235,000		200,044
Wells Fargo & Co.
3.00% 7/27/21	AUD	38,000		28,603
3.069% 1/24/23		385,000		386,906
Wells Fargo Bank 2.15% 12/6/19		300,000		301,203
Woori Bank 144A 4.75% 4/30/24 #		200,000		206,895
Zions Bancorporation 4.50% 6/13/23		100,000		103,785
				14,117,182
Basic Industry – 1.53%
BHP Billiton Finance USA 144A 6.25% 10/19/75 #●		200,000		217,050
Boise Cascade 144A 5.625% 9/1/24 #		110,000		112,200
Builders FirstSource 144A 5.625% 9/1/24 #		105,000		106,969
CF Industries 6.875% 5/1/18		195,000		203,775
Cliffs Natural Resources 144A 5.75% 3/1/25 #		15,000		14,587
Dow Chemical 8.55% 5/15/19		611,000		692,919
Freeport-McMoRan 144A 6.875% 2/15/23 #		150,000		155,625
General Electric
2.10% 12/11/19		25,000		25,243
4.25% 1/17/18	NZD	55,000		39,030
5.55% 5/4/20		75,000		82,996
6.00% 8/7/19		145,000		159,311
Georgia-Pacific 8.00% 1/15/24		290,000		371,996
International Paper 4.40% 8/15/47		250,000		236,891
INVISTA Finance 144A 4.25% 10/15/19 #		135,000		139,387
Koppers 144A 6.00% 2/15/25 #		80,000		82,800
LYB International Finance II 3.50% 3/2/27		205,000		201,574
Novelis 144A 5.875% 9/30/26 #		50,000		51,125

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
OCP 144A 4.50% 10/22/25 #		200,000	$	197,775
Olin 5.125% 9/15/27		35,000		35,679
PolyOne 5.25% 3/15/23		60,000		60,750
Potash Corp. of Saskatchewan 4.00% 12/15/26		110,000		112,823
PulteGroup 5.00% 1/15/27		65,000		65,244
Southern Copper 5.875% 4/23/45		85,000		88,989
Standard Industries 144A 5.00% 2/15/27 #		170,000		167,025
Suzano Trading 144A 5.875% 1/23/21 #		100,000		107,030
US Concrete 144A 6.375% 6/1/24 #		50,000		52,000
Vale Overseas
5.875% 6/10/21		35,000		37,594
6.25% 8/10/26		155,000		168,756
Westlake Chemical 144A 5.00% 8/15/46 #		110,000		113,354
WR Grace & Co. 144A 5.625% 10/1/24 #		99,000		104,693
				4,205,190
Capital Goods – 0.98%
Ball 5.25% 7/1/25		100,000		106,250
CCL Industries 144A 3.25% 10/1/26 #		85,000		81,506
Cia Brasileira de Aluminio 144A 6.75% 4/5/21 #		100,000		108,500
Crown Americas 144A 4.25% 9/30/26 #		46,000		44,361
Fortune Brands Home & Security 3.00% 6/15/20		65,000		65,830
KLX 144A 5.875% 12/1/22 #		50,000		51,750
LafargeHolcim Finance 144A 3.50% 9/22/26 #		400,000		387,430
Lennox International 3.00% 11/15/23		245,000		241,112
Masco 3.50% 4/1/21		150,000		153,391
Owens-Brockway Glass Container 144A 5.875% 8/15/23 #		115,000		121,900
Parker-Hannifin 3.30% 11/21/24		10,000		10,184
Rockwell Collins 3.20% 3/15/24		110,000		109,930
Roper Technologies 2.80% 12/15/21		75,000		75,157

(continues) 59

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Capital Goods (continued)
Siemens Financierings-maatschappij 144A 2.70% 3/16/22 #		535,000	$	535,867
Union Andina de Cementos 144A 5.875% 10/30/21 #		150,000		156,375
Waste Management 2.40% 5/15/23		435,000		427,738
				2,677,281
Consumer Cyclical – 1.41%
Albertsons 144A 6.625% 6/15/24 #		50,000		51,250
BMW US Capital 144A 3.30% 4/6/27 #		130,000		129,670
Boyd Gaming 6.375% 4/1/26		70,000		75,075
Daimler Finance North America 144A 3.45% 1/6/27 #		165,000		165,661
Dollar General 3.875% 4/15/27		225,000		225,611
Ford Motor Credit
3.096% 5/4/23		200,000		195,212
4.389% 1/8/26		200,000		204,196
General Motors Financial
3.45% 4/10/22		270,000		271,623
3.70% 5/9/23		75,000		75,664
5.25% 3/1/26		15,000		16,143
GLP Capital 5.375% 4/15/26		120,000		124,200
Goodyear Tire & Rubber 5.00% 5/31/26		95,000		97,613
Hanesbrands 144A 4.875% 5/15/26 #		105,000		103,687
Hilton Worldwide Finance 144A 4.875% 4/1/27 #		75,000		75,937
Hyundai Capital America
144A 2.125% 10/2/17 #		80,000		80,130
144A 2.55% 2/6/19 #		50,000		50,278
144A 3.00% 3/18/21 #		45,000		45,190
JD.com 3.125% 4/29/21		200,000		199,566
KFC Holding
144A 5.00% 6/1/24 #		42,000		42,997
144A 5.25% 6/1/26 #		40,000		40,800
Levi Strauss & Co. 5.00% 5/1/25		135,000		139,077
Live Nation Entertainment 144A 4.875% 11/1/24 #		70,000		70,175
Lowe’s 3.70% 4/15/46		290,000		269,848
Marriott International 3.75% 3/15/25		80,000		81,431

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Marriott International 4.50% 10/1/34		20,000	$	20,322
MGM Resorts International 4.625% 9/1/26		50,000		48,750
Penn National Gaming 144A 5.625% 1/15/27 #		160,000		159,200
Scientific Games International 144A 7.00% 1/1/22 #		85,000		91,056
Target 3.625% 4/15/46		160,000		144,736
Toyota Motor Credit 2.80% 7/13/22		120,000		120,917
Walgreens Boots Alliance
3.10% 6/1/23		300,000		299,961
3.45% 6/1/26		80,000		78,138
Wyndham Worldwide 4.15% 4/1/24		80,000		80,783
				3,874,897
Consumer Non-Cyclical – 1.92%
Abbott Laboratories 2.90% 11/30/21		535,000		537,855
ACCO Brands 144A 5.25% 12/15/24 #		30,000		30,224
Anheuser-Busch InBev Finance 2.65% 2/1/21		640,000		645,326
Becle 144A 3.75% 5/13/25 #		300,000		293,500
Biogen 5.20% 9/15/45		105,000		113,916
Celgene 3.25% 8/15/22		275,000		279,568
Cencosud 144A 6.625% 2/12/45 #		200,000		204,952
DaVita 5.00% 5/1/25		130,000		129,919
Dean Foods 144A 6.50% 3/15/23 #		105,000		109,725
HCA 5.375% 2/1/25		130,000		135,525
HealthSouth
5.125% 3/15/23		30,000		30,150
5.75% 11/1/24		130,000		131,625
5.75% 9/15/25		30,000		30,113
Heineken 144A 3.50% 1/29/28 #		55,000		55,408
Hill-Rom Holdings 144A 5.00% 2/15/25 #		110,000		110,137
JBS USA 144A 5.875% 7/15/24 #		30,000		31,050
Molson Coors Brewing 3.00% 7/15/26		300,000		285,820
Mylan 3.95% 6/15/26		175,000		171,603
New York and Presbyterian Hospital 4.063% 8/1/56		90,000		84,611

60

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Pernod Ricard 144A 4.45% 1/15/22 #		300,000	$	319,664
Post Holdings 144A 5.00% 8/15/26 #		170,000		163,200
Revlon Consumer Products 6.25% 8/1/24		45,000		45,000
Reynolds American 4.00% 6/12/22		180,000		189,121
Shire Acquisitions Investments Ireland
2.40% 9/23/21		150,000		147,047
2.875% 9/23/23		220,000		213,737
Tempur Sealy International 5.50% 6/15/26		75,000		74,137
Thermo Fisher Scientific 3.00% 4/15/23		545,000		541,521
Transurban Finance 144A 3.375% 3/22/27 #		55,000		53,290
Universal Health Services 144A 5.00% 6/1/26 #		25,000		25,813
Zimmer Biomet Holdings 3.375% 11/30/21		90,000		91,134
				5,274,691
Energy – 2.07%
Anadarko Petroleum 5.55% 3/15/26		420,000		466,878
BP Capital Markets
3.216% 11/28/23		220,000		221,288
3.224% 4/14/24		135,000		135,170
CNOOC Finance 2015 Australia 2.625% 5/5/20		200,000		199,462
Diamondback Energy 144A 4.75% 11/1/24 #		85,000		85,927
Ecopetrol
5.875% 9/18/23		35,000		38,019
7.375% 9/18/43		25,000		26,837
Empresa Nacional del Petroleo 144A 4.75% 12/6/21 #		115,000		121,741
Enbridge
4.25% 12/1/26		65,000		66,475
6.00% 1/15/77 ●		35,000		35,481
Energy Transfer Equity 7.50% 10/15/20		110,000		123,200
Energy Transfer Partners
4.75% 1/15/26		35,000		36,078
6.125% 12/15/45		155,000		165,731
9.70% 3/15/19		95,000		108,067

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Energy (continued)
Enterprise Products Operating 7.034% 1/15/68 ●		25,000	$	26,023
Genesis Energy 5.625% 6/15/24		50,000		49,125
Gulfport Energy
144A 6.00% 10/15/24 #		75,000		73,125
6.625% 5/1/23		35,000		35,569
Hilcorp Energy I 144A 5.00% 12/1/24 #		110,000		103,675
Kinder Morgan Energy Partners 5.80% 3/1/21		115,000		126,441
Laredo Petroleum 6.25% 3/15/23		80,000		81,600
MPLX
4.875% 12/1/24		225,000		237,034
4.875% 6/1/25		75,000		78,683
Murphy Oil 6.875% 8/15/24		125,000		132,813
Murphy Oil USA 6.00% 8/15/23		160,000		168,400
Newfield Exploration 5.75% 1/30/22		65,000		69,306
Noble Energy 5.05% 11/15/44		85,000		87,007
Pertamina Persero 144A 4.875% 5/3/22 #		200,000		212,388
Petrobras Global Finance
5.375% 1/27/21		55,000		56,778
6.75% 1/27/41		30,000		28,230
7.375% 1/17/27		80,000		84,776
Petroleos Mexicanos 144A 4.77% 3/11/22 #●		85,000		91,481
Plains All American Pipeline 8.75% 5/1/19		175,000		197,457
Regency Energy Partners 5.00% 10/1/22		155,000		164,994
Sabine Pass Liquefaction
144A 5.00% 3/15/27 #		35,000		36,624
5.625% 4/15/23		370,000		401,861
Shell International Finance
2.875% 5/10/26		85,000		82,738
4.00% 5/10/46		70,000		67,463
4.375% 5/11/45		180,000		183,105
Southwestern Energy 6.70% 1/23/25		80,000		79,600
Targa Resources Partners
144A 5.125% 2/1/25 #		60,000		62,025
144A 5.375% 2/1/27 #		65,000		67,600

(continues) 61

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Energy (continued)
Tengizchevroil Finance Co. International 144A 4.00% 8/15/26 #		200,000	$	192,142
Transcanada Trust
5.30% 3/15/77 ●		55,000		54,450
5.875% 8/15/76 ●		75,000		79,313
Transocean Proteus 144A 6.25% 12/1/24 #		50,000		51,875
Woodside Finance
144A 3.65% 3/5/25 #		60,000		59,177
144A 3.70% 9/15/26 #		40,000		39,148
144A 8.75% 3/1/19 #		145,000		162,264
YPF
144A 8.50% 3/23/21 #		5,000		5,493
144A 23.854% 7/7/20 #●		90,000		100,755
				5,660,892
Financials – 0.76%
AerCap Global Aviation Trust 144A 6.50% 6/15/45 #●		200,000		209,750
AerCap Ireland Capital 3.95% 2/1/22		150,000		154,197
Affiliated Managers Group 3.50% 8/1/25		100,000		98,418
Air Lease
3.00% 9/15/23		130,000		127,203
3.625% 4/1/27		295,000		287,287
Aviation Capital Group
144A 2.875% 9/17/18 #		10,000		10,103
144A 2.875% 1/20/22 #		220,000		218,698
144A 4.875% 10/1/25 #		150,000		161,615
144A 6.75% 4/6/21 #		35,000		40,118
Berkshire Hathaway 2.75% 3/15/23		70,000		70,065
BlackRock 3.20% 3/15/27		95,000		95,151
E*TRADE Financial 5.875% 12/29/49 ●		145,000		149,749
Jefferies Group
4.85% 1/15/27		25,000		25,566
6.45% 6/8/27		50,000		56,662
6.50% 1/20/43		30,000		32,640
Lazard Group
3.625% 3/1/27		15,000		14,664
3.75% 2/13/25		100,000		99,565
Park Aerospace Holdings 144A 5.50% 2/15/24 #		123,000		128,227
SUAM Finance 144A 4.875% 4/17/24 #		100,000		104,070
				2,083,748

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Insurance – 0.77%
Allstate 3.28% 12/15/26		240,000	$	241,427
Berkshire Hathaway Finance 2.90% 10/15/20		145,000		149,840
Manulife Financial 4.061% 2/24/32 ●		145,000		145,542
MetLife
6.40% 12/15/36		20,000		22,000
144A 9.25% 4/8/38 #		400,000		553,500
Principal Life Global Funding II 144A 3.00% 4/18/26 #		390,000		380,126
Prudential Financial
4.50% 11/15/20		5,000		5,369
5.375% 5/15/45 ●		85,000		89,165
TIAA Asset Management Finance
144A 2.95% 11/1/19 #		85,000		86,443
144A 4.125% 11/1/24 #		170,000		173,498
USI 144A 7.75% 1/15/21 #		20,000		20,363
XLIT
4.45% 3/31/25		75,000		75,789
5.50% 3/31/45		110,000		110,289
6.50% 12/29/49 ●		70,000		58,975
				2,112,326
Media – 0.67%
21st Century Fox America 4.95% 10/15/45		130,000		135,029
Cablevision 144A 6.50% 6/15/21 #		150,000		158,400
CCO Holdings 144A 5.75% 2/15/26 #		100,000		105,250
Comcast 3.00% 2/1/24		175,000		175,045
CSC Holdings 144A 5.50% 4/15/27 #		200,000		203,750
DISH DBS 7.75% 7/1/26		20,000		23,300
Gray Television 144A 5.875% 7/15/26 #		65,000		66,300
Myriad International Holdings 144A 5.50% 7/21/25 #		200,000		208,200
Nexstar Broadcasting 144A 5.625% 8/1/24 #		120,000		122,100
Sinclair Television Group 144A 5.125% 2/15/27 #		80,000		77,600
Sirius XM Radio 144A 5.375% 7/15/26 #		100,000		102,500
Time Warner Cable 7.30% 7/1/38		285,000		354,130

62

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Media (continued)
Tribune Media 5.875% 7/15/22		105,000	$	109,987
				1,841,591
Real Estate – 0.94%
American Tower
2.25% 1/15/22		40,000		38,641
4.00% 6/1/25		160,000		162,145
4.40% 2/15/26		65,000		67,355
American Tower Trust I 144A 3.07% 3/15/23 #		145,000		144,689
CC Holdings GS V 3.849% 4/15/23		80,000		82,035
Corporate Office Properties
3.60% 5/15/23		80,000		77,854
5.25% 2/15/24		105,000		110,610
Crown Castle International 5.25% 1/15/23		130,000		142,021
CubeSmart 3.125% 9/1/26		120,000		112,930
CyrusOne 144A 5.00% 3/15/24 #		5,000		5,150
DDR 7.50% 4/1/17		30,000		30,000
Education Realty Operating Partnership 4.60% 12/1/24		100,000		100,912
ESH Hospitality 144A 5.25% 5/1/25 #		125,000		126,327
Hospitality Properties Trust 4.50% 3/15/25		95,000		95,500
Host Hotels & Resorts
3.75% 10/15/23		70,000		70,632
3.875% 4/1/24		50,000		50,444
4.50% 2/1/26		55,000		56,995
Iron Mountain U.S. Holdings 144A 5.375% 6/1/26 #		100,000		100,250
Kite Realty Group 4.00% 10/1/26		45,000		43,203
LifeStorage 3.50% 7/1/26		90,000		86,272
MGM Growth Properties Operating Partnership 4.50% 9/1/26		100,000		97,500
Realty Income 4.125% 10/15/26		100,000		103,179
Regency Centers 3.60% 2/1/27		60,000		59,646
SBA Communications 144A 4.875% 9/1/24 #		120,000		118,776
UDR 4.00% 10/1/25		355,000		362,710
Uniti Group 144A 7.125% 12/15/24 #		50,000		50,875

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Real Estate (continued)
WP Carey 4.60% 4/1/24		80,000	$	82,908
				2,579,559
Services – 0.14%
Aramark Services 5.125% 1/15/24		130,000		136,663
Avis Budget Car Rental 144A 6.375% 4/1/24 #		35,000		35,219
Herc Rentals 144A 7.75% 6/1/24 #		46,000		49,220
Prime Security Services Borrower 144A 9.25% 5/15/23 #		95,000		104,381
United Rentals North America
5.50% 5/15/27		15,000		15,187
5.875% 9/15/26		45,000		47,081
				387,751
Technology – 0.66%
Broadcom
144A 3.00% 1/15/22 #		120,000		119,771
144A 3.625% 1/15/24 #		350,000		353,018
CDK Global 5.00% 10/15/24		75,000		76,044
CDW 5.00% 9/1/25		5,000		5,106
Cisco Systems 1.85% 9/20/21		125,000		122,652
CommScope Technologies 144A 5.00% 3/15/27 #		35,000		35,033
Diamond 1 Finance 144A 6.02% 6/15/26 #		85,000		93,001
DXC Technology
144A 4.25% 4/15/24 #		50,000		50,913
144A 4.75% 4/15/27 #		90,000		91,946
Fidelity National Information
Services 5.00% 10/15/25		90,000		98,044
First Data
144A 5.75% 1/15/24 #		100,000		103,525
144A 7.00% 12/1/23 #		70,000		75,250
Microsoft
2.40% 2/6/22		35,000		35,230
2.875% 2/6/24		40,000		40,283
NXP 144A 4.125% 6/1/21 #		200,000		208,000
Samsung Electronics America 144A 1.75% 4/10/17 #		200,000		200,008
Symantec 144A 5.00% 4/15/25 #		85,000		87,079
				1,794,903
Telecommunications – 1.33%
AT&T 5.25% 3/1/37		260,000		265,611

(continues) 63

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Telecommunications (continued)
CenturyLink
5.80% 3/15/22		145,000	$	149,976
6.75% 12/1/23		100,000		104,625
Charter Communications Operating 4.908% 7/23/25		230,000		243,268
Cincinnati Bell 144A 7.00% 7/15/24 #		35,000		36,794
Columbus Cable Barbados 144A 7.375% 3/30/21 #		200,000		215,000
Crown Castle Towers 144A 4.883% 8/15/20 #		455,000		484,623
Deutsche Telekom International Finance
144A 2.485% 9/19/23 #		485,000		464,240
144A 3.60% 1/19/27 #		150,000		149,633
Digicel Group 144A 8.25% 9/30/20 #		200,000		172,674
GTP Acquisition Partners I 144A 2.35% 6/15/20 #		100,000		98,843
Level 3 Financing 5.25% 3/15/26		80,000		80,700
Millicom International Cellular 144A 6.00% 3/15/25 #		200,000		205,750
Radiate Holdco 144A 6.625% 2/15/25 #		55,000		54,416
SBA Tower Trust
144A 2.24% 4/16/18 #		100,000		100,038
144A 2.898% 10/15/19 #		70,000		70,209
Sprint 7.875% 9/15/23		99,000		109,890
T-Mobile USA 6.50% 1/15/26		95,000		104,263
Virgin Media Secured Finance 144A 5.25% 1/15/26 #		200,000		202,000
VTR Finance 144A 6.875% 1/15/24 #		200,000		208,500
WPP Finance 2010 5.625% 11/15/43		45,000		48,117
Zayo Group 144A 5.75% 1/15/27 #		75,000		79,297
				3,648,467
Transportation – 0.68%
Air Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27 #◆		60,848		61,228
American Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26 ◆		44,270		44,491

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Transportation (continued)
American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27 ◆		74,338	$	72,944
American Airlines 2015-2 Class AA Pass Through Trust 3.60% 9/22/27 ◆		33,343		33,568
American Airlines 2016-1 Class AA Pass Through Trust 3.575% 1/15/28 ◆		38,988		38,940
Autoridad del Canal de Panama 144A 4.95% 7/29/35 #		200,000		219,500
Burlington Northern Santa Fe 4.70% 9/1/45		250,000		272,180
ERAC USA Finance 144A 4.50% 8/16/21 #		20,000		21,319
Penske Truck Leasing
144A 3.30% 4/1/21 #		95,000		96,374
144A 3.40% 11/15/26 #		50,000		48,157
144A 4.20% 4/1/27 #		205,000		209,118
SMBC Aviation Capital Finance 144A 2.65% 7/15/21 #		200,000		194,875
Union Pacific 3.00% 4/15/27		130,000		128,576
United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26 ◆		41,185		42,729
United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26 ◆		91,379		92,871
United Airlines 2016-1 Class AA Pass Through Trust 3.10% 7/7/28 ◆		40,000		39,400
United Parcel Service 5.125% 4/1/19		190,000		203,074
XPO Logistics 144A 6.125% 9/1/23 #		55,000		57,406
				1,876,750
Utilities – 3.16%
AES 5.50% 4/15/25		30,000		30,525
AES Gener 144A 8.375% 12/18/73 #●		200,000		211,250
Ameren Illinois 9.75% 11/15/18		290,000		325,869
American Transmission Systems 144A 5.25% 1/15/22 #		270,000		297,489
AmeriGas Partners 5.875% 8/20/26		105,000		105,000

64

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Utilities (continued)
Berkshire Hathaway Energy 3.75% 11/15/23		200,000	$	209,287
Calpine
144A 5.25% 6/1/26 #		75,000		76,500
5.375% 1/15/23		65,000		66,137
Cleveland Electric Illuminating 5.50% 8/15/24		90,000		102,845
CMS Energy 6.25% 2/1/20		325,000		358,630
ComEd Financing III 6.35% 3/15/33		160,000		171,076
DTE Energy 3.30% 6/15/22		355,000		360,821
Duke Energy
2.65% 9/1/26		175,000		162,722
4.80% 12/15/45		50,000		52,990
Emera 6.75% 6/15/76 ●		195,000		213,769
Emera US Finance
3.55% 6/15/26		270,000		265,905
4.75% 6/15/46		140,000		141,781
Enel 144A 8.75% 9/24/73 #●		200,000		230,500
Enel Americas 4.00% 10/25/26		80,000		79,340
Enel Finance International 144A 6.00% 10/7/39 #		100,000		114,315
Entergy 4.00% 7/15/22		250,000		262,136
Entergy Louisiana
4.05% 9/1/23		220,000		232,283
4.95% 1/15/45		15,000		15,397
Exelon
3.497% 6/1/22		125,000		126,285
3.95% 6/15/25		70,000		72,064
Fortis 144A 3.055% 10/4/26 #		260,000		244,434
Great Plains Energy
3.15% 4/1/22		370,000		374,097
4.85% 6/1/21		60,000		64,073
Indiana Michigan Power 3.20% 3/15/23		375,000		378,925
IPALCO Enterprises 5.00% 5/1/18		80,000		82,600
ITC Holdings 3.25% 6/30/26		40,000		38,930
Kansas City Power & Light 3.65% 8/15/25		180,000		181,006
LG&E &KU Energy 4.375% 10/1/21		425,000		449,098
Metropolitan Edison 144A 4.00% 4/15/25 #		70,000		70,700
MidAmerican Energy 4.25% 5/1/46		165,000		170,722

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Utilities (continued)
National Rural Utilities Cooperative Finance
2.70% 2/15/23		145,000	$	143,751
4.75% 4/30/43 ●		145,000		148,625
5.25% 4/20/46 ●		85,000		88,694
New York State Electric & Gas 144A 3.25% 12/1/26 #		135,000		134,446
NextEra Energy Capital Holdings
2.40% 9/15/19		135,000		136,133
3.625% 6/15/23		60,000		60,884
NiSource Finance 6.125% 3/1/22		115,000		131,850
NV Energy 6.25% 11/15/20		115,000		129,249
Pampa Energia 144A 7.50% 1/24/27 #		150,000		152,085
Pennsylvania Electric 5.20% 4/1/20		115,000		122,336
Perusahaan Listrik Negara 144A 5.50% 11/22/21 #		200,000		217,760
Public Service Co. of New Hampshire 3.50% 11/1/23		95,000		97,894
Public Service Co. of Oklahoma 5.15% 12/1/19		85,000		91,131
Southern
2.75% 6/15/20		325,000		327,966
4.40% 7/1/46		130,000		124,716
Southern Co. Gas Capital 3.25% 6/15/26		85,000		82,866
Trans-Allegheny Interstate Line 144A 3.85% 6/1/25 #		50,000		51,297
Wisconsin Electric Power 4.30% 12/15/45		70,000		71,760
				8,652,944
Total Corporate Bonds (cost $60,113,002)				60,788,172
Loan Agreements – 1.01%«
Aercap Tranche B 1st Lien 3.397% 10/30/22		345,000		348,199
Air Medical Group Holdings Tranche B 1st Lien 4.25% 4/28/22		167,025		167,164
Change Healthcare Tranche B 1st Lien 3.75% 3/1/24		295,000		295,860
Dell International 1st Lien 3.49% 9/7/23		17,675		17,781

(continues) 65

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal   amount°		Value     (U.S. $)
Loan Agreements« (continued)
First Data 1st Lien 3.984% 3/24/21		347,983	$	351,027
HCA Tranche B9 1st Lien 2.982% 3/18/23		315,615		317,316
Houghton International 1st Lien 4.397% 12/20/19		627,163		632,650
Republic of Angola 7.57% 12/16/23		223,125		194,119
Sprint Communications Tranche B 1st Lien 3.50% 2/2/24		295,000		295,430
USI Insurance Services Tranche B 1st Lien 4.25% 12/27/19		148,547		148,949
Total Loan Agreements (cost $2,749,793)				2,768,495
Municipal Bonds – 0.36%
Bay Area Toll Authority (Build America Bonds) Series S3 6.907% 10/1/50		125,000		179,356
California State Various Purposes (Build America Bonds) 7.55% 4/1/39		80,000		117,491
Commonwealth of Massachusetts Series C 5.00% 10/1/25		65,000		79,124
New Jersey Turnpike Authority (Build America Bonds)
Series A 7.102% 1/1/41		70,000		97,959
Series F 7.414% 1/1/40		30,000		43,279
New York City, New York
Series C 5.00% 8/1/26		25,000		30,043
Series C 5.00% 8/1/27		25,000		29,815
Oregon State Taxable Pension 5.892% 6/1/27		200,000		240,738
South Carolina Public Service Authority Series D 4.77% 12/1/45		40,000		36,017
Texas Water Development Board Series A 5.00% 10/15/45		30,000		34,079
Water Implementation Revenue 5.00% 10/15/46		95,000		108,792
Total Municipal Bonds (cost $1,006,657)				996,693

