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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:	811-08457
Exact name of registrant as specified in charter:	Delaware Group® Foundation Funds
Address of principal executive offices:	2005 Market Street
	Philadelphia, PA 19103
Name and address of agent for service:	David F. Connor, Esq.
	2005 Market Street
	Philadelphia, PA 19103
Registrant’s telephone number, including area code:	(800) 523-1918
Date of fiscal year end:	March 31
Date of reporting period:	September 30, 2018

Item 1. Reports to Stockholders

Multi-asset mutual fund

Delaware Foundation^® Moderate Allocation Fund

September 30, 2018

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

You can obtain shareholder reports and prospectuses online instead of in the mail.

Visit delawarefunds.com/edelivery.

Experience Delaware Funds^® by Macquarie

Macquarie Investment Management (MIM) is a global asset manager with offices throughout the United States, Europe, Asia, and Australia. We are active managers who prioritize autonomy and accountability at the investment team level in pursuit of opportunities that matter for our clients. Delaware Funds is one of the longest-standing mutual fund families, with more than 75 years in existence.

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

You can learn more about Delaware Funds or obtain a prospectus for Delaware Foundation^® Moderate Allocation Fund at delawarefunds.com/literature.

Manage your account online

● Check your account balance and transactions

● View statements and tax forms

● Make purchases and redemptions

Visit delawarefunds.com/account-access.

Macquarie Asset Management (MAM) offers a diverse range of product including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following 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 Europe Limited, and Macquarie Capital Investment Management LLC.

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

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

Table of contents
Disclosure of Fund expenses	1
Security type / sector allocation, top 10 equity holdings, and country allocation	3
Schedule of investments	7
Statement of assets and liabilities	56
Statement of operations	58
Statements of changes in net assets	60
Financial highlights	62
Notes to financial statements	70
Other Fund information	93
About the organization	98

Unless otherwise noted, views expressed herein are current as of Sept. 30, 2018, and subject to change for events occurring after such date.

The Fund is not FDIC insured and is 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.

Disclosure of Fund expenses

For the six-month period from April 1, 2018 to September 30, 2018 (Unaudited)

As a shareholder of the 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from April 1, 2018 to Sept. 30, 2018.

Actual expenses

The first section of the table 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 table shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s 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 Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table 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 the 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 Fund’s expenses shown in the table reflect fee waivers in effect. The Fund’s expenses shown in the table assume reinvestment of all dividends and distributions.

1

Disclosure of Fund expenses

For the six-month period from April 1, 2018 to September 30, 2018 (Unaudited)

Delaware Foundation^® Moderate Allocation

Fund Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/18		Ending Account Value 9/30/18		Annualized Expense Ratio		Expenses Paid During Period 4/1/18 to 9/30/18*
Actual Fund return†
Class A		$1,000.00		$1,025.50		1.16%		$5.89
Class C		1,000.00		1,021.40		1.92%		9.73
Class R		1,000.00		1,024.40		1.42%		7.21
Institutional Class		1,000.00		1,026.70		0.92%		4.67
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,019.25		1.16%		$5.87
Class C		1,000.00		1,015.44		1.92%		9.70
Class R		1,000.00		1,017.95		1.42%		7.18
Institutional Class		1,000.00		1,020.46		0.92%		4.66

^*“Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (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.

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

2

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

Delaware Foundation^® Moderate Allocation Fund As of September 30, 2018 (Unaudited)

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

Security type / sector	Percentage of net assets
Common Stock	53.00%
US Markets	29.20%
Consumer Discretionary	2.45%
Consumer Staples	0.78%
Energy	1.63%
Financials	3.96%
Healthcare	4.87%
Industrials	2.57%
Information Technology	5.70%
Materials	0.90%
Real Estate	5.12%
Telecommunication Services	0.68%
Utilities	0.54%
Developed Markets	16.04%
Consumer Discretionary	3.02%
Consumer Staples	1.96%
Energy	0.62%
Financials	2.44%
Healthcare	1.89%
Industrials	3.52%
Information Technology	1.04%
Materials	0.90%
Real Estate	0.13%
Telecommunication Services	0.43%
Utilities	0.09%
Emerging Markets	7.76%
Consumer Discretionary	0.45%
Consumer Staples	0.90%
Energy	1.42%
Financials	0.95%
Healthcare	0.04%
Industrials	0.05%
Information Technology	2.80%
Materials	0.14%
Real Estate	0.05%
Telecommunication Services	0.96%
Exchange-Traded Funds	2.77%
Limited Partnership	0.05%

3

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

Delaware Foundation^® Moderate Allocation Fund

Security type / sector	Percentage of net assets
Agency Asset-Backed Securities	0.01%
Agency Collateralized Mortgage Obligations	8.59%
Agency Commercial Mortgage-Backed Securities	0.49%
Agency Mortgage-Backed Securities	6.40%
Collateralized Debt Obligations	2.44%
Corporate Bonds	18.68%
Banking	4.58%
Basic Industry	1.35%
Capital Goods	0.88%
Consumer Cyclical	0.63%
Consumer Non-Cyclical	1.95%
Energy	1.71%
Financials	0.68%
Insurance	0.64%
Media	0.55%
Real Estate	0.81%
Services	0.03%
Technology	0.57%
Telecommunications	1.45%
Transportation	0.43%
Utilities	2.42%
Loan Agreements	1.58%
Municipal Bonds	0.32%
Non-Agency Asset-Backed Securities	1.85%
Non-Agency Collateralized Mortgage Obligations	0.62%
Non-Agency Commercial Mortgage-Backed Securities	2.80%
Regional Bonds	0.06%
Sovereign Bonds	0.67%
Supranational Banks	0.02%
US Treasury Obligations	0.17%
Preferred Stock	0.45%
Short-Term Investments	1.11%
Total Value of Securities	102.08%
Liabilities Net of Receivables and Other Assets	(2.08%)
Total Net Assets	100.00%

4

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	0.80%
Microsoft	0.61%
ITOCHU	0.47%
Equity Residential	0.45%
Samsung Electronics	0.45%
Simon Property Group	0.44%
SK Telecom ADR	0.42%
Alibaba Group Holding ADR	0.40%
Mitsubishi UFJ Financial Group	0.39%
Koninklijke Philips	0.39%
*Country/market	Percentage of net assets
Developed Markets	23.04%
Australia	0.90%
Austria	0.04%
Belgium	0.03%
Bermuda	0.14%
Canada	1.00%
Cayman Islands	2.52%
Denmark	0.40%
Finland	0.04%
France	2.75%
Germany	1.40%
Hong Kong	0.86%
Ireland	0.15%
Israel	0.13%
Italy	0.63%
Japan	4.27%
Luxembourg	0.09%
Netherlands	1.52%
New Zealand	0.01%
Norway	0.03%
Portugal	0.08%
Singapore	0.20%
Spain	0.86%
Sweden	0.64%
Switzerland	1.18%
United Kingdom	3.17%

5

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

Delaware Foundation^® Moderate Allocation Fund

*Country/market	Percentage of net assets
Emerging Markets	8.78%
Argentina	0.20%
Brazil	0.62%
Chile	0.10%
China	2.64%
Colombia	0.01%
India	0.91%
Indonesia	0.20%
Malaysia	0.01%
Mexico	0.71%
Morocco	0.13%
Peru	0.07%
Republic of Korea	1.61%
Russia	0.66%
South Africa	0.04%
Taiwan	0.64%
Thailand	0.04%
Turkey	0.13%
United Arab Emirates	0.06%
Supranational	0.02%
US Markets	69.13%
Total	100.97%

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

6

Schedule of investments
Delaware Foundation® Moderate Allocation Fund	September 30, 2018 (Unaudited)

	Number of shares		Value (US $)
Common Stock – 53.00%
US Markets – 29.20%
Consumer Discretionary – 2.45%
Amazon.com †		325	$	650,975
American Eagle Outfitters		6,270		155,684
Aramark		3,820		164,336
BorgWarner		3,170		135,613
Century Communications =†		25,000		0
Cheesecake Factory		2,935		157,140
Chuy’s Holdings †		3,370		88,463
Cinemark Holdings		2,040		82,008
Comcast Class A		5,195		183,955
Dollar General		4,211		460,262
Dollar Tree †		9,300		758,415
Five Below †		1,450		188,587
Hasbro		4,064		427,208
Home Depot		2,395		496,124
Jack in the Box		1,780		149,217
Liberty Global Class A †		3,218		93,097
Liberty Global Class C †		14,061		395,958
Lowe’s		6,900		792,258
Malibu Boats Class A †		3,348		183,203
Nexstar Media Group Class A		610		49,654
NIKE Class B		2,345		198,668
Starbucks		3,350		190,414
Steven Madden		4,032		213,293
Tenneco Class A		3,325		140,115
Toll Brothers		2,425		80,098
Tractor Supply		1,345		122,234
TripAdvisor †		9,775		499,209
Twenty-First Century Fox Class A		2,030		94,050
Walt Disney		2,030		237,388
				7,387,626
Consumer Staples – 0.78%
Archer-Daniels-Midland		16,000		804,320
Casey’s General Stores		1,410		182,045
General Mills		3,045		130,691
J&J Snack Foods		1,153		173,976
Mondelez International Class A		18,273		785,008
PepsiCo		1,465		163,787
Pinnacle Foods		1,665		107,909
				2,347,736
Energy – 1.63%
Carrizo Oil & Gas †		7,330		184,716

7

Schedule of investments

Delaware Foundation^® Moderate Allocation Fund

	Number of shares		Value (US $)
Common Stock (continue)
US Markets (continued)
Energy (continued)
Chevron		2,630	$	321,596
ConocoPhillips		10,300		797,220
EOG Resources		1,680		214,318
Halliburton		23,960		971,099
Keane Group †		7,990		98,836
KLX Energy Services Holdings †		675		21,607
Marathon Oil		35,549		827,581
Occidental Petroleum		11,885		976,590
Pioneer Energy Services †		20,020		59,059
Pioneer Natural Resources		1,275		222,092
SRC Energy †		11,785		104,769
Superior Energy Services †		7,075		68,911
US Silica Holdings		3,090		58,185
				4,926,579
Financials – 3.96%
Allstate		7,900		779,730
American Equity Investment Life Holding		3,795		134,191
American International Group		14,500		771,980
Bank of New York Mellon		14,900		759,751
BB&T		15,900		771,786
BlackRock		530		249,805
Bryn Mawr Bank		1,535		71,991
Capital One Financial		1,940		184,164
CenterState Bank		5,160		144,738
Charles Schwab		7,534		370,296
City Holding		1,426		109,517
CME Group		1,829		311,314
CoBiz Financial		4,818		106,671
Comerica		1,730		156,046
East West Bancorp		2,675		161,490
Essent Group †		5,170		228,773
Evercore Class A		1,020		102,561
FCB Financial Holdings Class A †		2,445		115,893
First Bancorp (North Carolina)		2,915		118,087
First Financial Bancorp		5,181		153,876
First Interstate BancSystem Class A		3,795		170,016
Great Western Bancorp		4,591		193,694
Hope Bancorp		8,790		142,134
Independent Bank		1,540		127,204
Independent Bank Group		2,205		146,191

8

	Number of shares		Value (US $)
Common Stock (continue)
US Markets (continued)
Financials (continued)
Intercontinental Exchange		8,433	$	631,547
Invesco		5,755		131,674
JPMorgan Chase & Co.		4,670		526,963
KeyCorp		13,350		265,531
KKR & Co. Class A		20,073		547,391
LendingTree †		295		67,879
Marsh & McLennan		9,400		777,568
MGIC Investment †		24,915		331,619
Old National Bancorp		8,140		157,102
Primerica		1,830		220,607
Prudential Financial		1,380		139,822
Raymond James Financial		1,730		159,247
Reinsurance Group of America		605		87,459
Selective Insurance Group		3,070		194,945
State Street		1,645		137,818
Sterling Bancorp		5,800		127,600
Stifel Financial		2,955		151,473
Travelers		935		121,279
Umpqua Holdings		4,870		101,296
United Bankshares		1,205		43,802
US Bancorp		3,070		162,127
Valley National Bancorp		10,070		113,288
WSFS Financial		3,815		179,877
				11,959,813
Healthcare – 4.87%
Abbott Laboratories		14,050		1,030,708
AbbVie		1,745		165,042
Adamas Pharmaceuticals †		5,335		106,807
BeiGene ADR †		400		68,888
Biogen †		1,958		691,781
Brookdale Senior Living †		18,700		183,821
Cardinal Health		14,700		793,800
Catalent †		3,385		154,187
Celgene †		1,790		160,187
Cigna		1,055		219,704
Clovis Oncology †		2,665		78,271
CONMED		2,400		190,128
CryoLife †		4,973		175,050
CVS Health		10,300		810,816
DexCom †		1,295		185,237
Edwards Lifesciences †		1,060		184,546

9

Schedule of investments

Delaware Foundation^® Moderate Allocation Fund

	Number of shares		Value (US $)
Common Stock (continue)
US Markets (continued)
Healthcare (continued)
Eli Lilly & Co.		1,685	$	180,817
Encompass Health		585		45,601
Exact Sciences †		610		48,141
Express Scripts Holding †		10,430		990,954
Illumina †		1,231		451,851
IQVIA Holdings †		5,172		671,015
Johnson & Johnson		8,280		1,144,048
Ligand Pharmaceuticals Class B †		845		231,944
Medicines †		4,420		132,202
Merck & Co.		14,510		1,029,339
Merit Medical Systems †		3,281		201,617
Natera †		5,928		141,916
NuVasive †		2,130		151,187
Pfizer		18,090		797,226
Prestige Consumer Healthcare †		3,674		139,208
Puma Biotechnology †		1,975		90,554
Quest Diagnostics		7,300		787,743
Quidel †		2,975		193,881
Repligen †		3,645		202,152
Retrophin †		5,935		170,513
Spark Therapeutics †		1,285		70,097
Spectrum Pharmaceuticals †		3,800		63,840
Supernus Pharmaceuticals †		1,570		79,049
Thermo Fisher Scientific		965		235,537
Ultragenyx Pharmaceutical †		835		63,744
UnitedHealth Group		1,836		488,449
Vanda Pharmaceuticals †		8,115		186,239
Vertex Pharmaceuticals †		990		190,813
West Pharmaceutical Services		940		116,062
Wright Medical Group †		6,785		196,901
				14,691,613
Industrials – 2.57%
ABM Industries		4,905		158,186
Applied Industrial Technologies		2,540		198,755
ASGN †		1,390		109,713
Barnes Group		2,912		206,839
Casella Waste Systems Class A †		4,450		138,217
Columbus McKinnon		4,003		158,279
Continental Building Products †		6,055		227,365
Eaton		1,580		137,033

10

	Number of shares		Value (US $)
Common Stock (continue)
US Markets (continued)
Industrials (continued)
ESCO Technologies		2,114	$	143,858
Federal Signal		6,470		173,267
FedEx		2,251		542,018
Gates Industrial †		3,330		64,935
Granite Construction		2,798		127,869
Hawaiian Holdings		1,805		72,381
Honeywell International		930		154,752
Ingersoll-Rand		905		92,582
Kadant		1,796		193,699
KeyW Holding †		3,225		27,929
Kforce		2,090		78,584
KLX †		1,680		105,470
Knight-Swift Transportation Holdings		2,776		95,716
Lockheed Martin		455		157,412
MasTec †		1,860		83,049
MYR Group †		4,185		136,598
Navigant Consulting		4,510		104,001
Northrop Grumman		2,500		793,425
Oshkosh		1,195		85,132
Parker-Hannifin		1,430		263,020
Raytheon		3,900		805,974
Rockwell Automation		330		61,882
Southwest Airlines		2,530		157,999
Tetra Tech		2,878		196,567
Union Pacific		2,070		337,058
United Technologies		2,060		288,009
US Ecology		1,770		130,537
WageWorks †		1,938		82,850
Waste Management		8,800		795,168
Woodward		905		73,178
				7,759,306
Information Technology – 5.70%
Accenture Class A		1,265		215,303
Adobe Systems †		875		236,206
Alphabet Class A †		968		1,168,453
Alphabet Class C †		219		261,370
Analog Devices		1,505		139,152
Anixter International		1,650		115,995
Apple		4,145		935,692
Applied Materials		7,135		275,768
Apptio Class A †		4,063		150,168

11

Schedule of investments

Delaware Foundation^® Moderate Allocation Fund

	Number of shares		Value (US $)
Common Stock (continue)
US Markets (continued)
Information Technology (continued)
Arista Networks †		1,396	$	371,141
Arlo Technologies †		2,645		38,379
Autodesk †		3,055		476,916
Belden		2,200		157,102
Blackbaud		765		77,632
Broadcom		980		241,795
Brooks Automation		3,870		135,566
CA		17,973		793,508
Cisco Systems		21,795		1,060,327
Convergys		2,850		67,659
eBay †		6,710		221,564
Electronic Arts †		3,182		383,399
ExlService Holdings †		2,845		188,339
Facebook Class A †		1,665		273,826
GrubHub †		345		47,824
II-VI †		3,630		171,699
Intel		23,440		1,108,478
j2 Global		2,250		186,413
MACOM Technology Solutions Holdings †		1,581		32,569
Mastercard Class A		3,559		792,269
MaxLinear Class A †		7,825		155,561
Microsoft		16,188		1,851,422
NETGEAR †		2,015		126,643
Oracle		15,300		788,868
Paycom Software †		580		90,138
PayPal Holdings †		7,026		617,164
Plantronics		1,850		111,555
Proofpoint †		975		103,672
PTC †		1,425		151,321
Q2 Holdings †		3,005		181,953
salesforce.com †		1,650		262,399
Semtech †		3,225		179,310
ServiceNow †		450		88,033
Silicon Laboratories †		1,115		102,357
SS&C Technologies Holdings		2,560		145,485
Take-Two Interactive Software †		3,917		540,507
Tyler Technologies †		895		219,329
Visa Class A		6,885		1,033,370
Yelp †		2,515		123,738
				17,197,337

12

	Number of shares		Value (US $)
Common Stock (continue)
US Markets (continued)
Materials – 0.90%
Axalta Coating Systems †		2,375	$	69,255
Balchem		860		96,397
Boise Cascade		4,500		165,600
Coeur Mining †		12,770		68,064
DowDuPont		15,371		988,509
Eastman Chemical		2,275		217,763
Kaiser Aluminum		1,710		186,493
Minerals Technologies		2,705		182,858
Neenah		2,365		204,099
Quaker Chemical		1,070		216,365
Venator Materials †		3,475		31,275
WestRock		2,764		147,708
Worthington Industries		3,740		162,166
				2,736,552
Real Estate – 5.12%
American Tower		2,100		305,130
Apartment Investment & Management Class A		4,625		204,101
Armada Hoffler Properties		4,435		67,013
AvalonBay Communities		3,425		620,439
Boston Properties		4,300		529,287
Brandywine Realty Trust		29,300		460,596
Brixmor Property Group		5,390		94,379
Camden Property Trust		800		74,856
Cousins Properties		17,445		155,086
Crown Castle International		3,344		372,288
DDR		7,887		105,607
Douglas Emmett		9,150		345,138
EastGroup Properties		1,570		150,123
Empire State Realty Trust Class A		2,450		40,695
Equinix		461		199,562
Equity LifeStyle Properties		2,525		243,536
Equity Residential		20,620		1,366,281
Essex Property Trust		2,000		493,420
Extra Space Storage		2,325		201,438
Federal Realty Investment Trust		1,250		158,087
First Industrial Realty Trust		15,615		490,311
Gramercy Property Trust		4,951		135,855
Highwoods Properties		5,150		243,389
Host Hotels & Resorts		16,600		350,260
JBG SMITH Properties		2,562		94,358
Kilroy Realty		3,100		222,239

