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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:	811-08457
Exact name of registrant as specified in charter:	Delaware Group® Foundation Funds
Address of principal executive offices:	610 Market Street
	Philadelphia, PA 19106
Name and address of agent for service:	David F. Connor, Esq.
	610 Market Street
	Philadelphia, PA 19106
Registrant’s telephone number, including area code:	(800) 523-1918
Date of fiscal year end:	March 31
Date of reporting period:	September 30, 2021

Item 1. Reports to Stockholders

	Semiannual report

Multi-asset mutual fund

Delaware Strategic Allocation Fund

September 30, 2021

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

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

Visit delawarefunds.com/edelivery.

Experience Delaware Funds by Macquarie^®

Macquarie Investment Management (MIM) is a global asset manager with offices 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, and Macquarie Investment Management Europe S.A.

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

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

The Fund is governed by US laws and regulations.

Table of contents
Disclosure of Fund expenses	1
Security type / sector allocation, country allocation and top 10 equity holdings	3
Schedule of investments	7
Statement of assets and liabilities	42
Statement of operations	44
Statements of changes in net assets	46
Financial highlights	48
Notes to financial statements	56
Other Fund information	78
About the organization	83

Unless otherwise noted, views expressed herein are current as of September 30, 2021, 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.

© 2021 Macquarie Management Holdings, Inc.

Disclosure of Fund expenses
For the six-month period from April 1, 2021 to September 30, 2021 (Unaudited)

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

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 entire six-month period from April 1, 2021 to September 30, 2021.

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 assume reinvestment of all dividends and distributions.

1

Disclosure of Fund expenses
For the six-month period from April 1, 2021 to September 30, 2021 (Unaudited)

Delaware Strategic Allocation Fund
Expense analysis of an investment of $1,000

	Beginning			Ending					Expenses
	Account Value			Account Value			Annualized		Paid During Period
	4/1/21			9/30/21			Expense Ratio		4/1/21 to 9/30/21*
Actual Fund return†
Class A		$	1,000.00		$	1,030.80		1.11%		$	5.65
Class C			1,000.00			1,026.80		1.87%			9.50
Class R			1,000.00			1,029.70		1.37%			6.97
Institutional Class			1,000.00			1,032.10		0.87%			4.43
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,019.50		1.11%		$	5.62
Class C			1,000.00			1,015.69		1.87%			9.45
Class R			1,000.00			1,018.20		1.37%			6.93
Institutional Class			1,000.00			1,020.71		0.87%			4.41

*	“Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

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

2

Security type / sector allocation, country allocation and top 10 equity holdings
Delaware Strategic Allocation Fund	September 30, 2021 (Unaudited)

Sector designations may be different from 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		56.45	%
US Markets		25.89	%
Communication Services		2.16	%
Consumer Discretionary		3.01	%
Consumer Staples		1.00	%
Energy		0.76	%
Financials		3.70	%
Healthcare		4.25	%
Industrials		3.19	%
Information Technology		5.47	%
Materials		0.99	%
Real Estate		0.89	%
Utilities		0.47	%
Developed Markets		23.35	%
Communication Services		1.17	%
Consumer Discretionary		2.48	%
Consumer Staples		2.40	%
Energy		0.72	%
Financials		4.35	%
Healthcare		3.15	%
Industrials		3.78	%
Information Technology		2.11	%
Materials		1.85	%
Real Estate		0.56	%
Utilities		0.78	%
Emerging Markets		7.21	%
Communication Services		1.62	%
Consumer Discretionary		0.79	%
Consumer Staples		0.54	%
Energy		1.05	%
Financials		0.44	%
Healthcare		0.05	%
Industrials		0.01	%
Information Technology		2.46	%
Materials		0.19	%
Real Estate		0.03	%
Utilities		0.03	%
Exchange-Traded Funds		7.01	%
Agency Collateralized Mortgage Obligations		0.63	%

3

Security type / sector allocation, country
allocation and top 10 equity holdings
Delaware Strategic Allocation Fund

Security type / sector	Percentage of net assets
Agency Commercial Mortgage-Backed Securities		0.10	%
Agency Mortgage-Backed Securities		10.78	%
Collateralized Debt Obligations		1.25	%
Corporate Bonds		8.60	%
Banking		2.22	%
Basic Industry		0.31	%
Capital Goods		0.17	%
Communications		1.87	%
Consumer Cyclical		0.43	%
Consumer Non-Cyclical		0.67	%
Energy		0.82	%
Financials		0.43	%
Real Estate		0.20	%
Technology		0.36	%
Transportation		0.16	%
Utilities		0.96	%
Loan Agreements		1.74	%
Municipal Bonds		0.33	%
Non-Agency Asset-Backed Securities		0.35	%
Non-Agency Collateralized Mortgage Obligations		0.77	%
Non-Agency Commercial Mortgage-Backed Securities		1.85	%
Rights		0.02	%
Sovereign Bonds		3.83	%
Preferred Stock		0.22	%
US Treasury Obligations		3.67	%
Warrants		0.00	%
Short-Term Investments		2.22	%
Total Value of Securities		99.82	%
Assets Net of Receivables and Other Liabilities		0.18	%
Total Net Assets		100.00	%

	Percentage
Country/Market*	of net assets
Developed Markets		29.89	%
Australia		2.56	%
Austria		0.33	%
Belgium		0.38	%
Canada		0.22	%
Cayman Islands		1.25	%
Denmark		0.59	%

4

	Percentage
Country/Market*	of net assets
Finland		0.35	%
France		3.26	%
Germany		2.88	%
Hong Kong		0.47	%
Ireland		0.30	%
Israel		0.16	%
Italy		0.77	%
Japan		7.21	%
Netherlands		1.22	%
Norway		0.18	%
Portugal		0.15	%
Singapore		0.20	%
South Africa		0.15	%
Spain		0.93	%
Sweden		0.83	%
Switzerland		2.24	%
United Kingdom		3.26	%
Emerging Markets		7.60	%
Argentina		0.02	%
Brazil		0.38	%
Chile		0.08	%
China		1.76	%
Colombia		0.02	%
India		0.81	%
Indonesia		0.14	%
Malaysia		0.01	%
Mexico		0.35	%
Netherlands		0.18	%
Peru		0.02	%
Republic of Korea		1.64	%
Russia		0.70	%
Taiwan		1.37	%
Turkey		0.12	%
US Markets		60.11	%
Total		97.60	%

5

Security type / sector allocation, country allocation and top 10 equity holdings
Delaware Strategic Allocation Fund

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

Top 10 equity holdings	Percentage of net assets
Taiwan Semiconductor Manufacturing		0.79	%
Microsoft		0.69	%
Alphabet Class A		0.66	%
Reliance Industries GDR		0.65	%
Samsung Electronics		0.61	%
ASML Holding (New York Shares)		0.59	%
Apple		0.53	%
Tencent Holdings		0.52	%
Roche Holding		0.50	%
Amazon.com		0.48	%

* Allocation includes all investments except for short-term.

6

Schedule of investments
Delaware Strategic Allocation Fund	September 30, 2021 (Unaudited)

		Number of
		shares	Value (US $)
Common Stock – 56.45%
US Markets – 25.89%
Communication Services – 2.16%
	Alphabet Class A †	611	$	1,633,521
	AT&T	7,872		212,623
	ATN International	1,058		49,567
	Bumble Class A †	22		1,100
	Century Communications =,†	25,000		0
	Cinemark Holdings †	5,166		99,239
	Comcast Class A	17,909		1,001,650
	Facebook Class A †	1,409		478,200
	Nexstar Media Group Class A	464		70,509
	Upwork †	1,065		47,957
	Verizon Communications	11,300		610,313
	Walt Disney †	6,169		1,043,610
	Yelp †	2,741		102,075
				5,350,364
Consumer Discretionary – 3.01%
	Amazon.com †	363		1,192,470
	American Eagle Outfitters	7,904		203,923
	Aramark	4,960		162,986
	BorgWarner	3,081		133,130
	Brinker International †	2,556		125,372
	Children’s Place †	742		55,843
	Chuy’s Holdings †	1,757		55,398
	Dana	4,734		105,284
	Dollar General	2,920		619,449
	Dollar Tree †	6,400		612,608
	DR Horton	1,651		138,635
	Five Below †	1,258		222,427
	Hibbett	1,064		75,267
	Home Depot	1,666		546,881
	Jack in the Box	1,332		129,644
	KB Home	3,310		128,825
	La-Z-Boy	1,867		60,173
	Lowe’s	3,300		669,438
	Malibu Boats Class A †	2,199		153,886
	NIKE Class B	2,551		370,482
	Sonic Automotive Class A	891		46,813
	Starbucks	2,740		302,249
	Steven Madden	4,329		173,853
	Taylor Morrison Home †	5,009		129,132
	Texas Roadhouse	3,365		307,325

7

Schedule of investments
Delaware Strategic Allocation Fund

		Number of
		shares	Value (US $)
Common Stock (continued)
US Markets (continued)
Consumer Discretionary (continued)
	Toll Brothers	2,584	$	142,869
	Tractor Supply	1,733		351,123
	Waste Management	943		140,847
	Wendy’s	3,350		72,628
				7,428,960
Consumer Staples – 1.00%
	Archer-Daniels-Midland	11,000		660,110
	BJ’s Wholesale Club Holdings †	3,486		191,451
	Casey’s General Stores	1,138		214,456
	Conagra Brands	17,798		602,818
	General Mills	2,775		166,001
	Helen of Troy †	736		165,364
	J & J Snack Foods	950		145,179
	PepsiCo	2,073		311,800
	YETI Holdings †	264		22,622
				2,479,801
Energy – 0.76%
	Chevron	5,235		531,091
	ConocoPhillips	15,162		1,027,529
	Earthstone Energy Class A †	2,900		26,680
	Patterson-UTI Energy	8,587		77,283
	PDC Energy	4,740		224,628
				1,887,211
Financials – 3.70%
	American Equity Investment Life Holding	2,607		77,089
	American International Group	12,500		686,125
	Axis Capital Holdings	2,518		115,929
	BlackRock	353		296,047
	Bryn Mawr Bank	1,213		55,737
	Capital One Financial	1,440		233,237
	City Holding	1,063		82,818
	Comerica	1,558		125,419
	Discover Financial Services	5,298		650,859
	East West Bancorp	3,181		246,655
	Enterprise Financial Services	1,322		59,860
	Essent Group	5,240		230,612
	First Bancorp (North Carolina)	2,181		93,805
	First Financial Bancorp	4,260		99,727
	First Foundation	2,038		53,599

8

		Number of
		shares	Value (US $)
Common Stock (continued)
US Markets (continued)
Financials (continued)
	First Interstate BancSystem Class A	2,403	$	96,745
	Great Western Bancorp	2,227		72,912
	Hamilton Lane Class A	1,267		107,467
	Independent Bank	1,404		106,915
	Independent Bank Group	1,645		116,861
	Intercontinental Exchange	1,808		207,595
	JPMorgan Chase & Co.	3,888		636,427
	Kemper	565		37,736
	KeyCorp	7,944		171,749
	Lakeland Financial	335		23,865
	MetLife	11,113		686,005
	NMI Holdings Class A †	4,189		94,713
	Old National Bancorp	7,924		134,312
	Pacific Premier Bancorp	3,521		145,910
	Raymond James Financial	1,758		162,274
	Reinsurance Group of America	1,103		122,720
	RLI	690		69,186
	Selective Insurance Group	1,677		126,664
	SouthState	1,804		134,705
	State Street	2,329		197,313
	Stifel Financial	2,106		143,124
	Travelers	832		126,472
	Truist Financial	11,900		697,935
	Umpqua Holdings	5,110		103,478
	United Community Banks	4,162		136,597
	US Bancorp	15,913		945,869
	Valley National Bancorp	7,324		97,482
	Webster Financial	1,688		91,928
	WesBanco	3,032		103,331
	WSFS Financial	2,844		145,926
				9,151,734
Healthcare – 4.25%
	Abbott Laboratories	2,511		296,624
	Agios Pharmaceuticals †	1,937		89,392
	Amicus Therapeutics †	10,903		104,124
	Apellis Pharmaceuticals †	2,057		67,799
	AtriCure †	1,803		125,399
	Baxter International	2,139		172,040
	Becton Dickinson and Co.	829		203,785
	Biohaven Pharmaceutical Holding †	884		122,796

