Delaware Group Income 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:	811-02071
Exact name of registrant as specified in charter:	Delaware Group® Income Funds
Address of principal executive offices:	2005 Market Street
	Philadelphia, PA 19103
Name and address of agent for service:	David F. Connor, Esq.
	2005 Market Street
	Philadelphia, PA 19103
Registrant’s telephone number, including area code:	(800) 523-1918
Date of fiscal year end:	July 31
Date of reporting period:	January 31, 2014

Item 1. Reports to Stockholders

Semiannual report

Fixed income mutual funds

Delaware Corporate Bond Fund

Delaware Extended Duration Bond Fund

January 31, 2014

Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds’ prospectus and their summary prospectuses, which may be obtained by visiting delawareinvestments.com 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 delawareinvestments.com/edelivery.

Experience Delaware Investments

Delaware Investments is committed to the pursuit of consistently superior asset management and unparalleled client service. We believe in our investment processes, which seek to deliver consistent results, and in convenient services that help add value for our clients.

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

You can learn more about Delaware Investments or obtain a prospectus for Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund at delawareinvestments.com.

Manage your investments online

— 24-hour access to your account information

— Obtain share prices

— Check your account balance and recent transactions

— Request statements or literature

— Make purchases and redemptions

Delaware Management Holdings, Inc. and its subsidiaries (collectively known by the marketing name of Delaware Investments) are wholly owned subsidiaries of Macquarie Group Limited, a global provider of banking, financial, advisory, investment and funds management services.

Investments in Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Funds, the repayment of capital from the Funds, or any particular rate of return.

Table of contents

Disclosure of Fund expenses	1
Security type/sector allocations	3
Schedules of investments	5
Statements of assets and liabilities	26
Statements of operations	28
Statements of changes in net assets	30
Financial highlights	34
Notes to financial statements	54
Other Fund information	74
About the organization	77

Unless otherwise noted, views expressed herein are current as of Jan. 31, 2014, and subject to change.

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

Mutual fund advisory services provided by Delaware Management Company, a series of Delaware Management Business Trust, which is a registered investment advisor. Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries, including the Fund’s distributor, Delaware Distributors, L.P. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.

© 2014 Delaware Management Holdings, Inc.

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

Disclosure of Fund expenses

For the six-month period from August 1, 2013 to January 31, 2014 (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. These following examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Aug. 1, 2013 to Jan. 31, 2014.

Actual expenses

The first section of the tables shown, “Actual Fund return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second section of the tables shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each 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 tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Funds’ expenses shown in the tables reflect fee waivers in effect. The expenses shown in each table assume reinvestment of all dividends and distributions.

1

Disclosure of Fund expenses

For the six-month period from August 1, 2013 to January 31, 2014 (Unaudited)

Delaware Corporate Bond Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 8/1/13		Ending Account Value 1/31/14		Annualized Expense Ratio			Expenses   Paid During Period   8/1/13 to 1/31/14*
Actual Fund return†
Class A		$1,000.00		$1,032.20		0.94	%		$4.81
Class B		1,000.00		1,027.80		1.47	%		7.51
Class C		1,000.00		1,026.60		1.69	%		8.63
Class R		1,000.00		1,029.10		1.19	%		6.09
Institutional Class		1,000.00		1,033.50		0.69	%		3.54
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,020.47		0.94	%		$4.79
Class B		1,000.00		1,017.80		1.47	%		7.48
Class C		1,000.00		1,016.69		1.69	%		8.59
Class R		1,000.00		1,019.21		1.19	%		6.06
Institutional Class		1,000.00		1,021.73		0.69	%		3.52

Delaware Extended Duration Bond Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 8/1/13		Ending Account Value 1/31/14		Annualized Expense Ratio			Expenses   Paid During Period   8/1/13 to 1/31/14*
Actual Fund return†
Class A		$1,000.00		$1,045.30		0.96	%		$4.95
Class B		1,000.00		1,041.60		1.26	%		6.48
Class C		1,000.00		1,039.80		1.71	%		8.79
Class R		1,000.00		1,042.40		1.21	%		6.23
Institutional Class		1,000.00		1,046.70		0.71	%		3.66
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,020.37		0.96	%		$4.89
Class B		1,000.00		1,018.85		1.26	%		6.41
Class C		1,000.00		1,016.59		1.71	%		8.69
Class R		1,000.00		1,019.11		1.21	%		6.16
Institutional Class		1,000.00		1,021.63		0.71	%		3.62

* “Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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.

2

Security type/sector allocations
Delaware Corporate Bond Fund	As of January 31, 2014 (Unaudited)

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.

Security type/sector	Percentage of net assets
Convertible Bonds		1.53	%
Corporate Bonds		84.36	%
Banking		11.69	%
Basic Industry		7.27	%
Brokerage		2.20	%
Capital Goods		2.28	%
Communications		12.42	%
Consumer Cyclical		6.90	%
Consumer Non-Cyclical		4.09	%
Electric		11.30	%
Energy		6.34	%
Finance Companies		1.87	%
Insurance		3.68	%
Natural Gas		5.85	%
Real Estate Investment Trusts		3.65	%
Technology		4.52	%
Transportation		0.30	%
Municipal Bonds		2.00	%
Senior Secured Loans		5.10	%
Sovereign Bond		0.38	%
U.S. Treasury Obligation		1.08	%
Convertible Preferred Stock		1.63	%
Preferred Stock		2.47	%
Options Purchased		0.95	%
Short-Term Investments		1.17	%
Total Value of Securities		100.67	%
Options Written		(0.29	%)
Liabilities Net of Receivables and Other Assets		(0.38	%)
Total Net Assets		100.00	%

3

Security type/sector allocations
Delaware Extended Duration Bond Fund	As of January 31, 2014 (Unaudited)

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.

Security type/sector	Percentage of net assets
Commercial Mortgage-Backed Security		0.00	%
Convertible Bonds		1.63	%
Corporate Bonds		82.20	%
Banking		10.39	%
Basic Industry		7.32	%
Brokerage		1.71	%
Capital Goods		4.27	%
Communications		13.06	%
Consumer Cyclical		4.96	%
Consumer Non-Cyclical		5.47	%
Electric		14.71	%
Energy		4.99	%
Finance Companies		1.19	%
Insurance		6.46	%
Natural Gas		3.66	%
Real Estate Investment Trusts		0.74	%
Technology		1.63	%
Transportation		1.64	%
Municipal Bonds		4.03	%
Senior Secured Loans		4.33	%
Sovereign Bond		0.39	%
U.S. Treasury Obligations		1.17	%
Convertible Preferred Stock		1.68	%
Preferred Stock		2.85	%
Options Purchased		0.61	%
Short-Term Investments		2.15	%
Total Value of Securities		101.04	%
Liabilities Net of Receivables and Other Assets		(1.04	%)
Total Net Assets		100.00	%

4

Schedules of investments
Delaware Corporate Bond Fund	January 31, 2014

	Principal amount°		Value (U.S. $)
Convertible Bonds – 1.53%
ArvinMeritor 4.00% exercise price $26.73, expiration date 2/12/27 f		3,555,000	$	3,515,006
L-3 Communications Holdings 3.00% exercise price $90.24, expiration date 8/1/35		5,500,000		6,919,688
Owens-Brockway Glass Container 144A 3.00% exercise price $47.47, expiration date 5/28/15 #		3,172,000		3,292,932
Salix Pharmaceuticals 1.50% exercise price $65.81, expiration date 3/15/19		2,114,000		3,398,255
Steel Dynamics 5.125% exercise price $17.14, expiration date 6/15/14		471,000		501,909
Total Convertible Bonds (cost $14,995,481)				17,627,790
Corporate Bonds – 84.36%
Banking – 11.69%
Bank of America
2.60% 1/15/19		2,330,000		2,345,986
4.125% 1/22/24		7,875,000		7,967,555
Barclays Bank 7.625% 11/21/22		7,700,000		8,200,500
City National 5.25% 9/15/20		1,870,000		2,057,337
Credit Agricole 144A 7.875% 1/29/49 #•		1,695,000		1,722,544
Credit Suisse
144A 6.50% 8/8/23 #		6,235,000		6,640,275
144A 7.50% 12/11/49 #•		3,120,000		3,287,731
Export-Import Bank of Korea 0.992% 1/14/17 •		4,945,000		4,971,594
Fifth Third Bancorp 4.30% 1/16/24		2,985,000		2,984,376
Goldman Sachs Group 2.625% 1/31/19		4,575,000		4,584,214
HBOS 144A 6.75% 5/21/18 #		3,000,000		3,417,498
JPMorgan Chase
3.875% 2/1/24		9,900,000		9,903,346
4.85% 2/1/44		2,805,000		2,809,777
6.75% 8/29/49 •		2,800,000		2,851,800
Morgan Stanley
2.50% 1/24/19		5,000,000		4,992,630
4.10% 5/22/23		5,020,000		4,898,059
5.00% 11/24/25		8,895,000		9,044,587
Northern Trust 3.95% 10/30/25		2,890,000		2,905,872
Rabobank 4.625% 12/1/23		5,670,000		5,752,079
RBS Capital Trust I 2.112% 12/29/49 •		2,600,000		2,535,000
Santander UK 144A 5.00% 11/7/23 #		7,675,000		7,767,085
SVB Financial Group 5.375% 9/15/20		3,785,000		4,267,905
UBS 7.625% 8/17/22		7,555,000		8,697,240
USB Capital IX 3.50% 10/29/49 •		3,207,000		2,565,600
USB Realty 144A 1.386% 12/29/49 #•		400,000		364,000

5

Schedules of investments

Delaware Corporate Bond Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Banking (continued)
Wells Fargo 3.00% 1/22/21		5,765,000	$	5,799,994
Zions Bancorp
4.50% 3/27/17		2,400,000		2,558,825
4.50% 6/13/23		4,695,000		4,694,488
7.75% 9/23/14		3,646,000		3,783,319
				134,371,216
Basic Industry – 7.27%
ArcelorMittal 10.35% 6/1/19		3,390,000		4,254,450
Barrick Gold 4.10% 5/1/23		6,590,000		6,094,722
Barrick North America Finance 5.75% 5/1/43		3,220,000		2,992,829
Braskem Finance 6.45% 2/3/24		1,775,000		1,747,488
CF Industries
6.875% 5/1/18		9,165,000		10,722,784
7.125% 5/1/20		4,200,000		5,004,439
Dow Chemical 8.55% 5/15/19		4,420,000		5,693,318
FMC 4.10% 2/1/24		4,570,000		4,658,187
FMG Resources August 2006 144A 6.875% 4/1/22 #		5,360,000		5,808,900
Georgia-Pacific 8.00% 1/15/24		8,345,000		11,028,418
Gerdau Trade 144A 4.75% 4/15/23 #		2,655,000		2,397,863
International Paper 7.50% 8/15/21		1,600,000		2,012,966
Lubrizol 8.875% 2/1/19		2,765,000		3,630,733
Mosaic 5.625% 11/15/43		4,220,000		4,347,317
Rock-Tenn 3.50% 3/1/20		5,160,000		5,241,404
Sappi Papier Holding 144A 6.625% 4/15/21 #		7,845,000		7,923,450
				83,559,268
Brokerage – 2.20%
Jefferies Group
5.125% 1/20/23		1,570,000		1,631,005
6.45% 6/8/27		5,627,000		5,998,230
6.50% 1/20/43		1,575,000		1,638,345
Lazard Group
4.25% 11/14/20		2,340,000		2,417,576
6.85% 6/15/17		8,495,000		9,745,354
Nuveen Investments 144A 9.50% 10/15/20 #		3,765,000		3,906,188
				25,336,698
Capital Goods – 2.28%
Algeco Scotsman Global Finance
144A 8.50% 10/15/18 #		1,775,000		1,930,312
144A 10.75% 10/15/19 #		8,880,000		9,612,600
Cemex 144A 9.50% 6/15/18 #		4,120,000		4,645,300
Cemex Espana Luxembourg 144A 9.25% 5/12/20 #		1,540,000		1,673,210