13

Schedule of investments

Delaware Foundation^® Moderate Allocation Fund

	Number of shares		Value (US $)
Common Stock (continue)
US Markets (continued)
Real Estate (continued)
Kimco Realty		10,775	$	180,373
Kite Realty Group Trust		9,985		166,250
LaSalle Hotel Properties		2,275		78,692
Lexington Realty Trust		10,675		88,603
Liberty Property Trust		375		15,844
LTC Properties		125		5,514
Macerich		2,725		150,665
Mack-Cali Realty		6,950		147,757
Mid-America Apartment Communities		2,343		234,722
National Retail Properties		3,925		175,919
Omega Healthcare Investors		3,275		107,322
Pebblebrook Hotel Trust		7,710		280,413
Physicians Realty Trust		4,030		67,946
Prologis		17,059		1,156,430
PS Business Parks		1,400		177,926
Public Storage		2,525		509,116
Ramco-Gershenson Properties Trust		18,875		256,700
Regency Centers		6,565		424,559
Retail Value †		788		25,760
RLJ Lodging Trust		5,500		121,165
Sabra Health Care REIT		425		9,826
Simon Property Group		7,475		1,321,206
SL Green Realty		3,625		353,546
Spirit MTA REIT		1,352		15,575
Spirit Realty Capital		13,525		109,011
Tanger Factory Outlet Centers		5,350		122,408
Taubman Centers		1,325		79,275
UDR		8,150		329,505
Urban Edge Properties		2,325		51,336
Ventas		7,575		411,929
Vornado Realty Trust		5,150		375,950
Welltower		2,675		172,056
				15,446,773
Telecommunication Services – 0.68%
AT&T		32,740		1,099,409
ATN International		2,128		157,217
Verizon Communications		14,800		790,172
				2,046,798
Utilities – 0.54%
Edison International		11,700		791,856
NorthWestern		3,505		205,603

14

	Number of shares		Value (US $)
Common Stock (continue)
US Markets (continued)
Utilities (continued)
PPL		7,800	$	228,228
South Jersey Industries		5,965		210,386
Spire		2,730		200,791
				1,636,864
Total US Markets (cost $53,066,101)				88,136,997
Developed Markets – 16.04%
Consumer Discretionary – 3.02%
Bandai Namco Holdings		3,300		128,230
Bayerische Motoren Werke		8,118		732,448
Cie Generale des Etablissements Michelin		6,664		796,549
Denso		3,900		205,915
Genting Singapore		170,000		131,817
HUGO BOSS		1,340		103,181
Industria de Diseno Textil		4,969		150,635
Kering		1,402		751,552
Luxottica Group		1,745		118,563
LVMH Moet Hennessy Louis Vuitton		490		173,291
Nitori Holdings		674		96,663
Oriental Land		1,100		115,015
Persimmon		2,780		85,695
Playtech		115,127		731,526
Publicis Groupe		4,223		252,412
Sony		5,200		318,810
Stanley Electric		5,100		174,384
Swatch Group		320		127,263
Techtronic Industries		170,500		1,088,991
Toyota Motor		17,988		1,123,261
USS		6,800		126,221
Valeo		9,294		403,576
Vivendi		7,430		191,252
WPP		8,190		120,039
Yue Yuen Industrial Holdings		313,000		869,628
				9,116,917
Consumer Staples – 1.96%
Aeon		6,700		161,426
Anheuser-Busch InBev		1,150		100,434
Asahi Group Holdings		2,300		99,696
Carlsberg Class B		7,367		883,641
Chocoladefabriken Lindt & Spruengli		28		196,291
Coca-Cola Amatil		22,919		161,694
Coca-Cola HBC †		3,930		133,847

15

Schedule of investments

Delaware Foundation^® Moderate Allocation Fund

	Number of shares		Value (US $)
Common Stock (continue)
Developed Markets (continued)
Consumer Staples (continued)
Diageo		3,430	$	121,557
Essity Class B		6,060		152,328
Imperial Brands		31,606		1,100,325
Jeronimo Martins		5,810		85,569
Koninklijke Ahold Delhaize		8,110		185,968
L’Oreal		1,130		272,500
Matsumotokiyoshi Holdings		15,100		619,310
Nestle		4,205		350,574
Reckitt Benckiser Group (United Kingdom)		800		73,157
Sundrug		3,400		121,343
Suntory Beverage & Food		2,800		118,535
Tate & Lyle		16,800		149,514
Treasury Wine Estates		10,700		135,276
Unicharm		4,000		132,301
Unilever		1,780		97,813
Unilever CVA		2,990		166,512
WH Group 144A #		152,500		107,337
Woolworths Group		8,720		176,995
				5,903,943
Energy – 0.62%
Caltex Australia		4,975		107,526
Galp Energia		7,400		146,833
Neste		1,550		128,133
Suncor Energy		16,600		642,332
TOTAL		13,076		847,757
				1,872,581
Financials – 2.44%
AIA Group		46,400		414,310
AXA		33,905		911,309
Banco Espirito Santo Class R =†		370,000		0
Banco Santander		110,668		557,073
Bank Leumi Le-Israel		22,050		145,428
DBS Group Holdings		7,900		150,771
ING Groep		52,098		676,502
Investec		22,200		156,136
Kinnevik Class B		4,250		128,685
Mediobanca Banca di Credito Finanziario		8,480		84,712
Mitsubishi UFJ Financial Group		189,954		1,185,499
Nordea Bank		92,123		1,004,009
Prudential		10,700		245,387

16

	Number of shares		Value (US $)
Common Stock (continue)
Developed Markets (continued)
Financials (continued)
Raiffeisen Bank International		4,200	$	120,935
Standard Chartered		80,883		670,911
UniCredit		39,182		589,762
United Overseas Bank		15,600		309,022
				7,350,451
Healthcare – 1.89%
Astellas Pharma		12,600		219,796
CSL		1,750		254,402
Fresenius SE & Co.		2,895		212,565
Koninklijke Philips		25,810		1,175,743
Lonza Group		490		167,261
Merck		1,360		140,533
Novartis		12,295		1,057,365
Novo Nordisk Class B		3,220		151,603
Roche Holding		2,130		516,005
Sanofi		5,798		515,384
Shire		16,401		988,369
Smith & Nephew		9,100		165,994
Sumitomo Dainippon Pharma		5,700		130,886
				5,695,906
Industrials – 3.52%
ABB		7,730		182,656
AGC		3,500		145,243
Brenntag		1,990		122,826
Cie de Saint-Gobain		3,325		143,398
Deutsche Post		30,756		1,096,631
East Japan Railway		6,966		647,123
Eiffage		1,190		132,859
Elbit Systems		790		100,167
Fraport Frankfurt Airport Services Worldwide		1,660		146,671
Fuji Electric		3,400		136,156
Intertek Group		1,895		123,300
ITOCHU		78,286		1,433,153
Japan Airlines		3,400		122,211
KION Group		1,950		119,859
Leonardo		39,339		474,102
Meggitt		90,870		670,844
MINEBEA MITSUMI		61,900		1,122,285
Mitsubishi Electric		9,500		130,142
Qantas Airways		31,300		133,489
Rexel		10,378		155,859

17

Schedule of investments

Delaware Foundation^® Moderate Allocation Fund

	Number of shares		Value (US $)
Common Stock (continue)
Developed Markets (continued)
Industrials (continued)
Rolls-Royce Holdings †		9,780	$	125,866
Safran		1,905		266,964
Schneider Electric		2,100		168,968
Shimizu		15,600		142,380
Siemens		2,200		281,843
Teleperformance		2,727		514,505
Tokyu		9,800		179,233
Vestas Wind Systems		2,536		171,517
Vinci		9,761		929,533
Volvo Class B		11,533		203,866
West Japan Railway		2,200		153,373
Wolters Kluwer		2,615		162,980
				10,640,002
Information Technology – 1.04%
Amadeus IT Group		2,405		223,442
ASM Pacific Technology		13,000		132,352
ASML Holding (New York Shares)		1,420		265,274
Capgemini		1,430		179,977
CGI Group Class A †		12,036		776,029
Computershare		11,150		160,793
Infineon Technologies		7,135		162,120
InterXion Holding †		2,330		156,809
Nice †		1,320		149,332
Omron		3,400		143,637
Sage Group		13,900		106,240
SAP		1,720		211,683
Seiko Epson		8,400		143,278
Tokyo Electron		1,100		151,127
Trend Micro		2,800		180,144
				3,142,237
Materials – 0.90%
Air Liquide		1,785		234,811
Alamos Gold Class A		29,473		135,311
BASF		1,250		111,098
BlueScope Steel		11,470		140,783
Covestro 144A #		1,780		144,378
CRH		5,265		172,262
Givaudan		91		223,745
Koninklijke DSM		1,655		175,321
Kuraray		9,000		135,293
Norsk Hydro		16,750		100,557

18

	Number of shares		Value (US $)
Common Stock (continue)
Developed Markets (continued)
Materials (continued)
Rio Tinto		13,387	$	677,006
Shin-Etsu Chemical		2,300		203,745
South32		62,000		175,681
Yamana Gold		39,736		99,059
				2,729,050
Real Estate – 0.13%
Daito Trust Construction		1,100		141,494
Klepierre		3,325		117,861
Mirvac Group		71,900		125,255
				384,610
Telecommunication Services – 0.43%
Nippon Telegraph & Telephone		18,530		836,965
Tele2 Class B		38,211		460,042
				1,297,007
Utilities – 0.09%
National Grid		13,891		143,287
Tokyo Gas		5,500		135,176
				278,463
Total Developed Markets (cost $38,193,612)				48,411,167
Emerging Markets – 7.76%
Consumer Discretionary – 0.45%
Arcos Dorados Holdings
Class A		23,300		145,625
Astra International		406,000		200,255
B2W Cia Digital †		53,734		366,028
Grupo Televisa ADR		14,075		249,691
Hyundai Motor		1,008		117,680
JD.com ADR †		6,600		172,194
Woolworths Holdings		28,377		99,531
				1,351,004
Consumer Staples – 0.90%
Atacadao Distribuicao Comercio e Industria		19,700		72,243
BRF ADR †		19,660		107,737
China Mengniu Dairy †		88,000		292,833
Cia Brasileira de Distribuicao ADR		8,300		178,284
Cia Cervecerias Unidas ADR		3,900		108,810
Coca-Cola Femsa ADR		6,730		412,145
Fomento Economico Mexicano ADR		1,925		190,517
Lotte Chilsung Beverage		89		111,686
Lotte Confectionery		367		59,719

19

Schedule of investments

Delaware Foundation^® Moderate Allocation Fund

	Number of shares		Value (US $)
Common Stock (continue)
Emerging Markets (continued)
Consumer Staples (continued)
Tingyi Cayman Islands Holding		187,724	$	344,833
Tsingtao Brewery Class H		26,000		122,222
Uni-President China Holdings		372,600		397,429
Wal-Mart de Mexico		53,062		160,967
X5 Retail Group GDR		6,589		148,911
				2,708,336
Energy – 1.42%
China Petroleum & Chemical Class H		232,200		232,546
CNOOC ADR		700		138,278
Gazprom PJSC ADR		66,250		331,250
LUKOIL PJSC ADR		5,400		412,776
Petroleo Brasileiro ADR		25,819		311,635
PTT		71,120		119,303
Reliance Industries GDR 144A #		70,597		2,425,007
Rosneft Oil PJSC GDR		43,227		324,548
				4,295,343
Financials – 0.95%
Akbank T.A.S.		131,410		150,678
Banco Bradesco ADR		22,102		156,482
Banco Santander Brasil ADR		9,500		83,695
Banco Santander Mexico ADR	��	28,500		221,160
China Construction Bank Class H		292,000		255,134
Grupo Financiero Banorte		23,700		171,449
Industrial & Commercial Bank of China Class H		558,000		407,718
Itau Unibanco Holding ADR		21,043		231,052
KB Financial Group ADR		5,316		256,656
Ping An Insurance Group Co. of China Class H		34,500		350,361
Samsung Life Insurance		2,564		224,906
Sberbank of Russia PJSC		117,002		363,126
				2,872,417
Healthcare – 0.04%
Genscript Biotech †		46,000		77,682
Hypera		7,800		55,025
				132,707
Industrials – 0.05%
Gol Linhas Aereas Inteligentes ADR †		11,700		63,882
Lotte †		1,668		85,862
				149,744
Information Technology – 2.80%
Alibaba Group Holding ADR †		7,278		1,199,123
Baidu ADR †		2,000		457,360

20

	Number of shares		Value (US $)
Common Stock (continue)
Emerging Markets (continued)
Information Technology (continued)
Hon Hai Precision Industry		186,978	$	485,005
Mail.Ru Group GDR †		3,962		107,053
MediaTek		55,000		444,028
NAVER		137		88,431
Samsung Electronics		32,538		1,362,533
SINA †		8,700		604,476
SK Hynix		13,413		883,922
Sohu.com ADR †		11,300		224,644
Taiwan Semiconductor Manufacturing		94,069		808,735
Taiwan Semiconductor Manufacturing ADR		4,700		207,552
Tencent Holdings		27,400		1,131,232
Weibo ADR †		1,580		115,545
WNS Holdings ADR †		4,126		209,395
Yandex Class A †		3,400		111,826
				8,440,860
Materials – 0.14%
Cemex ADR †		16,026		112,823
Cia de Minas Buenaventura ADR		14,600		195,786
Impala Platinum Holdings †		6,822		13,267
UltraTech Cement		1,577		88,323
				410,199
Real Estate – 0.05%
Etalon Group GDR 144A #		20,100		46,933
IRSA Inversiones y Representaciones ADR		5,300		89,835
UEM Sunrise		147,519		29,586
				166,354
Telecommunication Services – 0.96%
America Movil Class L ADR		6,246		100,311
China Mobile		39,715		391,399
China Mobile ADR		10,000		489,300
LG Uplus		11,296		186,357
Mobile TeleSystems PJSC ADR		9,000		76,770
SK Telecom ADR		45,700		1,274,116
Telefonica Brasil ADR		10,655		103,673
TIM Participacoes ADR		10,500		152,145
Turkcell Iletisim Hizmetleri ADR		14,837		71,514

21

Schedule of investments

Delaware Foundation^® Moderate Allocation Fund

	Number of shares		Value (US $)
Common Stock (continue)
Emerging Markets (continued)
Telecommunication Services (continued)
VEON ADR		18,714	$	54,271
				2,899,856
Total Emerging Markets (cost $18,473,698)				23,426,820
Total Common Stock (cost $109,733,411)				159,974,984
	Number of shares
Exchange-Traded Funds – 2.77%
iShares MSCI EAFE ETF		2,065		140,399
iShares MSCI EAFE Growth ETF		20,020		1,603,001
iShares Russell 1000 Growth ETF		33,000		5,147,340
Vanguard FTSE Developed Markets ETF		2,855		123,536
Vanguard Mega Cap Growth ETF		5,180		663,921
Vanguard Russell 1000 Growth ETF		4,210		672,926
Total Exchange-Traded Funds (cost $6,340,781)				8,351,123
Limited Partnership – 0.05%
Brookfield Property Partners		7,782		162,566
Total Limited Partnership (cost $162,644)				162,566
	Principal amount°
Agency Asset-Backed Securities – 0.01%
Fannie Mae Grantor Trust
Series 2003-T4 2A5 4.682% 9/26/33 ●		38,800		42,102
Fannie Mae REMIC Trust
Series 2002-W11 AV1 2.556% (LIBOR01M + 0.34%, Floor 0.17%) 11/25/32 ●		2,248		2,201
Total Agency Asset-Backed Securities (cost $40,735)				44,303
Agency Collateralized Mortgage Obligations �� 8.59%
Fannie Mae Interest Strip
Series 417 C24 3.50% 12/25/42 S		219,858		41,212
Series 418 C12 3.00% 8/25/33 S		107,420		13,908
Series 419 C2 3.00% 5/25/29 S		1,253,943		114,600
Series 419 C3 3.00% 11/25/43 S		61,807		12,356
Fannie Mae REMICs
Series 2008-15 SB 4.384% (6.60% minus LIBOR01M, Cap 6.60%) 8/25/36 S●		33,134		5,144
Series 2010-96 DC 4.00% 9/25/25		1,524		1,603
Series 2012-51 SA 4.284% (6.50% minus LIBOR01M, Cap 6.50%) 5/25/42 S●		89,877		18,214

22

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs
Series 2012-60 KI 3.00% 9/25/26 S		101,681	$	5,740
Series 2012-98 DI 3.50% 9/25/27 S		31,321		3,183
Series 2012-98 IY 3.00% 9/25/27 S		381,152		34,261
Series 2012-98 KI 3.50% 7/25/27 S		87,968		8,357
Series 2012-98 MI 3.00% 8/25/31 S		195,560		21,649
Series 2012-99 AI 3.50% 5/25/39 S		425,483		44,010
Series 2012-107 IG 3.50% 10/25/27 S		349,113		34,747
Series 2012-118 AI 3.50% 11/25/37 S		867,480		93,263
Series 2012-120 CI 3.50% 12/25/31 S		353,148		35,397
Series 2012-120 WI 3.00% 11/25/27 S		68,871		6,506
Series 2012-121 ID 3.00% 11/25/27 S		207,603		19,488
Series 2012-125 MI 3.50% 11/25/42 S		408,823		89,405
Series 2012-126 PI 3.50% 7/25/42 S		238,174		30,720
Series 2012-129 PZ 3.50% 12/25/42		71,116		66,498
Series 2012-133 NI 4.00% 5/25/42 S		141,506		21,943
Series 2012-137 EI 3.00% 12/25/27 S		514,972		44,482
Series 2012-137 QI 3.00% 12/25/27 S		484,300		47,679
Series 2012-137 WI 3.50% 12/25/32 S		106,496		15,968
Series 2012-139 NS 4.484% (6.70% minus LIBOR01M, Cap 6.70%) 12/25/42 S●		197,241		41,149
Series 2012-144 EI 3.00% 1/25/28 S		34,699		2,921
Series 2012-146 IO 3.50% 1/25/43 S		44,003		8,832
Series 2012-149 IC 3.50% 1/25/28 S		35,298		3,686
Series 2012-153 DI 3.50% 1/25/28 S		99,378		10,013
Series 2013-1 YI 3.00% 2/25/33 S		53,856		7,062
Series 2013-4 PL 2.00% 2/25/43		26,000		20,461
Series 2013-7 EI 3.00% 10/25/40 S		5,158,543		690,457
Series 2013-7 GP 2.50% 2/25/43		23,000		19,978
Series 2013-9 IO 3.00% 2/25/28 S		109,841		9,555
Series 2013-14 BI 2.50% 3/25/28 S		131,237		10,052
Series 2013-26 ID 3.00% 4/25/33 S		229,777		32,172
Series 2013-38 AI 3.00% 4/25/33 S		222,119		29,966
Series 2013-43 IX 4.00% 5/25/43 S		616,326		150,624
Series 2013-44 DI 3.00% 5/25/33 S		691,831		97,552
Series 2013-45 PI 3.00% 5/25/33 S		450,262		63,066
Series 2013-51 PI 3.00% 11/25/32 S		671,751		77,763
Series 2013-55 AI 3.00% 6/25/33 S		254,937		36,139
Series 2013-59 PY 2.50% 6/25/43		100,000		86,736
Series 2013-60 CI 3.00% 6/25/31 S		1,386,960		126,360
Series 2013-62 PY 2.50% 6/25/43		101,000		86,123
Series 2013-64 KI 3.00% 2/25/33 S		1,295,605		171,920
Series 2013-69 IJ 3.00% 7/25/33 S		97,142		13,499

