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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:	811-08457
Exact name of registrant as specified in charter:	Delaware Group®Foundation Funds
Address of principal executive offices:	2005 Market Street
	Philadelphia, PA 19103
Name and address of agent for service:	David F. Connor, Esq.
	2005 Market Street
	Philadelphia, PA 19103
Registrant’s telephone number, including area code:	(800) 523-1918
Date of fiscal year end:	March 31
Date of reporting period:	March 31, 2020

Item 1. Reports to Stockholders

Annual report    

Multi-asset mutual fund

Delaware Strategic Allocation Fund

March 31, 2020

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Fund’s shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Fund or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by signing up at delawarefunds.com/edelivery. If you own these shares through a financial intermediary, you may contact your financial intermediary.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

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 800523-1918. 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 in the United States, Europe, Asia, and Australia. As active managers we prioritize autonomy and accountability at the investment team level in pursuit of opportunities that matter for clients. Delaware Funds is one of the longest-standing mutual fund families, with more than 80 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 Strategic 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 products 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 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, Macquarie Capital Investment Management LLC, and Macquarie Investment Management Europe S.A.

The Fund is distributed byDelaware 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
Portfolio management review	1
Performance summary	4
Disclosure of Fund expenses	9
Security type / sector allocation, top 10 equity holdings, and country allocation	11
Schedule of investments	15
Statement of assets and liabilities	48
Statement of operations	50
Statements of changes in net assets	52
Financial highlights	54
Notes to financial statements	62
Report of independent registered public accounting firm	85
Other Fund information	86
Board of trustees / directors and officers addendum	88
About the organization	98

Unless otherwise noted, views expressed herein are current as of March 31, 2020, 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.

© 2020 Macquarie Management Holdings, Inc.

Portfolio management review
Delaware Strategic Allocation Fund	April 7, 2020 (Unaudited)

Performance preview (for the year ended March 31, 2020)
Delaware Strategic Allocation Fund (Institutional Class shares)	1-year return	-9.29	%
Delaware Strategic Allocation Fund (Class A shares)	1-year return	-9.55	%
Bloomberg Barclays US Aggregate Index (benchmark)	1-year return	+8.93	%
S&P 500® Index (benchmark)	1-year return	-6.98	%
Lipper Mixed-Asset Target Allocation Moderate Funds Average	1-year return	-6.32	%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Strategic Allocation Fund, please see the table on page 4. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.

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

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

Please see page 7 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks capital appreciation with current income as a secondary objective.

Economic backdrop

The period from April 1, 2019 to March 31, 2020 was mixed from a performance perspective. Prices of most risk assets had risen quite substantially up until theCOVID-19 outbreak. Market developments in the first quarter of 2020, and particularly March 2020, led to substantially falling prices of risk assets. In the equity markets, USsmall-cap equities underperformed US large caps, US value underperformed US growth, and US real estate investment trusts (REITs) underperformed the broad US equity market. Equities declined globally across all regions, including developed and emerging markets. In the fixed income markets, performance on an aggregate basis was positive, with US fixed income securities generating higher returns thannon-US fixed income securities. The price of many commodities declined even more than equity prices during the Fund’s fiscal year. Over the

12 months ended March 31, 2020, the spot price of West Texas Intermediate (WTI, Cushing) crude oil fell by nearlytwo-thirds, and the broadly diversified Bloomberg Commodity Index dropped by more than 20%. In contrast, the spot price of gold rose by almost 25%. (Source: Bloomberg.)

Within the Fund

For the fiscal year ended March 31, 2020, Delaware Strategic Allocation Fund underperformed its benchmarks, the Bloomberg Barclays US Aggregate Index and the S&P 500 Index. The Fund’s Institutional Class shares declined 9.29%. The Fund’s Class A shares fell 9.55% at net asset value and declined 14.77% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Bloomberg Barclays US Aggregate Index gained 8.93% and the S&P 500 Index declined 6.98%. For complete, annualized performance of Delaware Strategic Allocation Fund, please see the table on page 4.

1

Portfolio management review     

Delaware Strategic Allocation Fund

The Fund’s negative return for the fiscal year ended March 31, 2020 was lower than that of the S&P 500 Index. This mainly stemmed from the fact that the Fund’s equity exposure was to a large extent allocated to international and emerging markets equities, which generally delivered lower returns than USlarge-cap equities for the12-month period. The Fund tends to hold a higher weight innon-US securities than most other asset allocation funds. Thus, when US markets are delivering higher total returns thannon-US markets, or when the US dollar is appreciating relative to other currencies, the Fund tends to struggle by comparison with its peers. Additionally, within US equities, the allocation tosmall-cap and real estate equities, which both underperformed the broad market, was unfavorable for the Fund during the12-month period.

A large portion of the Fund was invested in US fixed income securities, which had severalsub-sectors post significant gains, helping to dampen the negative effects of poor equity performance. During the fiscal year ended March 31, 2020, the Fund delivered returns that were lower than the average returns of its Lipper peer group, as shown on page 1.

Portfolio positioning

The Fund’s strategic policy weights reflect a commitment to seeking diversification across geographies and asset classes. At the beginning of April 2019, the Fund was positioned defensively relative to its strategic policy weights. In particular, the Fund was below its strategic policy weights in developed market equities – both US and international – while it held a tactical position in US real estate equities. The main overweight was in US fixed income securities. In broad terms, we maintained an underweight in US equity sectors and a tactical position in US REITs for the 12 months ended March 31, 2020. However, the extent of these active positions varied throughout

the fiscal period, along with other reallocations. At the beginning of the second quarter, we reduced the US fixed income allocation towards its strategic weight. In return, we increased the Fund’s allocation to international equities and maintained the overweight to emerging markets equities. In the third and fourth quarters of 2019, we chose to gradually reduce the active equity positions across all regions while establishing a small fixed income overweight. This changed inmid-December when we added to US equity exposure, which slightly overweighted equities overall relative to strategic policy weights. During the market selloff in March 2020 and immediately after theCOVID-19-related lockdowns in Italy, we decided to cut back equity investments to an underweight position. At the same time, we overweighted the allocation to US fixed income. We later again reduced this underweight to equities while we maintained a small underweight to equity overall.

As part of the oversight process, we periodically analyze the sources of the Fund’s active performance. Over the 12 months ended March 31, 2020, the Fund’s active positioning with respect to the strategic policy weights of different asset classes was disadvantageous to the Fund’s active performance, relative to its hypothetical returns at the strategic policy weights. Most of this underperformance occurred in the first quarter of 2020. In terms of asset allocation, the main detractor was the overweight credit and underweight duration allocation within the Fund’s fixed income sleeves. The underweight in US equities versus international and emerging markets during most of the Fund’s reporting period and the tactical addition of US REITs also detracted from active performance. In contrast, active positions in international equities, especially the underweight in March 2020, added to performance. In March 2020, the increased underweight of US equities likewise contributed to performance.

2

We periodically examine the contribution of derivatives to the Fund’s performance. Based on the available information, during the 12 months ended March 31, 2020, the Fund’s combination of futures, options, swaps, and currency positions had only a limited impact on performance. This limited impact detracted from the Fund’s performance for the fiscal year. As the Fund’s fiscal year ended, we sought to continue to deliver the potential benefits of diversification while actively managing risk. With these two

principles in mind, the Fund seeks to deliver returns that are derived from tactical asset allocation decisions as well as from active management of individual asset classes and investment styles. We manage the Fund based on the assumption that investors should keep a global perspective when evaluating potential investment opportunities, and therefore continue to include investment possibilities around the globe within the Fund.

3

Performance summary

Delaware Strategic Allocation Fund March 31, 2020 (Unaudited)

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800523-1918 or visiting delawarefunds.com/performance.

Fund and benchmark performance1,2	Average annual total returns through March 31, 2020
	1 year			5 year			10 year			Lifetime
Class A (Est. Dec. 31, 1997)
Excluding sales charge		-9.55	%		+1.06	%		+4.36	%		+4.24%
Including sales charge		-14.77	%		-0.13	%		+3.74	%		+3.97%
Class C (Est. Dec. 31, 1997)
Excluding sales charge		-10.19	%		+0.29	%		+3.56	%		+3.47%
Including sales charge		-11.03	%		+0.29	%		+3.56	%		+3.47%
Class R (Est. June 2, 2003)
Excluding sales charge		-9.74	%*		+0.79	%		+4.08	%		+4.88%
Including sales charge		-9.74	%*		+0.79	%		+4.08	%		+4.88%
Institutional Class (Est. Dec. 31, 1997)
Excluding sales charge		-9.29	%		+1.30	%		+4.61	%		+4.50%
Including sales charge		-9.29	%		+1.30	%		+4.61	%		+4.50%
Bloomberg Barclays US Aggregate Index		+8.93	%		+3.36	%		+3.88	%		+5.01%**
S&P 500 Index		-6.98	%		+6.73	%		+10.53	%		+6.50%**

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

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

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

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 6. Performance would have been lower had expense limitations not been in effect.

Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service(12b-1) fee.

Class A shares are sold with a maximumfront-end sales charge of 5.75%, and have an annual12b-1 fee of 0.24% of average daily net assets. In connection with the merger with Delaware Balanced Fund, the Board has adopted a formula for calculating12b-1 plan fees for the Fund’s Class A shares. The Fund’s Class A shares are currently subject to a blended12b-1 fee equal to

4

the sum of: (i) 0.10% of average daily net assets representing shares acquired prior to June 1, 1992, and (ii) 0.25% of average daily net assets representing shares acquired on or after June 1, 1992. All Class A shares currently bear12b-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 A12b-1 fees may be discontinued at the sole discretion of the Board. Performance for Class A shares, excluding sales charges, assumes that nofront-end sales charge applied.

Class C shares are sold with a contingent deferred sales charge of 1.00% if redeemed during the first 12 months. They are also subject to an annual12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that contingent deferred sales charges did not apply or that the investment was not redeemed.

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual12b-1 fee of 0.50% of average daily net assets.

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

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

High yielding,non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop

buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult for the Fund to obtain precise valuations of the high yield securities in its portfolio.

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

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

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

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

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

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

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

5

Performance summary

Delaware Strategic Allocation Fund

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

LIBOR risk is the risk that potential changes related to the use of the London interbank offered rate (LIBOR) could have adverse impacts on financial instruments which reference LIBOR. The potential abandonment of LIBOR could affect the value and liquidity of instruments which reference LIBOR.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.

²The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total annual fund operating expenses (excluding any12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale and 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 (collectively, nonroutine expenses)) from exceeding 0.90% of the Fund’s average daily net assets from April 1, 2019 to March 31, 2020.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Fund expense ratios	Class A	Class C	Class R	Institutional Class
Total annual operating expenses	1.20%	1.96%	1.46%	0.96%
(without fee waivers)
Net expenses	1.14%	1.90%	1.40%	0.90%
(including fee waivers, if any)
Type of waiver	Contractual	Contractual	Contractual	Contractual

*The aggregate contractual waiver period covering this report is from July 27, 2018 through July 29, 2020.

6

Performance of a $10,000 investment¹

Average annual total returns from March 31, 2010 through March 31, 2020

For period beginning March 31, 2010 through March 31, 2020	Starting value		Ending value
S&P 500 Index		$10,000		$27,211
Delaware Strategic Allocation Fund — Institutional Class shares		$10,000		$15,693
Bloomberg Barclays US Aggregate Index		$10,000		$14,638
Delaware Strategic Allocation Fund — Class A shares		$9,425		$14,437

¹ The “Performance of a $10,000 investment” graph assumes $10,000 invested in Institutional Class and Class A shares of the Fund on March 31, 2010, and includes the effect of a 5.75%front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 6. Please note additional details on pages 4 through 8.

The graph also assumes $10,000 invested in the Bloomberg Barclays US Aggregate Index and the S&P 500 Index as of March 31, 2010.

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

The Bloomberg Barclays US Aggregate Index is a broad composite that tracks the investment grade domestic bond market.

The Bloomberg Commodity Index, mentioned on page 1, is a highly liquid and diversified benchmark commodity price index. The index comprises 23 exchange-traded futures on physical commodities, representing 21 commodities that are weighted to account for economic significance and market liquidity.

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

7

Performance summary

Delaware Strategic Allocation Fund

Performance of other Fund classes will vary due to

different charges and expenses.

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

8

Disclosure of Fund expenses

For thesix-month period from October 1, 2019 to March 31, 2020 (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 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 entiresix-month period from Oct. 1, 2019 to March 31, 2020.

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 and assume reinvestment of all dividends and distributions.

9

Disclosure of Fund expenses

For thesix-month period from October 1, 2019 to March 31, 2020 (Unaudited)

Delaware Strategic Allocation Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 10/1/19		Ending Account Value 3/31/20		Annualized Expense Ratio			Expenses Paid During Period 10/1/19 to 3/31/20*
Actual Fund return†
Class A		$1,000.00		$885.20		1.12	%		$5.28
Class C		1,000.00		881.50		1.88	%		8.84
Class R		1,000.00		883.60		1.38	%		6.50
Institutional Class		1,000.00		886.60		0.88	%		4.15
Hypothetical 5% return(5% return before expenses)
Class A		$1,000.00		$1,019.40		1.12	%		$5.65
Class C		1,000.00		1,015.60		1.88	%		9.47
Class R		1,000.00		1,018.10		1.38	%		6.96
Institutional Class		1,000.00		1,020.60		0.88	%		4.45

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

†Because actual returns reflect only the most recentsix-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.