	Principal   amount°		Value     (U.S. $)
Non-Agency Asset-Backed Securities – 1.96%
AEP Texas Central Transition Funding II Series 2006-A A4 5.17% 1/1/18		32,331	$	32,912
Ally Master Owner Trust Series 2014-4 A2 1.43% 6/17/19		180,000		180,137
American Express Credit Account Master Trust Series 2014-5 A 1.202% 5/15/20 ●		750,000		750,965
American Express Credit Account Secured Note Trust Series 2012-4 B 1.462% 5/15/20 ●		900,000		901,372
Avis Budget Rental Car Funding AESOP
Series 2013-1A A 144A 1.92% 9/20/19 #		120,000		119,984
Series 2014-1A A 144A 2.46% 7/20/20 #		200,000		200,944
California Republic Auto Receivables Trust Series 2013-1 A2 144A 1.41% 9/17/18 #		527		527
Capital One Multi-Asset Execution Trust Series 2007-A5 A5 0.952% 7/15/20 ●		145,000		144,972
CNH Equipment Trust Series 2016-B A2B 1.312% 10/15/19 ●		18,103		18,142
Discover Card Execution Note Trust
Series 2013-A1 A1 1.212% 8/17/20 ●		200,000		200,350
Series 2014-A1 A1 1.342% 7/15/21 ●		200,000		201,064
Ford Credit Auto Lease Trust Series 2015-A A3 1.13% 6/15/18		39,119		39,115
Ford Credit Auto Owner Trust Series 2016-2 A 144A 2.03% 12/15/27 #		230,000		226,836
Golden Credit Card Trust Series 2014-2A A 144A 1.362% 3/15/21 #●		100,000		100,247
HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44 #		142,500		130,455

66

	Principal   amount°		Value     (U.S. $)
Non-Agency Asset-Backed Securities (continued)
Mercedes-Benz Auto Lease Trust Series 2016-A A2B 1.472% 7/16/18 ●		39,271	$	39,309
Mercedes-Benz Master Owner Trust Series 2016-AA A 144A 1.492% 5/15/20 #●		100,000		100,395
Navistar Financial Dealer Note Master Owner Trust II Series 2016-1 A 144A 2.332% 9/27/21 #●		60,000		60,144
New Residential Mortgage Loan Trust Series 2017-1A A1 144A 4.00% 2/25/57 #●		98,283		101,344
Nissan Auto Lease Trust Series 2015-B A2B 1.442% 12/15/17 ●		16,024		16,030
PFS Financing Series 2015-AA A 144A 1.532% 4/15/20 #●		100,000		99,969
Synchrony Credit Card Master Note Trust Series 2012-6 A 1.36% 8/17/20		100,000		100,071
Towd Point Mortgage Trust
Series 2015-5 A1B 144A 2.75% 5/25/55 #●		73,029		73,067
Series 2015-6 A1B 144A 2.75% 4/25/55 #●		75,830		75,757
Series 2017-1 A1 144A 2.75% 10/25/56 #●		98,541		98,437
Volkswagen Credit Auto Master Trust Series 2014-1A A2 144A 1.40% 7/22/19 #		260,000		259,917
Wells Fargo Dealer Floorplan Master Note Trust Series 2014-2 A 1.428% 10/20/19 ●		1,100,000		1,100,741
Total Non-Agency Asset-Backed Securities (cost $5,391,298)				5,373,203
Non-Agency Collateralized Mortgage Obligations – 0.46%
American Home Mortgage Investment Trust Series 2005-2 5A1 5.064% 9/25/35 ö		6,413		6,324

	Principal   amount°		Value     (U.S. $)
Non-Agency Collateralized Mortgage Obligations (continued)
Bank of America Alternative Loan Trust Series 2005-6 7A1 5.50% 7/25/20		2,286	$	2,187
Credit Suisse First Boston Mortgage Securities Series 2005-5 6A3 5.00% 7/25/35		48,324		48,091
JPMorgan Mortgage Trust
Series 2006-S1 1A1 6.00% 4/25/36		60,576		61,932
Series 2014-2 B1 144A 3.423% 6/25/29 #●		79,285		78,488
Series 2014-2 B2 144A 3.423% 6/25/29 #●		79,285		77,662
Series 2014-IVR6 2A4 144A 2.50% 7/25/44 #●		100,000		98,838
Series 2015-1 B1 144A 2.623% 12/25/44 #●		196,634		194,874
Series 2015-4 B1 144A 3.628% 6/25/45 #●		96,293		93,835
Series 2015-4 B2 144A 3.628% 6/25/45 #●		96,293		92,239
Series 2015-5 B2 144A 2.874% 5/25/45 #●		97,755		92,349
Series 2015-6 B1 144A 3.623% 10/25/45 #●		96,276		94,473
Series 2015-6 B2 144A 3.623% 10/25/45 #●		96,276		93,113
New Residential Mortgage Loan Trust Series 2016-4A A1 144A 3.75% 11/25/56 #●		92,751		94,681
Sequoia Mortgage Trust
Series 2014-2 A4 144A 3.50% 7/25/44 #●		44,180		44,000
Series 2015-1 B2 144A 3.876% 1/25/45 #●		42,765		42,094
Structured Asset Securities Corporation Mortgage Pass Through Certificates Series 2004-20 2A1 5.50% 11/25/34 ◆		27,859		28,459
Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR5 2A1 3.294% 4/25/36 ●		14,657		13,749
Total Non-Agency Collateralized Mortgage Obligations (cost $1,254,504)				1,257,388

(continues) 67

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal   amount°		Value     (U.S. $)
Non-Agency Commercial Mortgage-Backed Securities – 2.01%
Banc of America Commercial Mortgage Trust
Series 2007-4 AM 5.961% 2/10/51 ●		80,000	$	80,773
Series 2017-BNK3 B 3.879% 2/15/50 ●		240,000		244,834
Series 2017-BNK3 C 4.352% 2/15/50 ●		240,000		244,686
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PWR18 A4 5.70% 6/11/50		46,632		47,190
Citigroup Commercial Mortgage Trust
Series 2007-C6 AM 5.779% 12/10/49 ●		60,000		60,724
Series 2014-GC25 A4 3.635% 10/10/47		115,000		118,627
Series 2015-GC27 A5 3.137% 2/10/48		135,000		134,505
Series 2016-P3 A4 3.329% 4/15/49		95,000		95,498
Series 2016-P5 A4 2.941% 10/10/49		90,000		87,478
COMM Mortgage Trust
Series 2013-CR6 AM 144A 3.147% 3/10/46 #		95,000		95,108
Series 2014-CR19 A5 3.796% 8/10/47		70,000		73,222
Series 2014-CR20 AM 3.938% 11/10/47		215,000		222,928
Series 2015-3BP A 144A 3.178% 2/10/35 #		300,000		300,516
Series 2015-CR23 A4 3.497% 5/10/48		150,000		152,590
DB-JPM Mortgage Trust
Series 2016-C1 A4 3.276% 5/10/49		175,000		175,686
Series 2016-C3 A5 2.89% 9/10/49		210,000		203,863
DB-UBS Mortgage Trust Series 2011-LC1A C 144A 5.686% 11/10/46 #●		130,000		142,668
GRACE Mortgage Trust
Series 2014-GRCE A 144A 3.369% 6/10/28 #		100,000		103,565
Series 2014-GRCE B 144A 3.52% 6/10/28 #		200,000		205,845

	Principal   amount°		Value     (U.S. $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
GS Mortgage Securities Trust
Series 2014-GC24 A5 3.931% 9/10/47		150,000	$	157,738
Series 2015-GC32 A4 3.764% 7/10/48		70,000		72,878
JPM-BB Commercial Mortgage Securities Trust
Series 2015-C32 A5 3.598% 11/15/48		125,000		128,013
Series 2015-C33 A4 3.77% 12/15/48		480,000		497,573
JPM-DB Commercial Mortgage Securities Trust Series 2016-C2 A4 3.144% 6/15/49		185,000		183,414
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2005-CB11 E 5.525% 8/12/37 ●		40,000		41,587
Series 2013-LC11 B 3.499% 4/15/46		85,000		84,599
Series 2015-JP1 A5 3.914% 1/15/49		85,000		89,288
Series 2016-JP2 A4 2.822% 8/15/49		120,000		115,835
Series 2016-JP3 B 3.397% 8/15/49 ●		40,000		39,047
Series 2016-WIKI A 144A 2.798% 10/5/31 #		50,000		50,308
Series 2016-WIKI B 144A 3.201% 10/5/31 #		80,000		80,846
LB-UBS Commercial Mortgage Trust Series 2006-C6 AJ 5.452% 9/15/39 ●		104,943		92,742
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C17 A5 3.741% 8/15/47		90,000		93,699
Series 2015-C23 A4 3.719% 7/15/50		285,000		295,225
Series 2015-C26 A5 3.531% 10/15/48		120,000		122,564
Series 2016-C29 A4 3.325% 5/15/49		85,000		85,413
Morgan Stanley Capital I Trust Series 2006-HQ10 B 5.448% 11/12/41 ●		200,000		199,803

68

	Principal   amount°		Value     (U.S. $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
Wells Fargo Commercial Mortgage Trust
Series 2015-NXS3 A4 3.617% 9/15/57		165,000	$	168,959
Series 2016-BNK1 A3 2.652% 8/15/49		140,000		133,420
Total Non-Agency Commercial Mortgage-Backed Securities (cost $5,646,461)				5,523,257
Regional Bonds – 0.16%D
Argentina - 0.11%
Provincia de Buenos Aires 144A 7.875% 6/15/27 #		150,000		152,280
Provincia de Cordoba 144A 7.45% 9/1/24 #		150,000		152,431
				304,711
Australia - 0.05%
Queensland Treasury
144A 2.75% 8/20/27 #	AUD	161,000		118,018
144A 3.25% 7/21/28 #	AUD	39,000		29,664
				147,682
Total Regional Bonds (cost $449,523)				452,393
Sovereign Bonds – 0.60%D
Argentina – 0.07%
Argentine Republic Government International Bond
144A 5.625% 1/26/22 #		45,000		46,136
144A 7.125% 7/6/36 #		150,000		145,275
				191,411
Australia – 0.06%
Australia Government Bond 3.75% 4/21/37	AUD	205,000		166,766
				166,766
Bermuda – 0.07%
Bermuda Government International Bond 144A 3.717% 1/25/27 #		200,000		193,506
				193,506

	Principal   amount°		Value     (U.S. $)
Sovereign BondsD (continued)
Colombia – 0.07%
Colombia Government International Bond 5.00% 6/15/45		200,000	$	201,600
				201,600
Hungary – 0.05%
Hungary Government International Bond 5.75% 11/22/23		120,000		135,840
				135,840
Mexico – 0.07%
Mexico Government International Bond 4.35% 1/15/47		200,000		184,500
				184,500
New Zealand – 0.06%
New Zealand Government Bond
2.75% 4/15/25	NZD	193,000		132,090
4.50% 4/15/27	NZD	29,000		22,599
				154,689
Portugal – 0.01%
Portugal Government International Bond 144A 5.125% 10/15/24 #		29,000		28,170
				28,170
Saudi Arabia – 0.07%
Saudi Government International Bond 144A 2.375% 10/26/21 #		200,000		196,627
				196,627
Sri Lanka – 0.07%
Sri Lanka Government International Bond 144A 6.125% 6/3/25 #		200,000		200,472
				200,472
Total Sovereign Bonds (cost $1,691,806)				1,653,581
Supranational Banks – 0.08%
International Bank for Reconstruction & Development
3.50% 1/22/21	NZD	278,000		197,885
4.625% 10/6/21	NZD	22,000		16,317

(continues) 69

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal   amount°		Value     (U.S. $)
Supranational Banks (continued)
International Finance 3.625% 5/20/20	NZD	13,000	$	9,297
Total Supranational Banks (cost $214,237)				223,499
U.S. Treasury Obligations – 0.65%
U.S. Treasury Bond 2.875% 11/15/46		1,295,000		1,256,327
U.S. Treasury Notes
1.875% 1/31/22		75,000		74,839
2.25% 2/15/27		445,000		439,324
Total U.S. Treasury Obligations (cost $1,782,825)				1,770,490
	Number of shares
Preferred Stock – 0.36%
General Electric 5.00% ●		266,000	$	280,630
Integrys Energy Group 6.00% ●		3,550		92,699
U.S. Bancorp 3.50% ●		600		516,000
USB Realty 144A 2.169% #●		100,000		85,250
Total Preferred Stock (cost $853,851)				974,579
Rights – 0.01%
B2W Cia Digital exercise price BRL 11.00, expiration date 4/25/17 †		24,725		11,215
Deutsche Bank exercise price EUR 11.65, expiration date 4/6/17 †		3,650		8,722
Total Rights (cost $0)				19,937
	Principal amount°
Short-Term Investments – 1.73%
Discount Notes – 0.43%≠
Federal Home Loan Bank
0.53% 4/25/17		344,984		344,841
0.55% 5/26/17		11,963		11,950
0.69% 4/28/17		107,857		107,806
0.765% 5/19/17		722,655		721,990
				1,186,587

	Principal   amount°		Value     (U.S. $)
Short-Term Investments (continued)
Repurchase Agreements – 1.03%
Bank of America Merrill Lynch 0.73%, dated 3/31/17, to be repurchased on 4/3/17, repurchase price $921,931 (collateralized by U.S. government obligations 0.125% 4/15/18; market value $940,313)		921,875	$	921,875
Bank of Montreal 0.66%, dated 3/31/17, to be repurchased on 4/3/17, repurchase price $921,925 (collateralized by U.S. government obligations 0.75%–2.00% 2/28/19–2/15/45; market value $940,312)		921,875		921,875
BNP Paribas 0.76%, dated 3/31/17, to be repurchased on 4/3/17, repurchase price $978,312 (collateralized by U.S. government obligations 0.00%–3.125% 6/30/17–2/15/43; market value $997,815)		978,250		978,250
				2,822,000
U.S. Treasury Obligation – 0.27%≠
U.S. Treasury Bill 0.44% 4/13/17		722,828		722,685
				722,685
Total Short-Term Investments (cost $4,731,257)				4,731,272
Total Value of Securities – 101.71% (cost $238,003,650)			$	278,907,748

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2017, the aggregate value of Rule 144A securities was $30,535,262,which represents 11.14% of the Fund’s net assets. See Note 11 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.

70

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At March 31, 2017, the aggregate value of fair valued securities was $340,896, which represents 0.12% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”

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

« Loan agreements generally pay interest at rates which are periodically reset 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. Loan agreements may be subject to restrictions on resale. Stated rate in effect at March 31, 2017.

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

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

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.

† Non-income producing security.

● Variable rate security. Each rate shown is as of March 31, 2017. Interest rates reset periodically.

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

ϕ Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at March 31,2017.

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at March 31, 2017:1

Foreign Currency Exchange Contracts

Counterparty	Contracts to       Receive (Deliver)			In Exchange For				Settlement Date		Unrealized Appreciation   (Depreciation)
BAML	AUD	(317,827	)		USD	241,945			5/12/17	$	(690	)
BAML	NZD	(635,350	)		USD	446,168			5/12/17		1,277
BNP	AUD	(240,728	)		USD	183,143			5/12/17		(633	)
BNYM	AUD	6,961			USD	(5,320	)		4/4/17		(2	)
BNYM	CHF	(122,863	)		USD	122,741			4/4/17		52
BNYM	EUR	(2,740	)		USD	2,928			4/3/17		5
BNYM	EUR	(113,856	)		USD	121,686			4/4/17		203
BNYM	EUR	(7,477	)		USD	7,992			4/5/17		13
BNYM	GBP	127,110			USD	(159,222	)		4/4/17		50
BNYM	HKD	801,942			USD	(103,248	)		4/5/17		(44	)
BNYM	JPY	4,576,670			USD	(41,097	)		4/5/17		16
										$	247

Futures Contracts

Contracts to Buy (Sell)	Notional     Cost (Proceeds)			Notional       Value			Expiration     Date		Unrealized Appreciation   (Depreciation)
(20)   U.S. Treasury 5       yr Notes	$	(2,340,725	)	$	(2,354,532	)		7/3/17	$	(13,807	)
(192) U.S. Treasury 10       yr Notes		(23,846,457	)		(23,916,000	)		6/22/17		(69,543	)
(77)   U.S. Treasury       Long Bonds		(11,558,313	)		(11,614,968	)		6/22/17		(56,655	)
(18)   Euro-O.A.T.		(2,834,804	)		(2,823,521	)		6/9/17		11,283
	$	(40,580,299	)						$	(128,722	)

(continues) 71

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

Swap Contracts

CDS Contracts²

Counterparty	Swap Referenced Obligation	Notional     Value3		Annual Protection       Payments		Termination         Date		Upfront Payments Paid   (Received)		Unrealized Appreciation       (Depreciation)4
	Protection Purchased:
HSBC	CDX.EM.276		4,000,000		1.00%		6/20/22		$222,947		$	(10,702	)
ICE	JPM - CDX.NA.HY.275		5,905,350		5.00%		12/20/21		(351,000)			(116,078	)
											$	(126,780	)

IRS Contracts⁷

Counterparty & Swap Referenced Obligation	Notional Value3		Fixed Interest Rate Paid       (Received)		Variable Interest Rate Paid       (Received)		Termination     Date		Unrealized Appreciation   (Depreciation)4
CME - BAML IRS 3 yr USD		11,675,000		1.808%		(1.151%)		3/28/20	$	(225	)
LCH - BAML IRS 5 yr USD		24,100,000		2.066%		(1.148%)		4/3/22		(12,350	)
									$	(12,575	)

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

¹ See Note 8 “Notes to financial statements.”

²A Credit Default Swap (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 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.

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

⁴Unrealized appreciation (depreciation) does not include periodic interest payments (receipts) on swap contracts accrued daily in the amount of $(13,451).

⁵Markit’s CDX.NA.HY Index, is composed of 100 of the most liquid North American entities with high yield credit ratings that trade in the CDS market.

⁶Markit’s CDX.EM Index is composed of 15 sovereign issuers from the following countries: Argentina, Brazil, Chile, China, Columbia, Indonesia, Malaysia, Mexico, Panama, Peru, Philippines, Russia, South Africa, Turkey and Venezuela, which have a S&P credit quality rating of CCC and above.

⁷An interest rate swap (IRS) agreement is an exchange of interest rates between counterparties. Periodic payments (receipt) on such contracts are accrued daily and recorded as unrealized appreciation (depreciation) on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains (losses) on swap contracts.

72

Summary of abbreviations:

ADR – American Depositary Receipt

ARM – Adjustable Rate Mortgage

AUD – Australian Dollar

BAML – Bank of America Merrill Lynch

BB – Barclays Bank

BNP – BNP Paribas

BNYM – Bank of New York Mellon

BRL – Brazilian Real

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

CME – Chicago Mercantile Exchange

CVA – Dutch Certificate

DB – Deutsche Bank

EAFE – Europe Australasia Far East

ETF – Exchange-Traded Fund

EUR – European Monetary Unit

FREMF – Freddie Mac Multifamily

FTSE – Financial Times Stock Exchange

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.

IRS – Interest Rate Swap

JPM – JPMorgan

JPY – Japanese Yen

LB – Lehman Brothers

LCH – London Clearing House

MSCI – Morgan Stanley Capital International

NZD – New Zealand Dollar

O.A.T. – Obligations Assimilables du Trésor (French Treasury Bond)

PJSC – Private Joint Stock Company

REMIC – Real Estate Mortgage Investment Conduit

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

S.F. – Single Family

TBA – To be announced

USD – U.S. Dollar

yr – Year

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

73

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

March 31, 2017

	Number of   shares		Value     (U.S. $)
Common Stock – 35.97%
U.S. Markets – 19.20%
Consumer Discretionary – 1.42%
Amazon.com †		60	$	53,192
Aramark		610		22,491
BorgWarner		640		26,746
Cheesecake Factory		335		21,226
Chuy’s Holdings †		355		10,579
Cinemark Holdings		660		29,264
Comcast Class A		1,260		47,363
Del Frisco’s Restaurant Group †		1,380		24,909
Dollar General		619		43,163
Fiesta Restaurant Group †		420		10,164
Five Below †		505		21,872
Ford Motor		2,380		27,703
Home Depot		370		54,327
Jack in the Box		350		35,602
Liberty Global Class A †		462		16,572
Liberty Global Class C †		1,732		60,689
Liberty Interactive Corp. QVC Group Class A †		4,285		85,786
Lowe’s		1,800		147,978
Malibu Boats Class A †		955		21,440
National CineMedia		1,285		16,230
Newell Brands		852		40,189
NIKE Class B		490		27,308
Shutterfly †		425		20,523
Starbucks		790		46,128
Steven Madden †		742		28,604
Tenneco		555		34,643
Tractor Supply		310		21,381
TripAdvisor †		1,348		58,180
Walt Disney		830		94,114
				1,148,366
Consumer Staples – 1.02%
Archer-Daniels-Midland		3,200		147,328
Casey’s General Stores		220		24,695
CVS Health		2,410		189,185
General Mills		370		21,834
J&J Snack Foods		197		26,705
Kimberly-Clark		150		19,745
Kraft Heinz		1,624		147,475
Mondelez International		3,473		149,617
PepsiCo		290		32,439
Pinnacle Foods		380		21,991
Procter & Gamble		220		19,767
Walgreens Boots Alliance		363		30,147
				830,928

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Energy – 1.24%
Carrizo Oil & Gas †		715	$	20,492
Chevron		1,920		206,150
ConocoPhillips		3,200		159,584
EOG Resources		300		29,265
Halliburton		3,600		177,156
Keane Group †		395		5,649
Marathon Oil		7,000		110,600
Occidental Petroleum		2,700		171,072
PDC Energy †		370		23,069
Pioneer Energy Services †		1,100		4,400
Pioneer Natural Resources		210		39,108
RSP Permian †		610		25,272
SRC Energy †		2,425		20,467
Superior Energy Services †		710		10,125
				1,002,409
Financials – 2.48%
Aflac		720		52,142
Allstate		1,800		146,682
American Equity Investment Life Holding		890		21,031
Bank of New York Mellon		3,200		151,136
BB&T		3,200		143,040
BlackRock		120		46,021
Bryn Mawr Bank		410		16,195
Capital One Financial		470		40,730
Cardinal Financial		865		25,898
Charles Schwab		1,554		63,419
Citigroup		1,010		60,418
City Holding		485		31,273
CoBiz Financial		1,055		17,724
East West Bancorp		560		28,902
Essent Group †		880		31,830
Evercore Partners Class A		315		24,539
First Bancorp (North Carolina)		390		11,423
Flushing Financial		445		11,957
Great Western Bancorp		775		32,868
Hope Bancorp		1,505		28,851
Houlihan Lokey		580		19,981
Independent Bank (Massachusetts)		295		19,175
Infinity Property & Casualty		265		25,307
Intercontinental Exchange		1,978		118,423
Invesco		1,150		35,225
JPMorgan Chase & Co.		1,070		93,989
KeyCorp		2,460		43,739

74

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Financials (continued)
Marsh & McLennan		2,000	$	147,780
MGIC Investment †		4,605		46,649
Old National Bancorp		1,935		33,572
Primerica		465		38,223
Prosperity Bancshares		505		35,204
Prudential Financial		320		34,138
Raymond James Financial		400		30,504
Reinsurance Group of America		130		16,507
Selective Insurance Group		715		33,712
State Street		380		30,252
Sterling Bancorp		1,745		41,357
Stifel Financial †		565		28,357
Travelers		210		25,313
Umpqua Holdings		1,745		30,956
United Fire Group		240		10,265
Validus Holdings		370		20,864
Webster Financial		685		34,277
WSFS Financial		595		27,340
				2,007,188
Healthcare – 2.87%
Abbott Laboratories		4,070		180,749
AbbVie		280		18,245
Acorda Therapeutics †		520		10,920
Air Methods †		510		21,930
Alkermes †		270		15,795
Allergan		294		70,242
Biogen †		305		83,393
Brookdale Senior Living †		2,725		36,597
Cardinal Health		1,800		146,790
Catalent †		1,075		30,444
Celgene †		1,421		176,815
Cigna		290		42,482
CONMED		645		28,644
CryoLife †		1,146		19,081
DENTSPLY SIRONA		998		62,315
Edwards Lifesciences †		270		25,399
Eli Lilly & Co.		390		32,803
Exact Sciences †		545		12,873
Express Scripts Holding †		2,585		170,377
Gilead Sciences		510		34,639
HealthSouth		515		22,047
Johnson & Johnson		1,600		199,280
Ligand Pharmaceuticals Class B †		295		31,223

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Healthcare (continued)
Medicines †		585	$	28,607
Merck & Co.		2,980		189,349
Merit Medical Systems †		971		28,062
Natera †		505		4,479
Pfizer		4,368		149,429
Prestige Brands Holdings †		516		28,669
Quest Diagnostics		1,500		147,285
Quidel †		1,165		26,376
Quintiles IMS Holdings †		939		75,618
Repligen †		460		16,192
Retrophin †		965		17,814
Spectrum Pharmaceuticals †		2,070		13,455
TESARO †		215		33,082
Thermo Fisher Scientific		220		33,792
Vanda Pharmaceuticals †		1,405		19,670
Vertex Pharmaceuticals †		190		20,777
Wright Medical Group †		790		24,585
				2,330,324
Industrials – 1.94%
AAON		908		32,095
ABM Industries		700		30,520
Applied Industrial Technologies		500		30,925
Barnes Group		815		41,842
Casella Waste Systems †		480		6,773
Columbus McKinnon		850		21,097
Continental Building Products †		1,420		34,790
Eaton		370		27,436
ESCO Technologies		665		38,637
Esterline Technologies †		150		12,907
Federal Signal		1,055		14,570
FedEx		360		70,254
General Electric		2,650		78,970
Granite Construction		670		33,627
Hawaiian Holdings †		135		6,271
Honeywell International		210		26,223
Kadant		535		31,752
KeyW Holding †		1,370		12,933
Kforce		800		19,000
KLX †		590		26,373
Lockheed Martin		110		29,436
MYR Group †		700		28,700
Nielsen Holdings		1,812		74,854
Northrop Grumman		600		142,704
On Assignment †		715		34,699