23

Schedule of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs
Series 2013-69 IO 3.00% 11/25/31 S		84,593	$	8,007
Series 2013-71 ZA 3.50% 7/25/43		102,118		99,066
Series 2013-75 JI 3.00% 9/25/32 S		265,301		32,182
Series 2013-83 LI 2.50% 8/25/28 S		273,354		22,947
Series 2013-92 SA 3.734% (5.95% minus LIBOR01M, Cap 5.95%) 9/25/43 S●		60,461		10,574
Series 2014-36 ZE 3.00% 6/25/44		182,183		160,521
Series 2014-59 AI 3.00% 10/25/40 S		99,227		11,435
Series 2014-63 KI 3.50% 11/25/33 S		153,616		18,497
Series 2014-68 BS 3.934% (6.15% minus LIBOR01M, Cap 6.15%) 11/25/44 S●		305,611		55,176
Series 2014-90 SA 3.934% (6.15% minus LIBOR01M, Cap 6.15%) 1/25/45 S●		247,370		40,305
Series 2014-94 AI 3.00% 10/25/32 S		148,547		14,054
Series 2015-28 GI 3.50% 6/25/34 S		332,495		41,754
Series 2015-40 GZ 3.50% 5/25/45		39,324		36,755
Series 2015-43 PZ 3.50% 6/25/45		11,236		10,539
Series 2015-44 Z 3.00% 9/25/43		275,935		241,757
Series 2015-53 KB 3.00% 1/25/45		42,000		38,791
Series 2015-59 CI 3.50% 8/25/30 S		45,191		4,314
Series 2015-66 ID 3.50% 5/25/42 S		68,479		9,182
Series 2015-71 PI 4.00% 3/25/43 S		1,178,947		205,305
Series 2015-87 TI 3.50% 11/25/35 S		200,305		34,005
Series 2015-89 EZ 3.00% 12/25/45		93,620		79,248
Series 2015-95 SH 3.784% (6.00% minus LIBOR01M, Cap 6.00%) 1/25/46 S●		210,000		36,332
Series 2016-2 HI 3.00% 12/25/41 S		361,578		52,047
Series 2016-17 BI 4.00% 2/25/43 S		1,927,928		297,364
Series 2016-20 DI 3.50% 4/25/31 S		260,818		34,134
Series 2016-24 LI 3.00% 6/25/42 S		176,546		21,102
Series 2016-33 DI 3.50% 6/25/36 S		133,490		20,220
Series 2016-33 EL 3.00% 6/25/46		447,000		394,366
Series 2016-40 ZC 3.00% 7/25/46		1,070		946
Series 2016-43 GI 3.00% 4/25/42 S		133,601		17,875
Series 2016-54 PI 3.00% 2/25/44 S		392,461		43,211
Series 2016-60 LI 3.00% 9/25/46 S		168,262		25,668
Series 2016-61 ML 3.00% 9/25/46		21,000		19,066
Series 2016-62 IC 3.00% 3/25/43 S		153,865		18,325

24

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs
Series 2016-62 SA 3.784% (6.00% minus LIBOR01M, Cap 6.00%) 9/25/46 S●		335,181	$	63,975
Series 2016-71 PI 3.00% 10/25/46 S		85,105		12,841
Series 2016-72 AZ 3.00% 10/25/46		419,394		372,371
Series 2016-74 GS 3.784% (6.00% minus LIBOR01M, Cap 6.00%) 10/25/46 S●		3,161,212		645,826
Series 2016-80 BZ 3.00% 11/25/46		557,091		466,502
Series 2016-80 JZ 3.00% 11/25/46		50,837		44,297
Series 2016-83 PI 3.50% 7/25/45 S		79,558		13,516
Series 2016-90 CI 3.00% 2/25/45 S		2,585,738		341,640
Series 2016-95 IO 3.00% 12/25/46 S		4,468,528		799,705
Series 2016-95 US 3.784% (6.00% minus LIBOR01M, Cap 6.00%) 12/25/46 S●		4,352,800		702,621
Series 2016-99 DI 3.50% 1/25/46 S		86,601		16,370
Series 2016-99 TI 3.50% 3/25/36 S		191,329		26,298
Series 2016-101 ZP 3.50% 1/25/47		35,081		32,326
Series 2016-105 SA 3.784% (6.00% minus LIBOR01M, Cap 6.00%) 1/25/47 S●		75,688		14,431
Series 2017-6 NI 3.50% 3/25/46 S		272,811		52,548
Series 2017-8 SG 3.784% (6.00% minus LIBOR01M, Cap 6.00%) 2/25/47 S●		85,822		15,907
Series 2017-15 NI 3.50% 3/25/42 S		354,106		45,709
Series 2017-15 NZ 3.50% 3/25/47		6,341		5,990
Series 2017-16 SM 3.834% (6.05% minus LIBOR01M, Cap 6.05%) 3/25/47 S●		274,659		51,678
Series 2017-16 YT 3.00% 7/25/46		14,000		13,255
Series 2017-16 YW 3.00% 3/25/47		15,000		13,540
Series 2017-17 CM 3.00% 11/25/41		133,000		124,325
Series 2017-17 LI 3.00% 4/25/37 S		158,263		15,735
Series 2017-21 ZD 3.50% 4/25/47		3,161		2,972
Series 2017-24 AI 3.00% 8/25/46 S		240,022		39,387
Series 2017-25 BL 3.00% 4/25/47		6,000		5,477
Series 2017-26 VZ 3.00% 4/25/47		33,471		29,313
Series 2017-27 EM 3.00% 4/25/47		40,000		36,045
Series 2017-39 CY 3.50% 5/25/47		3,000		2,896
Series 2017-40 GZ 3.50% 5/25/47		14,711		13,883
Series 2017-40 IG 3.50% 3/25/43 S		293,553		40,758
Series 2017-45 IJ 3.00% 11/25/46 S		120,580		22,264
Series 2017-46 BI 3.00% 4/25/47 S		152,158		22,367
Series 2017-46 JI 3.50% 1/25/43 S		77,086		10,485
Series 2017-55 HY 3.00% 7/25/47		157,000		140,725
Series 2017-59 KI 3.00% 3/25/47 S		332,261		60,112

25

Schedule of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs
Series 2017-61 SB 3.934% (6.15% minus LIBOR01M, Cap 6.15%) 8/25/47 S●		4,795,502	$	905,089
Series 2017-61 TB 3.00% 8/25/44		10,000		9,162
Series 2017-64 JI 3.50% 7/25/42 S		350,419		47,487
Series 2017-66 QY 3.00% 9/25/43		30,000		28,165
Series 2017-67 BZ 3.00% 9/25/47		6,198		5,236
Series 2017-88 EI 3.00% 11/25/47 S		208,324		40,610
Series 2017-88 IE 3.00% 11/25/47 S		122,921		23,480
Series 2017-94 CZ 3.50% 11/25/47		13,423		12,606
Series 2017-96 EZ 3.50% 12/25/47		19,562		18,465
Series 2017-99 DZ 3.50% 12/25/47		30,887		28,404
Series 2017-99 IE 3.00% 12/25/47 S		188,251		38,126
Series 2017-108 AZ 3.50% 1/25/58		15,398		13,873
Series 2017-111 GZ 3.00% 1/25/48		10,227		8,573
Series 2018-3 LY 3.00% 2/25/48		98,000		86,159
Series 2018-8 MU 3.00% 2/25/48		30,000		26,977
Series 2018-15 GZ 3.00% 3/25/48		44,776		40,535
Series 2018-31 KQ 3.50% 5/25/48		15,000		13,928
Series 2018-53 Z 3.50% 7/25/48		43,377		39,031
Freddie Mac REMICs
Series 3939 EI 3.00% 3/15/26 S		364,920		19,342
Series 4015 MY 3.50% 3/15/42		30,000		29,254
Series 4050 EI 4.00% 2/15/39 S		177,197		17,221
Series 4092 AI 3.00% 9/15/31 S		185,222		18,879
Series 4100 EI 3.00% 8/15/27 S		186,004		16,605
Series 4106 EI 3.50% 4/15/41 S		99,682		12,028
Series 4109 AI 3.00% 7/15/31 S		378,875		45,960
Series 4120 IK 3.00% 10/15/32 S		319,016		45,087
Series 4120 MI 3.00% 10/15/32 S		48,654		7,111
Series 4135 AI 3.50% 11/15/42 S		50,810		10,699
Series 4136 EZ 3.00% 11/15/42		42,212		39,550
Series 4146 IA 3.50% 12/15/32 S		160,914		25,041
Series 4151 BI 2.50% 1/15/43 S		273,686		45,488
Series 4159 KS 3.992% (6.15% minus LIBOR01M, Cap 6.15%) 1/15/43 S●		49,789		9,319
Series 4159 NI 2.50% 7/15/42 S		232,478		21,536
Series 4161 IM 3.50% 2/15/43 S		151,685		34,332
Series 4180 PI 3.00% 3/15/33 S		886,080		118,225
Series 4181 DI 2.50% 3/15/33 S		121,427		14,713
Series 4184 GS 3.962% (6.12% minus LIBOR01M, Cap 6.12%) 3/15/43 S●		177,796		33,362

26

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
Freddie Mac REMICs
Series 4185 LI 3.00% 3/15/33 S		176,546	$	25,276
Series 4186 IE 3.00% 3/15/33 S		3,466,854		489,788
Series 4191 CI 3.00% 4/15/33 S		106,169		14,755
Series 4195 CI 3.00% 4/15/28 S		145,024		13,829
Series 4197 LZ 4.00% 4/15/43		37,244		37,944
Series 4203 DI 3.00% 4/15/33 S		945,427		81,050
Series 4205 AI 2.50% 5/15/28 S		43,836		3,746
Series 4210 Z 3.00% 5/15/43		68,937		60,343
Series 4216 KI 3.50% 6/15/28 S		67,164		6,619
Series 4223 HI 3.00% 4/15/30 S		845,723		65,145
Series 4342 CI 3.00% 11/15/33 S		102,745		12,463
Series 4366 DI 3.50% 5/15/33 S		441,996		62,743
Series 4433 DI 3.00% 8/15/32 S		1,641,955		162,652
Series 4435 DY 3.00% 2/15/35		222,000		208,386
Series 4451 DI 3.50% 10/15/39 S		390,829		55,294
Series 4455 MA 2.50% 1/15/43		62,279		55,560
Series 4456 MZ 3.50% 3/15/45		3,390		3,146
Series 4464 DA 2.50% 1/15/43		41,460		37,058
Series 4476 GI 3.00% 6/15/41 S		419,248		52,924
Series 4487 ZC 3.50% 6/15/45		830,338		760,885
Series 4518 CI 3.50% 6/15/42 S		955,078		122,024
Series 4527 CI 3.50% 2/15/44 S		125,758		22,872
Series 4531 PZ 3.50% 11/15/45		171,134		157,736
Series 4567 LI 4.00% 8/15/45 S		1,945,352		390,985
Series 4574 AI 3.00% 4/15/31 S		726,803		90,571
Series 4580 MI 3.50% 2/15/43 S		229,661		35,346
Series 4581 LI 3.00% 5/15/36 S		138,174		18,960
Series 4594 SG 3.842% (6.00% minus LIBOR01M, Cap 6.00%) 6/15/46 S●		237,846		49,666
Series 4618 SA 3.842% (6.00% minus LIBOR01M, Cap 6.00%) 9/15/46 S●		170,468		34,689
Series 4622 HI 3.00% 11/15/43 S		339,750		41,325
Series 4623 LZ 2.50% 10/15/46		403,877		326,768
Series 4623 MS 3.842% (6.00% minus LIBOR01M, Cap 6.00%) 10/15/46 S●		313,533		62,531
Series 4623 WI 4.00% 8/15/44 S		372,629		64,897
Series 4625 PZ 3.00% 6/15/46		1,059		928
Series 4627 PI 3.50% 5/15/44 S		82,940		12,100
Series 4629 KB 3.00% 11/15/46		390,000		355,750
Series 4643 QI 3.50% 9/15/45 S		646,331		112,781
Series 4648 MZ 3.00% 6/15/46		1,051		934

27

Schedule of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
Freddie Mac REMICs
Series 4648 NC 3.00% 9/15/46		6,000	$	5,540
Series 4648 ND 3.00% 9/15/46		45,000		40,601
Series 4648 SA 3.842% (6.00% minus LIBOR01M, Cap 6.00%) 1/15/47 S●		4,704,062		949,707
Series 4650 JE 3.00% 7/15/46		35,000		31,211
Series 4655 WI 3.50% 8/15/43 S		241,420		41,769
Series 4656 HI 3.50% 5/15/42 S		197,822		31,406
Series 4657 JZ 3.50% 2/15/47		5,284		4,698
Series 4657 NW 3.00% 4/15/45		54,000		51,124
Series 4657 WI 3.50% 3/15/42 S		69,578		10,046
Series 4660 GI 3.00% 8/15/43 S		241,255		38,990
Series 4663 HZ 3.50% 3/15/47		73,768		69,685
Series 4663 JI 3.50% 3/15/43 S		81,227		12,192
Series 4669 QW 3.00% 9/15/44		1,000		925
Series 4710 CI 3.50% 12/15/43 S		161,179		24,769
Series 4721 HI 3.50% 9/15/42 S		138,348		22,919
Series 4738 TW 3.00% 11/15/46		93,000		87,238
Series 4748 JW 3.00% 11/15/47		20,000		18,218
Series 4753 EZ 3.50% 12/15/47		98,263		90,280
Series 4761 Z 3.50% 12/15/47		25,589		23,896
Series 4791 AZ 3.50% 12/15/47		7,103		6,907
Freddie Mac Strips
Series 267 S5 3.842% (6.00% minus LIBOR01M, Cap 6.00%) 8/15/42 S●		208,095		35,331
Series 290 IO 3.50% 11/15/32 S		97,926		15,905
Series 299 S1 3.842% (6.00% minus LIBOR01M, Cap 6.00%) 1/15/43 S●		165,175		27,150
Series 303 C17 3.50% 1/15/43 S		250,953		51,707
Series 304 C38 3.50% 12/15/27 S		27,170		2,452
Series 319 S2 3.842% (6.00% minus LIBOR01M, Cap 6.00%) 11/15/43 S●		58,392		10,429
Series 326 S2 3.792% (5.95% minus LIBOR01M, Cap 5.95%) 3/15/44 S●		295,956		41,481
GNMA
Series 2010-113 KE 4.50% 9/20/40		274,154		287,634
Series 2012-61 PI 3.00% 4/20/39 S		144,938		11,087
Series 2012-108 KI 4.00% 8/16/42 S		89,244		17,154
Series 2012-136 MX 2.00% 11/20/42		780,000		661,738
Series 2013-22 IO 3.00% 2/20/43 S		181,808		32,905
Series 2013-88 LZ 2.50% 6/16/43		160,754		137,299

28

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
GNMA
Series 2013-113 LY 3.00% 5/20/43		450,000	$	414,474
Series 2013-182 CZ 2.50% 12/20/43		13,511		11,819
Series 2014-12 ZB 3.00% 1/16/44		20,701		18,516
Series 2015-36 PI 3.50% 8/16/41 S		279,558		27,264
Series 2015-44 AI 3.00% 8/20/41 S		254,439		26,112
Series 2015-64 GZ 2.00% 5/20/45		111,164		83,621
Series 2015-74 CI 3.00% 10/16/39 S		118,909		14,213
Series 2015-76 MZ 3.00% 5/20/45		15,470		14,335
Series 2015-82 EZ 3.50% 6/20/45		100,826		93,377
Series 2015-82 GI 3.50% 12/20/38 S		242,620		23,795
Series 2015-111 IH 3.50% 8/20/45 S		56,782		8,226
Series 2015-127 LM 3.00% 9/20/45		4,000		3,594
Series 2015-133 AL 3.00% 5/20/45		299,000		279,832
Series 2015-142 AI 4.00% 2/20/44 S		86,815		11,803
Series 2016-5 GL 3.00% 7/20/45		455,000		424,635
Series 2016-46 DZ 3.00% 4/20/46		39,779		34,094
Series 2016-75 JI 3.00% 9/20/43 S		96,243		14,654
Series 2016-83 MB 3.00% 10/20/45		13,000		12,231
Series 2016-89 QS 3.885% (6.05% minus LIBOR01M, Cap 6.05%) 7/20/46 S●		81,048		16,103
Series 2016-101 QL 3.00% 7/20/46		1,164,000		1,065,636
Series 2016-103 DY 2.50% 8/20/46		228,000		192,385
Series 2016-108 YL 3.00% 8/20/46		1,652,650		1,536,997
Series 2016-118 DI 3.50% 3/20/43 S		162,374		22,695
Series 2016-120 IA 3.00% 2/20/46 S		280,098		43,685
Series 2016-126 NS 3.935% (6.10% minus LIBOR01M, Cap 6.10%) 9/20/46 S●		83,790		16,379
Series 2016-134 MW 3.00% 10/20/46		950,000		908,839
Series 2016-135 JI 3.00% 7/20/46 S		83,948		14,243
Series 2016-146 KS 3.935% (6.10% minus LIBOR01M, Cap 6.10%) 10/20/46 S●		77,653		15,332
Series 2016-149 GI 4.00% 11/20/46 S		282,966		64,547
Series 2016-156 AI 3.00% 12/20/42 S		94,726		10,569
Series 2016-160 VZ 2.50% 11/20/46		56,530		44,332
Series 2016-167 QM 3.00% 4/20/46		35,000		32,552
Series 2016-171 IO 3.00% 7/20/44 S		72,300		9,598
Series 2016-171 IP 3.00% 3/20/46 S		745,475		111,213
Series 2017-4 BW 3.00% 1/20/47		40,000		37,336
Series 2017-10 IB 4.00% 1/20/47 S		76,473		16,930
Series 2017-10 KZ 3.00% 1/20/47		1,051		939
Series 2017-11 IM 3.00% 5/20/42 S		154,506		19,208
Series 2017-17 BV 3.00% 4/20/40		39,000		37,859

