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, 2018

Item 1. Reports to Stockholders

Multi-asset mutual funds

Delaware Foundation Funds^®

Delaware Foundation^® Moderate Allocation Fund

Delaware Foundation Conservative Allocation Fund

March 31, 2018

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	3
Disclosure of Fund expenses	9
Security type / sector allocations, top 10 equity holdings and country allocations	10
Financial statements
Schedules of investments	14
Statements of assets and liabilities	68
Statements of operations	70
Statements of changes in net assets	71
Financial highlights	73
Notes to financial statements	81
Report of independent registered public accounting firm	102
Other Fund information	103
Board of trustees / directors and officers addendum	106
About the organization	109

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

The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited. MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Funds are governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of March 31, 2018, and subject to change for events occurring after such date.

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

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

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

© 2018 Macquarie Management Holdings, Inc.

Portfolio management review
Delaware Foundation Funds®	April 10, 2018
(Unaudited)

Performance preview (for the year ended March 31, 2018)
Delaware Foundation® Moderate Allocation Fund (Institutional Class shares)*	1-year return	+8.69%
Delaware Foundation Moderate Allocation Fund (Class A shares)	1-year return	+8.35%
S&P 500® Index (benchmark)	1-year return	+13.99%
Bloomberg Barclays US Aggregate Index (benchmark)	1-year return	+1.20%
Lipper Mixed-Asset Target Allocation Moderate Funds Average	1-year return	+7.56%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Foundation Moderate Allocation Fund, please see the table on page 3. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.

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 5 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.

*The total return for the report period presented in the table differs from the return in “Financial highlights.” The total return presented in the above table is calculated based on the net asset value (NAV) at which shareholder transactions were processed. The total return presented in “Financial highlights” is calculated in the same manner, but also takes into account certain adjustments that are necessary under US generally accepted accounting principles (US GAAP) required in the annual report.

Delaware Foundation Conservative Allocation Fund (Institutional Class shares)	1-year return	+6.58%
Delaware Foundation Conservative Allocation Fund (Class A shares)	1-year return	+6.33%
Bloomberg Barclays US Aggregate Index (benchmark)	1-year return	+1.20%
Lipper Mixed-Asset Target Allocation Conservative Funds Average	1-year return	+4.82%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Foundation Conservative Allocation Fund, please see the table on page 6.

Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.

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 40% and 60% equity securities, with the remainder invested in bonds, cash, and cash equivalents.

Please see page 8 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.

Jackson Square Partners, LLC (JSP), a US registered investment advisor, 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. Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust (MIMBT), has ultimate responsibility for all investment advisory services.

Overview

Both Delaware Foundation Funds posted a positive return for the 1-year period ended March 31, 2018. Delaware Foundation Moderate Allocation Fund delivered lower returns than the S&P 500 Index, which we did not find surprising because it held fixed

income securities, which generally underperformed equities for the 12-month period. Conversely, 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.

(continues) 1

Portfolio management review

Delaware Foundation Funds^®

The 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, or when the US dollar is appreciating relative to other currencies, these Funds will tend to struggle. However, during the fiscal year ended March 31, 2018, both Delaware Foundation Funds delivered returns that were above the average returns of their respective Lipper peer groups, as shown on page 1.

Economic backdrop

In the period from April 1, 2017 to March 31, 2018, the prices of risky assets around the world generally rose. In the equity markets, US and international growth equities and emerging market equities produced the highest returns, while US and international value equities and US small-cap equities generally lagged behind. In the fixed income markets, global fixed income securities generated higher returns than US fixed income securities.

The currency markets experienced considerable fluctuations during the 12-month period. The trade-weighted US dollar depreciated by 10.3% over the period, and the trade-weighted Japanese yen fell by 0.7%. The trade-weighted euro appreciated by 8.3%, and the trade-weighted British pound gained 2.9%, partly reversing the decline in the pound that had occurred in the summer of 2016 after the United Kingdom’s vote to leave the European Union. In general, a weaker trade-weighted dollar tends to enhance the competitiveness of US exporters, but means that imports look cheaper for US consumers. The fall in the value of the dollar and the yen may improve 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, 2018, the spot price of West Texas Intermediate crude oil rose 28.3%, and the relatively energy-intensive S&P GSCI^® index rose 16.7%. The Thomson Reuters/CoreCommodity CRB Index, which has a lower weight in energy-linked commodities, gained 5.1% 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 2017, both 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, 2018. 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, 2018, the active positioning of the Funds with respect to the strategic policy weights of different asset classes detracted from the active performance of both Funds, 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 impact on performance during the 12 months ended March 31, 2018. The estimated impact from these instruments amounted to 0.37% for Delaware Foundation Moderate Allocation Fund, and 0.29% 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.

2

Performance summaries
Delaware Foundation® Moderate Allocation Fund	March 31, 2018
(Unaudited)

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800 523-1918 or visiting delawarefunds.com/performance.

Fund and benchmark performance^1,2

	Average annual total returns through March 31, 2018
	1 year		5 years		10 years		Lifetime
Class A (Est. Dec. 31, 1997)
Excluding sales charge		+8.35%		+5.81%		+6.10%		+5.11%
Including sales charge		+2.09%		+4.57%		+5.47%		+4.80%
Class C (Est. Dec. 31, 1997)
Excluding sales charge		+7.53%		+5.01%		+5.29%		+4.33%
Including sales charge		+6.53%		+5.01%		+5.29%		+4.33%
Class R (Est. June 2, 2003)
Excluding sales charge		+8.11%*		+5.53%		+5.81%		+6.19%
Including sales charge		+8.11%*		+5.53%		+5.81%		+6.19%
Institutional Class (Est. Dec. 31, 1997)
Excluding sales charge		+8.69%*		+6.07%		+6.35%		+5.36%
Including sales charge		+8.69%*		+6.07%		+6.35%		+5.36%
S&P 500 Index		+13.99%		+13.31%		+9.49%		+7.06%**
Bloomberg Barclays US Aggregate Index		+1.20%		+1.82%		+3.63%		+4.84%**

*Total returns for the report period presented in the table differ from the returns in “Financial highlights.” The total returns presented in the above table are calculated based on the net asset value (NAV) at which shareholder transactions were processed. The total returns presented in “Financial highlights” are calculated in the same manner, but also take into account certain adjustments that are necessary under US generally accepted accounting principles (US GAAP) required in the annual report.

**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 4. Performance would have been lower had expense limitations not been in effect.

Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.

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.

(continues) 3

Performance summaries

Delaware Foundation^® Moderate Allocation Fund

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.

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

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.

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.

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. Each Fund has a different level of risk.

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.

²The 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, 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, 2017 to March 31, 2018.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Fund expense ratios	Class A	Class C	Class R	Institutional Class
Total annual operating expenses (without fee waivers)	1.18%	1.94%	1.44%	0.94%
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 July 29, 2016, through July 30, 2018.

4

Performance of a $10,000 investment¹

Average annual total returns from March 31, 2008, through March 31, 2018

	Starting value (March 31, 2008)	Ending value (March 31, 2018)
S&P 500 Index	$10,000	$24,771
Delaware Foundation® Moderate Allocation Fund — Institutional Class shares	$10,000	$18,509
Delaware Foundation Moderate Allocation Fund — Class A shares	$9,425	$17,041
Bloomberg Barclays US Aggregate Index	$10,000	$14,286

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, 2008, 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 4. Please note additional details on pages 3 through 5.

The graph also assumes $10,000 invested in the Bloomberg Barclays US Aggregate Index and the S&P 500 Index as of March 31, 2008.

The Bloomberg 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.

The S&P GSCI, formerly Goldman Sachs Commodity Index, mentioned on page 2, is a world production-weighted index composed of the principal physical commodities that are the subject of active, liquid futures markets.

The Thomson Reuters/CoreCommodity CRB Index, mentioned on page 2, is a widely recognized measure of global commodities markets. It is made up of 19 components considered to be significant commodities, including silver, sugar, wheat, aluminum, and soy beans.

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) 5

Performance summaries
Delaware Foundation® Conservative Allocation Fund	March 31, 2018
(Unaudited)

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800 523-1918 or visiting delawarefunds.com/performance.

Fund and benchmark performance^1,2    

	Average annual total returns through March 31, 2018
	1 year		5 years		10 years		Lifetime
Class A (Est. Dec. 31, 1997)
Excluding sales charge		+6.33%		+4.49%		+5.77%		+4.84%
Including sales charge		+0.17%		+3.26%		+5.15%		+4.53%
Class C (Est. Dec. 31, 1997)
Excluding sales charge		+5.52%*		+3.70%		+4.98%		+4.06%
Including sales charge		+4.52%*		+3.70%		+4.98%		+4.06%
Class R (Est. June 2, 2003)
Excluding sales charge		+6.07%		+4.23%		+5.52%		+5.54%
Including sales charge		+6.07%		+4.23%		+5.52%		+5.54%
Institutional Class (Est. Dec. 31, 1997)
Excluding sales charge		+6.58%		+4.74%		+6.04%		+5.10%
Including sales charge		+6.58%		+4.74%		+6.04%		+5.10%
Bloomberg Barclays US Aggregate Index		+1.20%		+1.82%		+3.63%		+4.84%**

*Total returns for the report period presented in the table differ from the returns in “Financial highlights.” The total returns presented in the above table are calculated based on the net asset value (NAV) at which shareholder transactions were processed. The total returns presented in “Financial highlights” are calculated in the same manner, but also take into account certain adjustments that are necessary under US generally accepted accounting principles (US GAAP) required in the annual report.

**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 7. Performance would have been lower had expense limitations not been in effect.

Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.

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.

6

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.

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.

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.

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. Each Fund has a different level of risk.

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, 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, 2017 to March 31, 2018.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Fund expense ratios	Class A	Class C	Class R	Institutional Class
Total annual operating expenses (without fee waivers)	1.42%	2.17%	1.67%	1.17%
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 July 29, 2016, through July 30, 2018.

(continues) 7

Performance summaries

Delaware Foundation^® Conservative Allocation Fund

Performance of a $10,000 investment¹

Average annual total returns from March 31, 2008, through March 31, 2018

	Starting value (March 31, 2008)	Ending value (March 31, 2018)
Delaware Foundation® Conservative Allocation Fund — Institutional Class shares	$10,000	$17,981
Delaware Foundation Conservative Allocation Fund — Class A shares	$9,425	$16,521
Bloomberg Barclays US Aggregate Index	$10,000	$14,286

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, 2008, 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 7. Please note additional details on pages 6 through 8.

The graph also assumes $10,000 invested in the Bloomberg Barclays US Aggregate Index as of March 31, 2008. The Bloomberg Barclays US Aggregate Index is a broad composite that tracks the investment grade domestic bond market.

The S&P 500 Index, mentioned on page 1, 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.

The S&P GSCI, formerly Goldman Sachs Commodity Index, mentioned on page 2, is a world production-weighted index composed of the principal physical commodities that are the subject of active, liquid futures markets.

The Thomson Reuters/CoreCommodity CRB Index, mentioned on page 2, is a widely recognized measure of global commodities markets. It is made up of 19 components considered to be significant commodities, including silver, sugar, wheat, aluminum, and soy beans.

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

8

Disclosure of Fund expenses

For the six-month period from October 1, 2017 to March 31, 2018 (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, 2017 to March 31, 2018.

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^® Moderate Allocation Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 10/1/17		Ending Account Value 3/31/18		Annualized Expense Ratio	Expenses Paid During Period 10/1/17 to 3/31/18*
Actual Fund return†
Class A		$1,000.00		$1,015.80	1.14%	$5.73
Class C		1,000.00		1,011.90	1.90%	9.53
Class R		1,000.00		1,013.70	1.40%	7.03
Institutional Class		1,000.00		1,017.00	0.90%	4.53
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

Delaware Foundation Conservative Allocation Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 10/1/17		Ending Account Value 3/31/18		Annualized Expense Ratio	Expenses Paid During Period 10/1/17 to 3/31/18*
Actual Fund return†
Class A		$1,000.00		$1,012.00	1.15%	$5.77
Class C		1,000.00		1,008.10	1.90%	9.51
Class R		1,000.00		1,010.70	1.40%	7.02
Institutional Class		1,000.00		1,013.20	0.90%	4.52
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.

9

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

Delaware Foundation^® Moderate Allocation Fund

As of March 31, 2018 (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	53.07%
US Markets	29.09%
Consumer Discretionary	2.42%
Consumer Staples	1.03%
Energy	1.98%
Financials	3.73%
Healthcare	4.43%
Industrials	2.83%
Information Technology	5.83%
Materials	0.90%
Real Estate	4.88%
Telecommunication Services	0.68%
Utilities	0.38%
Developed Markets	16.79%
Consumer Discretionary	3.15%
Consumer Staples	2.30%
Energy	0.58%
Financials	2.40%
Healthcare	2.01%
Industrials	3.50%
Information Technology	1.09%
Materials	0.99%
Real Estate	0.19%
Telecommunication Services	0.46%
Utilities	0.12%
Emerging Markets	7.19%
Consumer Discretionary	0.48%
Consumer Staples	0.87%
Energy	1.18%
Financials	1.01%
Healthcare	0.03%
Industrials	0.08%
Information Technology	2.61%
Materials	0.12%
Real Estate	0.07%
Telecommunication Services	0.74%
Exchange-Traded Funds	2.35%
Agency Asset-Backed Securities	0.02%
Agency Collateralized Mortgage Obligations	8.09%
Agency Commercial Mortgage-Backed Securities	0.42%
Agency Mortgage-Backed Securities	6.01%
Collateralized Debt Obligations	2.00%

Security type / sector	Percentage   of net assets
Corporate Bonds	17.39%
Banking	4.44%
Basic Industry	1.24%
Capital Goods	1.01%
Consumer Cyclical	0.45%
Consumer Non-Cyclical	1.96%
Energy	1.72%
Financials	0.63%
Insurance	0.49%
Media	0.38%
Real Estate	0.84%
Services	0.05%
Technology	0.58%
Telecommunications	0.96%
Transportation	0.47%
Utilities	2.17%
Loan Agreements	1.17%
Municipal Bonds	0.27%
Non-Agency Asset-Backed Securities	1.74%
Non-Agency Collateralized Mortgage Obligations	0.53%
Non-Agency Commercial Mortgage-Backed Securities	2.32%
Regional Bonds	0.06%
Sovereign Bonds	0.79%
Supranational Banks	0.01%
US Treasury Obligations	2.90%
Preferred Stock	0.53%
Short-Term Investments	3.41%
Total Value of Securities	103.08%
Liabilities Net of Receivables and Other Assets	(3.08%)
Total Net Assets	100.00%

10

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	0.62%
ITOCHU	0.53%
Samsung Electronics	0.50%
Microsoft	0.49%
Tencent Holdings	0.48%
Equity Residential	0.46%
Intel	0.45%
Deutsche Post	0.43%
Mitsubishi UFJ Financial Group	0.40%
Yue Yuen Industrial Holdings	0.39%
*Country / market	Percentage     of net assets
Developed Markets	22.70%
Australia	0.80%
Austria	0.05%
Belgium	0.06%
Bermuda	0.15%
Canada	0.94%
Cayman Islands	2.07%
Denmark	0.44%
Finland	0.07%
France	2.78%
Germany	1.50%
Hong Kong	0.97%
Ireland	0.17%
Israel	0.20%
Italy	0.58%
Japan	4.59%
Luxembourg	0.16%
Netherlands	1.75%
New Zealand	0.01%

*Country / market	Percentage     of net assets
Norway	0.04%
Portugal	0.09%
Singapore	0.06%
Spain	0.29%
Sweden	0.56%
Switzerland	1.20%
United Kingdom	3.17%
Emerging Markets	8.76%
Argentina	0.26%
Azerbaijan	0.05%
Brazil	0.85%
Chile	0.19%
China	2.27%
Colombia	0.09%
India	0.80%
Indonesia	0.22%
Malaysia	0.01%
Mexico	0.73%
Mongolia	0.08%
Morocco	0.08%
Peru	0.05%
Republic of Korea	1.40%
Russia	0.63%
South Africa	0.05%
Sri Lanka	0.08%
Taiwan	0.55%
Thailand	0.08%
Turkey	0.22%
United Arab Emirates	0.07%
Supranational	�� 0.01%
US Markets	68.20%
Total	99.67%

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

(continues) 11

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

Delaware Foundation^® Conservative Allocation Fund

As of March 31, 2018 (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		35.93%
US Markets		19.73%
Consumer Discretionary		1.64%
Consumer Staples		0.71%
Energy		1.36%
Financials		2.53%
Healthcare		3.00%
Industrials		1.86%
Information Technology		3.99%
Materials		0.61%
Real Estate		3.28%
Telecommunication Services		0.48%
Utilities		0.27%
Developed Markets		11.32%
Consumer Discretionary		2.14%
Consumer Staples		1.56%
Energy		0.36%
Financials		1.61%
Healthcare		1.36%
Industrials		2.35%
Information Technology		0.75%
Materials		0.67%
Real Estate		0.13%
Telecommunication Services		0.31%
Utilities		0.08%
Emerging Markets		4.88%
Consumer Discretionary		0.32%
Consumer Staples		0.60%
Energy		0.79%
Financials		0.68%
Healthcare		0.02%
Industrials		0.05%
Information Technology		1.79%
Materials		0.09%
Real Estate		0.05%
Telecommunication Services		0.49%
Exchange-Traded Funds		1.47%
Agency Collateralized Mortgage Obligations		11.37%
Agency Commercial Mortgage-Backed Securities		0.70%
Agency Mortgage-Backed Securities		8.31%
Collateralized Debt Obligations		2.94%

Security type / sector	Percentage   of net assets
Corporate Bonds		22.60%
Banking		5.54%
Basic Industry		1.48%
Capital Goods		1.63%
Consumer Cyclical		0.46%
Consumer Non-Cyclical		2.00%
Energy		2.13%
Financials		0.96%
Insurance		0.69%
Media		0.61%
Real Estate		1.43%
Services		0.07%
Technology		0.56%
Telecommunications		1.52%
Transportation		0.57%
Utilities		2.95%
Loan Agreements		1.83%
Municipal Bonds		0.42%
Non-Agency Asset-Backed Securities		1.71%
Non-Agency Collateralized Mortgage Obligations		1.36%
Non-Agency Commercial Mortgage-Backed Securities		3.48%
Regional Bond		0.07%
Sovereign Bonds		0.74%
Supranational Banks		0.04%
US Treasury Obligations		5.89%
Preferred Stock		0.84%
Short-Term Investments		3.00%
Total Value of Securities		102.70%
Liabilities Net of Receivables and Other Assets		(2.70%)
Total Net Assets		100.00%

12

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	0.42%
Samsung Electronics	0.34%
Microsoft	0.34%
ITOCHU	0.33%
Tencent Holdings	0.31%
Equity Residential	0.31%
Deutsche Post	0.29%
Intel	0.29%
AT&T	0.27%
Yue Yuen Industrial Holdings	0.26%
*Country / market	Percentage   of net assets
Developed Markets	18.42%
Australia	0.58%
Austria	0.03%
Belgium	0.04%
Canada	0.94%
Cayman Islands	3.07%
Denmark	0.30%
Finland	0.05%
France	1.85%
Germany	1.08%
Hong Kong	0.66%
Ireland	0.04%
Israel	0.13%
Italy	0.65%
Japan	3.39%
Luxembourg	0.09%
Netherlands	1.15%
Norway	0.03%
Portugal	0.07%
Singapore	0.04%
Spain	0.15%
Sweden	0.37%
Switzerland	1.17%
United Kingdom	2.54%

*Country / market	Percentage   of net assets
Emerging Markets	5.25%
Argentina	0.17%
Brazil	0.51%
Chile	0.02%
China	1.38%
India	0.54%
Indonesia	0.05%
Malaysia	0.01%
Mexico	0.35%
Morocco	0.26%
Peru	0.04%
Republic of Korea	0.90%
Russia	0.43%
South Africa	0.04%
Taiwan	0.39%
Thailand	0.06%
Turkey	0.10%
Supranational	0.04%
US Markets	75.99%
Total	99.70%

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

13

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

March 31, 2018

	Number of   shares		Value     (US $)
Common Stock – 53.07%
US Markets – 29.09%
Consumer Discretionary – 2.42%
Amazon.com †		290	$	419,729
American Eagle Outfitters		2,715		54,110
Aramark		3,540		140,042
BorgWarner		3,040		152,699
Century Communications =†		25,000		0
Cheesecake Factory		2,355		113,558
Chuy’s Holdings †		2,855		74,801
Cinemark Holdings		1,890		71,196
Comcast Class A		5,030		171,875
Del Frisco’s Restaurant Group †		3,460		52,765
Dollar General		4,198		392,723
Dollar Tree †		7,000		664,300
Domino’s Pizza		1,218		284,476
Five Below †		1,600		117,344
Home Depot		2,190		390,346
Jack in the Box		1,430		122,022
Liberty Global Class A †		2,625		82,189
Liberty Global Class C †		11,426		347,693
Liberty Interactive Corp. QVC Group Class A †		13,392		337,077
Lowe’s		7,700		675,675
Malibu Boats Class A †		3,478		115,504
NIKE Class B		2,780		184,703
Starbucks		3,110		180,038
Steven Madden		5,430		238,377
Tenneco		2,665		146,229
Toll Brothers		2,240		96,880
Tractor Supply		1,250		78,775
TripAdvisor †		7,113		290,851
Walt Disney		2,510		252,104
				6,248,081
Consumer Staples – 1.03%
Archer-Daniels-Midland		17,000		737,290
Casey’s General Stores		1,310		143,799
CVS Health		9,700		603,437
General Mills		2,830		127,520
J&J Snack Foods		941		128,503
Mondelez International		16,500		688,545
PepsiCo		1,370		149,535
Pinnacle Foods		1,560		84,396
				2,663,025
Energy – 1.98%
Carrizo Oil & Gas †		6,285		100,560
Chevron		8,430		961,357
ConocoPhillips		13,700		812,273

	Number of   shares		Value     (US $)
Common Stock (continued)
US Markets (continued)
Energy (continued)
EOG Resources		2,000	$	210,540
Halliburton		19,530		916,738
Keane Group †		5,330		78,884
Marathon Oil		43,289		698,252
Occidental Petroleum		12,300		799,008
Pioneer Energy Services †		15,985		43,159
Pioneer Natural Resources		1,420		243,928
SRC Energy †		15,560		146,731
Superior Energy Services †		5,665		47,756
US Silica Holdings		2,475		63,162
				5,122,348
Financials – 3.73%
Allstate		7,300		692,040
American Equity Investment Life Holding		3,375		99,090
Bank of New York Mellon		13,000		669,890
BB&T		14,500		754,580
BlackRock		470		254,608
Bryn Mawr Bank		1,385		60,871
Capital One Financial		1,810		173,434
CenterState Bank		3,165		83,967
Charles Schwab		8,265		431,598
City Holding		1,261		86,454
CME Group		1,830		295,984
CoBiz Financial		4,280		83,888
Comerica		1,930		185,145
East West Bancorp		2,700		168,858
Essent Group †		3,915		166,622
Evercore Class A		1,590		138,648
FCB Financial Holdings Class A †		2,010		102,711
First Bancorp (North Carolina)		2,410		85,917
First Interstate BancSystem		2,915		115,288
Great Western Bancorp		3,746		150,851
Hope Bancorp		7,115		129,422
Houlihan Lokey		1,230		54,858
Independent Bank		1,255		89,795
Independent Bank Group		1,515		107,111
Infinity Property & Casualty		765		90,576
Intercontinental Exchange		8,235		597,202
Invesco		5,310		169,973
JPMorgan Chase & Co.		4,320		475,070
KeyCorp		12,270		239,879
MainSource Financial Group		2,295		93,292
Marsh & McLennan		8,700		718,533
MGIC Investment †		20,160		262,080

14

	Number of   shares		Value     (US $)
Common Stock (continued)
US Markets (continued)
Financials (continued)
Old National Bancorp		6,995	$	118,215
Primerica		1,490		143,934
Prudential Financial		1,280		132,544
Raymond James Financial		1,620		144,844
Reinsurance Group of America		560		86,240
Selective Insurance Group		2,215		134,451
State Street		1,540		153,584
Sterling Bancorp		6,165		139,021
Stifel Financial		2,405		142,448
Travelers		890		123,585
Umpqua Holdings		5,990		128,246
United Bankshares		2,604		91,791
US Bancorp		2,840		143,420
WSFS Financial		3,120		149,448
				9,660,006
Healthcare – 4.43%
Abbott Laboratories		16,540		991,077
AbbVie		1,740		164,691
Adamas Pharmaceuticals †		3,985		95,241
Allergan		1,770		297,873
Biogen †		1,461		400,051
Brookdale Senior Living †		15,675		105,179
Cardinal Health		10,800		676,944
Catalent †		3,500		143,710
Celgene †		1,410		125,786
Cigna		950		159,353
Clovis Oncology †		2,125		112,200
CONMED		2,840		179,857
CryoLife †		6,672		133,774
DENTSPLY SIRONA		5,618		282,642
DexCom †		2,030		150,545
Edwards Lifesciences †		1,010		140,915
Eli Lilly & Co.		1,570		121,471
Encompass Health		2,855		163,220
Exact Sciences †		2,970		119,780
Express Scripts Holding †		12,380		855,210
Illumina †		1,036		244,931
IQVIA Holdings †		4,500		441,495
Johnson & Johnson		7,710		988,037
Ligand Pharmaceuticals Class B †		955		157,728
Medicines †		3,525		116,113
Merck & Co.		14,740		802,888
Merit Medical Systems †		3,470		157,365
Natera †		5,548		51,430
NuVasive †		1,715		89,540

	Number of   shares		Value     (US $)
Common Stock (continued)
US Markets (continued)
Healthcare (continued)
Pfizer		19,722	$	699,934
Prestige Brands Holdings †		2,943		99,238
Quest Diagnostics		7,100		712,130
Quidel †		3,790		196,360
Repligen †		3,415		123,555
Retrophin †		4,740		105,986
Spark Therapeutics †		1,215		80,907
Spectrum Pharmaceuticals †		1,680		27,031
TESARO †		1,020		58,283
Thermo Fisher Scientific		880		181,685
UnitedHealth Group		1,113		238,182
Vanda Pharmaceuticals †		7,905		133,199
Vertex Pharmaceuticals †		850		138,533
West Pharmaceutical Services		870		76,812
Wright Medical Group †		5,705		113,187
				11,454,068
Industrials – 2.83%
AAON		2,796		109,044
ABM Industries		3,925		131,409
Applied Industrial Technologies		2,155		157,099
ASGN †		1,595		130,599
Barnes Group		2,478		148,407
Casella Waste Systems †		5,636		131,770
Columbus McKinnon		3,388		121,426
Continental Building Products †		7,545		215,410
Eaton		1,470		117,468
ESCO Technologies		2,004		117,334
Federal Signal		5,105		112,412
FedEx		2,040		489,824
Gates Industrial †		3,120		54,631
Granite Construction		2,238		125,015
Hawaiian Holdings		1,435		55,535
Honeywell International		850		122,833
Ingersoll-Rand		850		72,683
Kadant		1,556		147,042
KeyW Holding †		4,140		32,540
Kforce		5,355		144,853
KLX †		2,010		142,831
Knight-Swift Transportation Holdings		2,890		132,969
Lockheed Martin		400		135,172
MasTec †		1,070		50,343
MYR Group †		3,670		113,109
Navigant Consulting †		4,680		90,043
Nielsen Holdings		2,130		67,713

(continues) 15

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

	Number of   shares		Value     (US $)
Common Stock (continued)
US Markets (continued)
Industrials (continued)
Northrop Grumman		2,300	$	802,976
Oshkosh		1,110		85,770
Parker-Hannifin		1,310		224,049
Raytheon		3,800		820,116
Rockwell Automation		290		50,518
Rockwell Collins		600		80,910
Southwest Airlines		2,350		134,608
Tetra Tech		2,790		136,571
Union Pacific		1,920		258,106
United Technologies		1,920		241,574
US Ecology		2,885		153,771
WageWorks †		1,827		82,580
Waste Management		8,600		723,432
Woodward		715		51,237
				7,315,732
Information Technology – 5.83%
Accenture Class A		1,170		179,595
Adobe Systems †		790		170,703
Alphabet Class A †		937		971,800
Alphabet Class C †		220		226,994
Analog Devices		1,400		127,582
Anixter International †		1,650		124,987
Apple		3,785		635,047
Applied Materials		7,136		396,833
Apptio Class A †		1,505		42,652
Arista Networks †		1,035		264,235
Belden		1,780		122,713
Broadcom		870		205,015
Brooks Automation		4,145		112,247
CA		20,445		693,085
Callidus Software †		7,010		252,009
Cisco Systems		22,650		971,459
Convergys		2,435		55,080
eBay †		11,194		450,447
Electronic Arts †		2,823		342,260
ExlService Holdings †		2,280		127,156
Facebook Class A †		1,530		244,479
GrubHub †		2,480		251,646
II-VI †		2,650		108,385
Intel		22,370		1,165,030
j2 Global		1,810		142,845
MACOM Technology Solutions Holdings †		2,380		39,508
Mastercard Class A		3,950		691,882
MaxLinear Class A †		6,020		136,955
Microsoft		13,946		1,272,851
NETGEAR †		2,165		123,838

	Number of   shares		Value     (US $)
Common Stock (continued)
US Markets (continued)
Information Technology (continued)
Oracle		16,070	$	735,203
Paycom Software †		1,175		126,183
PayPal Holdings †		11,202		849,896
Plantronics		1,985		119,834
Proofpoint †		1,885		214,230
PTC †		1,330		103,753
Q2 Holdings †		2,120		96,566
salesforce.com †		1,520		176,776
Semtech †		3,825		149,366
ServiceNow †		400		66,180
Silicon Laboratories †		1,115		100,239
SS&C Technologies Holdings		2,360		126,590
Symantec		9,476		244,955
Take-Two Interactive Software †		4,095		400,409
Tyler Technologies †		810		170,878
Visa Class A		6,311		754,922
				15,085,298
Materials – 0.90%
Axalta Coating Systems †		2,200		66,418
Balchem		965		78,889
Boise Cascade		4,000		154,400
DowDuPont		13,212		841,736
Eastman Chemical		2,100		221,718
Kaiser Aluminum		1,435		144,791
Minerals Technologies		2,450		164,027
Neenah		2,325		182,280
Quaker Chemical		870		128,873
Venator Materials †		2,875		52,009
WestRock		2,544		163,248
Worthington Industries		3,050		130,906
				2,329,295
Real Estate – 4.88%
American Tower		1,950		283,413
Apartment Investment & Management		3,900		158,925
Armada Hoffler Properties		3,545		48,531
AvalonBay Communities		2,900		476,934
Boston Properties		3,600		443,592
Brandywine Realty Trust		26,875		426,775
Brixmor Property Group		4,950		75,487
Camden Property Trust		600		50,508
Cousins Properties		7,500		65,100
Crown Castle International		3,988		437,125
DCT Industrial Trust		4,268		240,459
DDR		13,775		100,971
Douglas Emmett		7,600		279,376

16

	Number of   shares		Value     (US $)
Common Stock (continued)
US Markets (continued)
Real Estate (continued)
EastGroup Properties		1,265	$       104,565
Empire State Realty Trust		2,450	41,135
Equinix		535	223,705
Equity LifeStyle Properties		2,100	184,317
Equity Residential		19,120	1,178,174
Essex Property Trust		1,575	379,071
Extra Space Storage		1,950	170,352
Federal Realty Investment Trust		1,025	119,013
First Industrial Realty Trust		13,525	395,336
GGP		17,525	358,561
Gramercy Property Trust		6,070	131,901
Highwoods Properties		4,200	184,044
Host Hotels & Resorts		13,750	256,300
JBG SMITH Properties		2,087	70,353
Kilroy Realty		2,575	182,722
Kimco Realty		9,225	132,840
Kite Realty Group Trust		7,962	121,261
LaSalle Hotel Properties		1,850	53,669
Lexington Realty Trust		9,000	70,830
Macerich		2,300	128,846
Mack-Cali Realty		5,565	92,991
Mid-America Apartment Communities		1,946	177,553
National Retail Properties		3,225	126,613
Omega Healthcare Investors		2,800	75,712
Pebblebrook Hotel Trust		7,025	241,309
Prologis		10,375	653,521
PS Business Parks		1,150	129,996
Public Storage		2,100	420,819
Ramco-Gershenson Properties Trust		17,130	211,727
Regency Centers		5,548	327,221
RLJ Lodging Trust		4,450	86,508
Simon Property Group		6,300	972,405
SL Green Realty		3,100	300,173
Spirit Realty Capital		11,300	87,688
Tanger Factory Outlet Centers		4,400	96,800
Taubman Centers		1,025	58,333
UDR		6,775	241,325
Urban Edge Properties		1,950	41,633
Ventas		6,300	312,039
Vornado Realty Trust		4,200	282,660
Welltower		2,250	122,467
			12,633,684
Telecommunication Services – 0.68%
AT&T		27,710	987,861