10

Security type / sector allocation, top 10

equity holdings, and country allocation

Delaware Strategic Allocation Fund As of March 31, 2020 (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		51.63	%
US Markets		25.29	%
Communication Services		2.39	%
Consumer Discretionary		2.03	%
Consumer Staples		1.06	%
Energy		0.51	%
Financials		3.14	%
Healthcare		4.45	%
Industrials		2.20	%
Information Technology		5.22	%
Materials		1.04	%
Real Estate		2.69	%
Utilities		0.56	%
Developed Markets		18.70	%
Communication Services		1.02	%
Consumer Discretionary		1.80	%
Consumer Staples		3.07	%
Energy		0.61	%
Financials		2.65	%
Healthcare		3.30	%
Industrials		2.70	%
Information Technology		1.24	%
Materials		1.35	%
Real Estate		0.53	%
Utilities		0.43	%
Emerging Markets		7.64	%
Communication Services		1.82	%
Consumer Discretionary		1.17	%
Consumer Staples		0.69	%
Energy		1.13	%
Financials		0.52	%
Healthcare		0.12	%
Industrials		0.00	%
Information Technology		1.97	%
Materials		0.17	%
Real Estate		0.03	%
Utilities		0.02	%
Exchange-Traded Funds		5.38	%

11

Security type / sector allocation, top 10

equity holdings, and country allocation

Delaware Strategic Allocation Fund

Security type / sector	Percentage of net assets
Limited Partnership		0.01	%
Agency Asset-Backed Security		0.00	%
Agency Collateralized Mortgage Obligations		1.82	%
Agency Commercial Mortgage-Backed Securities		0.51	%
Agency Mortgage-Backed Securities		14.27	%
Collateralized Debt Obligations		0.61	%
Corporate Bonds		14.37	%
Banking		4.29	%
Basic Industry		0.81	%
Capital Goods		0.52	%
Communications.		2.01	%
Consumer Cyclical		0.42	%
ConsumerNon-Cyclical		1.14	%
Energy		1.06	%
Financials		0.46	%
Insurance		0.42	%
Real Estate		0.55	%
Technology		0.83	%
Transportation		0.08	%
Utilities		1.78	%
Loan Agreements		0.90	%
Municipal Bonds		0.46	%
Non-Agency Asset-Backed Securities		1.88	%
Non-Agency Collateralized Mortgage Obligations		1.42	%
Non-Agency Commercial Mortgage-Backed Securities		2.95	%
Sovereign Bond		0.01	%
Preferred Stock		0.55	%
Short-Term Investments		4.88	%
Total Value of Securities		101.65	%
Liabilities Net of Receivables and Other Assets		(1.65	%)
Total Net Assets		100.00	%

12

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 equity holdings	Percentage of net assets
Microsoft		0.95	%
Reliance Industries GDR		0.66	%
Tencent Holdings		0.59	%
Samsung Electronics		0.58	%
Amazon.com		0.57	%
Alibaba Group Holding ADR		0.57	%
Roche Holding		0.56	%
Nestle		0.55	%
Taiwan Semiconductor Manufacturing		0.53	%
Alphabet Class A		0.50	%
*Country / market	Percentage of net assets
US Markets		66.98	%
Developed Markets		21.59	%
Australia		1.70	%
Austria		0.11	%
Belgium		0.12	%
Canada		0.10	%
Cayman Islands		0.85	%
Denmark		0.51	%
Finland		0.18	%
France		2.42	%
Germany		1.38	%
Hong Kong		0.16	%
Ireland		0.27	%
Israel		0.32	%
Italy		0.23	%
Japan		5.56	%
Netherlands		1.24	%
Portugal		0.12	%
Singapore		0.51	%
Spain		0.73	%
Sweden		0.45	%
Switzerland		2.34	%
United Kingdom		2.29	%

13

Security type / sector allocation, top 10

equity holdings, and country allocation

Delaware Strategic Allocation Fund

*Country / market	Percentage of net assets
Emerging Markets		8.20	%
Argentina		0.05	%
Brazil		0.67	%
Chile		0.06	%
China		2.68	%
Colombia		0.02	%
India		0.84	%
Indonesia		0.13	%
Malaysia		0.01	%
Mexico		0.48	%
Morocco		0.09	%
Peru		0.04	%
Republic of Korea		1.61	%
Russia		0.48	%
Taiwan		0.90	%
Turkey		0.14	%
Total		96.77	%

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

14

Schedule of investments

Delaware Strategic Allocation Fund March 31, 2020

		Number of shares		Value (US $)
Common Stock – 51.63%
US Markets – 25.29%
Communication Services – 2.39%
Alphabet Class A †			908	$	1,055,051
AT&T			26,139		761,952
ATN International			1,247		73,211
Century Communications =†			25,000		0
Charter Communications Class A †			947		413,186
Cinemark Holdings			2,277		23,203
Comcast Class A			20,396		701,214
Facebook Class A †			1,409		235,021
Netflix †			769		288,759
Nexstar Media Group Class A			577		33,310
Take-Two Interactive Software †			1,772		210,177
Verizon Communications			9,300		499,689
Walt Disney			7,092		685,087
Yelp †			2,688		48,465
					5,028,325
Consumer Discretionary – 2.03%
Amazon.com †			617		1,202,977
American Eagle Outfitters			6,665		52,987
Aramark			3,263		65,162
BorgWarner			2,256		54,979
Chegg †			1,972		70,558
Chuy’s Holdings †			1,645		16,565
Dollar Tree †			6,400		470,208
Domino’s Pizza			807		261,524
DR Horton	��		1,550		52,700
Five Below †			909		63,975
Home Depot			2,052		383,129
Jack in the Box			681		23,869
KB Home			1,804		32,652
Lowe’s			5,600		481,880
Malibu Boats Class A †			2,051		59,048
NIKE Class B			3,983		329,553
Starbucks			3,221		211,749
Steven Madden			3,790		88,042
Taylor Morrison Home †			3,192		35,112
Tenneco Class A †			1,245		4,482
Texas Roadhouse			696		28,745
Toll Brothers			2,972		57,211
Tractor Supply			1,924		162,674
Wendy’s			4,195		62,422
					4,272,203

15

Schedule of investments

Delaware Strategic Allocation Fund

	Number of shares		Value (US $)
Common Stock(continued)
US Markets(continued)
Consumer Staples – 1.06%
Archer-Daniels-Midland		14,600	$	513,628
BJ’s Wholesale Club Holdings †		1,739		44,292
Casey’s General Stores		1,067		141,367
Conagra Brands		17,498		513,391
General Mills		3,396		179,207
J&J Snack Foods		677		81,917
Mondelez International Class A		10,273		514,472
PepsiCo		1,947		233,835
				2,222,109
Energy – 0.51%
Chevron		2,651		192,091
ConocoPhillips		16,335		503,118
EOG Resources		771		27,694
Marathon Oil		31,807		104,645
Occidental Petroleum		17,700		204,966
Patterson-UTI Energy		3,762		8,841
PDC Energy †		270		1,677
Pioneer Natural Resources		537		37,671
				1,080,703
Financials – 3.14%
Allstate		5,500		504,515
American Equity Investment Life Holding		4,646		87,345
American International Group		15,400		373,450
Axis Capital Holdings		1,789		69,145
Bank of New York Mellon		15,100		508,568
BlackRock		409		179,948
Bryn Mawr Bank		1,543		43,790
Capital One Financial		2,167		109,260
CenterState Bank		5,384		92,766
Charles Schwab		7,121		239,408
City Holding		983		65,399
CME Group		2,246		388,356
Comerica		1,461		42,866
East West Bancorp		2,989		76,937
Essent Group		4,068		107,151
First Bancorp (North Carolina)		2,206		50,914
First Financial Bancorp		5,239		78,113
First Interstate BancSystem Class A		2,358		68,005
Great Western Bancorp		3,878		79,421
Hamilton Lane Class A		1,171		64,768
Independent Bank		1,299		83,617

16

	Number of shares		Value (US $)
Common Stock(continued)
US Markets(continued)
Financials(continued)
Independent Bank Group		2,141	$	50,699
Intercontinental Exchange		1,699		137,194
JPMorgan Chase & Co.		5,032		453,031
Kemper		560		41,647
KeyCorp		10,216		105,940
KKR & Co. Class A		12,371		290,347
LendingTree †		154		28,242
Marsh & McLennan		5,700		492,822
MGIC Investment		5,677		36,049
NMI Holdings Class A †		1,528		17,740
Old National Bancorp		6,413		84,587
Pacific Premier Bancorp		1,139		21,459
Primerica		321		28,402
Prudential Financial		1,544		80,504
Raymond James Financial		1,793		113,318
Reinsurance Group of America		961		80,859
RLI		178		15,652
Selective Insurance Group		1,729		85,931
State Street		1,827		97,324
Stifel Financial		2,432		100,393
Travelers		1,026		101,933
Truist Financial		13,800		425,592
Umpqua Holdings		5,064		55,198
United Community Banks		3,195		58,500
US Bancorp		3,436		118,370
Valley National Bancorp		6,776		49,533
WesBanco		2,805		66,479
WSFS Financial		1,676		41,766
				6,593,253
Healthcare – 4.45%
Abbott Laboratories		9,356		738,282
Adamas Pharmaceuticals †		2,801		8,095
Agios Pharmaceuticals †		1,923		68,228
Becton Dickinson and Co.		875		201,049
Brookdale Senior Living †		28,642		89,363
Cardinal Health		11,000		527,340
ChemoCentryx †		736		29,572
Cigna		4,413		781,895
CONMED		1,377		78,861
CryoLife †		3,589		60,726
CVS Health		8,400		498,372

17

Schedule of investments

Delaware Strategic Allocation Fund

	Number of shares		Value (US $)
Common Stock(continued)
US Markets(continued)
Healthcare(continued)
DexCom †		668	$	179,872
Edwards Lifesciences †		753		142,031
Exact Sciences †		2,020		117,160
Gilead Sciences		970		72,517
Illumina †		984		268,750
Intercept Pharmaceuticals †		1,190		74,922
Intuitive Surgical †		204		101,023
IQVIA Holdings †		3,627		391,208
Johnson & Johnson		6,756		885,914
Ligand Pharmaceuticals Class B †		1,152		83,773
Merck & Co.		10,022		771,093
Merit Medical Systems †		3,173		99,156
Natera †		4,189		125,084
Neurocrine Biosciences †		1,162		100,571
NuVasive †		1,784		90,377
Pfizer		23,086		753,527
Prestige Consumer Healthcare †		3,234		118,623
PTC Therapeutics †		1,531		68,298
Quidel †		1,663		162,658
Repligen †		1,652		159,484
Retrophin †		6,152		89,758
Spectrum Pharmaceuticals †		5,663		13,195
Supernus Pharmaceuticals †		3,072		55,265
Tabula Rasa HealthCare †		2,082		108,868
Teladoc Health †		1,144		177,331
Thermo Fisher Scientific		832		235,955
Ultragenyx Pharmaceutical †		2,729		121,249
UnitedHealth Group		1,385		345,391
Vanda Pharmaceuticals †		6,084		63,030
Vertex Pharmaceuticals †		850		202,258
Wright Medical Group †		3,037		87,010
				9,347,134
Industrials – 2.20%
ABM Industries		3,041		74,079
Applied Industrial Technologies		2,207		100,904
ASGN †		1,901		67,143
Barnes Group		1,333		55,759
BrightView Holdings †		4,504		49,814
Casella Waste Systems Class A †		1,599		62,457
Caterpillar		2,853		331,062

18

	Number of shares		Value (US $)
Common Stock(continued)
US Markets(continued)
Industrials(continued)
Columbus McKinnon		2,945	$	73,625
Eaton		1,751		136,035
Emerson Electric		1,354		64,518
ESCO Technologies		1,054		80,009
Federal Signal		4,520		123,306
Gates Industrial †		3,716		27,424
Honeywell International		1,042		139,409
Hub Group Class A †		1,702		77,390
Ingersoll Rand †		873		21,650
Kadant		1,112		83,011
Lockheed Martin		520		176,254
MasTec †		1,974		64,609
Mobile Mini		2,591		67,962
MYR Group †		2,673		70,006
Northrop Grumman		1,600		484,080
Oshkosh		1,326		85,302
Parker-Hannifin		1,248		161,903
Raytheon		3,400		445,910
Rexnord		3,549		80,456
Rockwell Automation		385		58,100
Southwest Airlines		2,119		75,458
Tetra Tech		1,757		124,079
Trane Technologies		990		81,764
Uber Technologies †		8,068		225,259
Union Pacific		1,758		247,948
United Technologies		2,301		217,053
US Ecology		2,174		66,090
Waste Management		2,986		276,384
Werner Enterprises		1,577		57,182
				4,633,394
Information Technology – 5.22%
Accenture Class A		1,330		217,136
Adobe †		1,322		420,713
Anixter International †		540		47,450
Apple		3,034		771,516
Applied Materials		2,781		127,425
Arista Networks †		871		176,421
Autodesk †		1,761		274,892
Belden		1,990		71,799
Blackbaud		772		42,885
Box Class A †		486		6,823

19

Schedule of investments

Delaware Strategic Allocation Fund

	Number of shares		Value (US $)
Common Stock(continued)
US Markets(continued)
Information Technology(continued)
Broadcom		2,855	$	676,921
Brooks Automation		2,988		91,134
Cisco Systems		18,543		728,925
Coupa Software †		965		134,839
ExlService Holdings †		1,686		87,723
II-VI †		3,383		96,416
Intel		14,518		785,714
Intuit		270		62,100
J2 Global		1,808		135,329
KBR		1,952		40,367
MACOM Technology Solutions Holdings †		763		14,444
Mastercard Class A		1,334		322,241
MaxLinear †		5,132		59,890
Microsoft		12,680		1,999,763
Mimecast †		1,510		53,303
NETGEAR †		2,091		47,758
Oracle		9,800		473,634
Paylocity Holding †		435		38,419
PayPal Holdings †		3,271		313,166
Plantronics		720		7,243
PTC †		1,587		97,140
Q2 Holdings †		1,781		105,186
Rapid7 †		2,849		123,447
salesforce.com †		1,593		229,360
Semtech †		2,537		95,138
ServiceNow †		1,600		458,528
Silicon Laboratories †		1,099		93,866
SS&C Technologies Holdings		3,797		166,385
Texas Instruments		1,250		124,913
Twilio Class A †		1,596		142,826
Tyler Technologies †		832		246,738
Visa Class A		4,742		764,031
				10,973,947
Materials – 1.04%
Balchem		898		88,651
Ball		6,529		422,165
Boise Cascade		4,377		104,085
Coeur Mining †		5,866		18,830
Corteva		3,673		86,315
Dow		1,908		55,790
DuPont de Nemours		15,176		517,502

20

	Number of shares		Value (US $)
Common Stock(continued)
US Markets(continued)
Materials(continued)
Eastman Chemical		2,534	$	118,034
Ferro †		3,518		32,928
Kaiser Aluminum		1,447		100,248
Linde		496		85,808
Minerals Technologies		2,376		86,154
Neenah		2,138		92,212
Quaker Chemical		695		87,765
Reliance Steel & Aluminum		650		56,934
Westrock		5,169		146,076
Worthington Industries		3,025		79,406
				2,178,903
Real Estate – 2.69%
American Assets Trust		2,220		55,500
American Tower		1,023		222,758
Apartment Investment & Management Class A		2,376		83,516
Armada Hoffler Properties		4,536		48,535
AvalonBay Communities		1,775		261,227
Boston Properties		999		92,138
Brandywine Realty Trust		8,736		91,903
Brixmor Property Group		6,047		57,447
Camden Property Trust		1,348		106,816
Cousins Properties		2,452		71,770
Douglas Emmett		4,725		144,160
EastGroup Properties		977		102,077
Empire State Realty Trust Class A		1,250		11,200
Equity LifeStyle Properties		2,600		149,448
Equity Residential		10,371		639,994
Essex Property Trust		1,025		225,746
Extra Space Storage		1,200		114,912
Federal Realty Investment Trust		650		48,497
First Industrial Realty Trust		9,191		305,417
Highwoods Properties		2,650		93,863
Host Hotels & Resorts		8,525		94,116
JBG SMITH Properties		1,312		41,761
Kilroy Realty		1,600		101,920
Kite Realty Group Trust		5,921		56,072
Lexington Realty Trust		12,353		122,665
Macerich		1,400		7,882
Mack-Cali Realty		3,975		60,539
Mid-America Apartment Communities		1,218		125,491
National Retail Properties		2,025		65,185