9

Schedule of investments
Delaware Strategic Allocation Fund

		Number of
		shares	Value (US $)
Common Stock (continued)
US Markets (continued)
Healthcare (continued)
	Blueprint Medicines †	1,896	$	194,928
	Cardinal Health	8,017		396,521
	Catalent †	1,359		180,842
	Cigna	4,091		818,855
	CONMED	1,341		175,443
	CryoLife †	4,048		90,230
	CVS Health	7,800		661,908
	Dexcom †	403		220,385
	Edwards Lifesciences †	1,939		219,514
	Exact Sciences †	1,459		139,261
	Halozyme Therapeutics †	3,865		157,228
	Insmed †	4,400		121,176
	Inspire Medical Systems †	518		120,632
	Intercept Pharmaceuticals †	1,285		19,082
	Johnson & Johnson	6,522		1,053,303
	Ligand Pharmaceuticals †	1,061		147,818
	Merck & Co.	11,635		873,905
	Merit Medical Systems †	2,777		199,389
	Natera †	557		62,072
	NeoGenomics †	2,146		103,523
	Neurocrine Biosciences †	1,426		136,768
	NuVasive †	2,200		131,670
	Omnicell †	1,027		152,438
	Pfizer	7,036		302,618
	Prestige Consumer Healthcare †	3,073		172,426
	PTC Therapeutics †	2,170		80,746
	Quidel †	638		90,054
	Repligen †	799		230,903
	Shockwave Medical †	909		187,145
	Supernus Pharmaceuticals †	3,600		96,012
	Tabula Rasa HealthCare †	2,477		64,922
	Teladoc Health †	647		82,046
	Thermo Fisher Scientific	628		358,795
	TransMedics Group †	3,062		101,322
	Travere Therapeutics †	7,321		177,534
	Ultragenyx Pharmaceutical †	1,381		124,552
	Vanda Pharmaceuticals †	6,492		111,273
	Vertex Pharmaceuticals †	987		179,032
	Viatris	44,206		598,991
				10,517,221

10

		Number of
		shares	Value (US $)
Common Stock (continued)
US Markets (continued)
Industrials – 3.19%
	ABM Industries	2,634	$	118,556
	Allegiant Travel †	1,131		221,088
	Ameresco Class A †	3,635		212,393
	Applied Industrial Technologies	1,601		144,298
	ASGN †	1,875		212,137
	Barnes Group	1,141		47,614
	BrightView Holdings †	5,395		79,630
	Carlisle	581		115,497
	Casella Waste Systems Class A †	1,066		80,952
	Columbus McKinnon	2,553		123,438
	Deere	280		93,820
	Dover	3,657		568,663
	Eaton	852		127,212
	Emerson Electric	1,435		135,177
	ESCO Technologies	659		50,743
	Federal Signal	3,614		139,573
	Gates Industrial †	3,956		64,364
	Generac Holdings †	259		105,846
	Honeywell International	3,748		795,625
	Hub Group Class A †	2,208		151,800
	Ichor Holdings †	837		34,392
	Ingersoll Rand †	928		46,780
	Kadant	653		133,277
	Knight-Swift Transportation Holdings	2,151		110,024
	Lockheed Martin	366		126,307
	MasTec †	744		64,192
	MYR Group †	2,171		216,015
	Northrop Grumman	1,800		648,270
	Oshkosh	1,405		143,830
	Parker-Hannifin	887		248,023
	Quanta Services	1,151		131,007
	Raytheon Technologies	9,369		805,359
	Rockwell Automation	203		59,690
	Southwest Airlines †	2,202		113,249
	Tetra Tech	1,216		181,597
	Trane Technologies	1,379		238,084
	Union Pacific	1,251		245,209
	US Ecology †	1,627		52,633
	Werner Enterprises	2,198		97,305
	WESCO International †	1,977		227,988

11

Schedule of investments
Delaware Strategic Allocation Fund

		Number of
		shares	Value (US $)
Common Stock (continued)
US Markets (continued)
Industrials (continued)
	WillScot Mobile Mini Holdings †	5,677	$	180,074
	Zurn Water Solutions	2,930		188,370
				7,880,101
Information Technology – 5.47%
	Accenture Class A	1,202		384,544
	Activision Blizzard	682		52,780
	Adobe †	768		442,153
	Apple	9,232		1,306,328
	Bandwidth Class A †	314		28,348
	Blackline †	528		62,336
	Box Class A †	1,799		42,582
	Broadcom	1,970		955,312
	Brooks Automation	1,949		199,480
	Cisco Systems	16,776		913,118
	Cognizant Technology Solutions Class A	8,473		628,781
	ExlService Holdings †	1,716		211,274
	Fidelity National Information Services	4,531		551,332
	II-VI †	2,029		120,441
	Intel	4,892		260,646
	Intuit	469		253,030
	J2 Global †	1,520		207,662
	KBR	3,176		125,134
	MACOM Technology Solutions Holdings †	835		54,166
	MaxLinear †	3,585		176,561
	Microsoft	6,039		1,702,515
	Mimecast †	1,633		103,859
	Motorola Solutions	2,827		656,769
	NETGEAR †	1,743		55,619
	ON Semiconductor †	2,730		124,952
	Oracle	7,300		636,049
	Plantronics †	287		7,379
	PTC †	1,689		202,325
	Q2 Holdings †	1,521		121,893
	Rapid7 †	2,291		258,929
	Roper Technologies	218		97,256
	salesforce.com †	1,293		350,688
	Semtech †	1,858		144,868
	ServiceNow †	458		285,000
	Silicon Laboratories †	882		123,621
	Sprout Social Class A †	791		96,463

12

		Number of
		shares	Value (US $)
Common Stock (continued)
US Markets (continued)
Information Technology (continued)
	SS&C Technologies Holdings	3,665	$	254,351
	Texas Instruments	1,332		256,024
	Tyler Technologies †	810		371,507
	Uber Technologies †	1,288		57,702
	Varonis Systems †	2,148		130,706
	Visa Class A	2,236		498,069
				13,512,552
Materials – 0.99%
	Balchem	465		67,458
	Boise Cascade	3,066		165,503
	Coeur Mining †	5,336		32,923
	Corteva	2,723		114,584
	Dow	2,040		117,422
	DuPont de Nemours	10,326		702,065
	Eastman Chemical	1,290		129,955
	Ferro †	1,188		24,164
	Kaiser Aluminum	1,302		141,866
	Minerals Technologies	2,329		162,657
	Neenah	2,192		102,169
	Quaker Chemical	545		129,557
	Reliance Steel & Aluminum	682		97,130
	Summit Materials Class A †	3,578		114,389
	Westrock	4,073		202,958
	Worthington Industries	2,602		137,125
				2,441,925
Real Estate – 0.89%
	American Assets Trust	2,605		97,479
	American Tower	1,087		288,501
	Armada Hoffler Properties	5,268		70,433
	Brixmor Property Group	5,452		120,544
	Camden Property Trust	985		145,258
	DiamondRock Hospitality †	7,489		70,771
	EastGroup Properties	787		131,138
	Equity Residential	7,445		602,449
	First Industrial Realty Trust	2,041		106,295
	Kite Realty Group Trust	5,141		104,671
	Lexington Realty Trust	7,175		91,481
	National Storage Affiliates Trust	1,962		103,574
	Pebblebrook Hotel Trust	3,732		83,634

13

Schedule of investments
Delaware Strategic Allocation Fund

		Number of
		shares	Value (US $)
Common Stock (continued)
US Markets (continued)
	Real Estate (continued)
	Physicians Realty Trust	6,920	$	121,930
	RPT Realty	5,444		69,466
	Spirit MTA REIT =,†,**	677		0
				2,207,624
Utilities – 0.47%
	Black Hills	2,676		167,946
	Edison International	10,700		593,529
	NorthWestern	1,836		105,203
	South Jersey Industries	8,976		190,830
	Spire	1,613		98,683
				1,156,191
Total US Markets (cost $35,473,277)				64,013,684
Developed Markets – 23.35%§
Communication Services – 1.17%
	KDDI	17,800		586,031
	Nippon Telegraph & Telephone	18,760		519,824
	PCCW	630,000		323,290
	Swisscom	750		431,611
	Telefonica	67,653		317,467
	Telenet Group Holding	8,200		313,091
	Vodafone Group	260,000		395,640
				2,886,954
Consumer Discretionary – 2.48%
	Cie Generale des Etablissements Michelin	3,150		483,022
	Honda Motor	17,200		528,794
	Husqvarna Class B	31,500		376,301
	Industria de Diseno Textil	11,790		433,822
	La Francaise des Jeux SAEM 144A #	7,600		390,771
	LVMH Moet Hennessy Louis Vuitton	640		458,409
	McDonald’s Holdings Co. Japan	7,700		363,274
	Panasonic	40,000		495,816
	Persimmon	10,500		375,532
	Puma	2,780		309,039
	Sony Group	6,400		710,520
	Stanley Electric	11,100		280,366
	Toyota Motor	23,940		426,548
	Wesfarmers	12,720		505,918
				6,138,132

14

		Number of
		shares	Value (US $)
Common Stock (continued)
Developed Markets § (continued)
	Consumer Staples – 2.40%
	Beiersdorf	3,170	$	342,043
	Chocoladefabriken Lindt & Spruengli	40		447,234
	Coca-Cola Europacific Partners	7,060		390,347
	Coles Group	29,430		357,486
	Diageo	5,730		277,418
	Essity Class B	11,200		347,357
	J Sainsbury	97,310		372,968
	Kesko Class B	11,330		390,810
	L’Oreal	1,770		732,433
	MatsukiyoCocokara & Co.	7,000		314,196
	Nestle	8,000		963,921
	Sundrug	9,700		295,889
	Suntory Beverage & Food	9,700		402,117
	Tate & Lyle	32,230		300,426
				5,934,645
Energy – 0.72%
	ENEOS Holdings	111,600		453,359
	Galp Energia	31,810		361,298
	Royal Dutch Shell Class A	23,120		514,169
	Royal Dutch Shell Class B	20,740		459,528
				1,788,354
Financials – 4.35%
	AIA Group	73,000		839,822
	Allianz	3,170		710,225
	Aviva	75,000		397,491
	AXA	21,940		608,029
	Banco Bilbao Vizcaya Argentaria †	82,290		543,164
	Banco Espirito Santo =,†	370,000		0
	Bank Leumi Le-Israel	47,960		406,367
	BNP Paribas	10,650		681,394
	Commonwealth Bank of Australia	10,940		811,861
	Credit Suisse Group	38,390		379,150
	Daiwa Securities Group	74,100		431,910
	Erste Group Bank	9,450		414,942
	Investec	89,910		383,681
	KBC Group	4,120		371,643
	Ninety One	98,000		339,884
	Nordea Bank	36,860		474,988
	Oversea-Chinese Banking	59,700		502,718

15

Schedule of investments
Delaware Strategic Allocation Fund

		Number of
		shares	Value (US $)
Common Stock (continued)
Developed Markets § (continued)
Financials (continued)
	QBE Insurance Group	34,193	$	281,689
	Resona Holdings	101,000		404,001
	Sompo Holdings	10,100		438,189
	Standard Chartered	70,610		412,770
	UBS Group	35,320		563,764
	UniCredit	27,150		359,295
				10,756,977
Healthcare – 3.15%
	Alfresa Holdings	14,200		212,125
	Astellas Pharma	25,100		413,122
	AstraZeneca	3,800		457,967
	Daiichi Sankyo	11,700		311,000
	GlaxoSmithKline	35,730		674,338
	Koninklijke Philips	9,647		428,587
	Kyowa Kirin	9,700		349,687
	Nippon Shinyaku	4,700		390,679
	Novartis	11,740		962,671
	Novo Nordisk Class B	10,090		972,571
	Roche Holding	3,390		1,237,248
	Sanofi	7,290		701,765
	Smith & Nephew	23,200		399,686
	Sumitomo Dainippon Pharma	16,000		285,985
				7,797,431
Industrials – 3.78%
	AGC	7,700		396,798
	ANDRITZ	7,450		408,303
	BAE Systems	65,900		499,130
	Brambles	47,560		365,711
	Brenntag	4,300		399,447
	Deutsche Lufthansa †	17,620		120,217
	Deutsche Post	9,340		585,710
	East Japan Railway	5,166		365,098
	Eiffage	3,800		384,054
	Intertek Group	3,680		246,072
	ITOCHU	16,686		485,996
	Japan Airlines †	10,400		247,590
	Mitsubishi	16,600		521,280
	Miura	7,400		295,812
	Schneider Electric	4,250		707,855

16

		Number of
		shares	Value (US $)
Common Stock (continued)
Developed Markets § (continued)
Industrials (continued)
	Siemens	4,940	$	807,942
	Teleperformance	910		357,935
	Vestas Wind Systems	11,250		451,227
	Vinci	5,040		524,205
	Volvo Class B	21,990		490,960
	West Japan Railway	5,000		251,335
	Wolters Kluwer	4,140		438,826
				9,351,503
Information Technology – 2.11%
	ASML Holding (New York Shares)	1,960		1,464,235
	Azbil	7,700		331,528
	Capgemini	2,170		450,008
	Computershare	27,100		350,432
	Omron	4,000		395,810
	SAP	5,720		773,511
	Telefonaktiebolaget LM Ericsson Class B	37,980		428,678
	Tokyo Electron	1,400		618,490
	Yokogawa Electric	22,800		397,667
				5,210,359
Materials – 1.85%
	BlueScope Steel	25,030		362,675
	Boliden	11,530		369,196
	Covestro 144A #	6,320		430,713
	CRH	10,980		518,200
	Givaudan †	80		364,727
	LANXESS	5,130		346,708
	Linde	453		132,901
	Norsk Hydro	59,140		441,420
	Rio Tinto	9,700		635,856
	Shin-Etsu Chemical	2,900		489,430
	South32	189,200		469,506
				4,561,332
Real Estate – 0.56%
	Daito Trust Construction	3,400		398,846
	Grand City Properties	10,190		253,744
	Klepierre	13,440		300,566
	Mirvac Group	204,620		434,053
				1,387,209