6

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Capital Goods (continued)
Crane
2.75% 12/15/18		2,445,000	$	2,482,690
4.45% 12/15/23		2,245,000		2,308,538
Votorantim Cimentos 144A 7.25% 4/5/41 #		3,840,000		3,571,200
				26,223,850
Communications – 12.42%
American Tower Trust I
144A 1.551% 3/15/43 #		2,660,000		2,615,631
144A 3.07% 3/15/23 #		7,550,000		7,279,691
AT&T
2.375% 11/27/18		2,370,000		2,391,868
4.30% 12/15/42		8,975,000		7,775,285
Brasil Telecom 144A 5.75% 2/10/22 #		3,849,000		3,497,779
Comcel Trust 144A 6.875% 2/6/24 #		2,000,000		1,964,660
Crown Castle Towers 144A 4.883% 8/15/20 #		4,360,000		4,753,542
DISH DBS 5.875% 7/15/22		1,315,000		1,319,931
ENTEL Chile 144A 4.875% 10/30/24 #		3,400,000		3,368,887
Intelsat Luxembourg
144A 7.75% 6/1/21 #		5,290,000		5,693,362
144A 8.125% 6/1/23 #		2,275,000		2,471,219
Interpublic Group 3.75% 2/15/23		3,375,000		3,264,104
MDC Partners 144A 6.75% 4/1/20 #		2,990,000		3,169,400
Nara Cable Funding 144A 8.875% 12/1/18 #		6,005,000		6,545,450
Orange
2.75% 2/6/19		5,445,000		5,472,742
5.50% 2/6/44		1,890,000		1,926,382
Qwest 6.75% 12/1/21		3,430,000		3,835,357
SBA Tower Trust 144A 2.24% 4/16/18 #		4,945,000		4,895,508
SES 144A 3.60% 4/4/23 #		9,145,000		8,921,633
Sprint 144A 7.25% 9/15/21 #		6,895,000		7,455,219
Telefonica Emisiones 4.57% 4/27/23		5,080,000		5,127,031
Time Warner Cable
5.85% 5/1/17		3,250,000		3,572,172
8.25% 4/1/19		4,481,000		5,304,550
Univision Communications 144A 8.50% 5/15/21 #		2,940,000		3,241,350
Verizon Communications
5.15% 9/15/23		20,710,000		22,558,770
6.40% 9/15/33		4,495,000		5,282,277
VimpelCom 144A 7.748% 2/2/21 #		2,940,000		3,175,200
VTR Finance 144A 6.875% 1/15/24 #		3,250,000		3,261,885
Wind Acquisition Finance 144A 11.75% 7/15/17 #		2,445,000		2,582,531
				142,723,416

7

Schedules of investments

Delaware Corporate Bond Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Cyclical – 6.90%
Activision Blizzard
144A 5.625% 9/15/21 #		1,655,000	$	1,717,062
144A 6.125% 9/15/23 #		1,050,000		1,097,250
Delphi 5.00% 2/15/23		2,035,000		2,075,700
General Motors 144A 6.25% 10/2/43 #		4,300,000		4,568,750
GLP Capital 144A 4.375% 11/1/18 #		4,805,000		4,937,138
Historic TW 6.875% 6/15/18		5,285,000		6,313,783
Host Hotels & Resorts
3.75% 10/15/23		5,060,000		4,852,373
4.75% 3/1/23		3,825,000		3,958,623
5.25% 3/15/22		4,520,000		4,844,120
5.875% 6/15/19		2,055,000		2,230,705
International Game Technology 5.35% 10/15/23		8,185,000		8,669,331
Marriott International 3.375% 10/15/20		6,450,000		6,507,050
QVC 4.375% 3/15/23		14,990,000		14,458,425
TRW Automotive 144A 4.45% 12/1/23 #		3,215,000		3,126,588
Viacom 4.25% 9/1/23		140,000		143,461
Wyndham Worldwide 3.90% 3/1/23		5,135,000		5,042,159
Wynn Las Vegas 144A 4.25% 5/30/23 #		5,060,000		4,756,400
				79,298,918
Consumer Non-Cyclical – 4.09%
Anheuser-Busch InBev Finance 3.70% 2/1/24		4,000,000		4,070,032
Boston Scientific 6.00% 1/15/20		2,940,000		3,420,076
Coca-Cola Femsa 2.375% 11/26/18		6,500,000		6,551,012
ESAL 144A 6.25% 2/5/23 #		1,570,000		1,436,550
Fomento Economico Mexicano 4.375% 5/10/43		4,920,000		4,116,146
JBS Investments 144A 7.75% 10/28/20 #		5,285,000		5,443,550
Kroger 3.30% 1/15/21		6,525,000		6,559,922
Pernod-Ricard 144A 5.75% 4/7/21 #		6,995,000		7,904,441
Thermo Fisher Scientific 4.15% 2/1/24		885,000		901,535
Want Want China Finance 144A 1.875% 5/14/18 #		6,800,000		6,544,735
				46,947,999
Electric – 11.30%
AES Gener 144A 8.375% 12/18/73 #•		3,482,000		3,664,805
Ameren Illinois 9.75% 11/15/18		7,971,000		10,637,865
Cleveland Electric Illuminating 5.50% 8/15/24		2,025,000		2,248,791
ComEd Financing III 6.35% 3/15/33		7,500,000		7,159,642
El Paso Electric 3.30% 12/15/22		2,830,000		2,705,613
Electricite de France
144A 4.875% 1/22/44 #		3,490,000		3,407,144
144A 5.25% 1/29/49 #•		9,900,000		9,582,725
144A 5.625% 12/29/49 #•		2,190,000		2,135,798

8

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Electric (continued)
Enel 144A 8.75% 9/24/73 #•		2,975,000	$	3,235,312
Enel Finance International 144A 6.25% 9/15/17 #		5,025,000		5,695,471
Entergy Louisiana 3.30% 12/1/22		2,780,000		2,708,971
FPL Group Capital 6.65% 6/15/67 •		5,105,000		5,204,599
Integrys Energy Group 6.11% 12/1/66 •		9,239,000		9,325,819
Korea East-West Power 144A 2.625% 11/27/18 #		6,345,000		6,340,946
Monongahela Power 144A 5.40% 12/15/43 #		3,000,000		3,274,065
NextEra Energy Capital Holdings 6.35% 10/1/66 •		5,145,000		5,096,611
NV Energy 6.25% 11/15/20		4,475,000		5,311,879
Pennsylvania Electric 5.20% 4/1/20		16,291,000		17,943,038
Puget Sound Energy 6.974% 6/1/67 •		8,395,000		8,846,416
System Energy Resources 4.10% 4/1/23		4,610,000		4,687,065
Wisconsin Energy 6.25% 5/15/67 •		10,359,000		10,625,786
				129,838,361
Energy – 6.34%
CNOOC Curtis Funding 144A 4.50% 10/3/23 #		4,395,000		4,374,075
Continental Resources 4.50% 4/15/23		8,250,000		8,463,337
Gazprom Neft
144A 4.375% 9/19/22 #		4,215,000		3,825,112
144A 6.00% 11/27/23 #		3,695,000		3,699,619
Newfield Exploration 5.625% 7/1/24		6,150,000		6,180,750
Pertamina Persero 144A 4.875% 5/3/22 #		5,645,000		5,165,175
Petrobras Global Finance 3.00% 1/15/19		3,625,000		3,425,074
Petroleos Mexicanos
144A 3.125% 1/23/19 #		3,330,000		3,351,768
5.50% 6/27/44		2,486,000		2,235,371
144A 6.375% 1/23/45 #		1,410,000		1,413,656
PTT Exploration & Production 144A 3.707% 9/16/18 #		6,710,000		6,838,047
Rowan 4.75% 1/15/24		7,365,000		7,473,347
Sinopec Group Overseas Development 2013 144A
5.375% 10/17/43 #		4,050,000		4,112,621
Statoil 2.90% 11/8/20		2,150,000		2,173,474
Talisman Energy
3.75% 2/1/21		7,340,000		7,268,420
5.50% 5/15/42		2,955,000		2,896,964
				72,896,810
Finance Companies – 1.87%
Ares Capital 4.875% 11/30/18		5,780,000		5,952,845
General Electric Capital
144A 3.80% 6/18/19 #		3,795,000		4,031,227
4.375% 9/16/20		1,620,000		1,773,889
7.125% 12/29/49 •		1,400,000		1,575,770