21

Schedule of investments

Delaware Strategic Allocation Fund

	Number of shares		Value (US $)
Common Stock(continued)
US Markets(continued)
Real Estate(continued)
Omega Healthcare Investors		1,675	$	44,455
Pebblebrook Hotel Trust		5,675		61,801
Physicians Realty Trust		6,039		84,184
Prologis		10,881		874,506
PS Business Parks		725		98,252
Public Storage		819		162,662
Regency Centers		945		36,316
Retail Value		448		5,488
RLJ Lodging Trust		2,825		21,809
RPT Realty		10,157		61,247
Sabra Health Care REIT		200		2,184
Simon Property Group		2,161		118,552
SITE Centers		4,037		21,033
SL Green Realty		1,875		80,813
Spirit MTA REIT =†		677		0
Spirit Realty Capital		1,405		36,741
Tanger Factory Outlet Centers		2,750		13,750
Taubman Centers		675		28,269
UDR		4,200		153,468
Urban Edge Properties		1,175		10,352
Ventas		3,900		104,520
Welltower		840		38,455
				5,661,412
Utilities – 0.56%
Black Hills		1,276		81,702
Edison International		9,000		493,110
NorthWestern		2,431		145,447
PPL		4,371		107,876
South Jersey Industries		6,271		156,775
Spire		2,442		181,880
				1,166,790
Total US Markets(cost $42,942,116)				53,158,173
Developed Markets – 18.70%§
Communication Services – 1.02%
Nippon Telegraph & Telephone		22,260		532,384
NTT DOCOMO		19,300		603,571
Publicis Groupe		6,500		185,763
Telefonica		58,600		266,694
Telenet Group Holding		8,580		257,646
Toho		9,900		302,710
				2,148,768

22

	Number of shares		Value (US $)
Common Stock(continued)
Developed Markets§(continued)
Consumer Discretionary – 1.80%
Bandai Namco Holdings		5,400	$	261,918
Cie Generale des Etablissements Michelin		3,750		328,443
Honda Motor		20,000		447,529
Industria de Diseno Textil		15,500		401,662
LVMH Moet Hennessy Louis Vuitton		600		220,051
Persimmon		10,500		248,206
Sodexo		3,990		267,949
Sony		9,600		568,642
Stanley Electric		12,500		245,359
Toyota Motor		12,988		782,721
				3,772,480
Consumer Staples – 3.07%
Asahi Group Holdings		8,600		279,012
Beiersdorf		3,800		382,625
British American Tobacco		13,710		467,035
Chocoladefabriken Lindt & Spruengli		40		335,739
Coles Group		34,870		324,746
Danone		6,870		439,668
Essity Class B		11,200		343,096
Koninklijke Ahold Delhaize		15,300		356,438
L’Oreal		2,370		613,382
Matsumotokiyoshi Holdings		7,000		255,174
Nestle		11,260		1,152,659
Sundrug		9,400		301,216
Suntory Beverage & Food		10,000		377,889
Tate & Lyle		32,230		262,218
WH Group 144A #		300,000		276,903
Wm Morrison Supermarkets		130,000		284,005
				6,451,805
Energy – 0.61%
Galp Energia		21,400		244,734
Royal Dutch Shell Class A		24,370		423,397
Royal Dutch Shell Class B		21,860		366,681
TOTAL		6,700		252,448
				1,287,260
Financials – 2.65%
Allianz		2,860		487,051
Australia & New Zealand Banking Group		33,520		351,538
Aviva		75,000		246,582
Banco Bilbao Vizcaya Argentaria		100,000		309,655

23

Schedule of investments

Delaware Strategic Allocation Fund

	Number of shares		Value (US $)
Common Stock(continued)
Developed Markets§(continued)
Financials(continued)
Banco Espirito Santo Class R =†		370,000	$	0
Bank LeumiLe-Israel		63,000		347,380
Credit Suisse Group †		41,000		330,926
Dai-ichi Life Holdings		27,700		328,941
Daiwa Securities Group		80,800		312,235
DBS Group Holdings		29,600		386,225
Erste Group Bank †		12,350		226,100
Investec		59,000		109,915
Ninety One †		29,500		63,354
Nordea Bank		46,770		263,100
QBE Insurance Group		46,000		239,614
Standard Chartered		52,000		287,497
Swiss Life Holding		960		322,220
UBS Group †		35,320		323,747
UniCredit		35,900		277,744
United Overseas Bank		26,400		362,209
				5,576,033
Healthcare – 3.30%
Alfresa Holdings		20,000		372,231
Astellas Pharma		32,000		493,035
BeiGene ADR †		400		49,244
Daiichi Sankyo		7,500		515,075
GlaxoSmithKline		26,340		494,248
Koninklijke Philips		13,450		552,222
Kyowa Kirin		16,300		364,297
Novartis		11,410		941,312
Novo Nordisk Class B		11,580		691,512
Roche Holding		3,630		1,167,924
Sanofi		7,360		637,191
Smith & Nephew		20,700		364,662
Sumitomo Dainippon Pharma		22,200		288,187
				6,931,140
Industrials – 2.70%
AGC		10,400		253,422
Brenntag		8,380		304,463
Deutsche Lufthansa		17,620		164,802
East Japan Railway		5,966		451,450
Intertek Group		3,680		215,004
ITOCHU		22,786		471,548
Japan Airlines		10,400		191,125

24

	Number of shares		Value (US $)
Common Stock(continued)
Developed Markets§(continued)
Industrials(continued)
Leonardo		32,000	$	211,557
Meggitt		29,590		106,366
Safran		2,200		194,914
Schneider Electric		5,960		503,757
Siemens		4,560		381,832
Teleperformance		1,870		387,309
Vestas Wind Systems		4,750		386,487
Vinci		5,780		472,280
Volvo Class B		29,310		348,377
West Japan Railway		5,000		341,975
Wolters Kluwer		4,200		297,293
				5,683,961
Information Technology – 1.24%
ASML Holding (New York Shares)		2,660		701,216
Capgemini		4,250		355,140
Nice †		2,270		328,232
Omron		7,600		392,940
Tokyo Electron		2,700		503,209
Venture		34,400		327,697
				2,608,434
Materials – 1.35%
BlueScope Steel		43,800		229,316
Covestro 144A #		8,960		271,920
CRH		15,000		405,644
LANXESS		7,000		278,628
Rio Tinto		12,470		571,653
Shin-Etsu Chemical		4,700		461,950
South32		235,000		259,419
UPM-Kymmene		13,460		367,013
				2,845,543
Real Estate – 0.53%
Daito Trust Construction		3,400		315,736
Grand City Properties		14,660		306,884
Klepierre		12,230		233,123
Mirvac Group		204,620		259,969
				1,115,712
Utilities – 0.43%
AusNet Services		255,000		267,753
Centrica		370,000		174,341

25

Schedule of investments

Delaware Strategic Allocation Fund

	Number of shares		Value (US $)
Common Stock(continued)
Developed Markets§(continued)
Utilities(continued)
Tokyo Gas		19,200	$	452,415
				894,509
Total Developed Markets(cost $42,831,705)				39,315,645
Emerging Markets – 7.64%@
Communication Services – 1.82%
America Movil Class L ADR		7,132		84,015
Baidu ADR †		2,422		244,113
China Mobile		39,715		297,635
China Mobile ADR		3,222		121,373
Grupo Televisa ADR		18,488		107,230
LG Uplus		9,781		85,929
Mail.Ru Group GDR †		3,427		55,083
Mobile TeleSystems PJSC ADR		4,784		36,358
NAVER		592		82,308
SINA †		8,390		267,138
SK Telecom ADR		42,555		692,370
Sohu.com ADR †		9,774		60,892
Telefonica Brasil ADR		10,600		101,018
Tencent Holdings		24,900		1,230,748
Tencent Music Entertainment Group ADR †		7		70
TIM Participacoes ADR		9,082		110,437
Turkcell Iletisim Hizmetleri ADR		14,390		66,914
Weibo ADR †		1,972		65,293
Yandex Class A †		3,272		111,412
				3,820,336
Consumer Discretionary – 1.17%
Alibaba Group Holding ADR †		6,138		1,193,718
Arcos Dorados Holdings Class A		9,153		30,571
Astra International		351,200		83,498
B2W Cia Digital †		58,754		541,056
JD.com ADR †		11,936		483,408
LG Electronics		1,200		47,182
Trip.com Group ADR †		3,331		78,112
				2,457,545
Consumer Staples – 0.69%
Atacadao		18,077		71,110
BRF ADR †		28,163		81,673
China Mengniu Dairy †		49,000		168,987
Cia Cervecerias Unidas ADR		3,979		53,239
Coca-Cola Femsa ADR		5,821		234,179

26

	Number of shares		Value (US $)
Common Stock(continued)
Emerging Markets @(continued)
Consumer Staples(continued)
Fomento Economico Mexicano ADR		1,138	$	68,860
Lotte Confectionery		237		20,334
Tata Consumer Products		14,985		58,174
Tingyi Cayman Islands Holding		161,724		262,936
Tsingtao Brewery Class H		50,000		252,736
Uni-President China Holdings		183,600		177,448
				1,449,676
Energy – 1.13%
China Petroleum & Chemical Class H		276,200		134,953
CNOOC ADR		1,297		134,201
Gazprom PJSC ADR		56,767		257,423
LUKOIL PJSC ADR		2,508		148,373
Petroleo Brasileiro ADR		14,735		81,043
Reliance Industries GDR 144A #		45,543		1,394,868
Rosneft Oil PJSC GDR		53,962		217,206
				2,368,067
Financials – 0.52%
Akbank T.A.S. †		73,761		61,936
Banco Bradesco ADR		22,725		92,263
Banco Santander Brasil ADR		12,715		65,737
Banco Santander Mexico ADR		33,819		109,574
Grupo Financiero Banorte Class O		16,520		45,265
Itau Unibanco Holding ADR		29,636		133,066
Ping An Insurance Group Co. of China Class H		35,000		341,819
Samsung Life Insurance		2,218		77,625
Sberbank of Russia PJSC		68,513		163,309
				1,090,594
Healthcare – 0.12%
Dr Reddy’s Laboratories		4,481		182,433
Genscript Biotech †		40,000		64,025
				246,458
Industrials – 0.00%
Latam Airlines Group ADR		3,308		8,766
				8,766
Information Technology – 1.97%
Hon Hai Precision Industry		150,582		346,680
MediaTek		41,000		440,062
Samsung Electronics		31,501		1,224,807
SK Hynix		13,902		939,832
Taiwan Semiconductor Manufacturing		123,069		1,107,906

27

Schedule of investments

Delaware Strategic Allocation Fund

	Number of shares		Value (US $)
Common Stock(continued)
Emerging Markets @(continued)
Information Technology(continued)
WNS Holdings ADR †		1,998	$	85,874
				4,145,161
Materials – 0.17%
Cemex ADR		13,862		29,387
Cia de Minas Buenaventura ADR		12,628		92,058
Sociedad Quimica y Minera de Chile ADR		3,027		68,259
Tata Chemicals		13,145		38,561
Vale ADR †		16,001		132,648
				360,913
Real Estate – 0.03%
Etalon Group GDR 144A #		20,100		25,929
IRSA Inversiones y Representaciones ADR †		4,584		15,952
IRSA Propiedades Comerciales ADR		192		1,348
UEM Sunrise †		127,619		11,594
				54,823
Utilities – 0.02%
Kunlun Energy		86,000		49,700
				49,700
Total Emerging Markets(cost $14,834,472)				16,052,039
Total Common Stock(cost $100,608,293)				108,525,857
Exchange-Traded Funds – 5.38%
iShares MSCI EAFE ETF		3,770		201,544
iShares Russell 1000 Growth ETF		51,490		7,756,969
Vanguard FTSE Developed Markets ETF		930		31,006
Vanguard Mega Cap Growth ETF		13,080		1,662,206
Vanguard Russell 1000 Growth ETF		10,720		1,658,170
Total Exchange-Traded Funds(cost $9,617,552)				11,309,895
Limited Partnership – 0.01%
Brookfield Property Partners		3,983		32,103
Total Limited Partnership(cost $77,030)				32,103

28

	Principal amount°		Value (US $)
Agency Asset-Backed Security – 0.00%
Fannie Mae REMIC Trust Series2002-W11 AV1 1.967% (LIBOR01M + 0.34%, Floor 0.17%) 11/25/32●		1,815	$	1,778
Total Agency Asset-Backed Security(cost $1,816)				1,778
Agency Collateralized Mortgage Obligations – 1.82%
Fannie Mae REMICs
Series2013-4 PL 2.00% 2/25/43		26,000		26,975
Series2013-44 DI 3.00% 5/25/33S		550,379		53,511
Series2013-71 ZA 3.50% 7/25/43		107,615		115,757
Series2015-89 EZ 3.00% 12/25/45		97,923		99,340
Series2016-61 ML 3.00% 9/25/46		21,000		22,998
Series2016-80 JZ 3.00% 11/25/46		53,174		56,491
Series2016-101 ZP 3.50% 1/25/47		36,969		42,585
Series2017-40 GZ 3.50% 5/25/47		167,204		187,804
Series2017-67 BZ 3.00% 9/25/47		6,483		7,047
Series2017-94 CZ 3.50% 11/25/47		189,335		212,214
Series2017-99 DZ 3.50% 12/25/47		118,261		133,094
Freddie Mac REMICs
Series 4015 MY 3.50% 3/15/42		30,000		33,102
Series 4197 LZ 4.00% 4/15/43		217,490		244,203
Series 4210 Z 3.00% 5/15/43		92,536		91,989
Series 4487 ZC 3.50% 6/15/45		875,029		1,005,229
Series 4531 PZ 3.50% 11/15/45		180,345		195,767
Series 4625 PZ 3.00% 6/15/46		1,108		1,193
Series 4629 KB 3.00% 11/15/46		390,000		424,739
Series 4657 JZ 3.50% 2/15/47		5,569		6,392
GNMA
Series2013-113 LY 3.00% 5/20/43		450,000		489,184
Series2016-160 VZ 2.50% 11/20/46		58,688		59,492
Series2017-10 KZ 3.00% 1/20/47		1,100		1,112
Series2017-19 AY 3.00% 2/20/47		15,000		16,699
Series2017-36 ZC 3.00% 3/20/47		66,737		72,231
Series2017-52 LE 3.00% 1/16/47		188,000		211,393
Series2017-56 GZ 3.50% 4/20/47		4,429		5,233
Series2017-56 JZ 3.00% 4/20/47		6,548		7,167
Series2018-34 TY 3.50% 3/20/48		10,000		10,878
Total Agency Collateralized Mortgage Obligations(cost $3,438,166)				3,833,819
Agency Commercial Mortgage-Backed Securities – 0.51%
FREMF Mortgage Trust
Series2011-K11 B 144A 4.418% 12/25/48 #●		500,000		500,046
Series2011-K15 B 144A 4.961% 8/25/44 #●		20,000		19,951