17

Schedule of investments
Delaware Strategic Allocation Fund

		Number of
		shares	Value (US $)
Common Stock (continued)
Developed Markets § (continued)
Utilities – 0.78%
	AusNet Services	195,880	$	354,555
	Centrica †	370,000		280,963
	E.ON	38,250		466,868
	Enel	70,990		544,864
	Tokyo Gas	14,900		277,249
				1,924,499
Total Developed Markets (cost $47,197,625)				57,737,395
Emerging Markets – 7.21%@
Communication Services – 1.62%
	America Movil ADR Class L	5,580		98,599
	Baidu ADR †	2,102		323,183
	Grupo Televisa ADR	16,049		176,218
	iQIYI ADR †	1,826		14,663
	LG Uplus	8,694		109,290
	Mail.Ru Group GDR †	2,644		54,251
	NAVER	592		192,084
	SK Telecom ADR	36,941		1,111,924
	Sohu.com ADR †	7,541		157,154
	Telefonica Brasil ADR	8,180		63,477
	Tencent Holdings	21,600		1,289,493
	Tencent Music Entertainment Group ADR †	7		51
	TIM ADR	5,359		57,556
	Turkcell Iletisim Hizmetleri ADR	11,103		48,298
	Weibo ADR †	1,972		93,650
	Yandex Class A †	2,625		209,186
	Zhihu ADR †	500		4,615
				4,003,692
Consumer Discretionary – 0.79%
	Alibaba Group Holding ADR †	5,328		788,810
	Americanas †	29,956		169,755
	Arcos Dorados Holdings Class A †	7,258		37,161
	Astra International	312,200		119,200
	D-MARKET Elektronik Hizmetler ve Ticaret ADR †	400		2,744
	JD.com ADR †	10,362		748,551
	Trip.com Group ADR †	2,961		91,051
				1,957,272
Consumer Staples – 0.54%
	BRF ADR †	21,731		109,090
	Cia Cervecerias Unidas ADR	3,071		53,098

18

		Number of
		shares	Value (US $)
Common Stock (continued)
Emerging Markets @ (continued)
Consumer Staples (continued)
	Coca-Cola Femsa ADR	3,622	$	203,810
	Coca-Cola HBC †	13,320		429,226
	Fomento Economico Mexicano ADR	1,012		87,761
	Tata Consumer Products	11,563		126,367
	Tingyi Cayman Islands Holding	49,724		92,452
	Tsingtao Brewery Class H	19,400		152,604
	Uni-President China Holdings	85,600		81,251
				1,335,659
Energy – 1.05%
	China Petroleum & Chemical Class H	212,200		104,570
	Gazprom PJSC ADR	43,806		432,958
	Petroleo Brasileiro ADR	11,369		117,556
	Reliance Industries GDR 144A #	23,574		1,605,389
	Rosneft Oil PJSC GDR	41,640		348,750
				2,609,223
Financials – 0.44%
	Akbank TAS	56,920		34,115
	Banco Bradesco ADR	21,218		81,265
	Banco Santander Brasil ADR	9,812		64,171
	Banco Santander Mexico ADR	26,097		149,536
	Grupo Financiero Banorte Class O	12,747		81,695
	Itau Unibanco Holding ADR	25,727		135,581
	Ping An Insurance Group Co. of China Class H	27,000		184,663
	Samsung Life Insurance	1,711		104,965
	Sberbank of Russia PJSC =	52,870		247,531
				1,083,522
Healthcare – 0.05%
	BeiGene ADR †	309		112,167
	Joinn Laboratories China Class H 144A #	140		1,906
				114,073
Industrials – 0.01%
	DiDi Global ADR †	2,500		19,475
				19,475
Information Technology – 2.46%
	Hon Hai Precision Industry	89,582		334,375
	MediaTek	35,000		1,126,562
	Samsung Electronics	24,309		1,507,027
	SK Hynix	12,068		1,033,097

19

Schedule of investments
Delaware Strategic Allocation Fund

		Number of
		shares	Value (US $)
Common Stock (continued)
Emerging Markets @ (continued)
Information Technology (continued)
	Taiwan Semiconductor Manufacturing	94,069	$	1,945,543
	WNS Holdings ADR †	1,844		150,839
				6,097,443
Materials – 0.19%
	Cemex ADR †	10,696		76,690
	Cia de Minas Buenaventura ADR †	9,743		65,863
	Sociedad Quimica y Minera de Chile ADR	2,628		141,176
	Tata Chemicals	10,144		125,130
	Vale ADR	5,098		71,117
				479,976
Real Estate – 0.03%
	Etalon Group GDR 144A #,†	20,100		31,517
	IRSA Inversiones y Representaciones ADR †	5,217		21,337
	IRSA Propiedades Comerciales ADR	949		2,800
	UEM Sunrise †	98,519		8,707
				64,361
Utilities – 0.03%
	Kunlun Energy	74,000		77,051
				77,051
Total Emerging Markets (cost $9,556,023)				17,841,747
Total Common Stock (cost $92,226,925)				139,592,826
Exchange-Traded Funds – 7.01%
	iShares MSCI EAFE ETF	230		17,942
	iShares Russell 1000 Growth ETF	40,840		11,191,794
	Vanguard FTSE Developed Markets ETF	3,050		153,994
	Vanguard Mega Cap Growth ETF	24,430		5,736,164
	Vanguard Russell 1000 Growth ETF	3,300		232,551
Total Exchange-Traded Funds (cost $8,856,790)				17,332,445
		Principal
		amount°
Agency Collateralized Mortgage Obligations – 0.63%
	Fannie Mae REMICs
	Series 2013-44 DI 3.00% 5/25/33 Σ	343,158		36,657
	Freddie Mac REMICs
	Series 5092 WG 1.00% 4/25/31	303,537		305,219

20

			Principal
			amount°	Value (US $)
Agency Collateralized Mortgage Obligations (continued)
	Freddie Mac Structured Agency Credit Risk REMIC Trust
		Series 2021-DNA1 M1 144A 0.70% (SOFR + 0.65%) 1/25/51 #,●	292,560	$	292,560
		Series 2021-HQA1 M1 144A 0.75% (SOFR + 0.70%) 8/25/33 #,●	323,048		323,159
		Series 2021-HQA2 M1 144A 0.75% (SOFR + 0.70%)
		12/25/33 #,●	120,000		120,082
	GNMA
		Series 2013-113 LY 3.00% 5/20/43	450,000		482,761
		Series 2017-10 KZ 3.00% 1/20/47	1,150		1,198
Total Agency Collateralized Mortgage Obligations (cost $1,554,521)					1,561,636
Agency Commercial Mortgage-Backed Securities – 0.10%
	Freddie Mac Multifamily Structured Pass Through Certificates
		Series K729 A2 3.136% 10/25/24 ◆	100,000		106,198
	FREMF Mortgage Trust
		Series 2012-K22 B 144A 3.811% 8/25/45 #,●	145,000		148,679
		Series 2014-K717 C 144A 3.695% 11/25/47 #,●	2,829		2,827
Total Agency Commercial Mortgage-Backed Securities (cost $259,206)					257,704
Agency Mortgage-Backed Securities – 10.78%
	Fannie Mae S.F. 15 yr
		1.50% 7/1/36	439,982		444,643
		2.00% 4/1/36	563,550		581,504
	Fannie Mae S.F. 20 yr
		2.00% 5/1/41	1,269,808		1,289,847
		2.50% 7/1/41	383,995		397,772
	Fannie Mae S.F. 30 yr
		2.00% 12/1/50	60,451		60,992
		2.00% 1/1/51	23,837		23,968
		2.00% 2/1/51	1,128,657		1,140,437
		2.00% 5/1/51	26,545		26,666
		2.50% 10/1/50	104,987		109,694
		2.50% 11/1/50	497,382		513,445
		2.50% 2/1/51	234,551		242,046
		2.50% 5/1/51	1,275,324		1,316,641
		2.50% 7/1/51	58,905		61,029
		2.50% 8/1/51	325,114		337,993
		2.50% 9/1/51	109,828		113,409
		3.00% 12/1/46	667,218		708,796
		3.00% 1/1/47	223,271		238,175
		3.00% 11/1/49	356,961		383,249
		3.00% 3/1/50	274,559		292,043

21

Schedule of investments
Delaware Strategic Allocation Fund

			Principal
			amount°	Value (US $)
Agency Mortgage-Backed Securities (continued)
	Fannie Mae S.F. 30 yr
		3.00% 7/1/50	101,242	$	105,989
		3.00% 8/1/50	366,329		388,724
		3.50% 10/1/42	499,817		540,208
		3.50% 7/1/47	92,505		99,537
		3.50% 11/1/48	47,753		50,818
		3.50% 11/1/49	642,936		691,701
		3.50% 3/1/50	19,078		20,391
		3.50% 9/1/50	768,239		845,566
		3.50% 6/1/51	1,003,483		1,072,574
		4.00% 10/1/48	426,005		471,238
		4.50% 4/1/44	40,122		45,075
		4.50% 10/1/45	239,043		266,761
		4.50% 5/1/46	330,028		369,576
		4.50% 9/1/48	823,456		904,606
		4.50% 9/1/49	314,518		345,090
		5.00% 7/1/47	532,549		608,287
		5.00% 8/1/49	1,052,333		1,170,403
		5.50% 5/1/44	2,050,766		2,379,789
		6.00% 10/1/38	506,492		598,513
		6.00% 6/1/41	25,456		29,955
		6.00% 7/1/41	858,437		1,013,728
		6.00% 1/1/42	30,476		35,955
	Fannie Mae S.F. 30 yr TBA
		2.00% 10/1/51	738,000		739,989
		2.50% 10/1/51	625,000		644,409
	Freddie Mac S.F. 15 yr
		3.00% 3/1/35	452,697		480,422
	Freddie Mac S.F. 20 yr
		2.50% 6/1/41	506,391		524,558
		2.50% 9/1/41	216,647		224,400
		3.00% 9/1/40	259,130		272,582
	Freddie Mac S.F. 30 yr
		2.00% 12/1/50	102,957		102,639
		2.00% 4/1/51	70,744		70,525
		2.00% 9/1/51	114,000		114,557
		2.50% 11/1/50	251,240		260,844
		2.50% 2/1/51	994,019		1,036,383
		3.00% 7/1/50	466,153		489,711
		3.00% 8/1/50	178,413		191,661
		3.00% 12/1/50	509,371		545,502
		3.50% 8/1/49	396,152		424,992

22

			Principal
			amount°	Value (US $)
Agency Mortgage-Backed Securities (continued)
	Freddie Mac S.F. 30 yr
		4.50% 8/1/48	106,850	$	116,821
		5.50% 9/1/41	29,783		34,663
	GNMA II S.F. 30 yr
		5.50% 5/20/37	9,964		11,573
		6.50% 6/20/39	19,598		22,897
Total Agency Mortgage-Backed Securities (cost $26,550,591)					26,645,961
Collateralized Debt Obligations – 1.25%
	Cedar Funding IX CLO
		Series 2018-9A A1 144A 1.114% (LIBOR03M + 0.98%, Floor
		0.98%) 4/20/31 #,●	250,000		250,368
	Galaxy XXI CLO
		Series 2015-21A AR 144A 1.154% (LIBOR03M + 1.02%)
		4/20/31 #,●	600,000		600,221
	ICG US CLO
		Series 2014-1A A1A2 144A 1.286% (LIBOR03M + 1.20%, Floor
		1.20%) 10/20/34 #,●	250,000		249,938
	Neuberger Berman Loan Advisers CLO 36
		Series 2020-36A A1R 144A 1.384% (LIBOR03M + 1.25%, Floor
		1.25%) 4/20/33 #,●	250,000		249,937
	Octagon Investment Partners 33
		Series 2017-1A A1 144A 1.324% (LIBOR03M + 1.19%)
		1/20/31 #,●	250,000		250,082
	Octagon Investment Partners 48
		Series 2020-3A A 144A 1.634% (LIBOR03M + 1.50%, Floor
		1.50%) 10/20/31 #,●	250,000		249,993
	Park Avenue Institutional Advisers CLO
		Series 2021-1A A1A 144A 1.524% (LIBOR03M + 1.39%, Floor
		1.39%) 1/20/34 #,●	250,000		249,937
	Signal Peak CLO 5
		Series 2018-5A A 144A 1.235% (LIBOR03M + 1.11%, Floor
		1.11%) 4/25/31 #,●	250,000		250,372
	Sound Point CLO XXI
		Series 2018-3A A1A 144A 1.305% (LIBOR03M + 1.18%, Floor
		1.18%) 10/26/31 #,●	250,000		250,024
	Venture 34 CLO
		Series 2018-34A A 144A 1.356% (LIBOR03M + 1.23%, Floor
		1.23%) 10/15/31 #,●	250,000		250,197