29

Schedule of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
GNMA
Series 2017-18 GM 2.50% 2/20/47		3,000	$	2,652
Series 2017-19 AY 3.00% 2/20/47		15,000		13,694
Series 2017-25 CZ 3.50% 2/20/47		17,967		17,298
Series 2017-25 WZ 3.00% 2/20/47		912,268		836,378
Series 2017-36 ZC 3.00% 3/20/47		63,804		54,169
Series 2017-52 GH 3.00% 4/20/47		35,000		32,324
Series 2017-52 LE 3.00% 1/16/47		188,000		169,658
Series 2017-56 GZ 3.50% 4/20/47		4,203		3,687
Series 2017-56 JZ 3.00% 4/20/47		6,260		5,497
Series 2017-56 QW 3.00% 12/20/46		6,000		5,554
Series 2017-68 SB 3.985% (6.15% minus LIBOR01M, Cap 6.15%) 5/20/47 S●		288,020		47,148
Series 2017-80 AS 4.035% (6.20% minus LIBOR01M, Cap 6.20%) 5/20/47 S●		133,348		23,945
Series 2017-101 HD 3.00% 1/20/47		30,000		27,671
Series 2017-101 ND 3.00% 1/20/47		30,000		28,128
Series 2017-107 T 3.00% 1/20/47		22,000		20,951
Series 2017-113 LB 3.00% 7/20/47		20,000		18,263
Series 2017-116 ZL 3.00% 6/20/47		16,569		14,208
Series 2017-117 C 3.00% 8/20/47		45,000		40,479
Series 2017-117 GI 3.00% 3/20/47 S		387,063		65,163
Series 2017-121 IC 3.00% 12/20/45 S		407,012		71,749
Series 2017-121 IL 3.00% 2/20/42 S		300,825		47,414
Series 2017-134 SD 4.035% (6.20% minus LIBOR01M, Cap 6.20%) 9/20/47 S●		94,470		17,830
Series 2017-144 EI 3.00% 12/20/44 S		85,421		13,632
Series 2017-144 MZ 2.50% 9/20/47		26,658		21,587
Series 2017-147 AI 3.50% 3/20/44 S		300,309		35,361
Series 2017-163 HS 4.035% (6.20% minus LIBOR01M, Cap 6.20%) 11/20/47 S●		95,893		16,403
Series 2017-163 JI 4.00% 7/20/47 S		239,545		46,480
Series 2017-184 AL 3.00% 6/20/47		11,000		10,689
Series 2018-1 HB 2.50% 1/20/48		15,000		13,099
Series 2018-1 SA 4.035% (6.20% minus LIBOR01M, Cap 6.20%) 1/20/48 S●		268,580		47,180
Series 2018-1 ST 4.035% (6.20% minus LIBOR01M, Cap 6.20%) 1/20/48 S●		97,167		18,514
Series 2018-8 VZ 3.00% 3/20/47		13,262		12,790
Series 2018-13 PZ 3.00% 1/20/48		91,816		82,942
Series 2018-14 ZE 3.50% 1/20/48		47,084		44,334
Series 2018-15 BI 3.50% 1/20/48 S		591,656		111,007
Series 2018-18 BZ 3.50% 2/20/48		38,783		36,482
Series 2018-24 HZ 3.00% 2/20/48		10,176		8,962

30

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
GNMA
Series 2018-27 KU 3.50% 5/20/46		17,000	$	16,604
Series 2018-34 TY 3.50% 3/20/48		10,000		9,471
Series 2018-46 AS 4.035% (6.20% minus LIBOR01M, Cap 6.20%) 3/20/48 S●		98,520		19,040
Total Agency Collateralized Mortgage Obligations (cost $26,811,289)				25,916,508
Agency Commercial Mortgage-Backed Securities – 0.49%
FREMF Mortgage Trust
Series 2011-K11 B 144A 4.565% 12/25/48 #●		500,000		510,273
Series 2011-K14 B 144A 5.354% 2/25/47 #●		65,000		67,753
Series 2011-K15 B 144A 5.116% 8/25/44 #●		20,000		20,787
Series 2012-K22 B 144A 3.812% 8/25/45 #●		145,000		144,905
Series 2013-K28 C 144A 3.61% 6/25/46 #●		40,000		39,193
Series 2013-K33 B 144A 3.615% 8/25/46 #●		130,000		128,866
Series 2013-K33 C 144A 3.615% 8/25/46 #●		40,000		39,033
Series 2013-K712 B 144A 3.473% 5/25/45 #●		80,000		79,986
Series 2013-K713 B 144A 3.263% 4/25/46 #●		50,000		49,846
Series 2013-K713 C 144A 3.263% 4/25/46 #●		210,000		208,551
Series 2014-K717 B 144A 3.753% 11/25/47 #●		140,000		140,048
Series 2014-K717 C 144A 3.753% 11/25/47 #●		60,000		59,342
Total Agency Commercial Mortgage-Backed Securities (cost $1,516,575)				1,488,583
Agency Mortgage-Backed Securities – 6.40%
Fannie Mae S.F. 30 yr 4.50% 5/1/39		116,931		121,798
4.50% 2/1/46		560,618		583,413
5.00% 7/1/47		889,450		949,134
5.50% 4/1/33		18,801		20,411
5.50% 3/1/34		124,917		135,543
5.50% 6/1/34		8,467		9,149
5.50% 9/1/36		5,489		5,931
5.50% 8/1/37		27,155		29,325
5.50% 1/1/38		195,380		212,927
5.50% 3/1/38		45,854		49,709
5.50% 1/1/39		18,818		20,338
5.50% 4/1/40		224,722		246,192
5.50% 7/1/40		41,511		45,038
5.50% 6/1/41		114,943		125,413
5.50% 12/1/41		25,230		27,360
5.50% 5/1/44		2,639,456		2,858,568
5.50% 8/1/48		28,971		31,471
6.00% 9/1/36		20,779		23,023

31

Schedule of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal amount°		Value (US $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr
6.00% 9/1/39		315,405	$	350,037
6.00% 6/1/41		71,739		79,039
6.00% 7/1/41		1,508,420		1,662,931
6.00% 7/1/41		722,000		795,962
Fannie Mae S.F. 30 yr TBA
4.50% 11/1/48		695,000		715,918
5.00% 11/1/48		5,425,000		5,687,335
5.00% 12/1/48		673,000		704,571
Freddie Mac ARM
2.571% (LIBOR12M + 1.63%, Cap 7.572%) 10/1/46 ●		120,597		116,601
Freddie Mac S.F. 30 yr
5.50% 6/1/41		99,632		107,812
5.50% 9/1/41		26,337		28,718
6.00% 7/1/40		930,000		1,029,895
6.50% 12/1/31		1,562		1,738
6.50% 7/1/32		12,077		13,360
Freddie Mac S.F. 30 yr TBA
4.50% 11/1/48		685,000		705,951
GNMA I S.F. 30 yr
7.00% 12/15/34		43,091		48,450
GNMA II S.F. 30 yr
5.50% 5/20/37		21,634		22,953
6.00% 2/20/39		23,470		25,061
6.00% 2/20/40		108,182		115,954
6.00% 4/20/46		33,392		36,448
6.50% 6/20/39		40,008		43,951
GNMA II S.F. 30 yr TBA
5.00% 10/20/48		795,000		830,154
5.00% 12/20/48		673,000		700,944
Total Agency Mortgage-Backed Securities (cost $19,553,996)				19,318,526
Collateralized Debt Obligations – 2.44%
AMMC CLO
Series 2015-16A AR 144A 3.599% (LIBOR03M + 1.26%) 4/14/29 #●		270,000		270,151
Apex Credit CLO
Series 2017-1A A1 144A 3.812% (LIBOR03M + 1.47%, Floor 1.47%) 4/24/29 #●		255,000		255,524
Atlas Senior Loan Fund X
Series 2018-10A A 144A 3.429% (LIBOR03M + 1.09%) 1/15/31 #●		350,000		348,230

32

	Principal amount°		Value (US $)
Collateralized Debt Obligations (continued)
Benefit Street Partners CLO IV
Series 2014-IVA A1R 144A 3.838% (LIBOR03M + 1.49%) 1/20/29 #●		500,000	$	500,668
Cedar Funding VI CLO
Series 2016-6A A1 144A 3.818% (LIBOR03M + 1.47%) 10/20/28 #●		500,000		499,943
CFIP CLO
Series 2017-1A A 144A 3.553% (LIBOR03M + 1.22%) 1/18/30 #●		250,000		250,000
Galaxy XXI CLO
Series 2015-21A AR 144A 3.368% (LIBOR03M + 1.02%) 4/20/31 #●		600,000		595,904
GoldenTree Loan Management US CLO
Series 2017-1A A 144A 3.568% (LIBOR03M + 1.22%) 4/20/29 #●		500,000		500,934
KKR Financial CLO
Series 2013-1A A1R 144A 3.629% (LIBOR03M + 1.29%) 4/15/29 #●		300,000		301,418
Mariner CLO 5
Series 2018-5A A 144A 3.324% (LIBOR03M + 1.11%, Floor 1.11%) 4/25/31 #●		250,000		248,835
MP CLO IV
Series 2013-2A ARR 144A 3.615% (LIBOR03M + 1.28%) 7/25/29 #●		500,000		499,943
Northwoods Capital XV
Series 2017-15A A 144A 3.638% (LIBOR03M + 1.30%) 6/20/29 #●		250,000		250,693
Northwoods Capital XVII
Series 2018-17A A 144A 3.308% (LIBOR03M + 1.06%, Floor 1.06%) 4/22/31 #●		500,000		499,124
Oaktree CLO
Series 2014-1A A1R 144A 3.628% (LIBOR03M + 1.29%) 5/13/29 #●		400,000		401,235
Octagon Investment Partners XV CLO
Series 2013-1A A1AR 144A 3.552% (LIBOR03M + 1.21%) 7/19/30 #●		250,000		250,208
TIAA CLO II
Series 2017-1A A 144A 3.628% (LIBOR03M + 1.28%) 4/20/29 #●		500,000		500,795
Venture CDO
Series 2016-25A A1 144A 3.838% (LIBOR03M + 1.49%) 4/20/29 #●		100,000		100,220
Venture XXII CLO
Series 2015-22A AR 144A 3.419% (LIBOR03M + 1.08%) 1/15/31 #●		500,000		499,302

33

Schedule of investments

Delaware Foundation^® Moderate Allocation Fund

		Principal amount°		Value (US $)
Collateralized Debt Obligations (continued)
Venture XXIV CLO
Series 2016-24A A1D 144A 3.768% (LIBOR03M + 1.42%) 10/20/28 #●			240,000	$	240,041
Venture XXVIII CLO
Series 2017-28A A2 144A 3.458% (LIBOR03M + 1.11%) 7/20/30 #●			350,000		349,154
Total Collateralized Debt Obligations (cost $7,360,451)					7,362,322
Corporate Bonds – 18.68%
Banking – 4.58%
Banco de Credito e Inversiones 144A 3.50% 10/12/27 #			200,000		182,875
Banco Santander 3.848% 4/12/23			200,000		195,572
Banco Santander Mexico 144A 4.125% 11/9/22 #			150,000		149,400
Bank of America
3.30% 8/5/21	AUD		30,000		21,879
3.864% 7/23/24 µ			120,000		120,046
4.183% 11/25/27			20,000		19,545
4.271% 7/23/29 µ			90,000		89,916
5.625% 7/1/20			470,000		489,339
Bank of Montreal 3.803% 12/15/32 µ			75,000		70,169
Bank of New York Mellon
2.95% 1/29/23			120,000		117,101
4.625% µy			200,000		192,750
Barclays
7.75% µy			200,000		201,000
8.25% µy			200,000		202,006
BNG Bank 3.50% 7/19/27	AUD		40,000		29,503
Branch Banking & Trust 2.25% 6/1/20			780,000		768,633
Citigroup
3.412% (LIBOR03M + 1.10%) 5/17/24 ●			855,000		862,350
3.75% 10/27/23	AUD		83,000		60,628
Citizens Bank 3.70% 3/29/23			250,000		248,450
Citizens Financial Group
2.375% 7/28/21			100,000		96,535
4.30% 12/3/25			160,000		157,930
Compass Bank 3.875% 4/10/25			250,000		240,129
Credit Suisse Group
144A 3.869% 1/12/29 #µ			565,000		532,560
144A 6.25% 1/1/00 #µy			200,000		197,750
Export-Import Bank of Korea 4.00% 6/7/27	AUD		20,000		14,508
Fifth Third Bancorp
2.60% 6/15/22			85,000		81,909
3.95% 3/14/28			135,000		132,711

34

		Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Fifth Third Bank
2.30% 3/15/19			200,000	$	199,679
3.85% 3/15/26			200,000		195,426
Goldman Sachs Group
4.223% 5/1/29 µ			110,000		108,553
5.15% 5/22/45			115,000		117,443
5.20% 12/17/19	NZD		38,000		25,900
6.00% 6/15/20			395,000		413,043
HSBC Holdings 6.50% µy			200,000		193,250
Huntington Bancshares 2.30% 1/14/22			115,000		110,212
JPMorgan Chase & Co.
3.797% 7/23/24 µ			10,000		9,999
4.203% 7/23/29 µ			25,000		24,907
4.25% 11/2/18	NZD		195,000		129,472
4.35% 8/15/21			860,000		882,122
KeyBank 3.40% 5/20/26			500,000		474,685
Landwirtschaftliche Rentenbank 5.375% 4/23/24	NZD		460,000		342,600
Manufacturers & Traders Trust 2.50% 5/18/22			250,000		241,311
Morgan Stanley
2.75% 5/19/22			200,000		194,087
3.625% 1/20/27			160,000		153,711
3.772% 1/24/29 µ			180,000		172,882
5.00% 9/30/21	AUD		78,000		59,577
5.00% 11/24/25			285,000		295,481
Nationwide Building Society 144A 4.125% 10/18/32 #µ			250,000		228,611
PNC Bank 2.70% 11/1/22			250,000		240,922
PNC Financial Services Group 5.00% µy			210,000		209,737
Regions Financial
2.75% 8/14/22			80,000		77,203
3.80% 8/14/23			75,000		74,676
Royal Bank of Canada 2.75% 2/1/22			310,000		304,012
Royal Bank of Scotland Group 4.519% 6/25/24 µ			200,000		199,613
Santander UK 144A 5.00% 11/7/23 #			600,000		605,791
State Street
3.10% 5/15/23			65,000		63,655
3.30% 12/16/24			260,000		255,850
SunTrust Banks
2.45% 8/1/22			85,000		81,692
2.70% 1/27/22			105,000		102,234
3.00% 2/2/23			70,000		68,342
3.30% 5/15/26			200,000		188,469
4.00% 5/1/25			125,000		125,328

35

Schedule of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal amount°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
US Bancorp
2.375% 7/22/26	85,000	$	77,031
3.10% 4/27/26	330,000		312,169
3.15% 4/27/27	30,000		28,654
USB Capital IX 3.50% (LIBOR03M + 1.02%) y●	380,000		340,100
Wells Fargo & Co. 3.00% 7/27/21	AUD         38,000		27,484
Westpac Banking 5.00% µy	65,000		57,861
Woori Bank 144A 4.75% 4/30/24 #	200,000		200,314
Zions Bancorporation 4.50% 6/13/23	125,000		125,938
			13,815,220
Basic Industry – 1.35%
Anglo American Capital
144A 4.50% 3/15/28 #	400,000		384,428
144A 4.75% 4/10/27 #	200,000		195,159
BHP Billiton Finance USA 144A 6.25% 10/19/75 #µ	200,000		209,100
Braskem Netherlands Finance 144A 4.50% 1/10/28 #	200,000		190,600
Builders FirstSource 144A 5.625% 9/1/24 #	100,000		96,500
Cydsa 144A 6.25% 10/4/27 #	200,000		191,500
Dow Chemical 8.55% 5/15/19	809,000		836,593
Freeport-McMoRan 6.875% 2/15/23	100,000		107,000
Georgia-Pacific 8.00% 1/15/24	450,000		537,845
Mexichem 144A 5.50% 1/15/48 #	200,000		184,250
Nucor 3.95% 5/1/28	105,000		104,992
OCP 144A 4.50% 10/22/25 #	400,000		385,500
Petkim Petrokimya Holding 144A 5.875% 1/26/23 #	200,000		185,184
Standard Industries 144A 5.00% 2/15/27 #	250,000		235,937
Syngenta Finance 144A 3.933% 4/23/21 #	225,000		224,502
			4,069,090
Capital Goods – 0.88%
Allegion US Holding 3.20% 10/1/24	255,000		238,546
BWAY Holding 144A 5.50% 4/15/24 #	100,000		98,559
CCL Industries 144A 3.25% 10/1/26 #	125,000		114,360
General Dynamics
3.00% 5/11/21	70,000		69,639
3.375% 5/15/23	110,000		110,030
General Electric
2.10% 12/11/19	25,000		24,735
5.55% 5/4/20	115,000		119,181
6.00% 8/7/19	225,000		230,864
Harris 4.40% 6/15/28	85,000		85,421
L3 Technologies
3.85% 6/15/23	70,000		70,231

36

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
L3 Technologies
4.40% 6/15/28		170,000	$	169,741
Lennox International 3.00% 11/15/23		345,000		328,838
Northrop Grumman
2.55% 10/15/22		120,000		115,714
3.25% 8/1/23		170,000		167,106
Nvent Finance 144A 4.55% 4/15/28 #		210,000		204,723
United Technologies
3.65% 8/16/23		30,000		29,884
4.125% 11/16/28		165,000		164,226
4.625% 11/16/48		25,000		25,102
Waste Management 3.15% 11/15/27		310,000		295,490
				2,662,390
Consumer Cyclical – 0.63%
Best Buy 4.45% 10/1/28		205,000		204,405
Dollar Tree
3.70% 5/15/23		85,000		83,959
4.00% 5/15/25		185,000		181,624
Ford Motor Credit 4.14% 2/15/23		240,000		236,309
General Motors Financial
3.45% 4/10/22		385,000		379,199
4.35% 4/9/25		55,000		54,084
5.25% 3/1/26		20,000		20,496
JD.com 3.125% 4/29/21		200,000		194,393
Marriott International 4.50% 10/1/34		30,000		29,678
Penn National Gaming 144A 5.625% 1/15/27 #		80,000		77,376
Royal Caribbean Cruises 3.70% 3/15/28		245,000		227,511
Scientific Games International 10.00% 12/1/22		110,000		116,965
Toyota Motor 3.669% 7/20/28		25,000		24,802
Toyota Motor Credit 2.95% 4/13/21		90,000		89,596
				1,920,397
Consumer Non-Cyclical – 1.95%
AbbVie 2.50% 5/14/20		830,000		820,912
Anheuser-Busch InBev Finance 2.65% 2/1/21		1,150,000		1,134,144
AstraZeneca
3.50% 8/17/23		70,000		69,392
4.00% 1/17/29		205,000		201,673
Atento Luxco 1 144A 6.125% 8/10/22 #		70,000		68,950
BAT Capital
144A 2.297% 8/14/20 #		60,000		58,823
144A 3.222% 8/15/24 #		240,000		228,992
Bayer US Finance II 144A 4.375% 12/15/28 #		400,000		392,444