	Number of   shares		Value     (US $)
Common Stock (continued)
US Markets (continued)
Telecommunication Services (continued)
ATN International		2,045	$         121,923
Verizon Communications		13,800	659,916
			1,769,700
Utilities – 0.38%
Edison International		8,400	534,744
NorthWestern		3,055	164,359
South Jersey Industries		4,775	134,464
Spire		2,200	159,060
			992,627
Total US Markets (cost $48,770,208)			75,273,864
Developed Markets – 16.79%§
Consumer Discretionary – 3.15%
Bandai Namco Holdings		3,200	105,108
Bayerische Motoren Werke		6,679	726,473
Cie Generale des Etablissements Michelin		4,597	680,552
Denso		3,400	185,969
Donaco International		206,000	34,808
Industria de Diseno Textil		4,480	140,845
Kering		1,530	733,814
Luxottica Group		2,100	130,462
LVMH Moet Hennessy Louis Vuitton		445	137,137
Nitori Holdings		1,048	185,213
Oriental Land		2,400	245,064
Playtech		63,219	650,198
Publicis Groupe		3,469	241,553
Sekisui Chemical		8,900	155,241
Sodexo		1,230	123,797
Stanley Electric		4,400	162,511
Techtronic Industries		140,500	824,607
Toyota Motor		14,789	948,592
USS		6,100	123,255
Valeo		7,420	490,834
WPP		7,400	117,598
Yue Yuen Industrial Holdings		254,500	1,019,646
			8,163,277
Consumer Staples – 2.30%
Aeon		6,000	107,110
Anheuser-Busch InBev		1,350	148,428
Asahi Group Holdings		2,100	111,843
British American Tobacco		3,485	201,457
Carlsberg Class B		6,044	721,621
Chocoladefabriken Lindt & Spruengli		25	155,105

(continues) 17

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

	Number of   shares		Value     (US $)
Common Stock (continued)
Developed Markets§ (continued)
Consumer Staples (continued)
Coca-Cola Amatil		18,795	$       125,858
Coca-Cola European Partners		3,470	144,400
Coca-Cola HBC †		3,550	131,374
Diageo		4,450	150,498
Essity Class B †		5,450	151,037
Imperial Brands		14,220	484,184
Japan Tobacco		23,600	680,021
Jeronimo Martins		5,230	95,126
Koninklijke Ahold Delhaize		7,302	173,028
L’Oreal		1,230	277,806
Matsumotokiyoshi Holdings		12,300	520,182
Nestle		4,170	329,603
Reckitt Benckiser Group (United Kingdom)		1,290	108,886
Sundrug		2,800	129,336
Suntory Beverage & Food		2,800	136,046
Tate & Lyle		15,200	116,092
Treasury Wine Estates		10,050	131,306
Unilever		2,670	148,085
Unilever CVA		3,800	214,493
WH Group 144A #		137,500	147,329
Woolworths Group		5,970	121,173
			5,961,427
Energy – 0.58%
Caltex Australia		4,505	109,431
Galp Energia		7,700	145,212
Neste		2,000	139,210
Suncor Energy		13,900	480,002
TOTAL		10,738	615,499
			1,489,354
Financials – 2.40%
AIA Group		41,800	357,335
AXA		27,822	739,593
Banco Espirito Santo Class R =†		285,000	0
Banco Santander		39,598	259,184
Bank Leumi Le-Israel		28,800	173,965
DBS Group Holdings		7,900	166,867
ING Groep		42,780	721,921
Investec		20,000	154,566
Mediobanca Banca di Credito Finanziario		7,600	89,349
Mitsubishi UFJ Financial Group		156,173	1,023,003
Nomura Holdings		32,300	186,779
Nordea Bank		75,668	809,645
Prudential		7,950	198,660

	Number of   shares		Value     (US $)
Common Stock (continued)
Developed Markets§ (continued)
Financials (continued)
Standard Chartered		66,380	$	665,284
UniCredit †		32,073		670,362
				6,216,513
Healthcare – 2.01%
Astellas Pharma		15,100		229,044
Bayer		2,330		262,670
Fresenius SE & Co.		2,600		198,809
Indivior †		27,900		159,486
Koninklijke Philips		22,590		865,017
Lonza Group †		500		117,920
Merck		860		82,515
Novartis		10,030		811,235
Novo Nordisk Class B		6,550		322,167
Orion Class B		1,680		51,429
Roche Holding		1,950		447,324
Sanofi		4,757		381,702
Shire		19,883		989,573
Smith & Nephew		8,130		152,088
Sumitomo Dainippon Pharma		7,100		119,173
				5,190,152
Industrials – 3.50%
ABB		6,950		165,259
ANDRITZ		2,275		127,213
Ashtead Group		6,220		169,599
Brenntag		2,850		169,667
Cie de Saint-Gobain		2,940		155,247
Deutsche Post		25,168		1,102,341
East Japan Railway		5,741		532,097
Eiffage		1,070		121,864
Elbit Systems		710		85,491
Fraport Frankfurt Airport Services Worldwide		1,500		148,038
Fuji Electric		19,000		129,280
ITOCHU		70,849		1,375,964
Japan Airlines		4,000		160,970
Leonardo		32,242		372,883
Meggitt		74,572		452,393
MINEBEA MITSUMI		29,300		625,625
Mitsubishi Electric		8,500		135,922
Qantas Airways		27,400		123,617
Rexel		15,821		268,004
Rolls-Royce Holdings †		8,850		108,201
Safran		1,720		182,543
Schneider Electric		1,890		166,436
Teleperformance		4,189		649,617
Tokyu		11,900		185,425
Vestas Wind Systems		1,380		98,742

18

	Number of   shares		Value     (US $)
Common Stock (continued)
Developed Markets§ (continued)
Industrials (continued)
Vinci		7,991	$	787,074
Volvo Class B		10,400		190,365
Wolters Kluwer		2,755		146,524
Yamato Holdings		4,600		115,362
				9,051,763
Information Technology – 1.09%
Amadeus IT Group		2,160		159,847
ASM Pacific Technology		11,700		164,834
ASML Holding (New York Shares)		1,134		225,167
Atos		1,200		164,411
CGI Group Class A †		10,004		576,937
Computershare		10,000		134,105
Fujitsu		19,000		116,923
Infineon Technologies		6,410		172,386
InterXion Holding †		2,315		143,785
Nice †		1,680		156,973
Sage Group		12,500		112,318
SAP		1,905		199,990
Seiko Epson		7,500		133,288
Tokyo Electron		1,000		188,102
Trend Micro		2,800		167,097
				2,816,163
Materials – 0.99%
Akzo Nobel		1,880		177,628
Alamos Gold		24,971		129,860
Anglo American		3,500		81,531
BlueScope Steel		10,350		121,770
Covestro 144A #		1,605		158,040
CRH		4,750		160,892
Daicel		12,900		140,875
Givaudan		80		182,507
Johnson Matthey		2,702		115,271
Kuraray		8,100		137,633
Norsk Hydro		17,800		105,584
Rio Tinto		10,979		557,119
Shin-Etsu Chemical		2,500		258,564
South32		56,200		141,240
Yamana Gold		34,383		95,008
				2,563,522
Real Estate – 0.19%
Azrieli Group		1,900		91,335
Daito Trust Construction		1,000		172,830
Klepierre		3,000		120,922
Mirvac Group		64,750		107,607
				492,694

	Number of   shares		Value     (US $)
Common Stock (continued)
Developed Markets§ (continued)
Telecommunication Services – 0.46%
Nippon Telegraph & Telephone		15,086	$	694,717
Tele2 Class B		23,736		285,837
Vodafone Group		80,800		221,071
				1,201,625
Utilities – 0.12%
National Grid		11,403		128,358
Tokyo Gas		7,000		185,616
				313,974
Total Developed Markets (cost $31,793,367)				43,460,464
Emerging Markets – 7.19%v
Consumer Discretionary – 0.48%
Arcos Dorados Holdings Class A		19,500		178,425
Astra International		340,400		181,026
B2W Cia Digital †		45,044		347,914
Ctrip.com International ADR †		3,300		153,846
Grupo Televisa ADR		9,250		147,630
Hyundai Motor		796		107,164
Woolworths Holdings		23,228		117,751
				1,233,756
Consumer Staples – 0.87%
Atacadao Distribuicao Comercio e Industria †		16,400		75,009
BRF ADR †		12,660		87,607
China Mengniu Dairy		74,000		255,380
Cia Brasileira de Distribuicao ADR		6,900		139,380
Cia Cervecerias Unidas ADR		3,300		97,053
Coca-Cola Femsa ADR		5,600		372,008
Fomento Economico Mexicano ADR		1,625		148,574
Lotte Chilsung Beverage		89		128,085
Lotte Confectionery		367		59,910
Tingyi Cayman Islands Holding		157,816		327,369
Uni-President China Holdings		309,000		268,122
Wal-Mart de Mexico		44,372		112,907
X5 Retail Group GDR †		5,501		184,484
				2,255,888
Energy – 1.18%
China Petroleum & Chemical		198,850		176,396
Gazprom PJSC ADR		55,537		270,806
LUKOIL PJSC ADR		4,500		311,490
Petroleo Brasileiro ADR †		22,200		313,908

(continues) 19

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

	Number of   shares		Value     (US $)
Common Stock (continued)
Emerging Marketsv (continued)
Energy (continued)
PTT		11,991	$	211,674
Reliance Industries GDR 144A #		59,018		1,605,065
Rosneft Oil PJSC GDR		27,910		153,307
				3,042,646
Financials – 1.01%
Akbank Turk		108,919		263,650
Banco Bradesco ADR		13,240		157,291
Banco Santander Brasil ADR		8,100		97,362
Banco Santander Mexico ADR		18,600		133,362
Grupo Financiero Banorte		19,600		119,810
ICICI Bank ADR		21,690		191,957
Industrial & Commercial Bank of China		253,000		220,486
Itau Unibanco Holding ADR		17,640		275,184
KB Financial Group ADR		4,489		260,093
Ping An Insurance Group Co. of China		17,500		180,437
Samsung Life Insurance		2,564		279,036
Sberbank of Russia PJSC		98,223		433,613
				2,612,281
Healthcare – 0.03%
Hypera		6,600		72,068
				72,068
Industrials – 0.08%
Gol Linhas Aereas Inteligentes ADR †		7,650		99,373
Lotte †		1,668		99,370
				198,743
Information Technology – 2.61%
Alibaba Group Holding ADR †		5,000		917,700
Baidu ADR †		1,325		295,727
Hon Hai Precision Industry		73,978		224,545
Mail.Ru Group GDR †		2,614		91,060
MediaTek		43,000		502,161
NAVER		137		101,796
Samsung Electronics		561		1,295,263
SINA †		5,800		604,766
SK Hynix		2,822		215,244
Sohu.com †		9,500		293,740
Taiwan Semiconductor Manufacturing		61,069		518,386
Taiwan Semiconductor Manufacturing ADR		4,000		175,040
Tencent Holdings		23,000		1,234,630

	Number of   shares		Value     (US $)
Common Stock (continued)
Emerging Marketsv (continued)
Information Technology (continued)
Weibo ADR †		1,060	$	126,712
WNS Holdings ADR †		3,780		171,347
				6,768,117
Materials – 0.12%
Cemex ADR †		10,426		69,020
Cia de Minas Buenaventura ADR		9,400		143,162
Impala Platinum Holdings †		5,403		10,760
UltraTech Cement		1,577		95,987
				318,929
Real Estate – 0.07%
Etalon Group GDR 144A #		16,400		50,020
IRSA Inversiones y Representaciones ADR		4,500		106,425
UEM Sunrise †		147,519		38,520
				194,965
Telecommunication Services – 0.74%
America Movil Class L ADR		12,620		240,916
China Mobile		25,421		232,993
LG Uplus		8,918		102,491
Mobile TeleSystems PJSC ADR		7,600		86,564
SK Telecom ADR		31,200		754,104
Telefonica Brasil ADR		8,905		136,781
TIM Participacoes ADR		8,900		192,863
Turkcell Iletisim Hizmetleri ADR		12,450		119,022
VEON ADR		15,392		40,635
				1,906,369
Total Emerging Markets (cost $12,545,033)				18,603,762
Total Common Stock (cost $93,108,608)				137,338,090
Exchange-Traded Funds – 2.35%
iShares MSCI EAFE ETF		450		31,356
iShares MSCI EAFE Growth ETF		2,695		216,597
iShares Russell 1000 Growth ETF		32,715		4,452,184
Vanguard FTSE Developed Markets ETF		1,330		58,853
Vanguard Mega Cap Growth ETF		5,945		667,267

20

	Number of   shares		Value     (US $)
Exchange-Traded Funds (continued)
Vanguard Russell 1000 Growth ETF		4,700	$	655,697
Total Exchange-Traded Funds (cost $4,906,353)				6,081,954
	Principal amount°
Agency Asset-Backed Securities – 0.02%
Fannie Mae Grantor Trust Series 2003-T4 2A5 4.703% 9/26/33 ●		44,151		47,565
Fannie Mae REMIC Trust Series 2002-W11 AV1 2.212% (LIBOR01M + 0.34%, Floor 0.17%) 11/25/32 ●		2,318		2,269
Total Agency Asset-Backed Securities (cost $46,113)				49,834
Agency Collateralized Mortgage Obligations – 8.09%
Fannie Mae Grantor Trust Series 2002-T1 A2 7.00% 11/25/31		21,208		24,361
Fannie Mae Interest Strip Series 418 C12 3.00% 8/25/33 S		59,735		7,880
Series 419 C2 3.00% 5/25/29 S		1,398,261		132,290
Series 419 C3 3.00% 11/25/43 S		66,136		13,194
Fannie Mae REMIC Trust Series 2002-W1 2A 7.50% 2/25/42 ●		11,083		12,150
Fannie Mae REMICs Series 2008-15 SB 4.729% (6.60% minus LIBOR01M, Cap 6.60%) 8/25/36 S●		18,412		3,213
Series 2010-96 DC 4.00% 9/25/25		1,895		2,008
Series 2010-129 SM 4.129% (6.00% minus LIBOR01M, Cap 6.00%) 11/25/40 S●		101,720		14,149
Series 2011-101 EI 3.50% 10/25/26 S		22,822		2,199
Series 2012-51 SA 4.629% (6.50% minus LIBOR01M, Cap 6.50%) 5/25/42 S●		48,599		10,674
Series 2012-98 DI 3.50% 9/25/27 S		36,199		3,710

	Principal   amount°		Value     (US $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs Series 2012-98 IY 3.00% 9/25/27 S		277,807	$	25,894
Series 2012-98 KI 3.50% 7/25/27 S		66,755		6,563
Series 2012-98 MI 3.00% 8/25/31 S		145,716		16,639
Series 2012-99 AI 3.50% 5/25/39 S		348,917		38,270
Series 2012-118 AI 3.50% 11/25/37 S		671,990		75,479
Series 2012-120 CI 3.50% 12/25/31 S		266,826		27,543
Series 2012-120 WI 3.00% 11/25/27 S		39,280		3,858
Series 2012-121 ID 3.00% 11/25/27 S		138,327		13,570
Series 2012-122 SD 4.229% (6.10% minus LIBOR01M, Cap 6.10%) 11/25/42 S●		66,868		12,242
Series 2012-125 MI 3.50% 11/25/42 S		310,863		67,254
Series 2012-126 PI 3.50% 7/25/42 S		75,610		10,199
Series 2012-129 PZ 3.50% 12/25/42		34,942		34,334
Series 2012-137 EI 3.00% 12/25/27 S		334,602		30,280
Series 2012-137 QI 3.00% 12/25/27 S		316,782		32,318
Series 2012-137 WI 3.50% 12/25/32 S		58,281		9,652
Series 2012-139 NS 4.829% (6.70% minus LIBOR01M, Cap 6.70%) 12/25/42 S●		90,582		20,660
Series 2012-144 EI 3.00% 1/25/28 S		40,240		3,528
Series 2012-146 IO 3.50% 1/25/43 S		47,584		9,505
Series 2012-149 IC 3.50% 1/25/28 S		40,155		4,299
Series 2012-153 DI 3.50% 1/25/28 S		78,066		7,976
Series 2013-1 YI 3.00% 2/25/33 S		57,640		7,818
Series 2013-2 DA 2.00% 11/25/42		5,826		5,142
Series 2013-4 PL 2.00% 2/25/43		18,000		14,658

(continues) 21

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal   amount°		Value     (US $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs
Series 2013-7 EI 3.00% 10/25/40 S		4,208,725	$	570,777
Series 2013-7 GP 2.50% 2/25/43		16,000		14,337
Series 2013-9 IO 3.00% 2/25/28 S		40,563		3,641
Series 2013-26 HI 3.00% 4/25/32 S		45,661		3,856
Series 2013-26 ID 3.00% 4/25/33 S		158,567		22,714
Series 2013-38 AI 3.00% 4/25/33 S		152,566		20,219
Series 2013-43 IX 4.00% 5/25/43 S		439,445		106,463
Series 2013-44 DI 3.00% 5/25/33 S		477,006		68,730
Series 2013-45 PI 3.00% 5/25/33 S		301,173		43,099
Series 2013-51 PI 3.00% 11/25/32 S		482,479		57,846
Series 2013-55 AI 3.00% 6/25/33 S		184,158		26,748
Series 2013-59 PY 2.50% 6/25/43		70,000		64,366
Series 2013-60 CI 3.00% 6/25/31 S		1,073,767		102,061
Series 2013-62 PY 2.50% 6/25/43		70,000		62,024
Series 2013-64 KI 3.00% 2/25/33 S		982,818		134,524
Series 2013-69 IJ 3.00% 7/25/33 S		53,369		7,555
Series 2013-69 IO 3.00% 11/25/31 S		48,490		4,700
Series 2013-71 ZA 3.50% 7/25/43		69,654		69,855
Series 2013-75 JI 3.00% 9/25/32 S		171,054		21,536
Series 2013-83 LI 2.50% 8/25/28 S		176,997		15,508
Series 2013-92 SA 4.079% (5.95% minus LIBOR01M, Cap 5.95%) 9/25/43 S●		66,146		12,769
Series 2014-25 DI 3.50% 8/25/32 S		66,587		8,182
Series 2014-36 ZE 3.00% 6/25/44		106,563		97,588
Series 2014-46 IK 3.00% 9/25/40 S		67,024		7,981
Series 2014-63 KI 3.50% 11/25/33 S		79,412		10,147

	Principal   amount°		Value     (US $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs
Series 2014-68 BS 4.279% (6.15% minus LIBOR01M, Cap 6.15%) 11/25/44 S●		201,581	$	38,543
Series 2014-90 SA 4.279% (6.15% minus LIBOR01M, Cap 6.15%) 1/25/45 S●		163,058		30,389
Series 2014-94 AI 3.00% 10/25/32 S		112,257		10,768
Series 2015-11 BI 3.00% 1/25/33 S		116,311		13,272
Series 2015-28 GI 3.50% 6/25/34 S		223,730		28,426
Series 2015-40 GZ 3.50% 5/25/45		26,498		26,216
Series 2015-43 PZ 3.50% 6/25/45		11,041		10,859
Series 2015-44 Z 3.00% 9/25/43		177,696		170,699
Series 2015-53 KB 3.00% 1/25/45		30,000		28,496
Series 2015-59 CI 3.50% 8/25/30 S		50,983		4,986
Series 2015-66 ID 3.50% 5/25/42 S		77,279		11,774
Series 2015-71 PI 4.00% 3/25/43 S		872,898		145,376
Series 2015-87 TI 3.50% 11/25/35 S		65,818		10,725
Series 2015-89 EZ 3.00% 12/25/45		46,114		41,070
Series 2015-95 SH 4.129% (6.00% minus LIBOR01M, Cap 6.00%) 1/25/46 S●		149,722		29,639
Series 2016-2 HI 3.00% 12/25/41 S		272,681		39,513
Series 2016-17 BI 4.00% 2/25/43 S		1,490,548		244,373
Series 2016-20 DI 3.50% 4/25/31 S		203,435		26,938
Series 2016-33 DI 3.50% 6/25/36 S		72,050		10,836
Series 2016-33 EL 3.00% 6/25/46		309,000		281,600
Series 2016-54 PI 3.00% 2/25/44 S		292,559		32,756
Series 2016-60 LI 3.00% 9/25/46 S		88,509		13,611

22

	Principal   amount°		Value     (US $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs
Series 2016-61 ML 3.00% 9/25/46		13,000	$	12,177
Series 2016-62 IC 3.00% 3/25/43 S		93,061		10,868
Series 2016-62 SA 4.129% (6.00% minus LIBOR01M, Cap 6.00%) 9/25/46 S●		247,576		51,930
Series 2016-71 PI 3.00% 10/25/46 S		89,700		13,681
Series 2016-72 AZ 3.00% 10/25/46		287,642		264,959
Series 2016-74 GS 4.129% (6.00% minus LIBOR01M, Cap 6.00%) 10/25/46 S●		2,198,049		501,453
Series 2016-74 IH 3.50% 11/25/45 S		90,098		16,388
Series 2016-80 BZ 3.00% 11/25/46		380,827		334,415
Series 2016-80 CZ 3.00% 11/25/46		332,832		291,996
Series 2016-80 JZ 3.00% 11/25/46		34,431		31,248
Series 2016-90 CI 3.00% 2/25/45 S		2,035,116		308,939
Series 2016-95 IO 3.00% 12/25/46 S		3,457,387		626,479
Series 2016-95 US 4.129% (6.00% minus LIBOR01M, Cap 6.00%) 12/25/46 S●		3,251,395		614,994
Series 2016-99 DI 3.50% 1/25/46 S		91,601		16,253
Series 2016-99 TI 3.50% 3/25/36 S		134,176		20,029
Series 2016-101 ZP 3.50% 1/25/47		24,027		23,266
Series 2016-105 SA 4.129% (6.00% minus LIBOR01M, Cap 6.00%) 1/25/47 S●		82,686		16,318
Series 2017-6 NI 3.50% 3/25/46 S		207,879		37,427
Series 2017-8 BZ 3.00% 2/25/47		5,178		4,677
Series 2017-16 SM 4.179% (6.05% minus LIBOR01M, Cap 6.05%) 3/25/47 S●		206,882		41,304
Series 2017-16 YT 3.00% 7/25/46		5,000		4,913

	Principal   amount°		Value     (US $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs
Series 2017-17 LI 3.00% 4/25/37 S		86,546	$	8,280
Series 2017-24 AI 3.00% 8/25/46 S		172,591		28,307
Series 2017-25 BL 3.00% 4/25/47		5,000		4,737
Series 2017-26 VZ 3.00% 4/25/47		22,669		20,604
Series 2017-27 EM 3.00% 4/25/47		28,000		26,252
Series 2017-28 Z 3.50% 4/25/47		27,960		27,598
Series 2017-40 GZ 3.50% 5/25/47		9,293		9,176
Series 2017-40 IG 3.50% 3/25/43 S		93,006		16,074
Series 2017-45 IJ 3.00% 11/25/46 S		129,585		23,115
Series 2017-46 BI 3.00% 4/25/47 S		85,369		13,736
Series 2017-46 JI 3.50% 1/25/43 S		84,962		11,530
Series 2017-55 HY 3.00% 7/25/47		109,000		102,294
Series 2017-59 KI 3.00% 3/25/47 S		250,358		44,445
Series 2017-61 SB 4.279% (6.15% minus LIBOR01M, Cap 6.15%) 8/25/47 S●		3,511,778		724,317
Series 2017-61 TB 3.00% 8/25/44		7,000		6,600
Series 2017-64 JI 3.50% 7/25/42 S		261,056		32,907
Series 2017-66 QY 3.00% 9/25/43		21,000		20,252
Series 2017-67 BZ 3.00% 9/25/47		4,071		3,596
Series 2017-79 AI 3.00% 9/25/43 S		94,359		13,124
Series 2017-88 EI 3.00% 11/25/47 S		214,302		40,946
Series 2017-88 IE 3.00% 11/25/47 S		127,430		24,169
Series 2017-94 CZ 3.50% 11/25/47		8,117		7,978
Series 2017-96 EZ 3.50% 12/25/47		13,152		12,975
Series 2017-99 DZ 3.50% 12/25/47		21,246		20,332
Series 2017-99 IE 3.00% 12/25/47 S		98,691		20,010

(continues) 23

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal   amount°		Value     (US $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs
Series 2017-108 AZ 3.50% 1/25/58		10,088	$	9,624
Series 2018-3 LY 3.00% 2/25/48		65,000		61,026
Series 2018-8 MU 3.00% 2/25/48		20,000		18,835
Freddie Mac REMICs
Series 3939 EI 3.00% 3/15/26 S		302,913		20,223
Series 4017 PI 3.00% 3/15/27 S		61,755		4,925
Series 4050 EI 4.00% 2/15/39 S		33,434		3,544
Series 4065 DE 3.00% 6/15/32		30,000		29,437
Series 4088 PI 3.00% 12/15/40 S		103,861		13,547
Series 4092 AI 3.00% 9/15/31 S		81,576		8,540
Series 4100 EI 3.00% 8/15/27 S		145,469		14,072
Series 4106 EI 3.50% 4/15/41 S		55,064		6,538
Series 4109 AI 3.00% 7/15/31 S		270,540		30,070
Series 4120 IK 3.00% 10/15/32 S		226,309		32,818
Series 4136 EZ 3.00% 11/15/42		33,217		32,148
Series 4146 IA 3.50% 12/15/32 S		115,669		18,299
Series 4151 BI 2.50% 1/15/43 S		283,951		44,740
Series 4152 GW 2.50% 1/15/43		9,000		8,003
Series 4159 KS 4.373% (6.15% minus LIBOR01M, Cap 6.15%) 1/15/43 S●		53,077		10,710
Series 4159 NI 2.50% 7/15/42 S		75,150		7,143
Series 4161 IM 3.50% 2/15/43 S		100,346		22,937
Series 4181 DI 2.50% 3/15/33 S		75,324		9,465
Series 4184 GS 4.343% (6.12% minus LIBOR01M, Cap 6.12%) 3/15/43 S●		127,842		25,726
Series 4185 LI 3.00% 3/15/33 S		119,193		17,535

	Principal   amount°		Value     (US $)
Agency Collateralized Mortgage Obligations (continued)
Freddie Mac REMICs
Series 4186 IE 3.00% 3/15/33 S		2,631,166	$	378,596
Series 4191 CI 3.00% 4/15/33 S		57,031		8,189
Series 4197 LZ 4.00% 4/15/43		25,556		26,766
Series 4206 DZ 3.00% 5/15/33		12,646		12,425
Series 4210 Z 3.00% 5/15/43		39,615		36,600
Series 4216 KI 3.50% 6/15/28 S		38,172		3,930
Series 4223 HI 3.00% 4/15/30 S		629,191		51,319
Series 4342 CI 3.00% 11/15/33 S		55,094		6,866
Series 4366 DI 3.50% 5/15/33 S		349,773		47,911
Series 4433 DI 3.00% 8/15/32 S		1,262,547		126,361
Series 4435 DY 3.00% 2/15/35		142,000		139,697
Series 4448 TS 1.678% 5/15/40 S●		92,419		6,721
Series 4464 DA 2.50% 1/15/43		4,575		4,193
Series 4476 GI 3.00% 6/15/41 S		303,478		38,811
Series 4484 HI 3.00% 10/15/39 S		55,052		5,327
Series 4487 ZC 3.50% 6/15/45		571,559		551,240
Series 4493 HI 3.00% 6/15/41 S		65,585		8,728
Series 4518 CI 3.50% 6/15/42 S		835,466		103,983
Series 4527 CI 3.50% 2/15/44 S		67,515		11,898
Series 4531 PZ 3.50% 11/15/45		79,202		79,072
Series 4567 LI 4.00% 8/15/45 S		1,426,103		276,374
Series 4574 AI 3.00% 4/15/31 S		545,180		69,380
Series 4580 MI 3.50% 2/15/43 S		170,788		26,016
Series 4581 LI 3.00% 5/15/36 S		74,618		10,476

24

	Principal   amount°		Value     (US $)
Agency Collateralized Mortgage Obligations (continued)
Freddie Mac REMICs
Series 4594 SG 4.223% (6.00% minus LIBOR01M, Cap 6.00%) 6/15/46 S●		85,407	$	19,021
Series 4614 HB 2.50% 9/15/46		72,000		64,562
Series 4615 GW 2.50% 4/15/41		4,000		3,639
Series 4618 SA 4.223% (6.00% minus LIBOR01M, Cap 6.00%) 9/15/46 S●		92,168		21,282
Series 4623 IY 4.00% 10/15/46 S		91,685		19,759
Series 4623 LZ 2.50% 10/15/46		274,543		230,790
Series 4623 MW 2.50% 10/15/46		510,000		460,586
Series 4623 WI 4.00% 8/15/44 S		274,938		48,517
Series 4627 PI 3.50% 5/15/44 S		90,031		13,024
Series 4629 KB 3.00% 11/15/46		270,000		253,154
Series 4643 QI 3.50% 9/15/45 S		472,104		83,531
Series 4648 ND 3.00% 9/15/46		28,000		26,105
Series 4648 SA 4.223% (6.00% minus LIBOR01M, Cap 6.00%) 1/15/47 S●		3,936,659		825,550
Series 4650 JE 3.00% 7/15/46		25,000		23,969
Series 4655 WI 3.50% 8/15/43 S		174,403		31,084
Series 4656 HI 3.50% 5/15/42 S		140,221		21,344
Series 4657 NW 3.00% 4/15/45		27,000		26,162
Series 4660 GI 3.00% 8/15/43 S		161,371		28,563
Series 4681 WI 1.429% 8/15/33 S●		102,496		7,311
Series 4710 CI 3.50% 12/15/43 S		90,257		13,745
Series 4738 TW 3.00% 11/15/46		66,000		63,533
Series 4753 EZ 3.50% 12/15/47		64,374		63,542
Series 4761 Z 3.50% 12/15/47		18,105		17,730

	Principal   amount°		Value     (US $)
Agency Collateralized Mortgage Obligations (continued)
Freddie Mac Strips
Series 267 S5 4.223% (6.00% minus LIBOR01M, Cap 6.00%) 8/15/42 S●		151,521	$	27,494
Series 290 IO 3.50% 11/15/32 S		53,751		9,007
Series 299 S1 4.223% (6.00% minus LIBOR01M, Cap 6.00%) 1/15/43 S●		116,425		20,393
Series 304 C38 3.50% 12/15/27 S		30,558		2,818
Series 326 S2 4.173% (5.95% minus LIBOR01M, Cap 5.95%) 3/15/44 S●		189,973		32,326
Series 350 S5 1.452% 9/15/40 S●		114,761		6,623
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2015-HQA2 M2 4.672% (LIBOR01M + 2.80%) 5/25/28 ●		152,881		157,675
GNMA
Series 2010-113 KE 4.50% 9/20/40		295,000		314,699
Series 2012-61 PI 3.00% 4/20/39 S		123,585		9,137
Series 2012-108 KI 4.00% 8/16/42 S		48,613		8,922
Series 2012-108 PB 2.75% 9/16/42		10,000		9,249
Series 2012-136 MX 2.00% 11/20/42		540,000		469,752
Series 2013-22 IO 3.00% 2/20/43 S		132,232		24,786
Series 2013-88 LZ 2.50% 6/16/43		110,343		96,195
Series 2013-113 AZ 3.00% 8/20/43		94,071		90,671
Series 2013-113 LY 3.00% 5/20/43		312,000		306,741
Series 2013-182 CZ 2.50% 12/20/43		8,896		7,950
Series 2014-12 ZB 3.00% 1/16/44		13,596		12,733
Series 2015-36 PI 3.50% 8/16/41 S		98,362		14,136
Series 2015-44 AI 3.00% 8/20/41 S		162,856		16,314

(continues) 25

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal   amount°		Value     (US $)
Agency Collateralized Mortgage Obligations (continued)
GNMA
Series 2015-64 GZ 2.00% 5/20/45		76,194	$	58,893
Series 2015-74 CI 3.00% 10/16/39 S		65,094		8,842
Series 2015-76 MZ 3.00% 5/20/45		10,886		10,476
Series 2015-82 GI 3.50% 12/20/38 S		205,399		20,327
Series 2015-111 IH 3.50% 8/20/45 S		64,506		8,842
Series 2015-133 AL 3.00% 5/20/45		188,000		184,758
Series 2015-142 AI 4.00% 2/20/44 S		49,761		6,327
Series 2016-5 GL 3.00% 7/20/45		315,000		302,514
Series 2016-46 DZ 3.00% 4/20/46		27,537		24,408
Series 2016-75 JI 3.00% 9/20/43 S		104,922		14,085
Series 2016-83 MB 3.00% 10/20/45		9,000		8,789
Series 2016-89 QS 4.228% (6.05% minus LIBOR01M, Cap 6.05%) 7/20/46 S●		86,429		18,554
Series 2016-101 QL 3.00% 7/20/46		808,000		761,346
Series 2016-103 DY 2.50% 8/20/46		155,000		135,696
Series 2016-108 YL 3.00% 8/20/46		1,351,650		1,297,665
Series 2016-111 PB 2.50% 8/20/46		67,000		59,491
Series 2016-118 DI 3.50% 3/20/43 S		87,408		13,545
Series 2016-120 IA 3.00% 2/20/46 S		207,172		32,543
Series 2016-126 NS 4.278% (6.10% minus LIBOR01M, Cap 6.10%) 9/20/46 S●		88,720		18,327
Series 2016-134 MW 3.00% 10/20/46		810,000		798,720
Series 2016-135 Z 3.00% 10/20/46		12,520		11,394
Series 2016-146 KS 4.278% (6.10% minus
LIBOR01M, Cap 6.10%) 10/20/46 S●		83,696		17,330
Series 2016-149 GI 4.00% 11/20/46 S		206,828		47,124