9

Schedules of investments

Delaware Corporate Bond Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Finance Companies (continued)
International Lease Finance 5.875% 4/1/19		1,625,000	$	1,755,000
IPIC GMTN 144A 5.50% 3/1/22 #		3,544,000		3,916,014
Trust F 144A 5.25% 12/15/24 #		2,480,000		2,467,600
				21,472,345
Insurance – 3.68%
Allstate 5.75% 8/15/53 •		5,810,000		5,896,424
American International Group
6.40% 12/15/20		995,000		1,185,535
8.175% 5/15/58 •		4,755,000		5,931,862
8.25% 8/15/18		5,575,000		7,016,383
Berkshire Hathaway Finance 2.90% 10/15/20		1,160,000		1,173,978
Five Corners Funding Trust 144A 4.419% 11/15/23 #		3,000,000		3,018,408
Highmark
144A 4.75% 5/15/21 #		1,685,000		1,657,853
144A 6.125% 5/15/41 #		920,000		848,727
Hockey Merger Sub 2 144A 7.875% 10/1/21 #		4,540,000		4,744,300
ING U.S. 5.65% 5/15/53 •		3,040,000		2,919,920
XL Group 6.50% 12/29/49 •		8,032,000		7,911,520
				42,304,910
Natural Gas – 5.85%
El Paso Pipeline Partners Operating 6.50% 4/1/20		9,953,000		11,561,315
Enbridge Energy Partners 8.05% 10/1/37 •		6,970,000		7,856,103
Energy Transfer Partners 3.60% 2/1/23		6,045,000		5,727,583
Enterprise Products Operating 7.034% 1/15/68 •		4,525,000		5,027,108
Kinder Morgan Energy Partners 9.00% 2/1/19		2,805,000		3,589,668
Korea Gas 144A 2.875% 7/29/18 #		6,425,000		6,532,619
Sunoco Logistics Partners Operations 3.45% 1/15/23		5,880,000		5,515,863
TransCanada Pipelines 6.35% 5/15/67 •		9,152,000		9,451,472
Williams Partners
4.50% 11/15/23		2,550,000		2,590,058
7.25% 2/1/17		8,087,000		9,390,786
				67,242,575
Real Estate Investment Trusts – 3.65%
CBL & Associates 5.25% 12/1/23		3,400,000		3,508,195
Corporate Office Properties 5.25% 2/15/24		7,630,000		8,016,849
CubeSmart 4.375% 12/15/23		1,695,000		1,714,099
DDR
7.50% 4/1/17		2,500,000		2,911,238
9.625% 3/15/16		1,415,000		1,651,219
Digital Realty Trust
5.25% 3/15/21		5,535,000		5,771,023
5.875% 2/1/20		1,680,000		1,849,878

10

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Real Estate Investment Trusts (continued)
Duke Realty 3.625% 4/15/23		7,230,000	$	6,814,521
Liberty Property 4.40% 2/15/24		4,110,000		4,129,235
Weingarten Realty Investors 4.45% 1/15/24		5,525,000		5,553,868
				41,920,125
Technology – 4.52%
Baidu 3.25% 8/6/18		8,650,000		8,766,931
Broadridge Financial Solutions 3.95% 9/1/20		3,750,000		3,844,530
Fidelity National Information Services 3.50% 4/15/23		8,630,000		8,103,095
First Data 144A 11.75% 8/15/21 #		1,400,000		1,445,500
First Data Holdings 144A PIK 14.50% 9/24/19 #T		2,410,000		2,241,300
Hewlett-Packard 1.182% 1/14/19 •		5,120,000		5,123,707
National Semiconductor 6.60% 6/15/17		6,644,000		7,789,804
NetApp 3.25% 12/15/22		2,645,000		2,462,302
Seagate HDD Cayman 144A 3.75% 11/15/18 #		4,585,000		4,688,162
Total System Services 3.75% 6/1/23		7,850,000		7,468,215
				51,933,546
Transportation – 0.30%
Burlington Northern Santa Fe 3.00% 3/15/23		3,585,000		3,424,270
				3,424,270
Total Corporate Bonds (cost $946,219,284)				969,494,307
Municipal Bonds – 2.00%
California (Various Purposes)
5.00% 4/1/42		2,330,000		2,433,848
5.00% 4/1/43		6,520,000		6,834,655
Los Angeles, California Department of Water & Power Revenue Taxable Build America Bond
6.574% 7/1/45		5,365,000		7,105,513
New York City Water & Sewer System (Second Generation) Series BB 5.00% 6/15/47		4,015,000		4,200,212
Texas Private Activity Bond Surface Transportation Senior Lien Revenue Bond (Senior Lien Note Mobility) 6.75% 6/30/43 (AMT)		2,200,000		2,365,264
Total Municipal Bonds (cost $21,370,188)				22,939,492
Senior Secured Loans – 5.10%«
Akorn Tranche B 4.50% 11/13/20		2,480,000		2,511,000
BJ’s Wholesale Club 2nd Lien 8.50% 3/31/20		2,225,000		2,291,981
Burlington Coat Factory Warehouse Tranche B2
4.00% 2/23/17		1,430,123		1,445,541
Chrysler Group Tranche B 4.25% 5/24/17		1,657,252		1,668,498

11

Schedules of investments

Delaware Corporate Bond Fund

	Principal amount°		Value (U.S. $)
Senior Secured Loans« (continued)
Clear Channel Communications Tranche B 3.65% 1/29/16		8,675,000	$	8,475,943
Drillships Financing Holding Tranche B2 5.50% 7/15/16		1,935,000		1,960,799
Essar Steel Algoma 8.75% 9/12/14		4,363,158		4,409,516
Houghton International 2nd Lien 9.50% 11/20/20		3,185,000		3,272,588
Hudson’s Bay 2nd Lien 8.25% 10/7/21		3,615,000		3,747,551
Hudson’s Bay Tranche B 1st Lien 4.75% 10/7/20		3,935,000		3,998,932
Immucor Tranche B2 5.00% 8/19/18		976,680		985,226
Las Vegas Sands Tranche B 3.25% 12/16/20		6,000,000		6,020,334
Nuveen Investments 2nd Lien 6.50% 2/28/19		6,835,000		6,826,456
Quickrete 2nd Lien 7.00% 3/19/21		3,230,000		3,323,670
Rite Aid 2nd Lien 5.75% 8/3/20		3,299,000		3,389,310
Samson Investment 2nd Lien
5.00% 9/25/18		1,260,000		1,274,490
6.00% 9/10/18		1,210,000		1,216,429
Zayo Group Tranche B 1st Lien 4.00% 7/2/19		1,713,263		1,726,112
Total Senior Secured Loans (cost $57,588,089)				58,544,376
Sovereign Bond – 0.38%D
Brazil – 0.38%
Banco Nacional de Desenvolvimento Economico e Social
144A 5.75% 9/26/23 #		4,440,000		4,334,550
Total Sovereign Bond (cost $4,434,983)				4,334,550
U.S. Treasury Obligation – 1.08%
U.S. Treasury Note
2.75% 11/15/23		12,338,000		12,428,610
Total U.S. Treasury Obligation (cost $12,358,772)				12,428,610
	Number of shares
Convertible Preferred Stock – 1.63%
Chesapeake Energy 144A 5.75% exercise price $27.83, expiration date 12/31/49		10,330		11,743,919
SandRidge Energy 7.00% exercise price $7.76, expiration date 12/31/49		70,500		7,027,969
Total Convertible Preferred Stock (cost $17,681,167)				18,771,888
Preferred Stock – 2.47%
Alabama Power 5.625%		118,065		2,723,760
Ally Financial
144A 7.00% #		4,000		3,891,375
8.50% •		80,000		2,162,400
DTE Energy 5.25%		305,000		6,389,750

12

	Number of shares		Value (U.S. $)
Preferred Stock (continued)
Entergy Arkansas 4.90%		285,000	$	6,004,950
GMAC Capital Trust I 8.125% •		50,000		1,369,000
Qwest 6.125%		184,675		3,795,071
Regency Centers 6.625%		22,363		527,990
Regions Financial 6.375%		67,000		1,561,770
Total Preferred Stock (cost $30,908,756)				28,426,066
	Number of contracts
Options Purchased – 0.95%
Put Swaptions – 0.95%
Pay a fixed rate 2.07% and receive a floating rate based on 3-month LIBOR, expiration date 1/28/16  (GSC)		600,000,000		6,183,624
Pay a fixed rate 2.10% and receive a floating rate based on 3-month LIBOR, expiration date 1/28/16  (GSC)		50,000,000		502,453
Pay a fixed rate 2.47% and receive a floating rate based on 3-month LIBOR, expiration date 11/16/15  (BAML)		9,300,000		962,408
Pay a fixed rate 3.65% and receive a floating rate based on 3-month LIBOR, expiration date 11/16/15  (BAML)		9,300,000		660,456
Pay a fixed rate 3.84% and receive a floating rate based on 3-month LIBOR, expiration date 7/1/16  (BCLY)		15,750,000		738,352
Pay a fixed rate 4.00% and receive a floating rate based on 3-month LIBOR, expiration date 5/23/17  (GSC)		19,100,000		1,092,556
Pay a fixed rate 4.34% and receive a floating rate based on 3-month LIBOR, expiration date 7/1/16  (BCLY)		15,750,000		488,023
Pay a fixed rate 4.78% and receive a floating rate based on 3-month LIBOR, expiration date 9/16/16  (GSC)		13,050,000		317,113
Total Options Purchased (premium paid $10,652,318)				10,944,985
	Principal amount°
Short-Term Investments – 1.17%
Repurchase Agreements – 0.55%
Bank of America Merrill Lynch 0.01%, dated 1/31/14, to be repurchased on 2/3/14, repurchase price $1,570,257 (collateralized by U.S. government obligations 0.00%-1.25% 5/8/14-11/30/18; market value $1,601,661)		1,570,256		1,570,256
Bank of Montreal 0.02%, dated 1/31/14, to be repurchased on 2/3/14, repurchase price $261,709 (collateralized by U.S. government obligations 0.25%-2.75% 4/30/14-11/15/23; market value $266,944)		261,709		261,709

13

Schedules of investments

Delaware Corporate Bond Fund

	Principal amount°			Value (U.S. $)
Short-Term Investments (continued)
Repurchase Agreements (continued)
BNP Paribas 0.02%, dated 1/31/14, to be repurchased on 2/3/14, repurchase price $4,400,042 (collateralized by U.S. government obligations 0.25%-2.375% 3/31/14-12/31/20; market value $4,488,036)		4,400,035		$	4,400,035
					6,232,000
U.S. Treasury Obligation – 0.62%≠
U.S. Treasury Bill 0.065% 4/24/14		7,145,439			7,145,025
					7,145,025
Total Short-Term Investments (cost $13,376,381)					13,377,025
Total Value of Securities – 100.67% (cost $1,129,585,419)				$	1,156,889,089
	Number of contracts
Options Written – (0.29%)
Put Swaptions – (0.29%)
Pay a fixed rate 3.07% and receive a floating rate based on 3-month LIBOR, expiration date 1/28/16  (GSC)		(600,000,000	)		(3,077,184	)
Pay a fixed rate 3.10% and receive a floating rate based on 3-month LIBOR, expiration date 1/28/16  (GSC)		(50,000,000	)		(250,486	)
Total Options Written (premium received $2,990,000)				$	(3,327,670	)

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Jan. 31, 2014, the aggregate value of Rule 144A securities was $310,064,389, which represents 26.98% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”

T 100% of the income received was in the form of cash.

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

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

• Variable rate security. The rate shown is the rate as of Jan. 31, 2014. Interest rates reset periodically.

D Securities have been classified by country of origin.

« Senior secured loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally: (i) the prime rate offered by one or more U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (LIBOR), and (iii) the certificate of deposit rate. Senior secured loans may be subject to restrictions on resale. Stated rate in effect at Jan. 31, 2014.

f Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at Jan. 31, 2014.