(continues) 75

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Industrials (continued)
Parker-Hannifin		270	$	43,286
Raytheon		1,000		152,500
Rockwell Collins		220		21,375
Southwest Airlines		330		17,741
Swift Transportation †		900		18,486
Tetra Tech		740		30,229
TransUnion †		500		19,175
TriNet Group †		760		21,964
U.S. Ecology		535		25,065
Union Pacific		480		50,842
United Technologies		500		56,105
WageWorks †		351		25,377
Waste Management		2,100		153,132
XPO Logistics †		585		28,016
				1,570,681
Information Technology – 3.72%
Accenture Class A		290		34,765
Adobe Systems †		420		54,655
Alphabet Class A †		221		187,364
Alphabet Class C †		84		69,683
Analog Devices		220		18,029
Anixter International †		315		24,979
Apple		780		112,055
Broadcom		220		48,171
Brooks Automation		905		20,272
CA		4,728		149,972
Callidus Software †		1,490		31,811
Cisco Systems		5,260		177,788
Convergys		1,200		25,380
eBay †		3,060		102,724
Electronic Arts †		909		81,374
ExlService Holdings †		650		30,784
Facebook Class A †		1,372		194,893
GrubHub †		370		12,169
Guidewire Software †		155		8,731
II–VI †		415		14,961
Intel		5,760		207,763
Intuit		398		46,164
j2 Global		495		41,535
MACOM Technology Solutions Holdings †		537		25,930
Mastercard Class A		951		106,959
Maxim Integrated Products		550		24,728
MaxLinear Class A †		1,100		30,855
Microsemi †		765		39,420
Microsoft		3,453		227,415

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Information Technology (continued)
NETGEAR †		435	$	21,554
Oracle		3,300		147,213
PayPal Holdings †		3,024		130,092
Plantronics		355		19,209
Proofpoint †		435		32,347
Q2 Holdings †		490		17,077
QUALCOMM		1,156		66,285
salesforce.com †		580		47,844
Semtech †		975		32,955
Silicon Laboratories †		295		21,697
SS&C Technologies Holdings		590		20,886
Symantec		2,509		76,976
Synaptics †		375		18,566
Tyler Technologies †		220		34,003
Visa Class A		1,510		134,194
Yahoo †		900		41,769
				��   3,013,996
Materials – 0.58%
Axalta Coating Systems †		1,090		35,098
Balchem		235		19,369
Boise Cascade †		735		19,625
Chemtura †		375		12,525
Eastman Chemical		520		42,016
EI du Pont de Nemours & Co.		1,800		144,594
Kaiser Aluminum		315		25,169
Minerals Technologies		525		40,215
Neenah Paper		420		31,374
Quaker Chemical		295		38,840
WestRock		585		30,438
Worthington Industries		670		30,210
				469,473
Real Estate – 3.14%
American Tower		480		58,339
Apartment Investment & Management		650		28,827
AvalonBay Communities		475		87,210
Boston Properties		625		82,756
Brandywine Realty Trust		2,175		35,300
Camden Property Trust		175		14,081
Cousins Properties		1,225		10,131
Crown Castle International		1,130		106,729
DCT Industrial Trust		275		13,233
DDR		1,825		22,867
Douglas Emmett		1,375		52,800
EastGroup Properties		330		24,265
EPR Properties		80		5,890

76

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Real Estate (continued)
Equinix		144	$	57,653
Equity LifeStyle Properties		375		28,897
Equity Residential		3,675		228,659
Essex Property Trust		375		86,824
Extra Space Storage		350		26,037
Federal Realty Investment Trust		200		26,700
First Industrial Realty Trust		2,455		65,377
GGP		2,875		66,643
Gramercy Property Trust		1,176		30,929
Highwoods Properties		850		41,761
Host Hotels & Resorts		4,430		82,664
Kilroy Realty		475		34,238
Kimco Realty		1,400		30,926
Kite Realty Group Trust		1,293		27,799
LaSalle Hotel Properties		1,115		32,279
Lexington Realty Trust		1,550		15,469
Liberty Property Trust		350		13,493
Life Storage		330		27,100
LTC Properties		125		5,987
Macerich		375		24,150
Mack-Cali Realty		995		26,805
Mid-America Apartment Communities		372		37,847
National Retail Properties		1,385		60,414
Omega Healthcare Investors		425		14,021
Parkway		159		3,162
Pebblebrook Hotel Trust		1,310		38,265
Prologis		1,825		94,681
PS Business Parks		225		25,821
Public Storage		375		82,091
Ramco-Gershenson Properties Trust		2,895		40,588
Regency Centers		917		60,880
RLJ Lodging Trust		925		21,747
Sabra Health Care REIT		375		10,474
Simon Property Group		1,050		180,631
SL Green Realty		475		50,645
Spirit Realty Capital		2,025		20,513
Tanger Factory Outlet Centers		850		27,855
Taubman Centers		275		18,155
UDR		1,225		44,419
Urban Edge Properties		325		8,547
Ventas		1,150		74,796
Vornado Realty Trust		850		85,263
Welltower		375		26,558
				2,550,191

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
U.S. Markets (continued)
Telecommunication Services – 0.50%
AT&T		5,720	$	237,666
ATN International		315		22,182
Verizon Communications		3,000		146,250
				406,098
Utilities – 0.29%
Edison International		1,900		151,259
NorthWestern		555		32,579
South Jersey Industries		690		24,599
Spire		390		26,325
				234,762
Total U.S. Markets (cost $ 9,875,644)				15,564,416
Developed Markets – 11.88%§
Consumer Discretionary – 2.04%
Bandai Namco Holdings		900		26,920
Bayerische Motoren Werke		1,472		134,279
Cie Generale des Etablissements Michelin		220		26,720
Denso		900		39,588
Donaco International		35,000		10,562
Hennes & Mauritz Class B		1,000		25,556
Industria de Diseno Textil		1,100		38,772
Kering		450		116,391
LVMH Moet Hennessy Louis Vuitton		250		54,900
Next		320		17,320
Nitori Holdings		1,226		154,943
Oriental Land		500		28,667
Publicis Groupe		769		53,742
RTL Group		355		28,593
Sekisui Chemical		2,200		36,973
Sodexo		265		31,168
Stanley Electric		1,100		31,371
Sumitomo Rubber Industries		8,300		141,427
Techtronic Industries		32,500		131,522
Toyota Motor		2,999		162,759
USS		1,500		25,007
Valeo		1,405		93,573
Whitbread		530		26,283
WPP		1,810		39,731
Yue Yuen Industrial Holdings		45,500		178,862
				1,655,629
Consumer Staples – 1.77%
Anheuser–Busch InBev		315		34,579
Aryzta †		2,553		81,944
Asahi Group Holdings		700		26,458

(continues) 77

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Consumer Staples (continued)
British American Tobacco		1,365	$	90,641
Carlsberg Class B		1,353		124,947
Chocoladefabriken Lindt & Spruengli †		6		34,024
Coca-Cola Amatil		12,362		102,190
Coca-Cola European Partners		845		31,596
Danone		605		41,152
Diageo		1,270		36,335
FamilyMart UNY Holdings		400		23,857
Imperial Brands		2,360		114,341
Japan Tobacco		4,100		133,242
Jeronimo Martins		1,720		30,771
Kao		700		38,380
Koninklijke Ahold Delhaize		1,703		36,444
L’Oreal		310		59,577
Nestle		1,745		133,882
Reckitt Benckiser Group		300		27,386
Suntory Beverage & Food		600		25,276
Svenska Cellulosa Class B		780		25,157
Tate & Lyle		2,500		23,946
Treasury Wine Estates		2,500		23,359
Unilever		660		32,576
Unilever CVA		885		43,968
WH Group 144A #		32,500		28,019
Woolworths		1,400		28,344
				1,432,391
Energy – 0.34%
Amec Foster Wheeler		3,700		24,639
Neste		430		16,771
Origin Energy †		4,300		23,161
Suncor Energy		2,800		85,968
TOTAL		2,394		121,094
				271,633
Financials – 1.45%
AIA Group		9,000		56,746
AXA		6,224		161,047
Banco Espirito Santo Class R =†		85,000		0
Bank Leumi Le-Israel †		7,700		34,010
Deutsche Bank †		800		13,783
ING Groep		9,531		144,076
Medibank Pvt		11,200		24,130
Mitsubishi UFJ Financial Group		34,781		218,596
Nordea Bank		16,842		192,278

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Financials (continued)
Prudential		2,620	$	55,345
Sony Financial Holdings		1,600		25,711
Standard Chartered †		14,842		141,884
UniCredit		7,185		110,759
				1,178,365
Healthcare – 1.66%
Actelion †		140		39,443
Astellas Pharma		3,100		40,821
Bayer		435		50,141
Fresenius SE & Co.		505		40,583
GlaxoSmithKline		1,710		35,554
ICON †		335		26,706
Indivior		6,500		26,231
Lonza Group †		155		29,309
Merck		310		35,320
Miraca Holdings		700		32,193
Novartis		3,549		263,433
Novo Nordisk Class B		740		25,414
Orion Class B		600		31,281
Ramsay Health Care		575		30,703
Roche Holding		490		125,136
Sanofi		2,385		215,300
Shire		2,130		124,387
Smith & Nephew		1,900		28,947
Sumitomo Dainippon Pharma		1,700		28,066
Teva Pharmaceutical Industries ADR		3,547		113,823
				1,342,791
Industrials – 2.42%
ABB		1,550		36,257
ANDRITZ		530		26,509
Aurizon Holdings		7,100		28,478
Deutsche Lufthansa		2,150		34,863
Deutsche Post		5,301		181,557
East Japan Railway		2,125		185,033
Elbit Systems		210		24,035
Fraport Frankfurt Airport Services Worldwide		500		35,380
Fuji Electric		5,000		29,687
ITOCHU		14,837		210,567
Japan Airlines		1,000		31,672
JTEKT		1,700		26,402
Koninklijke Philips		6,212		199,670
Legrand		600		36,177
Leonardo †		2,257		31,999

78

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Industrials (continued)
Meggitt		16,706	$	93,206
MINEBEA MITSUMI		8,100		108,044
Mitsubishi Electric		2,000		28,689
Mitsubishi Heavy Industries		7,000		28,080
Rexel		3,521		63,931
Rolls-Royce Holdings †		3,200		30,230
Safran		425		31,751
Securitas Class B		1,550		24,217
Singapore Airlines		2,600		18,717
Teleperformance		1,177		127,132
Vestas Wind Systems		345		28,051
Vinci		2,709		214,724
Wolters Kluwer		640		26,603
Yamato Holdings		1,100		23,046
				1,964,707
Information Technology – 0.80%
Amadeus IT Group		850		43,126
ASM Pacific Technology		2,900		39,443
ASML Holding (New York Shares) †		274		36,387
Atos		335		41,438
Brother Industries		1,600		33,414
CGI Group Class A †		2,232		106,947
Infineon Technologies		1,610		32,882
InterXion Holding †		475		18,791
Nice		380		25,533
Omron		900		39,491
Playtech		9,921		115,723
SAP		470		46,118
Seiko Epson		1,800		37,898
Trend Micro		600		26,677
				643,868
Materials – 0.71%
Alamos Gold		5,202		41,777
Amcor		2,480		28,534
Anglo American †		1,950		29,794
Anglo American ADR †		1,800		13,698
BHP Billiton		1,750		27,056
Boral		5,300		23,647
Chr Hansen Holding		380		24,390
Covestro 144A #		360		27,713
Daicel		2,300		27,704
EMS-Chemie Holding		67		39,030
Fletcher Building		3,500		20,413
Johnson Matthey		630		24,311
Kuraray		1,900		28,808

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
Developed Markets§ (continued)
Materials (continued)
Rio Tinto		2,462	$	99,002
Shin-Etsu Chemical		500		43,313
South32		13,200		27,834
Umicore		525		29,908
Yamana Gold		7,153		19,740
				576,672
Real Estate – 0.09%
Azrieli Group †		400		21,223
Daito Trust Construction		200		27,477
Westfield		4,050		27,477
				76,177
Telecommunication Services – 0.52%
KDDI		1,600		41,994
Nippon Telegraph & Telephone		4,144		176,882
Tele2 Class B		11,994		114,510
Telenor		1,400		23,300
Telstra		8,500		30,262
Vodafone Group		12,500		32,591
				419,539
Utilities – 0.08%
National Grid		2,787		35,390
Tokyo Gas		7,000		31,853
				67,243
Total Developed Markets (cost $7,744,542)				9,629,015
Emerging Markets X – 4.89%
Consumer Discretionary – 0.40%
Arcos Dorados Holdings Class A †		4,200		33,810
Astra International		72,500		46,926
B2W Cia Digital †		17,435		68,780
Ctrip.com International ADR †		1,000		49,150
Grupo Televisa ADR		2,825		73,281
Hyundai Motor		144		20,281
Woolworths Holdings		5,692		29,660
				321,888
Consumer Staples – 0.69%
Anadolu Efes Biracilik Ve Malt Sanayii		3,371		18,374
BRF ADR		2,700		33,075
China Mengniu Dairy		16,000		33,147
Cia Brasileira de Distribuicao ADR		1,600		30,720
Cia Cervecerias Unidas ADR		1,300		32,851

(continues) 79

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
Emerging Markets X (continued)
Consumer Staples (continued)
Coca-Cola Femsa ADR		1,230	$	88,191
Fomento Economico Mexicano ADR		600		53,112
JBS		3,200		10,487
Lotte Chilsung Beverage		29		36,694
Lotte Confectionery		330		56,657
Tingyi Cayman Islands Holding		33,908		42,584
Uni-President China Holdings		70,600		49,692
Wal-Mart de Mexico		9,590		22,128
X5 Retail Group GDR †		1,540		51,821
				559,533
Energy – 0.71%
Cairn India		6,469		30,470
China Petroleum & Chemical		37,350		30,278
Gazprom PJSC ADR		11,842		52,934
Lukoil PJSC ADR		1,000		53,060
Petroleo Brasileiro ADR †		6,419		62,200
PTT		3,841		43,258
Reliance Industries GDR 144A #		6,684		269,365
Rosneft Oil PJSC GDR		6,870		39,090
				580,655
Financials – 0.63%
Akbank		24,861		58,348
Banco Bradesco ADR		4,800		49,152
Bangkok Bank		6,096		32,199
Grupo Financiero Banorte		4,500		25,896
Grupo Financiero Santander Mexico Class B ADR		4,200		37,926
ICICI Bank ADR		8,000		68,800
Industrial & Commercial Bank of China		24,000		15,688
Itau Unibanco Holding ADR		5,703		68,835
KB Financial Group ADR		927		40,760
Samsung Life Insurance		565		54,818
Sberbank of Russia PJSC =		20,758		58,942
				511,364
Healthcare – 0.03%
Hypermarcas		2,600		24,085
				24,085
Industrials – 0.08%
Gol Linhas Aereas Inteligentes ADR †		510		13,515
KCC		124		39,252
Rumo †		1,072		2,931

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
Emerging Markets X (continued)
Industrials (continued)
Santos Brasil Participacoes †		8,500	$	6,163
ZTO Express Cayman ADR †		87		1,139
				63,000
Information Technology – 1.36%
Alibaba Group Holding ADR †		1,190		128,318
Baidu ADR †		650		112,138
Hon Hai Precision Industry		15,468		46,390
MediaTek		9,000		63,772
Samsung Electronics		129		237,629
Samsung SDI		243		29,987
SINA †		1,100		79,332
Sohu.com †		2,000		78,660
Taiwan Semiconductor Manufacturing		14,034		87,416
Taiwan Semiconductor Manufacturing ADR		2,000		65,680
Tencent Holdings		4,900		140,477
Weibo ADR †		110		5,740
WNS Holdings ADR †		845		24,175
				1,099,714
Materials – 0.22%
Braskem ADR		1,400		28,490
Cemex ADR †		3,943		35,763
Cemex Latam Holdings †		2,673		9,855
Cia de Minas Buenaventura ADR		1,300		15,652
Impala Platinum Holdings †		1,419		4,783
Sociedad Quimica y Minera de Chile ADR		600		20,622
UltraTech Cement		1,071		65,722
				180,887
Real Estate – 0.07%
Etalon Group GDR 144A #=		3,700		13,986
IRSA Inversiones y Representaciones ADR †		900		22,059
UEM Sunrise		67,159		19,273
				55,318
Telecommunication Services – 0.70%
America Movil Class L ADR		3,726		52,797
China Mobile		8,294		90,768
China Mobile ADR		200		11,046
LG Uplus		2,011		25,715
Mobile TeleSystems ADR		1,600		17,648
SK Telecom ADR		6,800		171,224
Telefonica Brasil ADR		4,350		64,597

80

	Number of   shares		Value     (U.S. $)
Common Stock (continued)
Emerging Markets X (continued)
Telecommunication Services (continued)
TIM Participacoes ADR		4,900	$	78,302
Turkcell Iletisim Hizmetleri ADR †		2,687		22,248
VEON ADR		4,600		18,768
Vodacom Group		1,604		18,173
				571,286
Total Emerging Markets (cost $3,448,872)				3,967,730
Total Common Stock (cost $21,069,058)				29,161,161
Exchange-Traded Funds – 1.26%
iShares MSCI EAFE ETF		70		4,360
iShares MSCI EAFE Growth ETF		310		21,542
iShares Russell 1000 Growth ETF		6,820		776,116
Vanguard FTSE Developed Markets ETF		390		15,327
Vanguard Mega Cap Growth ETF		980		93,796
Vanguard Russell 1000 Growth ETF		950		110,865
Total Exchange-Traded Funds (cost $980,237)				1,022,006
	Principal amount°
Agency Collateralized Mortgage Obligations – 10.49%
Fannie Mae REMICs
Series 1996-46 ZA 7.50% 11/25/26		931		1,080
Series 2005-70 PA 5.50% 8/25/35		3,714		4,151
Series 2008-15 SB 5.618% 8/25/36 S•		22,303		4,234
Series 2010-41 PN 4.50% 4/25/40		60,000		64,741
Series 2010-43 HJ 5.50% 5/25/40		6,705		7,482
Series 2010-96 DC 4.00% 9/25/25		59,341		63,431
Series 2010-129 SM 5.018% 11/25/40 S•		64,179		10,400
Series 2012-51 SA 5.518% 5/25/42 S•		56,390		12,981

	Principal amount°		Value     (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs
Series 2012-98 MI 3.00% 8/25/31 S		87,364	$	9,866
Series 2012-99 AI 3.50% 5/25/39 S		200,698		21,407
Series 2012-118 AI 3.50% 11/25/37 S		53,601		6,549
Series 2012-120 WI 3.00% 11/25/27 S		49,402		5,000
Series 2012-125 MI 3.50% 11/25/42 S		162,331		32,506
Series 2013-7 EI 3.00% 10/25/40 S		1,854,498		249,699
Series 2013-26 ID 3.00% 4/25/33 S		104,198		14,617
Series 2013-38 AI 3.00% 4/25/33 S		96,889		13,111
Series 2013-43 IX 4.00% 5/25/43 S		262,074		61,912
Series 2013-44 DI 3.00% 5/25/33 S		311,359		49,666
Series 2013-45 PI 3.00% 5/25/33 S		150,220		22,146
Series 2013-51 PI 3.00% 11/25/32 S		152,676		18,166
Series 2013-55 AI 3.00% 6/25/33 S		105,574		15,276
Series 2013-59 PY 2.50% 6/25/43		30,000		27,397
Series 2013-62 PY 2.50% 6/25/43		25,000		22,869
Series 2013-64 KI 3.00% 2/25/33 S		489,202		64,599
Series 2013-69 IJ 3.00% 7/25/33 S		62,762		9,126
Series 2013-71 ZA 3.50% 7/25/43		29,641		29,710
Series 2014-25 DI 3.50% 8/25/32 S		58,449		6,664
Series 2014-36 ZE 3.00% 6/25/44		70,759		64,625
Series 2014-68 BS 5.168% 11/25/44 S•		92,705		18,144
Series 2015-11 BI 3.00% 1/25/33 S		63,374		6,491
Series 2015-40 GZ 3.50% 5/25/45		11,728		11,157
Series 2015-44 Z 3.00% 9/25/43		93,791		90,661
Series 2015-71 PI 4.00% 3/25/43 S		291,664		47,827

(continues) 81

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

	Principal   amount°		Value     (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs
Series 2015-95 SH 5.018% 1/25/46 S●		88,131	$	18,875
Series 2016-2 HI 3.00% 12/25/41 S		138,468		18,515
Series 2016-17 BI 4.00% 2/25/43 S		753,669		128,387
Series 2016-33 DI 3.50% 6/25/36 S		85,201		13,337
Series 2016-54 PI 3.00% 2/25/44 S		142,072		17,627
Series 2016-62 SA 5.018% 9/25/46 S●		120,980		29,030
Series 2016-74 GS 5.018% 10/25/46 S●		1,119,718		275,798
Series 2016-80 BZ 3.00% 11/25/46		163,023		142,965
Series 2016-80 CZ 3.00% 11/25/46		141,759		124,307
Series 2016-80 JZ 3.00% 11/25/46		15,188		13,779
Series 2016-90 CI 3.00% 2/25/45 S		1,070,392		164,725
Series 2016-95 IO 3.00% 12/25/46 S		1,612,829		318,599
Series 2016-95 LZ 2.50% 12/25/46		75,627		61,461
Series 2016-95 US 5.018% 12/25/46 S●		1,693,378		371,476
Series 2016-99 TI 3.50% 3/25/36 S		92,885		12,788
Series 2017-6 NI 3.50% 3/25/46 S		99,153		15,768
Series 2017-16 YT 3.00% 7/25/46		30,000		29,372
Series 2017-24 AI 3.00% 8/25/46 S		100,000		13,250
Freddie Mac REMICs
Series 2512 PG 5.50% 10/15/22		33,543		36,345
Series 2621 QH 5.00% 5/15/33		367		393
Series 2708 ZD 5.50% 11/15/33		9,958		11,073
Series 4065 DE 3.00% 6/15/32		15,000		15,093
Series 4100 EI 3.00% 8/15/27 S		81,147		8,202
Series 4109 AI 3.00% 7/15/31 S		176,636		19,011

	Principal   amount°		Value     (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
Freddie Mac REMICs
Series 4120 IK 3.00% 10/15/32 S		135,330	$	18,478
Series 4136 EZ 3.00% 11/15/42		15,827		15,554
Series 4146 IA 3.50% 12/15/32 S		71,132		11,202
Series 4161 IM 3.50% 2/15/43 S		68,737		15,559
Series 4181 DI 2.50% 3/15/33 S		64,596		7,266
Series 4184 GS 5.208% 3/15/43 S●		69,415		15,812
Series 4185 LI 3.00% 3/15/33 S		75,493		10,543
Series 4186 IE 3.00% 3/15/33 S		1,304,847		183,585
Series 4191 CI 3.00% 4/15/33 S		65,956		9,275
Series 4206 DZ 3.00% 5/15/33		35,622		34,718
Series 4223 HI 3.00% 4/15/30 S		334,370		26,363
Series 4342 CI 3.00% 11/15/33 S		64,294		8,329
Series 4366 DI 3.50% 5/15/33 S		173,558		23,637
Series 4433 DI 3.00% 8/15/32 S		676,543		68,279
Series 4435 DY 3.00% 2/15/35		73,000		72,457
Series 4476 GI 3.00% 6/15/41 S		153,619		17,665
Series 4518 CI 3.50% 6/15/42 S		281,194		38,145
Series 4567 LI 4.00% 8/15/45 S		752,677		142,718
Series 4574 AI 3.00% 4/15/31 S		291,365		37,308
Series 4581 LI 3.00% 5/15/36 S		86,514		12,099
Series 4592 WT 5.50% 6/15/46		139,512		155,705
Series 4594 SG 5.088% 6/15/46 S●		186,912		45,650
Series 4596 ZH 3.00% 11/15/45		731,249		730,469
Series 4614 HB 2.50% 9/15/46		32,000		28,607
Series 4618 SA 5.088% 9/15/46 S●		97,335		23,893

82

Principal  
amount°   Value     (U.S. $)    

Agency Collateralized Mortgage Obligations (continued)
Freddie Mac REMICs
Series 4623 IY 4.00% 10/15/46 S	98,331	$	22,130
Series 4623 LZ 2.50% 10/15/46	121,255		103,445
Series 4623 MW 2.50% 10/15/46	225,000		204,312
Series 4623 WI 4.00% 8/15/44 S	132,329		24,610
Series 4643 QI 3.50% 9/15/45 S	218,553		35,997
Series 4648 ND 3.00% 9/15/46	12,000		11,425
Series 4648 SA 5.088% 1/15/47 S●	1,258,179		287,590
Series 4656 HI 3.50% 5/15/42 S	99,646		12,358
Series 4657 NW 3.00% 4/15/45	12,000		11,858
Series 4660 GI 3.00% 8/15/43 S	99,787		14,247
Freddie Mac Strips
Series 267 S5 5.088% 8/15/42 S●	89,285		18,095
Series 299 S1 5.088% 1/15/43 S●	66,884		13,691
Series 326 S2 5.038% 3/15/44 S●	73,900		14,637
GNMA
Series 2010-113 KE 4.50% 9/20/40	140,000		152,568
Series 2012-136 MX 2.00% 11/20/42	240,000		217,618
Series 2013-113 AZ 3.00% 8/20/43	90,181		85,528
Series 2013-113 LY 3.00% 5/20/43	138,000		135,991
Series 2015-64 GZ 2.00% 5/20/45	33,194		26,994
Series 2015-74 CI 3.00% 10/16/39 S	75,677		9,605
Series 2015-82 GI 3.50% 12/20/38 S	116,888		11,745
Series 2015-133 AL 3.00% 5/20/45	96,000		93,791
Series 2015-142 AI 4.00% 2/20/44 S	68,429		8,655
Series 2016-5 GL 3.00% 7/20/45	140,000		136,485
Series 2016-101 QL 3.00% 7/20/46	356,000		336,642

	Principal   amount°		Value     (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
GNMA
Series 2016-108 YL 3.00% 8/20/46		1,720,000	$	1,615,474
Series 2016-111 PB 2.50% 8/20/46		30,000		26,989
Series 2016-134 MW 3.00% 10/20/46		140,000		139,366
Series 2016-135 Z 3.00% 10/20/46		5,063		4,586
Series 2016-160 VZ 2.50% 11/20/46		14,117		11,495
Series 2017-4 BW 3.00% 1/20/47		12,000		11,308
Series 2017-25 CZ 3.50% 2/20/47		5,015		5,001
Total Agency Collateralized Mortgage Obligations (cost $8,576,981)				8,505,419
Agency Commercial Mortgage-Backed Securities - 0.68%
Freddie Mac Multifamily
Structured Pass Through Certificates
Series K037 A2 3.49% 1/25/24 ◆		60,000		63,571
Series KS03 A4 3.161% 5/25/25 ◆●		50,000		50,428
FREMF Mortgage Trust
Series 2011-K14 B 144A 5.167% 2/25/47 #●		20,000		21,860
Series 2011-K15 B 144A 4.949% 8/25/44 #●		10,000		10,862
Series 2012-K18 B 144A 4.256% 1/25/45 #●		30,000		31,744
Series 2012-K22 B 144A 3.686% 8/25/45 #●		50,000		51,393
Series 2012-K708 B 144A 3.752% 2/25/45 #●		45,000		45,990
Series 2013-K32 B 144A 3.538% 10/25/46 #●		110,000		109,945
Series 2013-K33 B 144A 3.502% 8/25/46 #●		50,000		49,693
Series 2013-K712 B 144A 3.365% 5/25/45 #●		25,000		25,498
Series 2013-K713 B 144A 3.166% 4/25/46 #●		15,000		15,217