37

Schedule of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Becton Dickinson & Co. 3.363% 6/6/24		545,000	$	527,079
Bunge Finance 4.35% 3/15/24		145,000		143,699
CVS Health
3.70% 3/9/23		145,000		144,498
4.10% 3/25/25		20,000		19,966
4.30% 3/25/28		425,000		421,617
General Mills
3.20% 4/16/21		40,000		39,763
3.70% 10/17/23		135,000		134,305
Halfmoon Parent
144A 3.224% (LIBOR03M + 0.89%) 7/15/23 #●		110,000		110,078
144A 3.75% 7/15/23 #		105,000		104,714
144A 4.125% 11/15/25 #		105,000		104,824
144A 4.375% 10/15/28 #		150,000		149,780
HCA 5.375% 2/1/25		135,000		138,037
Hill-Rom Holdings 144A 5.00% 2/15/25 #		100,000		98,283
JBS USA 144A 6.75% 2/15/28 #		50,000		49,750
Keurig Dr Pepper
144A 3.551% 5/25/21 #		180,000		179,786
144A 4.417% 5/25/25 #		100,000		100,533
Mylan 144A 4.55% 4/15/28 #		115,000		111,962
New York and Presbyterian Hospital 4.063% 8/1/56		140,000		133,972
Pernod Ricard 144A 4.45% 1/15/22 #		150,000		153,097
Universal Health Services 144A 5.00% 6/1/26 #		40,000		40,300
			5,881,373
Energy – 1.71%
Abu Dhabi Crude Oil Pipeline 144A 4.60% 11/2/47 #		200,000		195,491
Anadarko Petroleum 6.60% 3/15/46		45,000		53,030
Andeavor Logistics 4.25% 12/1/27		195,000		190,784
BP Capital Markets America
3.796% 9/21/25		100,000		100,407
3.937% 9/21/28		130,000		130,910
Concho Resources 4.30% 8/15/28		50,000		49,873
Ecopetrol 5.875% 9/18/23		35,000		37,380
Enbridge
6.00% 1/15/77 µ		90,000		87,355
6.25% 3/1/78 µ		70,000		67,779
Enbridge Energy Partners
4.375% 10/15/20		75,000		76,125
5.20% 3/15/20		15,000		15,375
Energy Transfer Partners
4.20% 9/15/23		35,000		35,310

38

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Energy Transfer Partners
4.75% 1/15/26		50,000	$	50,574
6.00% 6/15/48		80,000		85,474
6.625% µy		215,000		206,266
9.70% 3/15/19		151,000		155,779
Eni 144A 4.00% 9/12/23 #		200,000		197,936
Gulfport Energy 6.00% 10/15/24		110,000		107,800
Kinder Morgan
4.30% 3/1/28		130,000		129,041
5.20% 3/1/48		65,000		66,442
Marathon Oil
2.80% 11/1/22		160,000		153,901
4.40% 7/15/27		5,000		5,006
5.20% 6/1/45		60,000		62,688
MPLX
4.00% 3/15/28		15,000		14,447
4.50% 4/15/38		20,000		18,886
4.875% 12/1/24		325,000		337,964
Murphy Oil 6.875% 8/15/24		185,000		196,280
Noble Energy
3.85% 1/15/28		150,000		141,891
4.95% 8/15/47		40,000		38,390
5.05% 11/15/44		40,000		38,829
ONEOK 7.50% 9/1/23		330,000		376,608
Pertamina Persero 144A 4.875% 5/3/22 #		200,000		204,687
Petrobras Global Finance 7.375% 1/17/27		70,000		71,001
Rio Energy 144A 6.875% 2/1/25 #		150,000		123,375
Sabine Pass Liquefaction
5.625% 3/1/25		240,000		256,205
5.875% 6/30/26		175,000		189,207
Shell International Finance 2.875% 5/10/26		120,000		114,022
Southwestern Energy 6.20% 1/23/25		115,000		114,497
Tecpetrol 144A 4.875% 12/12/22 #		135,000		123,187
Transcanada Trust 5.875% 8/15/76 µ		110,000		112,613
Transcontinental Gas Pipe Line 4.00% 3/15/28		205,000		200,594
Williams
3.75% 6/15/27		105,000		100,384
4.55% 6/24/24		90,000		91,522
YPF 144A 36.75% (BADLARPP + 4.00%) 7/7/20 #●		105,000		45,938
			5,171,253
Financials – 0.68%
AerCap Ireland Capital 3.65% 7/21/27		300,000		275,454

39

Schedule of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Financials (continued)
Air Lease
3.00% 9/15/23		300,000	$	285,124
3.625% 4/1/27		55,000		50,852
Aviation Capital Group
144A 3.50% 11/1/27 #		190,000		173,667
144A 4.875% 10/1/25 #		55,000		56,028
144A 6.75% 4/6/21 #		60,000		64,189
Charles Schwab
3.20% 1/25/28		50,000		47,534
3.25% 5/21/21		85,000		85,037
3.85% 5/21/25		90,000		90,691
E*TRADE Financial
3.80% 8/24/27		135,000		128,487
5.875% µy		110,000		112,750
Intercontinental Exchange
3.45% 9/21/23		35,000		34,852
3.75% 9/21/28		35,000		34,675
4.25% 9/21/48		40,000		39,295
International Lease Finance 8.625% 1/15/22		150,000		170,578
Jefferies Group
4.15% 1/23/30		75,000		67,496
6.45% 6/8/27		80,000		86,767
6.50% 1/20/43		65,000		67,055
Lazard Group
3.625% 3/1/27		15,000		14,008
3.75% 2/13/25		160,000		154,464
4.50% 9/19/28		10,000		9,844
				2,048,847
Insurance – 0.64%
AXA Equitable Holdings
144A 3.90% 4/20/23 #		140,000		139,096
144A 4.35% 4/20/28 #		85,000		82,346
Berkshire Hathaway Finance 2.90% 10/15/20		220,000		220,001
Liberty Mutual Group 144A 4.95% 5/1/22 #		25,000		25,910
MetLife
5.25% µy		60,000		60,930
6.40% 12/15/36		110,000		116,875
144A 9.25% 4/8/38 #		400,000		540,000
Nuveen Finance 144A 2.95% 11/1/19 #		135,000		134,847
Prudential Financial 5.375% 5/15/45 µ		130,000		130,000
Voya Financial 144A 4.70% 1/23/48 #µ		135,000		120,488

40

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Insurance (continued)
Willis North America
3.60% 5/15/24		25,000	$	24,317
4.50% 9/15/28		90,000		90,104
XLIT
4.797% (LIBOR03M + 2.458%) y●		100,000		98,813
5.50% 3/31/45		130,000		137,664
				1,921,391
Media – 0.55%
CCO Holdings
144A 5.75% 2/15/26 #		100,000		100,625
144A 5.875% 5/1/27 #		50,000		49,687
Charter Communications Operating
4.50% 2/1/24		145,000		145,778
5.375% 4/1/38		205,000		199,018
Discovery Communications 5.20% 9/20/47		210,000		206,509
Time Warner Cable 7.30% 7/1/38		355,000		407,244
Time Warner Entertainment 8.375% 3/15/23		220,000		254,832
Viacom 4.375% 3/15/43		215,000		188,014
Warner Media 4.85% 7/15/45		135,000		126,179
				1,677,886
Real Estate – 0.81%
American Tower Trust I 144A 3.07% 3/15/23 #		240,000		234,589
Corporate Office Properties
3.60% 5/15/23		135,000		130,604
5.25% 2/15/24		170,000		175,239
Crown Castle International
3.80% 2/15/28		45,000		42,734
5.25% 1/15/23		150,000		157,350
CubeSmart 3.125% 9/1/26		115,000		105,056
Greystar Student Housing Growth & Income 4.60% 12/1/24		160,000		171,030
Hospitality Properties Trust 4.50% 3/15/25		150,000		146,214
Host Hotels & Resorts
3.75% 10/15/23		130,000		126,975
3.875% 4/1/24		60,000		58,653
4.50% 2/1/26		60,000		59,834
Iron Mountain US Holdings 144A 5.375% 6/1/26 #		145,000		137,315
Kilroy Realty 3.45% 12/15/24		125,000		119,676
LifeStorage 3.50% 7/1/26		130,000		120,753
UDR 4.00% 10/1/25		525,000		524,112
WP Carey 4.60% 4/1/24		125,000		126,168
				2,436,302

41

Schedule of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Services – 0.03%
Prime Security Services Borrower 144A 9.25% 5/15/23 #		82,000	$	87,904
				87,904
Technology – 0.57%
Analog Devices 2.95% 1/12/21		40,000		39,669
Baidu 4.375% 3/29/28		200,000		197,547
Broadcom 3.50% 1/15/28		160,000		145,582
Dell International 144A 6.02% 6/15/26 #		120,000		127,986
First Data 144A 5.75% 1/15/24 #		100,000		101,650
Fiserv
3.80% 10/1/23		50,000		50,126
4.20% 10/1/28		95,000		95,332
Marvell Technology Group 4.875% 6/22/28		220,000		221,447
Microchip Technology
144A 3.922% 6/1/21 #		120,000		119,363
144A 4.333% 6/1/23 #		130,000		129,300
NXP 144A 4.125% 6/1/21 #		200,000		201,150
Oracle 2.40% 9/15/23		105,000		100,279
Tencent Holdings 144A 3.925% 1/19/38 #		200,000		180,760
				1,710,191
Telecommunications – 1.45%
AT&T
3.514% (LIBOR03M + 1.18%) 6/12/24 ●		80,000		80,422
144A 4.30% 2/15/30 #		80,000		77,052
4.50% 3/9/48		150,000		131,172
Deutsche Telekom International Finance 144A 1.95% 9/19/21 #		615,000		588,079
GTP Acquisition Partners I 144A 2.35% 6/15/20 #		200,000		195,666
SBA Tower Trust 144A 2.898% 10/15/19 #		110,000		109,781
Sprint 7.875% 9/15/23		144,000		155,500
Sprint Spectrum 144A 4.738% 3/20/25 #		220,000		220,451
Telefonica Emisiones 5.134% 4/27/20		1,430,000		1,470,193
TELUS 4.60% 11/16/48		230,000		229,422
Verizon Communications
2.625% 2/21/20		150,000		149,177
4.50% 8/10/33		355,000		353,046
Vodafone Group 3.75% 1/16/24		410,000		405,786
VTR Finance 144A 6.875% 1/15/24 #		200,000		204,250
				4,369,997
Transportation – 0.43%
Adani Abbot Point Terminal 144A 4.45% 12/15/22 #		200,000		179,510
FedEx 4.05% 2/15/48		220,000		197,736
Norfolk Southern 3.80% 8/1/28		95,000		94,147

42

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Transportation (continued)
Penske Truck Leasing
144A 3.30% 4/1/21 #		145,000	$	143,606
144A 4.20% 4/1/27 #		165,000		162,156
Union Pacific 3.50% 6/8/23		110,000		109,804
United Airlines 2014-1
Class A Pass Through Trust 4.00% 4/11/26 t		58,303		59,057
United Airlines 2014-2
Class A Pass Through Trust 3.75% 9/3/26 t		128,548		127,733
United Parcel Service 5.125% 4/1/19		230,000		232,842
				1,306,591
Utilities – 2.42%
Ameren Illinois 9.75% 11/15/18		455,000		458,919
American Transmission Systems 144A 5.25% 1/15/22 #		410,000		430,817
AmeriGas Partners 5.875% 8/20/26		100,000		99,750
Ausgrid Finance
144A 3.85% 5/1/23 #		160,000		159,119
144A 4.35% 8/1/28 #		105,000		104,580
Avangrid 3.15% 12/1/24		170,000		162,220
CenterPoint Energy 6.125% µy		130,000		132,437
Cleveland Electric Illuminating 5.50% 8/15/24		140,000		151,483
CMS Energy 6.25% 2/1/20		640,000		665,217
ComEd Financing III 6.35% 3/15/33		225,000		238,459
DTE Energy 3.30% 6/15/22		295,000		291,417
Electricite de France 144A 4.50% 9/21/28 #		200,000		197,139
Emera 6.75% 6/15/76 µ		250,000		267,500
Enel 144A 8.75% 9/24/73 #µ		400,000		444,000
Entergy Louisiana
4.00% 3/15/33		90,000		90,297
4.05% 9/1/23		215,000		219,850
4.95% 1/15/45		15,000		15,101
Evergy 4.85% 6/1/21		90,000		91,953
Exelon 3.95% 6/15/25		35,000		34,937
Kansas City Power & Light 3.65% 8/15/25		270,000		265,816
LG&E & KU Energy 4.375% 10/1/21		650,000		663,026
Mississippi Power 3.95% 3/30/28		135,000		132,290
National Rural Utilities Cooperative Finance
4.75% 4/30/43 µ		210,000		212,433
5.25% 4/20/46 µ		130,000		133,490
Nevada Power 2.75% 4/15/20		150,000		149,605
New York State Electric & Gas 144A 3.25% 12/1/26 #		60,000		57,092
NiSource 144A 5.65% #µy		120,000		118,950
NV Energy 6.25% 11/15/20		180,000		190,250

43

Schedule of investments

Delaware Foundation® Moderate Allocation Fund

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Utilities (continued)
Pennsylvania Electric 5.20% 4/1/20		15,000	$	15,349
Perusahaan Listrik Negara 144A 4.125% 5/15/27 #		200,000		187,771
PSEG Power 3.85% 6/1/23		140,000		139,607
Public Service Co. of Oklahoma 5.15% 12/1/19		385,000		394,050
Sempra Energy 2.90% 2/1/23		295,000		284,961
Southwestern Electric Power 3.85% 2/1/48		25,000		22,451
Trans-Allegheny Interstate Line 144A 3.85% 6/1/25 #		80,000		79,297
				7,301,633
Total Corporate Bonds (cost $58,154,424)				56,380,465
Loan Agreement – 1.58%
American Airlines Tranche B 1st Lien 4.158% (LIBOR01M + 2.00%) 12/14/23 ●		300,000		298,852
CityCenter Holdings Tranche B 1st Lien 4.492% (LIBOR01M + 2.25%) 4/18/24 ●		347,362		348,168
First Data 1st Lien 4.212% (LIBOR01M + 2.00%) 4/26/24 ●		562,508		563,528
Flying Fortress Holdings Tranche B 1st Lien 4.136% (LIBOR03M + 1.75%) 10/30/22 ●		480,000		483,050
HCA Tranche B11 1st Lien 3.992% (LIBOR01M + 1.75%) 3/18/23 ●		406,843		410,403
Lamar Media Tranche B 1st Lien 3.938% (LIBOR01M + 1.75%) 3/16/25 ●		174,125		174,959
Nielsen Finance Tranche B4 1st Lien 4.133% (LIBOR01M + 2.00%) 10/4/23 ●		96,489		96,501
Republic of Angola 0.796% (LIBOR06M + 6.25%) 12/16/23 =●		295,625		271,975
SBA Senior Finance II Tranche B 1st Lien 4.25% (LIBOR01M + 2.00%) 4/11/25 ●		598,500		599,810
Sprint Communications Tranche B 1st Lien 4.75% (LIBOR01M + 2.50%) 2/2/24 ●		418,625		419,933
SS&C European Holdings Tranche B4 1st Lien 4.492% (LIBOR01M + 2.25%) 4/16/25 ●		54,302		54,408
SS&C Technologies Tranche B3 1st Lien 4.492% (LIBOR01M + 2.25%) 4/16/25 ●		139,893		140,167
UPC Financing Partnership Tranche AR 1st Lien 4.658% (LIBOR01M + 2.50%) 1/15/26 ●		291,519		291,641
WR Grace & Co. Tranche B1 1st Lien 4.136% (LIBOR03M + 1.75%) 4/3/25 ●		101,316		101,843
WR Grace & Co. Tranche B2 1st Lien 4.136% (LIBOR03M + 1.75%) 4/3/25 ●		173,684		174,589
Zekelman Industries 1st Lien 4.623% (LIBOR03M + 2.25%) 6/14/21 ●		347,348		347,956
Total Loan Agreement (cost $4,761,091)				4,777,783

44

	Principal amount°		Value (US $)
Municipal Bonds – 0.32%
Bay Area, California Toll Authority (Build America Bonds) Series S3 6.907% 10/1/50		185,000	$	268,959
California State Various Purposes (Build America Bonds) 7.55% 4/1/39		130,000		190,207
Commonwealth of Massachusetts Series C 5.00% 10/1/25		5,000		5,815
New Jersey Turnpike Authority (Build America Bonds) Series A 7.102% 1/1/41		105,000		145,048
Oregon State Taxable Pension 5.892% 6/1/27		200,000		229,654
South Carolina Public Service Authority Series D 4.77% 12/1/45		60,000		61,256
Texas Water Development Board (State Water Implementation)
5.00% 10/15/46		45,000		50,193
Series A 5.00% 10/15/45		20,000		22,066
Total Municipal Bonds (cost $985,396)				973,198
Non-Agency Asset-Backed Securities – 1.85%
American Express Credit Account Master Trust
Series 2017-2 A 2.608% (LIBOR01M + 0.45%) 9/16/24 ●		335,000		337,310
Series 2017-5 A 2.538% (LIBOR01M + 0.38%) 2/18/25 ●		1,215,000		1,220,276
Series 2018-9 A 2.592% (LIBOR01M + 0.38%) 4/15/26 ●		150,000		150,003
Avis Budget Rental Car Funding AESOP Series 2014-1A A 144A 2.46% 7/20/20 #		200,000		199,477
Chase Issuance Trust Series 2017-A1 A 2.458% (LIBOR01M + 0.30%) 1/15/22 ●		100,000		100,298
Citibank Credit Card Issuance Trust Series 2014-A6 A6 2.15% 7/15/21		200,000		199,017
Discover Card Execution Note Trust
Series 2014-A1 A1 2.588% (LIBOR01M + 0.43%, Floor 0.43%) 7/15/21 ●		200,000		200,256
Series 2018-A3 A3 2.388% (LIBOR01M + 0.23%, Floor 0.23%) 12/15/23 ●		90,000		90,018
Golden Credit Card Trust Series 2014-2A A 144A 2.608% (LIBOR01M + 0.45%) 3/15/21 #●		100,000		100,130
HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44 #		184,000		181,768