14

The following futures contracts were outstanding at Jan. 31, 2014:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value		Expiration     Date		Unrealized Appreciation (Depreciation)
(57)	U.S. Treasury 2 yr Notes	$	(12,540,729)	$	(12,551,578)		4/4/14	$	(10,849)
(57)	U.S. Treasury 5 yr Notes		(6,853,644)		(6,875,625)		4/1/14		(21,981)
382	U.S. Treasury Long Bonds		49,858,050		51,032,812		3/21/14		1,174,762
		$	30,463,677					$	1,141,932

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

¹See Note 6 in “Notes to financial statements.”

Summary of abbreviations:

AMT – Subject to Alternative Minimum Tax

BAML – Bank of America Merrill Lynch

BCLY – Barclays Bank

GSC – Goldman Sachs Capital

PIK – Pay-in-kind

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

15

Schedules of investments
Delaware Extended Duration Bond Fund	January 31, 2014

	Principal amount°		Value (U.S. $)
Commercial Mortgage-Backed Security – 0.00%
Bank of America Merrill Lynch Mortgage Trust Series 2005-CIP1 A2 4.96% 7/12/38		7,480	$	7,485
Total Commercial Mortgage-Backed Security (cost $7,521)				7,485
Convertible Bonds – 1.63%
ArvinMeritor 4.00% exercise price $26.73, expiration date 2/12/27 f		2,472,000		2,444,190
L-3 Communications Holdings 3.00% exercise price $90.24, expiration date 8/1/35		3,445,000		4,334,241
Owens-Brockway Glass Container 144A 3.00% exercise price $47.47, expiration date 5/28/15 #		806,000		836,729
Salix Pharmaceuticals 1.50% exercise price $65.81, expiration date 3/15/19		1,137,000		1,827,728
Steel Dynamics 5.125% exercise price $17.14, expiration date 6/15/14		277,000		295,178
Total Convertible Bonds (cost $7,995,937)				9,738,066
Corporate Bonds – 82.20%
Banking – 10.39%
Bank of America 4.125% 1/22/24		5,505,000		5,569,700
Barclays Bank 7.625% 11/21/22		3,800,000		4,047,000
City National 5.25% 9/15/20		1,155,000		1,270,708
Credit Agricole 144A 7.875% 1/29/49 #•		965,000		980,681
Credit Suisse
144A 6.50% 8/8/23 #		3,170,000		3,376,050
144A 7.50% 12/11/49 #•		1,670,000		1,759,779
HBOS 144A 6.75% 5/21/18 #		1,930,000		2,198,590
HBOS Capital Funding 144A 6.071% 6/29/49 #•		4,430,000		4,452,150
ING Bank 144A 5.80% 9/25/23 #		4,250,000		4,457,264
JPMorgan Chase
4.85% 2/1/44		4,000,000		4,006,812
6.75% 8/29/49 •		1,575,000		1,604,138
KeyBank 6.95% 2/1/28		2,467,000		3,005,497
Morgan Stanley 5.00% 11/24/25		5,655,000		5,750,100
PNC Preferred Funding Trust II 144A 1.465% 3/31/49 #•		3,900,000		3,510,000
Rabobank 5.75% 12/1/43		6,310,000		6,655,170
Santander UK 144A 5.00% 11/7/23 #		3,555,000		3,597,653
UBS 7.625% 8/17/22		4,020,000		4,627,784
USB Capital IX 3.50% 10/29/49 •		810,000		648,000
USB Realty 144A 1.386% 12/29/49 #•		400,000		364,000
				61,881,076
Basic Industry – 7.32%
ArcelorMittal 7.50% 10/15/39		4,880,000		4,819,000

16

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
Barrick Gold 4.10% 5/1/23		3,610,000	$	3,338,687
Barrick North America Finance 5.75% 5/1/43		1,800,000		1,673,010
Braskem Finance 6.45% 2/3/24		1,050,000		1,033,725
CODELCO 144A 5.625% 10/18/43 #		3,580,000		3,612,134
FMG Resources August 2006 144A 6.875% 4/1/22 #		2,990,000		3,240,412
Georgia-Pacific 8.00% 1/15/24		3,280,000		4,334,717
Gerdau Trade 144A 4.75% 4/15/23 #		1,460,000		1,318,599
International Paper 6.00% 11/15/41		4,070,000		4,639,446
Kinross Gold 6.875% 9/1/41		1,335,000		1,228,260
Mosaic 5.625% 11/15/43		8,370,000		8,622,523
Newmont Mining 4.875% 3/15/42		2,140,000		1,659,664
Sappi Papier Holding 144A 6.625% 4/15/21 #		4,055,000		4,095,550
				43,615,727
Brokerage – 1.71%
Jefferies Group
6.45% 6/8/27		2,640,000		2,814,169
6.50% 1/20/43		1,985,000		2,064,835
Legg Mason 5.625% 1/15/44		3,000,000		3,033,039
Nuveen Investments 144A 9.50% 10/15/20 #		2,165,000		2,246,188
				10,158,231
Capital Goods – 4.27%
Algeco Scotsman Global Finance
144A 8.50% 10/15/18 #		815,000		886,312
144A 10.75% 10/15/19 #		4,865,000		5,266,362
Cemex 144A 7.25% 1/15/21 #		3,900,000		4,017,000
Ingersoll-Rand Global Holding 144A 5.75% 6/15/43 #		8,595,000		9,413,545
URS 5.00% 4/1/22		2,170,000		2,228,299
Votorantim Cimentos 144A 7.25% 4/5/41 #		2,475,000		2,301,750
Waste Management 7.10% 8/1/26		1,025,000		1,301,152
				25,414,420
Communications – 13.06%
American Tower Trust I 144A 3.07% 3/15/23 #		5,175,000		4,989,722
AT&T 4.30% 12/15/42		4,870,000		4,219,012
Brasil Telecom 144A 5.75% 2/10/22 #		1,940,000		1,762,975
CC Holdings GS V 3.849% 4/15/23		2,690,000		2,594,414
Comcel Trust 144A 6.875% 2/6/24 #		1,050,000		1,031,446
Deutsche Telekom International Finance 8.75% 6/15/30		1,335,000		1,899,393
Intelsat Luxembourg
144A 7.75% 6/1/21 #		2,245,000		2,416,181
144A 8.125% 6/1/23 #		1,240,000		1,346,950
MDC Partners 144A 6.75% 4/1/20 #		1,625,000		1,722,500
Nara Cable Funding 144A 8.875% 12/1/18 #		1,000,000		1,090,000

17

Schedules of investments

Delaware Extended Duration Bond Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Communications (continued)
Orange 5.50% 2/6/44		4,245,000	$	4,326,716
Qwest 6.875% 9/15/33		3,510,000		3,413,475
SES 144A 5.30% 4/4/43 #		7,070,000		7,019,068
Sprint 144A 7.25% 9/15/21 #		2,810,000		3,038,312
Telefonica Emisiones 7.045% 6/20/36		4,085,000		4,681,533
Time Warner Cable 4.50% 9/15/42		3,750,000		2,880,649
Univision Communications 144A 8.50% 5/15/21 #		540,000		595,350
Verizon Communications
6.40% 9/15/33		11,240,000		13,208,624
6.55% 9/15/43		3,305,000		3,981,405
VimpelCom 144A 7.748% 2/2/21 #		1,455,000		1,571,400
VTR Finance 144A 6.875% 1/15/24 #		1,850,000		1,856,765
Wind Acquisition Finance 144A 11.75% 7/15/17 #		1,340,000		1,415,375
WPP Finance 2010 5.625% 11/15/43		6,550,000		6,767,336
				77,828,601
Consumer Cyclical – 4.96%
CVS Caremark 5.30% 12/5/43		3,500,000		3,774,186
Delphi 5.00% 2/15/23		1,650,000		1,683,000
General Motors 144A 6.25% 10/2/43 #		4,200,000		4,462,500
GLP Capital 144A 4.375% 11/1/18 #		2,630,000		2,702,325
International Game Technology 5.35% 10/15/23		4,425,000		4,686,841
MGM Resorts International 11.375% 3/1/18		230,000		296,700
QVC
4.375% 3/15/23		4,195,000		4,046,237
5.95% 3/15/43		4,100,000		3,857,920
TRW Automotive 144A 4.45% 12/1/23 #		1,730,000		1,682,425
Wynn Las Vegas 144A 4.25% 5/30/23 #		2,540,000		2,387,600
				29,579,734
Consumer Non-Cyclical – 5.47%
Anheuser-Busch InBev Finance 4.625% 2/1/44		6,000,000		6,143,592
Celgene
5.25% 8/15/43		3,105,000		3,294,222
5.70% 10/15/40		4,460,000		4,974,176
Constellation Brands 3.75% 5/1/21		1,110,000		1,064,212
Delhaize Group 5.70% 10/1/40		1,895,000		1,889,921
ESAL 144A 6.25% 2/5/23 #		860,000		786,900
Fomento Economico Mexicano 4.375% 5/10/43		2,500,000		2,091,538
JBS Investments 144A 7.75% 10/28/20 #		2,805,000		2,889,150
Molson Coors Brewing 5.00% 5/1/42		2,310,000		2,352,400
Pernod-Ricard 144A 5.50% 1/15/42 #		6,629,000		7,094,588
				32,580,699

18

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Electric – 14.71%
AES Gener 144A 8.375% 12/18/73 #•		1,877,000	$	1,975,542
Ameren Illinois 9.75% 11/15/18		2,180,000		2,909,365
Cleveland Electric Illuminating 5.50% 8/15/24		3,000,000		3,331,542
CMS Energy 4.70% 3/31/43		6,605,000		6,451,777
ComEd Financing III 6.35% 3/15/33		4,800,000		4,582,171
El Paso Electric 3.30% 12/15/22		1,695,000		1,620,500
Electricite de France
144A 4.875% 1/22/44 #		1,265,000		1,234,968
144A 5.25% 1/29/49 #•		6,135,000		5,938,386
144A 5.625% 12/29/49 #•		1,215,000		1,184,929
Enel 144A 8.75% 9/24/73 #•		1,485,000		1,614,938
Enel Finance International 144A 6.00% 10/7/39 #		4,800,000		4,800,091
Exelon Generation 5.60% 6/15/42		2,685,000		2,629,114
FPL Group Capital 6.65% 6/15/67 •		1,045,000		1,065,388
Integrys Energy Group 6.11% 12/1/66 •		5,565,000		5,617,294
Monongahela Power 144A 5.40% 12/15/43 #		6,965,000		7,601,288
NextEra Energy Capital Holdings 6.35% 10/1/66 •		4,591,000		4,547,822
Oncor Electric Delivery 4.55% 12/1/41		5,500,000		5,415,091
PPL Capital Funding
4.70% 6/1/43		5,520,000		5,267,024
6.70% 3/30/67 •		1,540,000		1,556,492
Puget Sound Energy
4.434% 11/15/41		4,870,000		4,896,824
6.974% 6/1/67 •		2,495,000		2,629,161
Saudi Electricity Global Sukuk 144A 5.06% 4/8/43 #		5,900,000		5,391,125
Wisconsin Energy 6.25% 5/15/67 •		5,245,000		5,380,080
				87,640,912
Energy – 4.99%
CNOOC Curtis Funding 144A 4.50% 10/3/23 #		465,000		462,786
CNOOC Finance 2013 4.25% 5/9/43		3,160,000		2,669,596
Continental Resources 4.50% 4/15/23		4,520,000		4,636,883
Eni 144A 5.70% 10/1/40 #		3,450,000		3,497,624
Gazprom Neft
144A 4.375% 9/19/22 #		2,165,000		1,964,738
144A 6.00% 11/27/23 #		2,125,000		2,127,656
Newfield Exploration 5.625% 7/1/24		2,300,000		2,311,500
Petroleos Mexicanos 144A 6.375% 1/23/45 #		3,140,000		3,148,142
Sinopec Group Overseas Development 2013 144A
5.375% 10/17/43 #		2,215,000		2,249,248
Talisman Energy 5.50% 5/15/42		6,785,000		6,651,743
				29,719,916