	Principal   amount°		Value     (US $)
Agency Collateralized Mortgage Obligations (continued)
GNMA
Series 2016-160 VZ 2.50% 11/20/46		34,117	$	27,859
Series 2016-171 IO 3.00% 7/20/44 S		79,448		9,683
Series 2016-171 IP 3.00% 3/20/46 S		427,612		66,645
Series 2017-4 BW 3.00% 1/20/47		28,000		26,952
Series 2017-10 IB 4.00% 1/20/47 S		82,746		17,913
Series 2017-25 CZ 3.50% 2/20/47		12,463		12,471
Series 2017-25 WZ 3.00% 2/20/47		616,696		585,736
Series 2017-34 AZ 3.00% 1/20/47		587,337		531,036
Series 2017-36 ZC 3.00% 3/20/47		43,277		38,227
Series 2017-52 LE 3.00% 1/16/47		131,000		122,706
Series 2017-68 SB 4.328% (6.15% minus LIBOR01M, Cap 6.15%) 5/20/47 S●		118,718		20,331
Series 2017-101 HD 3.00% 1/20/47		21,000		19,870
Series 2017-101 ND 3.00% 1/20/47		21,000		20,112
Series 2017-107 T 3.00% 1/20/47		15,000		14,650
Series 2017-113 LB 3.00% 7/20/47		15,000		14,139
Series 2017-116 ZL 3.00% 6/20/47		11,222		10,061
Series 2017-117 C 3.00% 8/20/47		31,000		29,173
Series 2017-117 GI 3.00% 3/20/47 S		139,567		22,598
Series 2017-121 CW 3.00% 8/20/47		13,000		12,079
Series 2017-121 IC 3.00% 12/20/45 S		145,792		24,861
Series 2017-121 IL 3.00% 2/20/42 S		205,004		29,232
Series 2017-134 SD 4.378% (6.20% minus LIBOR01M, Cap 6.20%) 9/20/47 S●		98,067		20,431
Series 2017-137 CZ 3.00% 9/20/47		27,408		26,625
Series 2017-144 EI 3.00% 12/20/44 S		91,610		13,604

26

	Principal   amount°		Value     (US $)
Agency Collateralized Mortgage Obligations (continued)
GNMA
Series 2017-144 MZ 2.50% 9/20/47		16,201	$	12,979
Series 2017-156 LP 2.50% 10/20/47		29,000		25,337
Series 2017-163 HS 4.378% (6.20% minus LIBOR01M, Cap 6.20%) 11/20/47 S●		99,108		18,585
Series 2018-1 HB 2.50% 1/20/48		10,000		9,007
Series 2018-1 SA 4.378% (6.20% minus LIBOR01M, Cap 6.20%) 1/20/48 S●		268,465		51,579
Series 2018-1 ST 4.378% (6.20% minus LIBOR01M, Cap 6.20%) 1/20/48 S●		99,576		20,522
Series 2018-8 VZ 3.00% 3/20/47		10,050		9,902
Series 2018-13 PZ 3.00% 1/20/48		65,325		60,672
Series 2018-18 BZ 3.50% 2/20/48		27,079		25,847
Series 2018-18 CZ 3.00% 2/20/48		656,638		590,909
Series 2018-46 AS 4.482% (6.20% minus LIBOR01M, Cap 6.20%) 3/20/48 S●		100,000		21,719
Total Agency Collateralized Mortgage Obligations (cost $20,945,499)				20,927,624
Agency Commercial Mortgage-Backed Securities – 0.42%
Freddie Mac Multifamily Structured Pass Through Certificates
Series KS03 A4 3.161% 5/25/25 ◆●		110,000		109,531
FREMF Mortgage Trust
Series 2011-K11 B 144A 4.425% 12/25/48 #●		350,000		361,554
Series 2011-K14 B 144A 5.168% 2/25/47 #●		45,000		47,316
Series 2011-K15 B 144A 4.949% 8/25/44 #●		10,000		10,479
Series 2012-K22 B 144A 3.687% 8/25/45 #●		95,000		95,916
Series 2013-K32 B 144A 3.538% 10/25/46 #●		45,000		44,835
Series 2013-K33 B 144A 3.501% 8/25/46 #●		80,000		79,535

	Principal   amount°		Value     (US $)
Agency Commercial Mortgage-Backed Securities (continued)
FREMF Mortgage Trust
Series 2013-K712 B 144A 3.364% 5/25/45 #●		55,000	$	55,322
Series 2013-K713 B 144A 3.164% 4/25/46 #●		35,000		35,105
Series 2013-K713 C 144A 3.164% 4/25/46 #●		135,000		134,742
Series 2014-K717 B 144A 3.629% 11/25/47 #●		95,000		96,154
Series 2017-K729 B 144A 3.675% 11/25/49 #●		25,000		24,228
Total Agency Commercial Mortgage-Backed Securities (cost $1,114,826)				1,094,717
Agency Mortgage-Backed Securities – 6.01%
Fannie Mae S.F. 30 yr
4.50% 5/1/39		87,020		91,980
4.50% 2/1/46		421,571		445,750
5.00% 7/1/33		22,691		24,584
5.00% 10/1/39		78,178		84,803
5.00% 2/1/40		93,779		101,645
5.00% 5/1/40		35,344		38,281
5.00% 7/1/47		445,651		476,315
5.50% 3/1/34		88,843		97,456
5.50% 8/1/37		27,990		30,737
5.50% 1/1/38		147,588		163,307
5.50% 3/1/38		36,558		40,316
5.50% 6/1/39		32,356		35,548
5.50% 7/1/40		30,863		33,914
5.50% 6/1/41		85,385		94,018
5.50% 9/1/41		13,212		14,829
5.50% 5/1/44		1,848,768		2,031,313
6.00% 3/1/34		24,171		27,193
6.00% 11/1/34		596,230		671,551
6.00% 4/1/35		76,477		85,963
6.00% 5/1/36		97,524		109,462
6.00% 6/1/36		208,422		237,057
6.00% 9/1/36		15,927		18,166
6.00% 6/1/37		1,787		2,005
6.00% 7/1/37		1,313		1,468
6.00% 8/1/37		125,782		141,561
6.00% 9/1/37		27,900		31,340
6.00% 2/1/38		95,167		106,849
6.00% 3/1/38		309,575		348,630
6.00% 9/1/38		45,319		50,848
6.00% 10/1/38		1,476		1,652
6.00% 11/1/38		7,696		8,665
6.00% 9/1/39		247,292		282,303
6.00% 10/1/39		165,707		187,104

(continues) 27

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal   amount°		Value     (US $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr
6.00% 11/1/40		5,181	$	5,851
6.00% 7/1/41		1,366,248		1,527,899
Fannie Mae S.F. 30 yr TBA
4.50% 4/1/48		1,680,000		1,758,493
4.50% 5/1/48		1,441,000		1,505,737
5.00% 4/1/48		2,945,000		3,144,926
Freddie Mac ARM 2.559% (LIBOR12M + 1.63%, Cap 7.559%) 10/1/46 ●		102,726		100,977
Freddie Mac S.F. 30 yr
5.00% 5/1/41		94,326		102,119
5.00% 12/1/41		10,403		11,256
5.00% 12/1/44		14,000		15,145
5.50% 3/1/34		3,978		4,378
5.50% 12/1/34		3,550		3,914
5.50% 11/1/36		4,511		4,966
5.50% 9/1/37		4,006		4,393
5.50% 1/1/40		28,284		31,060
5.50% 4/1/40		6,002		6,588
5.50% 6/1/41		42,767		46,467
6.00% 5/1/35		17,960		20,148
6.00% 2/1/36		7,620		8,553
6.00% 3/1/36		15,404		17,253
6.00% 11/1/36		7,837		8,777
6.00% 5/1/37		18,123		20,301
6.00% 6/1/38		26,879		30,133
6.00% 8/1/38		26,117		29,488
6.00% 7/1/39		5,517		6,191
6.00% 3/1/40		150,136		168,326
6.00% 5/1/40		485,940		543,888
6.00% 7/1/40		24,699		27,704
6.50% 12/1/31		3,898		4,391
6.50% 7/1/32		34,013		38,301
GNMA I S.F. 30 yr
7.00% 12/15/34		33,563		38,283
GNMA II S.F. 30 yr
5.50% 5/20/37		18,295		19,653
6.00% 2/20/39		21,694		23,860
6.00% 2/20/40		88,598		97,782
6.00% 4/20/46		25,646		28,267
6.50% 6/20/39		31,572		35,105
Total Agency Mortgage-Backed Securities (cost $15,681,459)				15,557,186

	Principal   amount°		Value     (US $)
Collateralized Debt Obligations – 2.00%
AMMC CLO
Series 2015-16A AR 144A 2.982% (LIBOR03M + 1.26%) 4/14/29 #●		170,000	$	170,719
Apex Credit CLO
Series 2017-1A A1 144A 3.211% (LIBOR03M + 1.47%, Floor 1.47%) 4/24/29 #●		155,000		156,025
Atlas Senior Loan Fund X
Series 2018-10A A 144A 2.796% (LIBOR03M + 1.09%) 1/15/31 #●		250,000		250,093
Benefit Street Partners CLO IV
Series 2014-IVA A1R 144A 3.235% (LIBOR03M + 1.49%) 1/20/29 #●		500,000		502,731
Cedar Funding VI CLO
Series 2016-6A A1 144A 2.833% (LIBOR03M + 1.47%) 10/20/28 #●		250,000		251,016
CFIP CLO
Series 2017-1A A 144A 2.616% (LIBOR03M + 1.22%) 1/18/30 #●		250,000		251,733
Galaxy XXI CLO
Series 2015-21A AR 144A 2.765% (LIBOR03M + 1.02%) 4/20/31 #●		350,000		350,523
GoldenTree Loan Management US CLO
Series 2017-1A A 144A 2.965% (LIBOR03M + 1.22%) 4/20/29 #●		250,000		251,500
KKR Financial CLO
Series 2013-1A A1R 144A 3.012% (LIBOR03M + 1.29%) 4/15/29 #●		300,000		302,990
Mariner CLO 5
Series 2018-5A A 144A 3.324% (LIBOR03M + 1.11%, Floor 1.11%) 4/25/31 #●		250,000		250,121
MP CLO IV
Series 2013-2A ARR 144A 3.025% (LIBOR03M + 1.28%) 7/25/29 #●		250,000		251,757
Northwoods Capital XV
Series 2017-15A A 144A 3.502% (LIBOR03M + 1.30%) 6/20/29 #●		250,000		251,803

28

	Principal amount°		Value (US $)
Collateralized Debt Obligations (continued)
Northwoods Capital XVII
Series 2018-17A A 144A 3.308% (LIBOR03M + 1.06%, Floor 1.06%) 4/22/31 #●		250,000	$	250,120
Oaktree CLO
Series 2014-1A A1R 144A 3.11% (LIBOR03M + 1.29%) 5/13/29 #●		400,000		403,293
Octagon Investment Partners XV CLO
Series 2013-1A A1AR 144A 2.949% (LIBOR03M + 1.21%) 7/19/30 #●		250,000		251,027
TIAA CLO II
Series 2017-1A A 144A 3.025% (LIBOR03M + 1.28%) 4/20/29 #●		250,000		251,394
Venture CDO
Series 2016-25A A1 144A 3.235% (LIBOR03M + 1.49%) 4/20/29 #●		100,000		100,778
Venture XXII CLO
Series 2015-22A AR 144A 2.801% (LIBOR03M + 1.08%) 1/15/31 #●		300,000		300,112
Venture XXIV CLO
Series 2016-24A A1D 144A 3.165% (LIBOR03M + 1.42%) 10/20/28 #●		140,000		140,483
Venture XXVIII CLO
Series 2017-28A A2 144A 2.855% (LIBOR03M + 1.11%) 7/20/30 #●		250,000		251,132
Total Collateralized Debt Obligations (cost $5,162,051)				5,189,350
Corporate Bonds – 17.39%
Banking – 4.44%
Banco de Credito e Inversiones 144A 3.50% 10/12/27 #		200,000		187,400
Banco do Brasil 144A 4.625% 1/15/25 #		200,000		195,300
Banco Santander 3.80% 2/23/28		200,000		193,203
Banco Santander Mexico 144A 4.125% 11/9/22 #		150,000		150,000
Bancolombia 4.875% 10/18/27 µ		200,000		194,150

		Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Bank Nederlandse
Gemeenten 3.50% 7/19/27	AUD		24,000	$	18,852
Bank of America 3.30% 8/5/21	AUD		20,000		15,509
3.55% 3/5/24 µ			205,000		205,694
3.97% 3/5/29 µ			30,000		30,093
4.183% 11/25/27			250,000		248,153
5.625% 7/1/20			335,000		353,446
Bank of Montreal 3.803% 12/15/32 µ			180,000		170,752
Bank of New York Mellon 2.20% 3/4/19			125,000		124,558
2.95% 1/29/23			85,000		83,959
4.625%µy			140,000		136,850
Barclays 8.25%µy			200,000		206,882
Branch Banking & Trust 2.25% 6/1/20			530,000		521,938
Citigroup 2.985% (LIBOR03M + 1.10%) 5/17/24 ●			595,000		600,768
3.75% 10/27/23	AUD		24,000		18,733
Citizens Financial Group 2.375% 7/28/21			75,000		72,781
4.30% 12/3/25			105,000		106,303
Compass Bank 3.875% 4/10/25			250,000		244,844
Credit Suisse Group 144A 3.869% 1/12/29 #µ			315,000		305,266
144A 6.25%#µy			200,000		205,728
Export-Import Bank of Korea 4.00% 6/7/27	AUD		10,000		7,735
Fifth Third Bancorp 2.60% 6/15/22			70,000		67,919
3.95% 3/14/28			105,000		105,719
Fifth Third Bank 2.30% 3/15/19			200,000		199,185
3.85% 3/15/26			200,000		197,826
Goldman Sachs Group 5.15% 5/22/45			30,000		32,384
5.20% 12/17/19	NZD		20,000		14,977
6.00% 6/15/20			330,000		349,338
HSBC Holdings 6.50%µy			200,000		204,250
Huntington Bancshares 2.30% 1/14/22			80,000		76,685
JPMorgan Chase & Co. 3.897% 1/23/49 µ			85,000		81,220
3.964% 11/15/48 µ			60,000		57,787
4.25% 11/2/18	NZD		110,000		80,264

(continues) 29

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal   amount°		Value     (US $)
Corporate Bonds (continued)
Banking (continued)
KeyBank 3.375% 3/7/23		440,000	$	441,883
3.40% 5/20/26		250,000		241,880
Landwirtschaftliche Rentenbank 5.375% 4/23/24		NZD      335,000		270,301
Lloyds Banking Group 3.574% 11/7/28 µ		260,000		245,719
Manufacturers & Traders Trust 2.50% 5/18/22		250,000		242,839
Morgan Stanley 2.75% 5/19/22		140,000		136,569
3.625% 1/20/27		110,000		107,720
3.772% 1/24/29 µ		440,000		433,409
3.95% 4/23/27		70,000		68,241
5.00% 9/30/21		AUD      24,000		19,643
5.00% 11/24/25		215,000		225,060
Nationwide Building Society 144A 4.125% 10/18/32 #µ		250,000		238,885
Northern Trust 3.375% 5/8/32 µ		45,000		43,246
PNC Bank 2.70% 11/1/22		250,000		242,110
PNC Financial Services Group 5.00%µy		145,000		144,710
Regions Financial 2.75% 8/14/22		55,000		53,479
Royal Bank of Canada 2.75% 2/1/22		215,000		212,085
Royal Bank of Scotland Group 3.875% 9/12/23		200,000		197,678
Santander UK 144A 5.00% 11/7/23 #		200,000		207,187
State Street
3.10% 5/15/23		65,000		64,630
3.30% 12/16/24		100,000		99,192
SunTrust Banks
2.45% 8/1/22		55,000		53,027
2.70% 1/27/22		35,000		34,251
3.00% 2/2/23		55,000		54,058
3.30% 5/15/26		200,000		190,939
5.05%µy		10,000		9,963
UBS Group Funding Switzerland 144A 2.859% 8/15/23 #µ		200,000		193,463
144A 3.491% 5/23/23 #		200,000		197,753
US Bancorp 3.10% 4/27/26		155,000		148,039
3.15% 4/27/27		30,000		28,855

	Principal   amount°		Value     (US $)
Corporate Bonds (continued)
Banking (continued)
USB Capital IX 3.50% (LIBOR03M + 1.02%)y●		235,000	$	212,511
Wells Fargo & Co. 3.00% 7/27/21		AUD      38,000		29,184
Westpac Banking 5.00%µy		45,000		41,631
Woori Bank 144A 4.75% 4/30/24 #		200,000		204,459
Zions Bancorporation 4.50% 6/13/23		85,000		86,585
				11,487,635
Basic Industry – 1.24%
Anglo American Capital 144A 4.75% 4/10/27 #		200,000		202,493
144A 4.875% 5/14/25 #		200,000		205,099
BHP Billiton Finance USA 144A 6.25% 10/19/75 #µ		200,000		211,100
Braskem Netherlands Finance 144A 4.50% 1/10/28 #		200,000		194,930
Builders FirstSource 144A 5.625% 9/1/24 #		105,000		105,919
Cydsa 144A 6.25% 10/4/27 #		200,000		199,250
Dow Chemical 8.55% 5/15/19		611,000		648,660
Freeport-McMoRan 6.875% 2/15/23		150,000		161,625
Georgia-Pacific 8.00% 1/15/24		290,000		359,496
Mexichem 144A 5.50% 1/15/48 #		200,000		186,750
Mosaic 5.625% 11/15/43		65,000		68,090
OCP 144A 4.50% 10/22/25 #		200,000		197,505
Petkim Petrokimya Holding 144A 5.875% 1/26/23 #		200,000		196,367
Standard Industries 144A 5.00% 2/15/27 #		170,000		165,442
US Concrete 6.375% 6/1/24		50,000		52,125
WestRock 144A 3.00% 9/15/24 #		55,000		52,635
				3,207,486
Capital Goods – 1.01%
Allegion US Holding 3.20% 10/1/24		180,000		175,034
BWAY Holding 144A 5.50% 4/15/24 #		145,000		146,269
Carlisle 3.75% 12/1/27		270,000		262,349
CCL Industries 144A 3.25% 10/1/26 #		85,000		78,833

30

	Principal   amount°		Value     (US $)
Corporate Bonds (continued)
Capital Goods (continued)
CRH America Finance 144A 3.95% 4/4/28 #		200,000	$	199,637
Crown Americas 144A 4.75% 2/1/26 #		16,000		15,520
Eaton 3.103% 9/15/27		325,000		306,159
General Electric 2.10% 12/11/19		25,000		24,573
5.55% 5/4/20		75,000		78,545
6.00% 8/7/19		145,000		150,335
Leggett & Platt 3.50% 11/15/27		255,000		245,613
Lennox International 3.00% 11/15/23		245,000		238,931
Martin Marietta Materials 3.50% 12/15/27		45,000		42,941
Northrop Grumman 2.55% 10/15/22		85,000		82,434
3.25% 8/1/23		65,000		64,619
Nvent Finance 144A 4.55% 4/15/28 #		150,000		150,888
Waste Management 3.15% 11/15/27		360,000		343,469
				2,606,149
Consumer Cyclical – 0.45%
Daimler Finance North
America 144A 3.35% 2/22/23 #		175,000		174,443
General Motors Financial 3.45% 4/10/22		270,000		267,964
5.25% 3/1/26		15,000		15,860
Hyundai Capital America 144A 3.00% 3/18/21 #		45,000		44,489
JD.com 3.125% 4/29/21		200,000		196,271
Marriott International 4.50% 10/1/34		20,000		20,434
MGM Resorts International 4.625% 9/1/26		50,000		48,000
Penn National Gaming 144A 5.625% 1/15/27 #		160,000		154,000
Royal Caribbean Cruises 3.70% 3/15/28		180,000		172,776
Scientific Games International 10.00% 12/1/22		75,000		81,047
				1,175,284
Consumer Non-Cyclical – 1.96%
AbbVie 2.50% 5/14/20		970,000		957,820
4.45% 5/14/46		30,000		29,900

	Principal   amount°		Value     (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Anheuser-Busch InBev Finance 2.65% 2/1/21		1,240,000	$	1,230,911
Atento Luxco 1 144A 6.125% 8/10/22 #		60,000		61,163
BAT Capital 144A 3.222% 8/15/24 #		545,000		525,965
Becton Dickinson & Co. 3.363% 6/6/24		245,000		236,037
Biogen 5.20% 9/15/45		50,000		54,713
Boston Scientific 4.00% 3/1/28		105,000		105,116
Celgene 3.90% 2/20/28		275,000		269,835
CVS Health 3.35% 3/9/21		115,000		115,686
3.70% 3/9/23		100,000		100,418
4.10% 3/25/25		120,000		120,924
4.30% 3/25/28		115,000		115,939
HCA 5.375% 2/1/25		90,000		90,450
Hill-Rom Holdings 144A 5.00% 2/15/25 #		110,000		109,587
JBS USA 144A 6.75% 2/15/28 #		40,000		38,450
Mylan 144A 4.55% 4/15/28 #		80,000		80,017
New York and Presbyterian Hospital 4.063% 8/1/56		90,000		89,314
Pernod Ricard 144A 4.45% 1/15/22 #		150,000		155,819
Post Holdings 144A 5.00% 8/15/26 #		145,000		138,113
Rede D’or Finance 144A 4.95% 1/17/28 #		200,000		190,375
Tenet Healthcare 144A 5.125% 5/1/25 #		40,000		38,600
Thermo Fisher Scientific 3.00% 4/15/23		195,000		190,501
Universal Health Services 144A 5.00% 6/1/26 #		25,000		25,250
				5,070,903
Energy – 1.72%
Abu Dhabi Crude Oil Pipeline 144A 4.60% 11/2/47 #		200,000		194,755
Ecopetrol 5.875% 9/18/23		35,000		37,537
Enbridge 3.70% 7/15/27		205,000		196,756
6.00% 1/15/77 µ		65,000		64,350
6.25% 3/1/78 µ		50,000		49,624
Energy Transfer Partners 4.75% 1/15/26		35,000		35,425

(continues) 31

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal   amount°		Value     (US $)
Corporate Bonds (continued)
Energy (continued)
Energy Transfer Partners
6.125% 12/15/45		125,000	$	129,976
6.625%µy		150,000		142,969
9.70% 3/15/19		95,000		100,778
Gulfport Energy
6.00% 10/15/24		75,000		71,531
6.625% 5/1/23		35,000		35,525
Hilcorp Energy I 144A 5.00% 12/1/24 #		110,000		108,900
Kinder Morgan 4.30% 3/1/28		215,000		214,547
MPLX
4.50% 4/15/38		95,000		93,463
4.70% 4/15/48		115,000		113,009
4.875% 12/1/24		225,000		236,152
Murphy Oil 6.875% 8/15/24		125,000		130,625
Noble Energy
3.85% 1/15/28		240,000		236,286
5.05% 11/15/44		60,000		62,845
ONEOK 7.50% 9/1/23		230,000		268,247
Pertamina Persero 144A 4.875% 5/3/22 #		200,000		206,827
Petrobras Global Finance
144A 5.299% 1/27/25 #		58,000		57,347
7.375% 1/17/27		55,000		59,647
Rio Energy 144A 6.875% 2/1/25 #		150,000		148,500
Sabine Pass Liquefaction
5.625% 3/1/25		100,000		107,546
5.75% 5/15/24		160,000		172,370
5.875% 6/30/26		165,000		180,529
Shell International Finance 2.875% 5/10/26		85,000		81,955
Southwestern Energy 6.70% 1/23/25		80,000		78,000
Targa Resources Partners
5.125% 2/1/25		35,000		34,956
5.375% 2/1/27		65,000		65,000
Tecpetrol 144A 4.875% 12/12/22 #		115,000		112,556
Tengizchevroil Finance Co.
International 144A
4.00% 8/15/26 #		200,000		191,650
Transcanada Trust 5.875% 8/15/76 µ		75,000		78,375
Transcontinental Gas Pipe
Line 144A
4.00% 3/15/28 #		145,000		141,788

	Principal   amount°		Value     (US $)
Corporate Bonds (continued)
Energy (continued)
Woodside Finance 144A 8.75% 3/1/19 #		145,000	$	152,888
YPF 144A 27.125%
(BADLARPP + 4.00%)
7/7/20 #●		90,000		72,450
				4,465,684
Financials – 0.63%
AerCap Global Aviation Trust 144A 6.50% 6/15/45 #µ		200,000		216,750
AerCap Ireland Capital 3.65% 7/21/27		300,000		281,289
Air Lease
3.00% 9/15/23		130,000		124,665
3.625% 4/1/27		295,000		281,611
Aviation Capital Group
144A 3.50% 11/1/27 #		170,000		159,713
144A 6.75% 4/6/21 #		35,000		38,523
Charles Schwab 3.20% 1/25/28		35,000		33,604
E*TRADE Financial
3.80% 8/24/27		95,000		92,359
5.875%µy		120,000		123,000
Jefferies Group
4.15% 1/23/30		55,000		51,352
6.45% 6/8/27		50,000		56,549
6.50% 1/20/43		45,000		49,996
Lazard Group
3.625% 3/1/27		15,000		14,606
3.75% 2/13/25		100,000		98,505
				1,622,522
Insurance – 0.49%
AXIS Specialty Finance 4.00% 12/6/27		125,000		120,711
Berkshire Hathaway Finance 2.90% 10/15/20		145,000		145,935
MetLife
6.40% 12/15/36		20,000		21,975
144A 9.25% 4/8/38 #		400,000		546,000
Nuveen Finance 144A 2.95% 11/1/19 #		85,000		84,815
Prudential Financial 5.375% 5/15/45 µ		85,000		87,231
Voya Financial 144A 4.70% 1/23/48 #µ		95,000		86,529
XLIT
4.179% (LIBOR03M +
2.458%)y●		70,000		69,650

32

	Principal   amount°		Value     (US $)
Corporate Bonds (continued)
Insurance (continued)
XLIT 5.50% 3/31/45		90,000	$	98,920
				1,261,766
Media – 0.38%
CCO Holdings 144A 5.75% 2/15/26 #		60,000		59,851
144A 5.875% 5/1/27 #		35,000		35,087
Discovery Communications 3.95% 3/20/28		75,000		72,086
5.20% 9/20/47		45,000		44,997
Nexstar Broadcasting 144A 5.625% 8/1/24 #		120,000		117,864
Sinclair Television Group 144A 5.125% 2/15/27 #		80,000		74,600
Sirius XM Radio 144A 5.375% 7/15/26 #		100,000		99,000
Time Warner Cable 7.30% 7/1/38		250,000		299,798
Time Warner Entertainment 8.375% 3/15/23		150,000		178,157
				981,440
Real Estate – 0.84%
Alexandria Real Estate Equities 3.45% 4/30/25		85,000		82,310
American Tower 3.60% 1/15/28		145,000		137,853
American Tower Trust I 144A 3.07% 3/15/23 #		145,000		143,299
Corporate Office Properties 3.60% 5/15/23		80,000		78,404
5.25% 2/15/24		105,000		110,514
Crown Castle International 3.80% 2/15/28		25,000		24,076
5.25% 1/15/23		105,000		111,660
CubeSmart 3.125% 9/1/26		80,000		74,455
Education Realty Operating Partnership 4.60% 12/1/24		100,000		101,547
ESH Hospitality 144A 5.25% 5/1/25 #		45,000		43,889
Goodman US Finance Three 144A 3.70% 3/15/28 #		40,000		38,491
Hospitality Properties Trust 4.50% 3/15/25		95,000		96,074
Host Hotels & Resorts 3.75% 10/15/23		70,000		69,252
3.875% 4/1/24		50,000		49,428
4.50% 2/1/26		55,000		55,738

	Principal   amount°		Value     (US $)
Corporate Bonds (continued)
Real Estate (continued)
Hudson Pacific Properties 3.95% 11/1/27		50,000	$	47,985
Iron Mountain US Holdings 144A 5.375% 6/1/26 #		100,000		96,125
Kilroy Realty 3.45% 12/15/24		85,000		82,557
Life Storage 3.875% 12/15/27		15,000		14,465
LifeStorage 3.50% 7/1/26		90,000		86,081
MGM Growth Properties Operating Partnership 4.50% 9/1/26		100,000		96,000
Regency Centers 3.60% 2/1/27		15,000		14,396
SBA Communications 4.875% 9/1/24		75,000		73,781
UDR 4.00% 10/1/25		355,000		356,914
WP Carey 4.60% 4/1/24		80,000		82,069
				2,167,363
Services – 0.05%
Prime Security Services Borrower 144A 9.25% 5/15/23 #		77,000		83,641
United Rentals North America 5.875% 9/15/26		45,000		46,969
				130,610
Technology – 0.58%
Analog Devices 2.95% 1/12/21		90,000		89,747
Apple 2.75% 1/13/25		265,000		255,143
Baidu 4.375% 3/29/28		200,000		200,677
Broadcom 3.50% 1/15/28		110,000		103,533
Dell International 144A 6.02% 6/15/26 #		185,000		199,436
First Data 144A 5.75% 1/15/24 #		100,000		101,000
NXP 144A 4.125% 6/1/21 #		200,000		202,500
Oracle 2.40% 9/15/23		70,000		67,072
3.80% 11/15/37		95,000		93,991
Tencent Holdings 144A 3.925% 1/19/38 #		200,000		190,070
				1,503,169
Telecommunications – 0.96%
AT&T 3.40% 8/14/24		360,000		362,151
3.90% 8/14/27		90,000		90,732
144A 4.30% 2/15/30 #		80,000		79,787

(continues) 33

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal   amount°		Value     (US $)
Corporate Bonds (continued)
Telecommunications (continued)
Crown Castle Towers 144A 4.883% 8/15/20 #		455,000	$	471,234
Deutsche Telekom International Finance 144A 1.95% 9/19/21 #		465,000		446,089
GTP Acquisition Partners I 144A 2.35% 6/15/20 #		100,000		98,902
SBA Tower Trust 144A 2.898% 10/8/19 #		70,000		69,649
Sprint 7.875% 9/15/23		99,000		101,351
Sprint Spectrum 144A 4.738% 3/20/25 #		220,000		221,650
Verizon Communications 4.50% 8/10/33		335,000		339,737
VTR Finance 144A 6.875% 1/15/24 #		200,000		208,802
				2,490,084
Transportation – 0.47%
Adani Abbot Point Terminal 144A 4.45% 12/15/22 #		200,000		188,660
Air Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27 #◆		0		0
American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27 ◆		70,292		68,887
American Airlines 2015-2 Class AA Pass Through Trust 3.60% 9/22/27 ◆		31,685		31,425
American Airlines 2016-1 Class AA Pass Through Trust 3.575% 1/15/28 ◆		37,125		36,824
FedEx 4.05% 2/15/48		125,000		117,637
Penske Truck Leasing 144A 2.70% 3/14/23 #		130,000		124,902
144A 3.30% 4/1/21 #		95,000		95,212
144A 4.20% 4/1/27 #		190,000		191,762
United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26 ◆		38,714		39,202
United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26 ◆		85,729		85,262
United Airlines 2016-1 Class AA Pass Through Trust 3.10% 7/7/28 ◆		38,945		37,635
United Parcel Service 5.125% 4/1/19		190,000		195,218
				1,212,626

	Principal   amount°		Value     (US $)
Corporate Bonds (continued)
Utilities – 2.17%
AES
5.50% 4/15/25		30,000	$	31,163
6.00% 5/15/26		80,000		84,600
AES Gener 144A 8.375% 12/18/73 #µ		200,000		209,000
Ameren Illinois 9.75% 11/15/18		290,000		302,068
American Transmission Systems 144A 5.25% 1/15/22 #		270,000		287,651
AmeriGas Partners 5.875% 8/20/26		105,000		103,163
Avangrid 3.15% 12/1/24		160,000		155,489
Cleveland Electric Illuminating 5.50% 8/15/24		90,000		100,006
CMS Energy 6.25% 2/1/20		500,000		527,262
ComEd Financing III 6.35% 3/15/33		160,000		171,600
DTE Energy 3.30% 6/15/22		205,000		205,075
Duke Energy 2.65% 9/1/26		375,000		342,654
Emera 6.75% 6/15/76 µ		175,000		189,875
Enel 144A 8.75% 9/24/73 #µ		200,000		237,750
Enel Finance International 144A 3.625% 5/25/27 #		200,000		190,720
Entergy Louisiana 4.00% 3/15/33		90,000		91,841
4.05% 9/1/23		115,000		117,765
4.95% 1/15/45		15,000		15,339
Exelon 3.95% 6/15/25		10,000		10,039
Great Plains Energy 4.85% 6/1/21		60,000		62,149
Kansas City Power & Light 3.65% 8/15/25		180,000		180,718
LG&E &KU Energy 4.375% 10/1/21		425,000		440,965
Mississippi Power 3.95% 3/30/28		95,000		95,719
National Rural Utilities Cooperative Finance 4.75% 4/30/43 µ		145,000		148,834
5.25% 4/20/46 µ		85,000		90,562
NV Energy 6.25% 11/15/20		115,000		124,171
Pennsylvania Electric 5.20% 4/1/20		10,000		10,344
Perusahaan Listrik Negara 144A 4.125% 5/15/27 #		200,000		192,793
Public Service Co. of New Hampshire 3.50% 11/1/23		95,000		96,017