45

Schedule of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Mercedes-Benz Master Owner Trust
Series 2018-BA A 144A 2.50% (LIBOR01M + 0.34%) 5/15/23 #●		200,000	$	200,365
Navistar Financial Dealer Note Master Owner Trust II
Series 2018-1 A 144A 2.798% (LIBOR01M + 0.63%, Floor 0.63%) 9/25/23 #●		75,000		75,059
Nissan Master Owner Trust Receivables
Series 2017-B A 2.588% (LIBOR01M + 0.43%) 4/18/22 ●		1,000,000		1,003,859
PFS Financing
Series 2018-A A 144A 2.463% (LIBOR01M + 0.40%) 2/15/22 #●		100,000		99,992
Towd Point Mortgage Trust
Series 2015-5 A1B 144A 2.75% 5/25/55 #●		93,098		91,592
Series 2015-6 A1B 144A 2.75% 4/25/55 #●		105,903		103,714
Series 2017-1 A1 144A 2.75% 10/25/56 #●		68,610		67,183
Series 2017-2 A1 144A 2.75% 4/25/57 #●		70,941		69,620
Series 2018-1 A1 144A 3.00% 1/25/58 #●		89,871		88,181
Verizon Owner Trust
Series 2016-2A A 144A 1.68% 5/20/21 #		1,000,000		992,986
Total Non-Agency Asset-Backed Securities (cost $5,582,915)				5,571,104
Non-Agency Collateralized Mortgage Obligations – 0.62%
Banc of America Alternative Loan Trust
Series 2005-6 7A1 5.50% 7/25/20		1,288		1,207
Credit Suisse First Boston Mortgage Securities
Series 2005-5 6A3 5.00% 7/25/35		55,323		55,252
JPMorgan Mortgage Trust
Series 2006-S1 1A1 6.00% 4/25/36		74,664		78,833
Series 2014-2 B1 144A 3.418% 6/25/29 #●		133,972		131,080
Series 2014-2 B2 144A 3.418% 6/25/29 #●		133,972		130,279
Series 2014-IVR6 2A4 144A 2.50% 7/25/44 #●		200,000		200,321
Series 2015-4 B1 144A 3.624% 6/25/45 #●		185,279		179,029
Series 2015-4 B2 144A 3.624% 6/25/45 #●		185,279		175,615
Series 2015-5 B2 144A 3.076% 5/25/45 #●		190,905		188,137
Series 2015-6 B1 144A 3.615% 10/25/45 #●		184,037		179,330
Series 2015-6 B2 144A 3.615% 10/25/45 #●		184,037		178,032
Series 2018-4 A15 144A 3.50% 10/25/48 #●		61,336		60,920
Sequoia Mortgage Trust
Series 2014-2 A4 144A 3.50% 7/25/44 #●		57,650		56,515
Series 2015-1 B2 144A 3.876% 1/25/45 #●		63,849		63,266
Series 2017-4 A1 144A 3.50% 7/25/47 #●		85,405		82,976
Series 2018-5 A4 144A 3.50% 5/25/48 #●		96,225		94,797

46

	Principal amount°		Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
Wells Fargo Mortgage-Backed Securities Trust
Series 2006-2 3A1 5.75% 3/25/36		4,770	$	4,654
Series 2006-AR5 2A1 4.191% 4/25/36 ●		14,166		14,237
Total Non-Agency Collateralized Mortgage Obligations (cost $1,870,262)				1,874,480
Non-Agency Commercial Mortgage-Backed Securities – 2.80%
Banc of America Commercial Mortgage Trust
Series 2017-BNK3 B 3.879% 2/15/50 ●		340,000		332,906
Series 2017-BNK3 C 4.352% 2/15/50 ●		340,000		333,685
Citigroup Commercial Mortgage Trust
Series 2014-GC25 A4 3.635% 10/10/47		180,000		180,244
Series 2015-GC27 A5 3.137% 2/10/48		210,000		204,182
Series 2016-P3 A4 3.329% 4/15/49		140,000		136,287
Series 2017-C4 A4 3.471% 10/12/50		180,000		175,498
COMM Mortgage Trust
Series 2013-CR6 AM 144A 3.147% 3/10/46 #		140,000		137,152
Series 2014-CR19 A5 3.796% 8/10/47		100,000		101,185
Series 2014-CR20 AM 3.938% 11/10/47		345,000		346,672
Series 2015-3BP A 144A 3.178% 2/10/35 #		500,000		486,349
Series 2015-CR23 A4 3.497% 5/10/48		175,000		173,735
DB-JPM Mortgage Trust
Series 2016-C1 A4 3.276% 5/10/49		255,000		247,964
Series 2016-C3 A5 2.89% 8/10/49		300,000		283,224
DB-UBS Mortgage Trust
Series 2011-LC1A C 144A 5.884% 11/10/46 #●		230,000		240,704
GRACE Mortgage Trust
Series 2014-GRCE A 144A 3.369% 6/10/28 #		100,000		100,044
Series 2014-GRCE B 144A 3.52% 6/10/28 #		200,000		199,794
GS Mortgage Securities Trust
Series 2014-GC24 A5 3.931% 9/10/47		230,000		234,011
Series 2015-GC32 A4 3.764% 7/10/48		105,000		105,690
Series 2017-GS6 A3 3.433% 5/10/50		500,000		487,915
Series 2018-GS9 A4 3.992% 3/10/51 ●		500,000		506,964
JPM-BB Commercial Mortgage Securities Trust
Series 2015-C33 A4 3.77% 12/15/48		695,000		695,700
JPM-DB Commercial Mortgage Securities Trust
Series 2016-C2 A4 3.144% 6/15/49		270,000		259,525
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2005-CB11 E 5.745% 8/12/37 ●		65,000		66,854
Series 2013-LC11 B 3.499% 4/15/46		125,000		122,241
Series 2015-JP1 A5 3.914% 1/15/49		125,000		126,402
Series 2016-JP2 A4 2.822% 8/15/49		170,000		159,709
Series 2016-JP3 B 3.397% 8/15/49 ●		60,000		56,930

47

Schedule of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal amount°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2016-WIKI A 144A 2.798% 10/5/31 #		70,000	$	68,521
Series 2016-WIKI B 144A 3.201% 10/5/31 #		115,000		112,929
LB-UBS Commercial Mortgage Trust
Series 2006-C6 AJ 5.452% 9/15/39 ●		102,390		70,649
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C17 A5 3.741% 8/15/47		130,000		131,075
Series 2015-C23 A4 3.719% 7/15/50		430,000		431,444
Series 2015-C26 A5 3.531% 10/15/48		185,000		183,072
Series 2016-C29 A4 3.325% 5/15/49		125,000		121,564
Morgan Stanley Capital I Trust
Series 2006-HQ10 B 5.448% 11/12/41 ●		400,000		377,904
Wells Fargo Commercial Mortgage Trust
Series 2014-LC18 A5 3.405% 12/15/47		15,000		14,814
Series 2015-NXS3 A4 3.617% 9/15/57		245,000		243,287
Series 2016-BNK1 A3 2.652% 8/15/49		205,000		190,316
Total Non-Agency Commercial Mortgage-Backed Securities (cost $8,903,280)				8,447,141
Regional Bonds – 0.06%D
Australia – 0.06%
Queensland Treasury
144A 2.75% 8/20/27 #	AUD	236,000		166,160
144A 3.25% 7/21/28 #	AUD	39,000		28,397
				194,557
Total Regional Bonds (cost $206,810)				194,557
Sovereign Bonds – 0.67%D
Argentina – 0.03%
Argentine Republic Government International Bond
5.625% 1/26/22		90,000		81,517
				81,517
Australia – 0.07%
Australia Government Bond 3.75% 4/21/37	AUD	288,000		230,922
				230,922
Bermuda – 0.06%
Bermuda Government International Bond 144A 3.717% 1/25/27 #		200,000		191,228
				191,228
Japan – 0.50%
Japan Bank For International Cooperation 2.882% (LIBOR03M + 0.57%) 2/24/20 ●		1,500,000		1,509,368
				1,509,368

48

		Principal amount°		Value (US $)
Sovereign BondsD (continued)
New Zealand – 0.01%
New Zealand Government Bond 4.50% 4/15/27	NZD		29,000	$	22,257
					22,257
Total Sovereign Bonds (cost $2,082,848)					2,035,292
Supranational Banks – 0.02%
International Bank for Reconstruction & Development 4.625% 10/6/21	NZD		47,000		33,166
International Finance 3.625% 5/20/20	NZD		24,000		16,286
Total Supranational Banks (cost $53,738)					49,452
US Treasury Obligations – 0.17%
US Treasury Bond 3.00% 8/15/48			345,000		331,887
US Treasury Note 2.875% 8/15/28			180,000		177,296
Total US Treasury Obligations (cost $515,297)					509,183
		Number of shares
Preferred Stock – 0.45%
Henkel & Co. 1.78%	EUR		1,210		141,962
Morgan Stanley 5.55% µy			35,000		35,971
US Bancorp 3.50% (LIBOR03M + 1.02%) y●			1,000		921,495
USB Realty 3.486% (LIBOR03M + 1.147%) #y●			100,000		90,000
Vedanta 7.50%	INR		103,816		14,823
Volkswagen 2.69%	EUR		935		164,574
Total Preferred Stock (cost $1,143,912)					1,368,825
		Principal amount°
Short-Term Investments – 1.11%
Repurchase Agreements – 0.71%
Bank of America Merrill Lynch 2.18%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $284,427 (collateralized by US government obligations 1.181%–2.125% 1/15/19–10/31/19; market value $290,063)			284,375		284,375
Bank of Montreal 2.12%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $782,170 (collateralized by US government obligations 0.00%–4.375% 11/15/18–11/15/46; market value $797,672)			782,032		782,032

49

Schedule of investments

Delaware Foundation^® Moderate Allocation Fund

	Principal amount°		Value (U.S. $)
Short-Term Investments (continued)
Repurchase Agreements (continued)
BNP Paribas 2.21%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $1,073,791 (collateralized by US government obligations 0.00%–4.75% 10/11/18–2/15/48; market value $1,095,065)		1,073,593	$	1,073,593
				2,140,000
US Treasury Obligation – 0.40%≠ US Treasury Bill 1.696% 10/11/18		1,207,068		1,206,384
				1,206,384
Total Short-Term Investments (cost $3,346,386)				3,346,384
Total Value of Securities – 102.08% (cost $259,126,241)			$	308,146,779

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Sept. 30, 2018, the aggregate value of Rule 144A securities was $31,770,327, which represents 10.52% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”

t Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.

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

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

° Principal amount shown is stated in 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 Sept. 30, 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. Rate shown reflects the rate in effect at Sept. 30, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual

50

mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their description above.

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at Sept. 30, 2018:1

Foreign Currency Exchange Contracts

Counterparty	Contracts to Receive (Deliver)			In Exchange For			Settlement Date		Unrealized Appreciation		Unrealized Depreciation
BNYM	AUD	(1,950	)	USD	1,410			10/1/18	$	1	$	—
BNYM	KRW	1,085,044,829		USD	(978,978	)		10/1/18		—		(876	)
Total Foreign Currency Exchange Contracts									$	1	$	(876	)

Futures Contracts

Contracts to Buy (Sell)		Notional Amount			Notional Cost (Proceeds)			Expiration Date		Value/ Unrealized Appreciation		Value/ Unrealized Depreciation			Variation Margin Due from (Due to) Brokers
(4)	Japan 10 yr Bond	$	(5,283,929	)	$	(5,289,198	)		12/14/18	$	5,269	$	—		$	3,164
(95)	US Treasury 5 yr Notes		(10,685,273	)		(10,761,450	)		1/2/19		76,177		—			(5,195	)
29	US Treasury 10 yr Notes		3,444,656			3,490,504			12/20/18		—		(45,848	)		906
(53)	US Treasury 10 yr Notes		(6,295,406	)		(6,371,858	)		12/20/18		76,452		—			(1,656	)
(42)	US Treasury Long Bond		(5,901,000	)		(6,034,756	)		12/20/18		133,756		—			6,562
Total Futures Contracts					$	(24,966,758	)			$	291,654	$	(45,848	)	$	3,781

51

Schedule of investments

Delaware Foundation^® Moderate Allocation Fund

Swap Contracts

CDS Contracts²

Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency	Notional Amount3		Annual Protection Payments			Value			Upfront Payments Paid (Received)			Unrealized Appreciation4		Unrealized Depreciation4			Variation Margin Due from (Due to) Brokers
Centrally Cleared/ Protection Purchased:
CDX.NA.HY.305 6/20/23- Quarterly		2,125,000		5.00	%	$	(165,146	)	$	(107,880	)	$	—	$	(57,266	)	$	(1,215	)
Over-The- Counter/ Protection Purchased:
HSBC-CDX.EM.296 6/20/23-Quarterly		2,000,000		1.00	%		66,586			33,273			33,313		—			—
Total CDS Contracts						$	(98,560	)	$	(74,607	)	$	33,313	$	(57,266	)	$	(1,215	)

52

IRS Contracts⁷

Reference Obligation/ Termination Date/ Payment Frequency (Fixed Rate / Floating Rate)	Notional Amount3		Fixed / Floating Interest Rate Paid (Received)8		Value		Unrealized Appreciation4		Variation Margin Due to Broker
Centrally Cleared:
5 yr IRS 4/3/22-(Semiannually/Quarterly)		2,105,000		2.066%/(2.336%)	$	69,113	$	69,113	$	(952)
7 yr IRS 6/14/24-(Semiannually/Quarterly)		6,405,000		1.993%/(2.332%)		361,826		361,826		(3,267)
7 yr IRS 2/5/25-(Semiannually/Quarterly)		8,910,000		2.733%/(2.343%)		177,143		177,143		(4,968)
10 yr IRS 6/27/27-(Semiannually/Quarterly)		4,615,000		2.117%/(2.381%)		348,623		348,623		(1,670)
10 yr IRS 8/3/28-(Semiannually/Quarterly)		4,380,000		3.068%/(2.348%)		15,968		15,968		(516)
30 yr IRS 6/27/47-(Semiannually/Quarterly)		430,000		2.388%/(2.381%)		62,564		62,564		275
30 yr IRS 8/3/48-(Semiannually/Quarterly)		2,350,000		3.078%/(2.348%)		22,573		22,573		1,623
Total IRS Contracts					$	1,057,810	$	1,057,810	$	(9,475)

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

²A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as 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 (receipt) on swap contracts accrued daily in the amount of $(92,864).

⁵Markit’s CDX.NA.HY Index is composed of 100 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.

53

Schedule of investments

Delaware Foundation^® Moderate Allocation Fund

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.

Summary of abbreviations:

ADR – American Depositary Receipt

ARM – Adjustable Rate Mortgage

AUD – Australian Dollar

BADLARPP – Argentina Term Deposit Rate

BB – Barclays Bank

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

HSBC – Hong Kong Shanghai Bank

ICE – Intercontinental Exchange

INR – Indian Rupee

IRS – Interest Rate Swap

JPM – JPMorgan

KRW – South Korean Won

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

NZD – New Zealand Dollar

PJSC – Private Joint Stock Company

54

Summary of abbreviations (continued):

REIT – Real Estate Investment Trust

REMIC – Real Estate Mortgage Investment Conduit

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

S.F. – Single Family

TBA – To be announced

USD – US Dollar yr – Year

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

55

Statement of assets and liabilities

Delaware Foundation^® Moderate Allocation Fund September 30, 2018 (Unaudited)

Assets:
Investments, at value1	$	308,146,779
Cash		1,112,510
Cash collateral due from brokers		338,135
Foreign currencies, at value2		351,038
Receivable for securities sold		7,511,327
Dividends and interest receivable		1,451,228
Foreign tax reclaims receivable		254,037
Receivable for fund shares sold		104,902
Swap payments receivable		78,473
Unrealized appreciation on credit default swap contracts		33,313
Upfront payments paid on credit default swap contracts		33,273
Variation margin due from broker on futures contracts		3,781
Prepaid expenses		2,541
Variation margin due from broker on centrally cleared interest rate swap contracts		1,898
Unrealized appreciation on foreign currency exchange contracts		1
Total assets		319,423,236
Liabilities:
Payable for securities purchased		16,676,523
Other accrued expenses		260,793
Swap payments payable		161,896
Investment management fees payable to affiliates		150,031
Upfront payments received on credit default swap contracts		107,880
Payable for fund shares redeemed		74,742
Distribution fees payable to affiliates		71,156
Audit and tax fees payable		33,726
Variation margin due to broker on centrally cleared interest rate swap contracts		11,373
Legal fees payable to affiliates		3,601
Accounting and administration expenses payable to affiliates		1,258
Variation margin due to broker on centrally cleared credit default swap contracts		1,215
Unrealized depreciation on foreign currency exchange contracts		876
Trustees’ fees and expenses payable		766
Reports and statements to shareholders expenses payable to affiliates		216
Total liabilities		17,556,052
Total Net Assets	$	301,867,184

56

Net Assets Consist of:
Paid-in capital	$	246,230,749
Undistributed net investment income		100,189
Accumulated net realized gain on investments		5,344,090
Net unrealized appreciation of investments		49,020,538
Net unrealized depreciation of foreign currencies		(14,307	)
Net unrealized depreciation of foreign currency exchange contracts		(875	)
Net unrealized appreciation of futures contracts		245,806
Net unrealized appreciation of swap contracts		940,994
Total Net Assets	$	301,867,184
Net Asset Value
Class A:
Net assets	$	210,759,446
Shares of beneficial interest outstanding, unlimited authorization, no par		18,784,444
Net asset value per share	$	11.22
Sales charge		5.75	%
Offering price per share, equal to net asset value per share / (1 – sales charge)	$	11.90
Class C:
Net assets	$	34,223,449
Shares of beneficial interest outstanding, unlimited authorization, no par		3,050,168
Net asset value per share	$	11.22
Class R:
Net assets	$	2,520,354
Shares of beneficial interest outstanding, unlimited authorization, no par		225,606
Net asset value per share	$	11.17
Institutional Class:
Net assets	$	54,363,935
Shares of beneficial interest outstanding, unlimited authorization, no par		4,841,605
Net asset value per share	$	11.23
1Investments, at cost	$	259,126,241
2Foreign currencies, at cost		357,695

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

57

Statement of operations

Delaware Foundation^® Moderate Allocation Fund Six months ended September 30, 2018 (Unaudited)

Investment Income:
Interest	$	2,550,595
Dividends		2,081,033
Foreign tax withheld		(133,114	)
		4,498,514
Expenses:
Management fees		886,467
Distribution expenses — Class A		223,158
Distribution expenses — Class C		126,106
Distribution expenses — Class R		4,997
Dividend disbursing and transfer agent fees and expenses		122,123
Legal fees		76,162
Accounting and administration expenses		38,359
Audit and tax fees		36,214
Reports and statements to shareholders expenses		33,772
Registration fees		30,294
Custodian fees		29,686
Trustee’s fees and expenses		6,298
Other		61,019
		1,674,655
Less expenses waived		(67,283	)
Less expenses paid indirectly		(1,934	)
Total operating expenses		1,605,438
Net Investment Income		2,893,076