19

Schedules of investments

Delaware Extended Duration Bond Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Finance Companies – 1.19%
Ares Capital 4.875% 11/30/18		3,135,000	$	3,228,749
General Electric Capital 7.125% 12/29/49 •		2,200,000		2,476,210
International Lease Finance 6.25% 5/15/19		1,292,000		1,408,280
				7,113,239
Insurance – 6.46%
Allstate 5.75% 8/15/53 •		2,960,000		3,004,030
American International Group 8.175% 5/15/58 •		2,910,000		3,630,225
Berkshire Hathaway Finance 4.30% 5/15/43		6,700,000		6,206,384
Highmark 144A 6.125% 5/15/41 #		3,410,000		3,145,824
Hockey Merger Sub 2 144A 7.875% 10/1/21 #		2,410,000		2,518,450
ING U.S.
5.65% 5/15/53 •		1,400,000		1,344,700
5.70% 7/15/43		4,475,000		4,846,474
Liberty Mutual Group 144A 6.50% 5/1/42 #		2,769,000		3,185,718
MetLife Capital Trust IV 144A 7.875% 12/15/37 #		900,000		1,041,750
Transatlantic Holdings 8.00% 11/30/39		704,000		907,749
Trinity Acquisition 6.125% 8/15/43		4,570,000		4,772,606
XL Group 6.50% 12/29/49 •		3,950,000		3,890,750
				38,494,660
Natural Gas – 3.66%
El Paso Pipeline Partners Operating 7.50% 11/15/40		3,065,000		3,845,781
Enbridge Energy Partners 8.05% 10/1/37 •		4,750,000		5,353,872
Energy Transfer Partners
5.15% 2/1/43		4,830,000		4,488,123
5.95% 10/1/43		1,475,000		1,527,166
Enterprise Products Operating 7.034% 1/15/68 •		2,245,000		2,494,112
TransCanada Pipelines 6.35% 5/15/67 •		3,940,000		4,068,925
				21,777,979
Real Estate Investment Trusts – 0.74%
CBL & Associates 5.25% 12/1/23		1,835,000		1,893,393
DDR 7.875% 9/1/20		2,010,000		2,503,292
				4,396,685
Technology – 1.63%
Apple 3.85% 5/4/43		7,470,000		6,445,504
First Data 144A 11.75% 8/15/21 #		900,000		929,250
First Data Holdings 144A PIK 14.50% 9/24/19 #T		1,370,000		1,274,100
Seagate HDD Cayman 144A 3.75% 11/15/18 #		1,040,000		1,063,400
				9,712,254
Transportation – 1.64%
ERAC USA Finance 144A 5.625% 3/15/42 #		9,085,000		9,793,939
				9,793,939
Total Corporate Bonds (cost $477,057,514)				489,708,072

20

	Principal amount°		Value (U.S. $)
Municipal Bonds – 4.03%
California (Various Purposes)
5.00% 4/1/42		1,150,000	$	1,201,256
5.00% 4/1/43		3,210,000		3,364,915
Chicago, Illinois O’Hare International Airport Revenue (Build America Bond) Series B 6.395% 1/1/40		3,800,000		4,397,322
Long Island Power Authority, New York Electric System Revenue Taxable Build America Bond
5.85% 5/1/41		3,600,000		3,700,656
Los Angeles, California Department of Water & Power Revenue Taxable Build America Bond
6.574% 7/1/45		2,225,000		2,946,834
Metropolitan Transportation Authority, New York Revenue Taxable Build America Bond (Transportation) Series A2
6.089% 11/15/40		3,205,000		3,834,238
New York City Water & Sewer System (Second Generation) Series BB 5.00% 6/15/47		2,005,000		2,097,491
Oregon Department of Transportation Highway User Tax Revenue Taxable Build America Bond (Subordinate Lien) Series A 5.834% 11/15/34		1,605,000		1,957,298
Texas Private Activity Bond Surface Transportation Senior Lien Revenue Bond (Senior Lien Note Mobility) 6.75% 6/30/43 (AMT)		500,000		537,560
Total Municipal Bonds (cost $21,797,589)				24,037,570
Senior Secured Loans – 4.33%«
BJ’s Wholesale Club 2nd Lien 8.50% 3/31/20		1,205,000		1,241,275
Burlington Coat Factory Warehouse Tranche B2
4.00% 2/23/17		666,832		674,021
Chrysler Group Tranche B 4.25% 5/24/17		823,664		829,254
Clear Channel Communications Tranche B 3.65% 1/29/16		4,325,000		4,225,759
Drillships Financing Holding Tranche B2 5.50% 7/15/16		1,065,000		1,079,200
Houghton International 2nd Lien 9.50% 11/20/20		1,745,000		1,792,988
Hudson’s Bay 2nd Lien 8.25% 10/7/21		1,980,000		2,052,601
Hudson’s Bay Tranche B 1st Lien 4.75% 10/7/20		1,065,000		1,082,303
Immucor Tranche B2 5.00% 8/19/18		509,231		513,687
Las Vegas Sands Tranche B 3.25% 12/16/20		3,007,379		3,017,571
Nuveen Investments 2nd Lien 6.50% 2/28/19		3,750,000		3,745,312
Quickrete 2nd Lien 7.00% 3/19/21		1,270,000		1,306,830
Rite Aid 2nd Lien 5.75% 8/3/20		1,815,000		1,864,686
Samson Investment 2nd Lien
5.00% 9/25/18		690,000		697,935
6.00% 9/10/18		665,000		668,533

21

Schedules of investments

Delaware Extended Duration Bond Fund

	Principal amount°		Value (U.S. $)
Senior Secured Loans«  (continued)
Zayo Group Tranche B 1st Lien 4.00% 7/2/19		987,471	$	994,877
Total Senior Secured Loans (cost $25,311,105)				25,786,832
Sovereign Bond – 0.39%D
Brazil – 0.39%
Banco Nacional de Desenvolvimento Economico e Social
144A 5.75% 9/26/23 #		2,370,000		2,313,712
Total Sovereign Bond (cost $2,367,322)				2,313,712
U.S. Treasury Obligations – 1.17%
U.S. Treasury Notes
1.50% 12/31/18		760,000		760,564
1.50% 1/31/19		325,000		324,860
2.375% 12/31/20		1,210,000		1,229,993
2.75% 11/15/23		4,624,000		4,657,959
Total U.S. Treasury Obligations (cost $6,923,261)				6,973,376
	Number of shares
Convertible Preferred Stock – 1.68%
Chesapeake Energy 144A 5.75% exercise price $27.83, expiration date 12/31/49		5,667		6,442,671
SandRidge Energy 7.00% exercise price $7.76, expiration date 12/31/49		35,700		3,558,844
Total Convertible Preferred Stock (cost $9,387,260)				10,001,515
Preferred Stock – 2.85%
Alabama Power 5.625%		16,200		373,734
Ally Financial
144A 7.00% #		3,390		3,297,940
8.50% —		40,000		1,081,200
DTE Energy 5.25%		175,000		3,666,250
Entergy Arkansas 4.90%		170,000		3,581,900
Qwest 6.125%		93,600		1,923,480
Regency Centers 6.625%		87,759		2,071,990
Regions Financial 6.375%		41,000		955,710
Total Preferred Stock (cost $18,703,559)				16,952,204

22

	Number of contracts
Options Purchased – 0.61%
Put Swaptions – 0.61%
Pay a fixed rate 4.00% and receive a floating rate based on 3-month LIBOR, expiration date 5/23/17 (GSC)		10,900,000	$	623,500
Pay a fixed rate 4.01% and receive a floating rate based on 3-month LIBOR, expiration date 5/17/16 (GSC)		12,500,000		1,065,636
Pay a fixed rate 4.09% and receive a floating rate based on 3-month LIBOR, expiration date 2/1/18 (GSC)		15,700,000		1,760,174
Pay a fixed rate 4.78% and receive a floating rate based on 3-month LIBOR, expiration date 9/16/16 (GSC)		6,950,000		168,884
Total Options Purchased (premium paid $2,997,050)				3,618,194
	Principal amount°
Short-Term Investments – 2.15%
Repurchase Agreements – 1.59%
Bank of America Merrill Lynch 0.01%, dated 1/31/14, to be repurchased on 2/3/14, repurchase price $2,383,606 (collateralized by U.S. government obligations 0.00%-1.25% 5/8/14-11/30/18; market value $2,431,276)		2,383,604		2,383,604
Bank of Montreal 0.02%, dated 1/31/14, to be repurchased on 2/3/14, repurchase price $397,268 (collateralized by U.S. government obligations 0.25%-2.75% 4/30/14- 11/15/23; market value $405,213)		397,267		397,267
BNP Paribas 0.02%, dated 1/31/14, to be repurchased on 2/3/14, repurchase price $6,679,140 (collateralized by U.S. government obligations 0.25%-2.375% 3/31/14- 12/31/20; market value $6,812,711)		6,679,129		6,679,129
				9,460,000
U.S. Treasury Obligations – 0.56%≠
U.S. Treasury Bills
0.064% 4/24/14		3,242,591		3,242,403
0.093% 11/13/14		134,560		134,485
				3,376,888
Total Short-Term Investments (cost $12,836,579)				12,836,888
Total Value of Securities – 101.04% (cost $585,384,697)			$	601,973,914

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Jan. 31, 2014, the aggregate value of Rule 144A securities was $191,990,495, which represents 32.23% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”

23

Schedules of investments

Delaware Extended Duration Bond Fund

T	100% of the income received was in the form of cash.
≠	The rate shown is the effective yield at the time of purchase.
°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.
•	Variable rate security. The rate shown is the rate as of Jan. 31, 2014. Interest rates reset periodically.
D	Securities have been classified by country of origin.
«	Senior secured loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally: (i) the prime rate offered by one or more U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (LIBOR), and (iii) the certificate of deposit rate. Senior secured loans may be subject to restrictions on resale. Stated rate in effect at Jan. 31, 2014.
f	Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at Jan. 31, 2014.