34

	Principal   amount°		Value     (US $)
Corporate Bonds (continued)
Utilities (continued)
Public Service Co. of Oklahoma 5.15% 12/1/19		385,000	$	398,292
Sempra Energy 2.90% 2/1/23		205,000		200,693
Southwestern Electric Power 3.85% 2/1/48		150,000		142,811
Trans-Allegheny Interstate Line 144A 3.85% 6/1/25 #		50,000		50,362
				5,607,490
Total Corporate Bonds (cost $45,780,810)				44,990,211
Loan Agreements – 1.17%
CityCenter Holdings Tranche B 1st Lien 4.377% (LIBOR03M + 2.50%) 4/18/24 ●		249,372		250,794
First Data 1st Lien 4.122% (LIBOR03M + 2.25%) 4/26/24 ●		321,164		322,050
Flying Fortress Holdings 4.052% (LIBOR03M + 1.75%) 10/30/22 ●		345,000		346,817
HCA 3.398% (LIBOR03M + 1.75%) 3/18/23 ●		261,491		262,892
Houghton International 1st Lien 4.877% (LIBOR03M + 3.00%) 12/20/19 ●		620,613		622,164
Republic of Angola 8.032% (LIBOR06M + 6.25%) 12/16/23 =●		191,250		174,037
Sprint Communications Tranche B 1st Lien 4.438% (LIBOR03M + 2.50%) 2/2/24 ●		292,050		292,461
Stars Group Holdings Tranche B 1st Lien 5.802% (LIBOR03M + 3.50%) 8/1/21 ●		249,359		250,902
UPC Financing Partnership Tranche AR 1st Lien 4.277% (LIBOR03M + 2.50%) 1/15/26 ●		250,000		251,071
Zekelman Industries 1st Lien 4.999% (LIBOR03M + 2.75%) 6/14/21 ●		249,369		251,021
Total Loan Agreements (cost $3,007,959)				3,024,209

	Principal   amount°		Value     (US $)
Municipal Bonds – 0.27%
Bay Area, California Toll Authority (Build America Bonds) Series S3 6.907% 10/1/50		125,000	$	187,511
California State Various Purposes (Build America Bonds) 7.55% 4/1/39		80,000		122,120
New Jersey Turnpike Authority (Build America Bonds) Series A 7.102% 1/1/41		70,000		100,446
Oregon State Taxable Pension 5.892% 6/1/27		200,000		236,452
South Carolina Public Service Authority Series D 4.77% 12/1/45		40,000		43,638
Total Municipal Bonds (cost $663,266)				690,167
Non-Agency Asset-Backed Securities – 1.74%
American Express Credit Account Master Trust Series 2017-2 A 2.227% (LIBOR01M + 0.45%) 9/16/24 ●		200,000		201,812
Series 2017-5 A 2.157% (LIBOR01M + 0.38%) 2/18/25 ●		845,000		850,650
Avis Budget Rental Car Funding AESOP Series 2014-1A A 144A 2.46% 7/20/20 #		200,000		199,229
CNH Equipment Trust Series 2016-B A2B 2.177% (LIBOR01M + 0.40%) 10/15/19 ●		1,631		1,631
Discover Card Execution Note Trust Series 2014-A1 A1 2.207% (LIBOR01M + 0.43%, Floor 0.43%) 7/15/21 ●		200,000		200,487
Series 2017-A5 A5 2.377% (LIBOR01M + 0.60%) 12/15/26 ●		100,000		100,858
Golden Credit Card Trust Series 2014-2A A 144A 2.227% (LIBOR01M + 0.45%) 3/15/21 #●		100,000		100,239
HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44 #		139,500		135,966

(continues) 35

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Mercedes-Benz Master Owner Trust Series 2016-AA A 144A 2.357% (LIBOR01M + 0.58%) 5/15/20 #●		100,000	$	100,060
Navistar Financial Dealer Note Master Owner Trust II Series 2016-1 A 144A 3.222% (LIBOR01M + 1.35%) 9/27/21 #●		60,000		60,273
New Residential Mortgage Loan Trust Series 2017-6A A1 144A 4.00% 8/27/57 #●		90,204		91,582
Nissan Master Owner Trust Receivables Series 2017-B A 2.207% (LIBOR01M + 0.43%) 4/18/22 ●		1,000,000		1,004,294
PFS Financing Series 2018-A A 144A 2.177% (LIBOR01M + 0.40%) 2/15/22 #●		100,000		99,997
Towd Point Mortgage Trust
Series 2015-5 A1B 144A 2.75% 5/25/55 #●		55,145		54,709
Series 2015-6 A1B 144A 2.75% 4/25/55 #●		60,392		59,743
Series 2017-1 A1 144A 2.75% 10/25/56 #●		77,075		76,220
Series 2017-2 A1 144A 2.75% 4/25/57 #●		82,176		81,578
Series 2018-1 A1 144A 3.00% 1/25/58 #●		98,249		97,725
Verizon Owner Trust
Series 2016-2A A 144A 1.68% 5/20/21 #		1,000,000		988,724
Total Non-Agency Asset-Backed Securities (cost $4,514,275)				4,505,777
Non-Agency Collateralized Mortgage Obligations – 0.53%
Bank of America Alternative Loan Trust Series 2005-6 7A1 5.50% 7/25/20		1,384		1,314
Credit Suisse First Boston Mortgage Securities Series 2005-5 6A3 5.00% 7/25/35		36,718		36,674

		Principal amount°		Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
JPMorgan Mortgage Trust
Series 2006-S1 1A1 6.00% 4/25/36			49,210	$	52,212
Series 2014-2 B1 144A 3.424% 6/25/29 #●			71,120		70,506
Series 2014-2 B2 144A 3.424% 6/25/29 #●			71,120		70,050
Series 2014-IVR6 2A4 144A 2.50% 7/25/44 #●			100,000		100,070
Series 2015-1 B1 144A 2.717% 12/25/44 #●			194,984		194,192
Series 2015-4 B1 144A 3.624% 6/25/45 #●	��		93,895		92,285
Series 2015-4 B2 144A 3.624% 6/25/45 #●			93,895		90,416
Series 2015-5 B2 144A 2.889% 5/25/45 #●			96,250		94,640
Series 2015-6 B1 144A 3.616% 10/25/45 #●			93,477		91,127
Series 2015-6 B2 144A 3.616% 10/25/45 #●			93,477		88,856
New Residential Mortgage Loan Trust
Series 2016-4A A1 144A 3.75% 11/25/56 #●			73,710		74,404
Series 2017-1A A1 144A 4.00% 2/25/57 #●			76,757		78,251
Series 2017-2A A4 144A 4.00% 3/25/57 #●			76,561		77,485
Sequoia Mortgage Trust
Series 2014-2 A4 144A 3.50% 7/25/44 #●			32,744		32,667
Series 2015-1 B2 144A 3.875% 1/25/45 #●			41,633		41,969
Series 2017-4 A1 144A 3.50% 7/25/47 #●			88,991		88,224
Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR5 2A1 4.045% 4/25/36 ●			11,686		11,077
Total Non-Agency Collateralized Mortgage Obligations (cost $1,381,279)					1,386,419
Non-Agency Commercial Mortgage-Backed Securities – 2.32%
Banc of America Commercial Mortgage Trust Series 2017-BNK3 B 3.879% 2/15/50 ●			240,000		240,037

36

	Principal amount°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
Banc of America Commercial Mortgage Trust Series 2017-BNK3 C 4.352% 2/15/50 ●		240,000	$	240,177
Citigroup Commercial Mortgage Trust
Series 2014-GC25 A4 3.635% 10/10/47		115,000		116,593
Series 2015-GC27 A5 3.137% 2/10/48		135,000		132,756
Series 2016-P3 A4 3.329% 4/15/49		95,000		93,974
Series 2017-C4 A4 3.471% 10/12/50		125,000		123,869
COMM Mortgage Trust
Series 2013-CR6 AM 144A 3.147% 3/10/46 #		95,000		93,892
Series 2014-CR19 A5 3.796% 8/10/47		70,000		71,796
Series 2014-CR20 AM 3.938% 11/10/47		215,000		219,413
Series 2015-3BP A 144A 3.178% 2/10/35 #		300,000		295,599
Series 2015-CR23 A4 3.497% 5/10/48		150,000		150,343
DB-JPM Mortgage Trust
Series 2016-C1 A4 3.276% 5/10/49		175,000		172,557
Series 2016-C3 A5 2.89% 9/10/49		210,000		200,303
DB-UBS Mortgage Trust
Series 2011-LC1A C 144A 5.699% 11/10/46 #●		130,000		137,158
GRACE Mortgage Trust
Series 2014-GRCE A 144A 3.369% 6/10/28 #		100,000		101,053
Series 2014-GRCE B 144A 3.52% 6/10/28 #		200,000		199,419
GS Mortgage Securities Corp. II
Series 2018-GS9 A4 3.992% 3/10/51		500,000		516,647
GS Mortgage Securities Trust
Series 2014-GC24 A5 3.931% 9/10/47		150,000		154,761
Series 2015-GC32 A4 3.764% 7/10/48		70,000		71,388
Series 2017-GS6 A3 3.433% 5/10/50		350,000		347,221

	Principal amount°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
JPM-BB Commercial Mortgage Securities Trust Series 2015-C33 A4 3.77% 12/15/48		480,000	$	489,715
JPM-DB Commercial Mortgage Securities Trust Series 2016-C2 A4 3.144% 6/15/49		185,000		180,113
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2005-CB11 E 5.548% 8/12/37 ●		40,000		40,476
Series 2013-LC11 B 3.499% 4/15/46		85,000		83,491
Series 2015-JP1 A5 3.914% 1/15/49		85,000		87,487
Series 2016-JP2 A4 2.822% 8/15/49		120,000		113,865
Series 2016-JP3 B 3.397% 8/15/49 ●		40,000		38,441
Series 2016-WIKI A 144A 2.798% 10/5/31 #		50,000		49,294
Series 2016-WIKI B 144A 3.201% 10/5/31 #		80,000		79,079
LB-UBS Commercial Mortgage Trust Series 2006-C6 AJ 5.452% 9/15/39 ●		102,412		81,138
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C17 A5 3.741% 8/15/47		90,000		91,846
Series 2015-C23 A4 3.719% 7/15/50		285,000		289,469
Series 2015-C26 A5 3.531% 10/15/48		120,000		120,377
Series 2016-C29 A4 3.325% 5/15/49		85,000		83,941
Morgan Stanley Capital I Trust
Series 2006-HQ10 B 5.448% 11/12/41 ●		200,000		189,881
Wells Fargo Commercial Mortgage Trust
Series 2015-NXS3 A4 3.617% 9/15/57		165,000		166,120
Series 2016-BNK1 A3 2.652% 8/15/49		140,000		131,393
Total Non-Agency Commercial Mortgage-Backed Securities (cost $6,232,486)				5,995,082

(continues) 37

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal   amount°		Value     (US $)
Regional Bonds – 0.06%D
Australia – 0.06%
Queensland Treasury 144A 2.75% 8/20/27 #	AUD	161,000	$	120,259
144A 3.25% 7/21/28 #	AUD	39,000		30,268
				150,527
Total Regional Bonds (cost $150,450)				150,527
Sovereign Bonds – 0.79%D
Argentina – 0.02%
Argentine Republic Government International Bond 5.625% 1/26/22		45,000		45,765
				45,765
Australia – 0.07%
Australia Government Bond 3.75% 4/21/37	AUD	205,000		174,926
				174,926
Azerbaijan – 0.05%
Republic of Azerbaijan International Bond 144A 3.50% 9/1/32 #		150,000		126,370
				126,370
Bermuda – 0.07%
Bermuda Government International Bond 144A 3.717% 1/25/27 #		200,000		196,000
				196,000
Japan – 0.41%
Japan Bank For International Cooperation 2.514% (LIBOR03M + 0.57%) 2/24/20 ●		1,060,000		1,067,530
				1,067,530
Mongolia – 0.08%
Mongolia Government International Bond 144A 5.625% 5/1/23 #		200,000		197,825
				197,825
New Zealand – 0.01%
New Zealand Government Bond 4.50% 4/15/27	NZD	29,000		23,938
				23,938

	Principal   amount°		Value     (US $)
Sovereign BondsD (continued)
Sri Lanka – 0.08%
Sri Lanka Government International Bond 144A 5.75% 1/18/22 #		200,000	$	202,711
				202,711
Total Sovereign Bonds (cost $2,060,292)				2,035,065
Supranational Banks – 0.01%
International Bank for Reconstruction & Development 4.625% 10/6/21	NZD	22,000		16,912
International Finance 3.625% 5/20/20	NZD	13,000		9,629
Total Supranational Banks (cost $26,384)				26,541
US Treasury Obligations – 2.90%
US Treasury Bond 3.00% 2/15/48		250,000		250,919
US Treasury Floating Rate Note 1.748% (USBMMY03M + 0.00%) 1/31/20 ●		5,875,000		5,869,200
US Treasury Notes 2.625% 2/28/23		910,000		912,558
2.75% 2/15/28		485,000		484,948
Total US Treasury Obligations (cost $7,509,075)				7,517,625
	Number of shares
Preferred Stock – 0.53%
General Electric 5.00% µy		191,000		189,329
Henkel & Co. 1.52%		1,090		143,284
Integrys Holding 6.00% µ		3,550		93,631
Morgan Stanley 5.55% µy		25,000		25,807
US Bancorp 3.50% (LIBOR03M + 1.02%) y●		600		553,500
USB Realty 144A 2.867% (LIBOR03M + 1.147%) #y●		100,000		90,375
Vedanta 7.50%		103,816		15,838
Volkswagen 1.26%		1,250		249,142
Total Preferred Stock (cost $1,167,149)				1,360,906

38

	Principal amount°		Value (US $)
Short-Term Investments – 3.41%
Discount Note – 0.45%≠
Federal Home Loan Bank
0.80% 4/3/18		1,160,920	$	1,160,867
				1,160,867
Repurchase Agreements – 1.88%
Bank of America Merrill Lynch 1.71%, dated 3/29/18, to be repurchased on 4/2/18, repurchase price $702,304 (collateralized by US government obligations 1.50%–3.75% 11/15/18–8/15/44; market value $716,214)		702,170		702,170
Bank of Montreal 1.60%, dated 3/29/18, to be repurchased on 4/2/18, repurchase price $2,106,885 (collateralized by US government obligations 0.00%–2.875% 8/16/18–8/15/47; market value $2,148,641)		2,106,511		2,106,511
BNP Paribas 1.75%, dated 3/29/18, to be repurchased on 4/2/18, repurchase price $2,071,342 (collateralized by US government obligations 0.00%–3.625% 5/31/18–11/15/45; market value $2,112,358)		2,070,939		2,070,939
				4,879,620
US Treasury Obligations – 1.08%≠
US Treasury Bills 1.007% 4/5/18		1,376,789		1,376,603
1.35% 4/12/18		1,408,886		1,408,248
				2,784,851
Total Short-Term Investments (cost $8,825,194)				8,825,338
Total Value of Securities – 103.08% (cost $222,283,528)			$	266,746,622

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2018, the aggregate value of Rule 144A securities was $27,185,597, which represents 10.51% 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.

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

= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”

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

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

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

D Securities have been classified by country of origin.

µ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2018. Rate will reset at a future date.

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.

y No contractual maturity date.

† Non-income producing security.

● Variable rate investment. Rates reset periodically. Rates shown reflect the rate in effect at March 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their description above.

(continues) 39

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at March 31, 2018:¹

Foreign Currency Exchange Contracts

Counterparty	Contracts to       Receive (Deliver)		In Exchange For		Settlement     Date		Unrealized   Appreciation		Unrealized   Depreciation
BNP	AUD	(240,728)	USD	184,853		5/18/18	$	—	$	(49	)
BNYM	AUD	(600)	USD	460		4/3/18		—		(1	)
BNYM	EUR	(257,696)	USD	318,376		4/3/18		1,183		—
BNYM	HKD	243,460	USD	(31,027)		4/3/18		—		—
BNYM	HKD	389,437	USD	(49,626)		4/4/18		7		—
BNYM	NOK	(1,036,814)	USD	132,320		4/4/18		29		—
Total Foreign Currency Exchange Contracts							$	1,219	$	(50	)

Futures Contracts

Contracts to Buy (Sell)	Notional     Amount		Notional     Cost (Proceeds)		Expiration     Date		Value/ Unrealized  Depreciation
(14)              Long Gilt	$	(2,412,430)	$	(2,367,788)		6/28/18	$	(44,642	)
(58)              US Treasury 5 yr Notes		(6,638,734)		(6,616,367)		7/2/18		(22,367	)
(108)            US Treasury 10 yr Notes		(13,083,188)		(12,987,320)		6/20/18		(95,868	)
(15)              US Treasury 10 yr Ultra Notes		(1,947,891)		(1,907,184)		6/21/18		(40,707	)
(18)              US Treasury Long Bond		(2,639,250)		(2,578,449)		6/21/18		(60,801	)
Total Futures Contracts			$	(26,457,108)			$	(264,385	)

Swap Contracts

CDS Contracts²

Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency	Notional     Amount3		Annual Protection       Payments	Value			Upfront Payments Paid (Received)			Unrealized       Depreciation4			Variation Margin Due to Broker
Centrally Cleared/Protection Purchased:
CDX.NA.HY.285 6/20/22-Quarterly		3,192,750	5.00%	$	(227,995	)	$	(179,189	)	$	(48,806	)	$	(12,059	)
Over-The-Counter/Protection Purchased:
HSBC-CDX.EM.296 6/20/23-Quarterly		2,750,000	1.00%		49,387			50,610			(1,223	)		—
Total CDS Contracts				$	(178,608	)	$	(128,579	)	$	(50,029	)	$	(12,059	)

40

IRS Contracts⁷

Reference Obligation/ Termination Date/ Payment Frequency (Fixed Rate / Floating Rate)	Notional Amount3		Fixed / Floating Interest Rate       Paid (Received)8	Value			Unrealized Appreciation4		Unrealized Depreciation4			Variation Margin Due to Broker
Centrally Cleared:
5 yr IRS 4/3/22-(Semiannually/ Quarterly)		2,105,000	2.066%/(1.694%)	$	49,459		$	49,459	$	—		$	(753	)
7 yr IRS 6/14/24-(Semiannually/ Quarterly)		6,405,000	1.993%/(2.107%)		265,421			265,421		—			(5,385	)
7 yr IRS 2/5/25-(Semiannually/ Quarterly)		8,910,000	2.733%/(1.787%)		(6,968	)		—		(6,968	)		(10,122	)
10 yr IRS 6/27/27-(Semiannually/ Quarterly)		4,615,000	2.117%/(2.292%)		246,852			246,852		—			(7,529	)
30 yr IRS 6/27/47-(Semiannually/ Quarterly)		430,000	2.388%/(2.292%)		39,333			39,333		—			(1,843	)
Total IRS Contracts				$	594,097		$	601,065	$	(6,968	)	$	(25,632	)

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 notional amounts and foreign currency exchange contracts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

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

²A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement.

³Notional amount shown is stated in US 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 $(91,445).

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, Colombia, 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 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.

⁸Rates reset based on LIBOR03M.

(continues) 41

Schedules of investments

Delaware Foundation^® Moderate Allocation Fund

Summary of abbreviations:

ADR – American Depositary Receipt

ARM – Adjustable Rate Mortgage

AUD – Australian Dollar

BADLARPP – Argentina Term Deposit Rate

BB – Barclays Bank

BNP – BNP Paribas

BNYM – BNY Mellon

CDO – Collateralized Debt Obligation

CDS – Credit Default Swap

CDX.EM – Credit Default Swap Index Emerging Markets

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

CLO – Collateralized Loan Obligation

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

GDR – Global Depositary Receipt

GNMA – Government National Mortgage Association

GS – Goldman Sachs

HKD – Hong Kong Dollar

HSBC – Hong Kong Shanghai Bank

ICE – Intercontinental Exchange

IRS – Interest Rate Swap

JPM – JPMorgan

LB – Lehman Brothers

LIBOR – London Interbank Offered Rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LIBOR12M – ICE LIBOR USD 12 Month

MSCI – Morgan Stanley Capital International

NOK – Norwegian Krone

NZD – New Zealand Dollar

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

USBMMY03M – US Treasury 3 Months Bill Money Market Yield

USD – US Dollar

yr – Year

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

42

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

March 31, 2018

	Number of   shares		Value     (US $)
Common Stock – 35.93%
US Markets – 19.73%
Consumer Discretionary – 1.64%
Amazon.com †		55	$	79,604
American Eagle Outfitters		500		9,965
Aramark		675		26,703
BorgWarner		585		29,385
Cheesecake Factory		450		21,699
Chuy’s Holdings †		555		14,541
Cinemark Holdings		360		13,561
Comcast Class A		965		32,974
Del Frisco’s Restaurant Group †		660		10,065
Dollar General		853		79,798
Dollar Tree †		1,400		132,860
Domino’s Pizza		249		58,156
Five Below †		310		22,735
Home Depot		425		75,752
Jack in the Box		275		23,466
Liberty Global Class A †		540		16,907
Liberty Global Class C †		2,347		71,419
Liberty Interactive Corp. QVC Group Class A †		2,748		69,167
Lowe’s		1,600		140,400
Malibu Boats Class A †		665		22,085
NIKE Class B		535		35,545
Starbucks		595		34,445
Steven Madden		882		38,720
Tenneco		520		28,532
Toll Brothers		435		18,814
Tractor Supply		240		15,125
TripAdvisor †		1,455		59,495
Walt Disney		485		48,713
				1,230,631
Consumer Staples – 0.71%
Archer-Daniels-Midland		3,500		151,795
Casey’s General Stores		245		26,894
CVS Health		2,100		130,641
General Mills		530		23,882
J&J Snack Foods		167		22,806
Mondelez International		3,273		136,582
PepsiCo		250		27,287
Pinnacle Foods		295		15,959
				535,846
Energy – 1.36%
Carrizo Oil & Gas †		1,215		19,440
Chevron		1,670		190,447
ConocoPhillips		2,500		148,225

	Number of   shares		Value     (US $)
Common Stock (continued)
US Markets (continued)
Energy (continued)
EOG Resources		385	$	40,529
Halliburton		3,960		185,882
Keane Group †		1,010		14,948
Marathon Oil		9,360		150,977
Occidental Petroleum		2,515		163,374
Pioneer Energy Services †		3,090		8,343
Pioneer Natural Resources		275		47,239
SRC Energy †		3,005		28,337
Superior Energy Services †		1,085		9,147
US Silica Holdings		470		11,994
				1,018,882
Financials – 2.53%
Allstate		1,500		142,200
American Equity Investment Life Holding		570		16,735
Bank of New York Mellon		2,700		139,131
BB&T		2,800		145,712
BlackRock		100		54,172
Bryn Mawr Bank		255		11,207
Capital One Financial		340		32,579
CenterState Bank		605		16,051
Charles Schwab		1,698		88,670
City Holding		255		17,483
CME Group		376		60,814
CoBiz Financial		810		15,876
Comerica		380		36,453
East West Bancorp		520		32,521
Essent Group †		735		31,282
Evercore Class A		315		27,468
FCB Financial Holdings Class A †		370		18,907
First Bancorp (North Carolina)		450		16,043
First Interstate BancSystem		545		21,555
Great Western Bancorp		715		28,793
Hope Bancorp		1,430		26,012
Houlihan Lokey		220		9,812
Independent Bank		250		17,887
Independent Bank Group		295		20,857
Infinity Property & Casualty		145		17,168
Intercontinental Exchange		1,654		119,948
Invesco		1,020		32,650
JPMorgan Chase & Co.		830		91,275
KeyCorp		2,380		46,529
MainSource Financial Group		430		17,479
Marsh & McLennan		1,800		148,662

(continues) 43

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

	Number of   shares		Value     (US $)
Common Stock (continued)
US Markets (continued)
Financials (continued)
MGIC Investment †		3,640	$	47,320
Old National Bancorp		1,370		23,153
Primerica		300		28,980
Prudential Financial		245		25,370
Raymond James Financial		310		27,717
Reinsurance Group of America		105		16,170
Selective Insurance Group		435		26,405
State Street		295		29,420
Sterling Bancorp		1,140		25,707
Stifel Financial		460		27,246
Travelers		160		22,218
Umpqua Holdings		1,140		24,407
United Bankshares		509		17,942
US Bancorp		550		27,775
WSFS Financial		580		27,782
				1,899,543
Healthcare – 3.00%
Abbott Laboratories		3,165		189,647
AbbVie		325		30,761
Adamas Pharmaceuticals †		760		18,164
Allergan		359		60,416
Biogen †		301		82,420
Brookdale Senior Living †		3,025		20,298
Cardinal Health		2,100		131,628
Catalent †		695		28,537
Celgene †		275		24,533
Cigna		185		31,032
Clovis Oncology †		410		21,648
CONMED		550		34,831
CryoLife †		1,281		25,684
DENTSPLY SIRONA		1,154		58,058
DexCom †		390		28,922
Edwards Lifesciences †		190		26,509
Eli Lilly & Co.		305		23,598
Encompass Health		540		30,872
Exact Sciences †		565		22,786
Express Scripts Holding †		2,290		158,193
Illumina †		213		50,357
IQVIA Holdings †		920		90,261
Johnson & Johnson		1,540		197,351
Ligand Pharmaceuticals Class B †		185		30,555
Medicines †		685		22,564
Merck & Co.		3,110		169,402
Merit Medical Systems †		661		29,976

	Number of   shares		Value     (US $)
Common Stock (continued)
US Markets (continued)
Healthcare (continued)
Natera †		1,070	$	9,919
NuVasive †		325		16,968
Pfizer		4,068		144,373
Prestige Brands Holdings †		566		19,086
Quest Diagnostics		1,400		140,420
Quidel †		730		37,821
Repligen †		650		23,517
Retrophin †		920		20,571
Spark Therapeutics †		230		15,316
Spectrum Pharmaceuticals †		320		5,149
TESARO †		190		10,857
Thermo Fisher Scientific		180		37,163
UnitedHealth Group		226		48,364
Vanda Pharmaceuticals †		1,505		25,359
Vertex Pharmaceuticals †		165		26,892
West Pharmaceutical Services		165		14,568
Wright Medical Group †		1,090		21,626
				2,256,972
Industrials – 1.86%
AAON		523		20,397
ABM Industries		750		25,110
Applied Industrial Technologies		415		30,253
ASGN †		310		25,383
Barnes Group		479		28,687
Casella Waste Systems †		1,070		25,017
Columbus McKinnon		645		23,117
Continental Building Products †		1,455		41,540
Eaton		290		23,174
ESCO Technologies		390		22,835
Federal Signal		1,065		23,451
FedEx		415		99,646
Gates Industrial †		565		9,893
Granite Construction		435		24,299
Hawaiian Holdings		275		10,643
Honeywell International		160		23,122
Ingersoll-Rand		160		13,682
Kadant		294		27,783
KeyW Holding †		790		6,209
Kforce		1,034		27,970
KLX †		390		27,713
Knight-Swift Transportation Holdings		561		25,812
Lockheed Martin		85		28,724
MasTec †		205		9,645
MYR Group †		665		20,495

44

	Number of   shares		Value     (US $)
Common Stock (continued)
US Markets (continued)
Industrials (continued)
Navigant Consulting †		905	$	17,412
Nielsen Holdings		405		12,875
Northrop Grumman		400		139,648
Oshkosh		210		16,227
Parker-Hannifin		255		43,613
Raytheon		700		151,074
Rockwell Automation		60		10,452
Rockwell Collins		115		15,508
Southwest Airlines		450		25,776
Tetra Tech		555		27,167
Union Pacific		380		51,083
United Technologies		370		46,553
US Ecology		575		30,647
WageWorks †		356		16,091
Waste Management		1,700		143,004
Woodward		140		10,032
				1,401,762
Information Technology – 3.99%
Accenture Class A		220		33,770
Adobe Systems †		155		33,492
Alphabet Class A †		191		198,094
Alphabet Class C †		45		46,431
Analog Devices		270		24,605
Anixter International †		325		24,619
Apple		735		123,318
Applied Materials		1,450		80,635
Apptio Class A †		296		8,389
Arista Networks †		211		53,868
Belden		345		23,784
Broadcom		180		42,417
Brooks Automation		800		21,664
CA		4,228		143,329
Callidus Software †		1,350		48,533
Cisco Systems		4,250		182,283
Convergys		495		11,197
eBay †		2,299		92,512
Electronic Arts †		580		70,319
ExlService Holdings †		445		24,818
Facebook Class A †		290		46,339
GrubHub †		480		48,706
II-VI †		500		20,450
Intel		4,160		216,653
j2 Global		355		28,017
MACOM Technology Solutions Holdings †		446		7,404
Mastercard Class A		812		142,230

	Number of   shares		Value     (US $)
Common Stock (continued)
US Markets (continued)
Information Technology (continued)
MaxLinear Class A †		1,145	$	26,049
Microsoft		2,802		255,739
NETGEAR †		415		23,738
Oracle		3,315		151,661
Paycom Software †		220		23,626
PayPal Holdings †		2,273		172,452
Plantronics		395		23,846
Proofpoint †		360		40,914
PTC †		255		19,893
Q2 Holdings †		405		18,448
salesforce.com †		290		33,727
Semtech †		755		29,483
ServiceNow †		80		13,236
Silicon Laboratories †		225		20,227
SS&C Technologies Holdings		470		25,211
Symantec		1,938		50,097
Take-Two Interactive Software †		834		81,549
Tyler Technologies †		155		32,699
Visa Class A		1,296		155,028
				2,995,499
Materials – 0.61%
Axalta Coating Systems †		425		12,831
Balchem		185		15,124
Boise Cascade		725		27,985
DowDuPont		2,614		166,538
Eastman Chemical		415		43,816
Kaiser Aluminum		290		29,261
Minerals Technologies		485		32,471
Neenah		445		34,888
Quaker Chemical		175		25,923
Venator Materials †		550		9,949
WestRock		500		32,085
Worthington Industries		580		24,894
				455,765
Real Estate – 3.28%
American Tower		380		55,229
Apartment Investment & Management		725		29,544
Armada Hoffler Properties		685		9,378
AvalonBay Communities		525		86,341
Boston Properties		700		86,254
Brandywine Realty Trust		2,425		38,509
Brixmor Property Group		970		14,793
Camden Property Trust		200		16,836
Cousins Properties		1,350		11,718

(continues) 45

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

	Number of   shares		Value     (US $)
Common Stock (continued)
US Markets (continued)
Real Estate (continued)
Crown Castle International		811	$	88,894
DCT Industrial Trust		300		16,902
DDR		2,000		14,660
Douglas Emmett		1,550		56,978
EastGroup Properties		245		20,252
Equinix		110		45,995
Equity LifeStyle Properties		425		37,302
Equity Residential		3,800		234,156
Essex Property Trust		425		102,289
Extra Space Storage		375		32,760
Federal Realty Investment Trust		225		26,125
First Industrial Realty Trust		2,705		79,067
GGP		3,175		64,961
Gramercy Property Trust		1,171		25,446
Highwoods Properties		950		41,629
Host Hotels & Resorts		2,850		53,124
JBG SMITH Properties		475		16,012
Kilroy Realty		525		37,254
Kimco Realty		1,550		22,320
Kite Realty Group Trust		1,573		23,957
LaSalle Hotel Properties		425		12,329
Lexington Realty Trust		1,675		13,182
Liberty Property Trust		375		14,899
LTC Properties		125		4,750
Macerich		425		23,809
Mack-Cali Realty		1,070		17,880
Mid-America Apartment Communities		397		36,222
National Retail Properties		700		27,482
Omega Healthcare Investors		475		12,844
Pebblebrook Hotel Trust		1,280		43,968
Prologis		2,025		127,555
PS Business Parks		250		28,260
Public Storage		425		85,166
Ramco-Gershenson Properties Trust		3,450		42,642
Regency Centers		1,017		59,983
RLJ Lodging Trust		1,050		20,412
Sabra Health Care REIT		425		7,501
Simon Property Group		1,175		181,361
SL Green Realty		525		50,836
Spirit Realty Capital		2,225		17,266
Tanger Factory Outlet Centers		950		20,900
Taubman Centers		300		17,073
UDR		1,375		48,977
Urban Edge Properties		375		8,006