58

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	6,692,078
Foreign currencies		(25,070	)
Foreign currency exchange contracts		1,631
Futures contracts		(46,680	)
Swap contracts		(129,738	)
Net realized gain		6,492,221
Net change in unrealized appreciation (depreciation) of:
Investments		4,557,444
Foreign currencies		(18,681	)
Foreign currency exchange contracts		(2,044	)
Futures contracts		510,191
Swap contracts		488,371
Net change in unrealized appreciation (depreciation)		5,535,281
Net Realized and Unrealized Gain		12,027,502
Net Increase in Net Assets Resulting from Operations	$	14,920,578

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

59

Statements of changes in net assets

Delaware Foundation^® Moderate Allocation Fund

	Six months
	ended
	9/30/18			Year ended
	(Unaudited)			3/31/18
Increase in Net Assets from Operations:
Net investment income	$	2,893,076		$	4,719,725
Net realized gain		6,492,221			12,394,827
Net change in unrealized appreciation (depreciation)		5,535,281			4,048,253
Net increase in net assets resulting from operations		14,920,578			21,162,805
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(1,836,593	)		(3,163,950	)
Class C		(146,027	)		(230,497	)
Class R		(16,984	)		(25,907	)
Institutional Class		(639,167	)		(1,285,322	)
Net realized gain:
Class A		(6,272,435	)		(9,875,265	)
Class C		(634,457	)		(1,247,958	)
Class R		(58,884	)		(96,841	)
Institutional Class		(2,282,273	)		(3,605,198	)
		(11,886,820	)		(19,530,938	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		3,987,108			6,263,019
Class C		2,749,374			1,626,492
Class R		457,759			1,778,651
Institutional Class		4,079,028			5,908,229
Net assets from merger*:
Class A		35,951,477			—
Class C		18,193,221			—
Class R		1,192,059			—
Institutional Class		7,277,852			—

60

	Six months
	ended
	9/30/18			Year ended
	(Unaudited)			3/31/18
Capital Share Transactions (continued):
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		7,423,788			11,860,547
Class C		758,868			1,416,440
Class R		75,867			122,744
Institutional Class		953,863			1,568,591
		83,100,264			30,544,713
Cost of shares redeemed:
Class A	$	(11,384,948	)	$	(17,061,080	)
Class C		(6,530,770	)		(4,680,918	)
Class R		(421,442	)		(2,134,663	)
Institutional Class		(24,701,874	)		(23,740,255	)
		(43,039,034	)		(47,616,916	)
Increase (Decrease) in net assets derived from capital share transactions		40,061,230			(17,072,203	)
Net Increase (Decrease) in Net Assets		43,094,988			(15,440,336	)
Net Assets:
Beginning of period		258,772,196			274,212,532
End of period	$	301,867,184		$	258,772,196
Undistributed (Distributions in excess of) net investment income	$	100,189		$	(154,116	)

*See Note 5 in “Notes to financial statements.”

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

61

Financial highlights

Delaware Foundation^® Moderate Allocation Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of expenses to average net assets prior to fees waived^5,6

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁶

Portfolio turnover

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

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

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

⁴ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

⁵ Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

⁶ Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Sept. 30, 2018 are reflected on the “Statement of operations.”

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

62

Six months ended																10/1/14
9/30/181				Year ended												to				Year ended
(Unaudited)				3/31/18				3/31/17				3/31/16				3/31/152				9/30/14				9/30/13
	$	11.46			$	11.42			$	10.80			$	11.97			$	12.70			$	12.52			$	11.52
		0.12				0.21				0.17				0.17				0.08				0.22				0.21
		0.17				0.71				0.84				(0.54	)			0.27				0.79				1.01
		0.29				0.92				1.01				(0.37	)			0.35				1.01				1.22
		(0.11	)			(0.21	)			(0.24	)			(0.17	)			(0.12	)			(0.18	)			(0.22	)
		(0.42	)			(0.67	)			(0.15	)			(0.63	)			(0.96	)			(0.65	)			—
		(0.53	)			(0.88	)			(0.39	)			(0.80	)			(1.08	)			(0.83	)			(0.22	)
	$	11.22			$	11.46			$	11.42			$	10.80			$	11.97			$	12.70			$	12.52
		2.55%				8.35%				9.45%				(3.32%	)			2.89%				8.34%				10.66%
	$	210,759			$	172,750			$	170,801			$	174,041			$	195,937			$	201,628			$	220,891
		1.16%				1.14%				1.14%				1.15%				1.16%				1.13%				1.13%
		1.21%				1.17%				1.18%				1.18%				1.25%				1.17%				1.25%
		2.12%				1.79%				1.49%				1.49%				1.34%				1.75%				1.75%
		2.07%				1.76%				1.45%				1.46%				1.25%				1.71%				1.63%
		46%				93%				133%				131%				65%				115%				135%

63

Financial highlights

Delaware Foundation^® Moderate Allocation Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of expenses to average net assets prior to fees waived^5,6

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁶

Portfolio turnover

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

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

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

⁴  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

⁶  Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Sept. 30, 2018 are reflected on the “Statement of operations.”

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

64

Six months ended																10/1/14
9/30/181				Year ended												to				Year ended
(Unaudited)				3/31/18				3/31/17				3/31/16				3/31/152				9/30/14				9/30/13
	$	11.46			$	11.42			$	10.80			$	11.97			$	12.70			$	12.55			$	11.55
		0.08				0.12				0.08				0.08				0.04				0.13				0.12
		0.17				0.71				0.84				(0.53	)			0.26				0.78				1.01
		0.25				0.83				0.92				(0.45	)			0.30				0.91				1.13
		(0.07	)			(0.12	)			(0.15	)			(0.09	)			(0.07	)			(0.11	)			(0.13	)
		(0.42	)			(0.67	)			(0.15	)			(0.63	)			(0.96	)			(0.65	)			—
		(0.49	)			(0.79	)			(0.30	)			(0.72	)			(1.03	)			(0.76	)			(0.13	)
	$	11.22			$	11.46			$	11.42			$	10.80			$	11.97			$	12.70			$	12.55
		2.14%				7.53%				8.62%				(4.06%	)			2.50%				7.47%				9.81%
	$	34,224			$	21,096			$	22,602			$	24,736			$	28,965			$	27,906			$	22,838
		1.92%				1.90%				1.90%				1.91%				1.92%				1.90%				1.90%
		1.97%				1.93%				1.94%				1.94%				2.01%				1.94%				1.97%
		1.36%				1.03%				0.73%				0.73%				0.58%				0.98%				0.98%
		1.31%				1.00%				0.69%				0.70%				0.49%				0.94%				0.91%
		46%				93%				133%				131%				65%				115%				135%

65

Financial highlights

Delaware Foundation^® Moderate Allocation Fund Class R

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of expenses to average net assets prior to fees waived^5,6

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁶

Portfolio turnover

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

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

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

⁴  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

⁶  Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Sept. 30, 2018 are reflected on the “Statement of operations.”

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

66

Six months ended																10/1/14
9/30/181				Year ended												to				Year ended
(Unaudited)				3/31/18				3/31/17				3/31/16				3/31/152				9/30/14				9/30/13
	$	11.40			$	11.37			$	10.76			$	11.93			$	12.66			$	12.50			$	11.50
		0.11				0.18				0.14				0.14				0.07				0.19				0.18
		0.18				0.70				0.83				(0.54	)			0.26				0.78				1.00
		0.29				0.88				0.97				(0.40	)			0.33				0.97				1.18
		(0.10	)			(0.18	)			(0.21	)			(0.14	)			(0.10	)			(0.16	)			(0.18	)
		(0.42	)			(0.67	)			(0.15	)			(0.63	)			(0.96	)			(0.65	)			—
		(0.52	)			(0.85	)			(0.36	)			(0.77	)			(1.06	)			(0.81	)			(0.18	)
	$	11.17			$	11.40			$	11.37			$	10.76			$	11.93			$	12.66			$	12.50
		2.44%				8.01%				9.11%				(3.59%	)			2.76%				7.99%				10.38%
	$	2,520			$	1,580			$	1,801			$	1,982			$	2,501			$	24,307			$	23,566
		1.42%				1.40%				1.40%				1.41%				1.42%				1.40%				1.40%
		1.47%				1.43%				1.44%				1.44%				1.51%				1.44%				1.57%
		1.86%				1.53%				1.23%				1.23%				1.08%				1.48%				1.48%
		1.81%				1.50%				1.19%				1.20%				0.99%				1.44%				1.31%
		46%				93%				133%				131%				65%				115%				135%

67

Financial highlights

Delaware Foundation^® Moderate Allocation Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of expenses to average net assets prior to fees waived^5,6

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁶

Portfolio turnover

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

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

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

⁴  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

⁶  Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Sept. 30, 2018 are reflected on the “Statement of operations.”

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

68

Six months ended																10/1/14
9/30/181				Year ended												to				Year ended
(Unaudited)				3/31/18				3/31/17				3/31/16				3/31/152				9/30/14				9/30/13
	$	11.46			$	11.42			$	10.80			$	11.98			$	12.71			$	12.52			$	11.52
		0.14				0.24				0.19				0.19				0.10				0.25				0.24
		0.17				0.71				0.84				(0.54	)			0.26				0.79				1.00
		0.31				0.95				1.03				(0.35	)			0.36				1.04				1.24
		(0.12	)			(0.24	)			(0.26	)			(0.20	)			(0.13	)			(0.20	)			(0.24	)
		(0.42	)			(0.67	)			(0.15	)			(0.63	)			(0.96	)			(0.65	)			—
		(0.54	)			(0.91	)			(0.41	)			(0.83	)			(1.09	)			(0.85	)			(0.24	)
	$	11.23			$	11.46			$	11.42			$	10.80			$	11.98			$	12.71			$	12.52
		2.67%				8.60%				9.70%				(3.17%	)			3.01%				8.62%				10.91%
	$	54,364			$	63,346			$	79,009			$	73,036			$	62,799			$	60,134			$	66,263
		0.92%				0.90%				0.90%				0.91%				0.92%				0.90%				0.90%
		0.97%				0.93%				0.94%				0.94%				1.01%				0.94%				0.97%
		2.36%				2.03%				1.73%				1.73%				1.58%				1.98%				1.98%
		2.31%				2.00%				1.69%				1.70%				1.49%				1.94%				1.91%
		46%				93%				133%				131%				65%				115%				135%

69

Notes to financial statements

Delaware Foundation^® Moderate Allocation Fund September 30, 2018 (Unaudited)

Delaware Group^® Foundation Funds (Trust) is organized as a Delaware statutory trust and offers one fund: Delaware Foundation^® Moderate Allocation Fund (Fund). The Fund is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offers 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%, which will be incurred 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 the Fund is to seek capital appreciation with current income as a secondary objective.

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 Fund. The Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, Financial Services – Investment Companies.

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

70

the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement prices. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the 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 Fund 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 the 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. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken or expected to be taken on the Fund’s federal income tax returns through the six months ended Sept. 30, 2018 and for all open tax years (years ended March 31, 2015–March 31, 2018), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statement of operations.” During the six months ended Sept. 30, 2018, the Fund did not incur any interest or tax penalties. In regard to foreign taxes only, the Fund has open tax years in certain foreign countries in which it invests in that may date back to the inception of the Fund.

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

Underlying Funds – The Fund may invest in other investment companies (Underlying Funds) to the extent permitted by the 1940 Act. The Underlying Funds in which the Fund invests include ETFs. The Fund will indirectly bear the investment management fees and other expenses of the Underlying Funds.

Repurchase Agreements – The 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 the Fund’s custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement,

71

Notes to financial statements

Delaware Foundation^® Moderate Allocation Fund

1. Significant Accounting Policies (continued)

retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on Sept. 28, 2018, and matured on the next business day.

Foreign Currency Transactions – Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the 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. The 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 “Statement of operations” under “Net realized gain (loss) on foreign currencies.” For foreign equity securities, these changes are included on the “Statement of operations” under “Net realized gain (loss) on investments.” The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates – The Fund is an investment company, whose financial statements are prepared in conformity with US GAAP. Therefore, the 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 the 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 gain (loss) on paydowns of asset- and mortgage-backed securities are classified as interest income. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the 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 have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund declares and pays dividends from net investment income monthly and distributions from net realized gain on investments, if any, annually. The Fund may

72

distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The 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 “Statement of operations” under “Custodian fees” with the corresponding expense offset included under “Less expenses paid indirectly.” For the six months ended Sept. 30, 2018, the Fund earned $1,664 under this arrangement.

The 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 “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expense offset included under “Less expenses paid indirectly.” For the six months ended Sept. 30, 2018, the Fund earned $270 under this arrangement.

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

In accordance with the terms of its investment management agreement, the 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 of 0.65% on the first $500 million of average daily net assets of the 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 fees and/or pay/reimburse the Fund to the extent necessary to ensure that total annual operating expenses (excluding any distribution and service (12b-1) fees, taxes, interest, acquired fund fees and expenses, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), do not exceed 0.90% of average daily net assets from April 1, 2018 through Sept. 30, 2018.* For purposes of those 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 waivers and reimbursements apply only to expenses paid directly by the Fund and may only be terminated by agreement of DMC and the Fund. The waivers and reimbursements are accrued daily and received monthly.

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

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual 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

73

Notes to financial statements

Delaware Foundation^® Moderate Allocation Fund

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

Fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each Fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. For the six months ended Sept. 30, 2018, the Fund was charged $7,051 for these services. This amount is included on the “Statement of operations” under “Accounting and administration expenses.”

DIFSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, DIFSC’s fees were calculated daily and paid monthly based on the aggregate daily net assets of the retail funds within the Delaware Funds from April 1, 2018 through June 30, 2018 at the following annual rate: 0.025% of the first $20 billion; 0.020% of the next $5 billion; 0.015% of the next $5 billion; and 0.013% of average daily net assets in excess of $30 billion. Effective July 1, 2018, the Fund 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 retail funds within the Delaware Funds at the following annual rate: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the transfer agent agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. This amount is included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended Sept. 30, 2018, the Fund was charged $18,906 for these services. 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 the Fund. Sub-transfer agency fees are paid by the Fund and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.”

Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares, 1.00% of the average daily net assets of the Class C shares, and 0.50% of the average daily net assets of Class R shares. The fees are calculated daily and paid monthly. In connection with the 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. Institutional Class shares pay no 12b-1 fees.

As provided in the investment management agreement, the 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 the Fund. For the six months ended Sept. 30, 2018, the Fund was charged $14,804 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

74

For the six months ended Sept. 30, 2018, DDLP earned $3,427 for commissions on sales of the Fund’s Class A shares. For the six months ended Sept. 30, 2018, DDLP received gross CDSC commissions of $910 on redemptions of the Fund’s Class C shares and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.

Trustees’ fees include expenses accrued by the Fund 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 Fund.

In addition to the management fees and other expenses of the Fund, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds. The amount of these fees and expenses incurred indirectly by the Fund will vary based upon the expense and fee levels of the Underlying Funds and the amount of shares that are owned of the Underlying Funds at different times.

*The aggregate contractual waiver period covering this report is from July 29, 2017 through July 29, 2019.

3. Investments

For the six months ended Sept. 30, 2018, the Fund made purchases and sales of investment securities other than US government securities and short-term investments as follows:

Purchases other than US government securities	$	43,912,777
Purchases of US government securities		81,637,859
Sales other than US government securities		57,217,060
Sales of US government securities		94,047,465

At Sept. 30, 2018, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Sept. 30, 2018, the cost and unrealized appreciation (depreciation) of investments and derivatives for the Fund were as follows:

Cost of investments and derivatives	$	258,263,502
Aggregate unrealized appreciation of investments and derivatives	$	63,384,349
Aggregate unrealized depreciation of investments and derivatives		(12,296,891	)
Net unrealized appreciation of investments and derivatives	$	51,087,458

US GAAP defines fair value as the price that the 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

75

Notes to financial statements

Delaware Foundation^® Moderate Allocation Fund

3. Investments (continued)

circumstances. The 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 the 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. The 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.

76

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Sept. 30, 2018:

	Level 1			Level 2			Level 3		Total
Securities
Assets:
Common Stock
Consumer Discretionary	$	17,855,547		$	—		$	—	$	17,855,547
Consumer Staples		10,960,015			—			—		10,960,015
Energy		11,094,503			—			—		11,094,503
Financials		21,819,555			363,126			—		22,182,681
Healthcare		20,520,226			—			—		20,520,226
Industrials		18,549,052			—			—		18,549,052
Information Technology		28,780,434			—			—		28,780,434
Materials		5,875,801			—			—		5,875,801
Real Estate		15,950,804			46,933			—		15,997,737
Telecommunication Services		6,243,661			—			—		6,243,661
Utilities		1,915,327			—			—		1,915,327
Exchange-Traded Funds		8,351,123			—			—		8,351,123
Limited Partnerships		162,566			—			—		162,566
Corporate Debt		—			63,742,787			—		63,742,787
Leveraged Non-Recourse Security		—			—			—		—
Municipal Bonds		—			973,198			—		973,198
Non-Agency Commercial Mortgage-Backed Security		—			62,660,645			—		62,660,645
Loan Agreements1		—			4,505,808			271,975		4,777,783
Foreign Debt		—			2,279,301			—		2,279,301
US Treasury Obligations		—			509,183			—		509,183
Preferred Stock1		1,242,854			125,971			—		1,368,825
Short-Term Investments		—			3,346,384			—		3,346,384
Total Value of Securities	$	169,321,468		$	138,553,336		$	271,975	$	308,146,779
Derivatives2
Assets:
Foreign Currency Exchange Contracts	$	—		$	1		$	—	$	1
Futures Contracts		291,654			—			—		291,654
Swap Contracts		—			1,091,123			—		1,091,123
Liabilities:
Foreign Currency Exchange Contracts	$	—		$	(876	)	$	—	$	(876	)
Futures Contracts		(45,848	)		—			—		(45,848	)
Swap Contracts		—			(57,266	)		—		(57,266	)

77

Notes to financial statements

Delaware Foundation^® Moderate Allocation Fund

3. Investments (continued)

¹Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments, Level 2 investments represent investments with observable input or matrix-price 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		—			94.31	%		5.69	%		100.00	%
Preferred Stock		90.80	%		9.20	%		—			100.00	%

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

The security that has been valued at zero on the “Schedule of investments” is considered to be a Level 3 investment in this table.

During the period ended Sept. 30, 2018, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the 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 the Fund occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the 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 the 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. International fair value pricing was not utilized at Sept. 30, 2018. The 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 the Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Fund’s net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 2 investments were not considered significant to the Fund’s net assets at the beginning, interim, or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments are not considered significant to the Fund’s net assets at the end of the period.