(continues) 83

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

		Principal   amount°		Value     (U.S. $)
Agency Commercial Mortgage-Backed Securities (continued)
FREMF Mortgage Trust
Series 2013 -K713 C 144A 3.166% 4/25/46 #●			75,000	$	75,192
Total Agency Commercial Mortgage-Backed Securities (cost $553,625)					551,393
Agency Mortgage-Backed Securities – 9.58%
Fannie Mae S.F. 30 yr
4.50% 5/1/39			47,269		50,985
4.50% 2/1/46			240,563		258,639
5.00% 11/1/33			503		551
5.00% 8/1/35			1,679		1,837
5.00% 10/1/35			241,872		264,641
5.00% 10/1/36			711		778
5.00% 12/1/36			539		589
5.50% 3/1/34			47,670		53,439
5.50% 4/1/34			792		887
5.50% 11/1/34			2,620		2,934
5.50% 2/1/35			1,481		1,658
5.50% 8/1/37			7,827		8,765
5.50% 1/1/38			79,373		88,754
5.50% 3/1/38			19,820		22,221
5.50% 12/1/38			766		858
5.50% 7/1/40			22,393		25,052
5.50% 6/1/41			52,767		59,109
5.50% 5/1/44			998,963		1,117,877
6.00% 3/1/34			4,147		4,747
6.00% 8/1/34			6,951		7,935
6.00% 11/1/34			198		225
6.00% 4/1/35			95,477		108,839
6.00% 6/1/35			82,456		93,907
6.00% 7/1/35			24,285		27,557
6.00% 12/1/35			33,754		38,356
6.00% 5/1/36			77,088		87,261
6.00% 6/1/36			123,120		142,486
6.00% 9/1/36			65,119		73,867
6.00% 12/1/36	��		2,790		3,176
6.00% 2/1/37			9,052		10,224
6.00% 5/1/37			80,994		91,924
6.00% 6/1/37			1,524		1,738
6.00% 7/1/37			1,197		1,351
6.00% 8/1/37			115,299		130,835
6.00% 9/1/37			66,378		75,076
6.00% 11/1/37			503		568
6.00% 3/1/38			170,621		194,513
6.00% 5/1/38			51,850		58,734
6.00% 9/1/38			9,033		10,319

	Principal   amount°		Value     (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr
6.00% 10/1/38		3,558	$	4,017
6.00% 9/1/39		244,950		279,182
6.00% 10/1/39		98,647		112,925
6.00% 3/1/40		34,784		39,269
6.00% 9/1/40		10,972		12,400
6.00% 11/1/40		4,646		5,322
6.00% 5/1/41		71,237		80,526
6.00% 6/1/41		33,124		37,422
6.00% 7/1/41		28,766		32,478
6.50% 3/1/40		63,491		71,839
Fannie Mae S.F. 30 yr TBA
4.50% 4/1/47		3,003,000		3,215,088
Freddie Mac ARM
2.553% 10/1/46●		75,257		75,585
Freddie Mac S.F. 30 yr
5.00% 5/1/41		52,896		58,272
5.50% 3/1/34		3,338		3,753
5.50% 12/1/34		3,078		3,461
5.50% 9/1/37		2,754		3,054
5.50% 3/1/40		10,354		11,478
5.50% 8/1/40		6,919		7,671
5.50% 6/1/41		61,257		68,691
6.00% 5/1/35		9,133		10,402
6.00% 2/1/36		6,503		7,403
6.00% 3/1/36		8,576		9,774
6.00% 8/1/38		28,320		32,456
6.00% 10/1/38		3,393		3,881
6.00% 3/1/40		86,255		97,374
6.00% 5/1/40		33,890		38,379
6.00% 7/1/40		16,538		18,747
6.50% 12/1/31		2,093		2,364
GNMA II S.F. 30 yr
5.00% 9/20/46		113,012		121,355
5.50% 5/20/37		12,374		13,764
5.50% 4/20/40		11,192		12,236
6.00% 2/20/39		15,625		17,714
6.00% 10/20/39		15,865		17,720
6.00% 2/20/40		53,343		59,752
6.00% 4/20/46		17,543		19,632
6.50% 6/20/39		18,961		21,464
6.50% 10/20/39		16,254		18,347
Total Agency Mortgage-Backed Securities (cost $7,767,806)				7,768,409

84

	Principal   amount°		Value     (U.S. $)
Collateralized Debt Obligations – 1.79%
AMMC CLO
Series 2015-16A AR 144A 2.42% 4/14/29 #●		100,000	$	99,950
Cedar Funding VI CLO
Series 2016-6A A1 144A 2.344% 10/20/28 #●		250,000		250,523
Cent CLO
Series 2013-20A A 144A 2.518% 1/25/26 #●		150,000		149,941
GoldentTree Loan Management US CLO
Series 2017-1A A 144A 2.38% 4/20/29 #●		250,000		250,905
JFIN CLO
Series 2017-1A A1 144A 2.324% 4/24/29 #●		100,000		100,150
Magnetite IX
Series 2014-9A A1 144A 2.458% 7/25/26 #●		250,000		250,250
TIAA CLO II
Series 2017-1A A 144A 2.49% 4/20/29 #●		250,000		249,781
Venture XXIV CLO
Series 2016-24A A1D 144A 2.419% 10/20/28 #●		100,000		100,133
Total Collateralized Debt Obligations (cost $1,447,150)				1,451,633
Convertible Bond – 0.13%
Clearwire Communications 144A 8.25% exercise price $7.08, maturity date 12/1/40 #		100,000		103,875
Total Convertible Bond (cost $104,500)				103,875
Corporate Bonds – 30.07%
Banking - 5.97%
Bank Nederlandse Gemeenten 3.50% 7/19/27	AUD	16,000		12,140
Bank of America
3.124% 1/20/23 ●		215,000		216,066
3.248% 10/21/27		25,000		23,848
3.30% 8/5/21	AUD	10,000		7,617
3.824% 1/20/28 ●		70,000		70,285
4.183% 11/25/27		50,000		50,277

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Banking (continued)
Bank of New York Mellon
2.15% 2/24/20		15,000	$	15,066
2.20% 8/16/23		45,000		43,234
2.50% 4/15/21		115,000		115,355
3.442% 2/7/28 ●		90,000		90,787
4.625% 12/29/49 ●		60,000		57,750
Barclays 4.337% 1/10/28		200,000		200,008
BB&T 2.45% 1/15/20		60,000		60,630
Citigroup
1.80% 1/10/20 ●		260,000		260,974
3.75% 10/27/23	AUD	59,000		45,081
Citizens Financial Group
2.375% 7/28/21		25,000		24,675
4.30% 12/3/25		55,000		56,783
Credit Suisse Group 144A 6.25% 12/29/49 #●		200,000		203,592
Credit Suisse Group Funding Guernsey 4.55% 4/17/26		250,000		258,840
Export-Import Bank of India 144A 3.375% 8/5/26 #		200,000		191,554
Export-Import Bank of Korea 4.00% 6/7/27	AUD	10,000		7,606
Fifth Third Bancorp
2.875% 7/27/20		25,000		25,341
Goldman Sachs Group
3.85% 1/26/27		40,000		40,257
5.15% 5/22/45		105,000		110,526
5.20% 12/17/19	NZD	18,000		13,097
Huntington Bancshares 2.30% 1/14/22		35,000		34,120
JPMorgan Chase & Co.
3.782% 2/1/28 ●		90,000		90,944
4.25% 11/2/18	NZD	85,000		60,483
4.25% 10/1/27		70,000		71,988
KeyBank 3.40% 5/20/26		250,000		243,568
KeyCorp 5.00% 12/29/49 ●		75,000		74,437
Landwirtschaftliche Rentenbank
5.375% 4/23/24	NZD	125,000		95,722
Lloyds Banking Group
3.00% 1/11/22		200,000		199,054
Morgan Stanley
2.625% 11/17/21		85,000		84,418
3.625% 1/20/27		50,000		49,715
3.95% 4/23/27		25,000		24,805
5.00% 9/30/21	AUD	54,000		44,077
PNC Financial Services Group
5.00% 12/29/49 ●		65,000		64,837

(continues) 85

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Banking (continued)
Royal Bank of Canada
2.75% 2/1/22		95,000	$	95,923
Royal Bank of Scotland Group
3.875% 9/12/23		200,000		197,362
State Street
2.55% 8/18/20		60,000		60,827
3.55% 8/18/25		50,000		51,434
SunTrust Banks
2.70% 1/27/22		70,000		69,788
Toronto-Dominion Bank
2.125% 4/7/21		160,000		158,658
2.50% 12/14/20		40,000		40,351
3.625% 9/15/31 ●		65,000		63,758
U.S. Bancorp 3.10% 4/27/26		75,000		73,721
UBS Group Funding Jersey
144A 3.00% 4/15/21 #		200,000		200,517
USB Capital IX
3.50% 10/29/49 ●		145,000		123,431
Wells Fargo & Co.
3.069% 1/24/23		300,000		301,485
Zions Bancorporation
4.50% 6/13/23		60,000		62,271
				4,839,083
Basic Industry – 2.49%
Boise Cascade 144A 5.625% 9/1/24 #		55,000		56,100
Builders FirstSource 144A 5.625% 9/1/24 #		50,000		50,937
Cemex 144A 7.75% 4/16/26 #		200,000		225,542
CF Industries 6.875% 5/1/18		105,000		109,725
Cliffs Natural Resources 144A 5.75% 3/1/25 #		5,000		4,863
Dow Chemical 8.55% 5/15/19		198,000		224,547
Freeport-McMoRan 144A 6.875% 2/15/23 #		65,000		67,437
General Electric
4.25% 1/17/18		NZD    10,000		7,096
5.55% 5/4/20		40,000		44,265
6.00% 8/7/19		80,000		87,896
Georgia-Pacific 8.00% 1/15/24		160,000		205,239
International Paper 4.40% 8/15/47		105,000		99,494
INVISTA Finance 144A 4.25% 10/15/19 #		75,000		77,437
Koppers 144A 6.00% 2/15/25 #		40,000		41,400

	Principal   amount°		Value     (U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
LYB International Finance II 3.50% 3/2/27		90,000	$	88,496
Novelis 144A 5.875% 9/30/26 #		25,000		25,563
OCP 144A 4.50% 10/22/25 #		200,000		197,775
Olin 5.125% 9/15/27		15,000		15,291
PolyOne 5.25% 3/15/23		30,000		30,375
Potash Corp. of Saskatchewan 4.00% 12/15/26		45,000		46,155
PulteGroup 5.00% 1/15/27		30,000		30,113
Southern Copper 5.875% 4/23/45		20,000		20,939
Standard Industries 144A 5.00% 2/15/27 #		80,000		78,600
US Concrete 144A 6.375% 6/1/24 #		25,000		26,000
Vale Overseas 5.875% 6/10/21		10,000		10,741
6.25% 8/10/26		50,000		54,437
Westlake Chemical 144A 5.00% 8/15/46 #		45,000		46,372
WR Grace & Co. 144A 5.625% 10/1/24 #		42,000		44,415
				2,017,250
Capital Goods – 1.16%
Ball 5.25% 7/1/25		45,000		47,813
CCL Industries 144A 3.25% 10/1/26 #		40,000		38,356
Crown Americas 144A 4.25% 9/30/26 #		20,000		19,288
Fortune Brands Home & Security 3.00% 6/15/20		35,000		35,447
KLX 144A 5.875% 12/1/22 #		20,000		20,700
Lennox International 3.00% 11/15/23		100,000		98,413
Masco 3.50% 4/1/21		75,000		76,696
Owens-Brockway Glass Container 144A 5.875% 8/15/23 #		55,000		58,300
Parker-Hannifin 3.30% 11/21/24		5,000		5,092
Rockwell Collins 3.20% 3/15/24		45,000		44,971
Roper Technologies 2.80% 12/15/21		30,000		30,063
Siemens Financierings-maatschappij 144A 2.70% 3/16/22 #		260,000		260,421

86

	Principal   amount°		Value       (U.S. $)
Corporate Bonds (continued)
Capital Goods (continued)
Waste Management 2.40% 5/15/23		205,000	$	201,578
				937,138
Consumer Cyclical – 1.85%
Albertsons 144A 6.625% 6/15/24 #		20,000		20,500
BMW US Capital 144A 3.30% 4/6/27 #		55,000		54,860
Boyd Gaming 6.375% 4/1/26		35,000		37,537
Daimler Finance North America 144A 3.45% 1/6/27 #		150,000		150,601
Dollar General 3.875% 4/15/27		100,000		100,271
General Motors Financial
3.45% 4/10/22		115,000		115,691
3.70% 5/9/23		35,000		35,310
5.25% 3/1/26		5,000		5,381
GLP Capital 5.375% 4/15/26		55,000		56,925
Goodyear Tire & Rubber 5.00% 5/31/26		45,000		46,237
Hanesbrands 144A 4.875% 5/15/26 #		45,000		44,437
Hilton Worldwide Finance 144A 4.875% 4/1/27 #		30,000		30,375
Hyundai Capital America
144A 2.125% 10/2/17 #		60,000		60,098
144A 2.55% 2/6/19 #		15,000		15,083
144A 3.00% 3/18/21 #		10,000		10,042
KFC Holding
144A 5.00% 6/1/24 #		20,000		20,475
144A 5.25% 6/1/26 #		20,000		20,400
Levi Strauss & Co. 5.00% 5/1/25		65,000		66,963
Live Nation Entertainment 144A 4.875% 11/1/24 #		35,000		35,087
Lowe’s 3.70% 4/15/46		135,000		125,619
Marriott International
3.75% 3/15/25		45,000		45,805
4.50% 10/1/34		10,000		10,161
MGM Resorts International 4.625% 9/1/26		25,000		24,375
Penn National Gaming 144A 5.625% 1/15/27 #		70,000		69,650
Scientific Games International 144A 7.00% 1/1/22 #		40,000		42,850
Target 3.625% 4/15/46		70,000		63,322

	Principal   amount°		Value       (U.S. $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Walgreens Boots Alliance
3.10% 6/1/23		125,000	$	124,984
3.45% 6/1/26		35,000		34,185
Wyndham Worldwide 4.15% 4/1/24		35,000		35,343
				1,502,567
Consumer Non-Cyclical – 2.69%
Abbott Laboratories 2.90% 11/30/21		235,000		236,254
ACCO Brands 144A 5.25% 12/15/24 #		15,000		15,113
Anheuser-Busch InBev Finance 2.65% 2/1/21		310,000		312,580
Becle 144A 3.75% 5/13/25 #		150,000		146,750
Biogen 5.20% 9/15/45		50,000		54,246
Celgene 3.25% 8/15/22		110,000		111,827
DaVita 5.00% 5/1/25		60,000		59,963
Dean Foods 144A 6.50% 3/15/23 #		50,000		52,250
HCA 5.375% 2/1/25		60,000		62,550
HealthSouth 5.125% 3/15/23		15,000		15,075
5.75% 11/1/24		50,000		50,625
5.75% 9/15/25		20,000		20,075
Heineken 144A 3.50% 1/29/28 #		25,000		25,185
Hill-Rom Holdings 144A 5.00% 2/15/25 #		50,000		50,063
Molson Coors Brewing 3.00% 7/15/26		155,000		147,674
Mylan 3.95% 6/15/26		60,000		58,835
New York and Presbyterian Hospital 4.063% 8/1/56		50,000		47,006
Post Holdings 144A 5.00% 8/15/26 #		80,000		76,800
Revlon Consumer Products 6.25% 8/1/24		20,000		20,000
Reynolds American 4.00% 6/12/22		80,000		84,054
Shire Acquisitions Investments Ireland
2.40% 9/23/21		65,000		63,720
2.875% 9/23/23		65,000		63,150
Tempur Sealy International 5.50% 6/15/26		35,000		34,597
Thermo Fisher Scientific 3.00% 4/15/23		290,000		288,149
Transurban Finance 144A 3.375% 3/22/27 #		25,000		24,223

(continues) 87

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

	Principal   amount°		Value       (U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Universal Health Services 144A 5.00% 6/1/26 #		15,000	$	15,487
Zimmer Biomet Holdings 3.375% 11/30/21		45,000		45,567
				2,181,818
Energy – 2.59%
Anadarko Petroleum 5.55% 3/15/26		180,000		200,091
BP Capital Markets
3.216% 11/28/23		95,000		95,556
3.224% 4/14/24		60,000		60,075
Diamondback Energy 144A 4.75% 11/1/24 #		40,000		40,436
Ecopetrol 7.375% 9/18/43		15,000		16,103
Enbridge
4.25% 12/1/26		30,000		30,681
6.00% 1/15/77 ●		15,000		15,206
Energy Transfer Equity 7.50% 10/15/20		50,000		56,000
Energy Transfer Partners
4.75% 1/15/26		15,000		15,462
6.125% 12/15/45		40,000		42,769
9.70% 3/15/19		56,000		63,703
Enterprise Products Operating 7.034% 1/15/68 ●		10,000		10,409
Genesis Energy 5.625% 6/15/24		20,000		19,650
Gulfport Energy
144A 6.00% 10/15/24 #		35,000		34,125
6.625% 5/1/23		15,000		15,244
Hilcorp Energy I 144A 5.00% 12/1/24 #		50,000		47,125
Kinder Morgan Energy Partners 5.80% 3/1/21		50,000		54,974
Laredo Petroleum 6.25% 3/15/23		40,000		40,800
MPLX
4.875% 12/1/24		100,000		105,348
4.875% 6/1/25		30,000		31,473
Murphy Oil 6.875% 8/15/24		60,000		63,750
Murphy Oil USA 6.00% 8/15/23		80,000		84,200
Newfield Exploration 5.75% 1/30/22		25,000		26,656
Noble Energy 5.05% 11/15/44		50,000		51,181
Petrobras Global Finance 5.375% 1/27/21		10,000		10,323

	Principal   amount°		Value       (U.S. $)
Corporate Bonds (continued)
Energy (continued)
Petrobras Global Finance
6.75% 1/27/41		5,000	$	4,705
7.375% 1/17/27		20,000		21,194
Petroleos Mexicanos 144A 4.77% 3/11/22 #●		20,000		21,525
Plains All American Pipeline 8.75% 5/1/19		90,000		101,549
Regency Energy Partners 5.00% 10/1/22		85,000		90,480
Sabine Pass Liquefaction
144A 4.20% 3/15/28 #		55,000		54,283
5.625% 4/15/23		100,000		108,611
Shell International Finance
2.875% 5/10/26		35,000		34,069
4.00% 5/10/46		35,000		33,731
4.375% 5/11/45		80,000		81,380
Southwestern Energy 6.70% 1/23/25		35,000		34,825
Targa Resources Partners
144A 5.125% 2/1/25 #		25,000		25,844
144A 5.375% 2/1/27 #		30,000		31,200
Transcanada Trust
5.30% 3/15/77 ●		25,000		24,750
5.875% 8/15/76 ●		35,000		37,013
Transocean Proteus 144A 6.25% 12/1/24 #		25,000		25,937
Woodside Finance
144A 3.65% 3/5/25 #		30,000		29,589
144A 3.70% 9/15/26 #		15,000		14,681
144A 8.75% 3/1/19 #		65,000		72,739
YPF
144A 8.50% 3/23/21 #		5,000		5,493
144A 23.854% 7/7/20 #●		15,000		16,793
				2,101,731
Financials – 1.27%
AerCap Ireland Capital 3.95% 2/1/22		150,000		154,197
Affiliated Managers Group 3.50% 8/1/25		60,000		59,051
Air Lease
3.00% 9/15/23		55,000		53,817
3.625% 4/1/27		115,000		111,993
Aviation Capital Group
144A 2.875% 9/17/18 #		5,000		5,052
144A 2.875% 1/20/22 #		55,000		54,674
144A 4.875% 10/1/25 #		55,000		59,259
144A 6.75% 4/6/21 #		25,000		28,656

88

	Principal   amount°		Value       (U.S. $)
Corporate Bonds (continued)
Financials (continued)
Berkshire Hathaway 2.75% 3/15/23		35,000	$	35,033
BlackRock 3.20% 3/15/27		40,000		40,064
E*TRADE Financial 5.875% 12/29/49 •		65,000		67,129
International Lease Finance 8.625% 1/15/22		150,000		184,086
Jefferies Group
6.45% 6/8/27		30,000		33,997
6.50% 1/20/43		20,000		21,760
Lazard Group 3.75% 2/13/25		60,000		59,739
Park Aerospace Holdings 144A 5.50% 2/15/24 #		57,000		59,423
				1,027,930
Insurance – 1.01%
Allstate 3.28% 12/15/26		105,000		105,624
Berkshire Hathaway Finance 2.90% 10/15/20		75,000		77,503
Liberty Mutual Group 144A 4.95% 5/1/22 #		25,000		27,190
Manulife Financial 4.061% 2/24/32 •		65,000		65,243
MetLife
5.25% 12/29/49 •		60,000		62,045
6.40% 12/15/36		90,000		99,000
Principal Life Global Funding II 144A 3.00% 4/18/26 #		45,000		43,861
Prudential Financial
4.50% 11/15/20		20,000		21,475
5.375% 5/15/45 •		45,000		47,205
TIAA Asset Management Finance
144A 2.95% 11/1/19 #		50,000		50,849
144A 4.125% 11/1/24 #		95,000		96,955
USI 144A 7.75% 1/15/21 #		15,000		15,272
XLIT
4.45% 3/31/25		35,000		35,368
5.50% 3/31/45		45,000		45,118
6.50% 12/29/49 •		30,000		25,275
				817,983
Media – 0.71%
21st Century Fox America 4.95% 10/15/45		60,000		62,321
CCO Holdings 144A 5.75% 2/15/26 #		40,000		42,100
Comcast 3.00% 2/1/24		75,000		75,019
CSC Holdings 5.25% 6/1/24		16,000		15,980

	Principal   amount°		Value       (U.S. $)
Corporate Bonds (continued)
Media (continued)
DISH DBS 7.75% 7/1/26		10,000	$	11,650
Gray Television 144A 5.875% 7/15/26 #		30,000		30,600
Nexstar Broadcasting 144A 5.625% 8/1/24 #		55,000		55,963
Sinclair Television Group 144A 5.125% 2/15/27 #		35,000		33,950
Sirius XM Radio 144A 5.375% 7/15/26 #		45,000		46,125
Time Warner Cable 7.30% 7/1/38		125,000		155,320
Tribune Media 5.875% 7/15/22		45,000		47,137
				576,165
Real Estate – 1.60%
American Tower
4.00% 6/1/25		65,000		65,871
4.40% 2/15/26		30,000		31,087
American Tower Trust I 144A 3.07% 3/15/23 #		95,000		94,796
CC Holdings GS V 3.849% 4/15/23		30,000		30,763
Corporate Office Properties
3.60% 5/15/23		55,000		53,525
5.25% 2/15/24		65,000		68,473
Crown Castle International 5.25% 1/15/23		70,000		76,473
CubeSmart 3.125% 9/1/26		55,000		51,760
CyrusOne 144A 5.00% 3/15/24 #		5,000		5,150
DDR
7.50% 4/1/17		30,000		30,000
7.875% 9/1/20		15,000		17,361
Education Realty Operating Partnership 4.60% 12/1/24		60,000		60,547
ESH Hospitality 144A 5.25% 5/1/25 #		60,000		60,637
Hospitality Properties Trust 4.50% 3/15/25		55,000		55,290
Host Hotels & Resorts
3.75% 10/15/23		60,000		60,542
3.875% 4/1/24		10,000		10,089
4.50% 2/1/26		5,000		5,181
Iron Mountain U.S. Holdings 144A 5.375% 6/1/26 #		45,000		45,113
Kite Realty Group 4.00% 10/1/26		20,000		19,201
LifeStorage 3.50% 7/1/26		40,000		38,343

(continues) 89

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

	Principal   amount°		Value       (U.S. $)
Corporate Bonds (continued)
Real Estate (continued)
MGM Growth Properties Operating Partnership 4.50% 9/1/26		45,000	$	43,875
Realty Income 4.125% 10/15/26		45,000		46,430
Regency Centers 3.60% 2/1/27		25,000		24,853
SBA Communications 144A 4.875% 9/1/24 #		55,000		54,439
UDR 4.00% 10/1/25		170,000		173,692
Uniti Group 144A 7.125% 12/15/24 #		25,000		25,437
WP Carey 4.60% 4/1/24		45,000		46,636
				1,295,564
Services – 0.23%
Aramark Services 5.125% 1/15/24		60,000		63,075
Avis Budget Car Rental 144A 6.375% 4/1/24 #		15,000		15,094
Herc Rentals 144A 7.75% 6/1/24 #		23,000		24,610
Prime Security Services Borrower 144A 9.25% 5/15/23 #		45,000		49,444
United Rentals North America
5.50% 5/15/27		20,000		20,250
5.875% 9/15/26		10,000		10,463
				182,936
Technology – 0.73%
Broadcom
144A 3.00% 1/15/22 #		50,000		49,905
144A 3.625% 1/15/24 #		130,000		131,121
CDK Global 5.00% 10/15/24		45,000		45,626
CDW 5.00% 9/1/25		5,000		5,106
Cisco Systems 1.85% 9/20/21		55,000		53,967
CommScope Technologies 144A 5.00% 3/15/27 #		15,000		15,014
Diamond 1 Finance 144A 6.02% 6/15/26 #		35,000		38,295
DXC Technology
144A 4.25% 4/15/24 #		20,000		20,365
144A 4.75% 4/15/27 #		40,000		40,865
Fidelity National Information Services 5.00% 10/15/25		40,000		43,575
First Data
144A 5.75% 1/15/24 #		45,000		46,586
144A 7.00% 12/1/23 #		32,000		34,400

	Principal   amount°		Value       (U.S. $)
Corporate Bonds (continued)
Technology (continued)
Microsoft
2.40% 2/6/22		15,000	$	15,099
2.875% 2/6/24		15,000		15,106
Symantec 144A 5.00% 4/15/25 #		40,000		40,978
				596,008
Telecommunications – 2.33%
AT&T 5.25% 3/1/37		125,000		127,697
CenturyLink
5.80% 3/15/22		75,000		77,574
6.75% 12/1/23		50,000		52,313
Charter Communications Operating 4.908% 7/23/25		100,000		105,769
Cincinnati Bell 144A 7.00% 7/15/24 #		15,000		15,769
Crown Castle Towers 144A 4.883% 8/15/20 #		255,000		271,602
Deutsche Telekom International Finance
144A 2.485% 9/19/23 #		150,000		143,579
144A 3.60% 1/19/27 #		150,000		149,633
Digicel Group 144A 8.25% 9/30/20 #		200,000		172,674
GTP Acquisition Partners I 144A 2.35% 6/15/20 #		100,000		98,843
Level 3 Financing 5.25% 3/15/26		40,000		40,350
Millicom International Cellular 144A 6.625% 10/15/21 #		200,000		210,240
Radiate Holdco 144A 6.625% 2/15/25 #		25,000		24,734
SBA Tower Trust
144A 2.24% 4/16/18 #		55,000		55,021
144A 2.898% 10/15/19 #		40,000		40,119
Sprint 7.875% 9/15/23		45,000		49,950
T-Mobile USA 6.50% 1/15/26		45,000		49,387
Verizon Communications 144A 2.946% 3/15/22 #		150,000		149,514
WPP Finance 2010 5.625% 11/15/43		20,000		21,385
Zayo Group 144A 5.75% 1/15/27 #		35,000		37,006
				1,893,159