	Number of   shares		Value     (US $)
Common Stock (continued)
US Markets (continued)
Real Estate (continued)
Ventas		1,275	$	63,151
Vornado Realty Trust		950		63,935
Welltower		425		23,133
				2,462,207
Telecommunication Services – 0.48%
AT&T		5,655		201,601
ATN International		405		24,146
Verizon Communications		2,800		133,896
				359,643
Utilities – 0.27%
Edison International		1,800		114,588
NorthWestern		590		31,742
South Jersey Industries		915		25,766
Spire		430		31,089
				203,185
Total US Markets (cost $9,518,491)				14,819,935
Developed Markets – 11.32%§
Consumer Discretionary – 2.14%
Bandai Namco Holdings		600		19,708
Bayerische Motoren Werke		1,275		138,681
Cie Generale des Etablissements Michelin		858		127,021
Denso		700		38,288
Donaco International		43,500		7,350
Industria de Diseno Textil		870		27,352
Kering		297		142,446
Luxottica Group		425		26,403
LVMH Moet Hennessy Louis Vuitton		90		27,736
Nitori Holdings		226		39,941
Oriental Land		500		51,055
Playtech		12,397		127,501
Publicis Groupe		669		46,584
Sekisui Chemical		1,800		31,397
Sodexo		250		25,162
Stanley Electric		900		33,241
Techtronic Industries		28,000		164,335
Toyota Motor		2,699		173,118
USS		1,200		24,247
Valeo		1,674		110,735
WPP		1,420		22,566
Yue Yuen Industrial Holdings		49,500		198,320
				1,603,187
Consumer Staples – 1.56%
Aeon		1,200		21,422

46

	Number of   shares		Value     (US $)
Common Stock (continued)
Developed Markets§ (continued)
Consumer Staples (continued)
Anheuser-Busch InBev		265	$	29,136
Asahi Group Holdings		400		21,304
British American Tobacco		690		39,887
Carlsberg Class B		1,173		140,050
Chocoladefabriken Lindt & Spruengli		5		31,021
Coca-Cola Amatil		3,671		24,582
Coca-Cola European Partners		665		27,673
Coca-Cola HBC †		720		26,645
Diageo		900		30,438
Essity Class B †		1,060		29,376
Imperial Brands		2,765		94,147
Japan Tobacco		4,500		129,665
Jeronimo Martins		1,110		20,189
Koninklijke Ahold Delhaize		1,430		33,885
L’Oreal		250		56,465
Matsumotokiyoshi Holdings		2,400		101,499
Nestle		845		66,790
Reckitt Benckiser Group (United Kingdom)		255		21,524
Sundrug		600		27,715
Suntory Beverage & Food		600		29,153
Tate & Lyle		2,900		22,149
Treasury Wine Estates		2,050		26,784
Unilever		535		29,672
Unilever CVA		745		42,052
WH Group 144A #		26,500		28,394
Woolworths Group		1,130		22,936
				1,174,553
Energy – 0.36%
Caltex Australia		855		20,769
Galp Energia		1,555		29,325
Neste		395		27,494
Suncor Energy		2,200		75,972
TOTAL		2,073		118,824
				272,384
Financials – 1.61%
AIA Group		8,400		71,809
AXA		5,400		143,548
Banco Espirito Santo Class R =†		85,000		0
Banco Santander		7,764		50,818
Bank Leumi Le-Israel		5,700		34,431
DBS Group Holdings		1,600		33,796
ING Groep		8,269		139,541

	Number of   shares		Value     (US $)
Common Stock (continued)
Developed Markets§ (continued)
Financials (continued)
Investec		3,900	$	30,140
Mediobanca Banca di Credito Finanziario		1,530		17,987
Mitsubishi UFJ Financial Group		30,081		197,044
Nomura Holdings		6,400		37,009
Nordea Bank		14,601		156,230
Prudential		1,600		39,982
Standard Chartered		12,875		129,038
UniCredit †		6,234		130,298
				1,211,671
Healthcare – 1.36%
Astellas Pharma		3,000		45,505
Bayer		470		52,985
Fresenius SE & Co.		515		39,379
Indivior †		5,400		30,868
Koninklijke Philips		4,416		169,098
Lonza Group †		95		22,405
Merck		175		16,791
Novartis		2,012		162,732
Novo Nordisk Class B		1,300		63,942
Orion Class B		350		10,714
Roche Holding		395		90,612
Sanofi		923		74,062
Shire		3,838		191,017
Smith & Nephew		1,560		29,183
Sumitomo Dainippon Pharma		1,400		23,499
				1,022,792
Industrials – 2.35%
ABB		1,370		32,576
ANDRITZ		450		25,163
Ashtead Group		1,230		33,538
Brenntag		560		33,338
Cie de Saint-Gobain		600		31,683
Deutsche Post		4,962		217,332
East Japan Railway		1,125		104,269
Eiffage		210		23,917
Elbit Systems		140		16,857
Fraport Frankfurt Airport Services Worldwide		290		28,621
Fuji Electric		4,000		27,217
ITOCHU		12,737		247,366
Japan Airlines		800		32,194
Leonardo		6,303		72,895
Meggitt		14,471		87,789
MINEBEA MITSUMI		5,700		121,709
Mitsubishi Electric		1,700		27,184

(continues) 47

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

	Number of   shares		Value     (US $)
Common Stock (continued)
Developed Markets§ (continued)
Industrials (continued)
Qantas Airways		5,500	$	24,814
Rexel		3,054		51,734
Rolls-Royce Holdings †		1,800		22,007
Safran		345		36,615
Schneider Electric		370		32,583
Teleperformance		821		127,318
Tokyu		2,300		35,839
Vestas Wind Systems		276		19,748
Vinci		1,572		154,834
Volvo Class B		2,033		37,213
Wolters Kluwer		560		29,784
Yamato Holdings		1,000		25,079
				1,761,216
Information Technology – 0.75%
Amadeus IT Group		430		31,821
ASM Pacific Technology		2,300		32,403
ASML Holding (New York Shares)		230		45,669
Atos		235		32,197
CGI Group Class A †		2,032		117,187
Computershare		2,000		26,821
Fujitsu		4,000		24,615
Infineon Technologies		1,270		34,154
InterXion Holding †		435		27,018
Nice †		330		30,834
Sage Group		2,500		22,464
SAP		380		39,893
Seiko Epson		1,500		26,658
Tokyo Electron		200		37,620
Trend Micro		600		35,807
				565,161
Materials – 0.67%
Akzo Nobel		365		34,486
Alamos Gold		4,502		23,412
Anglo American		700		16,306
BlueScope Steel		2,000		23,530
Covestro 144A #		310		30,525
CRH		960		32,517
Daicel		2,600		28,393
Givaudan		16		36,501
Johnson Matthey		550		23,464
Kuraray		1,600		27,187
Norsk Hydro		3,450		20,464
Rio Tinto		2,136		108,389
Shin-Etsu Chemical		500		51,713

	Number of   shares		Value     (US $)
Common Stock (continued)
Developed Markets§ (continued)
Materials (continued)
South32		10,800	$	27,142
Yamana Gold		5,653		15,620
				499,649
Real Estate – 0.13%
Azrieli Group		400		19,228
Daito Trust Construction		200		34,566
Klepierre		575		23,177
Mirvac Group		12,650		21,023
				97,994
Telecommunication Services – 0.31%
Nippon Telegraph & Telephone		2,944		135,573
Tele2 Class B		4,598		55,371
Vodafone Group		16,000		43,777
				234,721
Utilities – 0.08%
National Grid		2,213		24,911
Tokyo Gas		1,400		37,123
				62,034
Total Developed Markets (cost $6,147,426)				8,505,362
Emerging Markets – 4.88%v
Consumer Discretionary – 0.32%
Arcos Dorados Holdings Class A		3,800		34,770
Astra International		65,600		34,886
B2W Cia Digital †		8,690		67,120
Ctrip.com International ADR †		600		27,972
Grupo Televisa ADR		1,825		29,127
Hyundai Motor		152		20,463
Woolworths Holdings		5,149		26,102
				240,440
Consumer Staples – 0.60%
Atacadao Distribuicao Comercio e Industria †		3,300		15,093
BRF ADR †		2,700		18,684
China Mengniu Dairy		14,000		48,315
Cia Brasileira de Distribuicao ADR		1,400		28,280
Cia Cervecerias Unidas ADR		600		17,646
Coca-Cola Femsa ADR		1,130		75,066
Fomento Economico Mexicano ADR		300		27,429
Lotte Chilsung Beverage		18		25,905
Lotte Confectionery		97		15,834

48

	Number of   shares		Value     (US $)
Common Stock (continued)
Emerging Marketsv (continued)
Consumer Staples (continued)
Tingyi Cayman Islands Holding		29,908	$	62,040
Uni-President China Holdings		63,600		55,186
Wal-Mart de Mexico		8,690		22,112
X5 Retail Group GDR †		1,088		36,488
				448,078
Energy – 0.79%
China Petroleum & Chemical		33,350		29,584
Gazprom PJSC ADR		10,713		52,238
LUKOIL PJSC ADR		900		62,298
Petroleo Brasileiro ADR †		4,319		61,071
PTT		2,341		41,325
Reliance Industries GDR 144A #		11,579		314,905
Rosneft Oil PJSC GDR		6,215		34,138
				595,559
Financials – 0.68%
Akbank Turk		22,491		54,442
Banco Bradesco ADR		2,580		30,650
Banco Santander Brasil ADR		1,400		16,828
Banco Santander Mexico ADR		3,800		27,246
Grupo Financiero Banorte		4,100		25,062
ICICI Bank ADR		4,200		37,170
Industrial & Commercial Bank of China		53,000		46,189
Itau Unibanco Holding ADR		3,403		53,087
KB Financial Group ADR		827		47,916
Ping An Insurance Group Co. of China		3,500		36,087
Samsung Life Insurance		513		55,829
Sberbank of Russia PJSC		18,779		82,901
				513,407
Healthcare – 0.02%
Hypera		1,200		13,103
				13,103
Industrials – 0.05%
Gol Linhas Aereas Inteligentes ADR †		1,450		18,835
Lotte †		323		19,242
				38,077
Information Technology – 1.79%
Alibaba Group Holding ADR †		990		181,705
Baidu ADR †		275		61,377
Hon Hai Precision Industry		15,468		46,950

	Number of   shares		Value     (US $)
Common Stock (continued)
Emerging Marketsv (continued)
Information Technology (continued)
Mail.Ru Group GDR †		513	$	17,871
MediaTek		8,000		93,425
NAVER		28		20,805
Samsung Electronics		111		256,282
SINA †		1,100		114,697
SK Hynix		615		46,908
Sohu.com †		1,800		55,656
Taiwan Semiconductor Manufacturing		14,034		119,128
Taiwan Semiconductor Manufacturing ADR		700		30,632
Tencent Holdings		4,400		236,190
Weibo ADR †		220		26,299
WNS Holdings ADR †		725		32,864
				1,340,789
Materials – 0.09%
Cemex ADR †		2,100		13,902
Cia de Minas Buenaventura ADR		2,100		31,983
Impala Platinum Holdings †		1,419		2,826
UltraTech Cement		305		18,564
				67,275
Real Estate – 0.05%
Etalon Group GDR 144A #		3,700		11,285
IRSA Inversiones y Representaciones ADR		800		18,920
UEM Sunrise †		30,859		8,058
				38,263
Telecommunication Services – 0.49%
America Movil Class L ADR		2,426		46,312
China Mobile		5,794		53,104
LG Uplus		1,820		20,917
Mobile TeleSystems PJSC ADR		1,400		15,946
SK Telecom		90		19,716
SK Telecom ADR		4,900		118,433
Telefonica Brasil ADR		1,750		26,880
TIM Participacoes ADR		1,600		34,672
Turkcell Iletisim Hizmetleri ADR		2,387		22,820
VEON ADR		3,322		8,770
				367,570
Total Emerging Markets (cost $2,538,476)				3,662,561
Total Common Stock (cost $18,204,393)				26,987,858

(continues) 49

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

	Number of   shares		Value     (US $)
Exchange-Traded Funds – 1.47%
iShares MSCI EAFE ETF		135	$	9,407
iShares MSCI EAFE Growth ETF		910		73,137
iShares Russell 1000 Growth ETF		5,945		809,055
Vanguard FTSE Developed Markets ETF		210		9,293
Vanguard Mega Cap Growth ETF		890		99,894
Vanguard Russell 1000 Growth ETF		720		100,447
Total Exchange-Traded Funds (cost $897,089)				1,101,233
	Principal   amount°
Agency Collateralized Mortgage Obligations – 11.37%
Fannie Mae Grantor Trust
Series 2002-T1 A2 7.00% 11/25/31		9,190		10,557
Fannie Mae REMIC Trust
Series 2002-W1 2A 7.50% 2/25/42 ●		4,810		5,273
Fannie Mae REMICs
Series 2008-15 SB 4.729% (6.60% minus LIBOR01M, Cap 6.60%) 8/25/36 S●		18,412		3,213
Series 2010-129 SM 4.129% (6.00% minus LIBOR01M, Cap 6.00%) 11/25/40 S●		52,135		7,252
Series 2011-101 EI 3.50% 10/25/26 S		20,560		1,981
Series 2012-51 SA 4.629% (6.50% minus LIBOR01M, Cap 6.50%) 5/25/42 S●		48,599		10,674
Series 2012-98 IY 3.00% 9/25/27 S		112,227		10,461
Series 2012-98 KI 3.50% 7/25/27 S		35,134		3,454
Series 2012-98 MI 3.00% 8/25/31 S		71,849		8,204
Series 2012-99 AI 3.50% 5/25/39 S		150,936		16,555
Series 2012-118 AI 3.50% 11/25/37 S		300,591		33,763
Series 2012-120 CI 3.50% 12/25/31 S		106,878		11,033
Series 2012-120 WI 3.00% 11/25/27 S		39,280		3,858

	Principal   amount°		Value     (US $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs
Series 2012-121 ID 3.00% 11/25/27 S		60,637	$	5,949
Series 2012-125 MI 3.50% 11/25/42 S		136,343		29,497
Series 2012-126 PI 3.50% 7/25/42 S		44,477		5,999
Series 2012-129 PZ 3.50% 12/25/42		34,942		34,334
Series 2012-137 EI 3.00% 12/25/27 S		135,050		12,221
Series 2012-137 QI 3.00% 12/25/27 S		136,285		13,904
Series 2012-137 WI 3.50% 12/25/32 S		58,281		9,652
Series 2012-139 NS 4.829% (6.70% minus LIBOR01M, Cap 6.70%) 12/25/42 S●		77,248		17,619
Series 2012-153 DI 3.50% 1/25/28 S		33,649		3,438
Series 2013-2 DA 2.00% 11/25/42		2,497		2,204
Series 2013-4 PL 2.00% 2/25/43		8,000		6,515
Series 2013-7 EI 3.00% 10/25/40 S		1,560,269		211,600
Series 2013-7 GP 2.50% 2/25/43		7,000		6,273
Series 2013-9 IO 3.00% 2/25/28 S		40,563		3,641
Series 2013-26 HI 3.00% 4/25/32 S		45,661		3,856
Series 2013-26 ID 3.00% 4/25/33 S		90,219		12,924
Series 2013-38 AI 3.00% 4/25/33 S		86,805		11,504
Series 2013-43 IX 4.00% 5/25/43 S		225,400		54,607
Series 2013-44 DI 3.00% 5/25/33 S		269,009		38,760
Series 2013-45 PI 3.00% 5/25/33 S		129,864		18,584
Series 2013-51 PI 3.00% 11/25/32 S		189,064		22,668
Series 2013-55 AI 3.00% 6/25/33 S		92,079		13,374
Series 2013-59 PY 2.50% 6/25/43		30,000		27,585
Series 2013-60 CI 3.00% 6/25/31 S		433,493		41,203

50

	Principal   amount°		Value     (US $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs
Series 2013-62 PY 2.50% 6/25/43		31,000	$	27,468
Series 2013-64 KI 3.00% 2/25/33 S		433,790		59,375
Series 2013-69 IJ 3.00% 7/25/33 S		53,369		7,555
Series 2013-69 IO 3.00% 11/25/31 S		48,490		4,700
Series 2013-71 ZA 3.50% 7/25/43		30,695		30,783
Series 2013-75 JI 3.00% 9/25/32 S		72,480		9,125
Series 2013-83 LI 2.50% 8/25/28 S		70,314		6,161
Series 2014-25 DI 3.50% 8/25/32 S		46,892		5,762
Series 2014-36 ZE 3.00% 6/25/44		72,911		66,771
Series 2014-46 IK 3.00% 9/25/40 S		58,282		6,940
Series 2014-63 KI 3.50% 11/25/33 S		46,713		5,969
Series 2014-68 BS 4.279% (6.15% minus LIBOR01M, Cap 6.15%) 11/25/44 S●		133,066		25,442
Series 2014-90 SA 4.279% (6.15% minus LIBOR01M, Cap 6.15%) 1/25/45 S●		54,902		10,232
Series 2014-94 AI 3.00% 10/25/32 S		52,212		5,008
Series 2015-11 BI 3.00% 1/25/33 S		51,694		5,899
Series 2015-28 GI 3.50% 6/25/34 S		90,073		11,444
Series 2015-40 GZ 3.50% 5/25/45		12,145		12,016
Series 2015-44 Z 3.00% 9/25/43		94,137		90,430
Series 2015-53 KB 3.00% 1/25/45		12,000		11,399
Series 2015-71 PI 4.00% 3/25/43 S		411,375		68,512
Series 2015-87 TI 3.50% 11/25/35 S		65,818		10,725
Series 2015-89 EZ 3.00% 12/25/45		46,114		41,070
Series 2015-95 SH 4.129% (6.00% minus LIBOR01M, Cap 6.00%) 1/25/46 S●		76,780		15,199
Series 2016-2 HI 3.00% 12/25/41 S		118,861		17,223

	Principal   amount°		Value     (US $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs
Series 2016-17 BI 4.00% 2/25/43 S		650,386	$	106,630
Series 2016-20 DI 3.50% 4/25/31 S		80,607		10,674
Series 2016-33 DI 3.50% 6/25/36 S		72,050		10,836
Series 2016-33 EL 3.00% 6/25/46		135,000		123,029
Series 2016-54 PI 3.00% 2/25/44 S		128,483		14,386
Series 2016-60 LI 3.00% 9/25/46 S		88,509		13,611
Series 2016-61 ML 3.00% 9/25/46		6,000		5,620
Series 2016-62 IC 3.00% 3/25/43 S		74,449		8,694
Series 2016-62 SA 4.129% (6.00% minus LIBOR01M, Cap 6.00%) 9/25/46 S●		109,455		22,959
Series 2016-72 AZ 3.00% 10/25/46		125,516		115,619
Series 2016-74 GS 4.129% (6.00% minus LIBOR01M, Cap 6.00%) 10/25/46 S●		1,010,365		230,500
Series 2016-80 BZ 3.00% 11/25/46		167,981		147,509
Series 2016-80 CZ 3.00% 11/25/46		146,071		128,149
Series 2016-80 JZ 3.00% 11/25/46		15,650		14,204
Series 2016-90 CI 3.00% 2/25/45 S		908,385		137,897
Series 2016-95 IO 3.00% 12/25/46 S		1,522,223		275,827
Series 2016-95 US 4.129% (6.00% minus LIBOR01M, Cap 6.00%) 12/25/46 S●		1,477,124		279,395
Series 2016-99 TI 3.50% 3/25/36 S		74,542		11,127
Series 2016-101 ZP 3.50% 1/25/47		10,447		10,116
Series 2017-6 NI 3.50% 3/25/46 S		90,382		16,273
Series 2017-8 BZ 3.00% 2/25/47		3,107		2,806
Series 2017-8 SG 4.129% (6.00% minus LIBOR01M, Cap 6.00%) 2/25/47 S●		91,278		18,339

(continues) 51

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

	Principal   amount°		Value     (US $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs
Series 2017-16 SM 4.179% (6.05% minus LIBOR01M, Cap 6.05%) 3/25/47 S●		88,035	$	17,576
Series 2017-16 YT 3.00% 7/25/46		9,000		8,843
Series 2017-17 LI 3.00% 4/25/37 S		86,546		8,280
Series 2017-24 AI 3.00% 8/25/46 S		90,837		14,898
Series 2017-25 BL 3.00% 4/25/47		1,000		947
Series 2017-26 VZ 3.00% 4/25/47		10,304		9,365
Series 2017-27 EM 3.00% 4/25/47		12,000		11,251
Series 2017-28 Z 3.50% 4/25/47		12,427		12,266
Series 2017-40 GZ 3.50% 5/25/47		5,163		5,098
Series 2017-40 IG 3.50% 3/25/43 S		93,006		16,074
Series 2017-46 BI 3.00% 4/25/47 S		85,369		13,736
Series 2017-55 HY 3.00% 7/25/47		48,000		45,047
Series 2017-59 KI 3.00% 3/25/47 S		108,263		19,220
Series 2017-61 SB 4.279% (6.15% minus LIBOR01M, Cap 6.15%) 8/25/47 S●		1,577,959		325,460
Series 2017-61 TB 3.00% 8/25/44		3,000		2,828
Series 2017-64 JI 3.50% 7/25/42 S		106,534		13,429
Series 2017-66 QY 3.00% 9/25/43		9,000		8,680
Series 2017-67 BZ 3.00% 9/25/47		2,035		1,798
Series 2017-94 CZ 3.50% 11/25/47		5,073		4,986
Series 2017-96 EZ 3.50% 12/25/47		6,070		5,989
Series 2017-99 DZ 3.50% 12/25/47		9,105		8,714
Series 2017-99 IE 3.00% 12/25/47 S		98,691		20,010
Series 2017-108 AZ 3.50% 1/25/58		5,044		4,812
Series 2018-3 LY 3.00% 2/25/48		25,000		23,471

	Principal   amount°		Value     (US $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs
Series 2018-8 MU 3.00% 2/25/48		10,000	$	9,417
Freddie Mac REMICs
Series 2708 ZD 5.50% 11/15/33		7,841		8,628
Series 3939 EI 3.00% 3/15/26 S		131,018		8,747
Series 4017 PI 3.00% 3/15/27 S		33,381		2,662
Series 4065 DE 3.00% 6/15/32		15,000		14,719
Series 4088 PI 3.00% 12/15/40 S		44,512		5,806
Series 4092 AI 3.00% 9/15/31 S		40,788		4,270
Series 4100 EI 3.00% 8/15/27 S		64,469		6,237
Series 4106 EI 3.50% 4/15/41 S		55,064		6,538
Series 4109 AI 3.00% 7/15/31 S		147,174		16,358
Series 4120 IK 3.00% 10/15/32 S		116,094		16,835
Series 4136 EZ 3.00% 11/15/42		14,638		14,167
Series 4146 IA 3.50% 12/15/32 S		59,034		9,339
Series 4152 GW 2.50% 1/15/43		4,000		3,557
Series 4159 NI 2.50% 7/15/42 S		57,808		5,494
Series 4161 IM 3.50% 2/15/43 S		60,816		13,901
Series 4181 DI 2.50% 3/15/33 S		55,796		7,011
Series 4184 GS 4.343% (6.12% minus LIBOR01M, Cap 6.12%) 3/15/43 S●		59,841		12,042
Series 4185 LI 3.00% 3/15/33 S		66,526		9,787
Series 4186 IE 3.00% 3/15/33 S		1,162,198		167,227
Series 4191 CI 3.00% 4/15/33 S		57,031		8,189
Series 4197 LZ 4.00% 4/15/43		10,952		11,471
Series 4206 DZ 3.00% 5/15/33		3,372		3,313
Series 4210 Z 3.00% 5/15/43		28,297		26,143

52

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
Freddie Mac REMICs
Series 4216 KI 3.50% 6/15/28 S		38,172	$	3,930
Series 4223 HI 3.00% 4/15/30 S		271,643		22,156
Series 4342 CI 3.00% 11/15/33 S		55,094		6,866
Series 4366 DI 3.50% 5/15/33 S		153,272		20,995
Series 4433 DI 3.00% 8/15/32 S		554,995		55,546
Series 4435 DY 3.00% 2/15/35		73,000		71,816
Series 4448 TS 1.678% 5/15/40 S●		48,642		3,537
Series 4464 DA 2.50% 1/15/43		22,876		20,966
Series 4476 GI 3.00% 6/15/41 S		134,532		17,205
Series 4484 HI 3.00% 10/15/39 S		55,052		5,327
Series 4487 ZC 3.50% 6/15/45		244,395		235,707
Series 4518 CI 3.50% 6/15/42 S		220,634		27,460
Series 4527 CI 3.50% 2/15/44 S		67,515		11,898
Series 4531 PZ 3.50% 11/15/45		79,202		79,072
Series 4567 LI 4.00% 8/15/45 S		661,511		128,199
Series 4574 AI 3.00% 4/15/31 S		239,966		30,538
Series 4580 MI 3.50% 2/15/43 S		81,328		12,389
Series 4581 LI 3.00% 5/15/36 S		74,618		10,476
Series 4594 SG 4.223% (6.00% minus LIBOR01M, Cap 6.00%) 6/15/46 S●		166,544		37,092
Series 4614 HB 2.50% 9/15/46		32,000		28,694
Series 4615 GW 2.50% 4/15/41		2,000		1,819
Series 4618 SA 4.223% (6.00% minus LIBOR01M, Cap 6.00%) 9/15/46 S●		87,779		20,268
Series 4623 IY 4.00% 10/15/46 S		91,685		19,759
Series 4623 LZ 2.50% 10/15/46		124,322		104,509

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
Freddie Mac REMICs
Series 4623 MW 2.50% 10/15/46		225,000	$	203,200
Series 4623 WI 4.00% 8/15/44 S		121,694		21,475
Series 4629 KB 3.00% 11/15/46		120,000		112,513
Series 4643 QI 3.50% 9/15/45 S		205,669		36,390
Series 4648 ND 3.00% 9/15/46		12,000		11,188
Series 4648 SA 4.223% (6.00% minus LIBOR01M, Cap 6.00%) 1/15/47 S●		1,124,886		235,898
Series 4650 JE 3.00% 7/15/46		10,000		9,588
Series 4655 WI 3.50% 8/15/43 S		87,201		15,542
Series 4656 HI 3.50% 5/15/42 S		75,795		11,537
Series 4657 NW 3.00% 4/15/45		12,000		11,628
Series 4660 GI 3.00% 8/15/43 S		92,212		16,321
Series 4681 WI 1.429% 8/15/33 S●		81,997		5,849
Series 4738 TW 3.00% 11/15/46		27,000		25,991
Series 4753 EZ 3.50% 12/15/47		26,152		25,814
Series 4761 Z 3.50% 12/15/47		7,041		6,895
Freddie Mac Strips
Series 267 S5 4.223% (6.00% minus LIBOR01M, Cap 6.00%) 8/15/42 S●		75,761		13,747
Series 290 IO 3.50% 11/15/32 S		53,751		9,007
Series 299 S1 4.223% (6.00% minus LIBOR01M, Cap 6.00%) 1/15/43 S●		57,093		10,000
Series 319 S2 4.223% (6.00% minus LIBOR01M, Cap 6.00%) 11/15/43 S●		62,951		12,129
Series 326 S2 4.173% (5.95% minus LIBOR01M, Cap 5.95%) 3/15/44 S●		126,649		21,551
Series 350 S5 1.452% 9/15/40 S●		57,381		3,311
GNMA
Series 2012-61 PI 3.00% 4/20/39 S		49,559		3,664

(continues) 53

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

	Principal   amount°		Value     (US $)
Agency Collateralized Mortgage Obligations (continued)
GNMA
Series 2012-108 KI 4.00% 8/16/42 S		48,613	$	8,922
Series 2012-108 PB 2.75% 9/16/42		4,000		3,700
Series 2012-136 MX 2.00% 11/20/42		240,000		208,779
Series 2013-22 IO 3.00% 2/20/43 S		61,503		11,528
Series 2013-88 LZ 2.50% 6/16/43		48,416		42,208
Series 2013-113 AZ 3.00% 8/20/43		33,269		32,066
Series 2013-113 LY 3.00% 5/20/43		138,000		135,674
Series 2013-182 CZ 2.50% 12/20/43		4,448		3,975
Series 2014-12 ZB 3.00% 1/16/44		5,665		5,305
Series 2015-36 PI 3.50% 8/16/41 S		67,836		9,749
Series 2015-44 AI 3.00% 8/20/41 S		65,496		6,561
Series 2015-64 GZ 2.00% 5/20/45		33,864		26,175
Series 2015-74 CI 3.00% 10/16/39 S		65,094		8,842
Series 2015-76 MZ 3.00% 5/20/45		4,354		4,190
Series 2015-82 GI 3.50% 12/20/38 S		90,161		8,923
Series 2015-133 AL 3.00% 5/20/45		96,000		94,344
Series 2015-142 AI 4.00% 2/20/44 S		49,761		6,327
Series 2016-5 GL 3.00% 7/20/45		140,000		134,450
Series 2016-46 DZ 3.00% 4/20/46		11,650		10,327
Series 2016-83 MB 3.00% 10/20/45		4,000		3,906
Series 2016-101 QL 3.00% 7/20/46		356,000		335,445
Series 2016-103 DY 2.50% 8/20/46		67,000		58,656
Series 2016-108 YL 3.00% 8/20/46		301,000		288,978
Series 2016-111 PB 2.50% 8/20/46		30,000		26,638
Series 2016-118 DI 3.50% 3/20/43 S		87,408		13,545

	Principal   amount°		Value     (US $)
Agency Collateralized Mortgage Obligations (continued)
GNMA
Series 2016-120 IA 3.00% 2/20/46 S		90,075	$	14,149
Series 2016-134 MW 3.00% 10/20/46		140,000		138,050
Series 2016-135 Z 3.00%10/20/46		5,217		4,747
Series 2016-149 GI 4.00%11/20/46 S		91,924		20,944
Series 2016-160 VZ 2.50%11/20/46		14,474		11,819
Series 2016-171 IP 3.00%3/20/46 S		272,944		42,539
Series 2017-4 BW 3.00%1/20/47		12,000		11,551
Series 2017-25 CZ 3.50%2/20/47		5,193		5,196
Series 2017-25 WZ 3.00%2/20/47		277,875		263,924
Series 2017-34 AZ 3.00%1/20/47		257,604		232,910
Series 2017-36 ZC 3.00%3/20/47		18,547		16,383
Series 2017-52 LE 3.00%1/16/47		57,000		53,391
Series 2017-68 SB 4.328% (6.15% minus LIBOR01M, Cap 6.15%) 5/20/47 S●		182,643		31,279
Series 2017-101 HD 3.00% 1/20/47		9,000		8,516
Series 2017-101 ND 3.00% 1/20/47		9,000		8,620
Series 2017-107 T 3.00%1/20/47		7,000		6,837
Series 2017-113 LB 3.00%7/20/47		5,000		4,713
Series 2017-116 ZL 3.00%6/20/47		5,101		4,573
Series 2017-117 C 3.00%8/20/47		14,000		13,175
Series 2017-121 CW 3.00% 8/20/47		6,000		5,575
Series 2017-121 IL 3.00%2/20/42 S		116,480		16,609
Series 2017-137 CZ 3.00%9/20/47		11,166		10,847
Series 2017-144 MZ 2.50% 9/20/47		7,088		5,678
Series 2017-156 LP 2.50%10/20/47		13,000		11,358
Series 2018-1 HB 2.50%1/20/48		5,000		4,503

54

	Principal   amount°		Value     (US $)
Agency Collateralized Mortgage Obligations (continued)
GNMA Series 2018-1 SA 4.378% (6.20% minus LIBOR01M,Cap 6.20%) 1/20/48 S●		109,375	$	21,013
Series 2018-8 VZ 3.00%3/20/47		3,015		2,971
Series 2018-13 PZ 3.00%1/20/48		25,125		23,336
Series 2018-18 BZ 3.50%2/20/48		11,032		10,530
Series 2018-18 CZ 3.00%2/20/48		285,713		257,113
Total Agency Collateralized Mortgage Obligations (cost $8,543,962)				8,539,757
Agency Commercial Mortgage-Backed Securities – 0.70%
Freddie Mac Multifamily Structured Pass Through Certificates Series KS03 A4 3.161% 5/25/25 ◆●		50,000		49,787
FREMF Mortgage Trust
Series 2011-K11 B 144A 4.425% 12/25/48 #●		150,000		154,952
Series 2011-K14 B 144A 5.168% 2/25/47 #●		20,000		21,029
Series 2011-K15 B 144A 4.949% 8/25/44 #●		10,000		10,479
Series 2012-K22 B 144A 3.687% 8/25/45 #●		50,000		50,482
Series 2013-K32 B 144A 3.538% 10/25/46 #●		20,000		19,927
Series 2013-K33 B 144A 3.501% 8/25/46 #●		50,000		49,710
Series 2013-K712 B 144A 3.364% 5/25/45 #●		25,000		25,146
Series 2013-K713 B 144A 3.164% 4/25/46 #●		15,000		15,045
Series 2013-K713 C 144A 3.164% 4/25/46 #●		75,000		74,857
Series 2014-K717 B 144A 3.629% 11/25/47 #●		45,000		45,547
Series 2017-K729 B 144A 3.675% 11/25/49 #●		10,000		9,691
Total Agency Commercial Mortgage-Backed Securities (cost $535,344)				526,652