The following futures contracts were outstanding at Jan. 31, 2014:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value		Expiration     Date	Unrealized Appreciation (Depreciation)
24	U.S. Treasury Long Bonds	$	3,086,318	$	3,206,250	3/21/14	$	119,932
787	U.S. Treasury Ultra Term Bond		108,896,820		113,180,481	3/21/14		4,283,661
		$	111,983,138				$	4,403,593

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

¹See Note 6 in “Notes to financial statements.”

Summary of abbreviations:

AMT – Subject to Alternative Minimum Tax

GSC – Goldman Sachs Capital

PIK – Pay-in-kind

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

24

This page intentionally left blank.

Statements of assets and liabilities

January 31, 2014 (Unaudited)

	Delaware Corporate Bond Fund			Delaware Extended Duration Bond Fund
Assets:
Investments, at value1	$	1,143,512,064		$	589,137,026
Short-term investments, at value2		13,377,025			12,836,888
Cash collateral for derivatives		2,359,000			6,721,000
Cash		—			99,259
Receivable for securities sold		22,455,402			356,065
Dividends and interest receivable		13,804,997			7,548,638
Receivables for fund shares sold		2,304,270			892,749
Variation margin receivable on futures contracts		108,242			253,437
Total assets		1,197,921,000			617,845,062
Liabilities:
Cash overdraft		3,701,745			—
Options written, at value3		3,327,670			—
Payable for securities purchased		33,770,248			8,391,385
Payable for fund shares redeemed		3,856,887			8,606,135
Due to brokers		1,440,000			3,650,000
Income distributions payable		1,376,617			796,913
Other accrued expenses		388,410			208,502
Distribution fees payable to affiliates		311,404			104,831
Investment management fees payable		435,119			283,523
Other affiliates payable		68,334			29,149
Trustees’ fees and expenses payable		3,652			2,029
Total liabilities		48,680,086			22,072,467
Total Net Assets	$	1,149,240,914		$	595,772,595
Net Assets Consist of:
Paid-in capital	$	1,139,340,279		$	586,062,822
Distributions in excess of net investment income		(5,541,439	)		(2,842,217	)
Accumulated net realized loss on investments		(12,665,850	)		(8,440,817	)
Net unrealized appreciation of investments and derivatives		28,107,924			20,992,807
Total Net Assets	$	1,149,240,914		$	595,772,595
1Investments, at cost	$	1,116,209,038		$	572,548,118
2Short-term investments, at cost		13,376,381			12,836,579
3Options written, premium received		(2,990,000	)		—

26

	Delaware Corporate Bond Fund			Delaware Extended Duration Bond Fund
Class A:
Net assets	$	504,553,679		$	259,025,184
Shares of beneficial interest outstanding, unlimited authorization, no par		85,434,323			40,435,106
Net asset value per share	$	5.91		$	6.41
Sales charge		4.50	%		4.50	%
Offering price per share, equal to net asset value per share/(1 – sales charge)	$	6.19		$	6.71
Class B:
Net assets	$	1,527,254		$	474,264
Shares of beneficial interest outstanding, unlimited authorization, no par		258,669			74,191
Net asset value per share	$	5.90		$	6.39
Class C:
Net assets	$	219,955,245		$	29,333,697
Shares of beneficial interest outstanding, unlimited authorization, no par		37,239,235			4,580,797
Net asset value per share	$	5.91		$	6.40
Class R:
Net assets	$	32,833,982		$	30,892,600
Shares of beneficial interest outstanding, unlimited authorization, no par		5,554,700			4,815,786
Net asset value per share	$	5.91		$	6.41
Institutional Class:
Net assets	$	390,370,754		$	276,046,850
Shares of beneficial interest outstanding, unlimited authorization, no par		66,099,769	��		43,155,038
Net asset value per share	$	5.91		$	6.40

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

27

Statements of operations

Six months ended January 31, 2014 (Unaudited)

	Delaware Corporate Bond Fund			Delaware Extended Duration Bond Fund
Investment Income:
Interest	$	28,896,823		$	17,513,058
Dividends		2,163,539			1,216,328
Securities lending income		452			339
		31,060,814			18,729,725
Expenses:
Management fees		3,055,487			1,833,222
Distribution expenses - Class A		758,325			450,195
Distribution expenses - Class B		10,528			2,926
Distribution expenses - Class C		1,218,862			175,833
Distribution expenses - Class R		95,966			76,223
Dividend disbursing and transfer agent fees and expenses		928,900			417,093
Accounting and administration expenses		242,052			129,661
Registration fees		85,371			52,953
Reports and statements to shareholders		76,049			44,622
Legal fees		58,498			27,544
Trustees’ fees and expenses		33,797			18,252
Custodian fees		22,309			14,335
Audit and tax		18,993			18,946
Other		25,196			22,531
		6,630,333			3,284,336
Less expenses waived		(137,537	)		(169,590	)
Less waived distribution expenses - Class A		(50,414	)		(29,322	)
Less waived distribution expenses - Class B		(2,285	)		(1,327	)
Less waived distribution expenses - Class R		(6,152	)		(4,726	)
Less expense paid indirectly		(367	)		(237	)
Total operating expenses		6,433,578			3,079,134
Net Investment Income		24,627,236			15,650,591

28

	Delaware Corporate Bond Fund			Delaware Extended Duration Bond Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	(4,406,130	)	$	(4,907,128	)
Foreign currencies		—			(920	)
Foreign currency exchange contracts		(273,977	)		(134,153	)
Futures contracts		(1,494,005	)		(11,422,241	)
Swap contracts		2,080,241			1,261,149
Net realized loss		(4,093,871	)		(15,203,293	)
Net change in unrealized appreciation (depreciation) of:
Investments		12,399,758			13,921,307
Foreign currencies		—			441
Foreign currency exchange contracts		73,995			37,725
Futures contracts		1,141,932			13,321,655
Options written		(337,670	)		—
Swap contracts		(127,183	)		(73,663	)
Net change in unrealized appreciation (depreciation)		13,150,832			27,207,465
Net Realized and Unrealized Gain		9,056,961			12,004,172
Net Increase in Net Assets Resulting from Operations	$	33,684,197		$	27,654,763

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

29

Statements of changes in net assets

Delaware Corporate Bond Fund

	Six months ended 1/31/14 (Unaudited)			Year ended 7/31/13
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	24,627,236		$	58,651,408
Net realized gain (loss)		(4,093,871	)		36,185,801
Net change in unrealized appreciation (depreciation)		13,150,832			(67,755,908	)
Net increase in net assets resulting from operations		33,684,197			27,081,301
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(12,493,912	)		(28,288,498	)
Class B		(41,030	)		(127,345	)
Class C		(4,469,213	)		(9,798,813	)
Class R		(744,027	)		(1,245,842	)
Institutional Class		(9,968,915	)		(25,015,345	)
Net realized gain:
Class A		(8,808,504	)		(20,361,021	)
Class B		(32,244	)		(131,376	)
Class C		(3,805,314	)		(8,822,120	)
Class R		(568,510	)		(924,113	)
Institutional Class		(6,635,962	)		(16,995,529	)
		(47,567,631	)		(111,710,002	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		69,647,704			368,100,763
Class B		3,727			110,275
Class C		13,566,688			111,931,596
Class R		5,467,475			26,685,735
Institutional Class		85,745,270			347,608,276

30

	Six months ended 1/31/14 (Unaudited)			Year ended 7/31/13
Capital Share Transactions (continued):
Net asset value of shares based upon reinvestment of dividends and distributions:
Class A	$	20,052,799		$	44,850,645
Class B		68,977			235,609
Class C		6,193,901			15,633,554
Class R		1,309,205			2,092,137
Institutional Class		13,538,831			31,670,273
		215,594,577			948,918,863
Cost of shares redeemed:
Class A		(224,891,142	)		(369,539,804	)
Class B		(1,316,264	)		(2,118,621	)
Class C		(70,951,802	)		(87,443,381	)
Class R		(10,914,875	)		(12,163,933	)
Institutional Class		(222,245,818	)		(337,275,121	)
		(530,319,901	)		(808,540,860	)
Increase (Decrease) in net assets derived from capital share transactions		(314,725,324	)		140,378,003
Net Increase (Decrease) in Net Assets		(328,608,758	)		55,749,302
Net Assets:
Beginning of period		1,477,849,672			1,422,100,370
End of period	$	1,149,240,914		$	1,477,849,672
Distributions in excess of net investment income	$	(5,541,439	)	$	(2,451,578	)

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

31

Statements of changes in net assets

Delaware Extended Duration Bond Fund

	Six months ended 1/31/14 (Unaudited)			Year ended 7/31/13
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	15,650,591		$	37,230,168
Net realized gain (loss)		(15,203,293	)		21,481,563
Net change in unrealized appreciation (depreciation)		27,207,465			(76,357,523	)
Net increase (decrease) in net assets resulting from operations		27,654,763			(17,645,792	)
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(7,983,606	)		(17,732,920	)
Class B		(13,229	)		(49,310	)
Class C		(712,704	)		(2,340,813	)
Class R		(645,993	)		(1,283,402	)
Institutional Class		(7,106,444	)		(16,696,152	)
Net realized gain:
Class A		—			(26,584,887	)
Class B		—			(106,937	)
Class C		—			(4,355,789	)
Class R		—			(2,013,407	)
Institutional Class		—			(24,974,715	)
		(16,461,976	)		(96,138,332	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		45,793,971			176,055,497
Class B		86			6,167
Class C		988,476			23,149,787
Class R		5,584,690			23,714,553
Institutional Class		49,565,264			180,099,398

32

	Six months ended 1/31/14 (Unaudited)			Year ended 7/31/13
Capital Share Transactions (continued):
Net asset value of shares based upon reinvestment of dividends and distributions:
Class A	$	7,983,606		$	43,012,945
Class B		12,522			141,446
Class C		634,644			6,018,770
Class R		645,993			3,275,487
Institutional Class		6,868,523			39,771,514
		118,077,775			495,245,564
Cost of shares redeemed:
Class A		(170,756,679	)		(197,053,239	)
Class B		(290,514	)		(1,111,761	)
Class C		(19,881,353	)		(35,543,957	)
Class R		(5,359,547	)		(13,249,394	)
Institutional Class		(89,560,114	)		(213,661,826	)
		(285,848,207	)		(460,620,177	)
Increase (Decrease) in net assets derived from capital share transactions		(167,770,432	)		34,625,387
Net Decrease in Net Assets		(156,577,645	)		(79,158,737	)
Net Assets:
Beginning of period		752,350,240			831,508,977
End of period	$	595,772,595		$	752,350,240
Distributions in excess of net investment income	$	(2,842,217	)	$	(2,030,832	)

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

33

Financial highlights

Delaware Corporate Bond 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 assets

Ratio of expenses to average net assets prior to fees waived

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

³ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects waivers by the distributor and/or manager. Performance would have been lower had the waivers not been in effect.