90

	Principal   amount°		Value       (U.S. $)
Corporate Bonds (continued)
Transportation – 0.74%
Air Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27 #◆		32,764	$	32,969
American Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26 ◆		26,562		26,695
American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27 ◆		41,815		41,031
American Airlines 2015-2 Class AA Pass Through Trust 3.60% 9/22/27 ◆		9,527		9,591
American Airlines 2016-1 Class AA Pass Through Trust 3.575% 1/15/28 ◆		19,494		19,470
Burlington Northern Santa Fe 4.70% 9/1/45		110,000		119,759
Penske Truck Leasing
144A 3.30% 4/1/21 #		50,000		50,723
144A 3.40% 11/15/26 #		5,000		4,816
144A 4.20% 4/1/27 #		90,000		91,808
Union Pacific 3.00% 4/15/27		55,000		54,397
United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26 ◆		22,880		23,738
United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26 ◆		50,258		51,079
United Airlines 2016-1 Class AA Pass Through Trust 3.10% 7/7/28 ◆		5,000		4,925
United Parcel Service 5.125% 4/1/19		40,000		42,752
XPO Logistics 144A 6.125% 9/1/23 #		25,000		26,094
				599,847
Utilities – 4.70%
AES 5.50% 4/15/25		15,000		15,263
Ameren 3.65% 2/15/26		55,000		55,671
Ameren Illinois 9.75% 11/15/18		165,000		185,408
American Transmission Systems 144A 5.25% 1/15/22 #		140,000		154,254
AmeriGas Partners 5.875% 8/20/26		45,000		45,000
Berkshire Hathaway Energy 3.75% 11/15/23		90,000		94,179

	Principal   amount°		Value       (U.S. $)
Corporate Bonds (continued)
Utilities (continued)
Calpine
144A 5.25% 6/1/26 #		35,000	$	35,700
5.375% 1/15/23		30,000		30,525
Cleveland Electric Illuminating 5.50% 8/15/24		50,000		57,136
CMS Energy 6.25% 2/1/20		140,000		154,487
ComEd Financing III 6.35% 3/15/33		65,000		69,499
DTE Energy 3.30% 6/15/22		160,000		162,623
Duke Energy
2.65% 9/1/26		85,000		79,037
4.80% 12/15/45		20,000		21,196
Emera 6.75% 6/15/76 •		90,000		98,663
Emera US Finance
3.55% 6/15/26		100,000		98,483
4.75% 6/15/46		60,000		60,763
Enel 144A 8.75% 9/24/73 #•		200,000		230,500
Enel Americas 4.00% 10/25/26		20,000		19,835
Enel Finance International 144A 6.00% 10/7/39 #		100,000		114,315
Entergy 4.00% 7/15/22		65,000		68,155
Entergy Louisiana 4.05% 9/1/23		150,000		158,375
Exelon
3.497% 6/1/22		50,000		50,514
3.95% 6/15/25		55,000		56,622
Fortis 144A 3.055% 10/4/26 #		115,000		108,115
Great Plains Energy
3.15% 4/1/22		140,000		141,550
4.85% 6/1/21		30,000		32,036
Indiana Michigan Power 4.55% 3/15/46		10,000		10,603
IPALCO Enterprises 5.00% 5/1/18		35,000		36,137
ITC Holdings 3.25% 6/30/26		50,000		48,663
Kansas City Power & Light 3.65% 8/15/25		90,000		90,503
LG&E &KU Energy 4.375% 10/1/21		225,000		237,758
Metropolitan Edison 144A 4.00% 4/15/25 #		40,000		40,400
MidAmerican Energy 4.25% 5/1/46		70,000		72,428
National Rural Utilities Cooperative Finance 2.70% 2/15/23		70,000		69,397

(continues) 91

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

	Principal   amount°		Value       (U.S. $)
Corporate Bonds (continued)
Utilities (continued)
National Rural Utilities Cooperative Finance
4.75% 4/30/43 •		65,000	$	66,625
5.25% 4/20/46 •		45,000		46,955
New York State Electric & Gas 144A 3.25% 12/1/26 #		60,000		59,754
NextEra Energy Capital Holdings
2.40% 9/15/19		85,000		85,713
3.625% 6/15/23		35,000		35,515
NV Energy 6.25% 11/15/20		65,000		73,054
Pennsylvania Electric 5.20% 4/1/20		75,000		79,784
Public Service Co. of New Hampshire 3.50% 11/1/23		50,000		51,523
Southern
2.75% 6/15/20		145,000		146,323
4.40% 7/1/46		55,000		52,765
Southern Co. Gas Capital 3.25% 6/15/26		40,000		38,997
Trans-Allegheny Interstate Line 144A 3.85% 6/1/25 #		30,000		30,779
Wisconsin Electric Power 4.30% 12/15/45		35,000		35,880
				3,807,460
Total Corporate Bonds (cost $24,078,834)				24,376,639
Loan Agreements – 1.56%«
Change Healthcare Tranche B 1st Lien 3.75% 3/1/24		130,000		130,379
Dell International 1st Lien 3.49% 9/7/23		5,888		5,923
First Data 1st Lien 3.984% 3/24/21		261,498		263,786
HCA Tranche B9 1st Lien 2.982% 3/18/23		177,906		178,865
Houghton International 1st Lien 4.397% 12/20/19		339,913		342,886
Republic of Angola 7.57% 12/16/23		153,125		133,219
Sprint Communications Tranche B 1st Lien 3.50% 2/2/24		130,000		130,190
USI 4.25% 12/27/19		81,026		81,245
Total Loan Agreements (cost $1,257,757)				1,266,493

	Principal   amount°		Value       (U.S. $)
Municipal Bonds – 0.47%
Bay Area Toll Authority (Build America Bonds) Series S3 6.907% 10/1/50		60,000	$	86,092
California State Various Purposes (Build America Bonds) 7.55% 4/1/39		50,000		73,432
Commonwealth of Massachusetts Series C 5.00% 10/1/25		30,000		36,519
New Jersey Turnpike Authority (Build America Bonds)
Series A 7.102% 1/1/41		35,000		48,979
Series F 7.414% 1/1/40		15,000		21,639
New York City, New York
Series C 5.00% 8/1/26		10,000		12,017
Series C 5.00% 8/1/27		10,000		11,926
South Carolina Public Service Authority Series D 4.77% 12/1/45		20,000		18,008
Texas Water Development Board Water Implementation Revenue 5.00% 10/15/46		45,000		51,533
Series A 5.00% 10/15/45		20,000		22,719
Total Municipal Bonds (cost $408,262)				382,864
Non-Agency Asset-Backed Securities – 3.40%
AEP Texas Central Transition Funding II Series 2006-A A4 5.17% 1/1/18		32,331		32,912
Ally Master Owner Trust Series 2014-4 A2 1.43% 6/17/19		90,000		90,069
American Express Credit Account Master Trust Series 2014-5 A 1.202% 5/15/20 •		800,000		801,029
American Express Credit Account Secured Note Trust Series 2012-4 B 1.462% 5/15/20 •		280,000		280,427
Bank of America Credit Card Trust Series 2014-A3 A 1.202% 1/15/20 •		70,000		70,064

92

	Principal   amount°		Value       (U.S. $)
Non-Agency Asset-Backed Securities (continued)
California Republic Auto
Receivables Trust
Series 2013-1 A2 144A 1.41% 9/17/18 #		527	$	527
Capital One Multi-Asset Execution Trust
Series 2007-A5 A5 0.952% 7/15/20 ●		100,000		99,981
Series 2016-A1 A1 1.362% 2/15/22 ●		90,000		90,522
Citibank Credit Card Issuance Trust
Series 2014-A6 A6 2.15% 7/15/21		200,000		201,719
CNH Equipment Trust
Series 2016-B A2B 1.312% 10/15/19 ●		7,241		7,257
Ford Credit Auto Lease Trust
Series 2015-A A3 1.13% 6/15/18		22,004		22,002
Ford Credit Auto Owner Trust
Series 2016-2 A 144A 2.03% 12/15/27 #		100,000		98,624
HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44 #		47,500		43,485
Mercedes-Benz Auto Lease Trust Series 2016-A A2B 1.472% 7/16/18 ●		19,635		19,654
Mercedes-Benz Master Owner Trust Series 2016-AA A 144A 1.492% 5/15/20 #●		100,000		100,395
Navistar Financial Dealer Note Master Owner Trust II
Series 2016-1 A 144A 2.332% 9/27/21 #●		25,000		25,060
Nissan Auto Lease Trust
Series 2015-B A2B 1.442% 12/15/17 ●		8,483		8,486
PFS Financing
Series 2015-AA A 144A 1.532% 4/15/20 #●		100,000		99,969
Synchrony Credit Card Master Note Trust
Series 2012-6 A 1.36% 8/17/20		100,000		100,071
Towd Point Mortgage Trust
Series 2015-5 A1B 144A 2.75% 5/25/55 #●		73,029		73,067

	Principal   amount°		Value       (U.S. $)
Non-Agency Asset-Backed Securities (continued)
Towd Point Mortgage Trust
Series 2015-6 A1B 144A 2.75% 4/25/55 #●		75,830	$	75,757
Volkswagen Credit Auto Master Trust
Series 2014-1A A2 144A 1.40% 7/22/19 #		135,000		134,957
Wells Fargo Dealer Floorplan Master Note Trust
Series 2014-2 A 1.428% 10/20/19 ●		280,000		280,189
Total Non-Agency Asset-Backed Securities (cost $2,764,432)				2,756,223
Non-Agency Collateralized Mortgage Obligations – 1.35%
Bank of America Alternative Loan Trust
Series 2005-6 7A1 5.50% 7/25/20		653		626
Credit Suisse First Boston Mortgage Securities
Series 2005-5 6A3 5.00% 7/25/35		31,792		31,639
JPMorgan Mortgage Trust
Series 2006-S1 1A1 6.00% 4/25/36		42,510		43,461
Series 2014-2 B1 144A 3.423% 6/25/29 #●		79,285		78,488
Series 2014-2 B2 144A 3.423% 6/25/29 #●		79,285		77,662
Series 2014-IVR6 2A4 144A 2.50% 7/25/44 #●		100,000		98,838
Series 2015-1 B1 144A 2.623% 12/25/44 #●		196,634		194,874
Series 2015-4 B1 144A 3.628% 6/25/45 #●		96,293		93,835
Series 2015-4 B2 144A 3.628% 6/25/45 #●		96,293		92,239
Series 2015-5 B2 144A 2.874% 5/25/45 #●		97,755		92,349
Series 2015-6 B1 144A 3.623% 10/25/45 #●		96,276		94,473
Series 2015-6 B2 144A 3.623% 10/25/45 #●		96,276		93,113
Sequoia Mortgage Trust
Series 2014-2 A4 144A 3.50% 7/25/44 #●		40,163		40,000
Series 2015-1 B2 144A 3.876% 1/25/45 #●		23,758		23,386

(continues) 93

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

	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 ◆		18,751	$	19,155
Wells Fargo Mortgage-Backed Securities Trust
Series 2006-2 3A1 5.75% 3/25/36		8,521		8,542
Series 2006-AR5 2A1 3.294% 4/25/36 ●		7,714		7,236
Total Non-Agency Collateralized Mortgage Obligations (cost $1,087,168)				1,089,916
Non-Agency Commercial Mortgage-Backed Securities – 3.32%
Banc of America Commercial
Mortgage Trust
Series 2007-4 AM 5.961% 2/10/51 ●		60,000		60,579
Series 2017-BNK3 B 3.879% 2/15/50 ●		100,000		102,014
Series 2017-BNK3 C 4.352% 2/15/50 ●		100,000		101,952
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW18 A4 5.70% 6/11/50		25,436		25,740
Citigroup Commercial Mortgage Trust
Series 2007-C6 AM 5.779% 12/10/49 ●		35,000		35,422
Series 2014-GC25 A4 3.635% 10/10/47		65,000		67,050
Series 2015-GC27 A5 3.137% 2/10/48		75,000		74,725
Series 2016-P3 A4 3.329% 4/15/49		45,000		45,236
Series 2016-P5 A4 2.941% 10/10/49		40,000		38,879
COMM Mortgage Trust
Series 2013-CR6 AM 144A 3.147% 3/10/46 #		45,000		45,051
Series 2014-CR19 A5 3.796% 8/10/47		30,000		31,381
Series 2014-CR20 AM 3.938% 11/10/47		130,000		134,794
Series 2015-3BP A 144A
3.178% 2/10/35 #		200,000		200,344

	Principal   amount°		Value       (U.S. $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
COMM Mortgage Trust
Series 2015-CR23 A4 3.497% 5/10/48		25,000	$	25,432
DB-JPM Mortgage Trust
Series 2016-C1 A4 3.276% 5/10/49		80,000		80,314
Series 2016-C3 A5 2.89% 9/10/49		90,000		87,370
DB-UBS Mortgage Trust Series 2011-LC1A C 144A 5.686% 11/10/46 #●		100,000		109,745
GS Mortgage Securities Trust
Series 2014-GC24 A5 3.931% 9/10/47		80,000		84,127
Series 2015-GC32 A4 3.764% 7/10/48		35,000		36,439
JPM-BB Commercial Mortgage Securities Trust
Series 2015-C32 A5 3.598% 11/15/48		55,000		56,326
Series 2015-C33 A4 3.77% 12/15/48		215,000		222,871
JPM-DB Commercial Mortgage Securities Trust
Series 2016-C2 A4 3.144% 6/15/49		85,000		84,271
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2005-CB11 E 5.525% 8/12/37 ●		25,000		25,992
Series 2013-LC11 B 3.499% 4/15/46		40,000		39,811
Series 2015-JP1 A5 3.914% 1/15/49		40,000		42,018
Series 2016-JP2 A4 2.822% 8/15/49		50,000		48,265
Series 2016-JP3 B 3.397% 8/15/49 ●		20,000		19,523
Series 2016-WIKI A 144A 2.798% 10/5/31 #		20,000		20,123
Series 2016-WIKI B 144A 3.201% 10/5/31 #		35,000		35,370
LB-UBS Commercial Mortgage Trust Series 2006-C6 AJ 5.452% 9/15/39 ●		55,233		48,812
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C17 A5 3.741% 8/15/47		40,000		41,644

94

		Principal   amount°		Value       (U.S. $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2015-C23 A4 3.719%7/15/50			145,000	$	150,202
Series 2015-C26 A5 3.531% 10/15/48			65,000		66,389
Series 2016-C29 A4 3.325%5/15/49			40,000		40,194
Morgan Stanley Capital I Trust
Series 2006-HQ10 B 5.448%11/12/41 ●			200,000		199,803
Wells Fargo Commercial
Mortgage Trust
Series 2014-LC18 A5 3.405% 12/15/47			15,000		15,178
Series 2015-NXS3 A4 3.617% 9/15/57			80,000		81,920
Series 2016-BNK1 A3 2.652% 8/15/49			65,000		61,945
Total Non-Agency Commercial Mortgage-Backed Securities (cost $2,745,346)					2,687,251
Regional Bond – 0.07%D
Australia – 0.07%
Queensland Treasury 144A 2.75% 8/20/27 #	AUD		75,000		54,978
Total Regional Bond (cost $56,360)					54,978
Sovereign Bonds – 0.36%D
Argentina – 0.06%
Argentine Republic Government International Bond 144A 5.625% 1/26/22 #			45,000		46,136
					46,136
Australia – 0.08%
Australia Government Bond 3.75% 4/21/37	AUD		83,000		67,520
					67,520
Hungary – 0.08%
Hungary Government International Bond 5.75% 11/22/23			60,000		67,920
					67,920

		Principal   amount°		Value       (U.S. $)
Sovereign BondsD (continued)
New Zealand – 0.09%
New Zealand Government Bond 2.75% 4/15/25 NZD			102,000	$	69,809
					69,809
Portugal – 0.05%
Portugal Government International Bond 144A 5.125% 10/15/24 #			39,000		37,883
					37,883
Total Sovereign Bonds (cost $298,830)					289,268
Supranational Banks – 0.15%
International Bank for Reconstruction & Development
3.50% 1/22/21	NZD		138,000		98,230
4.625% 10/6/21	NZD		25,000		18,542
International Finance 3.625% 5/20/20	NZD		11,000		7,868
Total Supranational Banks (cost $120,630)					124,640
U.S. Treasury Obligations – 1.46%
U.S. Treasury Bond 2.875% 11/15/46			635,000		616,037
U.S. Treasury Notes
2.00% 11/15/26			325,000		313,936
2.25% 2/15/27			260,000		256,684
Total U.S. Treasury Obligations (cost $1,195,718)					1,186,657
		Number of shares
Preferred Stock – 0.71%
General Electric 5.00% ●			133,000		140,315
Integrys Holding 6.00% ●			3,500		91,394
U.S. Bancorp 3.50% ●			400		344,000
Total Preferred Stock (cost $502,301)					575,709
Rights – 0.01%
B2W Cia Digital exercise price BRL 11.00, expiration date 4/25/17 †			5,600		2,540

(continues) 95

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

	Number of   shares		Value (U.S. $)
Rights (continued)
Deutsche Bank exercise price EUR 11.65, expiration date 4/6/17 †		800	$	1,912
Total Rights (cost $0)				4,452
	Principal   amount°
Short-Term Investments – 0.64%
Discount Notes – 0.44%≠
Federal Home Loan Bank
0.53% 4/25/17		54,344		54,321
0.55% 5/26/17		3,072		3,068
0.691% 4/28/17		63,846		63,816
0.765% 5/19/17		234,819		234,603
				355,808
U.S. Treasury Obligation – 0.20%≠
U.S. Treasury Bill 0.44% 4/13/17		163,317		163,284
				163,284
Total Short-Term Investments (cost $519,078)				519,092
Total Value of Securities – 103.47% (cost $75,534,073)			$	83,878,078

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2017, the aggregate value of Rule 144A securities was $11,639,120, which represents 14.36% of the Fund’s net assets. See Note 11 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 March 31, 2017, the aggregate value of fair valued securities was $72,928, which represents 0.09% 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.

« Loan agreements generally pay interest at rates which are periodically reset 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. Loan agreements may be subject to restrictions on resale. Stated rate in effect at March 31, 2017.

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

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

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.

† Non-income producing security.

● Variable rate security. Each rate shown is as of March 31, 2017. Interest rates reset periodically.

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

96

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at March 31, 2017:1

Foreign Currency Exchange Contracts

Counterparty	Contracts to       Receive (Deliver)			In Exchange For			Settlement Date		Unrealized Appreciation   (Depreciation)
BAML	AUD	(248,176	)	USD	188,924			5/12/17	$	(539	)
BAML	NZD	(294,410	)	USD	206,746			5/12/17		592
BNP	AUD	(52,363	)	USD	39,837			5/12/17		(138	)
BNYM	AUD	(3,490	)	USD	2,667			4/4/17		1
BNYM	CAD	(12,313	)	USD	9,237			4/4/17		(20	)
BNYM	CHF	(1,933	)	USD	1,931			4/3/17		1
BNYM	CHF	(38,728	)	USD	38,690			4/4/17		18
BNYM	DKK	(22,848	)	USD	3,283			4/4/17		7
BNYM	EUR	(3,792	)	USD	4,048			4/3/17		4
BNYM	EUR	(72,782	)	USD	77,785			4/4/17		129
BNYM	EUR	(1,639	)	USD	1,751			4/5/17		3
BNYM	GBP	4,939		USD	(6,187	)		4/4/17		2
BNYM	HKD	111,433		USD	(14,347	)		4/5/17		(6	)
BNYM	JPY	(4,254,155	)	USD	38,199			4/5/17		(15	)
BNYM	SEK	(71,659	)	USD	8,019			4/4/17		22
									$	61

Futures Contracts

Contracts to Buy (Sell)	Notional     Cost (Proceeds)			Notional Value			Expiration     Date	Unrealized Appreciation  (Depreciation)
(5)    U.S. Treasury 5 yr Notes	$	(585,181	)	$	(588,633	)	7/3/17	$	(3,452	)
(78)  U.S. Treasury 10 yr Notes		(9,687,623	)		(9,715,875	)	6/22/17		(28,252	)
(33)  U.S. Treasury Long Bonds		(4,954,032	)		(4,977,844	)	6/22/17		(23,812	)
(8)    Euro O.A.T.		(1,259,831	)		(1,254,898	)	6/9/17		4,933
	$	(16,486,667	)					$	(50,583	)

(continues) 97

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

Swap Contracts

CDS Contracts²

Counterparty

Swap Referenced Obligation

Notional      Value3

Annual Protection     (Receipts) Payments

Termination       Date

Upfront Payments Paid (Received)

Unrealized Appreciation     (Depreciation)4

Protection Purchased:

ICE

JPM - CDX.NA.HY.275

2,643,300

5.00%

12/20/21

$

(158,549

)

$(50,520)

IRS Contracts6

Counterparty & Swap Referenced Obligation	Notional Value3		Fixed Interest Rate Paid       (Received)			Variable Interest Rate Paid       (Received)			Termination     Date		Unrealized Appreciation     (Depreciation)4
CME - BAML 3 yr		4,415,000		1.808	%		(1.151	%)		3/28/20	$	(85	)
LCH - BAML 5 yr		10,500,000		2.066	%		(1.148	%)		4/3/22		(5,381	)
											$	(5,466	)

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 these 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 8 in “Notes to financial statements.”

²A Credit Default Swap 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.

⁴Unrealized appreciation (depreciation) does not include periodic interest payments on swap contracts accrued daily in the amount of $(6,332).

⁵Markit’s CDX.NA.HY Index is composed of 100 of the most liquid North American entities with high yield credit ratings that trade in the CDS market.

⁶An interest rate swap agreement is an exchange of interest rates between counterparties. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized appreciation (depreciation) on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains (losses) on swap contracts.

Summary of abbreviations:

ADR – American Depositary Receipt

ARM – Adjustable Rate Mortgage

AUD – Australian Dollar

BAML – Bank of America Merrill Lynch

BB – Barclays Bank

BNP – BNP Paribas

BNYM – Bank of New York Mellon

BRL – Brazilian Real

CAD – Canadian Dollar

CDS – Credit Default Swap

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

CHF – Swiss Franc

CLO – Collateralized Loan Obligation

CME – Chicago Mercantile Exchange

CVA – Dutch Certificate

DB – Deutsche Bank

DKK – Danish Krone

EAFE – Europe Australasia Far East

ETF – Exchange-Traded Fund

EUR – Euro

FREMF – Freddie Mac Multifamily

GBP – British Pound Sterling

GDR – Global Depositary Receipt

GNMA – Government National Mortgage Association

GS – Goldman Sachs

HKD – Hong Kong Dollar

ICE – Intercontinental Exchange, Inc.