23

Schedule of investments
Delaware Strategic Allocation Fund

				Principal
				amount°	Value (US $)
Collateralized Debt Obligations (continued)
	Venture 42 CLO
		Series 2021-42A A1A 144A 1.311% (LIBOR03M + 1.13%, Floor
		1.13%) 4/15/34 #,●		250,000	$	249,937
Total Collateralized Debt Obligations (cost $3,089,950)						3,101,006
Corporate Bonds – 8.60%
Banking – 2.22%
	Banco Santander 2.706% 6/27/24			200,000		210,415
	Bank of America
		1.898% 7/23/31 µ		115,000		110,965
		2.087% 6/14/29 µ		90,000		89,911
		2.482% 9/21/36 µ		380,000		372,658
		3.458% 3/15/25 µ		215,000		228,791
	Bank of Montreal 1.850% 5/1/25			210,000		216,169
	BBVA USA 3.875% 4/10/25			250,000		272,997
	Citizens Financial Group 2.850% 7/27/26			345,000		366,703
	Credit Suisse Group 144A 5.100% 1/24/30 #,µ,ψ			200,000		205,260
	Deutsche Bank 5.625% 5/19/31 µ		EUR	200,000		275,274
	Goldman Sachs Group
		1.542% 9/10/27 µ		200,000		199,328
		2.600% 2/7/30		70,000		72,087
	JPMorgan Chase & Co.
		1.470% 9/22/27 µ		25,000		24,850
		2.580% 4/22/32 µ		545,000		552,964
		3.328% 4/22/52 µ		45,000		47,224
		4.023% 12/5/24 µ		75,000		80,345
		4.600% 2/1/25 µ,ψ		30,000		30,712
	KeyBank 3.400% 5/20/26			500,000		544,001
	Morgan Stanley
		2.484% 9/16/36 µ		107,000		104,781
		2.750% 5/19/22		200,000		203,251
		5.000% 11/24/25		20,000		22,874
	PNC Bank 2.700% 11/1/22			250,000		256,016
	PNC Financial Services Group 2.600% 7/23/26			175,000		186,085
	Santander UK 144A 5.000% 11/7/23 #			90,000		97,368
	State Street 3.300% 12/16/24			260,000		281,710
	SVB Financial Group 1.800% 2/2/31			45,000		43,232
	Truist Bank
		2.450% 8/1/22		85,000		86,439
		2.636% 9/17/29 µ		73,000		76,336

24

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	Truist Financial
		1.887% 6/7/29 µ	75,000	$	74,995
		2.700% 1/27/22	105,000		105,615
	Wells Fargo & Co. 3.900% 3/15/26 µ,ψ		50,000		51,594
					5,490,950
Basic Industry – 0.31%
	Georgia-Pacific 8.000% 1/15/24		355,000		414,229
	LyondellBasell Industries 4.625% 2/26/55		65,000		78,606
	Newmont
		2.250% 10/1/30	80,000		79,641
		2.800% 10/1/29	140,000		145,704
	Westlake Chemical 3.125% 8/15/51		40,000		37,826
					756,006
Capital Goods – 0.17%
	Otis Worldwide
		3.112% 2/15/40	60,000		61,629
		3.362% 2/15/50	40,000		41,920
	Pactiv Evergreen Group Issuer 144A 4.000% 10/15/27 #		100,000		99,127
	Teledyne Technologies
		2.250% 4/1/28	115,000		117,195
		2.750% 4/1/31	100,000		102,373
					422,244
Communications – 1.87%
	American Tower Trust #1 144A 3.070% 3/15/48 #		240,000		240,468
	AT&T
		3.100% 2/1/43	59,000		56,669
		3.500% 6/1/41	31,000		31,869
		3.500% 9/15/53	85,000		84,293
		4.300% 2/15/30	60,000		68,889
	CCO Holdings 144A 4.500% 8/15/30 #		250,000		258,242
	Charter Communications Operating
		4.400% 12/1/61	95,000		99,009
		4.500% 2/1/24	145,000		156,912
	Comcast
		3.200% 7/15/36	65,000		69,300
		3.700% 4/15/24	550,000		591,665
	Discovery Communications 4.000% 9/15/55		185,000		193,862
	Gray Television 144A 4.750% 10/15/30 #		98,000		96,408

25

Schedule of investments
Delaware Strategic Allocation Fund

				Principal
				amount°	Value (US $)
Corporate Bonds (continued)
Communications (continued)
	Sprint Spectrum 144A 4.738% 9/20/29 #			192,500	$	205,831
	Time Warner Entertainment 8.375% 3/15/23			575,000		638,919
	T-Mobile USA
		1.500% 2/15/26		50,000		50,195
		2.550% 2/15/31		40,000		40,169
		3.000% 2/15/41		155,000		150,169
		3.500% 4/15/25		65,000		70,049
		3.750% 4/15/27		65,000		71,655
	Turkcell Iletisim Hizmetleri 144A 5.800% 4/11/28 #			200,000		212,926
	Verizon Communications
		2.100% 3/22/28		30,000		30,477
		2.550% 3/21/31		60,000		60,777
		3.400% 3/22/41		55,000		57,492
		3.550% 3/22/51		55,000		58,077
		4.500% 8/10/33		540,000		643,532
	ViacomCBS
		4.375% 3/15/43		240,000		275,059
		4.950% 1/15/31		45,000		53,796
	Vodafone Group 4.875% 6/19/49			35,000		43,722
						4,610,431
Consumer Cyclical – 0.43%
	Allison Transmission 144A 3.750% 1/30/31 #			250,000		243,438
	Caesars Entertainment 144A 6.250% 7/1/25 #			103,000		108,563
	Faurecia 3.750% 6/15/28		EUR	100,000		120,723
	General Motors Financial
		3.450% 4/10/22		440,000		444,629
		4.350% 4/9/25		120,000		131,813
		5.250% 3/1/26		11,000		12,576
						1,061,742
Consumer Non-Cyclical – 0.67%
	AbbVie 2.950% 11/21/26			190,000		203,622
	Amgen
		2.000% 1/15/32		60,000		57,742
		2.450% 2/21/30		115,000		117,536
		2.800% 8/15/41		40,000		38,702
	Bristol-Myers Squibb 2.900% 7/26/24			131,000		139,142
	Cigna
		1.016% (LIBOR03M + 0.89%) 7/15/23 ●		260,000		263,254
		3.200% 3/15/40		45,000		46,391
		4.125% 11/15/25		107,000		118,946

26

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
	CVS Health
		1.300% 8/21/27	35,000	$	34,476
		1.875% 2/28/31	20,000		19,338
		3.700% 3/9/23	44,000		45,957
		3.750% 4/1/30	55,000		61,141
	Energizer Holdings 144A 4.375% 3/31/29 #		100,000		99,375
	Regeneron Pharmaceuticals 1.750% 9/15/30		50,000		47,610
	Takeda Pharmaceutical 4.400% 11/26/23		210,000		226,340
	Thermo Fisher Scientific 2.800% 10/15/41		50,000		49,947
	Viatris
		144A 1.650% 6/22/25 #	20,000		20,211
		144A 2.300% 6/22/27 #	15,000		15,326
		144A 2.700% 6/22/30 #	30,000		30,348
		144A 4.000% 6/22/50 #	25,000		26,626
					1,662,030
Energy – 0.82%
	BP Capital Markets 4.875% 3/22/30 µ,ψ		85,000		93,650
	Cenovus Energy
		2.650% 1/15/32	20,000		19,641
		3.750% 2/15/52	25,000		24,329
	Chevron USA 3.900% 11/15/24		200,000		218,456
	Ecopetrol 5.375% 6/26/26		45,000		48,965
	Energy Transfer
		5.250% 4/15/29	40,000		46,919
		6.500% 11/15/26 µ,ψ	135,000		140,922
	Enterprise Products Operating 3.300% 2/15/53		35,000		34,195
	Kinder Morgan 3.600% 2/15/51		75,000		75,956
	Marathon Oil 4.400% 7/15/27		65,000		73,060
	MPLX
		1.750% 3/1/26	40,000		40,273
		4.000% 3/15/28	35,000		38,678
		4.125% 3/1/27	160,000		178,760
	ONEOK 7.500% 9/1/23		330,000		367,345
	Sabine Pass Liquefaction 5.750% 5/15/24		334,000		372,086
	Schlumberger Holdings 144A 3.750% 5/1/24 #		95,000		101,518
	Tennessee Gas Pipeline 144A 2.900% 3/1/30 #		145,000		150,050
					2,024,803
Financials – 0.43%
	AerCap Ireland Capital DAC 3.650% 7/21/27		200,000		212,588

27

Schedule of investments
Delaware Strategic Allocation Fund

				Principal
				amount°	Value (US $)
Corporate Bonds (continued)
Financials (continued)
	Air Lease
		2.875% 1/15/26		115,000	$	120,219
		3.000% 2/1/30		130,000		132,003
	Aon 2.900% 8/23/51			140,000		135,313
	Charles Schwab 4.000% 6/1/26 µ,ψ			55,000		57,475
	Jefferies Group
		4.150% 1/23/30		75,000		84,408
		6.450% 6/8/27		80,000		99,782
		6.500% 1/20/43		65,000		90,384
	MetLife 6.400% 12/15/36			110,000		141,485
						1,073,657
Real Estate – 0.20%
	American Tower 1.875% 10/15/30			100,000		96,110
	CubeSmart 3.125% 9/1/26			115,000		122,526
	Global Net Lease 144A 3.750% 12/15/27 #			140,000		139,130
	LifeStorage 3.500% 7/1/26			130,000		141,911
						499,677
Technology – 0.36%
	Broadcom 144A 3.469% 4/15/34 #			42,000		43,288
	International Business Machines 1.950% 5/15/30			100,000		98,836
	Microchip Technology 4.333% 6/1/23			185,000		195,578
	NXP
		144A 2.700% 5/1/25 #		10,000		10,450
		144A 4.875% 3/1/24 #		370,000		403,661
		144A 5.550% 12/1/28 #		30,000		36,424
	Oracle 2.950% 4/1/30			95,000		99,585
						887,822
Transportation – 0.16%
	Babcock International Group 1.375% 9/13/27		EUR	200,000		235,304
	United Airlines 2014-1
		Class A Pass Through Trust 4.000% 4/11/26 ◆		46,868		49,564
	United Airlines 2014-2
		Class A Pass Through Trust 3.750% 9/3/26 ◆		102,745		108,282
						393,150
Utilities – 0.96%
	American Transmission Systems 144A 5.250% 1/15/22 #			40,000		40,503
	Atlantic City Electric 4.000% 10/15/28			75,000		85,099
	CenterPoint Energy 3.850% 2/1/24			164,000		174,670

28

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Utilities (continued)
	Duke Energy 4.875% 9/16/24 µ,ψ		130,000	$	139,262
	Entergy Arkansas 4.200% 4/1/49		190,000		230,397
	Entergy Louisiana
		4.000% 3/15/33	90,000		103,527
		4.050% 9/1/23	25,000		26,443
		4.950% 1/15/45	15,000		16,365
	Evergy Metro 3.650% 8/15/25		270,000		293,288
	Exelon 3.950% 6/15/25		35,000		38,122
	NextEra Energy Capital Holdings
		2.250% 6/1/30	85,000		85,544
		3.150% 4/1/24	45,000		47,597
	NiSource 0.950% 8/15/25		45,000		44,483
	Pacific Gas and Electric
		2.100% 8/1/27	30,000		29,297
		2.500% 2/1/31	45,000		42,866
		3.250% 6/1/31	25,000		24,940
		3.300% 8/1/40	20,000		18,485
	PacifiCorp
		2.700% 9/15/30	20,000		20,840
		3.300% 3/15/51	30,000		31,242
		3.500% 6/15/29	255,000		281,268
	Perusahaan Listrik Negara 144A 4.125% 5/15/27 #		200,000		217,000
	Southern California Edison 4.875% 3/1/49		30,000		35,901
	Vistra Operations
		144A 3.550% 7/15/24 #	120,000		126,253
		144A 4.300% 7/15/29 #	215,000		229,307
					2,382,699
Total Corporate Bonds (cost $20,415,405)					21,265,211
Loan Agreements – 1.74%
	Applied Systems 1st Lien 3.75% (LIBOR03M + 3.25%) 9/19/24 ●		296,539		296,817
	Aramark Services Tranche B-5 2.584% (LIBOR01M + 2.50%)
		4/6/28 ●	219,214		218,153
	Asplundh Tree Expert 1.834% (LIBOR01M + 1.75%) 9/4/27 ●		148,747		148,314
	Atkore International 2.50% (LIBOR03M + 2.00%) 5/26/28 ●		209,813		209,550
	Beacon Roofing Supply 2.334% (LIBOR01M + 2.25%) 5/19/28 ●		149,625		148,930
	DaVita Tranche B-1 1.834% (LIBOR01M + 1.75%) 8/12/26 ●		291,869		290,606
	Genesee & Wyoming 2.132% (LIBOR03M + 2.00%) 12/30/26 ●		233,813		232,656
	Gentiva Health Services Tranche B-1 2.875% (LIBOR01M + 2.75%)
		7/2/25 ●	218,038		218,220