29

Schedule of investments

Delaware Strategic Allocation Fund

	Principal amount°		Value (US $)
Agency Commercial Mortgage-Backed Securities(continued)
FREMF Mortgage Trust
Series2012-K22 B 144A 3.687% 8/25/45 #●		145,000	$	143,601
Series 2013-K713 B 144A 3.492% 4/25/46 #●		9,230		9,208
Series 2013-K713 C 144A 3.492% 4/25/46 #●		210,000		209,494
Series 2014-K717 B 144A 3.63% 11/25/47 #●		140,000		139,029
Series 2014-K717 C 144A 3.63% 11/25/47 #●		60,000		59,713
Total Agency Commercial Mortgage-Backed Securities(cost $1,118,195)				1,081,042
Agency Mortgage-Backed Securities – 14.27%
Fannie Mae S.F. 30 yr
3.00% 12/1/46		1,301,441		1,373,065
3.00% 9/1/47		825,323		869,646
3.00% 4/1/48		103,950		109,012
3.00% 11/1/48		96,635		101,909
3.00% 10/1/49		351,199		368,275
3.00% 11/1/49		228,718		239,774
3.00% 12/1/49		181,720		191,227
3.00% 1/1/50		1,980,615		2,076,274
3.50% 11/1/48		136,742		144,754
3.50% 6/1/49		327,644		346,357
3.50% 11/1/49		679,192		717,532
3.50% 12/1/49		936,729		1,000,439
3.50% 2/1/50		1,584,638		1,674,597
3.50% 3/1/50		42,930		45,776
4.00% 4/1/48		354,991		380,716
4.00% 10/1/48		669,883		728,718
4.50% 4/1/44		65,184		72,231
4.50% 2/1/46		428,524		469,373
4.50% 5/1/46		33,502		36,680
4.50% 11/1/47		39,962		43,778
4.50% 4/1/48		74,388		81,448
4.50% 9/1/48		1,537,327		1,667,093
4.50% 1/1/49		297,346		325,609
4.50% 11/1/49		758,211		815,267
5.00% 7/1/47		1,149,700		1,275,412
5.00% 9/1/48		404,955		437,079
5.00% 8/1/49		2,011,802		2,229,896
5.50% 2/1/34		39,499		45,098
5.50% 9/1/34		54,542		61,200
5.50% 5/1/44		3,438,891		3,893,363
6.00% 10/1/38		695,186		799,721
6.00% 6/1/41		54,454		62,676
6.00% 7/1/41		2,006,423		2,308,816

30

	Principal amount°		Value (US $)
Agency Mortgage-Backed Securities(continued)
Fannie Mae S.F. 30 yr 6.00% 1/1/42		44,457	$	51,136
Fannie Mae S.F. 30 yr TBA
4.00% 4/1/50		279,000		297,892
5.00% 4/1/50		1,620,000		1,749,284
Freddie Mac ARM 2.599% (LIBOR12M + 1.63%, Cap 7.60%, Floor 1.63%) 10/1/46●		96,702		98,344
Freddie Mac S.F. 30 yr
3.00% 11/1/49		182,635		191,515
3.00% 12/1/49		52,632		55,207
3.00% 1/1/50		91,478		96,179
4.00% 10/1/47		354,483		381,737
4.50% 8/1/48		663,125		717,670
5.00% 7/1/45		187,324		207,759
5.50% 6/1/35		31,057		35,110
5.50% 7/1/37		46,473		52,665
5.50% 8/1/37		40,111		45,344
5.50% 10/1/37		39,682		44,967
5.50% 6/1/41		773,280		876,650
5.50% 9/1/41		44,448		50,397
GNMA II S.F. 30 yr
5.50% 5/20/37		16,996		19,242
6.50% 6/20/39		29,101		34,022
Total Agency Mortgage-Backed Securities(cost $29,311,090)				29,997,931
Collateralized Debt Obligations – 0.61%
Apex Credit CLO Series2017-1A A1 144A 3.271% (LIBOR03M + 1.47%, Floor 1.47%) 4/24/29 #●		255,000		242,949
Galaxy XXI CLO Series2015-21A AR 144A 2.839% (LIBOR03M + 1.02%) 4/20/31 #●		600,000		559,338
Mariner CLO 5 Series2018-5A A 144A 2.904% (LIBOR03M + 1.11%, Floor 1.11%) 4/25/31 #●		250,000		234,461
Northwoods Capital XV Series2017-15A A 144A 2.416% (LIBOR03M + 1.30%) 6/20/29 #●		250,000		238,821
Total Collateralized Debt Obligations(cost $1,355,000)				1,275,569

31

Schedule of investments

Delaware Strategic Allocation Fund

	Principal amount°		Value (US $)
Corporate Bonds – 14.37%
Banking – 4.29%
Banco Santander 2.706% 6/27/24		200,000	$	198,464
Bank of America
2.496% 2/13/31 µ		60,000		57,790
3.458% 3/15/25 µ		215,000		222,070
4.083% 3/20/51 µ		70,000		79,678
BBVA USA 3.875% 4/10/25		250,000		237,102
Citizens Bank 3.70% 3/29/23		250,000		256,400
Citizens Financial Group
2.85% 7/27/26		345,000		337,266
4.30% 12/3/25		160,000		167,824
Credit Suisse Group
144A 5.10%#µy		200,000		154,750
144A 6.25%#µy		200,000		185,722
Fifth Third Bancorp
2.375% 1/28/25		70,000		68,315
3.65% 1/25/24		55,000		57,304
Fifth Third Bank 3.85% 3/15/26		200,000		211,207
Goldman Sachs Group
2.60% 2/7/30		70,000		66,023
3.50% 4/1/25		40,000		40,635
6.00% 6/15/20		570,000		573,453
Huntington Bancshares 2.30% 1/14/22		115,000		114,049
Huntington National Bank 3.125% 4/1/22		305,000		309,267
JPMorgan Chase & Co.
3.702% 5/6/30 µ		565,000		608,013
4.023% 12/5/24 µ		75,000		79,583
4.60%µy		85,000		74,498
5.00%µy		120,000		112,583
KeyBank 3.40% 5/20/26		500,000		522,114
Manufacturers & Traders Trust 2.50% 5/18/22		250,000		242,134
Morgan Stanley
2.75% 5/19/22		200,000		202,286
2.954% (LIBOR03M + 1.22%) 5/8/24●		650,000		623,591
3.622% 4/1/31 µ		65,000		67,790
5.00% 11/24/25		30,000		33,219
5.597% 3/24/51 µ		75,000		106,385
PNC Bank 2.70% 11/1/22		250,000		253,489
PNC Financial Services Group 2.60% 7/23/26		175,000		177,150

32

	Principal amount°		Value (US $)
Corporate Bonds(continued)
Banking(continued)
Regions Financial
2.75% 8/14/22		80,000	$	79,205
3.80% 8/14/23		80,000		81,142
Santander UK 144A 5.00% 11/7/23 #		90,000		90,827
State Street 3.30% 12/16/24		260,000		273,926
Truist Bank
2.25% 6/1/20		780,000		778,579
2.45% 8/1/22		85,000		85,286
2.636% 9/17/29 µ		73,000		70,017
3.00% 2/2/23		70,000		71,941
3.30% 5/15/26		200,000		205,627
Truist Financial 2.70% 1/27/22		105,000		105,654
US Bancorp
3.00% 7/30/29		30,000		29,993
3.10% 4/27/26		330,000		334,969
3.15% 4/27/27		30,000		31,234
USB Capital IX 3.50% (LIBOR03M + 1.02%)y●		175,000		130,680
Woori Bank 144A 4.75% 4/30/24 #		200,000		213,069
				9,022,303
Basic Industry – 0.81%
BHP Billiton Finance USA 144A 6.25% 10/19/75 #µ		200,000		196,619
Cydsa 144A 6.25% 10/4/27 #		200,000		149,709
Georgia-Pacific 8.00% 1/15/24		355,000		431,188
Newmont
2.25% 10/1/30		50,000		46,365
2.80% 10/1/29		140,000		134,219
OCP 144A 4.50% 10/22/25 #		200,000		189,766
Orbia Advance 144A 5.50% 1/15/48 #		200,000		175,463
Petkim Petrokimya Holding 144A 5.875% 1/26/23 #		200,000		166,904
Syngenta Finance 144A 3.933% 4/23/21 #		225,000		212,088
				1,702,321
Capital Goods – 0.52%
Carrier Global
144A 2.242% 2/15/25 #		45,000		44,097
144A 2.493% 2/15/27 #		55,000		52,753
144A 2.722% 2/15/30 #		32,000		29,631
General Electric
2.70% 10/9/22		40,000		39,396
5.55% 5/4/20		115,000		115,297
L3Harris Technologies 144A 4.40% 6/15/28 #		255,000		276,425
Otis Worldwide 144A 2.056% 4/5/25 #		60,000		58,859

33

Schedule of investments

Delaware Strategic Allocation Fund

	Principal amount°		Value (US $)
Corporate Bonds(continued)
Capital Goods(continued)
Otis Worldwide
144A 2.565% 2/15/30 #		105,000	$	102,357
144A 3.112% 2/15/40 #		60,000		57,499
144A 3.362% 2/15/50 #		40,000		39,444
Roper Technologies
2.35% 9/15/24		60,000		58,443
2.95% 9/15/29		65,000		64,985
United Technologies 3.65% 8/16/23		50,000		52,669
Waste Connections 2.60% 2/1/30		110,000		103,203
				1,095,058
Communications – 2.01%
AT&T
4.30% 2/15/30		60,000		64,707
4.35% 3/1/29		120,000		129,308
4.50% 3/9/48		35,000		38,169
4.90% 8/15/37		10,000		11,263
Charter Communications Operating
4.50% 2/1/24		145,000		149,706
5.05% 3/30/29		250,000		271,969
Comcast
3.20% 7/15/36		60,000		63,579
3.70% 4/15/24		550,000		591,409
Discovery Communications
4.125% 5/15/29		85,000		82,566
5.20% 9/20/47		55,000		56,460
Fox
144A 4.03% 1/25/24 #		295,000		307,074
144A 4.709% 1/25/29 #		20,000		21,987
GTP Acquisition Partners I 144A 2.35% 6/15/20 #		200,000		202,317
Sprint Spectrum 144A 4.738% 3/20/25 #		220,000		226,324
Telefonica Emisiones 5.134% 4/27/20		350,000		350,587
Time Warner Entertainment 8.375% 3/15/23		575,000		632,041
Verizon Communications
3.15% 3/22/30		35,000		37,717
4.00% 3/22/50		20,000		23,845
4.50% 8/10/33		540,000		651,384
ViacomCBS
4.375% 3/15/43		240,000		213,963
4.95% 1/15/31		55,000		54,556
Vodafone Group 4.875% 6/19/49		35,000		39,139
				4,220,070

34

	Principal amount°		Value (US $)
Corporate Bonds(continued)
Consumer Cyclical – 0.42%
Dollar Tree 3.70% 5/15/23		240,000	$	244,134
General Motors 5.00% 10/1/28		4,000		3,514
General Motors Financial
3.45% 4/10/22		440,000		406,694
5.25% 3/1/26		11,000		9,728
Home Depot
2.70% 4/15/30		55,000		56,125
3.35% 4/15/50		45,000		49,072
TJX
3.875% 4/15/30		65,000		67,395
4.50% 4/15/50		35,000		37,670
				874,332
Consumer Non-Cyclical – 1.14%
AbbVie 144A 2.95% 11/21/26 #		190,000		194,038
Amgen
2.20% 2/21/27		40,000		39,984
2.45% 2/21/30		115,000		114,856
Anheuser-Busch InBev Worldwide 4.15% 1/23/25		110,000		118,859
Bristol-Myers Squibb 144A 2.90% 7/26/24 #		330,000		350,428
Cigna
2.40% 3/15/30		45,000		42,847
2.721% (LIBOR03M + 0.89%) 7/15/23●		260,000		241,902
3.20% 3/15/40		45,000		41,660
3.75% 7/15/23		70,000		72,180
4.125% 11/15/25		107,000		114,768
CVS Health
3.70% 3/9/23		320,000		333,522
3.75% 4/1/30		55,000		57,024
4.10% 3/25/25		20,000		21,085
Global Payments
2.65% 2/15/25		120,000		119,189
3.20% 8/15/29		150,000		147,423
New York and Presbyterian Hospital 4.063% 8/1/56		140,000		168,067
Takeda Pharmaceutical 4.40% 11/26/23		210,000		221,423
				2,399,255
Energy – 1.06%
Ecopetrol 5.875% 9/18/23		35,000		34,519
Energy Transfer Operating
5.25% 4/15/29		80,000		67,883
7.125%µy		135,000		81,416
Enterprise Products Operating 3.70% 1/31/51		25,000		22,605