98

Summary of abbreviations (continued):

IRS – Interest Rate Swap

JPM – JPMorgan

JPY – Japanese Yen

LB – Lehman Brothers

LCH – London Clearing House

MSCI – Morgan Stanley Capital International

NZD – New Zealand Dollar

O.A.T. – Obligations Assimilables du Trésor (French Treasury Bond)

PJSC – Private Joint Stock Company

REIT – Real Estate Investment Trust

REMIC – Real Estate Mortgage Investment Conduit

SEK – Swedish Krona

S.F. – Single Family

TBA – To be announced

USD – U.S. Dollar

yr – Year

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

99

Statements of assets and liabilities

Delaware Foundation Funds^®

March 31, 2017

	Delaware Foundation® Growth Allocation Fund		Delaware Foundation Moderate Allocation Fund		Delaware Foundation Conservative Allocation Fund
Assets:
Investments, at value1	$	63,272,857	$	274,176,476	$	83,358,986
Short-term investments, at value2		959,754		4,731,272		519,092
Foreign currencies, at value3		123,177		316,508		82,898
Cash collateral due from brokers		161,767		1,940,947		599,861
Receivable for securities sold		1,496,516		10,035,801		4,562,424
Dividends and interest receivable		222,132		1,299,805		480,581
Receivable for fund shares sold		86,103		321,810		112,072
Foreign tax reclaims receivable		69,446		175,573		42,817
Swap payments receivable		251		1,386		509
Upfront payments paid on credit default swap contracts		—		222,947		—
Unrealized appreciation on credit default swap contracts		722		—		—
Unrealized appreciation on foreign currency exchange contracts		266		1,616		779
Total assets		66,392,991		293,224,141		89,760,019
Liabilities:
Cash overdraft		11,775		122,165		768,092
Cash collateral due to brokers		—		210,000		—
Payable for securities purchased		2,531,059		17,391,290		7,320,805
Payable for fund shares redeemed		119,281		274,414		176,556
Variation margin due to broker on futures contracts		8,502		61,873		24,871
Variation margin due to brokers on interest rate swap contracts		3,775		29,461		12,462
Swap payments payable		1,539		13,378		5,226
Variation margin due to brokers on credit default swap contracts		14		112		50
Other accrued expenses		118,650		214,580		119,306
Distribution fees payable to affiliates		19,048		54,514		32,253
Investment management fees payable to affiliates		2,854		136,370		15,503
Dividend disbursing and transfer agent fees and expenses payable to affiliates		1,068		4,628		1,402
Accounting and administration expenses payable to affiliates		249		1,078		326
Trustees’ fees and expenses payable		168		723		220
Legal fees payable to affiliates		130		568		171
Reports and statements to shareholders expenses payable to affiliates		117		494		150
Upfront payments received on credit default swap contracts		61,393		351,000		158,549
Unrealized depreciation on credit default swap contracts		11,701		126,780		50,520
Unrealized depreciation on interest rate swap contracts		1,617		12,575		5,466
Unrealized depreciation on foreign currency exchange contracts		272		1,369		718
Deferred capital gains taxes payable		1,425		4,237		873
Total liabilities		2,894,637		19,011,609		8,693,519
Total Net Assets	$	63,498,354	$	274,212,532	$	81,066,500

100

	Delaware Foundation® Growth Allocation Fund			Delaware Foundation Moderate Allocation Fund			Delaware Foundation Conservative Allocation Fund
Net Assets Consist of:
Paid-in capital	$	48,943,258		$	223,241,722		$	71,334,835
Undistributed (distributions in excess of) net investment income		15,809			(225,710	)		(18,225	)
Accumulated net realized gain on investments		1,829,879			10,587,898			1,522,468
Net unrealized appreciation of investments		12,746,177			40,899,861			8,343,132
Net unrealized depreciation of foreign currencies		(3,643	)		(9,958	)		(2,870	)
Net unrealized appreciation (depreciation) of foreign currency exchange contracts		(6	)		247			61
Net unrealized depreciation of futures contracts		(17,657	)		(128,722	)		(50,583	)
Net unrealized depreciation of swap contracts		(15,463	)		(152,806	)		(62,318	)
Total Net Assets	$	63,498,354		$	274,212,532		$	81,066,500
Net Asset Value
Class A:
Net assets	$	34,904,143		$	170,801,065		$	42,452,895
Shares of beneficial interest outstanding, unlimited authorization, no par		3,558,964			14,961,648			4,426,557
Net asset value per share	$	9.81		$	11.42		$	9.59
Sales charge		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 – sales charge)	$	10.41		$	12.12		$	10.18
Class C:
Net assets	$	12,143,235		$	22,602,165		$	24,802,915
Shares of beneficial interest outstanding, unlimited authorization, no par		1,276,555			1,979,759			2,579,229
Net asset value per share	$	9.51		$	11.42		$	9.62
Class R:
Net assets	$	3,230,275		$	1,800,419		$	2,550,114
Shares of beneficial interest outstanding, unlimited authorization, no par		332,137			158,352			265,958
Net asset value per share	$	9.73		$	11.37		$	9.59
Institutional Class:
Net assets	$	13,220,701		$	79,008,883		$	11,260,576
Shares of beneficial interest outstanding, unlimited authorization, no par		1,338,793			6,917,430			1,171,521
Net asset value per share	$	9.88		$	11.42		$	9.61
1 Investments, at cost	$	50,525,250		$	233,272,393		$	75,014,995
2 Short-term investments, at cost		959,759			4,731,257			519,078
3 Foreign currencies, at cost		122,932			315,676			82,750

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

101

Statements of operations

Delaware Foundation Funds^®

Year ended March 31, 2017

	Delaware Foundation® Growth Allocation Fund			Delaware Foundation Moderate Allocation Fund			Delaware Foundation Conservative Allocation Fund
Investment Income:
Dividends	$	1,141,876		$	3,444,433		$	735,814
Interest		529,075			3,962,672			1,793,736
Foreign tax withheld		(60,974	)		(179,829	)		(38,260	)
		1,609,977			7,227,276			2,491,290
Expenses:
Management fees		444,274			1,786,405			564,500
Distribution expenses – Class A		96,270			408,665			106,752
Distribution expenses – Class C		120,138			236,954			280,803
Distribution expenses – Class R		18,877			9,985			19,598
Dividend disbursing and transfer agent fees and expenses		119,639			256,229			111,375
Audit and tax fees		73,644			76,732			68,235
Registration fees		59,328			60,652			59,661
Custodian fees		49,953			66,782			46,631
Legal fees		28,151			93,738			33,604
Reports and statements to shareholders expenses		23,958			71,000			26,714
Accounting and administration expenses		21,491			86,356			27,301
Trustees’ fees and expenses		3,423			13,808			4,387
Other		66,832			79,331			70,641
		1,125,978			3,246,637			1,420,202
Less expenses waived		(275,710	)		(119,758	)		(231,343	)
Less expenses paid indirectly		(170	)		(565	)		(131	)
Total operating expenses		850,098			3,126,314			1,188,728
Net Investment Income		759,879			4,100,962			1,302,562
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments1		5,251,746			12,844,541			3,786,601
Foreign currencies		(21,733	)		(211,781	)		(143,524	)
Foreign currency exchange contracts		(19,989	)		62,727			6,200
Futures contracts		302,699			2,648,567			951,356
Options purchased		4,728			34,281			15,685
Options written		(4,863	)		(33,291	)		(14,677	)
Swap contracts		6,549			(59,992	)		47,984
Net realized gain		5,519,137			15,285,052			4,649,625
Net change in unrealized appreciation (depreciation) of:
Investments2		982,212			5,685,158			228,623
Foreign currencies		(1,797	)		(10,884	)		(3,210	)
Foreign currency exchange contracts		7,912			43,432			27,068
Futures contracts		(18,959	)		(124,084	)		(51,870	)
Swap contracts		(35,961	)		(298,988	)		(136,948	)
Net change in unrealized appreciation		933,407			5,294,634			63,663
Net Realized and Unrealized Gain		6,452,544			20,579,686			4,713,288
Net Increase in Net Assets Resulting from Operations	$	7,212,423		$	24,680,648		$	6,015,850
1 Includes capital gains taxes paid.	$	(412	)	$	(1,185	)	$	(585	)
2 Includes increase in capital gains taxes accrued.	$	(1,391	)	$	(4,061	)	$	(777	)

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

102

Statements of changes in net assets

Delaware Foundation Funds^®

	Delaware Foundation® Growth Allocation Fund
	Year ended
	3/31/17			3/31/16
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	759,879		$	850,142
Net realized gain		5,519,137			1,385,172
Net change in unrealized appreciation (depreciation)		933,407			(5,860,785	)
Net increase (decrease) in net assets resulting from operations		7,212,423			(3,625,471	)
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(506,738	)		(518,808	)
Class C		(79,218	)		(57,000	)
Class R		(39,759	)		(44,379	)
Institutional Class		(213,356	)		(248,088	)
Net realized gain:
Class A		(1,272,985	)		(3,576,310	)
Class C		(423,058	)		(928,687	)
Class R		(119,509	)		(369,331	)
Institutional Class		(452,516	)		(1,659,280	)
		(3,107,139	)		(7,401,883	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		4,095,630			7,424,812
Class C		2,099,844			2,921,897
Class R		1,100,750			1,811,442
Institutional Class		3,956,557			6,002,215
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		1,750,464			4,042,241
Class C		490,240			959,660
Class R		157,231			409,501
Institutional Class		663,780			1,559,336
		14,314,496			25,131,104
Cost of shares redeemed:
Class A		(14,441,869	)		(8,593,498	)
Class C		(2,664,229	)		(1,807,081	)
Class R		(2,211,332	)		(1,978,662	)
Institutional Class		(7,643,871	)		(9,849,126	)
		(26,961,301	)		(22,228,367	)
Increase (decrease) in net assets derived from capital share transactions		(12,646,805	)		2,902,737
Net Decrease in Net Assets		(8,541,521	)		(8,124,617	)
Net Assets:
Beginning of year		72,039,875			80,164,492
End of year	$	63,498,354		$	72,039,875
Undistributed (distributions in excess of) net investment income	$	15,809		$	(17,825	)

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

(continues) 103

Statements of changes in net assets

Delaware Foundation Funds^®

	Delaware Foundation® Moderate Allocation Fund
	Year ended
	3/31/17			3/31/16
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	4,100,962		$	4,215,887
Net realized gain		15,285,052			2,738,413
Net change in unrealized appreciation (depreciation)		5,294,634			(17,105,032	)
Net increase (decrease) in net assets resulting from operations		24,680,648			(10,150,732	)
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(3,636,179	)		(2,822,360	)
Class C		(319,081	)		(215,417	)
Class R		(35,683	)		(25,405	)
Institutional Class		(1,811,938	)		(1,258,365	)
Net realized gain:
Class A		(2,266,380	)		(10,223,231	)
Class C		(316,466	)		(1,560,097	)
Class R		(26,509	)		(108,271	)
Institutional Class		(977,607	)		(3,278,591	)
		(9,389,843	)		(19,491,737	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		6,241,099			5,893,678
Class C		2,159,322			3,559,489
Class R		287,054			1,182,713
Institutional Class		8,098,098			26,917,461
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		5,272,753			11,794,190
Class C		609,120			1,709,232
Class R		62,192			133,673
Institutional Class		754,088			1,707,988
		23,483,726			52,898,424
Cost of shares redeemed:
Class A		(24,364,133	)		(20,132,893	)
Class C		(6,214,127	)		(6,508,713	)
Class R		(635,130	)		(1,632,183	)
Institutional Class		(7,143,897	)		(11,388,537	)
		(38,357,287	)		(39,662,326	)
Increase (Decrease) in net assets derived from capital share transactions		(14,873,561	)		13,236,098
Net Increase (Decrease) in Net Assets		417,244			(16,406,371	)
Net Assets:
Beginning of year		273,795,288			290,201,659
End of year	$	274,212,532		$	273,795,288
Undistributed (distribution in excess of) net investment income	$	(225,710	)	$	359,159

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

104

	Delaware Foundation® Conservative Allocation Fund
	Year ended
	3/31/17			3/31/16
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,302,562		$	1,545,006
Net realized gain		4,649,625			429,720
Net change in unrealized appreciation (depreciation)		63,663			(5,098,160	)
Net increase (decrease) in net assets resulting from operations		6,015,850			(3,123,434	)
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(872,068	)		(788,930	)
Class C		(361,435	)		(310,363	)
Class R		(71,554	)		(59,013	)
Institutional Class		(277,789	)		(319,771	)
Net realized gain:
Class A		(580,209	)		(2,358,056	)
Class C		(363,436	)		(1,664,921	)
Class R		(54,742	)		(206,122	)
Institutional Class		(143,903	)		(864,532	)
		(2,725,136	)		(6,571,708	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		7,592,577			6,423,444
Class C		1,947,079			4,679,637
Class R		1,145,255			1,120,255
Institutional Class		4,510,742			6,485,127
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		1,419,969			3,079,149
Class C		678,571			1,898,697
Class R		126,296			264,953
Institutional Class		369,707			966,883
		17,790,196			24,918,145
Cost of shares redeemed:
Class A		(11,597,714	)		(13,301,551	)
Class C		(9,019,287	)		(7,981,848	)
Class R		(2,592,320	)		(1,490,339	)
Institutional Class		(8,337,417	)		(9,878,979	)
		(31,546,738	)		(32,652,717	)
Decrease in net assets derived from capital share transactions		(13,756,542	)		(7,734,572	)
Net Decrease in Net Assets		(10,465,828	)		(17,429,714	)
Net Assets:
Beginning of year		91,532,328			108,962,042
End of year	$	81,066,500		$	91,532,328
Distributions in excess of net investment income	$	(18,225	)	$	(115,934	)

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

105

Financial highlights

Delaware Foundation^® Growth Allocation Fund Class A

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

							10/1/14
	Year ended						to			Year ended
	3/31/17			3/31/16			3/31/151			9/30/14			9/30/13			9/30/12
Net asset value, beginning of period	$	9.260		$	10.640		$	11.640		$	11.550		$	10.220		$	8.970
Income (loss) from investment operations:
Net investment income2		0.116			0.115			0.049			0.159			0.148			0.143
Net realized and unrealized gain (loss)		0.903			(0.549	)		0.295			0.860			1.355			1.506
Total from investment operations		1.019			(0.434	)		0.344			1.019			1.503			1.649
Less dividends and distributions from:
Net investment income		(0.131	)		(0.118	)		(0.200	)		(0.151	)		(0.145	)		(0.148	)
Net realized gain		(0.338	)		(0.828	)		(1.144	)		(0.778	)		(0.028	)		(0.251	)
Total dividends and distributions		(0.469	)		(0.946	)		(1.344	)		(0.929	)		(0.173	)		(0.399	)
Net asset value, end of period	$	9.810		$	9.260		$	10.640		$	11.640		$	11.550		$	10.220
Total return3		11.25%			(4.47%	)		3.15%			9.21%			14.92%			18.87%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	34,904		$	41,172		$	44,463		$	39,716		$	49,046		$	42,992
Ratio of expenses to average net assets		1.15%			1.16%			1.17%			1.15%			1.15%			1.15%
Ratio of expenses to average net assets prior to fees waived		1.55%			1.52%			1.58%			1.44%			1.52%			1.53%
Ratio of net investment income to average net assets		1.21%			1.18%			0.89%			1.37%			1.37%			1.47%
Ratio of net investment income to average net assets prior to fees waived		0.81%			0.83%			0.48%			1.08%			1.00%			1.09%
Portfolio turnover		103%			87%			49%			77%			104%			109%

¹  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.

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

³  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.

106

Delaware Foundation^® Growth Allocation Fund Class C

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

							10/1/14
	Year ended						to			Year ended
	3/31/17			3/31/16			3/31/151			9/30/14			9/30/13			9/30/12
Net asset value, beginning of period	$	8.990		$	10.360		$	11.340		$	11.270		$	9.980		$	8.760
Income (loss) from investment operations:
Net investment income2		0.042			0.041			0.007			0.071			0.066			0.068
Net realized and unrealized gain (loss)		0.879			(0.538	)		0.273			0.846			1.324			1.479
Total from investment operations		0.921			(0.497	)		0.280			0.917			1.390			1.547
Less dividends and distributions from:
Net investment income		(0.063	)		(0.045	)		(0.116	)		(0.069	)		(0.072	)		(0.076	)
Net realized gain		(0.338	)		(0.828	)		(1.144	)		(0.778	)		(0.028	)		(0.251	)
Total dividends and distributions		(0.401	)		(0.873	)		(1.260	)		(0.847	)		(0.100	)		(0.327	)
Net asset value, end of period	$	9.510		$	8.990		$	10.360		$	11.340		$	11.270		$	9.980
Total return3		10.44%			(5.22%	)		2.72%			8.37%			14.05%			18.04%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	12,143		$	11,529		$	11,017		$	9,707		$	7,687		$	6,570
Ratio of expenses to average net assets		1.90%			1.91%			1.92%			1.90%			1.90%			1.90%
Ratio of expenses to average net assets prior to fees waived		2.30%			2.27%			2.33%			2.19%			2.22%			2.23%
Ratio of net investment income to average net assets		0.46%			0.43%			0.14%			0.62%			0.62%			0.72%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.06%			0.08%			(0.27%	)		0.33%			0.30%			0.39%
Portfolio turnover		103%			87%			49%			77%			104%			109%

¹  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.

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

³  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) 107

Financial highlights

Delaware Foundation^® Growth Allocation Fund Class R

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

							10/1/14
	Year ended						to			Year ended
	3/31/17			3/31/16			3/31/151			9/30/14			9/30/13			9/30/12
Net asset value, beginning of period	$	9.180		$	10.560		$	11.560		$	11.480		$	10.150		$	8.910
Income (loss) from investment operations:
Net investment income2		0.091			0.090			0.035			0.131			0.121			0.118
Net realized and unrealized gain (loss)		0.905			(0.548	)		0.281			0.850			1.357			1.497
Total from investment operations		0.996			(0.458	)		0.316			0.981			1.478			1.615
Less dividends and distributions from:
Net investment income		(0.108	)		(0.094	)		(0.172	)		(0.123	)		(0.120	)		(0.124	)
Net realized gain		(0.338	)		(0.828	)		(1.144	)		(0.778	)		(0.028	)		(0.251	)
Total dividends and distributions		(0.446	)		(0.922	)		(1.316	)		(0.901	)		(0.148	)		(0.375	)
Net asset value, end of period	$	9.730		$	9.180		$	10.560		$	11.560		$	11.480		$	10.150
Total return3		11.08%			(4.74%	)		2.91%			8.92%			14.75%			18.58%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	3,230		$	3,965		$	4,399		$	15,654		$	14,635		$	12,156
Ratio of expenses to average net assets		1.40%			1.41%			1.42%			1.40%			1.40%			1.40%
Ratio of expenses to average net assets prior to fees waived		1.80%			1.77%			1.83%			1.69%			1.82%			1.83%
Ratio of net investment income to average net assets		0.96%			0.93%			0.64%			1.12%			1.12%			1.22%
Ratio of net investment income to average net assets prior to fees waived		0.56%			0.58%			0.23%			0.83%			0.70%			0.79%
Portfolio turnover		103%			87%			49%			77%			104%			109%

¹  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.

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

³  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.

108

Delaware Foundation^® Growth Allocation Fund Institutional Class

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

							10/1/14
	Year ended						to			Year ended
	3/31/17			3/31/16			3/31/151			9/30/14			9/30/13			9/30/12
Net asset value, beginning of period	$	9.320		$	10.700		$	11.720		$	11.630		$	10.280		$	9.020
Income (loss) from investment operations:
Net investment income2		0.141			0.141			0.063			0.187			0.175			0.168
Net realized and unrealized gain (loss)		0.912			(0.549	)		0.290			0.860			1.372			1.516
Total from investment operations		1.053			(0.408	)		0.353			1.047			1.547			1.684
Less dividends and distributions from:
Net investment income		(0.155	)		(0.144	)		(0.229	)		(0.179	)		(0.169	)		(0.173	)
Net realized gain		(0.338	)		(0.828	)		(1.144	)		(0.778	)		(0.028	)		(0.251	)
Total dividends and distributions		(0.493	)		(0.972	)		(1.373	)		(0.957	)		(0.197	)		(0.424	)
Net asset value, end of period	$	9.880		$	9.320		$	10.700		$	11.720		$	11.630		$	10.280
Total return3		11.56%			(4.19%	)		3.21%			9.42%			15.30%			19.19%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	13,221		$	15,374		$	20,285		$	18,930		$	25,426		$	37,054
Ratio of expenses to average net assets		0.90%			0.91%			0.92%			0.90%			0.90%			0.90%
Ratio of expenses to average net assets prior to fees waived		1.30%			1.27%			1.33%			1.19%			1.22%			1.23%
Ratio of net investment income to average net assets		1.46%			1.43%			1.14%			1.62%			1.62%			1.72%
Ratio of net investment income to average net assets prior to fees waived		1.06%			1.08%			0.73%			1.33%			1.30%			1.39%
Portfolio turnover		103%			87%			49%			77%			104%			109%

¹  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.

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

³  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) 109

Financial highlights

Delaware Foundation^® Moderate Allocation Fund Class A

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

							10/1/14
	Year ended						to			Year ended
	3/31/17			3/31/16			3/31/151			9/30/14			9/30/13			9/30/12
Net asset value, beginning of period	$	10.800		$	11.970		$	12.700		$	12.520		$	11.520		$	10.080
Income (loss) from investment operations:
Net investment income2		0.166			0.166			0.082			0.223			0.210			0.202
Net realized and unrealized gain (loss)		0.836			(0.531	)		0.266			0.790			1.006			1.444
Total from investment operations		1.002			(0.365	)		0.348			1.013			1.216			1.646
Less dividends and distributions from:
Net investment income		(0.237	)		(0.173	)		(0.115	)		(0.181	)		(0.216	)		(0.206	)
Net realized gain		(0.145	)		(0.632	)		(0.963	)		(0.652	)		—			—
Total dividends and distributions		(0.382	)		(0.805	)		(1.078	)		(0.833	)		(0.216	)		(0.206	)
Net asset value, end of period	$	11.420		$	10.800		$	11.970		$	12.700		$	12.520		$	11.520
Total return3		9.45%			(3.32%	)		2.89%			8.34%			10.66%			16.46%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	170,801		$	174,041		$	195,937		$	201,628		$	220,891		$	214,553
Ratio of expenses to average net assets		1.14%			1.15%			1.16%			1.13%			1.13%			1.13%
Ratio of expenses to average net assets prior to fees waived		1.18%			1.18%			1.25%			1.17%			1.25%			1.25%
Ratio of net investment income to average net assets		1.49%			1.49%			1.34%			1.75%			1.75%			1.84%
Ratio of net investment income to average net assets prior to fees waived		1.45%			1.46%			1.25%			1.71%			1.63%			1.72%
Portfolio turnover		133%			131%			65%			115%			135%			157%

¹  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.

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

³  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.

110

Delaware Foundation^® Moderate Allocation Fund Class C

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

							10/1/14
	Year ended						to			Year ended
	3/31/17			3/31/16			3/31/151			9/30/14			9/30/13			9/30/12
Net asset value, beginning of period	$	10.800		$	11.970		$	12.700		$	12.550		$	11.550		$	10.100
Income (loss) from investment operations:
Net investment income2		0.081			0.081			0.035			0.126			0.119			0.118
Net realized and unrealized gain (loss)		0.836			(0.531	)		0.267			0.784			1.007			1.454
Total from investment operations		0.917			(0.450	)		0.302			0.910			1.126			1.572
Less dividends and distributions from:
Net investment income		(0.152	)		(0.088	)		(0.069	)		(0.108	)		(0.126	)		(0.122	)
Net realized gain		(0.145	)		(0.632	)		(0.963	)		(0.652	)		—			—
Total dividends and distributions		(0.297	)		(0.720	)		(1.032	)		(0.760	)		(0.126	)		(0.122	)
Net asset value, end of period	$	11.420		$	10.800		$	11.970		$	12.700		$	12.550		$	11.550
Total return3		8.62%			(4.06%	)		2.50%			7.47%			9.81%			15.53%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	22,602		$	24,736		$	28,965		$	27,906		$	22,838		$	16,575
Ratio of expenses to average net assets		1.90%			1.91%			1.92%			1.90%			1.90%			1.90%
Ratio of expenses to average net assets prior to fees waived		1.94%			1.94%			2.01%			1.94%			1.97%			1.97%
Ratio of net investment income to average net assets		0.73%			0.73%			0.58%			0.98%			0.98%			1.07%
Ratio of net investment income to average net assets prior to fees waived		0.69%			0.70%			0.49%			0.94%			0.91%			1.00%
Portfolio turnover		133%			131%			65%			115%			135%			157%

¹  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.

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

³  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) 111

Financial highlights

Delaware Foundation^® Moderate Allocation Fund Class R

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

							10/1/14
	Year ended						to			Year ended
	3/31/17			3/31/16			3/31/151			9/30/14			9/30/13			9/30/12
Net asset value, beginning of period	$	10.760		$	11.930		$	12.660		$	12.500		$	11.500		$	10.060
Income (loss) from investment operations:
Net investment income2		0.136			0.136			0.066			0.189			0.178			0.172
Net realized and unrealized gain (loss)		0.827			(0.531	)		0.267			0.779			1.005			1.445
Total from investment operations		0.963			(0.395	)		0.333			0.968			1.183			1.617
Less dividends and distributions from:
Net investment income		(0.208	)		(0.143	)		(0.100	)		(0.156	)		(0.183	)		(0.177	)
Net realized gain		(0.145	)		(0.632	)		(0.963	)		(0.652	)		—			—
Total dividends and distributions		(0.353	)		(0.775	)		(1.063	)		(0.808	)		(0.183	)		(0.177	)
Net asset value, end of period	$	11.370		$	10.760		$	11.930		$	12.660		$	12.500		$	11.500
Total return3		9.11%			(3.59%	)		2.76%			7.99%			10.38%			16.19%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,801		$	1,982		$	2,501		$	24,307		$	23,566		$	22,883
Ratio of expenses to average net assets		1.40%			1.41%			1.42%			1.40%			1.40%			1.40%
Ratio of expenses to average net assets prior to fees waived		1.44%			1.44%			1.51%			1.44%			1.57%			1.57%
Ratio of net investment income to average net assets		1.23%			1.23%			1.08%			1.48%			1.48%			1.57%
Ratio of net investment income to average net assets prior to fees waived		1.19%			1.20%			0.99%			1.44%			1.31%			1.40%
Portfolio turnover		133%			131%			65%			115%			135%			157%

¹  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.

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

³  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.

112

Delaware Foundation^® Moderate Allocation Fund Institutional Class

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

							10/1/14
	Year ended						to			Year ended
	3/31/17			3/31/16			3/31/151			9/30/14			9/30/13			9/30/12
Net asset value, beginning of period	$	10.800		$	11.980		$	12.710		$	12.520		$	11.520		$	10.080
Income (loss) from investment operations:
Net investment income2		0.192			0.191			0.097			0.252			0.238			0.228
Net realized and unrealized gain (loss)		0.836			(0.540	)		0.266			0.793			1.005			1.444
Total from investment operations		1.028			(0.349	)		0.363			1.045			1.243			1.672
Less dividends and distributions from:
Net investment income		(0.263	)		(0.199	)		(0.130	)		(0.203	)		(0.243	)		(0.232	)
Net realized gain		(0.145	)		(0.632	)		(0.963	)		(0.652	)		—			—
Total dividends and distributions		(0.408	)		(0.831	)		(1.093	)		(0.855	)		(0.243	)		(0.232	)
Net asset value, end of period	$	11.420		$	10.800		$	11.980		$	12.710		$	12.520		$	11.520
Total return3		9.70%			(3.17%	)		3.01%			8.62%			10.91%			16.73%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	79,009		$	73,036		$	62,799		$	60,134		$	66,263		$	142,925
Ratio of expenses to average net assets		0.90%			0.91%			0.92%			0.90%			0.90%			0.90%
Ratio of expenses to average net assets prior to fees waived		0.94%			0.94%			1.01%			0.94%			0.97%			0.97%
Ratio of net investment income to average net assets		1.73%			1.73%			1.58%			1.98%			1.98%			2.07%
Ratio of net investment income to average net assets prior to fees waived		1.69%			1.70%			1.49%			1.94%			1.91%			2.00%
Portfolio turnover		133%			131%			65%			115%			135%			157%

¹  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.

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

³  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) 113

Financial highlights

Delaware Foundation^® Conservative Allocation Fund Class A

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

							10/1/14
	Year ended						to			Year ended
	3/31/17			3/31/16			3/31/151			9/30/14			9/30/13			9/30/12
Net asset value, beginning of period	$	9.240		$	10.160		$	10.870		$	10.570		$	10.220		$	9.430
Income (loss) from investment operations:
Net investment income2		0.163			0.168			0.090			0.223			0.198			0.203
Net realized and unrealized gain (loss)		0.512			(0.430	)		0.203			0.540			0.414			1.035
Total from investment operations		0.675			(0.262	)		0.293			0.763			0.612			1.238
Less dividends and distributions from:
Net investment income		(0.195	)		(0.164	)		(0.111	)		(0.245	)		(0.192	)		(0.186	)
Net realized gain		(0.130	)		(0.494	)		(0.892	)		(0.218	)		(0.070	)		(0.262	)
Total dividends and distributions		(0.325	)		(0.658	)		(1.003	)		(0.463	)		(0.262	)		(0.448	)
Net asset value, end of period	$	9.590		$	9.240		$	10.160		$	10.870		$	10.570		$	10.220
Total return3		7.40%			(2.69%	)		2.86%			7.34%			6.09%			13.47%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	42,453		$	43,443		$	51,722		$	52,429		$	81,655		$	75,988
Ratio of expenses to average net assets		1.15%			1.18%			1.15%			1.13%			1.13%			1.13%
Ratio of expenses to average net assets prior to fees waived		1.42%			1.38%			1.50%			1.33%			1.41%			1.43%
Ratio of net investment income to average net assets		1.72%			1.76%			1.73%			2.06%			1.90%			2.05%
Ratio of net investment income to average net assets prior to fees waived		1.45%			1.55%			1.38%			1.86%			1.62%			1.75%
Portfolio turnover		161%			168%			93%			163%			210%			219%

¹  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.

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

³  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.