78

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 9/30/18			Year ended 3/31/18
Shares sold:
Class A		835,371			540,718
Class C		87,245			141,226
Class R		10,902			153,284
Institutional Class		786,712			509,566
Shares from merger:
Class A		3,209,953			—
Class C		1,624,395			—
Class R		106,911			—
Institutional Class		649,729			—
Shares issued upon reinvestment of dividends and distributions:
Class A		666,686			1,058,091
Class C		68,088			126,570
Class R		6,843			11,013
Institutional Class		85,545			139,823
		8,138,380			2,680,291
Shares redeemed:
Class A		(1,006,793	)		(1,481,230	)
Class C		(571,080	)		(406,035	)
Class R		(37,579	)		(184,120	)
Institutional Class		(2,206,620	)		(2,040,580	)
		(3,822,072	)		(4,111,965	)
Net increase (decrease)		4,316,308			(1,431,674	)

79

Notes to financial statements

Delaware Foundation^® Moderate Allocation Fund

4. Capital Shares (continued)

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the table on the previous page and on the “Statements of changes in net assets.” For the six months ended Sept. 30, 2018 and the year ended March 31, 2018, the Fund had the following exchange transactions:

	Exchange Redemptions				Exchange Subscriptions
							Institutional
	Class A Shares		Class C Shares		Class A Shares		Class Shares		Value
Six months ended
9/30/18		23,802		141,232		140,994		23,780	$	1,902,805
Year ended
3/31/18		1,675		—		—		1,673		19,247

5. Fund Merger

As of the close of business on July 27, 2018, the Fund acquired all of the assets and liabilities of Delaware Foundation Conservative Allocation Fund (“Acquired Fund”), an open-end investment company, in exchange for the shares of Delaware Foundation Moderate Allocation Fund (“Acquiring Fund”) pursuant to a Plan and Agreement of Reorganization (“Reorganization”). For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value. The shareholders of the Acquired Fund received shares of the respective class of the Acquiring Fund equal to the aggregate net asset value of their shares in the Acquired Fund by a taxable exchange prior to the Reorganization, as shown in the following table:

	Acquired Fund Shares Outstanding		Shares Converted to Acquiring Fund		Acquired Fund Net Assets		Conversion Ratio
Class A		3,847,090		3,209,953	$	35,951,477	0.834
Class C		1,940,385		1,624,395		18,193,221	0.837
Class R		127,564		106,911		1,192,059	0.838
Institutional Class		776,847		649,229		7,277,852	0.836

The net assets of the Acquiring Fund before the acquisition were $243,255,988. The net assets of the Acquiring Fund immediately following the acquisition were $305,870,597.

80

If the acquisition had been completed on April. 1, 2018, the beginning of the Acquiring Fund’s reporting period, the Acquiring Fund’s pro forma results of operations for the six months ended Sept. 30, 2018, would have been as follows (unaudited):

Net investment income	$	3,323,744	(a)
Net realized gain		7,681,988	(b)
Net change in unrealized appreciation (depreciation)		4,987,254	(c)
Net increase in net assets resulting from operations	$	15,992,986

^(a)$2,893,076, as reported in the Statement of operations, plus $430,668 net investment income from Delaware Foundation Conservative Allocation Fund pre-merger.

^(b)$6,492,221, as reported in the Statement of operations, plus $1,189,767 net realized gain from Delaware Foundation Conservative Allocation Fund pre-merger.

^(c)$5,535,281, as reported in the Statement of operations, plus $(548,027) net change in unrealized appreciation (depreciation) from Delaware Foundation Conservative Allocation Fund pre-merger.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Fund’s Statement of operations since July 30, 2018.

6. Line of Credit

The Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $130,000,000 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. The revolving line of credit available was reduced from $155,000,000 on Sept. 6, 2018. Under the agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a 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. 5, 2018.

The Fund had no amounts outstanding as of Sept. 30, 2018, or at any time during the period then ended.

7. 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 — The Fund may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. The 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. The Fund may also enter into these contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies. In addition, the Fund may enter into

81

Notes to financial statements

Delaware Foundation^® Moderate Allocation Fund

7. Derivatives (continued)

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

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

During the six months ended Sept. 30, 2018, the Fund entered into foreign currency exchange contracts to hedge the US dollar value of securities the 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. The Fund may use futures contracts in the normal course of pursuing its investment objective. The 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, the 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 the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the 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 the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At Sept. 30, 2018, the Fund posted $205,000 in cash as margin for open futures contracts, which is included in “Cash collateral due from broker” on the “Statement of assets and liabilities.”

During the six months ended Sept. 30, 2018, the Fund entered into futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions and to facilitate investments in portfolio securities.

82

Swap Contracts — The Fund may enter into interest rate swap contracts and CDS contracts in the normal course of pursuing its investment objective. The Fund may enter into interest rate swaps to manage its sensitivity to interest rates or to hedge against changes in interest rates. The 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. The Fund will not be permitted to enter into any swap transactions unless, at the time of entering into such transactions, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by Standard & Poor’s Financial Services LLC (S&P) or Baa3 by Moody’s Investors Service, Inc. (Moody’s) or is determined to be of equivalent credit quality by DMC.

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 Fund 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 Fund 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 Fund’s 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 Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the interest rate swap contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

During the six months ended Sept. 30, 2018, the Fund entered into interest rate swap contracts to manage the Fund’s sensitivity to interest rates or to hedge against changes in interest rates.

Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the six months ended Sept. 30, 2018, the 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.

83

Notes to financial statements

Delaware Foundation^® Moderate Allocation Fund

7. Derivatives (continued)

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 central cleared CDS basket trades, as determined by the applicable central counterparty. During the six months ended Sept. 30, 2018, the Fund did not enter into any CDS contracts as a seller of protection.

CDS contracts may involve greater risks than if the Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

During the six months ended Sept. 30, 2018, the 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 the 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 “Schedule of investments.” For centrally cleared swaps, payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the 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.

At Sept. 30, 2018, the Fund posted $133,135 in cash collateral for open centrally cleared CDS contracts, which is included in “Cash collateral due from broker” on the “Statement of assets and liabilities.”

84

Fair values of derivative instruments as of Sept. 30, 2018 were as follows:

	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		$	—		$	—		$	1
Variation margin due to broker on centrally cleared interest rate swap contracts**			—			1,898			—			1,898
Variation margin due from broker on futures contracts*			—			291,654			—			291,654
Unrealized appreciation on credit default swap contracts			—			—			33,313			33,313
Total		$	1		$	293,552		$	66,586		$	326,866
	Liability Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency Contracts			Interest Rate Contracts			Credit Contracts			Total
Variation margin due to brokers on futures contracts*		$	—		$	45,848		$	—		$	45,848
Unrealized depreciation on foreign currency exchange contracts			876			—			—			876
Variation margin due to brokers on centrally cleared interest rate swap contracts**			—			11,373			—			11,373
Variation margin due to brokers on centrally cleared credit default swap contracts**			—			—			1,215			1,215
Total		$	876		$	57,221		$	1,215		$	59,312

*Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through Sept. 30, 2018. Only current day variation margin is reported on the “Statement of assets and liabilities.”

**Includes cumulative appreciation (depreciation) of centrally cleared swap contracts from the date the contracts were opened through Sept. 30, 2018. Only current day variation margin is reported on the “Statement of assets and liabilities.”

The effect of derivative instruments on the “Statement of operations” for the six months ended Sept. 30, 2018 was as follows:

	Net Realized Gain (Loss) on:
	Foreign Currency Exchange Contracts			Futures Contracts				Swap Contracts				Total
Currency contracts		$	1,631		$	—			$	—			$	1,631
Interest rate contracts			—			(46,680	)			(14,326	)			(61,006	)
Credit contracts			—			—				(115,412	)			(115,412	)
Total		$	1,631		$	(46,680	)		$	(129,738	)		$	(174,787	)

85

Notes to financial statements

Delaware Foundation^® Moderate Allocation Fund

7. Derivatives (continued)

	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign Currency Exchange Contracts				Futures Contracts			Swap Contracts			Total
Currency contracts		$	(2,044	)		$	—		$	—		$	(2,044	)
Interest rate contracts			—				510,191			462,295			972,486
Credit contracts			—				—			26,076			26,076
Total		$	(2,044	)		$	510,191		$	488,371		$	996,518

Derivatives Generally. The table below summarizes the average balance of derivative holdings by the Fund during the six months ended Sept. 30, 2018.

	Long Derivatives   Volume			Short Derivatives Volume
Foreign currency exchange contracts (average cost)		$	74,676		$	190,508
Futures contracts (average notional value)			718,559			28,381,008
CDS contracts (average notional value)*			5,116,339			—
Interest rate swap contracts (average notional value)**			—			24,690,669

*Long represents buying protection and short represents selling protection.

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

8. Offsetting

The Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between the 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, the 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 Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statement of assets and liabilities.”

86

At Sept. 30, 2018, the Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Counterparty	Gross Value of Derivative Asset			Gross Value of Derivative Liability				Net Position
BNY Mellon		$	1		$	(876	)		$	(875	)
Hong Kong Shanghai Bank			33,313			—				33,313
Total		$	33,314		$	(876	)		$	32,438

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)
BNY Mellon		$	(875	)		$	—		$	—		$	—		$	—		$	(875	)
Hong Kong Shanghai Bank			33,313				—			—			—			—			33,313
Total		$	32,438			$	��		$	—		$	—		$	—		$	32,438

Master Repurchase Agreements

Repurchase agreements are entered into by the Fund under Master Repurchase Agreements (each, an MRA). The MRA permits the 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 Fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund would recognize a liability with respect to such excess collateral. The liability reflects the Fund’s obligation under bankruptcy law to return the excess to the counterparty. As of Sept. 30, 2018, the following table is a summary of the Fund’s repurchase agreements by counterparty which are subject to offset under an MRA:

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		$	284,375		$	(284,375	)		$	—		$	(284,375	)		$	—
Bank of Montreal			782,032			(782,032	)			—			(782,032	)			—
BNP Paribas			1,073,593			(1,073,593	)			—			(1,073,593	)			—
Total		$	2,140,000		$	(2,140,000	)		$	—		$	(2,140,000	)		$	—

^(a)The value of the related collateral received exceeded the value of the net position and repurchase agreements as of Sept. 30, 2018.

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

87

Notes to financial statements

Delaware Foundation^® Moderate Allocation Fund

9. Securities Lending

The 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 request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

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

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The 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. The 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, the 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 the Fund, the security lending agent, and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The 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

88

circumstances, the value of a Fund’s cash collateral account may be less than the amount the Fund would be required to return to the borrowers of the securities and the Fund would be required to make up for this shortfall.

During the six months ended Sept. 30, 2018, the Fund had no securities out on loan.

10. Credit and Market Risk

Some countries in which the 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 the 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 the Fund.

The Fund invests a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by S&P and Baa3 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.

The 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 the issuers and changes in interest rates. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations (CMOs). CMOs are debt securities issued by US government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on the Fund’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of

89

Notes to financial statements

Delaware Foundation^® Moderate Allocation Fund

10. Credit and Market Risk (continued)

principal, the Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

When interest rates rise, fixed income securities (i.e., debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund holds real estate directly as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended Sept. 30, 2018. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The 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. The Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

The Fund invests in bank loans and other securities that may subject it to direct indebtedness risk, the risk that the 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 the 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 the Fund may involve revolving credit facilities or other standby financing commitments that obligate the Fund to pay additional cash on a certain date or on demand. These commitments may require the Fund to increase its investment in a company at a time when the 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 the Fund is committed to advance additional funds, it will at all times hold and maintain cash or other high-grade debt obligations in an amount sufficient to meet such commitments. When a loan agreement is purchased the Fund may pay an assignment fee. On an ongoing basis, the 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 the Fund may be required to rely upon another lending institution to collect and pass on to the Fund amounts payable with respect to the loan and to enforce the Fund’s rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the 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 the Fund.

90

The 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 the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the 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 Fund’s 15% limit on investments in illiquid securities. Rule 144A securities held by the Fund have been identified on the “Schedule of investments.” Restricted securities are valued pursuant to the security valuation procedures described in Note 1.

11. Contractual Obligations

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

12. Recent Accounting Pronouncements

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

In August 2018, the FASB issued an Accounting Standards Update, ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. At this time, management is evaluating the implications of these changes on the financial statements.

13. Subsequent Events

On Nov. 5, 2018, the Fund, along with the other Participants, entered into an amendment to the agreement for a $190,000,000 revolving line of credit to be used as described in Note 6 and to be operated in substantially the same manner as the agreement described in Note 6. Under the amendment to the agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants on the basis of each Participant’s allocation of the entire facility. The line of credit available under the agreement expires on Nov. 4, 2019.

91

Notes to financial statements

Delaware Foundation^® Moderate Allocation Fund

13. Subsequent Events (continued)

Management has determined that no other material events or transactions occurred subsequent to Sept. 30, 2018, that would require recognition or disclosure in the Fund’s financial statements.

92

Other Fund information (Unaudited)

Delaware Foundation^® Moderate Allocation Fund

Board consideration of sub-advisory agreements for Delaware Foundation Moderate Allocation Fund at a meeting held May 16-17, 2018

At a meeting held on May 16-17, 2018, 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 Funds Management Hong Kong (“MFMHK”) for Delaware Foundation Moderate Allocation Fund (the “Fund”). MIMEL and MFMHK 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 MFMHK, including its personnel, operations, and financial condition, which had been provided by MIMEL and MFMHK, 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 MFMHK; information concerning MIMEL’s and MFMHK’s organizational structure and the experience of their key investment management personnel; copies of MIMEL’s and MFMHK’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMEL and MFMHK; 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 MFMHK each would provide as a sub-advisor to the Fund. The Trustees considered the investment process to be employed by MIMEL and MFMHK in connection with DMC’s collaboration with MIMEL and MFMHK in managing the Fund, and the qualifications and experience of MIMEL and MFMHK’s equity teams with regard to implementing the Fund’s investment mandates. The Board considered MIMEL and MFMHK’s organization, personnel, and operations. The Trustees also considered Management’s review and recommendation process with respect to MIMEL and MFMHK, and Management’s favorable assessment as to the nature, quality, and extent of the sub-advisory services expected to be provided by MIMEL and MFMHK to the Fund. 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 MFMHK, as well as MIMEL and MFMHK’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

93

Other Fund information (Unaudited)

Delaware Foundation^® Moderate Allocation Fund

Board consideration of sub-advisory agreements for Delaware Foundation Moderate Allocation Fund at a meeting held May 16-17, 2018 (continued)

traditional sub-advisors, who make the investment-related decisions with respect to the sub-advised portfolio, the relationship contemplated in this case is limited to access to the additional quantitative investment resources and related technology support of MIMGL and MFMHK.

Sub-advisory fees. The Board considered that DMC would not pay MIMEL and MFMHK fees in conjunction with the services that would be rendered to the sub-advised Fund. 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 MFMHK would provide trade execution support, but that DMC’s portfolio managers for the Fund would retain portfolio management discretion over the Fund.

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 Fund 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.

Board consideration of advisory agreement and sub-advisory agreement for Delaware Foundation Moderate Allocation Fund at a meeting held August 15-16, 2018

At a meeting held on Aug. 15-16, 2018 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory Agreement for Delaware Foundation Moderate Allocation Fund (the “Fund”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Fund performance, investment strategies and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and Sub-Advisory Agreement with Jackson Square Partners, LLC (“JSP”) included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) and JSP, as applicable, concerning, among other things, the nature, extent, and quality of services provided to the Fund; the costs of such services to the Fund; economies of scale and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2018, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s or JSP’s, as applicable, policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the

94

past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Fund policies.

In considering information relating to the approval of the Fund’s advisory and sub-advisory agreements, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, quality, and extent of services. The Board considered the services provided by DMC to the Fund and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Fund; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Fund; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (“Delaware Funds”); and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Fund matters. The Board also noted the benefits provided to Fund shareholders (a) through each shareholder’s ability to: (i) exchange an investment in one Delaware Fund for the same class of shares in another Delaware Fund without a sales charge, or (ii) to reinvest Fund dividends into additional shares of the Fund or into additional shares of other Delaware Funds, and (b) the privilege to combine holdings in other Delaware Funds to obtain a reduced sales charge. The Board was satisfied with the nature, extent and quality of the overall services provided by DMC.

Nature, quality, and extent of services. The Board considered the services provided by JSP to the Fund and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Fund; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Fund; the compliance of JSP personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of JSP and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by JSP.

Investment performance. The Board placed significant emphasis on the investment performance of the Fund in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Investment Committee meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Fund showed the investment performance of its Class A shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/

95

Other Fund information (Unaudited)

Delaware Foundation^® Moderate Allocation Fund

Board consideration of advisory agreement and sub-advisory agreement for Delaware Foundation Moderate Allocation Fund at a meeting held August 15-16, 2018 (continued)

worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Fund was shown for the past 1-, 3-, 5-, and 10-year periods, to the extent applicable, ended Jan. 31, 2018. The Board’s objective is that the Fund’s performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Fund consisted of the Fund and all retail and institutional mixed-asset target allocation moderate funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1- and 10-year periods was in the second quartile of its Performance Universe. The report further showed that the Fund’s total return for the 3-and 5-year periods was in the third quartile of its Performance Universe. The Board observed that the Fund’s performance results were mixed but tended toward median, which was acceptable.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Fund as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Fund versus effective management fees and total expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Fund’s contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Fund) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Fund’s total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Class A shares and comparative total expenses including 12b-1 and non-12b-1 service fees. The Board’s objective is for each Fund’s total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Fund showed that its actual management fee was in the quartile with the second highest expenses of its Expense Group and its total expenses were in the quartile with the second lowest expenses of its Expense Group. The Board was satisfied with the total expenses of the Fund in comparison to those of its Expense Group as shown in the Broadridge report.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Fund. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to Fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Delaware Funds and the benefits from allocation of fund brokerage to improve trading

96

efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees met with JDL personnel to discuss DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the level of profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by JSP in relation to the services being provided to the Fund and in relation to JSP’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Fund expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by JSP in connection with its relationship to the Fund, such as reputational enhancement, soft dollar arrangements or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Fund’s assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Fund’s advisory fee pricing and structure, approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2018, the Fund had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Fund increases sufficiently in size, then economies of scale may be shared.

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About the organization

Board of trustees
Shawn K. Lytle President and Chief Executive Officer Delaware Funds® by Macquarie Philadelphia, PA Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA	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	Daniel V. Geatens	Richard Salus
Senior Vice President,	Vice President and	Senior Vice President and
General Counsel,	Treasurer	Chief Financial Officer
and Secretary	Delaware Funds	Delaware Funds
Delaware Funds	by Macquarie	by Macquarie
by Macquarie	Philadelphia, PA	Philadelphia, PA
Philadelphia, PA

This semiannual report is for the information of Delaware Foundation^® Moderate Allocation Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.

The 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. The Fund’s Forms N-Q, as well as a description of the policies and procedures that the 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 Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Fund’s most recent Form N-Q are available without charge on the Fund’s website at delawarefunds.com/literature. The 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 Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

98

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.

(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.

Item 11. Controls and Procedures

The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by the report to stockholders included herein (i.e., the registrant’s second fiscal quarter) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. 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:	December 5, 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:	December 5, 2018
RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	December 5, 2018