35

Schedule of investments

Delaware Strategic Allocation Fund

	Principal amount°		Value (US $)
Corporate Bonds(continued)
Energy(continued)
Marathon Oil
2.80% 11/1/22		160,000	$	122,623
4.40% 7/15/27		65,000		43,483
MPLX
4.00% 3/15/28		35,000		31,178
4.125% 3/1/27		160,000		136,761
Noble Energy
3.25% 10/15/29		75,000		44,100
3.90% 11/15/24		295,000		243,797
Occidental Petroleum 2.90% 8/15/24		115,000		62,791
ONEOK 7.50% 9/1/23		330,000		329,018
Petrobras Global Finance 144A 5.093% 1/15/30 #		41,000		37,566
Sabine Pass Liquefaction
5.625% 3/1/25		180,000		165,524
5.75% 5/15/24		334,000		314,034
Schlumberger Holdings
144A 3.75% 5/1/24 #		95,000		90,076
144A 4.30% 5/1/29 #		190,000		185,061
Tecpetrol 144A 4.875% 12/12/22 #		40,000		31,943
Tennessee Gas Pipeline 144A 2.90% 3/1/30 #		165,000		140,418
Transcanada Trust 5.50% 9/15/79 µ		70,000		53,672
				2,238,468
Financials – 0.46%
AerCap Ireland Capital 3.65% 7/21/27		200,000		155,330
Air Lease 3.00% 2/1/30		130,000		94,559
Aviation Capital Group 144A 6.75% 4/6/21 #		60,000		59,490
Charles Schwab
3.20% 1/25/28		50,000		50,761
3.25% 5/21/21		85,000		85,653
3.85% 5/21/25		90,000		95,721
International Lease Finance 8.625% 1/15/22		150,000		145,596
Jefferies Group
4.15% 1/23/30		75,000		71,975
6.45% 6/8/27		80,000		81,928
6.50% 1/20/43		65,000		54,129
Mastercard
3.30% 3/26/27		35,000		38,091
3.85% 3/26/50		25,000		30,658
				963,891
Insurance – 0.42%
Berkshire Hathaway Finance 2.90% 10/15/20		220,000		221,317

36

	Principal amount°		Value (US $)
Corporate Bonds(continued)
Insurance(continued)
MetLife
5.25%µy		60,000	$	52,313
6.40% 12/15/36		110,000		115,153
144A 9.25% 4/8/38 #		400,000		500,546
				889,329
Real Estate – 0.55%
American Tower Trust #1 144A 3.07% 3/15/23 #		240,000		239,452
Corporate Office Properties
3.60% 5/15/23		135,000		132,356
5.25% 2/15/24		170,000		178,397
CubeSmart
3.00% 2/15/30		65,000		60,741
3.125% 9/1/26		115,000		114,401
Digital Realty Trust 3.60% 7/1/29		185,000		180,935
LifeStorage 3.50% 7/1/26		130,000		124,224
WP Carey 4.60% 4/1/24		125,000		125,543
				1,156,049
Technology – 0.83%
International Business Machines 3.00% 5/15/24		315,000		330,015
Microchip Technology
3.922% 6/1/21		65,000		63,380
4.333% 6/1/23		185,000		184,663
Micron Technology 4.663% 2/15/30		90,000		94,447
NXP
144A 4.30% 6/18/29 #		55,000		56,624
144A 4.875% 3/1/24 #		370,000		395,734
Oracle 2.95% 4/1/30		95,000		95,772
Tencent Holdings 144A 3.28% 4/11/24 #		500,000		519,288
				1,739,923
Transportation – 0.08%
United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26¨		52,570		52,105
United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26¨		115,602		116,738
				168,843
Utilities – 1.78%
American Transmission Systems 144A 5.25% 1/15/22 #		40,000		42,576
Atlantic City Electric 4.00% 10/15/28		75,000		80,704
Ausgrid Finance 144A 3.85% 5/1/23 #		43,000		45,121
CenterPoint Energy 3.85% 2/1/24		330,000		335,395
ComEd Financing III 6.35% 3/15/33		155,000		179,723
Duke Energy 4.875%µy		130,000		109,290

37

Schedule of investments

Delaware Strategic Allocation Fund

	Principal amount°		Value (US $)
Corporate Bonds(continued)
Utilities(continued)
Duke Energy Indiana
2.75% 4/1/50		60,000	$	55,406
3.25% 10/1/49		65,000		65,999
Emera 6.75% 6/15/76 µ		166,000		153,840
Entergy Arkansas 4.20% 4/1/49		190,000		216,679
Entergy Louisiana
4.00% 3/15/33		90,000		100,049
4.05% 9/1/23		25,000		25,588
4.95% 1/15/45		15,000		15,885
Evergy 4.85% 6/1/21		60,000		60,649
Evergy Metro 3.65% 8/15/25		270,000		281,392
Exelon 3.95% 6/15/25		35,000		35,223
LG&E & KU Energy 4.375% 10/1/21		485,000		487,929
MidAmerican Energy 3.15% 4/15/50		75,000		76,410
National Rural Utilities Cooperative Finance 5.25% 4/20/46 µ		100,000		95,427
NextEra Energy Capital Holdings 3.15% 4/1/24		90,000		92,272
NiSource 5.65%µy		120,000		106,859
NV Energy 6.25% 11/15/20		100,000		102,898
PacifiCorp 3.50% 6/15/29		255,000		260,230
Perusahaan Listrik Negara 144A 4.125% 5/15/27 #		200,000		194,431
Southern California Edison
3.65% 2/1/50		45,000		43,917
4.875% 3/1/49		30,000		34,807
Vistra Operations
144A 3.55% 7/15/24 #		120,000		113,166
144A 4.30% 7/15/29 #		215,000		191,600
Xcel Energy
2.60% 12/1/29		35,000		33,267
3.40% 6/1/30		45,000		45,707
3.50% 12/1/49		55,000		49,108
				3,731,547
Total Corporate Bonds(cost $30,339,108)				30,201,389
Loan Agreements – 0.90%
American Airlines Tranche B 1st Lien 2.705% (LIBOR01M + 2.00%) 12/14/23●		293,939		245,733
CityCenter Holdings Tranche B 1st Lien 3.239% (LIBOR01M + 2.25%) 4/18/24●		342,085		303,173
DaVita Tranche B1 2.739% (LIBOR01M + 1.75%) 8/12/26●		49,750		47,553

38

	Principal amount°		Value (US $)
Loan Agreements(continued)
HCA Tranche B13 1st Lien 2.739% (LIBOR01M + 1.75%) 3/18/26●		400,741	$	383,709
Lamar Media Tranche B 2.516% (LIBOR01M + 1.50%) 2/5/27●		171,938		166,779
Sprint Communications Tranche B 1st Lien 3.50% (LIBOR01M + 2.50%) 2/2/24●		412,250		410,706
SS&C Technologies Tranche B3 2.739% (LIBOR01M + 1.75%) 4/16/25●		59,922		57,075
SS&C Technologies Tranche B4 2.739% (LIBOR01M + 1.75%) 4/16/25●		42,758		40,727
W.R. Grace & Co. Tranche B1 1st Lien 0.00% 4/3/25		100,049		87,543
W.R. Grace & Co. Tranche B2 1st Lien 3.20% (LIBOR03M + 1.75%) 4/3/25●		171,079		149,694
Total Loan Agreement(cost $2,053,023)				1,892,692
Municipal Bonds – 0.46%
Bay Area, California Toll Authority (Build America Bonds) Series S3 6.907% 10/1/50		185,000		296,327
California State Various Purposes (Build America Bonds) 7.55% 4/1/39		130,000		211,461
New Jersey Turnpike Authority (Build America Bonds) Series A 7.102% 1/1/41		105,000		149,920
Oregon State Taxable Pension 5.892% 6/1/27		200,000		235,064
South Carolina Public Service Authority Series D 4.77% 12/1/45		60,000		73,160
Total Municipal Bonds(cost $895,496)				965,932
Non-Agency Asset-Backed Securities – 1.88%
American Express Credit Account Master Trust
Series2017-2 A 1.155% (LIBOR01M + 0.45%) 9/16/24●		335,000		331,664
Series2017-5 A 1.085% (LIBOR01M + 0.38%) 2/18/25●		1,215,000		1,171,236
Citibank Credit Card Issuance Trust Series2017-A8 A8 1.86% 8/8/22		200,000		199,820
Discover Card Execution Note Trust Series2018-A3 A3 0.935% (LIBOR01M + 0.23%) 12/15/23●		90,000		88,895
HOA Funding Series2014-1A A2 144A 4.846% 8/20/44 #		489,500		466,870

39

Schedule of investments

Delaware Strategic Allocation Fund

	Principal amount°		Value (US $)
Non-Agency Asset-Backed Securities(continued)
Mercedes-Benz Master Owner Trust Series2018-BA A 144A 1.045% (LIBOR01M + 0.34%) 5/15/23 #●		200,000	$	199,461
Navistar Financial Dealer Note Master Owner Trust II Series2018-1 A 144A 1.577% (LIBOR01M + 0.63%, Floor 0.63%) 9/25/23 #●		75,000		72,748
Nissan Master Owner Trust Receivables Series2017-B A 1.135% (LIBOR01M + 0.43%) 4/18/22●		1,000,000		992,965
Tesla Auto Lease Trust Series2019-A A2 144A 2.13% 4/20/22 #		150,000		150,223
Towd Point Mortgage Trust
Series2015-5 A1B 144A 2.75% 5/25/55 #●		50,822		50,404
Series2015-6 A1B 144A 2.75% 4/25/55 #●		64,505		64,020
Series2017-1 A1 144A 2.75% 10/25/56 #●		48,419		48,438
Series2017-2 A1 144A 2.75% 4/25/57 #●		48,766		47,771
Series2018-1 A1 144A 3.00% 1/25/58 #●		66,927		67,229
TotalNon-Agency Asset-Backed Securities (cost $4,042,020)				3,951,744
Non-Agency Collateralized Mortgage Obligations – 1.42%
Credit Suisse First Boston Mortgage Securities Series2005-5 6A3 5.00% 7/25/35		33,923		32,492
JPMorgan Mortgage Trust
Series2006-S1 1A1 6.00% 4/25/36		58,314		58,426
Series2014-2 B1 144A 3.399% 6/25/29 #●		103,629		97,871
Series2014-2 B2 144A 3.399% 6/25/29 #●		103,629		97,628
Series 2014-IVR6 2A4 144A 2.50% 7/25/44 #●		200,000		193,197
Series2015-4 B1 144A 3.622% 6/25/45 #●		177,355		165,606
Series2015-4 B2 144A 3.622% 6/25/45 #●		177,355		164,998
Series2015-5 B2 144A 3.053% 5/25/45 #●		186,080		176,429
Series2015-6 B1 144A 3.598% 10/25/45 #●		174,788		166,271
Series2015-6 B2 144A 3.598% 10/25/45 #●		174,788		165,334
Series2018-4 A15 144A 3.50% 10/25/48 #●		35,288		35,039
Sequoia Mortgage Trust
Series2014-2 A4 144A 3.50% 7/25/44 #●		39,728		40,138
Series2015-1 B2 144A 3.875% 1/25/45 #●		60,284		57,230
Series2017-4 A1 144A 3.50% 7/25/47 #●		62,542		63,501
Series2018-5 A4 144A 3.50% 5/25/48 #●		55,010		54,684
Wells Fargo Mortgage-Backed Securities Trust Series2006-AR5 2A1 4.138% 4/25/36●		8,214		6,967
WST Trust Series2019-1 A 1.71% (BBSW1M + 1.08%) 8/18/50● AUD		2,290,328		1,399,604
TotalNon-Agency Collateralized Mortgage Obligations(cost $3,150,229)				2,975,415

40

	Principal amount°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities – 2.95%
Banc of America Commercial Mortgage Trust Series 2017-BNK3 B 3.879% 2/15/50●		340,000	$	319,297
Benchmark Mortgage Trust Series2019-B9 A5 4.016% 3/15/52		450,000		498,009
COMM Mortgage Trust
Series 2014-CR20 AM 3.938% 11/10/47		345,000		350,595
Series2015-3BP A 144A 3.178% 2/10/35 #		500,000		511,933
Series 2015-CR23 A4 3.497% 5/10/48		395,000		415,909
DB-JPM Mortgage Trust
Series2016-C1 A4 3.276% 5/10/49		255,000		268,424
Series2016-C3 A5 2.89% 8/10/49		300,000		310,665
DB-UBS Mortgage Trust Series 2011-LC1A C 144A 5.689% 11/10/46 #●		230,000		225,697
GS Mortgage Securities Trust
Series 2015-GC32 A4 3.764% 7/10/48		505,000		522,999
Series2017-GS6 A3 3.433% 5/10/50		500,000		508,460
Series 2019-GC39 A4 3.567% 5/10/52		580,000		606,250
Series 2019-GC42 A4 3.001% 9/1/52		430,000		445,878
JPM-DB Commercial Mortgage Securities Trust Series2016-C2 A4 3.144% 6/15/49		270,000		282,275
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 B 3.499% 4/15/46		125,000		121,237
LB-UBS Commercial Mortgage Trust Series2006-C6 AJ 5.452% 9/15/39●		96,056		56,183
Morgan Stanley Capital I Trust Series 2006-HQ10 B 5.448% 11/12/41●		277,851		273,939
Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 A3 2.652% 8/15/49		485,000		477,268
TotalNon-Agency Commercial Mortgage-Backed Securities(cost $6,365,531)				6,195,018
Sovereign Bond – 0.01%
Argentina – 0.01%
Argentine Republic Government International Bond 5.625% 1/26/22		90,000		26,550
Total Sovereign Bond(cost $90,000)				26,550
	Number of shares
Preferred Stock – 0.55%
Morgan Stanley 5.55% µ		35,000		30,792
US Bancorp 5.23% (LIBOR03M + 1.02%)●		1,000		726,505
USB Realty 144A 2.978% (LIBOR03M + 1.147%)#●		100,000		75,175
Volkswagen 4.59%		2,820		324,854
Total Preferred Stock(cost $1,287,459)				1,157,326

41

Schedule of investments

Delaware Strategic Allocation Fund

	Number of shares		Value (US $)
Short-Term Investments – 4.88%
Money Market Mutual Funds – 4.88%
BlackRock FedFund – Institutional Shares(seven-day effective yield 0.33%)		2,052,884	$	2,052,884
Fidelity Investments Money Market Government Portfolio – Class I(seven-day effective yield 0.30%)		2,052,884		2,052,884
GS Financial Square Government Fund – Institutional Shares(seven-day effective yield 0.34%)		2,052,884		2,052,884
Morgan Stanley Government Portfolio – Institutional Share Class(seven-day effective yield 0.22%)		2,052,884		2,052,884
State Street Institutional US Government Money Market Fund – Investor Class(seven-day effective yield 0.24%)		2,052,884		2,052,884
Total Short-Term Investments(cost $10,264,420)				10,264,420
Total Value of Securities – 101.65% (cost $204,014,428)			$	213,688,480

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2020, the aggregate value of Rule 144A securities was $14,325,368, which represents 6.81% of the Fund’s net assets. See Note 12 in “Notes to financial statements.”

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

= 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.”

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

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

µ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2020. Rate will reset at a future date.