29

Schedule of investments
Delaware Strategic Allocation Fund

			Principal
			amount°	Value (US $)
Loan Agreements (continued)
	HCA Tranche B 1.834% (LIBOR01M + 1.75%) 6/30/28 ●		274,312	$	276,370
	Horizon Therapeutics USA Tranche B-2 2.50% (LIBOR01M +
		2.00%) 3/15/28 ●	124,375		124,323
	Jazz Financing 0.50% 5/5/28		234,413		234,999
	Lamar Media Tranche B 1.583% (LIBOR01M + 1.50%) 2/5/27 ●		171,938		171,221
	Logmein 1st Lien 4.833% (LIBOR01M + 4.75%) 8/31/27 ●		125		125
	Mozart Debt Merger Tranche B TBD 9/30/28 X		85,000		84,575
	Organon & Co. 3.50% (LIBOR03M + 3.00%) 6/2/28 ●		124,688		125,145
	Pilot Travel Centers Tranche B 2.084% (LIBOR01M + 2.00%)
		8/4/28 ●	300,000		299,357
	Polaris Newco 1st Lien 4.50% (LIBOR03M + 4.00%) 6/2/28 ●		50,000		50,169
	Pretium PKG Holdings 1st Lien 4.75% (LIBOR01M + 4.00%)
		11/5/27 ●	198,376		198,624
	Pretium PKG Holdings Tranche 1 TBD 9/22/28 X		200,000		200,542
	RealPage 1st Lien 3.75% (LIBOR01M + 3.25%) 4/24/28 ●		55,000		54,881
	SS&C Technologies Tranche B-3 1.834% (LIBOR01M + 1.75%)
		4/16/25 ●	44,455		44,064
	SS&C Technologies Tranche B-4 1.834% (LIBOR01M + 1.75%)
		4/16/25 ●	33,663		33,367
	Surgery Center Holdings 4.50% (LIBOR01M + 3.75%) 8/31/26 ●		164,175		164,642
	Triton Water Holdings 1st lien 4.00% (LIBOR03M + 3.50%)
		3/31/28 ●	144,638		144,615
	UKG 4.00% (LIBOR03M + 3.25%) 5/4/26 ●		164,173		164,706
	Verscend Holding Tranche B 4.084% (LIBOR01M + 4.00%)
		8/27/25 ●	165,000		165,454
Total Loan Agreements (cost $4,297,198)					4,300,425
Municipal Bonds – 0.33%
	Bay Area, California Toll Authority
		(Build America Bonds) Series S3 6.907% 10/1/50	185,000		327,790
	New Jersey Turnpike Authority
		(Build America Bonds) Series A 7.102% 1/1/41	105,000		167,079
	Oregon State Taxable Pension
		5.892% 6/1/27	200,000		239,502
	South Carolina Public Service Authority
		(Santee Cooper) Series D 4.77% 12/1/45	60,000		77,627
Total Municipal Bonds (cost $696,718)					811,998
Non-Agency Asset-Backed Securities – 0.35%
	Ford Credit Auto Owner Trust
		Series 2021-A B 0.70% 10/15/26	140,000		138,799

30

			Principal
			amount°	Value (US $)
Non-Agency Asset-Backed Securities (continued)
	GM Financial Leasing Trust
		Series 2021-1 B 0.54% 2/20/25	210,000	$	210,031
	Harley-Davidson Motorcycle Trust
		Series 2019-A A3 2.34% 2/15/24	113,860		114,604
	Mercedes-Benz Master Owner Trust
		Series 2019-BA A 144A 2.61% 5/15/24 #	200,000		203,002
	Tesla Auto Lease Trust
		Series 2021-A A2 144A 0.36% 3/20/25 #	97,129		97,185
	Towd Point Mortgage Trust
		Series 2015-6 A1B 144A 2.75% 4/25/55 #,●	9,486		9,507
		Series 2017-1 A1 144A 2.75% 10/25/56 #,●	20,435		20,711
		Series 2017-2 A1 144A 2.75% 4/25/57 #,●	21,393		21,650
		Series 2018-1 A1 144A 3.00% 1/25/58 #,●	38,802		39,593
Total Non-Agency Asset-Backed Securities (cost $859,102)					855,082
Non-Agency Collateralized Mortgage Obligations – 0.77%
	Credit Suisse First Boston Mortgage Securities
		Series 2005-5 6A3 5.00% 7/25/35	16,856		17,115
	JPMorgan Mortgage Trust
		Series 2006-S1 1A1 6.00% 4/25/36	38,077		39,373
		Series 2014-2 B1 144A 3.419% 6/25/29 #,●	60,464		61,939
		Series 2014-2 B2 144A 3.419% 6/25/29 #,●	60,464		61,675
		Series 2015-4 B1 144A 3.584% 6/25/45 #,●	134,401		135,522
		Series 2015-4 B2 144A 3.584% 6/25/45 #,●	134,401		135,301
		Series 2015-5 B2 144A 2.445% 5/25/45 #,●	153,459		154,083
		Series 2015-6 B1 144A 3.526% 10/25/45 #,●	126,661		128,947
		Series 2015-6 B2 144A 3.526% 10/25/45 #,●	126,661		128,687
	Sequoia Mortgage Trust
		Series 2015-1 B2 144A 3.915% 1/25/45 #,●	31,113		31,275
	Wells Fargo Mortgage-Backed Securities Trust
		Series 2006-AR5 2A1 2.635% 4/25/36 ●	5,557		5,527
	WST Trust
		Series 2019-1 A 1.089% (BBSW1M + 1.08%) 8/18/50 ●	1,371,379		1,006,403
Total Non-Agency Collateralized Mortgage Obligations (cost $1,783,889)					1,905,847
Non-Agency Commercial Mortgage-Backed Securities – 1.85%
	Banc of America Commercial Mortgage Trust
		Series 2017-BNK3 B 3.879% 2/15/50 ●	340,000		366,559
	Benchmark Mortgage Trust
		Series 2020-B21 A5 1.978% 12/17/53	500,000		494,222
		Series 2020-B22 A5 1.973% 1/15/54	500,000		494,176

31

Schedule of investments
Delaware Strategic Allocation Fund

				Principal
				amount°	Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
	Benchmark Mortgage Trust
		Series 2021-B25 A5 2.577% 4/15/54		450,000	$	466,702
	COMM Mortgage Trust
		Series 2014-CR20 AM 3.938% 11/10/47		345,000		367,537
		Series 2015-3BP A 144A 3.178% 2/10/35 #		500,000		530,313
	GS Mortgage Securities Trust
		Series 2019-GC39 A4 3.567% 5/10/52		580,000		643,292
		Series 2019-GC42 A4 3.001% 9/1/52		430,000		460,732
	JPMorgan Chase Commercial Mortgage Securities Trust
		Series 2013-LC11 B 3.499% 4/15/46		125,000		127,639
	LB-UBS Commercial Mortgage Trust
		Series 2006-C6 AJ 5.452% 9/15/39 ●		54,769		24,767
	Morgan Stanley Capital I Trust
		Series 2006-HQ10 B 5.448% 11/12/41 ●		96,126		94,711
	Wells Fargo Commercial Mortgage Trust
		Series 2016-BNK1 A3 2.652% 8/15/49		485,000		509,660
Total Non-Agency Commercial Mortgage-Backed Securities (cost $4,554,659)						4,580,310
				Number of
				shares
Rights – 0.02%
	Deutsche Lufthansa, exercise price EUR 2.05,
		expiration date 10/06/21 †,**		17,620		41,841
Total Rights (cost $80,308)						41,841
				Principal
				amount°
Sovereign Bonds – 3.83%
Argentina – 0.01%
	Argentine Republic Government International Bond 0.50%
		7/9/30 ~		87,300		32,233
						32,233
Australia – 0.16%
	Australia Government Bonds
		0.25% 11/21/25	AUD	250,000		178,336
		1.50% 6/21/31	AUD	145,000		105,355
		1.75% 6/21/51	AUD	60,000		37,686
		2.25% 11/21/22	AUD	100,000		74,111
						395,488

32

			Principal
			amount°		Value (US $)
Sovereign Bonds (continued)
Belgium – 0.10%
	Kingdom of Belgium Government Bonds
		144A 0.10% 6/22/30 #	EUR	65,000	$	76,214
		144A 0.40% 6/22/40 #	EUR	45,000		50,057
		144A 0.80% 6/22/25 #	EUR	40,000		48,739
		144A 1.70% 6/22/50 #	EUR	20,000		27,877
		144A 4.25% 9/28/22 #	EUR	30,000		36,450
						239,337
Canada – 0.11%
	Canadian When Issued Government Bonds
		0.50% 9/1/25	CAD	60,000		46,589
		1.00% 9/1/22	CAD	175,000		139,070
		1.25% 6/1/30	CAD	60,000		47,001
		2.00% 12/1/51	CAD	50,000		39,952
						272,612
Denmark – 0.02%
	Denmark Government Bonds
		144A 0.25% 11/15/52 #	DKK	65,000		9,356
		0.50% 11/15/27	DKK	260,000		42,365
		4.50% 11/15/39	DKK	35,000		9,514
						61,235
France – 0.46%
	French Republic Government Bonds OAT
		0.000% 2/25/23 ^	EUR	155,000		181,300
		0.000% 11/25/31 ^	EUR	200,000		228,046
		0.25% 11/25/26	EUR	115,000		137,644
		0.50% 5/25/25	EUR	230,000		276,699
		0.75% 11/25/28	EUR	150,000		185,323
		144A 0.75% 5/25/52 #	EUR	120,000		132,354
						1,141,366
Germany – 0.29%
	Bundesrepublik Deutschland Bundesanleihe
		0.000% 2/15/31 ^	EUR	155,000		183,587
		0.000% 5/15/35 ^	EUR	110,000		127,395
		1.00% 8/15/25	EUR	130,000		160,352
		1.50% 9/4/22	EUR	145,000		171,414
		2.50% 8/15/46	EUR	40,000		72,545
						715,293

33

Schedule of investments
Delaware Strategic Allocation Fund

				Principal
				amount°	Value (US $)
Sovereign Bonds (continued)
Italy – 0.40%
	Italy Buoni Poliennali Del Tesoro
		0.85% 1/15/27	EUR	90,000	$	107,773
		0.95% 8/1/30	EUR	145,000		171,041
		1.35% 4/15/22	EUR	120,000		140,404
		1.45% 11/15/24	EUR	200,000		243,499
		144A 2.25% 9/1/36 #	EUR	240,000		315,626
						978,343
Japan – 1.41%
	Japan Government Forty Year Bond 0.50% 3/20/60		JPY	8,100,000		67,094
	Japan Government Ten Year Bonds
		0.10% 9/20/27	JPY	108,650,000		986,427
		0.10% 12/20/29	JPY	102,800,000		931,691
	Japan Government Thirty Year Bond 0.60% 6/20/50		JPY	26,300,000		232,825
	Japan Government Twenty Year Bonds
		0.40% 6/20/40	JPY	63,250,000		567,183
		1.70% 6/20/32	JPY	65,850,000		692,066
						3,477,286
Netherlands – 0.07%
	Netherlands Government Bonds
		144A 0.000% 7/15/30 #,^	EUR	30,000		35,227
		144A 0.000% 1/15/52 #,^	EUR	35,000		36,357
		144A 0.25% 7/15/25 #	EUR	40,000		47,857
		144A 1.75% 7/15/23 #	EUR	35,000		42,351
						161,792
Spain – 0.31%
	Spain Government Bonds
		0.000% 4/30/23 ^	EUR	70,000		81,834
		144A 0.60% 10/31/29 #	EUR	150,000		179,735
		144A 0.80% 7/30/27 #	EUR	65,000		79,237
		144A 2.35% 7/30/33 #	EUR	170,000		237,053
		144A 3.80% 4/30/24 #	EUR	150,000		193,125
						770,984
Sweden – 0.01%
	Sweden Government Bonds
		144A 0.125% 5/12/31 #	SEK	145,000		16,138
		144A 1.50% 11/13/23 #	SEK	100,000		11,857
		2.50% 5/12/25	SEK	65,000		8,136
						36,131

34

				Principal
				amount°	Value (US $)
Sovereign Bonds (continued)
United Kingdom – 0.48%
	United Kingdom Gilt
		0.125% 1/30/26	GBP	75,000	$	99,152
		0.875% 10/22/29	GBP	140,000		188,721
		1.25% 7/22/27	GBP	60,000		83,515
		1.75% 9/7/22	GBP	90,000		123,047
		1.75% 7/22/57	GBP	105,000		158,301
		4.25% 3/7/36	GBP	185,000		348,827
		4.25% 12/7/46	GBP	85,000		183,755
						1,185,318
Total Sovereign Bonds (cost $9,893,286)						9,467,418
				Number of
				shares
Preferred Stock – 0.22%
	Volkswagen 2.500%			2,430		541,653
Total Preferred Stock (cost $404,318)						541,653
				Principal
				amount°
US Treasury Obligations – 3.67%
	US Treasury Bond
		1.75% 8/15/41		130,000		124,313
	US Treasury Floating Rate Notes
		0.069% (USBMMY3M + 0.03%) 7/31/23 ●		1,220,000		1,220,148
		0.095% (USBMMY3M + 0.055%) 7/31/22 ●		125,000		125,061
		US Treasury Notes
		0.125% 7/31/23		5,585,000		5,573,546
		0.375% 9/15/24		1,295,000		1,289,537
		1.125% 8/31/28		185,000		182,846
		1.25% 6/30/28		60,000		59,880
		1.25% 8/15/31		520,000		507,447
Total US Treasury Obligations (cost $9,103,771)						9,082,778
Warrants – 0.00%
	IRSA Inversiones y Representaciones,
		exercise price $0.23, expiration date 03/05/26
		0.000% †		6,330		1,455
Total Warrants (cost $0)						1,455