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

34

Six months ended				Year ended
1/31/141  (Unaudited)				7/31/13			7/31/12			7/31/11			7/31/10			7/31/09
	$	5.950		$	6.260		$	6.050		$	6.080		$	5.460		$	5.240
		0.117			0.230			0.246			0.268			0.309			0.314
		0.070			(0.099	)		0.384			0.278			0.647			0.216
		0.187			0.131			0.630			0.546			0.956			0.530
		(0.131	)		(0.252	)		(0.284	)		(0.305	)		(0.336	)		(0.310	)
		(0.096	)		(0.189	)		(0.136	)		(0.271	)		—			—
		(0.227	)		(0.441	)		(0.420	)		(0.576	)		(0.336	)		(0.310	)
	$	5.910		$	5.950		$	6.260		$	6.050		$	6.080		$	5.460
		3.22%			2.02%			11.04%			9.44%			17.91%			11.04%
	$	504,554		$	645,585		$	638,481		$	392,313		$	409,671		$	459,892
		0.94%			0.93%			0.94%			0.95%			0.94%			0.90%
		0.98%			0.98%			1.01%			1.09%			1.10%			1.11%
		3.93%			3.70%			4.11%			4.45%			5.31%			6.45%
		3.89%			3.65%			4.04%			4.31%			5.15%			6.24%
		106%			230%			202%			204%			219%			271%

35

Financial highlights

Delaware Corporate Bond Fund Class B

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 assets

Ratio of expenses to average net assets prior to fees waived

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

36

Six months ended		Year ended
1/31/141               (Unaudited)		7/31/13			7/31/12			7/31/11			7/31/10			7/31/09
	$  5.950	$	6.260		$	6.050		$	6.080		$	5.460		$	5.230
	0.101		0.183			0.200			0.223			0.265			0.278
	0.060		(0.098	)		0.385			0.278			0.647			0.225
	0.161		0.085			0.585			0.501			0.912			0.503
	(0.115)		(0.206	)		(0.239	)		(0.260	)		(0.292	)		(0.273	)
	(0.096)		(0.189	)		(0.136	)		(0.271	)		—			—
	(0.211)		(0.395	)		(0.375	)		(0.531	)		(0.292	)		(0.273	)
	$  5.900	$	5.950		$	6.260		$	6.050		$	6.080		$	5.460
	2.78%		1.26%			10.22%			8.62%			17.04%			10.43%
	$  1,527	$	2,802		$	4,739		$	6,705		$	9,807		$	11,938
	1.47%		1.68%			1.69%			1.70%			1.69%			1.65%
	1.71%		1.68%			1.71%			1.79%			1.80%			1.81%
	3.40%		2.95%			3.36%			3.70%			4.56%			5.70%
	3.16%		2.95%			3.34%			3.61%			4.45%			5.54%
	106%		230%			202%			204%			219%			271%

37

Financial highlights

Delaware Corporate Bond 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 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 assets

Ratio of expenses to average net assets prior to fees waived

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

38

Six months ended				Year ended
1/31/141				7/31/13			7/31/12			7/31/11			7/31/10			7/31/09
(Unaudited)
	$	5.960		$	6.260		$	6.050		$	6.090		$	5.470		$	5.240
		0.094			0.183			0.202			0.223			0.266			0.278
		0.060			(0.088	)		0.383			0.268			0.646			0.225
		0.154			0.095			0.585			0.491			0.912			0.503
		(0.108	)		(0.206	)		(0.239	)		(0.260	)		(0.292	)		(0.273	)
		(0.096	)		(0.189	)		(0.136	)		(0.271	)		—			—
		(0.204	)		(0.395	)		(0.375	)		(0.531	)		(0.292	)		(0.273	)
	$	5.910		$	5.960		$	6.260		$	6.050		$	6.090		$	5.470
		2.66%			1.43%			10.21%			8.44%			17.01%			10.41%
	$	219,955		$	273,594		$	249,029		$	135,912		$	141,328		$	121,901
		1.69%			1.68%			1.69%			1.70%			1.69%			1.65%
		1.71%			1.68%			1.71%			1.79%			1.80%			1.81%
		3.18%			2.95%			3.36%			3.70%			4.56%			5.70%
		3.16%			2.95%			3.34%			3.61%			4.45%			5.54%
		106%			230%			202%			204%			219%			271%

39

Financial highlights

Delaware Corporate Bond 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 assets

Ratio of expenses to average net assets prior to fees waived

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects waivers by the distributor and/or manager. Performance would have been lower had the waivers not been in effect.

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

40

Six months ended			Year ended
1/31/141			7/31/13			7/31/12			7/31/11			7/31/10			7/31/09
(Unaudited)
	$  5.960		$	6.270		$	6.050		$	6.090		$	5.470		$	5.240
	0.109			0.214			0.231			0.253			0.295			0.302
	0.060			(0.098	)		0.394			0.268			0.646			0.226
	0.169			0.116			0.625			0.521			0.941			0.528
	(0.123	)		(0.237	)		(0.269	)		(0.290	)		(0.321	)		(0.298	)
	(0.096	)		(0.189	)		(0.136	)		(0.271	)		—			—
	(0.219	)		(0.426	)		(0.405	)		(0.561	)		(0.321	)		(0.298	)
	$  5.910		$	5.960		$	6.270		$	6.050		$	6.090		$	5.470
	2.91%			1.77%			10.94%			8.98%			17.60%			10.97%
	$32,834		$	37,293		$	22,661		$	11,981		$	10,209		$	11,229
	1.19%			1.18%			1.19%			1.20%			1.19%			1.15%
	1.24%			1.28%			1.31%			1.39%			1.40%			1.41%
	3.68%			3.45%			3.86%			4.20%			5.06%			6.20%
	3.63%			3.35%			3.74%			4.01%			4.85%			5.94%
	106%			230%			202%			204%			219%			271%

41

Financial highlights

Delaware Corporate Bond 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 assets

Ratio of expenses to average net assets prior to fees waived

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

³ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

42

Six months ended			Year ended
1/31/141			7/31/13			7/31/12			7/31/11			7/31/10			7/31/09
(Unaudited)
	$    5.950		$	6.260		$	6.050		$	6.090		$	5.470		$	5.240
	0.124			0.245			0.261			0.283			0.329			0.327
	0.070			(0.098	)		0.384			0.268			0.641			0.225
	0.194			0.147			0.645			0.551			0.970			0.552
	(0.138	)		(0.268	)		(0.299	)		(0.320	)		(0.350	)		(0.322	)
	(0.096	)		(0.189	)		(0.136	)		(0.271	)		—			—
	(0.234	)		(0.457	)		(0.435	)		(0.591	)		(0.350	)		(0.322	)
	$    5.910		$	5.950		$	6.260		$	6.050		$	6.090		$	5.470
	3.35%			2.28%			11.32%			9.52%			18.40%			11.53%
	$390,371		$	518,576		$	507,190		$	466,660		$	357,801		$	50,235
	0.69%			0.68%			0.69%			0.70%			0.69%			0.65%
	0.71%			0.68%			0.71%			0.79%			0.80%			0.81%
	4.18%			3.95%			4.36%			4.70%			5.56%			6.70%
	4.16%			3.95%			4.34%			4.61%			5.45%			6.54%
	106%			230%			202%			204%			219%			271%

43

Financial highlights

Delaware Extended Duration Bond 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 assets

Ratio of expenses to average net assets prior to fees waived

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

³ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects waivers by the manager and distributor. Performance would have been lower had the waivers not been in effect.

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

44

Six months ended				Year ended
1/31/141				7/31/13			7/31/12			7/31/11			7/31/10			7/31/09
(Unaudited)
	$	6.280		$	7.150		$	6.380		$	6.440		$	5.600		$	5.210
		0.142			0.280			0.300			0.318			0.348			0.344
		0.137			(0.427	)		1.055			0.268			0.850			0.385
		0.279			(0.147	)		1.355			0.586			1.198			0.729
		(0.149	)		(0.287	)		(0.319	)		(0.329	)		(0.358	)		(0.339	)
		—			(0.436	)		(0.266	)		(0.317	)		—			—
		(0.149	)		(0.723	)		(0.585	)		(0.646	)		(0.358	)		(0.339	)
	$	6.410		$	6.280		$	7.150		$	6.380		$	6.440		$	5.600
		4.53%			(2.45%	)		22.48%			9.74%			22.00%			15.17%
	$	259,025		$	370,553		$	402,639		$	352,060		$	275,312		$	184,538
		0.96%			0.95%			0.95%			0.95%			0.94%			0.90%
		1.03%			1.04%			1.06%			1.12%			1.18%			1.29%
		4.53%			4.13%			4.53%			5.07%			5.77%			7.03%
		4.46%			4.04%			4.42%			4.90%			5.53%			6.64%
		110%			217%			172%			147%			149%			234%

45

Financial highlights

Delaware Extended Duration Bond Fund Class B

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 assets

Ratio of expenses to average net assets prior to fees waived

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

³ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

46

Six months ended				Year ended
1/31/141				7/31/13			7/31/12			7/31/11			7/31/10			7/31/09
(Unaudited)
	$	6.270		$	7.140		$	6.370		$	6.430		$	5.590		$	5.200
		0.132			0.230			0.249			0.271			0.301			0.307
		0.124			(0.428	)		1.057			0.268			0.852			0.384
		0.256			(0.198	)		1.306			0.539			1.153			0.691
		(0.136	)		(0.236	)		(0.270	)		(0.282	)		(0.313	)		(0.301	)
		—			(0.436	)		(0.266	)		(0.317	)		—			—
		(0.136	)		(0.672	)		(0.536	)		(0.599	)		(0.313	)		(0.301	)
	$	6.390		$	6.270		$	7.140		$	6.370		$	6.430		$	5.590
		4.16%			(3.19%	)		21.61%			8.93%			21.13%			14.33%
	$	474		$	749		$	1,887		$	2,219		$	3,464		$	3,992
		1.26%			1.70%			1.70%			1.70%			1.69%			1.65%
		1.76%			1.74%			1.76%			1.82%			1.88%			1.99%
		4.23%			3.38%			3.78%			4.32%			5.02%			6.28%
		3.73%			3.34%			3.72%			4.20%			4.83%			5.94%
		110%			217%			172%			147%			149%			234%

47

Financial highlights

Delaware Extended Duration Bond 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 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 assets