∑ 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 March 31, 2020. 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

42

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

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

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at March 31, 2020:1

Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)				In Exchange For			Settlement Date		Unrealized Appreciation
BNYM		TRY	(415,297	)		USD	63,034		4/2/20	$	268
TD		AUD	(2,405,000	)		USD	1,588,815		6/12/20		109,201
Total Foreign Currency Exchange Contracts										$	109,469

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
(13)	US Treasury 5 yr Notes	$	(1,629,672	)	$	(1,590,032	)		6/30/20	$	—	$	(39,640	)	$	609
21	US Treasury 10 yr Notes		2,912,438			2,887,224			6/19/20		25,214		—			(2,953	)
(6)	US Treasury 10 yr Ultra Notes		(936,188	)		(875,891	)		6/19/20		—		(60,297	)		1,969
Total Futures Contracts					$	421,301				$	25,214	$	(99,937	)	$	(375	)

43

Schedule of investments

Delaware Strategic 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		Variation Margin Due from (Due to) Brokers
Centrally Cleared/ Protection Purchased:
CDX.NA.IG.325 12/20/24- Quarterly		3,000,000		1.00%	$	10,772	$	(61,073	)	$	71,845	$	22,489
Over-The-Counter/ Protection Purchased:
HSBC-CDX.EM.296 6/20/23- Quarterly		2,000,000		1.00%		161,463		22,690			138,773		—
Total CDS Contracts					$	172,235	$	(38,383	)	$	210,618	$	22,489
IRS Contracts7

Reference Obligation/ Termination Date/ Payment Frequency (Fixed Rate / Floating Rate)	Notional Amount3		Fixed /Floating Interest Rate Paid (Received)8		Value				Unrealized Depreciation4				Variation Margin Due from (Due to) Broker
Centrally Cleared:
5 yr IRS4/3/22-(Semiannually/ Quarterly)		2,105,000		2.066%/(1.908%)		$	(67,630	)		$	(67,630	)		$	(693	)
5 yr IRS3/10/23-(Semiannually/ Quarterly)		8,365,000		0.61%/(0.999%)			(53,834	)			(53,834	)			59
5 yr IRS8/29/24-(Semiannually/ Quarterly)		1,380,000		1.325%/(1.580%)			(47,584	)			(47,584	)			(2,576	)
7 yr IRS2/5/25-(Semiannually/ Quarterly)		8,910,000		2.733%/(1.742%)			(954,616	)			(954,616	)			6,238
10 yr IRS8/3/28-(Semiannually/ Quarterly)		3,295,000		3.068%/(1.763%)			(654,170	)			(654,170	)			14,585
30 yr IRS6/27/47-(Semiannually/ Quarterly)		430,000		2.388%/(1.267%)			(162,358	)			(162,358	)			12,275
Total IRS Contracts						$	(1,940,192	)		$	(1,940,192	)		$	29,888

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

¹See Note 9 in “Notes to financial statements.”

44

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 CDS agreement.

³Notional amount shown is stated in USD 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 ($7,470).

⁵Markit’s North America Investment Grade Index, or the CDX.NA.IG Index, is composed of 125 liquid North American entities with investment grade credit ratings that trade in the CDS market.

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

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

⁸Rates reset based on LIBOR03M.

Summary of abbreviations:

ADR – American Depositary Receipt

ARM – Adjustable Rate Mortgage

AUD – Australian Dollar

BBSW1M – Bank Bill Swap Rate 1 Month

BNYM – Bank of New York Mellon

CDS – Credit Default Swap

CDX.EM – Credit Default Swap Index Emerging Markets

CDX.NA.IG – Credit Default Swap Index North America Investment Grade

CLO – Collateralized Loan Obligation

DB – Deutsche Bank

EAFE – Europe Australasia Far East

ETF – Exchange-Traded Fund

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

IRS – Interest Rate Swap

45

Schedule of investments

Delaware Strategic Allocation Fund

Summary of abbreviations (continued):

JPM – JPMorgan

LB – Lehman Brothers

LIBOR – London interbank offered rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LIBOR12M – ICE LIBOR USD 12 Month

MSCI – Morgan Stanley Capital International

PJSC – Private Joint Stock Company

REIT – Real Estate Investment Trust

REMIC – Real Estate Mortgage Investment Conduit

S.F. – Single Family

TBA – To be announced

TD – Toronto-Dominion Bank

TRY – Turkish Lira

USD – US Dollar

yr – Year

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

46

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Statement of assets and liabilities
Delaware Strategic Allocation Fund	March 31, 2020

Assets:
Investments, at value1	$	213,688,480
Foreign currencies, at value2		254,767
Cash		413,561
Cash collateral due from brokers		667,715
Receivable for securities sold		10,075,098
Dividends and interest receivable		849,800
Foreign tax reclaims receivable		262,817
Unrealized appreciation on over the counter credit default swap contracts		138,773
Unrealized appreciation on foreign currency exchange contracts		109,469
Swap payments receivable		49,921
Receivable for fund shares sold		37,835
Variation margin due from broker on centrally cleared interest rate swap contracts		29,888
Upfront payments on over the counter credit default swap contracts		22,690
Variation margin due from broker on centrally cleared credit default swap contracts		22,489
Total assets		226,623,303
Liabilities:
Payable for securities purchased		15,711,722
Cash collateral due to brokers		220,000
Other accrued expenses		162,041
Investment management fees payable to affiliates		125,155
Swap payments payable		83,543
Distribution fees payable to affiliates		49,558
Payable for fund shares redeemed		44,360
Audit and tax fees payable		6,450
Dividend disbursing and transfer agent fees and expenses payable to affiliates		1,816
Trustees’ fees and expenses payable to affiliates		1,601
Legal fees payable to affiliates		1,187
Accounting and administration expenses payable to affiliates		984
Other liabilities		477
Variation margin due to broker on futures contracts		375
Reports and statements to shareholders expenses payable to affiliates		266
Income distribution payable		141
Total liabilities		16,409,676
Total Net Assets	$	210,213,627
Net Assets Consist of:
Paid-in capital	$	204,984,253
Total distributable earnings (loss)		5,229,374
Total Net Assets	$	210,213,627

48

Net Asset Value
Class A:
Net assets	$	156,435,332
Shares of beneficial interest outstanding, unlimited authorization, no par		17,150,515
Net asset value per share	$	9.12
Sales charge		5.75	%
Offering price per share, equal to net asset value per share / (1 – sales charge)	$	9.68
Class C:
Net assets	$	17,822,146
Shares of beneficial interest outstanding, unlimited authorization, no par		1,952,389
Net asset value per share	$	9.13
Class R:
Net assets	$	1,564,061
Shares of beneficial interest outstanding, unlimited authorization, no par		172,255
Net asset value per share	$	9.08
Institutional Class:
Net assets	$	34,392,088
Shares of beneficial interest outstanding, unlimited authorization, no par		3,768,694
Net asset value per share	$	9.13
1Investments, at cost	$	204,014,428
2Foreign currencies, at cost		260,571

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

49

Statement of operations
Delaware Strategic Allocation Fund	Year ended March 31, 2020

Investment Income:
Dividends	$	4,091,868
Interest		3,309,889
Foreign tax withheld		(244,806	)
		7,156,951
Expenses:
Management fees		1,665,879
Distribution expenses — Class A		455,657
Distribution expenses — Class C		239,069
Distribution expenses — Class R		9,743
Dividend disbursing and transfer agent fees and expenses		223,066
Accounting and administration expenses		84,095
Audit and tax fees		72,428
Registration fees		67,685
Custodian fees		63,011
Reports and statements to shareholders expenses		62,791
Legal fees		55,354
Trustees’ fees and expenses		14,727
Other		114,686
		3,128,191
Less expenses waived		(131,527	)
Less expenses paid indirectly		(5,432	)
Total operating expenses		2,991,232
Net Investment Income		4,165,719

50

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	5,642,883
Foreign currencies		(133,700	)
Foreign currency exchange contracts		57,887
Futures contracts		89,500
Swap contracts		(1,056,369	)
Net realized gain		4,600,201
Net change in unrealized appreciation (depreciation) of:
Investments		(28,925,508	)
Foreign currencies		(4,699	)
Foreign currency exchange contracts		109,800
Futures contracts		(189,044	)
Swap contracts		(1,160,468	)
Net change in unrealized appreciation (depreciation)		(30,169,919	)
Net Realized and Unrealized Loss		(25,569,718	)
Net Decrease in Net Assets Resulting from Operations	$	(21,403,999	)

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

51

Statements of changes in net assets

Delaware Strategic Allocation Fund

	Year ended
	3/31/20			3/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	4,165,719		$	5,455,706
Net realized gain		4,600,201			12,442,968
Net change in unrealized appreciation (depreciation)		(30,169,919	)		(14,707,620	)
Net increase (decrease) in net assets resulting from operations		(21,403,999	)		3,191,054
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(15,220,592	)		(11,137,039	)
Class C		(1,757,045	)		(1,120,892	)
Class R		(154,159	)		(104,880	)
Institutional Class		(3,648,848	)		(3,753,979	)
		(20,780,644	)		(16,116,790	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		5,525,466			13,207,393
Class C		944,147			2,117,524
Class R		121,937			211,550
Institutional Class		5,143,725			10,827,096
Net assets from merger*:
Class A		—			35,951,477
Class C		—			18,193,221
Class R		—			1,192,059
Institutional Class		—			7,277,852

52

	Year ended
	3/31/20			3/31/19
Capital Share Transactions (continued):
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A	$	14,133,230		$	10,224,109
Class C		1,732,225			1,093,397
Class R		154,156			104,878
Institutional Class		1,875,646			1,395,126
		29,630,532			101,795,682
Cost of shares redeemed:
Class A		(27,546,571	)		(27,865,061	)
Class C		(8,472,813	)		(13,961,022	)
Class R		(367,100	)		(1,004,346	)
Institutional Class		(13,500,491	)		(32,157,000	)
		(49,886,975	)		(74,987,429	)
Increase (Decrease) in net assets derived from capital share transactions		(20,256,443	)		26,808,253
Net Increase (Decrease) in Net Assets		(62,441,086	)		13,882,517
Net Assets:
Beginning of year		272,654,713			258,772,196
End of year	$	210,213,627		$	272,654,713

*See Note 7 in “Notes to financial statements.”

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

53

Financial highlights

Delaware Strategic 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 income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

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

Portfolio turnover

¹  The average shares outstanding method has been applied for per share information.

²  Total 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 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.

³  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

54

Year ended
3/31/20			3/31/19			3/31/18			3/31/17			3/31/16
$	10.94		$	11.46		$	11.42		$	10.80		$	11.97
	0.18			0.22			0.21			0.17			0.17
	(1.13	)		(0.05	)		0.71			0.84			(0.54	)
	(0.95	)		0.17			0.92			1.01			(0.37	)
	(0.19	)		(0.20	)		(0.21	)		(0.24	)		(0.17	)
	(0.68	)		(0.49	)		(0.67	)		(0.15	)		(0.63	)
	(0.87	)		(0.69	)		(0.88	)		(0.39	)		(0.80	)
$	9.12		$	10.94		$	11.46		$	11.42		$	10.80
	(9.55%	)		1.63%			8.35%			9.45%			(3.32%	)
$	156,436		$	195,484		$	172,750		$	170,801		$	174,041
	1.13%			1.16%			1.14%			1.14%			1.15%
	1.18%			1.22%			1.17%			1.18%			1.18%
	1.66%			2.00%			1.79%			1.49%			1.49%
	1.61%			1.94%			1.76%			1.45%			1.46%
	103%			97%			93%			133%			131%

55

Financial highlights

Delaware Strategic 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 income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

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

Portfolio turnover

¹  The average shares outstanding method has been applied for per share information.

²  Total 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 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.

³ Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

56

Year ended
3/31/20			3/31/19			3/31/18			3/31/17			3/31/16
$	10.94		$	11.46		$	11.42		$	10.80		$	11.97
	0.10			0.14			0.12			0.08			0.08
	(1.12	)		(0.05	)		0.71			0.84			(0.53	)
	(1.02	)		0.09			0.83			0.92			(0.45	)
	(0.11	)		(0.12	)		(0.12	)		(0.15	)		(0.09	)
	(0.68	)		(0.49	)		(0.67	)		(0.15	)		(0.63	)
	(0.79	)		(0.61	)		(0.79	)		(0.30	)		(0.72	)
$	9.13		$	10.94		$	11.46		$	11.42		$	10.80
	(10.19%	)		0.82%			7.53%			8.62%			(4.06%	)
$	17,822		$	27,275		$	21,096		$	22,602		$	24,736
	1.89%			1.92%			1.90%			1.90%			1.91%
	1.94%			1.98%			1.93%			1.94%			1.94%
	0.90%			1.24%			1.03%			0.73%			0.73%
	0.85%			1.18%			1.00%			0.69%			0.70%
	103%			97%			93%			133%			131%

57

Financial highlights

Delaware Strategic 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 income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

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

Portfolio turnover

¹  The average shares outstanding method has been applied for per share information.

²  Total 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 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.

³  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

58

	Year ended
	3/31/20			3/31/19			3/31/18			3/31/17			3/31/16
$	10.90		$	11.40		$	11.37		$	10.76		$	11.93
	0.15			0.19			0.18			0.14			0.14
	(1.12	)		(0.03	)		0.70			0.83			(0.54	)
	(0.97	)		0.16			0.88			0.97			(0.40	)
	(0.17	)		(0.17	)		(0.18	)		(0.21	)		(0.14	)
	(0.68	)		(0.49	)		(0.67	)		(0.15	)		(0.63	)
	(0.85	)		(0.66	)		(0.85	)		(0.36	)		(0.77	)
$	9.08		$	10.90		$	11.40		$	11.37		$	10.76
	(9.82%	)		1.54%			8.01%			9.11%			(3.59%	)
$	1,564		$	1,986		$	1,580		$	1,801		$	1,982
	1.39%			1.42%			1.40%			1.40%			1.41%
	1.44%			1.48%			1.43%			1.44%			1.44%
	1.40%			1.74%			1.53%			1.23%			1.23%
	1.35%			1.68%			1.50%			1.19%			1.20%
	103%			97%			93%			133%			131%

59

Financial highlights

Delaware Strategic 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 income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

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

Portfolio turnover

¹  The average shares outstanding method has been applied for per share information.

²  Total 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 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.