	Principal   amount°		Value     (US $)
Agency Mortgage-Backed Securities – 8.31%
Fannie Mae S.F. 30 yr
4.50% 5/1/39		39,681	$	41,943
4.50% 2/1/46		193,508		204,607
5.00% 7/1/33		9,150		9,913
5.00% 10/1/39		31,181		33,823
5.00% 2/1/40		37,606		40,760
5.00% 5/1/40		14,329		15,519
5.00% 7/1/47		204,962		219,065
5.50% 3/1/34		39,324		43,136
5.50% 8/1/37		11,283		12,391
5.50% 1/1/38		65,594		72,581
5.50% 3/1/38		16,099		17,754
5.50% 7/1/40		17,361		19,076
5.50% 6/1/41		41,715		45,933
5.50% 9/1/41		5,662		6,355
5.50% 5/1/44		732,743		805,085
6.00% 3/1/34		9,620		10,823
6.00% 11/1/34		166,914		188,000
6.00% 4/1/35		21,456		24,118
6.00% 5/1/36		43,220		48,510
6.00% 6/1/36		89,346		101,621
6.00% 9/1/36		7,495		8,549
6.00% 6/1/37		1,191		1,337
6.00% 7/1/37		884		988
6.00% 8/1/37		35,191		39,606
6.00% 9/1/37		11,160		12,536
6.00% 2/1/38		26,624		29,892
6.00% 3/1/38		135,960		153,112
6.00% 11/1/38		98,796		111,093
6.00% 9/1/39		106,083		121,102
6.00% 10/1/39		78,049		88,129
6.00% 11/1/40		3,657		4,130
6.00% 7/1/41		508,266		568,403
Fannie Mae S.F. 30 yr TBA
4.50% 4/1/48		680,000		711,771
4.50% 5/1/48		575,000		600,832
5.00% 4/1/48		1,251,000		1,335,926
Freddie Mac ARM 2.559% (LIBOR12M + 1.63%, Cap 7.559%) 10/1/46 ●		70,974		69,766
Freddie Mac S.F. 30 yr
5.00% 5/1/41		42,036		45,509
5.00% 12/1/41		3,468		3,752
5.00% 12/1/44		6,000		6,491
5.50% 3/1/34		2,682		2,951
5.50% 12/1/34		2,470		2,722
5.50% 9/1/37		2,177		2,388
5.50% 1/1/40		11,448		12,572

(continues) 55

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

	Principal amount°		Value (US $)
Agency Mortgage-Backed Securities (continued)
Freddie Mac S.F. 30 yr 5.50% 3/1/40		8,084	$	8,870
5.50% 4/1/40		2,572		2,824
5.50% 6/1/41		19,245		20,910
6.00% 5/1/35		7,648		8,580
6.00% 2/1/36		5,218		5,856
6.00% 3/1/36		6,605		7,398
6.00% 11/1/36		3,457		3,872
6.00% 5/1/37		7,936		8,889
6.00% 6/1/38		11,822		13,253
6.00% 8/1/38		22,117		24,972
6.00% 7/1/39		2,546		2,857
6.00% 3/1/40		64,351		72,148
6.00% 5/1/40		26,187		29,244
6.00% 7/1/40		13,508		15,151
6.50% 12/1/31		1,715		1,932
6.50% 7/1/32		13,414		15,105
GNMA I S.F. 30 yr 7.00% 12/15/34		13,319		15,192
GNMA II S.F. 30 yr 5.50% 5/20/37		8,870		9,529
6.00% 2/20/39		10,013		11,013
6.00% 2/20/40		38,637		42,642
6.00% 4/20/46		11,657		12,849
6.50% 6/20/39		14,032		15,602
Total Agency Mortgage-Backed Securities (cost $6,292,158)				6,243,258
Collateralized Debt Obligations – 2.94%
AMMC CLO Series 2015-16A AR 144A 2.982% (LIBOR03M + 1.26%) 4/14/29 #●		100,000		100,423
Apex Credit CLO Series 2017-1A A1 144A 3.211% (LIBOR03M +1.47%, Floor 1.47%) 4/24/29 #●		100,000		100,661
Atlas Senior Loan Fund XSeries 2018-10A A 144A 2.796% (LIBOR03M +1.09%) 1/15/31 #●		100,000		100,037
Cedar Funding VI CLO Series 2016-6A A1 144A 2.833% (LIBOR03M +1.47%) 10/20/28 #●		250,000		251,016
Galaxy XXI CLO Series 2015-21A AR 144A 2.765% (LIBOR03M + 1.02%) 4/20/31 #●		250,000		250,374

	Principal amount°		Value (US $)
Collateralized Debt Obligations (continued)
GoldenTree Loan Management US CLO Series 2017-1A A 144A 2.965% (LIBOR03M + 1.22%) 4/20/29 #●		250,000	$	251,500
MP CLO IV Series 2013-2A ARR 144A 3.025% (LIBOR03M + 1.28%) 7/25/29 #●		250,000		251,757
Northwoods Capital XVII Series 2018-17A A 144A 3.308% (LIBOR03M + 1.06%, Floor 1.06%) 4/22/31 #●		250,000		250,120
TIAA CLO II Series 2017-1A A 144A 3.025% (LIBOR03M + 1.28%) 4/20/29 #●		250,000		251,394
Venture XXII CLO Series 2015-22A AR 144A 2.801% (LIBOR03M + 1.08%) 1/15/31 #●		200,000		200,074
Venture XXIV CLO Series 2016-24A A1D 144A 3.165% (LIBOR03M + 1.42%) 10/20/28 #●		100,000		100,345
Venture XXVIII CLO Series 2017-28A A2 144A 2.855% (LIBOR03M + 1.11%) 7/20/30 #●		100,000		100,453
Total Collateralized Debt Obligations (cost $2,198,400)				2,208,154
Corporate Bonds – 22.60%
Banking – 5.54%
Bank Nederlandse Gemeenten 3.50% 7/19/27	AUD	16,000		12,568
Bank of America
3.30% 8/5/21	AUD	10,000		7,755
3.55% 3/5/24 µ		85,000		85,288
3.97% 3/5/29 µ		10,000		10,031
4.183% 11/25/27		110,000		109,187
5.625% 7/1/20		135,000		142,433
Bank of Montreal 3.803% 12/15/32 µ		75,000		71,147
Bank of New York Mellon
2.20% 3/4/19		50,000		49,823
2.95% 1/29/23		35,000		34,571
4.625%µy		60,000		58,650

56

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Branch Banking & Trust 2.25% 6/1/20		250,000	$	246,197
Citigroup
2.985% (LIBOR03M + 1.10%) 5/17/24 ●		260,000		262,520
3.75% 10/27/23	AUD	59,000		46,053
Citizens Financial Group
2.375% 7/28/21		25,000		24,260
4.30% 12/3/25		55,000		55,683
Credit Suisse Group 144A 3.869% 1/12/29 #µ		250,000		242,274
Export-Import Bank of Korea 4.00% 6/7/27	AUD	10,000		7,735
Fifth Third Bancorp
2.60% 6/15/22		155,000		150,392
3.95% 3/14/28		5,000		5,034
Goldman Sachs Group
5.15% 5/22/45		15,000		16,192
5.20% 12/17/19	NZD	18,000		13,479
6.00% 6/15/20		130,000		137,618
Huntington Bancshares 2.30% 1/14/22		35,000		33,550
JPMorgan Chase & Co.
3.897% 1/23/49 µ		35,000		33,444
3.964% 11/15/48 µ		25,000		24,078
4.25% 11/2/18	NZD	85,000		62,022
KeyBank 3.40% 5/20/26		250,000		241,880
Landwirtschaftliche Rentenbank 5.375% 4/23/24	NZD	125,000		100,858
Morgan Stanley
2.75% 5/19/22		60,000		58,530
3.625% 1/20/27		50,000		48,963
3.772% 1/24/29 µ		145,000		142,828
3.95% 4/23/27		30,000		29,246
5.00% 9/30/21	AUD	54,000		44,196
5.00% 11/24/25		90,000		94,211
Northern Trust 3.375% 5/8/32 µ		20,000		19,220
PNC Financial Services Group 5.00%µy		65,000		64,870
Regions Financial 2.75% 8/14/22		25,000		24,309
Royal Bank of Canada 2.75% 2/1/22		95,000		93,712
Royal Bank of Scotland Group 3.875% 9/12/23		200,000		197,678
Santander UK 144A 5.00% 11/7/23 #		200,000		207,187

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
State Street 3.30% 12/16/24		160,000	$	158,707
SunTrust Banks
2.45% 8/1/22		30,000		28,924
2.70% 1/27/22		70,000		68,502
3.00% 2/2/23		15,000		14,743
5.05%µy		30,000		29,887
UBS Group Funding Switzerland 144A 2.859% 8/15/23 #µ		200,000		193,463
US Bancorp 3.10% 4/27/26		175,000		167,141
USB Capital IX 3.50% (LIBOR03M + 1.02%)y●		145,000		131,123
Westpac Banking 5.00%µy		20,000		18,503
Zions Bancorporation 4.50% 6/13/23		40,000		40,746
				4,161,411
Basic Industry – 1.48%
Anglo American Capital 144A 4.75% 4/10/27 #		200,000		202,493
Builders FirstSource 144A 5.625% 9/1/24 #		50,000		50,437
Dow Chemical 8.55% 5/15/19		198,000		210,204
Freeport-McMoRan 6.875% 2/15/23		65,000		70,037
Georgia-Pacific 8.00% 1/15/24		160,000		198,342
Mosaic 5.625% 11/15/43		25,000		26,188
OCP 144A 4.50% 10/22/25 #		200,000		197,505
PulteGroup 5.00% 1/15/27		30,000		29,279
Standard Industries 144A 5.00% 2/15/27 #		80,000		77,855
US Concrete 6.375% 6/1/24		25,000		26,063
WestRock 144A 3.00% 9/15/24 #		25,000		23,925
				1,112,328
Capital Goods – 1.63%
Allegion US Holding 3.20% 10/1/24		75,000		72,931
BWAY Holding 144A 5.50% 4/15/24 #		60,000		60,525
Carlisle 3.75% 12/1/27		140,000		136,033
CCL Industries 144A 3.25% 10/1/26 #		40,000		37,098
Crown Americas 144A 4.75% 2/1/26 #		9,000		8,730
Eaton 3.103% 9/15/27		205,000		193,115
General Electric 5.55% 5/4/20		40,000		41,891

(continues) 57

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

	Principal   amount°		Value     (US $)
Corporate Bonds (continued)
Capital Goods (continued)
General Electric 6.00% 8/7/19		80,000	$	82,944
Leggett & Platt 3.50% 11/15/27		135,000		130,030
Lennox International 3.00% 11/15/23		100,000		97,523
Martin Marietta Materials 3.50% 12/15/27		20,000		19,085
Northrop Grumman
2.55% 10/15/22		35,000		33,943
3.25% 8/1/23		105,000		104,384
Nvent Finance 144A 4.55% 4/15/28 #		60,000		60,355
Waste Management 3.15% 11/15/27		150,000		143,112
				1,221,699
Consumer Cyclical – 0.46%
General Motors Financial
3.45% 4/10/22		115,000		114,133
5.25% 3/1/26		5,000		5,286
Hyundai Capital America 144A 3.00% 3/18/21 #		10,000		9,886
Marriott International 4.50% 10/1/34		10,000		10,217
MGM Resorts International 4.625% 9/1/26		25,000		24,000
Penn National Gaming 144A 5.625% 1/15/27 #		70,000		67,375
Royal Caribbean Cruises 3.70% 3/15/28		80,000		76,789
Scientific Games International 10.00% 12/1/22		35,000		37,822
				345,508
Consumer Non-Cyclical – 2.00%
AbbVie
2.50% 5/14/20		260,000		256,735
4.45% 5/14/46		15,000		14,950
Anheuser-Busch InBev Finance 2.65% 2/1/21		310,000		307,727
Atento Luxco 1 144A 6.125% 8/10/22 #		10,000		10,194
BAT Capital 144A 3.222% 8/15/24 #		155,000		149,586
Becton Dickinson & Co. 3.363% 6/6/24		100,000		96,342
Biogen 5.20% 9/15/45		20,000		21,885
Boston Scientific 4.00% 3/1/28		45,000		45,050
Celgene 3.90% 2/20/28		115,000		112,840

	Principal   amount°		Value     (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
CVS Health
3.35% 3/9/21		45,000	$	45,268
3.70% 3/9/23		45,000		45,188
4.10% 3/25/25		50,000		50,385
4.30% 3/25/28		50,000		50,408
HCA 5.375% 2/1/25		45,000		45,225
Hill-Rom Holdings 144A 5.00% 2/15/25 #		50,000		49,813
JBS USA 144A 6.75% 2/15/28 #		10,000		9,613
Mylan 144A 4.55% 4/15/28 #		35,000		35,008
New York and Presbyterian Hospital 4.063% 8/1/56		50,000		49,619
Post Holdings 144A 5.00% 8/15/26 #		80,000		76,200
Tenet Healthcare 144A 5.125% 5/1/25 #		15,000		14,475
Universal Health Services 144A 5.00% 6/1/26 #		15,000		15,150
				1,501,661
Energy – 2.13%
Enbridge
3.70% 7/15/27		115,000		110,375
6.00% 1/15/77 µ		25,000		24,750
6.25% 3/1/78 µ		20,000		19,849
Energy Transfer Partners
4.75% 1/15/26		15,000		15,182
6.125% 12/15/45		100,000		103,981
6.625%µy		65,000		61,953
9.70% 3/15/19		56,000		59,406
Gulfport Energy
6.00% 10/15/24		35,000		33,381
6.625% 5/1/23		15,000		15,225
Hilcorp Energy I 144A 5.00% 12/1/24 #		50,000		49,500
Kinder Morgan 4.30% 3/1/28		90,000		89,810
MPLX
4.50% 4/15/38		35,000		34,434
4.70% 4/15/48		45,000		44,221
4.875% 12/1/24		100,000		104,957
Murphy Oil 6.875% 8/15/24		60,000		62,700
Noble Energy
3.85% 1/15/28		105,000		103,375
5.05% 11/15/44		25,000		26,186
ONEOK 7.50% 9/1/23		100,000		116,629
Petrobras Global Finance 144A 5.299% 1/27/25 #		5,000		4,944

58

	Principal   amount°		Value     (US $)
Corporate Bonds (continued)
Energy (continued)
Petrobras Global Finance 7.375% 1/17/27		15,000	$	16,267
Sabine Pass Liquefaction
5.625% 3/1/25		40,000		43,018
5.875% 6/30/26		110,000		120,352
Shell International Finance 2.875% 5/10/26		35,000		33,746
Southwestern Energy 6.70% 1/23/25		35,000		34,125
Targa Resources Partners
5.125% 2/1/25		25,000		24,969
5.375% 2/1/27		30,000		30,000
Tecpetrol 144A 4.875% 12/12/22 #		20,000		19,575
Transcanada Trust 5.875% 8/15/76 µ		35,000		36,575
Transcontinental Gas Pipe Line 144A 4.00% 3/15/28 #		60,000		58,671
Transocean Proteus 144A 6.25% 12/1/24 #		22,500		22,978
Woodside Finance 144A 8.75% 3/1/19 #		65,000		68,536
YPF 144A 27.125% (BADLARPP + 4.00%) 7/7/20 #●		15,000		12,075
				1,601,745
Financials – 0.96%
Air Lease
3.00% 9/15/23		55,000		52,743
3.625% 4/1/27		155,000		147,965
Aviation Capital Group
144A 3.50% 11/1/27 #		20,000		18,790
144A 4.875% 10/1/25 #		55,000		57,729
144A 6.75% 4/6/21 #		25,000		27,517
Charles Schwab 3.20% 1/25/28		15,000		14,402
E*TRADE Financial
3.80% 8/24/27		40,000		38,888
5.875%µy		50,000		51,250
International Lease Finance 8.625% 1/15/22		150,000		175,040
Jefferies Group
4.15% 1/23/30		20,000		18,673
6.45% 6/8/27		30,000		33,929
6.50% 1/20/43		20,000		22,220
Lazard Group 3.75% 2/13/25		60,000		59,103
				718,249

	Principal   amount°		Value     (US $)
Corporate Bonds (continued)
Insurance – 0.69%
AXIS Specialty Finance 4.00% 12/6/27		55,000	$	53,113
Berkshire Hathaway Finance 2.90% 10/15/20		75,000		75,484
Liberty Mutual Group 144A 4.95% 5/1/22 #		25,000		26,415
MetLife
5.25%µy		60,000		61,484
6.40% 12/15/36		90,000		98,887
Nuveen Finance 144A 2.95% 11/1/19 #		50,000		49,891
Prudential Financial 5.375% 5/15/45 µ		45,000		46,181
Voya Financial 144A 4.70% 1/23/48 #µ		40,000		36,433
XLIT
4.179% (LIBOR03M + 2.458%)y●		30,000		29,850
5.50% 3/31/45		40,000		43,965
				521,703
Media – 0.61%
CCO Holdings
144A 5.75% 2/15/26 #		40,000		39,900
144A 5.875% 5/1/27 #		15,000		15,037
CSC Holdings 5.25% 6/1/24		16,000		15,260
Discovery Communications
3.95% 3/20/28		30,000		28,835
5.20% 9/20/47		15,000		14,999
Nexstar Broadcasting 144A 5.625% 8/1/24 #		55,000		54,021
Sinclair Television Group 144A 5.125% 2/15/27 #		35,000		32,637
Sirius XM Radio 144A 5.375% 7/15/26 #		45,000		44,550
Time Warner Cable 7.30% 7/1/38		105,000		125,915
Time Warner Entertainment 8.375% 3/15/23		70,000		83,140
				454,294
Real Estate – 1.43%
Alexandria Real Estate Equities 3.45% 4/30/25		35,000		33,892
American Tower 3.60% 1/15/28		35,000		33,275
American Tower Trust I 144A 3.07% 3/15/23 #		95,000		93,886
Corporate Office Properties
3.60% 5/15/23		55,000		53,903
5.25% 2/15/24		65,000		68,413

(continues) 59

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

	Principal   amount°		Value     (US $)
Corporate Bonds (continued)
Real Estate (continued)
Crown Castle International
3.80% 2/15/28		20,000	$	19,261
5.25% 1/15/23		45,000		47,854
CubeSmart 3.125% 9/1/26		35,000		32,574
Education Realty Operating
Partnership 4.60% 12/1/24		60,000		60,928
ESH Hospitality 144A 5.25% 5/1/25 #		20,000		19,506
Goodman US Finance Three 144A 3.70% 3/15/28 #		20,000		19,246
Hospitality Properties Trust 4.50% 3/15/25		55,000		55,622
Host Hotels & Resorts 3.75% 10/15/23		60,000		59,359
3.875% 4/1/24		10,000		9,886
4.50% 2/1/26		5,000		5,067
Hudson Pacific Properties 3.95% 11/1/27		20,000		19,194
Iron Mountain US Holdings 144A 5.375% 6/1/26 #		45,000		43,256
Kilroy Realty 3.45% 12/15/24		40,000		38,850
Life Storage 3.875% 12/15/27		5,000		4,822
LifeStorage 3.50% 7/1/26		40,000		38,258
MGM Growth Properties Operating Partnership 4.50% 9/1/26		45,000		43,200
Regency Centers 3.60% 2/1/27		5,000		4,798
SBA Communications 4.875% 9/1/24		55,000		54,106
UDR 4.00% 10/1/25		170,000		170,917
WP Carey 4.60% 4/1/24		45,000		46,164
				1,076,237
Services – 0.07%
Prime Security Services Borrower 144A 9.25% 5/15/23 #		35,000		38,019
United Rentals North America 5.875% 9/15/26		10,000		10,437
				48,456
Technology – 0.56%
Analog Devices 2.95% 1/12/21		40,000		39,888
Apple 2.75% 1/13/25		140,000		134,792
Broadcom 3.50% 1/15/28		50,000		47,060

		Principal   amount°		Value     (US $)
Corporate Bonds (continued)
Technology (continued)
Dell International 144A 6.02% 6/15/26 #			75,000	$	80,852
First Data 144A 5.75% 1/15/24 #			45,000		45,450
Oracle
2.40% 9/15/23			35,000		33,536
3.80% 11/15/37			40,000		39,575
					421,153
Telecommunications – 1.52%
AT&T
3.40% 8/14/24			160,000		160,956
3.90% 8/14/27			40,000		40,325
144A 4.30% 2/15/30 #			35,000		34,907
Crown Castle Towers 144A 4.883% 8/15/20 #	��		255,000		264,098
Deutsche Telekom International Finance 144A 1.95% 9/19/21 #			150,000		143,900
GTP Acquisition Partners I 144A 2.35% 6/15/20 #			100,000		98,902
SBA Tower Trust 144A 2.898% 10/8/19 #			40,000		39,799
Sprint 7.875% 9/15/23			45,000		46,069
Verizon Communications
2.625% 2/21/20			150,000		149,345
4.50% 8/10/33			130,000		131,838
Zayo Group 144A 5.75% 1/15/27 #			35,000		34,256
					1,144,395
Transportation – 0.57%
American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27 ◆			39,539		38,749
American Airlines 2015-2 Class AA Pass Through Trust 3.60% 9/22/27 ◆			9,053		8,979
American Airlines 2016-1 Class AA Pass Through Trust 3.575% 1/15/28 ◆			18,563		18,412
FedEx 4.05% 2/15/48			50,000		47,055
Penske Truck Leasing
144A 2.70% 3/14/23 #			65,000		62,451
144A 3.30% 4/1/21 #			50,000		50,111
144A 4.20% 4/1/27 #			85,000		85,788
United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26 ◆			21,508		21,779

60

	Principal   amount°		Value     (US $)
Corporate Bonds (continued)
Transportation (continued)
United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26 ◆		47,151	$	46,894
United Airlines 2016-1 Class AA Pass Through Trust 3.10% 7/7/28 ◆		4,868		4,704
United Parcel Service 5.125% 4/1/19		40,000		41,098
				426,020
Utilities – 2.95%
AES
5.50% 4/15/25		15,000		15,581
6.00% 5/15/26		30,000		31,725
Ameren Illinois 9.75% 11/15/18		165,000		171,866
American Transmission Systems 144A 5.25% 1/15/22 #		140,000		149,152
AmeriGas Partners 5.875% 8/20/26		45,000		44,213
Appalachian Power 3.30% 6/1/27		75,000		72,803
Avangrid 3.15% 12/1/24		10,000		9,718
Cleveland Electric Illuminating 5.50% 8/15/24		50,000		55,559
CMS Energy 6.25% 2/1/20		140,000		147,633
ComEd Financing III 6.35% 3/15/33		65,000		69,713
DTE Energy 3.30% 6/15/22		90,000		90,033
Duke Energy 2.65% 9/1/26		85,000		77,668
Emera 6.75% 6/15/76 µ		75,000		81,375
Enel 144A 8.75% 9/24/73 #µ		200,000		237,750
Entergy Louisiana 4.05% 9/1/23		100,000		102,405
Exelon 3.95% 6/15/25		25,000		25,098
Great Plains Energy 4.85% 6/1/21		30,000		31,075
Kansas City Power & Light 3.65% 8/15/25		90,000		90,359
LG&E &KU Energy 4.375% 10/1/21		225,000		233,452
Mississippi Power 3.95% 3/30/28		40,000		40,303
National Rural Utilities Cooperative Finance
4.75% 4/30/43 µ		65,000		66,719
5.25% 4/20/46 µ		45,000		47,945
New York State Electric & Gas 144A 3.25% 12/1/26 #		60,000		58,501
NV Energy 6.25% 11/15/20		65,000		70,183

	Principal   amount°		Value     (US $)
Corporate Bonds (continued)
Utilities (continued)
Pennsylvania Electric 5.20% 4/1/20		5,000	$	5,172
Public Service Co. of New Hampshire 3.50% 11/1/23		50,000		50,535
Sempra Energy 2.90% 2/1/23		90,000		88,109
Southwestern Electric Power 3.85% 2/1/48		25,000		23,802
Trans-Allegheny Interstate Line 144A 3.85% 6/1/25 #		30,000		30,217
				2,218,664
Total Corporate Bonds (cost $17,270,708)				16,973,523
Loan Agreements – 1.83%
CityCenter Holdings Tranche B 1st Lien 4.377% (LIBOR03M + 2.50%) 4/18/24 ●		99,749		100,318
First Data 1st Lien 4.122% (LIBOR03M + 2.25%) 4/26/24 ●		241,344		242,010
HCA 3.398% (LIBOR03M + 1.75%) 3/18/23 ●		147,397		148,187
Houghton International 1st Lien 4.877% (LIBOR03M + 3.00%) 12/20/19 ●		336,363		337,203
Republic of Angola 8.032% (LIBOR06M + 6.25%) 12/16/23 =●		131,250		119,437
Sprint Communications Tranche B 1st Lien 4.438% (LIBOR03M + 2.50%) 2/2/24 ●		128,700		128,881
Stars Group Holdings Tranche B 1st Lien 5.802% (LIBOR03M + 3.50%) 8/1/21 ●		99,744		100,361
UPC Financing Partnership Tranche AR 1st Lien 4.277% (LIBOR03M + 2.50%) 1/15/26 ●		100,000		100,429
Zekelman Industries 1st Lien 4.999% (LIBOR03M + 2.75%) 6/14/21 ●		99,747		100,408
Total Loan Agreements (cost $1,367,460)				1,377,234

(continues) 61

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

	Principal   amount°		Value     (US $)
Municipal Bonds – 0.42%
Bay Area, California Toll Authority (Build America Bonds) Series S3 6.907% 10/1/50		60,000	$	90,005
California State Various Purposes (Build America Bonds) 7.55% 4/1/39		50,000		76,325
Commonwealth of Massachusetts Series C 5.00% 10/1/25		5,000		5,906
New Jersey Turnpike Authority (Build America Bonds) Series A 7.102% 1/1/41		35,000		50,223
South Carolina Public Service Authority Series D 4.77% 12/1/45		20,000		21,819
Texas Water Development Board (2016 State Water Implementation)
Series A 5.00% 10/15/45		20,000		22,507
Series B 5.00% 10/15/46		45,000		51,549
Total Municipal Bonds (cost $325,434)				318,334
Non-Agency Asset-Backed Securities – 1.71%
American Express Credit Account Master Trust
Series 2017-2 A 2.227% (LIBOR01M + 0.45%) 9/16/24 ●		135,000		136,223
Series 2017-5 A 2.157% (LIBOR01M + 0.38%) 2/18/25 ●		370,000		372,474
Capital One Multi-Asset Execution Trust Series 2016-A1 A1 2.227% (LIBOR01M + 0.45%) 2/15/22 ●		90,000		90,279
Chase Issuance Trust Series 2017-A1 A 2.077% (LIBOR01M + 0.30%) 1/18/22 ●		100,000		100,269
Citibank Credit Card Issuance Trust Series 2014-A6 A6 2.15% 7/15/21		200,000		198,899

	Principal   amount°		Value     (US $)
Non-Agency Asset-Backed Securities (continued)
CNH Equipment Trust Series 2016-B A2B 2.177% (LIBOR01M + 0.40%) 10/15/19 ●		653	$	653
Discover Card Execution Note Trust Series 2017-A5 A5 2.377% (LIBOR01M + 0.60%) 12/15/26 ●		100,000		100,858
HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44 #		46,500		45,322
Mercedes-Benz Master Owner Trust Series 2016-AA A 144A 2.357% (LIBOR01M + 0.58%) 5/15/20 #●		100,000		100,060
Navistar Financial Dealer Note Master Owner Trust II Series 2016-1 A 144A 3.222% (LIBOR01M + 1.35%) 9/27/21 #●		25,000		25,114
Towd Point Mortgage Trust
Series 2015-5 A1B 144A 2.75% 5/25/55 #●		55,145		54,709
Series 2015-6 A1B 144A 2.75% 4/25/55 #●		60,392		59,743
Total Non-Agency Asset-Backed Securities (cost $1,287,955)				1,284,603
Non-Agency Collateralized Mortgage Obligations – 1.36%
Bank of America Alternative Loan Trust Series 2005-6 7A1 5.50% 7/25/20		396		375
Credit Suisse First Boston Mortgage Securities Series 2005-5 6A3 5.00% 7/25/35		24,157		24,128
JPMorgan Mortgage Trust
Series 2006-S1 1A1 6.00% 4/25/36		34,533		36,640
Series 2014-2 B1 144A 3.424% 6/25/29 #●		71,120		70,506
Series 2014-2 B2 144A 3.424% 6/25/29 #●		71,120		70,050
Series 2014-IVR6 2A4 144A 2.50% 7/25/44 #●		100,000		100,070
Series 2015-1 B1 144A 2.717% 12/25/44 #●		194,984		194,192

62

	Principal   amount°		Value     (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
JPMorgan Mortgage Trust
Series 2015-4 B1 144A 3.624% 6/25/45 #●		93,895	$	92,285
Series 2015-4 B2 144A 3.624% 6/25/45 #●		93,895		90,416
Series 2015-5 B2 144A 2.889% 5/25/45 #●		96,250		94,640
Series 2015-6 B1 144A 3.616% 10/25/45 #●		93,477		91,127
Series 2015-6 B2 144A 3.616% 10/25/45 #●		93,477		88,856
Sequoia Mortgage Trust
Series 2014-2 A4 144A 3.50% 7/25/44 #●		29,767		29,697
Series 2015-1 B2 144A 3.875% 1/25/45 #●		23,130		23,316
Wells Fargo Mortgage-Backed Securities Trust
Series 2006-2 3A1 5.75% 3/25/36		6,392		6,281
Series 2006-AR5 2A1 4.045% 4/25/36 ●		6,150		5,830
Total Non-Agency Collateralized Mortgage Obligations (cost $1,008,754)				1,018,409
Non-Agency Commercial Mortgage-Backed Securities – 3.48%
Banc of America Commercial Mortgage Trust
Series 2017-BNK3 B 3.879% 2/15/50 ●		100,000		100,016
Series 2017-BNK3 C 4.352% 2/15/50 ●		100,000		100,074
Citigroup Commercial Mortgage Trust
Series 2014-GC25 A4 3.635% 10/10/47		65,000		65,900
Series 2015-GC27 A5 3.137% 2/10/48		75,000		73,753
Series 2016-P3 A4 3.329% 4/15/49		45,000		44,514
Series 2017-C4 A4 3.471% 10/12/50		55,000		54,502
COMM Mortgage Trust
Series 2013-CR6 AM 144A 3.147% 3/10/46 #		45,000		44,475
Series 2014-CR19 A5 3.796% 8/10/47		30,000		30,770

	Principal   amount°		Value     (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
COMM Mortgage Trust
Series 2014-CR20 AM 3.938% 11/10/47		130,000	$	132,668
Series 2015-3BP A 144A 3.178% 2/10/35 #		200,000		197,066
Series 2015-CR23 A4 3.497% 5/10/48		25,000		25,057
DB-JPM Mortgage Trust
Series 2016-C1 A4 3.276% 5/10/49		80,000		78,883
Series 2016-C3 A5 2.89% 9/10/49		90,000		85,844
DB-UBS Mortgage Trust
Series 2011-LC1A C 144A 5.699% 11/10/46 #●		100,000		105,506
GS Mortgage Securities Trust
Series 2014-GC24 A5 3.931% 9/10/47		80,000		82,539
Series 2015-GC32 A4 3.764% 7/10/48		35,000		35,694
Series 2017-GS6 A3 3.433% 5/10/50		150,000		148,809
JPM-BB Commercial Mortgage Securities Trust
Series 2015-C33 A4 3.77% 12/15/48		215,000		219,352
JPM-DB Commercial Mortgage Securities Trust Series 2016-C2 A4 3.144% 6/15/49		85,000		82,754
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2005-CB11 E 5.548% 8/12/37 ●		25,000		25,298
Series 2013-LC11 B 3.499% 4/15/46		40,000		39,290
Series 2015-JP1 A5 3.914% 1/15/49		40,000		41,170
Series 2016-JP2 A4 2.822% 8/15/49		50,000		47,444
Series 2016-JP3 B 3.397% 8/15/49 ●		20,000		19,220
Series 2016-WIKI A 144A 2.798% 10/5/31 #		20,000		19,718
Series 2016-WIKI B 144A 3.201% 10/5/31 #		35,000		34,597
LB-UBS Commercial Mortgage Trust
Series 2006-C6 AJ 5.452% 9/15/39 ●		53,901		42,704

(continues) 63

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

	Principal   amount°		Value     (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C17 A5 3.741% 8/15/47		40,000	$	40,821
Series 2015-C23 A4 3.719% 7/15/50		145,000		147,274
Series 2015-C26 A5 3.531% 10/15/48		65,000		65,204
Series 2016-C29 A4 3.325% 5/15/49		40,000		39,502
Morgan Stanley Capital I Trust Series 2006-HQ10 B 5.448% 11/12/41 ●		200,000		189,881
Wells Fargo Commercial Mortgage Trust
Series 2014-LC18 A5 3.405% 12/15/47		15,000		14,973
Series 2015-NXS3 A4 3.617% 9/15/57		80,000		80,543
Series 2016-BNK1 A3 2.652% 8/15/49		65,000		61,004
Total Non-Agency Commercial Mortgage-Backed Securities (cost $2,727,985)				2,616,819
Regional Bond – 0.07%D
Australia – 0.07%
Queensland Treasury 144A 2.75% 8/20/27 #	AUD	75,000		56,021
Total Regional Bond (cost $56,361)				56,021
Sovereign Bonds – 0.74%D
Argentina – 0.06%
Argentine Republic Government International Bond 5.625% 1/26/22		45,000		45,765
				45,765
Australia – 0.09%
Australia Government Bond 3.75% 4/21/37	AUD	83,000		70,824
				70,824

	Principal   amount°		Value     (US $)
Sovereign BondsD (continued)
Japan – 0.59%
Japan Bank For International Cooperation 2.514% (LIBOR03M + 0.57%) 2/24/20 ●		440,000	$	443,126
				443,126
Total Sovereign Bonds (cost $563,397)				559,715
Supranational Banks – 0.04%
International Bank for Reconstruction & Development 4.625% 10/6/21	NZD	25,000		19,218
International Finance 3.625% 5/20/20	NZD	11,000		8,148
Total Supranational Banks (cost $27,355)				27,366
US Treasury Obligations – 5.89%
US Treasury Bond 3.00% 2/15/48		155,000		155,570
US Treasury Floating Rate Note 1.748% (USBMMY03M + 0.00%) 1/31/20 ●		3,800,000		3,796,248
US Treasury Notes
2.625% 2/28/23		30,000		30,084
2.75% 2/15/28		445,000		444,952
Total US Treasury Obligations (cost $4,421,298)				4,426,854
	Number of   shares
Preferred Stock – 0.84%
General Electric 5.00% µy		78,000		77,317
Henkel & Co. 1.52%		220		28,920
Integrys Holding 6.00% µ		3,500		92,313
Morgan Stanley 5.55% µy		10,000		10,323
US Bancorp 3.50% (LIBOR03M + 1.02%) y●		400		369,000
Vedanta 7.50%		25,876		3,948
Volkswagen 1.26%		250		49,828
Total Preferred Stock (cost $530,490)				631,649

64

	Principal   amount°		Value     (US $)
Short-Term Investments – 3.00%
Discount Note – 0.22%≠
Federal Home Loan Bank
0.799% 4/3/18		162,560	$	162,553
				162,553
Repurchase Agreements – 1.95%
Bank of America Merrill Lynch 1.71%, dated 3/29/18, to be repurchased on 4/2/18, repurchase price $210,899 (collateralized by US government obligations 1.50%–3.75% 11/15/18–8/15/44; market value $215,076)		210,859		210,859
Bank of Montreal 1.60%, dated 3/29/18, to be repurchased on 4/2/18, repurchase price $632,689 (collateralized by US government obligations 0.00%–2.875% 8/16/18–8/15/47; market value $645,228)		632,576		632,576
BNP Paribas 1.75%, dated 3/29/18, to be repurchased on 4/2/18, repurchase price $622,015 (collateralized by US government obligations 0.00%–3.625% 5/31/18–11/15/45; market value $634,332)		621,894		621,894
				1,465,329
US Treasury Obligations – 0.83%≠
US Treasury Bills
1.007% 4/5/18		393,789		393,735
1.35% 4/12/18		231,657		231,552
				625,287
Total Short-Term Investments (cost $2,253,141)				2,253,169
Total Value of Securities – 102.70% (cost $68,511,684)			$	77,150,608

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2018, the aggregate value of Rule 144A securities was $8,826,007, which represents 11.75% 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.