35

Schedule of investments
Delaware Strategic Allocation Fund

			Number of
			shares	Value (US $)
Short-Term Investments – 2.22%
Money Market Mutual Funds – 2.22%
	BlackRock FedFund – Institutional Shares (seven-day effective
		yield 0.03%)	1,373,226	$	1,373,226
	Fidelity Investments Money Market Government Portfolio – Class I
		(seven-day effective yield 0.01%)	1,373,226		1,373,226
	GS Financial Square Government Fund – Institutional Shares
		(seven-day effective yield 0.03%)	1,373,226		1,373,226
	Morgan Stanley Government Portfolio – Institutional Share Class
		(seven-day effective yield 0.03%)	1,373,226		1,373,226
Total Short-Term Investments (cost $5,492,904)					5,492,904
Total Value of Securities–99.82%
	(cost $190,119,541)			$	246,838,500

†	Non-income producing security.
=	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.”
**	Perpetual security with no stated maturity date.
§	Developed Markets – countries that are thought to be most developed and therefore less risky than emerging markets.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2021, the aggregate value of Rule 144A securities was $13,240,710, which represents 5.35% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
@	Emerging Markets – developing countries with relatively low per capita income, often with above-average economic growth potential but with more risk.
°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
Σ	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.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. 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 mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

36

◆	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.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2021. Rate will reset at a future date.
ψ	Perpetual security. Maturity date represents next call date.
X	This loan will settle after September 30, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
~	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at September 30, 2021.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at September 30, 2021:¹

Foreign Currency Exchange Contracts

	Currency to						Settlement		Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date		Appreciation		Depreciation
BNYM	AUD	794		USD	(574	)		10/1/21	$	—	$	—
BNYM	CHF	61,853		USD	(66,165	)		10/4/21		212		—
BNYM	EUR	(12,413	)	USD	14,352			10/1/21		—		(26	)
BNYM	GBP	44,899		USD	(60,429	)		10/4/21		69		—
JPMCB	AUD	(40,000	)	USD	29,517			11/19/21		593		—
JPMCB	CAD	(15,000	)	USD	11,851			11/19/21		10		—
JPMCB	DKK	(25,000	)	USD	3,980			11/19/21		83		—
JPMCB	EUR	(845,000	)	USD	1,000,572			11/19/21		20,800		—
JPMCB	GBP	(50,000	)	USD	68,898			11/19/21		1,525		—
JPMCB	JPY	(360,000,000	)	USD	3,266,106			11/19/21		30,324		—
JPMCB	SEK	(20,000	)	USD	2,321			11/19/21		36		—
TD	AUD	(2,045,000	)	USD	1,503,135			11/19/21		24,393		—
TD	CAD	(335,000	)	USD	262,910			11/19/21		—		(1,559	)
TD	DKK	(375,000	)	USD	59,609			11/19/21		1,143		—
TD	EUR	(3,225,000	)	USD	3,817,661			11/19/21		78,290		—
TD	GBP	(870,000	)	USD	1,194,381			11/19/21		22,108		—
TD	SEK	(300,000	)	USD	34,784			11/19/21		504		—
Total Foreign Currency Exchange Contracts									$	180,090	$	(1,585	)

37

Schedule of investments
Delaware Strategic Allocation Fund

Futures Contracts
Exchange-Traded

															Variation
															Margin
					Notional					Value/		Value/			Due from
		Notional			Cost			Expiration		Unrealized		Unrealized			(Due to)
Contracts to Buy (Sell)		Amount			(Proceeds)			Date		Appreciation		Depreciation			Brokers
	AUS Treasury
14	10 yr Bonds	$	1,431,886		$	1,456,152			12/15/21	$	—	$	(24,266	)	$	(762	)
(4)	Euro-Bobl		(625,184	)		(628,744	)		12/8/21		3,560		—			322
	US Treasury
(45)	5 yr Notes		(5,523,398	)		(5,552,119	)		12/31/21		28,721		—			(3,867	)
	US Treasury
(50)	10 yr Notes		(6,580,469	)		(6,651,439	)		12/21/21		70,970		—			(7,032	)
	US Treasury
	10 yr Ultra
(16)	Notes		(2,324,000	)		(2,369,710	)		12/21/21		45,710		—			(2,750	)
	US Treasury
(5)	Long Bonds		(796,094	)		(811,902	)		12/21/21		15,808		—			(625	)
Total Futures Contracts					$	(14,557,762	)			$	164,769	$	(24,266	)	$	(14,714	)

Swap Contracts
IRS Contracts²

Reference
Obligation/
Termination		Fixed/
Date/		Floating										Variation
Payment		Interest				Upfront						Margin
Frequency		Rate				Payments						Due from
(Fixed Rate/	Notional	Paid				Paid		Unrealized		Unrealized		(Due to)
Floating Rate)	Amount3	(Received)		Value		(Received)		Appreciation4		Depreciation4		Brokers
Centrally Cleared:
IRS 10/2/235 -
(Annually/		0.041%	/
Annually)	2,225,000	(0.05)%		$	9,237	$	—	$	9,237	$	—	$	13,957
IRS 10/1/255 -
(Annually/		0.115%	/
Annually)	725,000	(0.05)%			16,640		—		16,640		—		945
IRS 10/1/275 -
(Annually/		0.251%	/
Annually)	3,745,000	(0.05)%			163,979		—		163,979		—		6,279
IRS 10/1/305 -
(Annually/		0.449%	/
Annually)	2,155,000	(0.05)%			149,077		—		149,077		—		3,831

38

IRS Contracts²

Reference
Obligation/
Termination		Fixed/
Date/		Floating										Variation
Payment		Interest				Upfront						Margin
Frequency		Rate				Payments						Due from
(Fixed Rate/	Notional	Paid				Paid		Unrealized		Unrealized		(Due to)
Floating Rate)	Amount3	(Received)		Value		(Received)		Appreciation4		Depreciation4		Brokers
Centrally Cleared (continued):
IRS 10/1/405-
(Annually/		0.761%	/
Annually)	570,000	(0.05)%		$	75,853	$	—	$	75,853	$	—	$	209
IRS 10/1/455-
(Annually/		0.793%	/
Annually)	255,000	(0.05)%			40,834		—		40,834		—		24,077
IRS 10/1/505 -
(Annually/		0.812%	/
Annually)	560,000	(0.05)%			102,638		—		102,638		—		(1,019	)
Total IRS
Contracts				$	558,258	$	—	$	558,258	$	—	$	48,279

The use of foreign currency exchange contracts, futures contracts, and swap contracts involves 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 are reflected in the Fund’s net assets.

1	See Note 6 in “Notes to financial statements.”
2	An 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.
3	Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.
4	Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of $(27,003).
5	Rate resets based on SOFR.

Summary of abbreviations:

ADR – American Depositary Receipt

BBSW1M – Bank Bill Swap Rate 1 Month

BNYM – Bank of New York Mellon

CLO – Collateralized Loan Obligation

39

Schedule of investments
Delaware Strategic Allocation Fund

Summary of abbreviations: (continued)
DAC – Designated Activity Company
EAFE – Europe, Australasia, and 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
ICE – Intercontinental Exchange, Inc.
IRS – Interest Rate Swap
JPMCB – JPMorgan Chase Bank
LIBOR – London interbank offered rate
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
MSCI – Morgan Stanley Capital International
OAT – Obligations Assimilables du Tresor
PJSC – Private Joint Stock Company
REIT – Real Estate Investment Trust
REMIC – Real Estate Mortgage Investment Conduit
S.F. – Single Family
SOFR – Secured Overnight Financing Rate
TBA – To be announced
TBD – To be determined
TD – TD Bank
USBMMY3M – US Treasury 3 Month Bill Money Market Yield
yr – Year

Summary of currencies:
AUD – Australian Dollar
CAD – Canadian Dollar
CHF – Swiss Franc
DKK – Danish Krone
EUR – European Monetary Unit
GBP – British Pound Sterling

40

Summary of currencies: (continued)
JPY – Japanese Yen
SEK – Swedish Krona
USD – US Dollar

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

41

Statement of assets and liabilities
Delaware Strategic Allocation Fund	September 30, 2021 (Unaudited)

Assets:
	Investments, at value*	$	246,838,500
	Cash		357,174
	Cash collateral due from brokers		414,252
	Foreign currencies, at valueΔ		676,331
	Receivable for securities sold		705,806
	Dividends and interest receivable		608,665
	Foreign tax reclaims receivable		250,375
	Unrealized appreciation on foreign currency exchange contracts		180,090
	Receivable for fund shares sold		54,683
	Variation margin due from brokers on centrally cleared interest rate swap
	contracts		48,279
	Total Assets		250,134,155
Liabilities:
	Payable for securities purchased		2,084,299
	Payable for fund shares redeemed		220,523
	Cash collateral due to brokers		120,000
	Other accrued expenses		119,652
	Investment management fees payable to affiliates		109,942
	Distribution fees payable to affiliates		48,340
	Accounting and administration fees payable to non-affiliates		28,317
	Reports and statements to shareholders expenses payable to non-affiliates		27,235
	Swap payments payable		26,677
	Audit and tax fees payable		24,742
	Capital gains tax accrued		21,482
	Variation margin due to broker on futures contracts		14,714
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		1,776
	Unrealized depreciation on foreign currency exchange contracts		1,585
	Accounting and administration expenses payable to affiliates		1,069
	Legal fees payable to affiliates		522
	Trustees’ fees and expenses payable to affiliates		447
	Reports and statements to shareholders expenses payable to affiliates		411
	Total Liabilities		2,851,733
Total Net Assets		$	247,282,422
Net Assets Consist of:
	Paid-in capital	$	183,302,166
	Total distributable earnings (loss)		63,980,256
Total Net Assets		$	247,282,422

42

Net Asset Value
Class A:
Net assets	$	196,291,774
Shares of beneficial interest outstanding, unlimited authorization, no par		16,692,740
Net asset value per share	$	11.76
Sales charge		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	12.48
Class C:
Net assets	$	9,064,930
Shares of beneficial interest outstanding, unlimited authorization, no par		771,213
Net asset value per share	$	11.75
Class R:
Net assets	$	1,281,325
Shares of beneficial interest outstanding, unlimited authorization, no par		109,499
Net asset value per share	$	11.70
Institutional Class:
Net assets	$	40,644,393
Shares of beneficial interest outstanding, unlimited authorization, no par		3,455,044
Net asset value per share	$	11.76
____________________
*  Investments, at cost	$	190,119,541
Δ  Foreign currencies, at cost		673,085

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

43

Statement of operations
Delaware Strategic Allocation Fund	Six months ended September 30, 2021 (Unaudited)

Investment Income:
	Dividends	$	2,076,339
	Interest		450,481
	Foreign tax withheld		(143,155	)
			2,383,665
Expenses:
	Management fees		830,182
	Distribution expenses — Class A		245,345
	Distribution expenses — Class C		51,424
	Distribution expenses — Class R		3,384
	Dividend disbursing and transfer agent fees and expenses		104,841
	Accounting and administration expenses		41,263
	Reports and statements to shareholders expenses		36,463
	Registration fees		35,135
	Audit and tax fees		29,057
	Custodian fees		27,556
	Legal fees		22,977
	Trustees’ fees and expenses		3,556
	Other		37,002
			1,468,185
	Less expenses waived		(73,522	)
	Less expenses paid indirectly		(100	)
	Total operating expenses		1,394,563
Net Investment Income			989,102

44

Net Realized and Unrealized Gain (Loss):
	Net realized gain on: (loss) on:
		Investments1	$	8,890,845
		Distributions from investment companies		(6	)
		Foreign currencies		39,693
		Foreign currency exchange contracts		366,250
		Futures contracts		(110,468	)
		Options purchased		(3,555	)
		Swap contracts		(38,318	)
	Net realized gain			9,144,441
	Net change in unrealized appreciation (depreciation) of:
		Investments2		(1,866,796	)
		Foreign currencies		15,093
		Foreign currency exchange contracts		(171,282	)
		Futures contracts		(146,793	)
		Swap contracts		(122,956	)
	Net change in unrealized appreciation (depreciation)			(2,292,734	)
Net Realized and Unrealized Gain				6,851,707
Net Increase in Net Assets Resulting from Operations			$	7,840,809

1	Includes $(17,335) capital gains tax paid.
2	Includes $(21,482) capital gains tax accrued.

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

45

Statements of changes in net assets
Delaware Strategic Allocation Fund

			Six months
			ended
			9/30/21			Year ended
			(Unaudited)			3/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	989,102		$	1,576,165
	Net realized gain			9,144,441			17,004,859
	Net change in unrealized appreciation (depreciation)			(2,292,734	)		51,877,467
	Net increase in net assets resulting from operations			7,840,809			70,458,491
Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(12,090,858	)		(3,243,998	)
		Class C		(574,531	)		(198,993	)
		Class R		(80,405	)		(21,677	)
		Institutional Class		(2,557,395	)		(780,561	)
				(15,303,189	)		(4,245,229	)
Capital Share Transactions:
	Proceeds from shares sold:
		Class A		3,157,950			13,222,381
		Class C		774,611			562,315
		Class R		120,497			146,410
		Institutional Class		2,020,799			2,759,469
	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		11,243,342			2,989,600
		Class C		572,938			196,435
		Class R		80,403			21,676
		Institutional Class		1,505,502			454,837
				19,476,042			20,353,123

46

			Six months
			ended
			9/30/21			Year ended
			(Unaudited)			3/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(10,650,717	)	$	(24,282,501	)
		Class C		(3,072,826	)		(12,524,201	)
		Class R		(392,860	)		(628,376	)
		Institutional Class		(2,213,907	)		(7,745,864	)
				(16,330,310	)		(45,180,942	)
	Increase (decrease) in net assets derived from capital share
		transactions		3,145,732			(24,827,819	)
Net Increase (Decrease) in Net Assets				(4,316,648	)		41,385,443
Net Assets:
	Beginning of period			251,599,070			210,213,627
	End of period		$	247,282,422		$	251,599,070

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

47

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 income²

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 return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	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.
4	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.