³  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

60

	Year ended
	3/31/20			3/31/19			3/31/18			3/31/17			3/31/16
$	10.95		$	11.46		$	11.42		$	10.80		$	11.98
	0.20			0.25			0.24			0.19			0.19
	(1.12	)		(0.04	)		0.71			0.84			(0.54	)
	(0.92	)		0.21			0.95			1.03			(0.35	)
	(0.22	)		(0.23	)		(0.24	)		(0.26	)		(0.20	)
	(0.68	)		(0.49	)		(0.67	)		(0.15	)		(0.63	)
	(0.90	)		(0.72	)		(0.91	)		(0.41	)		(0.83	)
$	9.13		$	10.95		$	11.46		$	11.42		$	10.80
	(9.29%	)		1.96%			8.60%			9.70%			(3.17%	)
$	34,392		$	47,910		$	63,346		$	79,009		$	73,036
	0.89%			0.92%			0.90%			0.90%			0.91%
	0.94%			0.98%			0.93%			0.94%			0.94%
	1.90%			2.24%			2.03%			1.73%			1.73%
	1.85%			2.18%			2.00%			1.69%			1.70%
	103%			97%			93%			133%			131%

61

Notes to financial statements

Delaware Strategic Allocation Fund March 31, 2020

Delaware Group^® Foundation Funds (Trust) is organized as a Delaware statutory trust and offers one fund: Delaware Strategic Allocation Fund. The Fund is anopen-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 maximumfront-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 afront-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%, 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.

1. Significant Accounting Policies

The Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Fund.

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. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement prices.Open-end investment companies are valued at their published net asset value (NAV). 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

62

market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily innon-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 year ended March 31, 2020 and for all open tax years (years ended March 31, 2017–March 31, 2019), 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” on the “Statement of operations.” During the year ended March 31, 2020, 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.

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

Foreign Currency Transactions– Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with 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

63

Notes to financial statements

Delaware Strategic Allocation Fund

1. Significant Accounting Policies (continued)

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, the realized gains and losses 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 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 theex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns ofasset-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 theex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. Foreign dividends are also recorded on theex-dividend date or as soon after theex-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 quarterly and distributions from net realized gain on investments, if any, annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on theex-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 expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the year ended March 31, 2020, the Fund earned $4,812 under this arrangement.

64

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 expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the year ended March 31, 2020, the Fund earned $620 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 all or a portion, if any, of its management fee and/or pay/reimburse the Fund to the extent necessary to ensure 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 the Fund’s average daily net assets from April 1, 2019 through March 31, 2020.* 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.

DMC may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Global Limited (MIMGL), and Macquarie Funds Management Hong Kong (together, the “AffiliatedSub-Advisors”). The Manager may also permit these AffiliatedSub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an AffiliatedSub-Advisor’s specialized market knowledge. Although the AffiliatedSub-Advisors serve assub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, pays each AffiliatedSub-Advisor a portion of its investment management fee.

MIMAK is also primarily responsible for theday-to-day management of the Fund’s portfolio and determines its asset allocation. For these services, DMC, not the Fund, pays MIMAK a fee, which is 0.12% of the average daily net assets of the Fund.

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

65

Notes to financial statements

Delaware Strategic Allocation Fund

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

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 rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the year ended March 31, 2020, the Fund was charged $13,161 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 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 shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the year ended March 31, 2020, the Fund was charged $23,982 for these services. Pursuant to asub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certainsub-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.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual12b-1 fee of 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 calculating12b-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 blended12b-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 bear12b-1 fees at the same rate, the blended rate, currently 0.24% of average daily net assets, based on the formula described on the previous page. This method of calculating Class A12b-1 fees may be discontinued at the sole discretion of the Board. These fees are calculated daily and paid monthly. Institutional Class shares do not pay12b-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 year ended March 31, 2020, the

66

Fund was charged $9,353 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.”

For the year ended March 31, 2020, DDLP earned $7,991 for commissions on sales of the Fund’s Class A shares. For the year ended March 31, 2020, DDLP received gross CDSC commissions of $1 and $982 on redemptions of the Fund’s Class A and Class C shares, respectively, 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 investment companies (Underlying Funds) in which it invests. 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 number of shares that are owned of the Underlying Funds at different times.

*The aggregate contractual waiver period covering this report is from July 27, 2018 through July 29, 2020.

3. Investments

For the year ended March 31, 2020, 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	$117,226,316
Purchases of US government securities	142,715,116
Sales other than US government securities	160,902,674
Sales of US government securities	152,143,182

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At March 31, 2020, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Fund were as follows:

Cost of investments and derivatives	$	206,392,867
Aggregate unrealized appreciation of investments and derivatives	$	29,654,701
Aggregate unrealized depreciation of investments and derivatives		(24,053,916	)
Net unrealized appreciation of investments and derivatives	$	5,600,785

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

67

Notes to financial statements

Delaware Strategic Allocation Fund

3. Investments (continued)

asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. 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, and 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, and 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 and 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.

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The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2020:

	Level 1				Level 2				Level 3			Total
Securities
Assets:
Common Stock
Communication Services		$	7,096,958			$	3,900,471			$	—		$	10,997,429
Consumer Discretionary			6,599,068				3,903,160				—			10,502,228
Consumer Staples			2,731,170				7,392,420				—			10,123,590
Energy			1,444,320				3,291,710				—			4,736,030
Financials			7,102,512				6,157,368				—			13,259,880
Healthcare			9,396,378				7,128,354				—			16,524,732
Industrials			4,939,453				5,386,668				—			10,326,121
Information Technology			11,059,821				6,667,721				—			17,727,542
Materials			2,501,255				2,884,104				—			5,385,359
Real Estate			5,678,712				1,153,235				—			6,831,947
Utilities			1,166,790				944,209				—			2,110,999
Exchange-Traded Funds			11,309,895				—				—			11,309,895
Limited Partnerships			32,103				—				—			32,103
Corporate Debt			—				31,476,958				—			31,476,958
Municipal Bonds			—				965,932				—			965,932
Agency, Asset & Mortgage-Backed Securities			—				48,036,747				—			48,036,747
Loan Agreements			—				1,892,692				—			1,892,692
Foreign Debt			—				26,550				—			26,550
Preferred Stock1			726,505				430,821				—			1,157,326
Short-Term Investments			10,264,420				—				—			10,264,420
Total Value of Securities		$	82,049,360			$	131,639,120			$	—		$	213,688,480
Derivatives2
Assets:
Foreign Currency Exchange Contracts		$	—			$	109,469			$	—		$	109,469
Futures Contracts			25,214				—				—			25,214
Swap Contracts			—				210,618				—			210,618
Liabilities:
Futures Contracts		$	(99,937	) $			—			$	—		$	(99,937	)
Swap Contracts			—				(1,940,192	)			—			(1,940,192	)

69

Notes to financial statements

Delaware Strategic Allocation Fund

3. Investments (continued)

¹Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments and Level 2 investments represent investments with observable inputs or matrix-priced investments. The amounts attributed to Level 1 investments and Level 2 investments represent the following percentages of the total market value of these security types:

	Level 1			Level 2			Total
Preferred Stock		62.77	%		37.23	%		100.00	%

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

The securities that have been valued at zero on the “Schedule of investments” are considered to be Level 3 investments in this table.

During the year ended March 31, 2020, 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 year. 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. 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 3 investments were not considered significant to the Fund’s net assets at the beginning, interim, or end of the year. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments are not considered significant to the Fund’s net assets at the end of the year.

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4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended March 31, 2020 and 2019 was as follows:

	Year ended
	3/31/20		3/31/19
Ordinary income	$	4,733,759	$	5,149,123
Long term capital gain		16,046,885		10,967,667
Total	$	20,780,644	$	16,116,790

5. Components of Net Assets on a Tax Basis

As of March 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	204,984,253
Undistributed ordinary income		20,844
Qualified late year loss deferrals		(392,255	)
Net unrealized appreciation of investments, foreign currencies, and derivatives		5,600,785
Net assets	$	210,213,627

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, partnership income, market discount and premium on debt instruments,mark-to-market of foreign currency exchange contracts, tax treatment of passive foreign investment companies (PFIC), tax treatment of securities no longer considered to be PFICs,mark-to-market on futures, and tax treatment of CDS contracts.

Qualified late year losses represent losses realized on investment transactions from Nov. 1, 2019 through March 31, 2020 that, in accordance with federal income tax regulations, the Fund has elected to defer and treat as having arisen in the following fiscal year.

71

Notes to financial statements

Delaware Strategic Allocation Fund

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	3/31/20			3/31/19
Shares sold:
Class A		522,851			1,185,928
Class C		88,141			192,703
Class R		11,461			19,115
Institutional Class		472,279			972,719
Shares from merger:
Class A		—			3,209,953
Class C		—			1,624,395
Class R		—			106,911
Institutional Class		—			649,229
Shares issued upon reinvestment of dividends and distributions:
Class A		1,338,660			938,694
Class C		163,197			100,774
Class R		14,655			9,680
Institutional Class		177,920			128,402	��
		2,789,164			9,138,503
Shares redeemed:
Class A		(2,578,339	)		(2,546,459	)
Class C		(791,327	)		(1,267,014	)
Class R		(36,121	)		(91,975	)
Institutional Class		(1,257,360	)		(2,900,734	)
		(4,663,147	)		(6,806,182	)
Net increase (decrease)		(1,873,983	)		2,332,321

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 above and on the “Statements of changes in net assets.” For the years ended March 31, 2020 and 2019, the Fund had the following exchange transactions:

	Exchange Redemptions				Exchange Subscriptions
Year ended	Class A Shares		Class C Shares		Class A Shares		Institutional Class Shares		Value
3/31/20		9,498		37,071		28,422		18,126	$	505,356
3/31/19		24,252		152,102		151,854		24,230		2,024,307

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7. 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”), anopen-end investment company, in exchange for the shares of the Fund pursuant to a Plan and Agreement of Reorganization (“Reorganization”). For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value. The shareholders of the Acquired Fund received shares of the respective class of the Fund equal to the aggregate NAV 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 the 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 Fund before the acquisition were $243,255,988. The net assets of the Fund immediately following the acquisition were $305,870,597.

If the acquisition had been completed on April 1, 2018, the beginning of the Fund’s reporting period, the Fund’s results of operations for the year ended March 31, 2019, would have been as follows (unaudited):

Net investment income	$	5,886,374	(a)
Net realized gain		13,632,735	(b)
Net change in unrealized appreciation (depreciation)		(15,255,647	) (c)
Net increase in net assets resulting from operations	$	4,263,462

^(a)$5,455,706, as reported in the Statement of operations, plus $430,668 net investment income from Delaware Foundation^® Conservative Allocation Fundpre-merger.

^(b)$12,442,968, as reported in the Statement of operations, plus $1,189,767 net realized gain from Delaware Foundation Conservative Allocation Fundpre-merger.

^(c)$(14,707,620), as reported in the Statement of operations, plus $(548,027) net change in unrealized appreciation (depreciation) from Delaware Foundation Conservative Allocation Fundpre-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.

73

Notes to financial statements

Delaware Strategic Allocation Fund

8. Line of Credit

The Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $220,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants were charged an annual commitment fee of 0.15%, which was 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 ofone-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. 4, 2019.

On Nov. 4, 2019, the Participants entered into an amendment to the agreement for a $250,000,000 revolving line of credit. The revolving line of credit is to be used as described above and operates in substantially the same manner as the original agreement. The line of credit available under the agreement expires on Nov. 2, 2020.

The Fund had no amounts outstanding as of March 31, 2020, or at any time during the year then ended.

9. 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 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.

74

During the year ended March 31, 2020, 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 March 31, 2020, the Fund posted $24,646 in cash as margin for open futures contracts, which is included in “Cash collateral due from brokers” on the “Statement of assets and liabilities.”

During the year ended March 31, 2020, 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.

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 swap contracts 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 leastBBB- 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

75

Notes to financial statements

Delaware Strategic Allocation Fund

9. Derivatives (continued)

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 year ended March 31, 2020, 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 year ended March 31, 2020, 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. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty. During the year ended March 31, 2020, 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 year ended March 31, 2020, the Fund entered into CDS contracts to hedge against credit events.

76

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 March 31, 2020, the Fund posted $643,069 in cash collateral for open centrally cleared interest rate swap contracts, which is included in “Cash collateral due from brokers” on the “Statement of assets and liabilities.” The Fund received $220,000 in cash collateral for openover-the-counter credit default swap contracts, which is included in “Cash collateral due to brokers” on the “Statement of assets and liabilities.”

Fair values of derivative instruments as of March 31, 2020 were as follows:

	Asset Derivatives Fair Value
Statement of Assets and Liabilities Location	Currency Contracts			Interest Rate Contracts			Credit Contracts			Total
Variation margin due from broker on futures contracts**		$	—		$	25,214		$	—		$	25,214
Variation margin due from broker on centrally cleared credit default swap contracts			—			—			71,845			71,845
Unrealized appreciation on over the counter credit default swap contracts			—			—			138,773			138,773
Unrealized appreciation on foreign currency exchange contracts			109,469			—			—			109,469
Total		$	109,469		$	25,214		$	210,618		$	345,301

	Liability Derivatives Fair Value
Statement of Assets and Liabilities Location	Interest Rate Contracts
Variation margin due from broker on centrally cleared interest rate swap contracts*		$	1,940,192
Variation margin due to brokers on futures contracts**			99,937
Total		$	2,040,129

*Includes cumulative appreciation (depreciation) of centrally cleared swap contracts from the date the contracts were opened through March 31, 2020. Only current day variation margin is reported on the

“Statement of assets and liabilities.”

77

Notes to financial statements

Delaware Strategic Allocation Fund

9. Derivatives (continued)

**Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through March 31, 2020. 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 year ended March 31, 2020 was as follows:

	Net Realized Gain (Loss) on:
	Foreign Currency Exchange Contracts			Futures Contracts			Swap Contracts				Total
Currency contracts		$	57,887		$	—		$	—			$	57,887
Interest rate contracts			—			89,500			(1,022,303	)			(932,803	)
Credit contracts			—			—			(34,066	)			(34,066	)
Total		$	57,887		$	89,500		$	(1,056,369	)		$	(908,982	)

	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign Currency Exchange Contracts			Futures Contracts				Swap Contracts				Total
Currency contracts		$	109,800		$	—			$	—			$	109,800
Interest rate contracts			—			(189,044	)			(1,406,210	)			(1,595,254	)
Credit contracts			—			—				245,742				245,742
Total		$	109,800		$	(189,044	)		$	(1,160,468	)		$	(1,239,712	)

Derivatives Generally.The table below summarizes the average balance of derivative holdings by the Fund during the year ended March 31, 2020.

	Long Derivatives Volume		Short Derivatives Volume
Foreign currency exchange contracts (average cost)	$	261,796	$	642,128
Futures contracts (average notional value)		9,135,742		5,658,614
CDS contracts (average notional value)*		3,304,348		—
Interest rate swap contracts (average notional value)**		—		22,500,119

*Long represents buying protection and short represents selling protection.

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

10. 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

78

governsover-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.”