114

Delaware Foundation^® Conservative Allocation Fund Class C

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

							10/1/14
	Year ended						to			Year ended
	3/31/17			3/31/16			3/31/151			9/30/14			9/30/13			9/30/12
Net asset value, beginning of period	$	9.270		$	10.180		$	10.900		$	10.590		$	10.240		$	9.450
Income (loss) from investment operations:
Net investment income2		0.092			0.096			0.051			0.143			0.120			0.129
Net realized and unrealized gain (loss)		0.513			(0.420	)		0.193			0.541			0.420			1.035
Total from investment operations		0.605			(0.324	)		0.244			0.684			0.540			1.164
Less dividends and distributions from:
Net investment income		(0.125	)		(0.092	)		(0.072	)		(0.156	)		(0.120	)		(0.112	)
Net realized gain		(0.130	)		(0.494	)		(0.892	)		(0.218	)		(0.070	)		(0.262	)
Total dividends and distributions		(0.255	)		(0.586	)		(0.964	)		(0.374	)		(0.190	)		(0.374	)
Net asset value, end of period	$	9.620		$	9.270		$	10.180		$	10.900		$	10.590		$	10.240
Total return3		6.60%			(3.32%	)		2.37%			6.56%			5.35%			12.60%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	24,803		$	30,134		$	34,671		$	35,101		$	31,132		$	23,943
Ratio of expenses to average net assets		1.90%			1.93%			1.90%			1.88%			1.88%			1.88%
Ratio of expenses to average net assets prior to fees waived		2.17%			2.13%			2.25%			2.08%			2.11%			2.13%
Ratio of net investment income to average net assets		0.97%			1.01%			0.98%			1.31%			1.15%			1.30%
Ratio of net investment income to average net assets prior to fees waived		0.70%			0.80%			0.63%			1.11%			0.92%			1.05%
Portfolio turnover		161%			168%			93%			163%			210%			219%

¹  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.

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

³  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) 115

Financial highlights

Delaware Foundation^® Conservative Allocation Fund Class R

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

							10/1/14
	Year ended						to			Year ended
	3/31/17			3/31/16			3/31/151			9/30/14			9/30/13			9/30/12
Net asset value, beginning of period	$	9.240		$	10.150		$	10.870		$	10.570		$	10.220		$	9.430
Income (loss) from investment operations:
Net investment income2		0.139			0.144			0.077			0.197			0.172			0.178
Net realized and unrealized gain (loss)		0.513			(0.420	)		0.193			0.537			0.415			1.035
Total from investment operations		0.652			(0.276	)		0.270			0.734			0.587			1.213
Less dividends and distributions from:
Net investment income		(0.172	)		(0.140	)		(0.098	)		(0.216	)		(0.167	)		(0.161	)
Net realized gain		(0.130	)		(0.494	)		(0.892	)		(0.218	)		(0.070	)		(0.262	)
Total dividends and distributions		(0.302	)		(0.634	)		(0.990	)		(0.434	)		(0.237	)		(0.423	)
Net asset value, end of period	$	9.590		$	9.240		$	10.150		$	10.870		$	10.570		$	10.220
Total return3		7.15%			(2.84%	)		2.63%			7.06%			5.84%			13.19%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,550		$	3,729		$	4,232		$	9,327		$	5,646		$	4,293
Ratio of expenses to average net assets		1.40%			1.43%			1.40%			1.38%			1.38%			1.38%
Ratio of expenses to average net assets prior to fees waived		1.67%			1.63%			1.75%			1.58%			1.71%			1.73%
Ratio of net investment income to average net assets		1.47%			1.51%			1.48%			1.81%			1.65%			1.80%
Ratio of net investment income to average net assets prior to fees waived		1.20%			1.30%			1.13%			1.61%			1.32%			1.45%
Portfolio turnover		161%			168%			93%			163%			210%			219%

¹  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.

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

³  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.

116

Delaware Foundation^® Conservative Allocation Fund Institutional Class

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

							10/1/14
	Year ended						to			Year ended
	3/31/17			3/31/16			3/31/151			9/30/14			9/30/13			9/30/12
Net asset value, beginning of period	$	9.260		$	10.180		$	10.890		$	10.590		$	10.230		$	9.440
Income (loss) from investment operations:
Net investment income2		0.187			0.192			0.103			0.250			0.224			0.228
Net realized and unrealized gain (loss)		0.512			(0.430	)		0.203			0.539			0.424			1.035
Total from investment operations		0.699			(0.238	)		0.306			0.789			0.648			1.263
Less dividends and distributions from:
Net investment income		(0.219	)		(0.188	)		(0.124	)		(0.271	)		(0.218	)		(0.211	)
Net realized gain		(0.130	)		(0.494	)		(0.892	)		(0.218	)		(0.070	)		(0.262	)
Total dividends and distributions		(0.349	)		(0.682	)		(1.016	)		(0.489	)		(0.288	)		(0.473	)
Net asset value, end of period	$	9.610		$	9.260		$	10.180		$	10.890		$	10.590		$	10.230
Total return3		7.66%			(2.44%	)		2.98%			7.59%			6.45%			13.74%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	11,261		$	14,226		$	18,337		$	21,043		$	30,615		$	45,993
Ratio of expenses to average net assets		0.90%			0.93%			0.90%			0.88%			0.88%			0.88%
Ratio of expenses to average net assets prior to fees waived		1.17%			1.13%			1.25%			1.08%			1.11%			1.13%
Ratio of net investment income to average net assets		1.97%			2.01%			1.98%			2.31%			2.15%			2.30%
Ratio of net investment income to average net assets prior to fees waived		1.70%			1.80%			1.63%			2.11%			1.92%			2.05%
Portfolio turnover		161%			168%			93%			163%			210%			219%

¹  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.

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

³  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.

117

Notes to financial statements

Delaware Foundation Funds^®

March 31, 2017

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 (the 1940 Act), 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) instead of a front-end sales charge of 1.00% if redeemed during the first year and 0.50% during the second year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class C shares are sold with a CDSC of 1.00%, if redeemed during the first 12 months. Class R and Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

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

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

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

1. Significant Accounting Policies

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

Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market 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, credit default swap (CDS) contracts, and interest rate swap 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 (NAV), as reported by the underlying investment company. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sales price, or if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trusts’ Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Funds may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before each Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. 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 make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing

118

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, 2013–March 31, 2017), 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 in which they invest that may date back to the inception of each Fund.

Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of each Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements — Each Fund may purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with each Fund’s custodian or a third party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on March 31, 2017, and matured 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 sell 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 on 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 certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that each Fund is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends and interest have been recorded in accordance with each Fund’s understanding of the applicable country’s tax rules and rates. Each Fund paid foreign capital gain taxes on certain foreign securities held which

(continues) 119

Notes to financial statements

Delaware Foundation Funds^®

1. Significant Accounting Policies (continued)

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 year ended March 31, 2017.

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 $1.00, 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 year ended March 31, 2017, each Fund earned the following amounts under this agreement:

Delaware Foundation Growth Allocation Fund	Delaware Foundation Moderate Allocation Fund	Delaware Foundation Conservative Allocation Fund
$170	$565	$131

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 dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), do not exceed 0.90% of average daily net assets of each Fund from April 1, 2016 through March 31, 2017*. 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.

Jackson Square Partners, LLC (JSP), a related party of DMC, furnishes investment sub-advisory services to the Funds. For these services, DMC, not the Fund, pays JSP fees based on the aggregate average daily net assets of the Fund at the following annual rate: 0.39% of the first $500 million; 0.36% of the next $500 million; 0.33% of the next $1.5 billion; and 0.30% of aggregate average daily net assets in excess of $2.5 billion.

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 funds in the Delaware Investments Family of Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the year ended March 31, 2017, each Fund was charged for these services as follows:

120

Delaware Foundation® Growth Allocation Fund	Delaware Foundation Moderate Allocation Fund	Delaware Foundation Conservative Allocation Fund
$3,207	$12,894	$4,075

DIFSC is also 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 NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the year ended March 31, 2017, each Fund was charged for these services as follows:

Delaware Foundation Growth Allocation Fund	Delaware Foundation Moderate Allocation Fund	Delaware Foundation Conservative Allocation Fund
$13,835	$55,602	$17,576

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to each Fund. Sub-transfer agency fees are paid by the Funds and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.”

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 year ended March 31, 2017, each Fund was charged for internal legal, tax, and regulatory reporting 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
$6,181	$10,698	$6,587

For the year ended March 31, 2017, 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
$8,252	$9,686	$11,534

(continues) 121

Notes to financial statements

Delaware Foundation Funds^®

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

For the year ended March 31, 2017, 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:

	Delaware Foundation® Growth Allocation Fund	Delaware Foundation Moderate Allocation Fund	Delaware Foundation Conservative Allocation Fund
Class A	$       9	$   50	$     96
Class C	1,720	983	1,598

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.

Cross trades for the year ended March 31, 2017, were executed by the Funds pursuant to procedures adopted by the Boards designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At their regularly scheduled meetings, the Boards review such transactions for compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the year ended March 31, 2017, the Funds engaged in securities purchases and securities sales, which resulted in net realized losses as follows:

	Delaware Foundation Growth Allocation Fund				Delaware Foundation Moderate Allocation Fund				Delaware Foundation Conservative Allocation Fund
Purchases		$	270,672			$	448,001			$	248,793
Sales			2,566,791				2,134,138				1,072,442
Net realized losses			(15,308	)			(34,249	)			(23,977	)

*The aggregate contractual waiver period covering this report is from Jan. 29, 2015 through July 29, 2017.

3. Investments

For the year ended March 31, 2017, 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		$	54,259,555		$	305,402,700		$	114,135,266
Purchases of U.S. government securities			14,772,432			53,682,045			23,939,476
Sales other than U.S. government securities			66,268,735			308,727,031			120,414,870
Sales of U.S. government securities			16,096,756			59,729,483			26,816,351

122

At March 31, 2017, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for each fund were as follows:

	Delaware Foundation® Growth Allocation Fund				Delaware Foundation Moderate Allocation Fund				Delaware Foundation Conservative Allocation Fund
Cost of Investments		$	52,389,722			$	240,649,554			$	76,232,254
Aggregate unrealized appreciation of investments		$	15,447,003			$	50,894,293			$	10,890,396
Aggregate unrealized depreciation of investments			(3,604,114	)			(12,636,099	)			(3,244,572	)
Net unrealized appreciation of investments		$	11,842,889			$	38,258,194			$	7,645,824

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 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.

(continues) 123

Notes to financial statements

Delaware Foundation Funds^®

3. Investments (continued)

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Delaware Foundation® Growth Allocation Fund
Securities:	Level 1			Level 2			Level 3		Total
Assets:
Agency, Asset-Backed & Mortgage-Backed Securities	$	—		$	7,373,407		$	—	$	7,373,407
Corporate Debt		—			7,071,452			—		7,071,452
Foreign Debt		—			142,788			—		142,788
Municipal Bonds		—			132,276			—		132,276
Loan Agreements1		—			958,810			23,599		982,409
Common Stock
Consumer Discretionary		4,786,427			—			—		4,786,427
Consumer Staples		4,279,808			—			—		4,279,808
Energy		2,886,930			—			—		2,886,930
Financials		5,572,730			87,295			—		5,660,025
Healthcare		5,682,510			—			—		5,682,510
Industrials		5,528,602			—			—		5,528,602
Information Technology		7,347,620			—			—		7,347,620
Materials		1,861,857			—			—		1,861,857
Real Estate		4,178,072			24,570			—		4,202,642
Telecommunication Services		2,138,624			—			—		2,138,624
Utilities		460,311			91			—		460,402
Exchange-Traded Funds		1,839,154			—			—		1,839,154
Preferred Stock1		21,500			52,592			—		74,092
Rights		6,918			—			—		6,918
U.S. Treasury Obligations		—			814,914			—		814,914
Short-Term Investments		—			959,754			—		959,754
Total Value of Securities	$	46,591,063		$	17,617,949		$	23,599	$	64,232,611
Derivatives:
Foreign Currency Exchange Contracts	$	—		$	(6	)	$	—	$	(6	)
Futures Contracts		(17,657	)		—			—		(17,657	)
Swap Contracts		—			(12,596	)		—		(12,596	)

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
Loan Agreements		—		97.60%		2.40%		100.00%
Preferred Stock		29.02%		70.98%		—		100.00%

124

Delaware Foundation® Moderate Allocation Fund
Securities:	Level 1			Level 2			Level 3		Total
Assets:
Agency, Asset-Backed & Mortgage-Backed Securities	$	—		$	53,661,609		$	—	$	53,661,609
Corporate Debt		—			61,047,859			—		61,047,859
Foreign Debt		—			2,329,473			—		2,329,473
Municipal Bonds		—			996,693			—		996,693
Loan Agreements1		—			2,574,376			194,119		2,768,495
Common Stock
Consumer Discretionary		15,263,936			—			—		15,263,936
Consumer Staples		13,806,210			—			—		13,806,210
Energy		8,980,445			—			—		8,980,445
Financials		17,922,657			278,904			—		18,201,561
Healthcare		18,392,715			—			—		18,392,715
Industrials		17,835,057			—			—		17,835,057
Information Technology		23,551,617			—			—		23,551,617
Materials		6,022,042			—			—		6,022,042
Real Estate		13,690,906			61,992			—		13,752,898
Telecommunication Services		6,786,710			—			—		6,786,710
Utilities		1,490,841			—			—		1,490,841
Exchange-Traded Funds		6,523,309			—			—		6,523,309
Preferred Stock1		516,000			458,579			—		974,579
Rights		19,937			—			—		19,937
U.S. Treasury Obligations		—			1,770,490			—		1,770,490
Short-Term Investments		—			4,731,272			—		4,731,272
Total Value of Securities	$	150,802,382		$	127,911,247		$	194,119	$	278,907,748
Derivatives:
Foreign Currency Exchange Contracts	$	—		$	247		$	—	$	247
Futures Contracts		(128,722	)		—			—		(128,722	)
Swap Contracts		—			(139,355	)		—		(139,355	)

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
Loan Agreements		—		92.99%		7.01%		100.00%
Preferred Stock		52.95%		47.05%		—		100.00%

(continues) 125

Notes to financial statements

Delaware Foundation Funds^®

3. Investments (continued)

Delaware Foundation® Conservative Allocation Fund
Securities:	Level 1			Level 2			Level 3		Total
Assets:
Agency, Asset-Backed & Mortgage-Backed Securities	$	—		$	24,810,244		$	—	$	24,810,244
Corporate Debt		—			24,480,514			—		24,480,514
Foreign Debt		—			468,886			—		468,886
Municipal Bonds		—			382,864			—		382,864
Loan Agreements1		—			1,133,274			133,219		1,266,493
Common Stock
Consumer Discretionary		3,125,883			—			—		3,125,883
Consumer Staples		2,822,852			—			—		2,822,852
Energy		1,854,697			—			—		1,854,697
Financials		3,637,975			58,942			—		3,696,917
Healthcare		3,697,200			—			—		3,697,200
Industrials		3,598,388			—			—		3,598,388
Information Technology		4,757,578			—			—		4,757,578
Materials		1,227,032			—			—		1,227,032
Real Estate		2,667,700			13,986			—		2,681,686
Telecommunication Services		1,396,923			—			—		1,396,923
Utilities		302,005			—			—		302,005
Exchange-Traded Funds		1,022,006			—			—		1,022,006
Preferred Stock1		344,000			231,709			—		575,709
Rights		4,452			—			—		4,452
U.S. Treasury Obligations		—			1,186,657			—		1,186,657
Short-Term Investments		—			519,092			—		519,092
Total Value of Securities	$	30,458,691		$	53,286,168		$	133,219	$	83,878,078
Derivatives:
Foreign Currency Exchange
Contracts	$	—		$	61		$	—	$	61
Futures Contracts		(50,583	)		—			—		(50,583	)
Swap Contracts		—			(55,986	)		—		(55,986	)

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
Loan Agreements		—			89.48	%		10.52	%		100.00	%
Preferred Stock		59.75	%		40.25	%		—			100.00	%

The securities that have been valued at zero on the “Schedules of investments” are considered to be Level 3 securities in these tables.

During the year ended March 31, 2017, 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 NAV 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 NAV is determined. Further, international fair value pricing uses other observable market-based inputs in place

126

of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. Each Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to each Fund’s net assets at the beginning, interim, or end of the period. 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 year.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended March 31, 2017 and 2016 were as follows:

	Delaware Foundation® Growth Allocation Fund			Delaware Foundation Moderate Allocation Fund			Delaware Foundation Conservative Allocation Fund
Year ended 3/31/17
Ordinary income		$	839,071		$	6,469,149		$	1,494,532
Long-term capital gain			2,268,068			2,920,694			1,230,604
Total		$	3,107,139		$	9,389,843		$	2,725,136
Year ended 3/31/16
Ordinary income		$	1,157,189		$	5,521,720		$	2,159,576
Long-term capital gain			6,244,694			13,970,017			4,412,132
Total		$	7,401,883		$	19,491,737		$	6,571,708

5. Components of Net Assets on a Tax Basis

As of March 31, 2017, the components of net assets on a tax basis were as follows:

	Delaware Foundation Growth Allocation Fund			Delaware Foundation Moderate Allocation Fund			Delaware Foundation Conservative Allocation Fund
Shares of beneficial interest		$	48,943,258		$	223,241,722		$	71,334,835
Undistributed ordinary income			115,330			—			—
Undistributed long-term capital gain			2,603,472			12,739,122			2,094,873
Unrealized appreciation on investments, foreign currencies, and derivatives			11,836,294			38,231,688			7,636,792
Net assets		$	63,498,354		$	274,212,532		$	81,066,500

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, mark-to-market of futures contracts, mark-to-market of foreign currency exchange contracts, tax deferral of losses on straddles, tax treatment of passive foreign investment companies, tax treatment of CDS contracts, and tax treatment of market discount and premium on debt instruments.

(continues) 127

Notes to financial statements

Delaware Foundation Funds^®

5. Components of Net Assets on a Tax Basis (continued)

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of gain (loss) on foreign currency transactions, CDS contracts, capital gains tax, passive foreign investment companies, market discount and premium on certain debt instruments, paydowns of mortgage- and asset-backed securities, dividends and distributions, and tax treatment of contingent payment debt instruments. Results of operations and net assets were not affected by these reclassifications. For the year ended March 31, 2017, the Funds recorded the following reclassifications:

	Delaware Foundation® Growth Allocation Fund				Delaware Foundation Moderate Allocation Fund				Delaware Foundation Conservative Allocation Fund
Undistributed (distributions in excess of) net investment income		$	112,826			$	1,117,050			$	377,993
Accumulated net realized gain on investments			(112,826	)			(1,117,050	)			(377,993	)

6. Capital Shares

Transactions in capital shares were as follows:

	Delaware Foundation Growth Allocation Fund						Delaware Foundation Moderate Allocation Fund						Delaware Foundation Conservative Allocation Fund
	Year ended						Year ended						Year ended
	3/31/17			3/31/16			3/31/17			3/31/16			3/31/17			3/31/16
Shares sold:
Class A		426,308			745,780			562,623			524,738			800,526			671,740
Class C		226,852			309,623			194,320			311,741			204,852			486,282
Class R		116,731			183,256			25,954			103,521			120,594			118,104
Institutional Class		407,524			594,051			731,278			2,400,170			472,831			679,190
Shares issued upon reinvestment of dividends and distributions:
Class A		186,554			408,680			479,116			1,039,216			150,615			321,737
Class C		53,754			99,550			55,478			149,884			71,849			197,117
Class R		16,886			41,748			5,680			11,815			13,401			27,690
Institutional Class		70,301			156,814			68,470			150,650			39,120			100,871
		1,504,910			2,539,502			2,122,919			4,691,735			1,873,788			2,602,731
Shares redeemed:
Class A		(1,501,094	)		(887,985	)		(2,195,833	)		(1,812,829	)		(1,225,387	)		(1,385,197	)
Class C		(285,849	)		(190,750	)		(560,202	)		(590,231	)		(949,045	)		(836,845	)
Class R		(233,171	)		(209,916	)		(57,565	)		(140,708	)		(271,624	)		(158,958	)
Institutional Class		(788,874	)		(996,852	)		(642,018	)		(1,033,630	)		(876,497	)		(1,045,924	)
		(2,808,988	)		(2,285,503	)		(3,455,618	)		(3,577,398	)		(3,322,553	)		(3,426,924	)
Net increase (decrease)		(1,304,078	)		253,999			(1,332,699	)		1,114,337			(1,448,765	)		(824,193	)

128

Certain shareholders may exchange shares of one class for another class in the same Fund. For the years ended March 31, 2017 and March 31, 2016, the Funds had the following exchange transactions. These exchange transactions are included as subscriptions and redemptions in the tables on the previous page and the “Statements of changes in net assets.”

			Year ended 3/31/17
	Exchange Redemptions		Exchange Subscriptions
	Class A Shares		Institutional Class Shares		Value
Delaware Foundation® Growth Allocation Fund		58,435		58,073		$	563,271
Delaware Foundation Moderate Allocation Fund		51,216		51,172			583,766
Delaware Foundation Conservative Allocation Fund		97,635		97,329			932,399

					Year ended
					3/31/16
	Exchange Redemptions				Exchange Subscriptions
	Class A Shares		Class C Shares		Class A Shares		Institutional Class Shares		Value
Delaware Foundation Growth Allocation Fund		867		3,846		3,733		862		$	43,930
Delaware Foundation Moderate Allocation Fund		—		934		932		—			10,152
Delaware Foundation Conservative Allocation Fund		—		7,344		7,352		—			69,331

7. Line of Credit

Each Fund, along with certain other funds in the Delaware Investments^® Family of Funds (Participants), was a participant in a $155,000,000 revolving line of credit intended 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 0.10%, which was allocated across the Participants on the basis of relative net assets 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. 7, 2016.

On Nov. 7, 2016, 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 above and operates in substantially the same manner as the original agreement, with the exception of the annual commitment fee. Under the amendment to the agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants on the basis of relative net assets of each Participant’s allocation of the entire facility. The line of credit available under the agreement expires on Nov. 6, 2017.

Each Fund had no amounts outstanding as of March 31, 2017, or at any time during the year then ended.

8. 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

(continues) 129

Notes to financial statements

Delaware Foundation Funds^®

8. Derivatives (continued)

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 year ended March 31, 2017, each Fund used foreign currency exchange contracts to hedge the U.S. dollar value of securities each Fund already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions.

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 objective. Each Fund may invest in futures contracts to hedge its existing portfolio securities against 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. Delaware Foundation^® Growth Allocation Fund posted securities, comprised of U.S. treasury obligations with a value of $101,430 as margin for open futures contracts, which is presented on the “Schedules of investments.” Delaware Foundation Moderate Allocation Fund and Delaware Foundation Conservative Allocation Fund posted cash collateral of $680,000 and $283,000, respectively, as margin for open futures contracts, which is included in “Cash collateral due from brokers” on the “Statements of assets and liabilities.”

During the year ended March 31, 2017, 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 year ended March 31, 2017, 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.

130

Transactions in options written during the year ended March 31, 2017 for each Fund were as follows:

	Delaware Foundation®							Delaware Foundation							Delaware Foundation
	Growth Allocation Fund							Moderate Allocation Fund							Conservative Allocation Fund
	Number of							Number of							Number of
Call options	contracts			Premiums				contracts			Premiums				contracts			Premiums
Options outstanding, March 31, 2016		—			$	—			—			$	—			—			$	—
Options written		17,807				1,527			77,446				9,070			50,821				4,516
Options expired		(17,800	)			(433	)		(77,400	)			(1,882	)		(50,800	)			(1,235	)
Options terminated in closing purchase transactions		(7	)			(1,094	)		(46	)			(7,188	)		(21	)			(3,281	)
Options outstanding, March 31, 2017		—			$	—			—			$	—			—			$	—
	Number of							Number of							Number of
Put options	contracts			Premiums				contracts			Premiums				contracts			Premiums
Options outstanding, March 31, 2016		—			$	—			—			$	—			—			$	—
Options written		17,800				167			77,400				726			50,800				476
Options expired		(17,800	)			(167	)		(77,400	)			(726	)		(50,800	)			(476	)
Options outstanding, March 31, 2017		—			$	—			—			$	—			—			$	—

During the year ended March 31, 2017, each Fund used options contracts to manage each Fund’s exposure to changes in securities prices caused by interest rates or market conditions, to manage each Fund’s exposure to changes in foreign currencies, to adjust each Fund’s overall exposure to certain markets, to protect the value of portfolio securities and to facilitate investments in portfolio securities.

Swap Contracts — Each Fund may enter into interest rate swap contracts and CDS contracts in the normal course of pursuing their respective investment objective. Each Fund may use interest rate swaps to manage its sensitivity to interest rates or to hedge against changes in interest rates. Each Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets. Each Fund will not be permitted to enter into any swap transactions unless, at the time of entering into such transactions, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by Standard & Poor’s 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.

Interest Rate Swaps. An interest rate swap contract is an exchange of interest rates between counterparties. In one instance, an interest rate swap involves payments received by the Funds from another party based on a variable or floating interest rate, in return for making payments based on a fixed interest rate. An interest rate swap can also work in reverse with the Funds receiving payments based on a fixed interest rate and making payments based on a variable or floating interest rate. Interest rate swaps may be used to adjust the Funds’ sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation (depreciation) on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. The Funds’ maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the interest rate swap contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Funds and the counterparty and by the posting of collateral by the counterparty to the Funds to cover the Funds’ exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

During the year ended March 31, 2017, each Fund used interest rate swap contracts to manage each Fund’s sensitivity to interest rates or to hedge against changes in interest rates.

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

(continues) 131

Notes to financial statements

Delaware Foundation Funds^®

8. Derivatives (continued)

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 year ended March 31, 2017, each Fund entered into CDS contracts as a purchaser and seller of protection. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty.

As disclosed in the footnotes to the “Schedules of investments,” at March 31, 2017, the notional value of the protection sold was $235,000 for Delaware Foundation^® Growth Allocation Fund, which reflects the maximum potential amount the Fund would have been required to make as a seller of credit protection if a credit event had occurred. In addition to serving as the source of the current value of the securities, the quoted market prices and resulting market values for the credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative if the swap agreement has been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amounts of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. At March 31, 2017, net unrealized appreciation of the protection sold was $722 for Delaware Foundation Growth Allocation Fund.

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 year ended March 31, 2017, each Fund used 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.”

At March 31, 2017, Delaware Foundation Growth Allocation Fund, Delaware Foundation Moderate Allocation Fund, and Delaware Foundation Conservative Allocation Fund posted $161,767, $1,260,947, and $316,861, respectively, as cash collateral for centrally cleared swap contracts, which is presented as “Cash collateral due from brokers” on the “Statements of assets and liabilities.” At March 31, 2017, Delaware Foundation Moderate Allocation Fund received $210,000 cash collateral from brokers for centrally cleared swap contracts, which is presented as “Cash collateral due to brokers” on the “Statements of assets and liabilities.”