48

Six months ended
9/30/211				Year ended
(Unaudited)				3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
	$	12.13		$	9.12		$	10.94		$	11.46		$	11.42		$	10.80
		0.05			0.07			0.18			0.22			0.21			0.17
		0.33			3.14			(1.13	)		(0.05	)		0.71			0.84
		0.38			3.21			(0.95	)		0.17			0.92			1.01
		(0.08	)		(0.11	)		(0.19	)		(0.20	)		(0.21	)		(0.24	)
		(0.67	)		(0.09	)		(0.68	)		(0.49	)		(0.67	)		(0.15	)
		(0.75	)		(0.20	)		(0.87	)		(0.69	)		(0.88	)		(0.39	)
	$	11.76		$	12.13		$	9.12		$	10.94		$	11.46		$	11.42
		3.08%			35.37%			(9.55%	)		1.63%			8.35%			9.45%
	$	196,292		$	198,448		$	156,436		$	195,484		$	172,750		$	170,801
		1.11%			1.14%			1.13%			1.16%			1.14%			1.14%
		1.16%			1.18%			1.18%			1.22%			1.17%			1.18%
		0.76%			0.67%			1.66%			2.00%			1.79%			1.49%
		0.71%			0.63%			1.61%			1.94%			1.76%			1.45%
		33%			77%			103%			97%			93%			133%

49

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 income (loss)²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of expenses to average net assets prior to fees waived⁵

Ratio of net investment income (loss) to average net assets

Ratio of net investment income (loss) to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Amount is less than $0.005 per share.
4	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.
5	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.

50

Six months ended
9/30/211				Year ended
(Unaudited)				3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
	$	12.12		$	9.13		$	10.94		$	11.46		$	11.42		$	10.80
		—3			(0.01	)		0.10			0.14			0.12			0.08
		0.33			3.13			(1.12	)		(0.05	)		0.71			0.84
		0.33			3.12			(1.02	)		0.09			0.83			0.92
		(0.03	)		(0.04	)		(0.11	)		(0.12	)		(0.12	)		(0.15	)
		(0.67	)		(0.09	)		(0.68	)		(0.49	)		(0.67	)		(0.15	)
		(0.70	)		(0.13	)		(0.79	)		(0.61	)		(0.79	)		(0.30	)
	$	11.75		$	12.12		$	9.13		$	10.94		$	11.46		$	11.42
		2.68%			34.26%			(10.19%	)		0.82%			7.53%			8.62%
	$	9,065		$	11,063		$	17,822		$	27,275		$	21,096		$	22,602
		1.87%			1.90%			1.89%			1.92%			1.90%			1.90%
		1.92%			1.94%			1.94%			1.98%			1.93%			1.94%
		—	3		(0.09%	)		0.90%			1.24%			1.03%			0.73%
		(0.05%	)		(0.13%	)		0.85%			1.18%			1.00%			0.69%
		33%			77%			103%			97%			93%			133%

51

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 income²

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 return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	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.
4	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.

52

Six months ended
9/30/211				Year ended
(Unaudited)				3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
	$	12.07		$	9.08		$	10.90		$	11.40		$	11.37		$	10.76
		0.03			0.04			0.15			0.19			0.18			0.14
		0.33			3.12			(1.12	)		(0.03	)		0.70			0.83
		0.36			3.16			(0.97	)		0.16			0.88			0.97
		(0.06	)		(0.08	)		(0.17	)		(0.17	)		(0.18	)		(0.21	)
		(0.67	)		(0.09	)		(0.68	)		(0.49	)		(0.67	)		(0.15	)
		(0.73	)		(0.17	)		(0.85	)		(0.66	)		(0.85	)		(0.36	)
	$	11.70		$	12.07		$	9.08		$	10.90		$	11.40		$	11.37
		2.97%			34.94%			(9.82%	)		1.54%			8.01%			9.11%
	$	1,281		$	1,509		$	1,564		$	1,986		$	1,580		$	1,801
		1.37%			1.40%			1.39%			1.42%			1.40%			1.40%
		1.42%			1.44%			1.44%			1.48%			1.43%			1.44%
		0.50%			0.41%			1.40%			1.74%			1.53%			1.23%
		0.45%			0.37%			1.35%			1.68%			1.50%			1.19%
		33%			77%			103%			97%			93%			133%

53

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 income²

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 return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	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.
4	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

Six months ended
9/30/211				Year ended
(Unaudited)				3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
	$	12.13		$	9.13		$	10.95		$	11.46		$	11.42		$	10.80
		0.06			0.10			0.20			0.25			0.24			0.19
		0.33			3.12			(1.12	)		(0.04	)		0.71			0.84
		0.39			3.22			(0.92	)		0.21			0.95			1.03
		(0.09	)		(0.13	)		(0.22	)		(0.23	)		(0.24	)		(0.26	)
		(0.67	)		(0.09	)		(0.68	)		(0.49	)		(0.67	)		(0.15	)
		(0.76	)		(0.22	)		(0.90	)		(0.72	)		(0.91	)		(0.41	)
	$	11.76		$	12.13		$	9.13		$	10.95		$	11.46		$	11.42
		3.21%			35.54%			(9.29%	)		1.96%			8.60%			9.70%
	$	40,644		$	40,579		$	34,392		$	47,910		$	63,346		$	79,009
		0.87%			0.90%			0.89%			0.92%			0.90%			0.90%
		0.92%			0.94%			0.94%			0.98%			0.93%			0.94%
		1.00%			0.91%			1.90%			2.24%			2.03%			1.73%
		0.95%			0.87%			1.85%			2.18%			2.00%			1.69%
		33%			77%			103%			97%			93%			133%

55

Notes to financial statements
Delaware Strategic Allocation Fund	September 30, 2021 (Unaudited)

Delaware Group^® Foundation Funds (Trust) is organized as a Delaware statutory trust and offers one fund: Delaware Strategic Allocation Fund. The Trust is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offers Class A, Class C, Class R, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 5.75%. There is no front-end sales charge when you purchase $1,000,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares purchased prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem shares within the second year; and for shares purchased on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Class R and Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

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 (CMOs), 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

56

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. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. 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 market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities are valued at fair value using methods approved by the Board.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken or expected to be taken on the Fund’s federal income tax returns through the six months ended September 30, 2021, and for all open tax years (years ended March 31, 2018–March 31, 2021), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. 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. 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 six months ended September 30, 2021, the Fund did not incur any interest or tax penalties.

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 may invest 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

57

Notes to financial statements
Delaware Strategic Allocation Fund

1. Significant Accounting Policies (continued)

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 sell securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by 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 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), attributable 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 and unrealized 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 fund on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset-and mortgage-backed securities are classified as interest income. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. Foreign dividends are also recorded on the ex-dividend date or as soon after

58

the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. The Fund will accrue such taxes as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. 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 the ex-dividend date.

The Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. There were no such earnings credits for the six months ended September 30, 2021.

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 six months ended September 30, 2021, the Fund earned $100 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 rates 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 of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding 0.90% of the Fund’s average daily net assets from April 1, 2020 through September 30, 2021.* These waivers and reimbursements may only be terminated by agreement of DMC and the Fund. The waivers and reimbursements are accrued daily and received monthly.

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK) is primarily responsible for the day-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.

As determined by MIMAK from time to time, Macquarie Investment Management Global Limited (MIMGL) is responsible for managing real estate investment trust securities and other equity asset classes to which MIMAK may allocate assets. In addition, MIMAK may seek investment advice and

59

Notes to financial statements
Delaware Strategic Allocation Fund

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

recommendations from DMC’s affiliates: Macquarie Investment Management Europe Limited (MIMEL) and MIMGL. MIMAK may also permit MIMEL, MIMGL, and Macquarie Fund Management Hong Kong Limited (together, the “Affiliated Sub-Advisors”) to execute Fund security trades on behalf of MIMAK. MIMAK may also permit MIMEL and MIMGL to exercise investment discretion for securities in certain markets where MIMAK believes it will be beneficial to utilize MIMEL’s or MIMGL’s specialized market knowledge, and MIMAK may also seek quantitative support from MIMGL. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, may pay each Affiliated Sub-Advisor a portion of its investment management fee.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative 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 six months ended September 30, 2021, the Fund was charged $6,467 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 six months ended September 30, 2021, the Fund was charged $10,796 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are paid by the Fund and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” 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, annual 12b-1 fees of 1.00% and 0.50% of the average daily net assets of Class C and Class R shares, respectively. The fees are calculated daily and paid monthly. Institutional Class shares do not pay 12b-1 fees.

In connection with the merger with Delaware Balanced Fund, the Board has adopted a formula for calculating 12b-1 plan fees for the Fund’s Class A shares that went into effect on June 1, 1992. The Fund’s Class A shares are currently subject to a blended 12b-1 fee equal to the sum of: (1) 0.10% of the

60

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 will bear 12b-1 fees at the same blended rate, currently 0.24% of average daily net assets, based upon the allocation of the rates described on the previous page. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board. The fees are calculated daily and paid monthly.

As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Fund. For the six months ended September 30, 2021, the Fund was charged $4,561 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 six months ended September 30, 2021, DDLP earned $3,608 for commissions on sales of the Fund’s Class A shares. For the six months ended September 30, 2021, DDLP received gross CDSC commissions of $84 and $435 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 26, 2019 through July 29, 2021.

3. Investments

For the six months ended September 30, 2021, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$28,962,472
Purchases of US government securities	53,476,638
Sales other than US government securities	44,372,809
Sales of US government securities	48,696,767

61

Notes to financial statements
Delaware Strategic Allocation Fund

3. Investments (continued)

At September 30, 2021, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At September 30, 2021, the cost and unrealized appreciation (depreciation) of investments and derivatives for the Fund were as follows:

Cost of investments and derivatives	$	190,485,836
Aggregate unrealized appreciation of investments and derivatives	$	64,223,390
Aggregate unrealized depreciation of investments and derivatives		(6,993,460	)
Net unrealized appreciation of investments and derivatives	$	57,229,930

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

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

62

prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of September 30, 2021:

		Level 1		Level 2		Level 3		Total
Securities
Assets:
Agency Collateralized Mortgage Obligations		$	—	$	1,561,636	$	—	$	1,561,636
Agency Commercial Mortgage-Backed
	Securities		—		257,704		—		257,704
Agency Mortgage-Backed Securities			—		26,645,961		—		26,645,961
Collateralized Debt Obligations			—		3,101,006		—		3,101,006
Common Stock
	Communication Services		7,708,938		4,532,072		—		12,241,010
	Consumer Discretionary		9,267,032		6,257,332		—		15,524,364
	Consumer Staples		4,071,567		5,678,538		—		9,750,105
	Energy		3,610,156		2,674,632		—		6,284,788
	Financials		10,037,981		10,706,721		247,531		20,992,233
	Healthcare		10,629,388		7,799,337		—		18,428,725
	Industrials		8,350,803		8,900,276		—		17,251,079
	Information Technology		13,663,391		11,156,963		—		24,820,354
	Materials		2,929,672		4,553,561		—		7,483,233
	Real Estate		2,541,034		1,118,160		—		3,659,194
	Utilities		1,156,191		2,001,550		—		3,157,741
Corporate Bonds			—		21,265,211		—		21,265,211
Exchange-Traded Funds			17,332,445		—		—		17,332,445
Loan Agreements			—		4,300,425		—		4,300,425
Municipal Bonds			—		811,998		—		811,998
Non-Agency Asset-Backed Securities			—		855,082		—		855,082
Non-Agency Collateralized Mortgage
	Obligations		—		1,905,847		—		1,905,847
Non-Agency Commercial Mortgage-Backed
	Securities		—		4,580,310		—		4,580,310
Preferred Stock			—		541,653		—		541,653
Rights			—		41,841		—		41,841
Sovereign Bonds			—		9,467,418		—		9,467,418
US Treasury Obligations			—		9,082,778		—		9,082,778
Warrants			1,455		—		—		1,455
Short-Term Investments			5,492,904		—		—		5,492,904
Total Value of Securities		$	96,792,957	$	149,798,012	$	247,531	$	246,838,500

63

Notes to financial statements
Delaware Strategic Allocation Fund

3. Investments (continued)

	Level 1			Level 2			Level 3		Total
Derivatives1
Assets:
Futures Contracts	$	164,769		$	—		$	—	$	164,769
Swap Contracts		—			558,258			—		558,258
Foreign Currency Exchange Contracts		—			180,090			—		180,090
Liabilities:
Foreign Currency Exchange Contracts	$	—		$	(1,585	)	$	—	$	(1,585	)
Futures Contracts		(24,266	)		—			—		(24,266	)

¹ Foreign currency exchange contracts, futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

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

During the six months ended September 30, 2021, there were no transfers into or out of Level 3 investments. The Fund’s policy is to recognize transfers into or out of Level 3 investments 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 period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments are not considered significant to the Fund’s net assets at the end of the period.