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

= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”

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

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

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

D Securities have been classified by country of origin.

µ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2018. Rate will reset at a future date.

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.

y No contractual maturity date.

† Non-income producing security.

● Variable rate investment. Rates reset periodically. Rates shown reflect the rate in effect at March 31,2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their description above.

(continues) 65

Schedules of investments

Delaware Foundation^® Conservative Allocation Fund

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at March 31, 2018:¹

Foreign Currency Exchange Contracts

Counterparty	Contracts to       Receive (Deliver)		In Exchange For		Settlement     Date		Unrealized   Appreciation		Unrealized   Depreciation
BNP	AUD	(175,333)	USD	134,638		5/18/18	$	—	$	(36	)
BNYM	AUD	(1,350)	USD	1,035		4/3/18		—		(2	)
BNYM	EUR	(48,036)	USD	59,347		4/3/18		221		—
BNYM	HKD	60,865	USD	(7,756)		4/3/18		—		—
BNYM	HKD	124,620	USD	(15,880)		4/4/18		2		—
BNYM	NOK	(197,984)	USD	25,267		4/4/18		6		—
Total Foreign Currency Exchange Contracts							$	229	$	(38	)

Futures Contracts

Contracts to Buy (Sell)	Notional       Amount			Notional     Cost (Proceeds)			Expiration     Date	Value/ Unrealized  Depreciation
(6)              Long Gilt	$	(1,033,899	)	$	(1,014,766	)	6/28/18	$	(19,133	)
(26)            US Treasury 5 yr Notes		(2,975,984	)		(2,965,958	)	7/2/18		(10,026	)
(44)            US Treasury 10 yr Notes		(5,330,188	)		(5,291,179	)	6/20/18		(39,009	)
(4)              US Treasury 10 yr Ultra Notes		(519,437	)		(508,582	)	6/21/18		(10,855	)
(8)              US Treasury Long Bond		(1,173,000	)		(1,145,821	)	6/21/18		(27,179	)
Total Futures Contracts				$	(10,926,306	)		$	(106,202	)

Swap Contracts

CDS Contracts²

Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency	Notional Amount3		Annual Protection Payments	Value			Upfront Payments Paid (Received)			Unrealized Depreciation4			Variation Margin Due to Broker
Centrally Cleared/Protection Purchased:
CDX.NA.HY.285 6/20/22-Quarterly		1,529,550	5.00%	$	(109,225	)	$	(85,844	)	$	(23,381	)	$	(5,777	)

IRS Contracts⁶

Reference Obligation/ Termination Date/ Payment Frequency (Fixed Rate /Floating Rate)	Notional Amount3		Fixed /Floating Interest Rate             Paid (Received)8	Value			Unrealized     Appreciation4		Unrealized     Depreciation4			Variation Margin Due to Broker
Centrally Cleared:
5 yr IRS 4/3/22-(Semiannually/ Quarterly)		355,000	2.066%/(1.694%)	$	8,341		$	8,341	$	—		$	(127	)
7 yr IRS 6/14/24-(Semiannually/ Quarterly)		3,080,000	1.993%/(2.107%)		127,634			127,634		—			(2,590	)
7 yr IRS 2/5/25-(Semiannually/ Quarterly)		4,540,000	2.733%/(1.787%)		(3,550	)		—		(3,550	)		(5,157	)
10 yr IRS 6/27/27-(Semiannually/ Quarterly)		1,690,000	2.117%/(2.292%)		90,396			90,396		—			(2,757	)
Total IRS Contracts				$	222,821		$	226,371	$	(3,550)		$	(10,631)

66

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 notional amounts and foreign currency exchange contracts 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 CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement.

³Notional amount shown is stated in US 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 $(35,506).

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 IRS 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.

⁷Rates reset based on LIBOR03M.

Summary of abbreviations:

ADR – American Depositary Receipt

ARM – Adjustable Rate Mortgage

AUD – Australian Dollar

BADLARPP – Argentina Term Deposit Rate

BB – Barclays Bank

BNP – BNP Paribas

BNYM – BNY Mellon

CDS – Credit Default Swap

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

CLO – Collateralized Loan Obligation

DB – Deutsche Bank

EAFE – Europe Australasia Far East

ETF – Exchange-Traded Fund

EUR – European Monetary Unit

FREMF – Freddie Mac Multifamily

GDR – Global Depositary Receipt

GNMA – Government National Mortgage Association

HKD – Hong Kong Dollar

ICE – Intercontinental Exchange

IRS – Interest Rate Swap

JPM – JPMorgan

LB – Lehman Brothers

LIBOR – London Interbank Offered Rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LIBOR12M – ICE LIBOR USD 12 Month

MSCI – Morgan Stanley Capital International

NOK – Norwegian Krone

NZD – New Zealand Dollar

PJSC – Private Joint Stock Company

REIT – Real Estate Investment Trust

REMIC – Real Estate Mortgage Investment Conduit

S.F. – Single Family

TBA – To be announced

USBMMY03M – US Treasury 3 Months Bill Money Market Yield

USD – US Dollar

yr – Year

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

67

Statements of assets and liabilities

Delaware Foundation Funds^®

March 31, 2018

	Delaware Foundation® Moderate Allocation Fund		Delaware Foundation Conservative Allocation Fund
Assets:
Investments, at value1	$	266,746,622	$	77,150,608
Foreign currencies, at value2		556,645		118,629
Cash collateral due from brokers		996,659		422,195
Cash		484,319		150,272
Receivable for securities sold		7,472,176		2,480,645
Dividends and interest receivable		1,154,669		393,098
Foreign tax reclaims receivable		221,014		51,744
Upfront payments paid on credit default swap contracts		50,610		—
Receivable for fund shares sold		43,014		385,626
Swap payments receivable		41,396		17,648
Unrealized appreciation on foreign currency exchange contracts		1,219		229
Total assets		277,768,343		81,170,694
Liabilities:
Payable for securities purchased		17,905,513		5,348,814
Payable for fund shares redeemed		319,978		371,240
Swap payments payable		130,797		52,580
Variation margin due to broker on futures contracts		54,215		22,090
Variation margin due to broker on centrally cleared interest rate swap contracts		25,632		10,631
Variation margin due to broker on centrally cleared credit default swap contracts		12,059		5,777
Other accrued expenses		167,374		105,413
Investment management fees payable to affiliates		131,823		12,472
Distribution fees payable to affiliates		54,254		27,309
Audit and tax fees payable		5,733		5,733
Dividend disbursing and transfer agent fees and expenses payable to affiliates		4,329		1,254
Trustees’ fees and expenses payable		1,547		447
Accounting and administration expenses payable to affiliates		1,181		583
Legal fees payable to affiliates		1,047		757
Reports and statements to shareholders expenses payable to affiliates		203		59
Upfront payments received on credit default swap contracts		179,189		85,844
Unrealized depreciation on over-the-counter credit default swap contracts		1,223		—
Unrealized depreciation on foreign currency exchange contracts		50		38
Total liabilities		18,996,147		6,051,041
Total Net Assets	$	258,772,196	$	75,119,653

68

	Delaware Foundation® Moderate Allocation Fund			Delaware Foundation Conservative Allocation Fund
Net Assets Consist of:
Paid-in capital	$	206,169,519		$	65,423,459
Undistributed (distributions in excess of) net investment income		(154,116	)		6,392
Accumulated net realized gain on investments		8,099,918			992,129
Net unrealized appreciation of investments		44,463,094			8,638,924
Net unrealized appreciation of foreign currencies		4,374			826
Net unrealized appreciation of foreign currency exchange contracts		1,169			191
Net unrealized depreciation of futures contracts		(264,385	)		(106,202	)
Net unrealized appreciation of swap contracts		452,623			163,934
Total Net Assets	$	258,772,196		$	75,119,653
Net Asset Value
Class A:
Net assets	$	172,750,238		$	41,095,712
Shares of beneficial interest outstanding, unlimited authorization, no par		15,079,227			4,295,535
Net asset value per share	$	11.46		$	9.57
Sales charge		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 – sales charge)	$	12.16		$	10.15
Class C:
Net assets	$	21,096,195		$	20,913,826
Shares of beneficial interest outstanding, unlimited authorization, no par		1,841,520			2,179,748
Net asset value per share	$	11.46		$	9.59
Class R:
Net assets	$	1,579,889		$	1,418,062
Shares of beneficial interest outstanding, unlimited authorization, no par		138,529			148,250
Net asset value per share	$	11.40		$	9.57
Institutional Class:
Net assets	$	63,345,874		$	11,692,053
Shares of beneficial interest outstanding, unlimited authorization, no par		5,526,239			1,219,154
Net asset value per share	$	11.46		$	9.59
1Investments, at cost	$	222,283,528		$	68,511,684
2 Foreign currencies, at cost		557,131			118,715

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

69

Statements of operations

Delaware Foundation Funds^®

Year ended March 31, 2018

	Delaware Foundation® Moderate Allocation Fund			Delaware Foundation Conservative Allocation Fund
Investment Income:
Interest	$	4,360,782		$	1,831,207
Dividends		3,541,151			745,877
Foreign tax withheld		(175,460	)		(36,200	)
		7,726,473			2,540,884
Expenses:
Management fees		1,714,976			515,594
Distribution expenses – Class A		415,161			107,157
Distribution expenses – Class C		220,013			225,682
Distribution expenses – Class R		8,455			9,835
Dividend disbursing and transfer agent fees and expenses		241,842			99,914
Custodian fees		82,005			58,508
Accounting and administration expenses		77,542			38,047
Reports and statements to shareholders expenses		68,212			26,219
Audit and tax fees		63,728			66,776
Registration fees		60,373			59,873
Legal fees		52,629			18,241
Trustees’ fees and expenses		12,067			3,619
Other		93,307			82,311
		3,110,310			1,311,776
Less expenses waived		(100,952	)		(256,361	)
Less expenses paid indirectly		(2,610	)		(794	)
Total operating expenses		3,006,748			1,054,621
Net Investment Income		4,719,725			1,486,263
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		12,691,666			2,922,629
Foreign currencies		69,983			22,269
Foreign currency exchange contracts		(65,550	)		(25,080	)
Futures contracts		(417,946	)		(150,323	)
Swap contracts		116,674			98,799
Net realized gain		12,394,827			2,868,294
Net change in unrealized appreciation (depreciation) of:
Investments1		3,563,233			295,792
Foreign currencies		14,332			3,696
Foreign currency exchange contracts		922			130
Futures contracts		(135,663	)		(55,619	)
Swap contracts		605,429			226,252
Net change in unrealized appreciation (depreciation)		4,048,253			470,251
Net Realized and Unrealized Gain		16,443,080			3,338,545
Net Increase in Net Assets Resulting from Operations	$	21,162,805		$	4,824,808
1 Includes decrease in capital gains taxes accrued.	$	4,237		$	873

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

70

Statements of changes in net assets

Delaware Foundation Funds^®

	Delaware Foundation® Moderate Allocation Fund
	Year ended
	3/31/18			3/31/17
Increase in Net Assets from Operations:
Net investment income	$	4,719,725		$	4,100,962
Net realized gain		12,394,827			15,285,052
Net change in unrealized appreciation (depreciation)		4,048,253			5,294,634
Net increase in net assets resulting from operations		21,162,805			24,680,648
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(3,163,950	)		(3,636,179	)
Class C		(230,497	)		(319,081	)
Class R		(25,907	)		(35,683	)
Institutional Class		(1,285,322	)		(1,811,938	)
Net realized gain:
Class A		(9,875,265	)		(2,266,380	)
Class C		(1,247,958	)		(316,466	)
Class R		(96,841	)		(26,509	)
Institutional Class		(3,605,198	)		(977,607	)
		(19,530,938	)		(9,389,843	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		6,263,019			6,241,099
Class C		1,626,492			2,159,322
Class R		1,778,651			287,054
Institutional Class		5,908,229			8,098,098
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		11,860,547			5,272,753
Class C		1,416,440			609,120
Class R		122,744			62,192
Institutional Class		1,568,591			754,088
		30,544,713			23,483,726
Cost of shares redeemed:
Class A		(17,061,080	)		(24,364,133	)
Class C		(4,680,918	)		(6,214,127	)
Class R		(2,134,663	)		(635,130	)
Institutional Class		(23,740,255	)		(7,143,897	)
		(47,616,916	)		(38,357,287	)
Decrease in net assets derived from capital share transactions		(17,072,203	)		(14,873,561	)
Net Increase (Decrease) in Net Assets		(15,440,336	)		417,244
Net Assets:
Beginning of year		274,212,532			273,795,288
End of year	$	258,772,196		$	274,212,532
Distribution in excess of net investment income	$	(154,116	)	$	(225,710	)

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

(continues) 71

Statements of changes in net assets

Delaware Foundation Funds^®

	Delaware Foundation® Conservative Allocation Fund
	Year ended
	3/31/18			3/31/17
Increase in Net Assets from Operations:
Net investment income	$	1,486,263		$	1,302,562
Net realized gain		2,868,294			4,649,625
Net change in unrealized appreciation (depreciation)		470,251			63,663
Net increase in net assets resulting from operations		4,824,808			6,015,850
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(853,202	)		(872,068	)
Class C		(278,151	)		(361,435	)
Class R		(32,782	)		(71,554	)
Institutional Class		(270,194	)		(277,789	)
Net realized gain:
Class A		(1,848,556	)		(580,209	)
Class C		(965,712	)		(363,436	)
Class R		(82,204	)		(54,742	)
Institutional Class		(529,478	)		(143,903	)
		(4,860,279	)		(2,725,136	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		5,906,984			7,592,577
Class C		991,449			1,947,079
Class R		1,034,573			1,145,255
Institutional Class		5,702,529			4,510,742
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		2,670,350			1,419,969
Class C		1,209,602			678,571
Class R		114,889			126,296
Institutional Class		665,709			369,707
		18,296,085			17,790,196
Cost of shares redeemed:
Class A		(9,889,647	)		(11,597,714	)
Class C		(6,101,446	)		(9,019,287	)
Class R		(2,299,011	)		(2,592,320	)
Institutional Class		(5,917,357	)		(8,337,417	)
		(24,207,461	)		(31,546,738	)
Decrease in net assets derived from capital share transactions		(5,911,376	)		(13,756,542	)
Net Decrease in Net Assets		(5,946,847	)		(10,465,828	)
Net Assets:
Beginning of year		81,066,500			91,532,328
End of year	$	75,119,653		$	81,066,500
Undistributed (distributions in excess of) net investment income	$	6,392		$	(18,225	)

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

72

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
	3/31/18			3/31/17			3/31/16			3/31/151			9/30/14			9/30/13
Net asset value, beginning of period	$	11.42		$	10.80		$	11.97		$	12.70		$	12.52		$	11.52
Income (loss) from investment operations:
Net investment income2		0.21			0.17			0.17			0.08			0.22			0.21
Net realized and unrealized gain (loss)		0.71			0.84			(0.54	)		0.27			0.79			1.01
Total from investment operations		0.92			1.01			(0.37	)		0.35			1.01			1.22
Less dividends and distributions from:
Net investment income		(0.21	)		(0.24	)		(0.17	)		(0.12	)		(0.18	)		(0.22	)
Net realized gain		(0.67	)		(0.15	)		(0.63	)		(0.96	)		(0.65	)		—
Total dividends and distributions		(0.88	)		(0.39	)		(0.80	)		(1.08	)		(0.83	)		(0.22	)
Net asset value, end of period	$	11.46		$	11.42		$	10.80		$	11.97		$	12.70		$	12.52
Total return3		8.35%			9.45%			(3.32%	)		2.89%			8.34%			10.66%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	172,750		$	170,801		$	174,041		$	195,937		$	201,628		$	220,891
Ratio of expenses to average net assets		1.14%			1.14%			1.15%			1.16%			1.13%			1.13%
Ratio of expenses to average net assets prior to fees waived4		1.17%			1.18%			1.18%			1.25%			1.17%			1.25%
Ratio of net investment income to average net assets		1.79%			1.49%			1.49%			1.34%			1.75%			1.75%
Ratio of net investment income to average net assets prior to fees waived4		1.76%			1.45%			1.46%			1.25%			1.71%			1.63%
Portfolio turnover		93%			133%			131%			65%			115%			135%

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.    

⁴  Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the year ended March 31, 2018 are reflected on the “Statements of operations.”    

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

(continues) 73

Financial highlights

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
	3/31/18			3/31/17			3/31/16			3/31/151			9/30/14			9/30/13
Net asset value, beginning of period	$	11.42		$	10.80		$	11.97		$	12.70		$	12.55		$	11.55
Income (loss) from investment operations:
Net investment income2		0.12			0.08			0.08			0.04			0.13			0.12
Net realized and unrealized gain (loss)		0.71			0.84			(0.53	)		0.26			0.78			1.01
Total from investment operations		0.83			0.92			(0.45	)		0.30			0.91			1.13
Less dividends and distributions from:
Net investment income		(0.12	)		(0.15	)		(0.09	)		(0.07	)		(0.11	)		(0.13	)
Net realized gain		(0.67	)		(0.15	)		(0.63	)		(0.96	)		(0.65	)		—
Total dividends and distributions		(0.79	)		(0.30	)		(0.72	)		(1.03	)		(0.76	)		(0.13	)
Net asset value, end of period	$	11.46		$	11.42		$	10.80		$	11.97		$	12.70		$	12.55
Total return3		7.53%			8.62%			(4.06%)			2.50%			7.47%			9.81%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$21,096			$22,602			$24,736			$28,965			$27,906			$22,838
Ratio of expenses to average net assets		1.90%			1.90%			1.91%			1.92%			1.90%			1.90%
Ratio of expenses to average net assets prior to fees waived4		1.93%			1.94%			1.94%			2.01%			1.94%			1.97%
Ratio of net investment income to average net assets		1.03%			0.73%			0.73%			0.58%			0.98%			0.98%
Ratio of net investment income to average net assets prior to fees waived4		1.00%			0.69%			0.70%			0.49%			0.94%			0.91%
Portfolio turnover		93%			133%			131%			65%			115%			135%

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.

⁴ Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the year ended March 31, 2018 are reflected on the “Statements of operations.”

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

74

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
	3/31/18			3/31/17			3/31/16			3/31/151			9/30/14			9/30/13
Net asset value, beginning of period	$	11.37		$	10.76		$	11.93		$	12.66		$	12.50		$	11.50
Income (loss) from investment operations:
Net investment income2		0.18			0.14			0.14			0.07			0.19			0.18
Net realized and unrealized gain (loss)		0.70			0.83			(0.54	)		0.26			0.78			1.00
Total from investment operations		0.88			0.97			(0.40	)		0.33			0.97			1.18
Less dividends and distributions from:
Net investment income		(0.18	)		(0.21	)		(0.14	)		(0.10	)		(0.16	)		(0.18	)
Net realized gain		(0.67	)		(0.15	)		(0.63	)		(0.96	)		(0.65	)		—
Total dividends and distributions		(0.85	)		(0.36	)		(0.77	)		(1.06	)		(0.81	)		(0.18	)
Net asset value, end of period	$	11.40		$	11.37		$	10.76		$	11.93		$	12.66		$	12.50
Total return3		8.01%			9.11%			(3.59%)			2.76%			7.99%			10.38%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,580		$	1,801		$	1,982		$	2,501		$	24,307		$	23,566
Ratio of expenses to average net assets		1.40%			1.40%			1.41%			1.42%			1.40%			1.40%
Ratio of expenses to average net assets prior to fees waived4		1.43%			1.44%			1.44%			1.51%			1.44%			1.57%
Ratio of net investment income to average net assets		1.53%			1.23%			1.23%			1.08%			1.48%			1.48%
Ratio of net investment income to average net assets prior to fees waived4		1.50%			1.19%			1.20%			0.99%			1.44%			1.31%
Portfolio turnover		93%			133%			131%			65%			115%			135%

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.

⁴ Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the year ended March 31, 2018 are reflected on the “Statements of operations.”

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

(continues) 75

Financial highlights

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
	3/31/18			3/31/17			3/31/16			3/31/151			9/30/14			9/30/13
Net asset value, beginning of period	$	11.42		$	10.80		$	11.98		$	12.71		$	12.52		$	11.52
Income (loss) from investment operations:
Net investment income2		0.24			0.19			0.19			0.10			0.25			0.24
Net realized and unrealized gain (loss)		0.71			0.84			(0.54	)		0.26			0.79			1.00
Total from investment operations		0.95			1.03			(0.35	)		0.36			1.04			1.24
Less dividends and distributions from:
Net investment income		(0.24	)		(0.26	)		(0.20	)		(0.13	)		(0.20	)		(0.24	)
Net realized gain		(0.67	)		(0.15	)		(0.63	)		(0.96	)		(0.65	)		—
Total dividends and distributions		(0.91	)		(0.41	)		(0.83	)		(1.09	)		(0.85	)		(0.24	)
Net asset value, end of period	$	11.46		$	11.42		$	10.80		$	11.98		$	12.71		$	12.52
Total return3		8.60%			9.70%			(3.17%	)		3.01%			8.62%			10.91%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	63,346		$	79,009		$	73,036		$	62,799		$	60,134		$	66,263
Ratio of expenses to average net assets		0.90%			0.90%			0.91%			0.92%			0.90%			0.90%
Ratio of expenses to average net assets prior to fees waived4		0.93%			0.94%			0.94%			1.01%			0.94%			0.97%
Ratio of net investment income to average net assets		2.03%			1.73%			1.73%			1.58%			1.98%			1.98%
Ratio of net investment income to average net assets prior to fees waived4		2.00%			1.69%			1.70%			1.49%			1.94%			1.91%
Portfolio turnover		93%			133%			131%			65%			115%			135%

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.

⁴ Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the year ended March 31, 2018 are reflected on the “Statements of operations.”

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

76

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
	3/31/18			3/31/17			3/31/16			3/31/151			9/30/14			9/30/13
Net asset value, beginning of period	$	9.59		$	9.24		$	10.16		$	10.87		$	10.57		$	10.22
Income (loss) from investment operations:
Net investment income2		0.20			0.16			0.17			0.09			0.22			0.20
Net realized and unrealized gain (loss)		0.40			0.52			(0.44	)		0.20			0.55			0.41
Total from investment operations		0.60			0.68			(0.27	)		0.29			0.77			0.61
Less dividends and distributions from:
Net investment income		(0.20	)		(0.20	)		(0.16	)		(0.11	)		(0.25	)		(0.19	)
Net realized gain		(0.42	)		(0.13	)		(0.49	)		(0.89	)		(0.22	)		(0.07	)
Total dividends and distributions		(0.62	)		(0.33	)		(0.65	)		(1.00	)		(0.47	)		(0.26	)
Net asset value, end of period	$	9.57		$	9.59		$	9.24		$	10.16		$	10.87		$	10.57
Total return3		6.33%			7.40%			(2.69%	)		2.86%			7.34%			6.09%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	41,096		$	42,453		$	43,443		$	51,722		$	52,429		$	81,655
Ratio of expenses to average net assets		1.15%			1.15%			1.18%			1.15%			1.13%			1.13%
Ratio of expenses to average net assets prior to fees waived4		1.47%			1.42%			1.38%			1.50%			1.33%			1.41%
Ratio of net investment income to average net assets		2.05%			1.72%			1.76%			1.73%			2.06%			1.90%
Ratio of net investment income to average net assets prior to fees waived4		1.73%			1.45%			1.55%			1.38%			1.86%			1.62%
Portfolio turnover		119%			161%			168%			93%			163%			210%

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.

⁴ Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the year ended March 31, 2018 are reflected on the “Statements of operations.”

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

(continues) 77

Financial highlights

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
	3/31/18			3/31/17			3/31/16			3/31/151			9/30/14			9/30/13
Net asset value, beginning of period	$	9.62		$	9.27		$	10.18		$	10.90		$	10.59		$	10.24
Income (loss) from investment operations:
Net investment income2		0.13			0.09			0.10			0.05			0.14			0.12
Net realized and unrealized gain (loss)		0.38			0.52			(0.43	)		0.19			0.55			0.42
Total from investment operations		0.51			0.61			(0.33	)		0.24			0.69			0.54
Less dividends and distributions from:
Net investment income		(0.12	)		(0.13	)		(0.09	)		(0.07	)		(0.16	)		(0.12	)
Net realized gain		(0.42	)		(0.13	)		(0.49	)		(0.89	)		(0.22	)		(0.07	)
Total dividends and distributions		(0.54	)		(0.26	)		(0.58	)		(0.96	)		(0.38	)		(0.19	)
Net asset value, end of period	$	9.59		$	9.62		$	9.27		$	10.18		$	10.90		$	10.59
Total return3		5.41%			6.60%			(3.32%	)		2.37%			6.56%			5.35%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	20,914		$	24,803		$	30,134		$	34,671		$	35,101		$	31,132
Ratio of expenses to average net assets		1.90%			1.90%			1.93%			1.90%			1.88%			1.88%
Ratio of expenses to average net assets prior to fees waived4		2.22%			2.17%			2.13%			2.25%			2.08%			2.11%
Ratio of net investment income to average net assets		1.30%			0.97%			1.01%			0.98%			1.31%			1.15%
Ratio of net investment income to average net assets prior to fees waived4		0.98%			0.70%			0.80%			0.63%			1.11%			0.92%
Portfolio turnover		119%			161%			168%			93%			163%			210%

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.

⁴ Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the year ended March 31, 2018 are reflected on the “Statements of operations.”

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

78

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
	3/31/18			3/31/17			3/31/16			3/31/151			9/30/14			9/30/13
Net asset value, beginning of period	$	9.59		$	9.24		$	10.15		$	10.87		$	10.57		$	10.22
Income (loss) from investment operations:
Net investment income2		0.17			0.14			0.14			0.08			0.20			0.17
Net realized and unrealized gain (loss)		0.40			0.51			(0.42	)		0.19			0.54			0.42
Total from investment operations		0.57			0.65			(0.28	)		0.27			0.74			0.59
Less dividends and distributions from:
Net investment income		(0.17	)		(0.17	)		(0.14	)		(0.10	)		(0.22	)		(0.17	)
Net realized gain		(0.42	)		(0.13	)		(0.49	)		(0.89	)		(0.22	)		(0.07	)
Total dividends and distributions		(0.59	)		(0.30	)		(0.63	)		(0.99	)		(0.44	)		(0.24	)
Net asset value, end of period	$	9.57		$	9.59		$	9.24		$	10.15		$	10.87		$	10.57
											��
Total return3		6.07%			7.15%			(2.84%	)		2.63%			7.06%			5.84%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,418		$	2,550		$	3,729		$	4,232		$	9,327		$	5,646
Ratio of expenses to average net assets		1.40%			1.40%			1.43%			1.40%			1.38%			1.38%
Ratio of expenses to average net assets prior to fees waived4		1.72%			1.67%			1.63%			1.75%			1.58%			1.71%
Ratio of net investment income to average net assets		1.80%			1.47%			1.51%			1.48%			1.81%			1.65%
Ratio of net investment income to average net assets prior to fees waived4		1.48%			1.20%			1.30%			1.13%			1.61%			1.32%
Portfolio turnover		119%			161%			168%			93%			163%			210%

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.

⁴ Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the year ended March 31, 2018 are reflected on the “Statements of operations.”

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

(continues) 79

Financial highlights

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
	3/31/18			3/31/17			3/31/16			3/31/151			9/30/14			9/30/13
Net asset value, beginning of period	$	9.61		$	9.26		$	10.18		$	10.89		$	10.59		$	10.23
Income (loss) from investment operations:
Net investment income2		0.22			0.19			0.19			0.10			0.25			0.22
Net realized and unrealized gain (loss)		0.40			0.51			(0.43	)		0.20			0.54			0.43
Total from investment operations		0.62			0.70			(0.24	)		0.30			0.79			0.65
Less dividends and distributions from:
Net investment income		(0.22	)		(0.22	)		(0.19	)		(0.12	)		(0.27	)		(0.22	)
Net realized gain		(0.42	)		(0.13	)		(0.49	)		(0.89	)		(0.22	)		(0.07	)
Total dividends and distributions		(0.64	)		(0.35	)		(0.68	)		(1.01	)		(0.49	)		(0.29	)
Net asset value, end of period	$	9.59		$	9.61		$	9.26		$	10.18		$	10.89		$	10.59
Total return3		6.58%			7.66%			(2.44%	)		2.98%			7.59%			6.45%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	11,692		$	11,261		$	14,226		$	18,337		$	21,043		$	30,615
Ratio of expenses to average net assets		0.90%			0.90%			0.93%			0.90%			0.88%			0.88%
Ratio of expenses to average net assets prior to fees waived4		1.22%			1.17%			1.13%			1.25%			1.08%			1.11%
Ratio of net investment income to average net assets		2.30%			1.97%			2.01%			1.98%			2.31%			2.15%
Ratio of net investment income to average net assets prior to fees waived4		1.98%			1.70%			1.80%			1.63%			2.11%			1.92%
Portfolio turnover		119%			161%			168%			93%			163%			210%

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.

⁴ Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the year ended March 31, 2018 are reflected on the “Statements of operations.”

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

80

Notes to financial statements

Delaware Foundation Funds^®

March 31, 2018

Delaware Group^® Foundation Funds (Trust) is organized as a Delaware statutory trust and offers two funds: Delaware Foundation^® Moderate Allocation Fund and Delaware Foundation Conservative Allocation Fund (each, a Fund, or collectively as the Funds). The Trust is an open-end investment company. The Funds are considered diversified under the Investment Company Act of 1940, as amended (1940 Act), 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 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 US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.

Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Debt securities, 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. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations, commercial mortgage securities, and US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed; attributes of the collateral; yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. 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-US markets because, among other things, most foreign markets close well before each Fund values its securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities are valued at fair value using methods approved by the Board.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority.

(continues) 81

Notes to financial statements

Delaware Foundation Funds^®

1. Significant Accounting Policies (continued)

Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or to be taken on the Funds’ federal income tax returns through the year ended March 31, 2018 and for all open tax years (years ended Sept. 30, 2014–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. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statements of operations.” During the year ended March 31, 2018, the Funds did not incur any interest or tax penalties.

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

Repurchase Agreements — Each Fund may purchase certain US 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 29, 2018, 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 deliver securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by each Fund on such purchases until the securities are delivered or the transaction is completed; however, the market value may change prior to delivery.