At March 31, 2020, 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
The Bank of New York Mellon		$	268		$	—		$	268
HSBC Bank USA, National Association			138,773			—			138,773
Toronto Dominion Bank			109,201			—			109,201
Total		$	248,242		$	—		$	248,242

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)
The Bank of New York Mellon		$	268		$	—		$	—			$	—		$	—		$	268
HSBC Bank USA, National Association			138,773			—			(110,000	)			—			—			28,773
Toronto Dominion Bank			109,201			—			(109,201	)			—			—			—
Total		$	248,242		$	—		$	(219,201	)		$	—		$	—		$	29,041

79

Notes to financial statements

Delaware Strategic Allocation Fund

10. Offsetting (continued)

Master Securities Forward Transaction Agreements

Master Securities Forward Transaction Agreements (MFA) govern certain forward settling transactions, such as TBA securities, delayed-delivery or sale-buyback transactions by and between the Fund and select counterparties. The MFA maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. As of March 31, 2020, the following table is a summary of the Fund’s TBA securities by counterparty which are subject to offsetting under MFA:

Counterparty	TBA at Value			Cash Collateral Received			Cash Collateral Pledged			Net Exposure(b)
Bank of America Securities LLC		$	1,749,284		$	—		$	—		$	1,749,284
Wells Fargo			297,892			—			—			297,892
Total		$	2,047,176		$	—		$	—		$	2,047,176

^(a)The value of the related collateral exceeded the value of the derivatives as of March 31, 2020, as applicable.

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

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

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;

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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. The 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 bynon-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 circumstances, the value of the 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 year ended March 31, 2020, the Fund had no securities out on loan.

12. Credit and Market Risk

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 risk that potential changes related to the use of the London interbank offered rate (LIBOR) could have adverse impacts on financial instruments which reference LIBOR. The potential abandonment of LIBOR could affect the value and liquidity of instruments which reference LIBOR.

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 US. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of

81

Notes to financial statements

Delaware Strategic Allocation Fund

12. Credit and Market Risk (continued)

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 thanBBB- 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.

The 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 insmall-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 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.

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 year ended March 31, 2020. 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 the security.

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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 the 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.

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, theday-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 have been identified on the “Schedule of investments.”

13. 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.

83

Notes to financial statements

Delaware Strategic Allocation Fund

14. Recent Accounting Pronouncements

In March 2017, the FASB issued an Accounting Standards Update (ASU), ASU2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic310-20), Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain callable debt securities purchased at a premium, shortening such period to the earliest call date. ASU2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. ASU2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2018. Management has implemented ASU2017-08 and determined that the impact of this guidance to the Fund’s net assets at the end of the period is not material.

In August 2018, the FASB issued ASU2018-13, which changes certain fair value measurement disclosure requirements. ASU2018-13, 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. ASU2018-13 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.

In March 2020, the FASB issued ASU2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

15. Subsequent Events

On Nov. 4, 2019, the Fund, along with certain other funds in the Delaware Funds (Participants), entered into an amendment to the agreement for a $250,000,000 revolving line of credit. The revolving line of credit available was increased to $275,000,000 on May 6, 2020. The revolving line of credit is to be used as described above and operates in substantially the same manner as the original agreement.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known asCOVID-19. The outbreak ofCOVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects ofCOVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Fund’s performance.

Management has determined that no other material events or transactions occurred subsequent to March 31, 2020, that would require recognition or disclosure in the Fund’s financial statements.

84

Report of independent

registered public accounting firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware Strategic Allocation Fund (the “Fund”) as of March 31, 2020, the related statement of operations for the year ended March 31, 2020, the statements of changes in net assets for each of the two years in the period ended March 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2020 and the financial highlights for each of the five years in the period ended March 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2020 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 26, 2020

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

85

Other Fund information (Unaudited)

Delaware Strategic Allocation Fund

Tax Information

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

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

For the fiscal year ended March 31, 2020, the Fund reports distributions paid during the year as follows:

(A) Long-Term Capital Gain Distributions (Tax Basis)	77.22	%
(B) Ordinary Income Distribution (Tax Basis)*	22.78	%
Total Distributions.	100.00	%
(C) Qualified Dividends1	22.20	%

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

(C) is based on the Fund’s ordinary income distributions.

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

* For the fiscal year ended March 31, 2020, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%. The percentage of dividends paid by the Fund from ordinary income reported as qualified dividend income is 67.49%. Complete information will be computed and reported in conjunction with your 2020 Form1099-DIV, as applicable.

For the fiscal year ended March 31, 2020, certain distributions paid by the Fund determined to be from Qualified Interest Income or Qualified Short Term Capital Gains, may be subject to relief from U.S. withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004; the Tax Relief, Unemployment Insurance Reauthorization, and Job Creations Act of 2010; and as extended by the American Taxpayer Relief Act of 2012. For the fiscal year ended March 31, 2020, the Fund has reported maximum distributions of Qualified Interest Income of $1,668,454 and Qualified Short Term Capital Gains of $161,394.

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Board of trustees / directors and officers addendum

Delaware Funds^®by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates

Name, Address,	Position(s)	Length of
and Birth Date	Held with Fund(s)	Time Served
Interested Trustee
Shawn K. Lytle1	President,	President and
2005 Market Street	Chief Executive Officer,	Chief Executive Officer
Philadelphia, PA 19103	and Trustee	since August 2015
February 1970
		Trustee since
		September 2015

Independent Trustees
Thomas L. Bennett	Chair and Trustee	Trustee since
2005 Market Street		March 2005
Philadelphia, PA 19103
October 1947		Chair since
		March 2015
Jerome D. Abernathy	Trustee	Since January 2019
2005 Market Street
Philadelphia, PA 19103
July 1959

Ann D. Borowiec	Trustee	Since March 2015
2005 Market Street
Philadelphia, PA 19103
November 1958

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

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for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

Principal Occupation(s) During the Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee or Officer	Other Directorships Held by Trustee or Officer
President — Macquarie Investment Management2 (June 2015–Present)	95	Trustee — UBS Relationship Funds, SMA Relationship Trust, and UBS Funds (May 2010–April 2015)
Regional Head of Americas — UBS Global Asset Management (April 2010–May 2015)
Private Investor (March 2004–Present)	95	None
Managing Member, Stonebrook Capital Management, LLC (financial technology: macro factors and databases) (January 1993–Present)	95	None
Chief Executive Officer, Private Wealth Management (2011–2013) and Market Manager, New Jersey Private Bank (2005–2011) — J.P. Morgan Chase & Co.	95	Director — Banco Santander International (October 2016– December 2019) Director — Santander Bank, N.A. (December 2016– December 2019)

²  Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

89

Board of trustees / directors and officers addendum

Delaware Funds^®by Macquarie

Name, Address, and Birth Date	Position(s) Held with Fund(s)	Length of Time Served
Independent Trustees (continued)
Joseph W. Chow 2005 Market Street Philadelphia, PA 19103 January 1953	Trustee	Since January 2013
John A. Fry 2005 Market Street Philadelphia, PA 19103 May 1960	Trustee	Since January 2001
Lucinda S. Landreth 2005 Market Street Philadelphia, PA 19103 June 1947	Trustee	Since March 2005

90

Principal Occupation(s) During the Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee or Officer	Other Directorships Held by Trustee or Officer
Private Investor (April 2011–Present)	95	Director and Audit Committee Member — Hercules Technology Growth Capital, Inc. (July 2004–July 2014)
President — Drexel University (August 2010–Present) President — Franklin & Marshall College (July 2002–June 2010)	95	Director; Compensation Committee and Governance Committee Member — Community Health Systems (May 2004–Present) Director — Drexel Morgan & Co. (2015–2019) Director and Audit Committee Member — vTv Therapeutics Inc. (2017–Present) Director and Audit Committee Member — FS Credit Real Estate Income Trust, Inc. (2018–Present) Director — Federal Reserve Bank of Philadelphia (January 2020–Present)
Private Investor (2004–Present)	95	None

91

Board of trustees / directors and officers addendum

Delaware Funds^®by Macquarie

Name, Address, and Birth Date	Position(s) Held with Fund(s)	Length of Time Served
Independent Trustees (continued)
Frances A. Sevilla-Sacasa 2005 Market Street Philadelphia, PA 19103 January 1956	Trustee	Since September 2011
Thomas K. Whitford 2005 Market Street Philadelphia, PA 19103 March 1956	Trustee	Since January 2013

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Principal Occupation(s) During the Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee or Officer	Other Directorships Held by Trustee or Officer
Private Investor (January 2017–Present) Chief Executive Officer — Banco Itaú International (April 2012–December 2016) Executive Advisor to Dean (August 2011–March 2012) and Interim Dean (January 2011–July 2011) — University of Miami School of Business Administration President — U.S. Trust, Bank of America Private Wealth Management (Private Banking) (July 2007–December 2008)	95	Trust Manager and Audit Committee Chair — Camden Property Trust (August 2011–Present) Director; Strategic Planning and Reserves Committee and Nominating and Governance Committee Member — Callon Petroleum Company (December 2019–Present) Director; Audit Committee Member — Carrizo Oil & Gas, Inc. (March 2018–December 2019)
Vice Chairman (2010–April 2013) — PNC Financial Services Group	95	Director — HSBC North America Holdings Inc. (December 2013–Present) Director — HSBC USA Inc. (July 2014–Present) Director — HSBC Bank USA, National Association (July 2014–March 2017) Director — HSBC Finance Corporation (December 2013–April 2018)

93

Board of trustees / directors and officers addendum

Delaware Funds^®by Macquarie

Name, Address,	Position(s)	Length of
and Birth Date	Held with Fund(s)	Time Served
Independent Trustees (continued)
Christianna Wood	Trustee	Since January 2019
2005 Market Street
Philadelphia, PA 19103
August 1959

94

	Number of Portfolios in
Principal Occupation(s)	Fund Complex Overseen	Other Directorships
During the Past Five Years	by Trustee or Officer	Held by Trustee or Officer
Chief Executive Officer	95	Director; Finance Committee
and President —		and Audit Committee
Gore Creek		Member — H&R
Capital, Ltd.		Block Corporation
(August 2009–Present)		(July 2008–Present)
		Director; Investments
		Committee, Capital
		and Finance
		Committee, and Audit
		Committee Member —
		Grange Insurance
		(2013–Present)
		Trustee; Chair of
		Nominating and Governance
		Committee and Audit
		Committee Member —
		The Merger Fund
		(2013–Present),
		The Merger Fund VL
		(2013-Present),
		WCM Alternatives:
		Event-Driven Fund
		(2013–Present),
		and WCM Alternatives:
		Credit Event Fund
		(December 2017–Present)
		Director; Chair of
		Governance Committee
		and Audit Committee
		Member — International
		Securities Exchange
		(2010–2016)

95

Board of trustees / directors and officers addendum

Delaware Funds^®by Macquarie

Name, Address,	Position(s)	Length of
and Birth Date	Held with Fund(s)	Time Served
Independent Trustees (continued)
Janet L. Yeomans	Trustee	Since April 1999
2005 Market Street
Philadelphia, PA 19103
July 1948
Officers
David F. Connor	Senior Vice President,	Senior Vice President since
2005 Market Street	General Counsel,	May 2013; General
Philadelphia, PA 19103	and Secretary	Counsel since May 2015;
December 1963		Secretary since
		October 2005
Daniel V. Geatens	Vice President	Vice President and
2005 Market Street	and Treasurer	Treasurer since October 2007
Philadelphia, PA 19103
October 1972
Richard Salus	Senior Vice President	Senior Vice President and
2005 Market Street	and Chief Financial Officer	Chief Financial Officer
Philadelphia, PA 19103		since November 2006
October 1963

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800523-1918.

96

	Number of Portfolios in
Principal Occupation(s)	Fund Complex Overseen	Other Directorships
During the Past Five Years	by Trustee or Officer	Held by Trustee or Officer
Vice President and Treasurer	95	Director; Personnel and
(January 2006–July 2012),		Compensation Committee
Vice President —		Chair; Member of Nominating,
Mergers & Acquisitions		Investments, and Audit
(January 2003–January 2006),		Committees for various
and Vice President		periods throughout
and Treasurer		directorship —
(July 1995–January 2003) —		Okabena Company
3M Company		(2009–2017)
David F. Connor has served	95	None3
in various capacities at
different times at
Macquarie Investment
Management.
Daniel V. Geatens has served	95	None3
in various capacities at
different times at
Macquarie Investment
Management.
Richard Salus has served	95	None
in various capacities
at different times at
Macquarie Investment
Management.

³  David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust, and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc.

97

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 Jerome D. Abernathy Managing Member Stonebrook Capital Management, LLC Jersey City, NJ	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 Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Golden, CO 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 annual report is for the information of Delaware Strategic 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 FormN-PORT. The Fund’s FormsN-PORT, 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 800523-1918; 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 FormN-PORT are available without charge on the Fund’s website at delawarefunds.com/literature. The Fund’s FormsN-PORT 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 800SEC-0330.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed12-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

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

Item 3. Audit Committee Financial Expert

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

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

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

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

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

e. An understanding of audit committee functions.

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

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

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

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

d. Other relevant experience.

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

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

Jerome D. Abernathy
John A. Fry
Thomas K. Whitford, Chair
Christianna Wood

Item 4. Principal Accountant Fees and Services

(a)Audit fees.

The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $49,240 for the fiscal year ended March 31, 2020.

The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $48,270 for the fiscal year ended March 31, 2019.

(b)Audit-related fees.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended March 31, 2020.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $909,000 for the registrant’s fiscal year ended March 31, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to thede minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year-end audit procedures; group reporting and subsidiary statutory audits.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended March 31, 2019.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $640,000 for the registrant’s fiscal year ended March 31, 2019. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to thede minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year-end audit procedures; group reporting and subsidiary statutory audits.

(c)Tax fees.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $6,501 for the fiscal year ended March 31, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to thede minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended March 31, 2020.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $5,738 for the fiscal year ended March 31, 2019. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to thede minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended March 31, 2019.

(d)All other fees.

The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended March 31, 2020.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended March 31, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to thede minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended March 31, 2019.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended March 31, 2019. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to thede minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

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

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

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

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

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

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s independent auditors for services rendered to the registrant and to its investment adviser and other service providers under common control with the adviser were $4,687,000 and $11,748,000 for the registrant’s fiscal years ended March 31, 2020 and March 31, 2019, respectively.

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

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

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

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

(a)	(1) Code of Ethics
	Not applicable.
	(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.
	(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.
	Not applicable.
(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

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

DELAWARE GROUP^®FOUNDATION FUNDS

SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	June 4, 2020

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

SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	June 4, 2020
RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	June 4, 2020