132

Fair values of derivative instruments as of March 31, 2017 were as follows:

	Delaware Foundation® Growth Allocation Fund
	Asset Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency     Contracts			Interest Rate     Contracts			Credit     Contracts			Total
Unrealized appreciation on foreign currency exchange contracts		$	266		$	—		$	—		$	266
Variation margin due to broker on futures contracts*			—			1,300			—			1,300
Unrealized appreciation on credit default swap contracts			—			—			722			722
Total		$	266		$	1,300		$	722		$	2,288
	Liability Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency Contracts			Interest Rate Contracts			Credit Contracts			Total
Unrealized depreciation on foreign currency exchange contracts		$	272		$	—		$	—		$	272
Variation margin due to broker on futures contracts*			—			18,957			—			18,957
Variation margin due to brokers on interest rate swap contracts			—			3,775			—			3,775
Variation margin due to brokers on credit default swap contracts			—			—			14			14
Upfront payments received on credit default swap contracts			—			—			61,393			61,393
Unrealized depreciation on credit default swap contracts			—			—			11,701			11,701
Unrealized depreciation on interest rate swap contracts			—			1,617			—			1,617
Total		$	272		$	24,349		$	73,108		$	97,729

	Delaware Foundation Moderate Allocation Fund
	Asset Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency     Contracts			Credit     Contracts			Total
Unrealized appreciation on foreign currency exchange contracts		$	1,616		$	—		$	1,616
Variation margin due to broker on futures contracts*			11,283			—			11,283
Upfront payments paid on credit default swap contracts			—			222,947			222,947
Total		$	12,899		$	222,947		$	235,846

	Liability Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency     Contracts			Interest Rate     Contracts			Credit     Contracts			Total
Unrealized depreciation on foreign currency exchange contracts		$	1,369		$	—		$	—		$	1,369
Variation margin due to broker on futures contracts*			—			140,005			—			140,005
Variation margin due to brokers on interest rate swap contracts			—			29,461			—			29,461
Variation margin due to brokers on credit default swap contracts			—			—			112			112
Upfront payments received on credit default swap contracts			—			—			351,000			351,000
Unrealized depreciation on credit default swap contracts			—			—			126,780			126,780
Unrealized depreciation on interest rate swap contracts			—			12,575			—			12,575
Total		$	1,369		$	182,041		$	477,892		$	661,302

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Notes to financial statements

Delaware Foundation Funds^®

8. Derivatives (continued)

	Delaware Foundation® Conservative Allocation Fund
	Asset Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency     Contracts			Interest Rate     Contracts			Total
Unrealized appreciation on foreign currency exchange contracts		$	779		$	—		$	779
Variation margin due to broker on futures contracts*			—			4,933			4,933
Total		$	779		$	4,933		$	5,712

	Liability Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency     Contracts			Interest Rate     Contracts			Credit     Contracts			Total
Unrealized depreciation on foreign currency exchange contracts		$	718		$	—		$	—		$	718
Variation margin due to broker on futures contracts*			—			55,516			—			55,516
Variation margin due to brokers on credit default swap contracts			—			—			50			50
Variation margin due to brokers on interest rate swap contracts			—			12,462			—			12,462
Upfront payments received on credit default swap contracts			—			—			158,549			158,549
Unrealized depreciation on credit default swap contracts			—			—			50,520			50,520
Unrealized depreciation on interest rate swap contracts			—			5,466			—			5,466
Total		$	718		$	73,444		$	209,119		$	283,281

*Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through March 31, 2017. Only current day variation margin is reported on the “Statements of assets and liabilities.”

The effect of derivative instruments on the “Statements of operations” for the year ended March 31, 2017 was as follows:

	Delaware Foundation Growth Allocation Fund Net Realized Gain (Loss) on:
	Foreign Currency Exchange     Contracts				Futures     Contracts				Options     Purchased			Options     Written				Swap     Contracts				Total
Currency contracts		$	(19,989	)		$	—			$	—		$	600			$	—			$	(19,389	)
Interest rate contracts			—				363,264				4,728			(5,463	)			26,961				389,490
Equity contracts			—				(60,565	)			—			—				—				(60,565	)
Credit contracts			—				—				—			—				(20,412	)			(20,412	)
Total		$	(19,989	)		$	302,699			$	4,728		$	(4,863	)		$	6,549			$	289,124

	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign Currency Exchange     Contracts			Futures     Contracts				Swap     Contracts				Total
Currency contracts		$	7,912		$	—			$	—			$	7,912
Interest rate contracts			—			(21,536	)			(24,181	)			(45,717	)
Equity contracts			—			2,577				—				2,577
Credit contracts			—			—				(11,780	)			(11,780	)
Total		$	7,912		$	(18,959	)		$	(35,961	)		$	(47,008	)

134

	Delaware Foundation® Moderate Allocation Fund Net Realized Gain (Loss) on:
	Foreign Currency Exchange     Contracts			Futures     Contracts				Options     Purchased			Options     Written				Swap     Contracts				Total
Currency contracts		$	62,727		$	—			$	—		$	2,608			$	—			$	65,335
Interest rate contracts			—			2,824,639				34,281			(35,899	)			190,188				3,013,209
Equity contracts			—			(176,072	)			—			—				—				(176,072	)
Credit contracts			—			—				—			—				(250,180	)			(250,180	)
Total		$	62,727		$	2,648,567			$	34,281		$	(33,291	)		$	(59,992	)		$	2,652,292
	Net Change in Unrealized Appreciation (Depreciation) of:

	Foreign Currency Exchange     Contracts			Futures     Contracts				Swap     Contracts				Total
Currency contracts		$	43,432		$	—			$	—			$	43,432
Interest rate contracts			—			(136,970	)			(173,200	)			(310,170	)
Equity contracts			—			12,886				—				12,886
Credit contracts			—			—				(125,788	)			(125,788	)
Total		$	43,432		$	(124,084	)		$	(298,988	)		$	(379,640	)

	Delaware Foundation Conservative Allocation Fund Net Realized Gain (Loss) on:
	Foreign Currency Exchange     Contracts			Futures     Contracts				Options     Purchased			Options     Written				Swap     Contracts				Total
Currency contracts		$	6,200		$	—			$	—		$	1,712			$	—			$	7,912
Interest rate contracts			—			1,161,834				15,685			(16,389	)			96,895				1,258,025
Equity contracts			—			(210,478	)			—			—				—				(210,478	)
Credit contracts			—			—				—			—				(48,911	)			(48,911	)
Total		$	6,200		$	951,356			$	15,685		$	(14,677	)		$	47,984			$	1,006,548
	Net Change in Unrealized Appreciation (Depreciation) of:

	Foreign Currency Exchange Contracts			Futures Contracts				Swap Contracts				Total
Currency contracts		$	27,068		$	—			$	—			$	27,068
Interest rate contracts			—			(69,910	)			(87,308	)			(157,218	)
Equity contracts			—			18,040				—				18,040
Credit contracts			—			—				(49,640	)			(49,640	)
Total		$	27,068		$	(51,870	)		$	(136,948	)		$	(161,750	)

(continues) 135

Notes to financial statements

Delaware Foundation Funds^®

8. Derivatives (continued)

Derivatives Generally. The tables below summarize the average balance of derivative holdings by each Fund during the year ended March 31, 2017.

	Delaware Foundation® Growth Allocation Fund
	Long Derivative Volume		Short Derivative Volume
Foreign currency exchange contracts (average cost)	USD	79,160		USD	243,706
Futures contracts (average notional value)		600,304			4,982,371
Options contracts (average notional value)		562			22
CDS contracts (average notional value)*		301,183			213,854
CDS contracts (average notional value)*	EUR	9,348			—
Interest rate swap contracts (average notional value)**	USD	53,794			59,723
	Delaware Foundation Moderate Allocation Fund
	Long Derivative Volume		Short Derivative Volume
Foreign currency exchange contracts (average cost)	USD	465,422		USD	1,379,901
Futures contracts (average notional value)		4,102,429			37,093,408
Options contracts (average notional value)		3,976			119
CDS contracts (average notional value)*		3,708,424			107,708
CDS contracts (average notional value)*	EUR	66,719			—
Interest rate swap contracts (average notional value)**	USD	383,715			469,012
	Delaware Foundation Conservative Allocation Fund
	Long Derivative Volume		Short Derivative Volume
Foreign currency exchange contracts (average cost)	USD	283,301		USD	842,105
Futures contracts (average notional value)		1,576,797			15,625,535
Options contracts (average notional value)		1,835			64
CDS contracts (average notional value)*		920,915			374,723
CDS contracts (average notional value)*	EUR	34,644			—
Interest rate swap contracts (average notional value)**	USD	195,889			188,538

*Long represents buying protection and short represents selling protection.

**Long represents receiving fixed interest payments and short represents paying fixed interest payments.

9. 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.

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.

136

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statements of assets and liabilities.”

At March 31, 2017, 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		$	159		$	(66	)		$	93
Bank of New York Mellon			107			(13	)			94
BNP Paribas			—			(193	)			(193	)
Hong Kong Shanghai Bank			722			—				722
Total		$	988		$	(272	)		$	716

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		$	93			$	—		$	—		$	—		$	—		$	93
Bank of New York Mellon			94				—			—			—			—			94
BNP Paribas			(193	)			—			—			—			—			(193	)
Hong Kong Shanghai Bank			722				—			—			—			—			722
Total		$	716			$	—		$	—		$	—		$	—		$	716

Master Repurchase Agreements

				Fair Value of
				Non-Cash				Cash			Net
	Repurchase			Collateral				Collateral			Collateral				Net
Counterparty	Agreements			Received(b)				Received			Received				Exposure(a)
Bank of America Merrill Lynch		$	181,958		$	(181,958	)		$	—		$	(181,958	)		$	—
Bank of Montreal			181,957			(181,957	)			—			(181,957	)			—
BNP Paribas			193,085			(193,085	)			—			(193,085	)			—
Total		$	557,000		$	(557,000	)		$	—		$	(557,000	)		$	—

^(a)Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

^(b)The value of the related collateral received exceeded the value of the net position and repurchase agreements as of March 31, 2017.

(continues) 137

Notes to financial statements

Delaware Foundation Funds^®

9. Offsetting (continued)

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		$	1,277		$	(690	)		$	587
Bank of New York Mellon			339			(46	)			293
BNP Paribas			—			(633	)			(633	)
Hong Kong Shanghai Bank			—			(10,702	)			(10,702	)
Total		$	1,616		$	(12,071	)		$	(10,455	)

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		$	587			$	—		$	—		$	—		$	—		$	587
Bank of New York Mellon			293				—			—			—			—			293
BNP Paribas			(633	)			—			—			—			—			(633	)
Hong Kong Shanghai Bank			(10,702	)			—			—			—			—			(10,702	)
Total		$	(10,455	)		$	—		$	—		$	—		$	—		$	(10,455	)

Master Repurchase Agreements

Counterparty	Repurchase   Agreements			Fair Value of Non-Cash Collateral Received(b)				Cash Collateral   Received			Net Collateral   Received				Net   Exposure(a)
Bank of America Merrill Lynch		$	921,875		$	(921,875	)		$	—		$	(921,875	)		$	—
Bank of Montreal			921,875			(921,875	)			—			(921,875	)			—
BNP Paribas			978,250			(978,250	)			—			(978,250	)			—
Total		$	2,822,000		$	(2,822,000	)		$	—		$	(2,822,000	)		$	—

^(a)Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

^(b)The value of the related collateral received exceeded the value of the net position and repurchase agreements as of March 31, 2017.

138

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		$	592		$	(539	)		$	53
Bank of New York Mellon			187			(41	)			146
BNP Paribas			—			(138	)			(138	)
Total		$	779		$	(718	)		$	61

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		$	53			$	—		$	—		$	—		$	—		$	53
Bank of New York Mellon			146				—			—			—			—			146
BNP Paribas			(138	)			—			—			—			—			(138	)
Total		$	61			$	—		$	—		$	—		$	—		$	61

^(a)Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

10. 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 by each Fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a Fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by U.S. Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities. A Fund can also accept 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 is subject to changes in value of the securities loaned that may occur during the term of the loan. Each Fund has

(continues) 139

Notes to financial statements

Delaware Foundation Funds^®

10. Securities Lending (continued)

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.

Each Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of a Fund’s cash collateral account may be less than the amount a Fund would be required to return to the borrowers of the securities and that Fund would be required to make up for this shortfall.

During the year ended March 31, 2017, each Fund had no securities out on loan.

11. Credit and Market Risk

Some countries in which each Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by each Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by each Fund.

Each Fund invests a portion of its assets in high yield, fixed income securities, which are securities rated BB or lower by S&P and Ba or lower by Moody’s, or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

Each Fund invests a significant portion of its assets in small companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small-sized companies may be more volatile than investments in larger companies for a number of reasons, which include limited financial resources or a dependence on narrow product lines.

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

140

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 March 31, 2017, Rule 144A securities have been identified on the “Schedules of investments.”

12. Contractual Obligations

Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. However, each Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed each Fund’s existing contracts and expects the risk of loss to be remote.

13. Recent Accounting Pronouncements

On Oct. 13, 2016, the Securities and Exchange Commission amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to Regulation S-X which sets forth the form and content of financial statements. At this time, management is evaluating the implications of adopting these amendments and their impact on the financial statements and accompanying notes.

14. Subsequent Events

Effective April 3, 2017, Delaware Investments^® Family of Funds became Delaware Funds^SM by Macquarie and Delaware Investments changed its name to Macquarie Investment Management (MIM). MIM is the marketing name for the companies comprising the asset management division of Macquarie Group Limited. Certain entities providing services to the Funds have also changed their names to reflect the use of the MIM name.

Management has determined that no other material events or transactions occurred subsequent to March 31, 2017 that would require recognition or disclosure in each Fund’s financial statements.

141

Report of independent

registered public accounting firm

To the Board of Trustees of Delaware Group^® Foundation Funds and Shareholders of the Funds, as defined:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Delaware Foundation^® Growth Allocation Fund, Delaware Foundation^® Moderate Allocation Fund and Delaware Foundation^® Conservative Allocation Fund (constituting Delaware Group^® Foundation Funds, hereafter collectively referred to as the “Funds”) as of March 31, 2017, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of March 31, 2017 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 25, 2017

142

Other Fund information

(Unaudited)

Delaware Foundation Funds^®

Tax Information

The information set forth below is for each Fund’s fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of a fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of each Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the fiscal year ended March 31, 2017, each Fund reports distributions paid during the year as follows:

	(A) Long-Term Capital Gain Distributions (Tax Basis)			(B) Ordinary Income Distributions* (Tax Basis)			Total Distributions (Tax Basis)			(C) Qualifying Dividends1
Delaware Foundation® Growth Allocation Fund		73.00	%		27.00	%		100.00	%		51.94	%
Delaware Foundation Moderate Allocation Fund		31.10	%		68.90	%		100.00	%		24.01	%
Delaware Foundation Conservative Allocation Fund		45.16	%		54.84	%		100.00	%		18.89	%

(A) and (B) are based on a percentage of each Fund’s total distributions.

(C) is based on a percentage of each Fund’s ordinary income distributions.

¹Qualifying dividends represent dividends which qualify for the corporate dividends received deduction.

*For the fiscal year ended March 31, 2017, certain dividends paid by each Fund may be subject to a maximum tax rate of 20%. The percentage of dividends paid by each Fund from ordinary income reported as dividend income is listed below. Complete information will be computed and reported in conjunction with your 2017 Form 1099-DIV.

	Maximum percentage to be taxed at a maximum rate of 20%
Delaware Foundation Growth Allocation Fund		100.00	%
Delaware Foundation Moderate Allocation Fund		55.79	%
Delaware Foundation Conservative Allocation Fund		43.48	%

For the fiscal year ended March 31, 2017, certain interest income paid by the Delaware Foundation Moderate Allocation Fund, determined to be Qualified Short-Term Capital Gains may be subject to relief from U.S. withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004; the Tax Relief Unemployment Insurance Reauthorization, and Job Creations Act of 2010; and as extended by the American Taxpayer Relief Act of 2012. For the fiscal year ended March 31, 2017, the Fund has reported maximum distributions of Qualified Short-Term Capital Gains of $1,077,553.

(continues) 143

Board of trustees / directors and officers addendum

Delaware Investments^® Family of Funds

A mutual fund is governed by a Board of Trustees / Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

Name, Address, and Birth Date	Position(s) Held with Fund(s)	Length of Time Served	Principal Occupation(s) During the Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee or Officer	Other Directorships Held by Trustee or Officer
Interested Trustee
Shawn K. Lytle1,4 2005 Market Street Philadelphia, PA 19103 February 1970	President, Chief Executive Officer, and Trustee	Trustee since September 2015 President and Chief Executive Officer since August 2015	Shawn K. Lytle has served as President of Delaware Investments3 since June 2015 and was the Regional Head of Americas for UBS Global Asset Management from 2010 through 2015.	62	Trustee — UBS Relationship Funds, SMA Relationship Trust, and UBS Funds (May 2010–April 2015)
Ann D. Borowiec2 2005 Market Street Philadelphia, PA 19103 November 1958	Trustee	Since March 2015	Chief Executive Officer Private Wealth Management (2011–2013) and Market Manager, New Jersey Private Bank (2005–2011) — J.P. Morgan Chase & Co.	62	Director — Banco Santander International Director — Santander Bank, N.A.
Independent Trustees
Thomas L. Bennett 2005 Market Street Philadelphia, PA 19103 October 1947	Chairman and Trustee	Trustee since March 2005 Chairman since March 2015	Private Investor (March 2004–Present)	62	None
Joseph W. Chow 2005 Market Street Philadelphia, PA 19103 January 1953	Trustee	Since January 2013	Executive Vice President (Emerging Economies Strategies, Risks, and Corporate Administration) State Street Corporation (July 2004–March 2011)	62	Director and Audit Committee Member — Hercules Technology Growth Capital, Inc. (2004-2014)
John A. Fry 2005 Market Street Philadelphia, PA 19103 May 1960	Trustee	Since January 2001	President — Drexel University (August 2010–Present) President — Franklin & Marshall College (July 2002–July 2010)	62	Director, Audit Committee, and Governance Committee Member — Community Health Systems Director — Drexel Morgan & Co. Director, Audit Committee Member — vTv Therapeutics LLC

144

Name, Address, and Birth Date	Position(s) Held with Fund(s)	Length of Time Served	Principal Occupation(s) During the Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee or Officer	Other Directorships Held by Trustee or Officer
Independent Trustees (continued)
Lucinda S. Landreth 2005 Market Street Philadelphia, PA 19103 June 1947	Trustee	Since March 2005	Private Investor (2004–Present)	62	None
Frances A. Sevilla-Sacasa 2005 Market Street Philadelphia, PA 19103 January 1956	Trustee	Since September 2011	Chief Executive Officer — Banco Itaú International (April 2012–December 2016) Executive Advisor to Dean (August 2011–March 2012) and Interim Dean (January 2011–July 2011) — University of Miami School of Business Administration President — U.S. Trust, Bank of America Private Wealth Management (Private Banking) (July 2007– December 2008)	62	Trust Manager and Audit Committee Member — Camden Property Trust
Thomas K. Whitford 2005 Market Street Philadelphia, PA 19103 March 1956	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC Financial Services Group	62	Director — HSBC Finance Corporation and HSBC North America Holdings Inc. Director — HSBC USA, Inc.
Janet L. Yeomans 2005 Market Street Philadelphia, PA 19103 July 1948	Trustee	Since April 1999	Vice President and Treasurer (January 2006– July 2012) Vice President — Mergers & Acquisitions (January 2003–January 2006), and Vice President and Treasurer (July 1995– January 2003) 3M Company	62	Director, Personnel and Compensation Committee Chair, and Audit Committee Member — Okabena Company

(continues) 145

Board of trustees / directors and officers addendum

Delaware Investments^® Family of Funds

Name, Address, and Birth Date	Position(s) Held with Fund(s)	Length of Time Served	Principal Occupation(s) During the Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee or Officer	Other Directorships Held by Trustee or Officer
Officers
David F. Connor 2005 Market Street Philadelphia, PA 19103 December 1963	Senior Vice President, General Counsel, and Secretary	Senior Vice President since May 2013; General Counsel since May 2015; Secretary since October 2005	David F. Connor has served in various capacities at different times at Delaware Investments.	62	None4
Daniel V. Geatens 2005 Market Street Philadelphia, PA 19103 October 1972	Vice President and Treasurer	Treasurer since October 2007	Daniel V. Geatens has served in various capacities at different times at Delaware Investments.	62	None4
Richard Salus 2005 Market Street Philadelphia,PA 19103 October 1963	Senior Vice President and Chief Financial Officer	Chief Financial Officer since November 2006	Richard Salus has served in various executive capacities at different times at Delaware Investments.	62	None4

¹  Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.

²  Ann D. Borowiec is not a director, officer, or employee of the Delaware Funds’ investment manager or any of its affiliates, other than serving as a trustee/director of the Delaware Funds. Nonetheless, she has been designated as an “Interested Trustee” solely by virtue of being a director of two banking entities that may enter into principal transactions with, or receive distribution-related payments with respect to, funds and other accounts managed by the Delaware Funds’ investment manager (or by certain of its advisory affiliates) or their sub-advisors.

³  Delaware Investments is the marketing name for Delaware Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

⁴  Shawn K. Lytle, David F. Connor, Daniel V. Geatens, and Richard Salus serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

146

About the organization

This annual 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 delawarefunds.com/literature.

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 Boston, MA   John A. Fry President Drexel University Philadelphia, PA   Lucinda S. Landreth Former Chief Investment Officer Assurant, Inc. New York, NY Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Miami, FL   Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Pittsburgh, PA   Janet L. Yeomans Former Vice President and Treasurer 3M Company St. Paul, MN   Affiliated officers   David F. Connor Senior Vice President, General Counsel, and Secretary Delaware 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 delawarefunds.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 delawarefunds.com/literature. 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 delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

147

Item 2. Code of Ethics

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant’s Code of Business Ethics has been posted on the Delaware Funds^SM by Macquarie Internet Web site at www.delawarefunds.com. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.

Item 3. Audit Committee Financial Expert

The registrant’s Board of Trustees/Directors has determined that certain members of the registrant’s Audit Committee are audit committee financial experts, as defined below. For purposes of this item, an “audit committee financial expert” is a person who has the following attributes:

a. An understanding of generally accepted accounting principles and financial statements;

b. The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;

c. Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements, or experience actively supervising one or more persons engaged in such activities;

d. An understanding of internal controls and procedures for financial reporting; and

e. An understanding of audit committee functions.

An “audit committee financial expert” shall have acquired such attributes through:

a. Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;

b. Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;

c. Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or

d. Other relevant experience.

The registrant’s Board of Trustees/Directors has also determined that each member of the registrant’s Audit Committee is independent. In order to be “independent” for purposes of this item, the Audit Committee member may not: (i) other than in his or her capacity as a member of the Board of Trustees/Directors or any committee thereof, accept directly or indirectly any consulting, advisory or other compensatory fee from the issuer; or (ii) be an “interested person” of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940. 

The names of the audit committee financial experts on the registrant’s Audit Committee are set forth below:

Joseph W. Chow

John A. Fry

Lucinda S. Landreth

Thomas K. Whitford

Item 4. Principal Accountant Fees and Services

PricewaterhouseCoopers LLP (“PwC”), the Independent Accountant to the series portfolios of Delaware Group Foundation Funds (“Funds”), has advised the Audit Committee of the Board of Trustees of the Funds (“Audit Committee”) that, as of the date of the filing of this Annual Report on Form N-CSR, it is in discussions with the staff of the Securities and Exchange Commission (“SEC Staff”), or the SEC, regarding the interpretation and application of Rule 2-01(c)(1)(ii)(A) of Regulation S-X, or the Loan Rule.

The Loan Rule prohibits accounting firms, such as PwC, from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” Under the SEC Staff’s interpretation of the Loan Rule, based on information provided to us by PwC, some of PwC’s relationships with its lenders who also own shares of one or more funds within the Delaware Funds^SM by Macquarie investment company complex implicate the Loan Rule, calling into question PwC’s independence with respect to the Funds. PwC believes that, in light of the facts of these lending relationships, its ability to exercise objective judgment with respect to the audit of the Funds has not been impaired.

The Audit Committee has considered the lending relationships described by PwC and has concluded that (1) the lending relationships did not affect PwC’s application of objective judgment in conducting its audits and issuing reports on the Funds’ financial statements; and (2) a reasonable investor with knowledge of the lending relationships described by PwC would reach the same conclusion. In making this determination, the Audit Committee considered, among other things, PwC’s description of the relevant lending relationships and PwC’s representation that its objectivity was not impaired in conducting its audit of the Funds’ financial statements. In connection with this determination, PwC advised the Audit Committee that it believes PwC is independent and it continues to have discussions with the SEC Staff.

If the SEC were ultimately to determine that PwC was not independent with respect to the Funds for certain time periods, the Funds’ filings with the SEC that contain the Funds’ financial statements for such periods would be non-compliant with the applicable securities laws. If the SEC determines that PwC was not independent, among other things, the Funds could be required to have independent audits conducted on the Funds’ previously audited financial statements by another registered public accounting firm for the affected periods. The time involved to conduct such independent audits may impair the Funds’ ability to issue shares. Any of the foregoing possible outcomes potentially could have a material adverse effect on the Funds.

(a) Audit fees.

The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $140,760 for the fiscal year ended March 31, 2017.

The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $135,225 for the fiscal year ended March 31, 2016.

(b) Audit-related fees.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended March 31, 2017.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $640,000 for the registrant’s fiscal year ended March 31, 2017. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the deminimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year-end audit procedures; group reporting and subsidiary statutory audits.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended March 31, 2016.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $667,000 for the registrant’s fiscal year ended March 31, 2016. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the deminimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits.

(c) Tax fees.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $16,674 for the fiscal year ended March 31, 2017. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the deminimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended March 31, 2017.  

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $16,674 for the fiscal year ended March 31, 2016. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the deminimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended March 31, 2016.

(d) All other fees.

The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended March 31, 2017.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended March 31, 2017. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the deminimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended March 31, 2016.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended March 31, 2016. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the deminimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

(e) The registrant’s Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the “Pre-Approval Policy”) with respect to services provided by the registrant’s independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the Delaware Funds^SM by Macquarie.

Service	Range of Fees
Audit Services
Statutory audits or financial audits for new Funds	up to $40,000 per Fund
Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters	up to $10,000 per Fund
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit-related services” rather than “audit services”)	up to $25,000 in the aggregate
Audit-Related Services
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit services” rather than “audit-related services”)	up to $25,000 in the aggregate
Tax Services
U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds’ tax compliance function, etc.)	up to $25,000 in the aggregate
U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.)	up to $5,000 per Fund
Review of federal, state, local and international income, franchise and other tax returns	up to $5,000 per Fund

Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant’s investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the “Control Affiliates”) up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates.

Service	Range of Fees
Non-Audit Services
Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters	up to $10,000 in the aggregate

The Pre-Approval Policy requires the registrant’s independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s independent auditors for services rendered to the registrant and to its investment adviser and other service providers under common control with the adviser were $11,180,000 and $10,036,000 for the registrant’s fiscal years ended March 31, 2017 and March 31, 2016, respectively.

(h) In connection with its selection of the independent auditors, the registrant’s Audit Committee has considered the independent auditors’ provision of non-audit services to the registrant’s investment adviser and other service providers under common control with the adviser that were not required to be pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit Committee has determined that the independent auditors’ provision of these services is compatible with maintaining the auditors’ independence.

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 Company 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 fourth 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 K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	June 6, 2017

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 K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	June 6, 2017
/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	June 6, 2017