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with each Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. 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 on 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 US GAAP. Therefore, each Fund follows the accounting and reporting guidelines for investment companies. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other — Expenses directly attributable to each Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, subject

82

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. 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. 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 receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expense paid under this arrangement is included on the “Statements of operations” under “Custodian fees” with the corresponding offset included under “Less expenses paid indirectly.” For the year ended March 31, 2018, each Fund earned the following amounts under this agreement:

Delaware Foundation Moderate Allocation Fund	Delaware Foundation Conservative Allocation Fund
$2,071	$669

Each Fund receives earnings credits from its 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, 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 included under “Less expenses paid indirectly.” For the year ended March 31, 2018, each Fund earned the following amounts under this agreement:

Delaware Foundation Moderate Allocation Fund	Delaware Foundation Conservative Allocation Fund
$539	$125

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

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

DMC has contractually agreed to waive that portion, if any, of its management fee and/or pay/reimburse each Fund to the extent necessary to ensure that total annual operating expenses (excluding any 12b-1 fees, taxes, interest, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) do not exceed 0.90% of average daily net assets of each Fund from April 1, 2017 through March 31, 2018.* 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 the Board and DMC. These expense waivers and reimbursements apply only to expenses paid directly by each Fund and may only be terminated by agreement of DMC and each Fund.

Jackson Square Partners, LLC (JSP), a related party of DMC, furnishes investment sub-advisory services to the Funds. For these services, DMC, not the Funds, pay JSP fees based on the aggregate average daily net assets of each 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 were calculated daily and paid monthly based on the aggregate daily net assets of the Delaware Funds from April 1, 2017 through Aug. 31, 2017 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 were allocated among all funds in the Delaware Funds on a relative NAV basis. Effective

(continues) 83

Notes to financial statements

Delaware Foundation Funds^®

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

Sept. 1, 2017, the Funds as well as the other Delaware Funds entered into an amendment to the DIFSC agreement. Under the amendment to the DIFSC agreement, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of the Delaware Funds at the following annual rate: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund in the Delaware Funds then pays its relative portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the year ended March 31, 2018, each Fund was charged for these services as follows:    

Delaware Foundation® Moderate Allocation Fund	Delaware Foundation Conservative Allocation Fund
$13,249	$5,609

DIFSC is also the transfer agent and dividend disbursing agent of each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rate: 0.025% of the first $20 billion; 0.020% of the next $5 billion; 0.015% of the next $5 billion; and 0.013% on average daily net assets in excess of $30 billion. The fees payable to DIFSC under the service agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the year ended March 31, 2018, each Fund was charged for these services as follows:    

Delaware Foundation Moderate Allocation Fund	Delaware Foundation Conservative Allocation Fund
$51,956	$15,622

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

Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, annual distribution and service (12b-1) fees 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. The fees are calculated daily and paid monthly. Institutional Class shares pay no 12b-1 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, 2018, each Fund was charged for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Delaware Foundation Moderate Allocation Fund	Delaware Foundation Conservative Allocation Fund
$6,600	$3,148

84

For the year ended March 31, 2018, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Delaware Foundation® Moderate Allocation Fund	Delaware Foundation Conservative Allocation Fund
$10,400	$8,605

For the year ended March 31, 2018, 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 Moderate Allocation Fund	Delaware Foundation Conservative Allocation Fund
Class A	$    84	$    33
Class C	689	686

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, 2018, were executed by each Fund pursuant to procedures adopted by the Board designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At their regularly scheduled meetings, the Board reviews such transactions for compliance with the procedures adopted by the Board. Pursuant to these procedures, for the year ended March 31, 2018, each Fund engaged in securities purchases and securities sales which resulted in net realized gains as follows:

	Delaware Foundation Moderate Allocation Fund		Delaware Foundation Conservative Allocation Fund
Purchases		$1,611		$         910
Sales		1,611		258,106
Net realized gains		—		2

*The aggregate contractual waiver period covering this report is from July 29, 2016 through July 30, 2018.

3. Investments

For the year ended March 31, 2018, each Fund made purchases and sales of investment securities other than short-term investments as follows:

	Delaware Foundation Moderate Allocation Fund			Delaware Foundation Conservative Allocation Fund
Purchases other than US government securities		$	93,129,656		$	28,046,752
Purchases of US government securities			150,470,387			66,105,110
Sales other than US government securities			131,046,629			41,656,711
Sales of US government securities			143,876,627			63,599,603

(continues) 85

Notes to financial statements

Delaware Foundation Funds^®

3. Investments (continued)

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be final tax cost basis adjustments, but approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At March 31, 2018, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for each Fund were as follows:

	Delaware Foundation® Moderate Allocation Fund				Delaware Foundation Conservative Allocation Fund
Cost of investments and derivatives		$	223,651,077			$	68,688,398
Aggregate unrealized appreciation of investments and derivatives		$	54,008,576			$	11,076,724
Aggregate unrealized depreciation of investments and derivatives			(10,632,179	)			(2,521,085	)
Net unrealized appreciation of investments and derivatives		$	43,376,397			$	8,555,639

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

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

86

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of March 31, 2018:

Delaware Foundation® Moderate Allocation Fund
Securities:	Level 1			Level 2			Level 3		Total
Assets:
Agency, Asset-Backed & Mortgage-Backed Securities	$	—		$	54,705,989		$	—	$	54,705,989
Corporate Debt		—			44,990,211			—		44,990,211
Foreign Debt		—			2,212,133			—		2,212,133
Loan Agreements1		—			2,850,172			174,037		3,024,209
Municipal Bonds		—			690,167			—		690,167
Common Stock
Consumer Discretionary		9,328,821			6,316,293			—		15,645,114
Consumer Staples		6,039,865			4,840,475			—		10,880,340
Energy		6,439,422			3,214,926			—		9,654,348
Financials		12,647,533		��	5,841,267			—		18,488,800
Healthcare		11,874,353			4,841,935			—		16,716,288
Industrials		10,775,120			5,791,118			—		16,566,238
Information Technology		22,079,024			2,590,554			—		24,669,578
Materials		3,303,417			1,908,329			—		5,211,746
Real Estate		12,951,459			369,884			—		13,321,343
Telecommunication Services		4,137,793			739,901			—		4,877,694
Utilities		1,178,243			128,358			—		1,306,601
Exchange-Traded Funds		6,081,954			—			—		6,081,954
Preferred Stock1		569,338			791,568			—		1,360,906
US Treasury Obligations		—			7,517,625			—		7,517,625
Short-Term Investments		—			8,825,338			—		8,825,338
Total Value of Securities	$	107,406,342		$	159,166,243		$	174,037	$	266,746,622
Derivatives:2
Assets:
Foreign Currency Exchange Contracts	$	—		$	1,219		$	—	$	1,219
Swap Contracts		—			601,065			—		601,065
Liabilities:
Foreign Currency Exchange Contracts		—			(50	)		—		(50	)
Futures Contracts		(264,385	)		—			—		(264,385	)
Swap Contracts		—			(56,997	)		—		(56,997	)

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		—		94.25%		5.75%		100.00%
Preferred Stock		41.84%		58.16%		—		100.00%

²Foreign currency exchange contracts, futures contracts, and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

(continues) 87

Notes to financial statements

Delaware Foundation Funds^®

3. Investments (continued)

Delaware Foundation® Conservative Allocation Fund
	Level 1			Level 2			Level 3		Total
Securities:
Assets:
Agency, Asset-Backed & Mortgage-Backed Securities	$	—		$	22,437,652		$	—	$	22,437,652
Corporate Debt		—			16,973,523			—		16,973,523
Foreign Debt		—			643,102			—		643,102
Loan Agreements1		—			1,257,797			119,437		1,377,234
Municipal Bonds		—			318,334			—		318,334
Common Stock
Consumer Discretionary		1,828,428			1,245,830			—		3,074,258
Consumer Staples		1,202,366			956,111			—		2,158,477
Energy		1,259,548			627,277			—		1,886,825
Financials		2,481,826			1,142,795			—		3,624,621
Healthcare		2,339,079			953,788			—		3,292,867
Industrials		2,060,696			1,140,359			—		3,201,055
Information Technology		4,396,801			504,648			—		4,901,449
Materials		647,975			374,714			—		1,022,689
Real Estate		2,523,751			74,713			—		2,598,464
Telecommunication Services		809,682			152,252			—		961,934
Utilities		240,308			24,911			—		265,219
Exchange-Traded Funds		1,101,233			—			—		1,101,233
Preferred Stock1		372,948			258,701			—		631,649
US Treasury Obligations		—			4,426,854			—		4,426,854
Short-Term Investments		—			2,253,169			—		2,253,169
Total Value of Securities	$	21,264,641		$	55,766,530		$	119,437	$	77,150,608
Derivatives2:
Assets:
Foreign Currency Exchange Contracts	$	—		$	229		$	—	$	229
Swap Contracts		—			226,371			—		226,371
Liabilities:
Foreign Currency Exchange Contracts		—			(38	)		—		(38	)
Futures Contracts		(106,202	)		—			—		(106,202	)
Swap Contracts		—			(26,931	)		—		(26,931	)

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		—		91.33%		8.67%		100.00%
Preferred Stock		59.04%		40.96%		—		100.00%

²Foreign currency exchange contracts, futures contracts, and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

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

As a result of utilizing international fair value pricing at March 31, 2018, a portion of each Fund’s portfolio was categorized as Level 2.

88

During the year ended March 31, 2018, 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 of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. Each Fund’s policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when 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 year. 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 US 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, 2018 and 2017 were as follows:

	Delaware Foundation® Moderate Allocation Fund			Delaware Foundation Conservative Allocation Fund
Year ended 3/31/18
Ordinary income		$	5,836,130		$	1,590,369
Long-term capital gain			13,694,808			3,269,910
Total		$	19,530,938		$	4,860,279
Year ended 3/31/17
Ordinary income		$	6,469,149		$	1,494,532
Long-term capital gain			2,920,694			1,230,604
Total		$	9,389,843		$	2,725,136

5. Components of Net Assets on a Tax Basis

As of March 31, 2018, the components of net assets on a tax basis were as follows:

	Delaware Foundation Moderate Allocation Fund			Delaware Foundation Conservative Allocation Fund
Shares of beneficial interest		$	206,169,519		$	65,423,459
Undistributed ordinary income			398,220			161,761
Undistributed long-term capital gain			8,828,060			978,794
Unrealized appreciation on investments, foreign currencies, and derivatives			43,376,397			8,555,639
Net assets		$	258,772,196		$	75,119,653

(continues) 89

Notes to financial statements

Delaware Foundation Funds^®

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

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, tax treatment of trust preferred securities, and tax treatment of market discount and premium on debt instruments.

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, passive foreign investment companies, market discount and premium on certain debt instruments, paydowns of mortgage- and asset-backed securities, and dividends and distributions. Results of operations and net assets were not affected by these reclassifications. For the year ended March 31, 2018, the Funds recorded the following reclassifications:

	Delaware Foundation® Moderate Allocation Fund				Delaware Foundation Conservative Allocation Fund
Undistributed (distributions in excess of) net investment income		$	57,545			$	(27,317	)
Accumulated net realized gain on investments			(57,545	)			27,317

6. Capital Shares

Transactions in capital shares were as follows:

	Delaware Foundation Moderate Allocation Fund						Delaware Foundation Conservative Allocation Fund
	Year ended						Year ended
	3/31/18			3/31/17			3/31/18			3/31/17
Shares sold:
Class A		540,718			562,623			609,532			800,526
Class C		141,226			194,320			101,897			204,852
Class R		153,284			25,954			106,536			120,594
Institutional Class		509,566			731,278			584,244			472,831
Shares issued upon reinvestment of dividends and distributions:
Class A		1,058,091			479,116			279,147			150,615
Class C		126,570			55,478			126,139			71,849
Class R		11,013			5,680			12,020			13,401
Institutional Class		139,823			68,470			69,405			39,120
		2,680,291			2,122,919			1,888,920			1,873,788
Shares redeemed:
Class A		(1,481,230	)		(2,195,833	)		(1,019,701	)		(1,225,387	)
Class C		(406,035	)		(560,202	)		(627,517	)		(949,045	)
Class R		(184,120	)		(57,565	)		(236,264	)		(271,624	)
Institutional Class		(2,040,580	)		(642,018	)		(606,016	)		(876,497	)
		(4,111,965	)		(3,455,618	)		(2,489,498	)		(3,322,553	)
Net decrease		(1,431,674	)		(1,332,699	)		(600,578	)		(1,448,765	)

90

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the tables on the previous page and on the “Statements of changes in net assets.” For the years ended March 31, 2018 and 2017, the Funds had the following exchange transactions.

			Year ended 3/31/18
	Exchange Redemptions				Exchange Subscriptions
	Class A Shares		Class C Shares		Institutional Class Shares		Value
Delaware Foundation® Moderate Allocation Fund		1,675		—		1,673		$	19,247
Delaware Foundation Conservative Allocation Fund		18,972		7,609		26,530			256,815

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

7. Line of Credit

Each Fund, along with certain other funds in the Delaware 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 0.15%, which was generally allocated across the Participants based on the weighted average of the respective net assets of each Participant. 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. 6, 2017.

On Nov. 6, 2017, each Fund, along with the other Participants, entered into an amendment to the agreement for a $155,000,000 revolving line of credit. The line of credit is to be used as described above and operates in substantially the same manner as the original agreement. The line of credit available under the agreement expires on Nov. 5, 2018.

The Funds had no amounts outstanding as of March 31, 2018, or at any time during the year then ended.

8. Derivatives

US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity’s results of operations and financial position.

Foreign Currency Exchange Contracts — Each Fund may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. Each Fund may enter into these contracts to fix the US dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. Each Fund may also use these contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies. In addition, each Fund may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. The change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, each Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. Each Fund’s maximum risk of loss from counterparty credit

(continues) 91

Notes to financial statements

Delaware Foundation Funds^®

8. Derivatives (continued)

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 Funds to cover each Fund’s exposure to the counterparty.

During the year ended March 31, 2018, each Fund entered into foreign currency exchange contracts to hedge the US dollar value of securities each Fund already owns that are denominated in foreign currencies.

Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. Each Fund may use futures contracts in the normal course of pursuing their respective investment 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 US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by 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 Moderate Allocation Fund and Delaware Foundation Conservative Allocation Fund posted cash collateral of $236,966 and $97,825, 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, 2018, each Fund entered into futures contracts to hedge each Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

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 enter into 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 each Fund and the counterparty and by the posting of collateral by the counterparty to the Funds to cover each Funds exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

During the year ended March 31, 2018, each Fund entered into 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

92

pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by each Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the year ended March 31, 2018, each Fund entered into CDS contracts as a purchaser of protection. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over 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.

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 the Funds to cover each Funds exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

During the year ended March 31, 2018, each Fund entered into CDS contracts to hedge against credit events.

Swaps Generally. The value of open swaps may differ from that which would be realized in the event each Fund terminated its position in the contract on a given day. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument, or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the “Schedules of investments.”

At March 31, 2018, Delaware Foundation^® Moderate Allocation Fund and Delaware Foundation Conservative Allocation Fund posted $759,693 and $324,370, respectively, as cash collateral for centrally cleared swap contracts, which is included in “Cash collateral due from brokers” on the “Statements of assets and liabilities.”

Fair values of derivative instruments as of March 31, 2018 were as follows:

	Delaware Foundation Moderate 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		$	1,219		$	—			—		$	1,219
Upfront payments paid on credit default swap contracts			—			—			50,610			50,610
Variation margin due to broker on centrally cleared interest rate swap contracts**			—			601,065			—			601,065
Total		$	1,219		$	601,065		$	50,610		$	652,894

(continues) 93

Notes to financial statements

Delaware Foundation Funds^®

8. Derivatives (continued)

	Delaware Foundation® Moderate  Allocation Fund
	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		$	50		$	—		$	—		$	50
Variation margin due to broker on futures contracts*			—			264,385			—			264,385
Variation margin due to broker on centrally cleared interest rate swap contracts**			—			6,968			—			6,968
Variation margin due to brokers on centrally cleared credit default swap contracts**			—			—			48,806			48,806
Upfront payments received on credit default swap contracts			—			—			179,189			179,189
Unrealized depreciation on credit default swap contracts			—			—			1,223			1,223
Total		$	50		$	271,353		$	229,218		$	500,621

	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		$	229		$	—		$	229
Variation margin due to broker on centrally cleared interest rate swap contracts**			—			226,371			226,371
Total		$	229		$	226,371		$	226,600

	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		$	38		$	—		$	—		$	38
Variation margin due to broker on futures contracts*			—			106,202			—			106,202
Variation margin due to broker on centrally cleared interest rate swap contracts**			—			3,550			—			3,550
Variation margin due to brokers on centrally cleared credit default swap contracts**			—			—			23,381			23,381
Upfront payments received on credit default swap contracts			—			—			85,844			85,844
Total		$	38		$	109,752		$	109,225		$	219,015

*Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through March 31, 2018. Only current day variation margin is reported on the “Statements of assets and liabilities.”

**Includes cumulative appreciation (depreciation) of centrally cleared swap contracts from the date the contracts were opened through March 31, 2018. Only current day variation margin is reported on the “Statements of assets and liabilities.”

94

The effect of derivative instruments on the “Statements of operations” for the year ended March 31, 2018 was as follow:

	Delaware Foundation® Moderate Allocation Fund Net Realized Gain (Loss) on:
	Foreign Currency Exchange     Contracts				Futures     Contracts				Swap     Contracts				Total
Currency contracts		$	(65,550	)		$	—			$	—			$	(65,550	)
Interest rate contracts			—				(417,946	)			568,155				150,209
Credit contracts			—				—				(451,481	)			(451,481	)
Total		$	(65,550	)		$	(417,946	)		$	116,674			$	(366,822	)
	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign Currency Exchange     Contracts				Futures     Contracts				Swap     Contracts				Total
Currency contracts		$	922			$	—			$	—			$	922
Interest rate contracts			—				(135,663	)			521,238				385,575
Credit contracts			—				—				84,191				84,191
Total		$	922			$	(135,663	)		$	605,429			$	470,688
	Delaware Foundation Conservative Allocation Fund Net Realized Gain (Loss) on:
	Foreign Currency Exchange     Contracts				Futures     Contracts				Swap     Contracts				Total
Currency contracts		$	(25,080	)		$	—			$	—			$	(25,080	)
Interest rate contracts			—				(150,323	)			226,431				76,108
Credit contracts			—				—				(127,632	)			(127,632	)
Total		$	(25,080	)		$	(150,323	)		$	98,799			$	(76,604	)
	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign Currency Exchange     Contracts				Futures     Contracts				Swap     Contracts				Total
Currency contracts		$	130			$	—			$	—			$	130
Interest rate contracts			—				(55,619	)			195,195				139,576
Credit contracts			—				—				31,057				31,057
Total		$	130			$	(55,619	)		$	226,252			$	170,763

(continues) 95

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, 2018.

	Delaware Foundation® Moderate  Allocation Fund
	Long Derivative Volume		Short Derivative Volume
Foreign currency exchange contracts (average cost)	USD	39,252	USD	788,382
Futures contracts (average notional value)		1,041,066		29,042,528
CDS contracts (average notional value)*		8,073,900		—
Interest rate swap contracts (average notional value)**		—		42,125,680
	Delaware Foundation Conservative Allocation Fund
	Long Derivative Volume		Short Derivative Volume
Foreign currency exchange contracts (average cost)	USD	7,888	USD	381,301
Futures contracts (average notional value)		476,533		12,158,463
CDS contracts (average notional value)*		1,932,818		—
Interest rate swap contracts (average notional value)**		—		17,179,320

*Long represents buying protection and short represents selling protection.

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

9. Offsetting

Each Fund 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 in order to better define its contractual rights and to secure rights that will help each Fund mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs 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.

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.”

96

At March 31, 2018, 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® Moderate Allocation Fund
Counterparty	Gross Value of Derivative Asset			Gross Value of Derivative Liability				Net Position
BNP Paribas		$	—		$	(49	)		$	(49	)
BNY Mellon			1,219			(1	)			1,218
Hong Kong Shanghai Bank			—			(1,223	)			(1,223	)
Total		$	1,219		$	(1,273	)		$	(54	)

Counterparty	Net Position				Fair Value of   Non-Cash Collateral Received			Cash Collateral     Received(a)			Fair Value of Non-Cash Collateral     Pledged			Cash Collateral Pledged			Net   Exposure(b)
BNP Paribas		$	(49	)		$	—		$	—		$	—		$	—		$	(49	)
BNY Mellon			1,218				—			—			—			—			1,218
Hong Kong Shanghai Bank			(1,223	)			—			—			—			—			(1,223	)
Total		$	(54	)		$	—		$	—		$	—		$	—		$	(54	)

	Delaware Foundation Conservative Allocation Fund
Counterparty	Gross Value of Derivative Asset			Gross Value of Derivative Liability				Net Position
BNP Paribas		$	—		$	(36	)		$	(36	)
BNY Mellon			229			(2	)			227
Total		$	229		$	(38	)		$	191

Counterparty	Net Position				Fair Value of   Non-Cash Collateral Received			Cash Collateral   Received(a)			Fair Value of   Non-Cash Collateral Pledged			Cash   Collateral   Pledged			Net   Exposure(b)
BNP Paribas		$	(36	)		$	—		$	—		$	—		$	—		$	(36	)
BNY Mellon			227				—			—			—			—			227
Total		$	191			$	—		$	—		$	—		$	—		$	191

^(a) The value of the related collateral received exceeded the value of the net position and repurchase agreements as of March 31, 2018.

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

(continues) 97

Notes to financial statements

Delaware Foundation Funds^®

9. Offsetting (continued)

Master Repurchase Agreements

Repurchase agreements are entered into by each Fund under Master Repurchase Agreements (each, an MRA). The MRA permits each Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, the Funds receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, each Fund would recognize a liability with respect to such excess collateral. The liability reflects each Fund’s obligation under bankruptcy law to return the excess to the counterparty. As of March 31, 2017, the following table is a summary of each Fund’s repurchase agreements by counterparty which are subject to offset under an MRA:

	Delaware Foundation® Moderate Allocation Fund
Counterparty	Repurchase Agreements			Fair Value of Non-Cash Collateral Received(a)				Cash Collateral Received			Net Collateral Received				Net Exposure(b)
Bank of America Merrill Lynch		$	702,170		$	(702,170	)		$	—		$	(702,170	)		$	—
Bank of Montreal			2,106,511			(2,106,511	)			—			(2,106,511	)			—
BNP Paribas			2,070,939			(2,070,939	)			—			(2,070,939	)			—
Total		$	4,879,620		$	(4,879,620	)		$	—		$	(4,879,620	)		$	—
	Delaware Foundation Conservative Allocation Fund
Counterparty	Repurchase Agreements			Fair Value of Non-Cash Collateral Received(a)				Cash Collateral Received			Net Collateral Received				Net Exposure(b)
Bank of America Merrill Lynch		$	210,859		$	(210,859	)		$	—		$	(210,859	)		$	—
Bank of Montreal			632,576			(632,576	)			—			(632,576	)			—
BNP Paribas			621,894			(621,894	)			—			(621,894	)			—
Total		$	1,465,329		$	(1,465,329	)		$	—		$	(1,465,329	)		$	—

^(a)The value of the related collateral received exceeded the value of the net position and repurchase agreements as of March 31, 2018.

^(b)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 Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

98

Cash collateral received by each Fund is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities. A fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to 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 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, 2018, 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 US government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the 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.

(continues) 99

Notes to financial statements

Delaware Foundation Funds^®

11. Credit and Market Risk (continued)

Each Fund invests in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction or through a combination of such approaches. Each Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of the security.

Each Fund invests in bank loans and other securities that may subject them to direct indebtedness risk, the risk that each Fund will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer each Fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by each Fund may involve revolving credit facilities or other standby financing commitments that obligate each Fund to pay additional cash on a certain date or on demand. These commitments may require each Fund to increase its investment in a company at a time when each Fund might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that each Fund is committed to advance additional funds, it will at all times hold and maintain cash or other high grade debt obligations in an amount sufficient to meet such commitments. When a loan agreement is purchased each Fund may pay an assignment fee. On an ongoing basis, each Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid.

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. Rule 144A securities held by each Fund have been identified on the “Schedules of investments.” Restricted securities are valued pursuant to the security valuation procedures noted in Note 1.

12. Contractual Obligations

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

13. Recent Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (ASU) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

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14. Subsequent Events

On Feb. 28, 2018, the Board approved a proposal to reorganize Delaware Foundation^® Conservative Allocation Fund (Acquired Fund) with and into Delaware Foundation Moderate Allocation Fund (Reorganization). The proposal is not subject to shareholder approval. The Board has determined that the Reorganization is in the best interests of the Acquired Fund and that the interests of the Acquired Fund’s existing shareholders will not be diluted as a result of the Reorganization.

Effective as of the close of business on July 6, 2018, the Acquired Fund will be closed to new investors. The Acquired Fund will continue to accept purchases (including reinvested dividends and capital gains) from existing shareholders until four business days before the Reorganization. Contingent deferred sales charges will be waived on redemptions from the Acquired Fund through the date of the Reorganization. The Reorganization is expected to take place on or about July 27, 2018.

Management has determined that no other material events or transactions occurred subsequent to March 31, 2018 that would require recognition or disclosure in each Fund’s financial statements.

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Report of independent

registered public accounting firm

To the Board of Trustees of Delaware Group^® Foundation Funds and Shareholders of Delaware Foundation^® Moderate Allocation Fund and Delaware Foundation Conservative Allocation Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of 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, 2018, the related statements of operations for the year ended March 31, 2018, the statements of changes in net assets for each of the two years in the period ended March 31, 2018, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2018, 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 ended March 31, 2018 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 18, 2018

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

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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, 2018, each Fund reports distributions paid during the year as follows:

	(A) Long-Term Capital Gain Distributions (Tax Basis)			(B) Ordinary Income Distributions1 (Tax Basis)			Total Distributions (Tax Basis)			(C) Qualifying Dividends2
Delaware Foundation® Moderate Allocation Fund		70.12	%		29.88	%		100.00	%		16.36	%
Delaware Foundation Conservative Allocation Fund		67.28	%		32.72	%		100.00	%		12.68	%

(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.

¹For the fiscal year ended March 31, 2018, certain dividends paid by each Fund may be subject to a maximum tax rate of 20%. The percentage of dividends paid from ordinary income reported as qualified income by Delaware Foundation Moderate Allocation Fund and Delaware Foundation Conservative Allocation Fund are 41.45% and 30.70%, respectively. Complete information will be computed and reported in conjunction with your 2017 Form 1099-DIV.

²Qualifying dividends represent dividends which qualify for the corporate dividends received deduction.

For the fiscal year ended March 31, 2018, certain interest income paid by the Funds, determined to be Qualified Interest Income and Qualified Short-Term Capital Gains may be subject to relief from US 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, 2018, the Funds have reported maximum distributions of Qualified Interest Income and Qualified Short-Term Capital Gains as follows:

	Qualified Interest Income			Short-Term Capital Gains
Delaware Foundation Moderate Allocation Fund		$	2,462,480		$	1,934,149
Delaware Foundation Conservative Allocation Fund			1,216,487			474,079

Board consideration of sub-advisory agreements for Delaware Foundation Moderate Allocation Fund and Delaware Foundation Conservative Allocation Fund at a meeting held November 15-16, 2017

At a meeting held on Nov. 15-16, 2017, the Board of Trustees of Delaware Group Foundation Funds, including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved a new Sub-Advisory Agreement between Delaware Management Company (“DMC” or “Management”) and each of Macquarie Investment Management Europe Limited (“MIMEL”) and Macquarie Investment Management Global Limited (“MIMGL”) for Delaware Foundation Moderate Allocation Fund and Delaware Foundation Conservative Allocation Fund (the “Fund”). MIMEL and MIMGL may also be referenced as “sub-advisor(s)” below.

In reaching the decision to approve the Sub-Advisory Agreements, the Board considered and reviewed information about each of MIMEL and MIMGL, including its personnel, operations, and financial condition, which had been provided by MIMEL and MIMGL, respectively. The Board also reviewed material furnished by DMC, including: a memorandum from DMC reviewing the Sub-Advisory Agreements and the various services proposed to be rendered by MIMEL and MIMGL; information concerning MIMEL’s and MIMGL’s organizational structure and the

(continues) 103

Other Fund information

(Unaudited)

Delaware Foundation Funds^®

Board consideration of sub-advisory agreements for Delaware Foundation Moderate Allocation Fund and Delaware Foundation Conservative Allocation Fund at a meeting held November 15-16, 2017 (continued)

experience of their key investment management personnel; copies of MIMEL’s and MIMGL’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMEL and MIMGL; and a copy of the Sub-Advisory Agreements.

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

Nature, quality, and extent of services. The Board considered the nature, quality, and extent of services that MIMEL and MIMGL each would provide as a sub-advisor to the Funds. The Trustees considered the investment process to be employed by MIMEL and MIMGL in connection with DMC’s collaboration with MIMEL and MIMGL in managing the Funds, and the qualifications and experience of MIMEL and MIMGL’s fixed income teams with regard to implementing the Funds’ investment mandates. The Board considered MIMEL and MIMGL’s organization, personnel, and operations. The Trustees also considered Management’s review and recommendation process with respect to MIMEL and MIMGL, and Management’s favorable assessment as to the nature, quality, and extent of the sub-advisory services expected to be provided by MIMEL and MIMGL to the Funds. Based on their consideration and review of the foregoing factors, the Board concluded that the nature, quality, and extent of the sub-advisory services to be provided by MIMEL and MIMGL, as well as MIMEL and MIMGL’s ability to render such services based on its experience, organization and resources, were appropriate for the Fund, in light of the Fund’s investment objective, strategies, and policies.

In discussing the nature of the services proposed to be provided by the sub-advisors, several Board members observed that, unlike traditional sub-advisors, who make the investment-related decisions with respect to the sub-advised portfolio, the relationship contemplated in this case is more like a collaborative effort between the advisor and sub-advisors and a cross-pollination of investment ideas. Moreover, the Board noted the advisor’s and sub-advisors’ stated intention that the former retain the decision-making authority with respect to purchases and sales of securities in the sub-advised Funds.

Sub-advisory fees. The Board considered that DMC would not pay MIMEL and MIMGL fees in conjunction with the services that would be rendered to the sub-advised Funds. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between the advisor and sub-advisors, the proposed fee arrangement was understandable and reasonable.

Investment performance. In evaluating performance, the Board considered that MIMEL and MIMGL would provide investment advice and recommendations, including with respect to specific securities, for consideration and evaluation by DMC’s portfolio managers, but that DMC’s portfolio managers for the Funds would retain final portfolio management discretion over the Funds.

Economies of scale and fall-out benefits. The Board considered whether the proposed fee arrangement would reflect economies of scale for the benefit of Fund investors as assets in the Funds increased, as applicable. The Board also considered that DMC and its affiliates may benefit by marketing a global approach to the portfolio management of its fixed income investment strategies.

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Board of trustees / directors and officers addendum

Delaware Funds^® by Macquarie

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. Lytle1,2 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	President — Macquarie Investment Management3 (June 2015–Present) Regional Head of Americas — UBS Global Asset Management (April 2010–May 2015)	60	Trustee — UBS Relationship Funds, SMA Relationship Trust, and UBS Funds (May 2010–April 2015)
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)	60	None
Ann D. Borowiec 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.	60	Director — Banco Santander International Director — Santander Bank, N.A.
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)	60	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)	60	Director; Compensation Committee and Governance Committee Member — Community Health Systems Director — Drexel Morgan & Co. Director, Audit Committee Member — vTv Therapeutics LLC Director; Audit Committee Member — FS Credit Real Estate Income Trust, Inc.

106

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)	60	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)	60	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	60	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	60	Director (2009-2017); Personnel and Compensation Committee Chair; Member of Nominating, Investments, and Audit Committees for various periods throughout directorship — Okabena Company

(continues) 107

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 Macquarie Investment Management.	60	None2
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 Macquarie Investment Management.	60	None2
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 Macquarie Investment Management.	60	None2

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

²  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. Mr. Geatens also serves as the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which shares an affiliated investment manager.

³  Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Funds’ investment advisor, principal underwriter, and its transfer agent.

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

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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 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 Funds^® by Macquarie Philadelphia, PA   Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie 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 Funds by Macquarie Philadelphia, PA   Daniel V. Geatens Vice President and Treasurer Delaware Funds by Macquarie Philadelphia, PA   Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie Philadelphia, PA Contact information   Investment manager Delaware Management Company, a series of Macquarie Investment 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

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.

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Contact information

Shareholder assistance by phone

800 523-1918, weekdays from 8:30am to 6:00pm Eastern time

For securities dealers and financial institutions representatives only

800 362-7500

Regular mail

P.O. Box 9876

Providence, RI 02940-8076

Overnight courier service

4400 Computer Drive

Westborough, MA 01581-1722

Macquarie Investment Management • 2005 Market Street • Philadelphia, PA 19103-7094

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

The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited. MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.

Other than MBL, none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Funds are governed by US laws and regulations.

ix     This page is not part of the annual report.

(487203)

AR-444 21866 [5/18]

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^® 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 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 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 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
Janet L. Yeomans

Item 4. Principal Accountant Fees and Services

(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 $93,840 for the fiscal year ended March 31, 2018.

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.

(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, 2018.

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, 2018. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis 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, 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 de minimis 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 $11,466 for the fiscal year ended March 31, 2018. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis 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, 2018.

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 de minimis 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.

(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, 2018.

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, 2018. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis 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, 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 de minimis 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^® 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 $11,748,000 and $11,180,000 for the registrant’s fiscal years ended March 31, 2018 and March 31, 2017, 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

(a) (1) Code of Ethics

Not applicable.

(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

DELAWARE GROUP^® FOUNDATION FUNDS

SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	June 6, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	June 6, 2018
RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	June 6, 2018