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4. Capital Shares

Transactions in capital shares were as follows:

		Six months
		ended		Year ended
		9/30/21		3/31/21
Shares sold:
	Class A	258,928		1,164,865
	Class C	62,424		51,963
	Class R	10,067		13,378
	Institutional Class	167,555		251,515
Shares issued upon reinvestment of dividends and distributions:
	Class A	948,632		267,012
	Class C	48,388		17,486
	Class R	6,819		1,948
	Institutional Class	127,018		40,601
		1,629,831		1,808,768
Shares redeemed:
	Class A	(876,582	)	(2,220,630	)
	Class C	(252,237	)	(1,109,200	)
	Class R	(32,407	)	(62,561	)
	Institutional Class	(183,860	)	(716,479	)
		(1,345,086	)	(4,108,870	)
Net increase (decrease)		284,745		(2,300,102	)

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 six months ended September 30, 2021 and year ended March 31, 2021, the Fund had the following exchange transactions:

	Exchange Redemptions				Exchange Subscriptions
							Institutional
	Class A		Class C		Class A		Class
	Shares		Shares		Shares		Shares		Value
Six months ended
9/30/21		—		26,133		26,096		—	$	319,335
Year ended
3/31/21		6,725		195,166		194,977		6,719		2,390,829

5. Line of Credit

The Fund, along with certain other funds in the Delaware Funds (Participants), is a participant in a $225,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency

65

Notes to financial statements
Delaware Strategic Allocation Fund

5. Line of Credit (continued)

purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15% with the addition of an upfront fee of 0.05%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on November 1, 2021.

The Fund had no amounts outstanding as of September 30, 2021, or at any time during the period then ended.

6. 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.

At September 30, 2021, the Fund received $120,000 in cash collateral for open foreign currency exchange contracts, which is included in “Cash collateral due to brokers” on the “Statement of assets and liabilities.”

66

During the six months ended September 30, 2021, the Fund entered into foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies to increase/decrease exposure to foreign currencies, to fix the U.S. dollar value of a security between trade date and settlement date, and to facilitate or expedite the settlement of portfolio transactions.

Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. 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 September 30, 2021, the Fund posted $87,340 in cash as collateral for open futures contracts, which is presented as “Cash collateral due from broker” on the “Statement of assets and liabilities.”

During the six months ended September 30, 2021, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

Options Contracts — The Fund may enter into options contracts in the normal course of pursuing its investment objective. The Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting the Fund’s overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. The Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When the Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the

67

Notes to financial statements
Delaware Strategic Allocation Fund

6. Derivatives (continued)

proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. There were no transactions in options written during the six months ended September 30, 2021.

During the six months ended September 30, 2021, the Fund used options contracts to manage the Fund’s exposure to changes in securities prices caused by 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 swaps to manage its sensitivity to interest rates or to hedge against changes in interest rates. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets. The Fund will not be permitted to enter into any swap transactions unless, at the time of entering into such transactions, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by Standard & Poor’s Financial Services LLC (S&P) or Baa3 by Moody’s Investors Service, Inc. (Moody’s) or is determined to be of equivalent credit quality by DMC.

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

During the six months ended September 30, 2021, 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

68

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

During the six months ended September 30, 2021, 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 six months ended September 30, 2021, 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.

Swaps Generally. 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. 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.”

69

Notes to financial statements
Delaware Strategic Allocation Fund

6. Derivatives (continued)

At September 30, 2021, for bilateral derivative contracts, Fund posted $326,912 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.”

Fair values of derivative instruments as of September 30, 2021 were as follows:

	Asset Derivatives Fair Value
			Interest
Statement of Assets and	Currency		Rate
Liabilities Location	Contracts		Contracts		Total
Unrealized appreciation on foreign currency exchange contracts	$	180,090	$	—	$	180,090
Variation margin due from broker on futures contracts*		—		164,769		164,769
Variation margin due from brokers on centrally cleared interest rate
swap contracts*		—		558,258		558,258
Total	$	180,090	$	723,027	$	903,117

	Liability Derivatives Fair Value
				Interest
Statement of Assets and	Currency			Rate
Liabilities Location	Contracts			Contracts			Total
Unrealized depreciation on foreign currency exchange contracts	$	(1,585	)	$	—		$	(1,585	)
Variation margin due to broker on futures contracts*		—			(24,266	)		(24,266	)
Total	$	(1,585	)	$	(24,266	)	$	(25,851	)

* Includes cumulative appreciation (depreciation) of futures contracts and centrally cleared swap contracts from the date the contracts were opened through September 30, 2021. Only current day variation margin is reported on the Fund’s “Statement of assets and liabilities.”

The effect of derivative instruments on the “Statement of operations” for the six months ended September 30, 2021 was as follows:

	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange		Futures			Options				Swap
	Contracts		Contracts			Purchased				Contracts			Total
Currency contracts	$	366,250	$	—			$	—		$	—		$	366,250
Interest rate contracts		—		(110,468	)			—			(38,318	)		(148,786	)
Equity contracts		—		—				(3,555	)		—			(3,555	)
Total	$	366,250	$	(110,468	)		$	(3,555	)	$	(38,318)		$	213,909

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	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign
	Currency
	Exchange			Futures			Swap
	Contracts			Contracts			Contracts			Total
Currency contracts	$	(171,282	)	$	—		$	—		$	(171,282	)
Interest rate contracts		—			(146,793	)		(122,956	)		(269,749	)
Total	$	(171,282	)	$	(146,793	)	$	(122,956	)	$	(441,031	)

The table below summarizes the average balance of derivative holdings by the Fund during the six months ended September 30, 2021:

	Long Derivative			Short Derivative
	Volume			Volume
Foreign currency exchange contracts (average notional value)		$	95,252	$	10,897,009
Futures contracts (average notional value)			755,585		15,645,586
Options contracts (average notional value)*			57		—
Interest rate swap contracts (average notional value)**			—		10,235,000
Interest rate swap contracts (average notional value)**			—	AUD	4,494,961

*	Long represents purchased options and short represents written options.
**	Long represents receiving fixed interest payments and short represents paying fixed interest payments.

7. Offsetting

The Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statement of assets and liabilities.”

71

Notes to financial statements
Delaware Strategic Allocation Fund

7. Offsetting (continued)

At September 30, 2021, the Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Delaware Strategic Allocation Fund

	Gross Value of			Gross Value of
Counterparty	Derivative Asset			Derivative Liability				Net Position
Bank of New York Mellon		$	281		$	(26	)	$	255
JPMorgan Chase Bank			53,371			—			53,371
TD Bank			126,438			(1,559	)		124,879
Total		$	180,090		$	(1,585	)	$	178,505

			Fair Value of							Fair Value of
			Non-Cash			Cash Collateral				Non-Cash			Cash Collateral
Counterparty	Net Position		Collateral Received			Received(a)				Collateral Pledged			Pledged			Net Exposure(b)
Bank of New York
Mellon	$	255		$	—		$	—			$	—		$	—	$	255
JPMorgan Chase
Bank		53,371			—			(70,000	)			—			—		(16,629	)
TD Bank		124,879			—			(50,000	)			—			—		74,879
Total	$	178,505		$	—		$	(120,000	)		$	—		$	—	$	58,505

(a)	The value of the related collateral exceeded the value of the derivatives as of September 30, 2021, as applicable.
(b)	Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

8. 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

72

the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities. 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 by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent, and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those 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 six months ended September 30, 2021, the Fund had no securities out on loan.

9. Credit and Market Risk

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 as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand, and general market uncertainty. The effects of COVID-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.

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Notes to financial statements
Delaware Strategic Allocation Fund

9. Credit and Market Risk (continued)

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Funds invest will cause the NAV of the Funds to fluctuate.

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.

IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, IBORs ) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

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 equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

The Fund invests a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by S&P and Baa3 by Moody’s, or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

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 in small-sized companies may be more volatile than investments in larger companies for a number of reasons, which include limited financial resources or a dependence on narrow product lines.

The Fund invests in fixed income securities whose value is derived from an underlying pool of mortgages or consumer loans. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are CMOs. CMOs are debt securities issued by US government agencies or by financial institutions and other

74

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 six months ended September 30, 2021. 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.

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

75

Notes to financial statements
Delaware Strategic Allocation Fund

9. Credit and Market Risk (continued)

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, the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedule of investments.”

10. 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.

11. Recent Accounting Pronouncements

In March 2020, FASB issued an Accounting Standards Update (ASU), ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide 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. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

12. Subsequent Events

On November 1, 2021, the Fund, along with the other Participants, entered into an amendment to the agreement for a $355,000,000 revolving line of credit to be used as described in Note 5 and to be operated in substantially the same manner as the agreement described in Note 5. Under the amendment to the agreement, the Participants are charged an annual commitment fee of 0.15%, with the addition of an upfront fee of 0.05%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the agreement expires on October 31, 2022.

76

Management has determined that no other material events or transactions occurred subsequent to September 30, 2021, that would require recognition or disclosure in the Funds’ financial statements.

77

Other Fund information (Unaudited)
Delaware Strategic Allocation Fund

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Fund in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Fund’s liquidity risk; (2) classification of each of the Fund’s portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Fund’s net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Fund’s acquisition of Illiquid investments if, immediately after the acquisition, the Fund would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Fund’s holdings of Illiquid assets exceed 15% of the Fund’s net assets. Funds with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Fund’s liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Fund’s portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Fund primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 25-27, 2021, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2020 through March 31, 2021. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Fund’s liquidity needs. The Fund’s HLIM is set at an appropriate level and the Fund complied with its HLIM at all times during the reporting period.

78

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware Strategic Allocation Fund at a meeting held August 10-12, 2021

At a meeting held on August 10-12, 2021 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware Strategic Allocation Fund (the “Fund”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Fund performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Funds Management Hong Kong Limited (“MFMHK”), Macquarie Investment Management Europe Limited (“MIMEL”), Macquarie Investment Management Global Limited (“MIMGL”), and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Asset Management”) concerning, among other things, the nature, extent, and quality of services provided to the Fund; the costs of such services to the Fund; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2021, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Fund policies.

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

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Fund and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Fund; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Fund; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds by Macquarie^® (“Delaware Funds”); and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board

79

Other Fund information (Unaudited)
Delaware Strategic Allocation Fund

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware Strategic Allocation Fund at a meeting held August 10-12, 2021 (continued)

recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Fund matters. The Board also noted the benefits provided to Fund shareholders through (a) each shareholder’s ability to: (i) exchange an investment in one Delaware Fund for the same class of shares in another Delaware Fund without a sales charge, or (ii) reinvest Fund dividends into additional shares of the Fund or into additional shares of other Delaware Funds, and (b) the privilege to combine holdings in other Delaware Funds to obtain a reduced sales charge. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

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

Investment performance. The Board placed significant emphasis on the investment performance of the Fund in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Investment Committee meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Fund showed the Fund’s investment performance in comparison to a group of similar funds (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Fund was shown for the past 1-, 3-, 5-, and 10-year periods, to the extent applicable, ended December 31, 2020. The Board’s objective is that the Fund’s performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Fund consisted of the Fund and all retail and institutional mixed-asset target allocation moderate funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was in the third quartile of its Performance Universe. The Board observed that the Fund’s performance results were not in line with the Board’s objective. In evaluating the Fund’s performance, the Board considered the performance attribution included in the Meeting materials, as well as the numerous investment and performance reports delivered by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking action to improve Fund performance and to meet the Board’s performance objective.

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

The expense comparisons for the Fund showed that its actual management fee was in the quartile with the second highest expenses of its Expense Group and its total expenses were in the quartile with the highest expenses of its Expense Group. The Board noted that the Fund’s total expenses were not in line with the Board’s objective. In evaluating the total expenses, the Board considered fee waivers in place through July 2022 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight, and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Fund’s total expense ratio and to bring it in line with the Board’s objective.

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

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Fund and in relation to each Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Fund expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with

81

Other Fund information (Unaudited)
Delaware Strategic Allocation Fund

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware Strategic Allocation Fund at a meeting held August 10-12, 2021 (continued)

their relationship to the Fund, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Fund’s assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Fund’s advisory fee pricing and structure, approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2021, the Fund had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Fund increases sufficiently in size, then economies of scale may be shared.

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About the organization

Board of trustees
Shawn K. Lytle President and Chief Executive Officer Delaware Funds by Macquarie® Philadelphia, PA Jerome D. Abernathy Managing Member, Stonebrook Capital Management, LLC Jersey City, NJ Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA	Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA John A. Fry President Drexel University Philadelphia, PA	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 Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie Philadelphia, PA	Daniel V. Geatens Senior Vice President and Treasurer Delaware Funds by Macquarie Philadelphia, PA	Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie Philadelphia, PA

This semiannual 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 Form N-PORT. The Fund’s Forms N-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 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Fund’s most recent Form N-PORT are available without charge on the Fund’s website at delawarefunds.com/literature. The Fund’s Forms N-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 800 SEC-0330.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

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Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

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

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the 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

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	December 3, 2021

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

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	December 3, 2021

/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	December 3, 2021