Ratio of expenses to average net assets prior to fees waived

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

³ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

48

Six months ended				Year ended
1/31/141				7/31/13			7/31/12			7/31/11			7/31/10			7/31/09
(Unaudited)
	$	6.280		$	7.150		$	6.380		$	6.430		$	5.600		$	5.210
		0.118			0.230			0.251			0.272			0.302			0.307
		0.128			(0.428	)		1.055			0.277			0.841			0.385
		0.246			(0.198	)		1.306			0.549			1.143			0.692
		(0.126	)		(0.236	)		(0.270	)		(0.282	)		(0.313	)		(0.302	)
		—			(0.436	)		(0.266	)		(0.317	)		—			—
		(0.126	)		(0.672	)		(0.536	)		(0.599	)		(0.313	)		(0.302	)
	$	6.400		$	6.280		$	7.150		$	6.380		$	6.430		$	5.600
		3.98%			(3.17%	)		21.57%			9.09%			20.91%			14.32%
	$	29,334		$	47,326		$	62,275		$	24,532		$	23,115		$	19,120
		1.71%			1.70%			1.70%			1.70%			1.69%			1.65%
		1.76%			1.74%			1.76%			1.82%			1.88%			1.99%
		3.78%			3.38%			3.78%			4.32%			5.02%			6.28%
		3.73%			3.34%			3.72%			4.20%			4.83%			5.94%
		110%			217%			172%			147%			149%			234%

49

Financial highlights

Delaware Extended Duration Bond 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 assets

Ratio of expenses to average net assets prior to fees waived

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

³ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects waivers by the manager and distributor. Performance would have been lower had the waivers not been in effect.

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

50

Six months ended				Year ended
1/31/141				7/31/13			7/31/12			7/31/11			7/31/10			7/31/09
(Unaudited)
	$	6.290		$	7.160		$	6.390		$	6.440		$	5.600		$	5.210
		0.134			0.263			0.284			0.303			0.339			0.332
		0.127			(0.426	)		1.055			0.278			0.845			0.385
		0.261			(0.163	)		1.339			0.581			1.184			0.717
		(0.141	)		(0.271	)		(0.303	)		(0.314	)		(0.344	)		(0.327	)
		—			(0.436	)		(0.266	)		(0.317	)		—			—
		(0.141	)		(0.707	)		(0.569	)		(0.631	)		(0.344	)		(0.327	)
	$	6.410		$	6.290		$	7.160		$	6.390		$	6.440		$	5.600
		4.24%			(2.68%	)		22.15%			9.63%			21.48%			15.08%
	$	30,893		$	29,423		$	20,080		$	10,800		$	14,131		$	665
		1.21%			1.20%			1.20%			1.20%			1.19%			1.15%
		1.29%			1.34%			1.36%			1.42%			1.48%			1.59%
		4.28%			3.88%			4.28%			4.82%			5.52%			6.78%
		4.20%			3.74%			4.12%			4.60%			5.23%			6.34%
		110%			217%			172%			147%			149%			234%

51

Financial highlights

Delaware Extended Duration Bond 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 assets

Ratio of expenses to average net assets prior to fees waived

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

³ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

52

Six months ended				Year ended
	1/31/141 (Unaudited)			7/31/13			7/31/12			7/31/11			7/31/10			7/31/09
		$    6.270		$	7.140		$	6.370		$	6.430		$	5.590		$	5.200
		0.149			0.297			0.317			0.332			0.364			0.356
		0.137			(0.427	)		1.055			0.269			0.849			0.385
		0.286			(0.130	)		1.372			0.601			1.213			0.741
		(0.156	)		(0.304	)		(0.336	)		(0.344	)		(0.373	)		(0.351	)
		—			(0.436	)		(0.266	)		(0.317	)		—			—
		(0.156	)		(0.740	)		(0.602	)		(0.661	)		(0.373	)		(0.351	)
		$    6.400		$	6.270		$	7.140		$	6.370		$	6.430		$	5.590
		4.67%			(2.21%	)		22.82%			10.01%			22.33%			15.48%
		$276,047		$	304,299		$	344,628		$	124,076		$	49,310		$	26,223
		0.71%			0.70%			0.70%			0.70%			0.69%			0.65%
		0.76%			0.74%			0.76%			0.82%			0.88%			0.99%
		4.78%			4.38%			4.78%			5.32%			6.02%			7.28%
		4.73%			4.34%			4.72%			5.20%			5.83%			6.94%
		110%			217%			172%			147%			149%			234%

53

Notes to financial statements

Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund

January 31, 2014 (Unaudited)

Delaware Group^® Income Funds (Trust) is organized as a Delaware statutory trust and offers five series: Delaware Core Bond Fund, Delaware Corporate Bond Fund, Delaware Diversified Floating Rate Fund, Delaware Extended Duration Bond Fund and Delaware High-Yield Opportunities Fund. These financial statements and the related notes pertain to Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund (each, a Fund or collectively, the Funds). The Trust is an open-end investment company. The Funds are considered diversified under the Investment Company Act of 1940, as amended, and offer Class A, Class B, Class C, Class R and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first year and 0.50% during the second year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class B shares may be purchased only through dividend reinvestment and certain permitted exchanges. Prior to June 1, 2007, Class B shares were sold with a CDSC that declined from 4.00% to zero depending upon the period of time the shares were held. Class B shares will automatically convert to Class A shares on a quarterly basis approximately eight years after purchase. Class C shares are sold with a CDSC of 1.00%, if redeemed during the first twelve months. Class R and Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

The investment objective of the Funds is to seek to provide investors with total return.

1. Significant Accounting Policies

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

Security Valuation – Equity securities, except those traded on the Nasdaq Stock Market, Inc. (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. Securities 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 does not trade, then the mean between the bid and ask prices will be used, which approximates fair value. Investment company securities are valued at net asset value per share, as reported by the underlying investment company. U.S. government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Other debt securities, credit default swap (CDS) contracts and interest rate swap options contracts (swaptions) 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. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations, commercial mortgage securities and U.S. government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Foreign currency exchange contracts and foreign cross currency

54

exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of each Fund’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.

Federal and Foreign Income Taxes – No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken for all open federal income tax years (July 31, 2010 –July 31, 2013) and has concluded that no provision for federal income tax is required in the Funds’ financial statements. In regard to foreign taxes only, each Fund has open tax years in certain foreign countries it invests in that may date back to the inception of each Fund.

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

Repurchase Agreements – The Funds may purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Funds’ custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on Jan. 31, 2014.

Foreign Currency Transactions – Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Funds’ prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period.

55

Notes to financial statements

Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund

1. Significant Accounting Policies (continued)

The Funds generally bifurcate 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) is included in the statements of operations under the caption net realized gain (loss) on foreign currencies. The Funds report 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 U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other – Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Delaware Investments^® Family of Funds are generally allocated among such funds on the basis of average net assets. Management fees and some 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 amortized to interest income over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of asset-backed and mortgage-backed securities are classified as interest income. Withholding taxes and reclaims on foreign interest have been recorded in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Each Fund pays 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. Each Fund declares dividends daily from net investment income and pays the dividends monthly and declares and pays distributions from net realized gain on investments, if any, annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

Each Fund may receive earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. There were no earnings credits for the six months ended Jan. 31, 2014.

Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than one dollar, the

56

expense paid under this arrangement is included in dividend disbursing and transfer agent fees and expenses and appears on the statements of operations with the corresponding expense offset shown as “expense paid indirectly.” For the six months ended Jan. 31, 2014, each Fund earned the following amounts under this agreement:

Delaware Corporate Bond Fund	Delaware Extended Duration Bond Fund
$367	$237

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

In accordance with the terms of its respective investment management agreement, each Fund pays Delaware Management Company (DMC), a series of Delaware Management Business Trust and the investment manager, an annual fee which is calculated based on each Fund’s average daily net assets as follows:

	Delaware Corporate Bond Fund		Delaware Extended Duration Bond Fund
On the first $500 million		0.5000%		0.5500%
On the next $500 million		0.4750%		0.5000%
On the next $1.5 billion		0.4500%		0.4500%
In excess of $2.5 billion		0.4250%		0.4250%

DMC has contractually agreed to waive that portion, if any, of its management fee and reimburse each Fund to the extent necessary to prevent total annual operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, inverse floater program expenses, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings and liquidations) (collectively, nonroutine expenses)) from exceeding the following percentages of each Fund’s average daily net assets from Nov. 27, 2013 through Nov. 28, 2014. These waivers and reimbursements may only be terminated by agreement of the DMC and the Funds.

	Delaware Corporate Bond Fund		Delaware Extended Duration Bond Fund
Expense limitation effective Nov. 27, 2013		0.69%		0.71%
Expense limitation prior to Nov. 27, 2013		0.69%		0.70%

57

Notes to financial statements

Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund

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

Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Funds. For these services, the Funds pay DSC fees based on the aggregate daily net assets of the Delaware Investments^® Family of Funds at the following annual rate: 0.0050% of the first $30 billion; 0.0045% of the next $10 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $50 billion. The fees payable to DSC under the service agreement described above are allocated among all Funds in the Delaware Investments Family of Funds on a relative net asset value basis. For the six months ended Jan. 31, 2014, the Funds were charged for these services as follows:

Delaware Corporate Bond Fund	Delaware Extended Duration Bond Fund
$30,807	$16,512

DSC is also the transfer agent and dividend disbursing agent of the Funds. For these services, the Funds pay DSC fees based on the aggregate daily net assets of the retail funds within the Delaware Investments^® Family of Funds at the following annual rate: 0.025% of the first $20 billion, 0.020% of the next $5 billion; 0.015% of the next $5 billion; and 0.013% on average daily net assets in excess of $30 billion. These amounts are included in the statements of operations as dividend and disbursing and transfer agent fees and expenses. For the six months ended Jan. 31, 2014, the amount charged by DSC for each Funds was as follows:

Delaware Corporate Bond Fund	Delaware Extended Duration Bond Fund
$140,801	$75,462

Pursuant to a sub-transfer agency agreement between DSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Funds. Sub-transfer agency fees are passed on to and paid directly by the Funds.

Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual distribution and service fee of 1.00% of the average daily net assets of the Class B and Class C shares. Effective Oct. 1, 2013, each Fund pays DDLP an annual distribution and service fee of 0.25% and 0.50% of the average daily net assets of the Class A and Class R shares, respectively. Prior to Oct. 1, 2013, each Fund paid an annual distribution and service fee of 0.30% and 0.60% of the average daily net assets of the Class A and Class R shares, respectively. For the period from Aug. 1, 2013 to Oct. 1, 2013, the distribution and service fees for each Fund’s Class A and Class R shares were contractually limited to 0.25% and 0.50% of the classes’ average daily net assets. Effective Nov. 27, 2013, DDLP has contractually agreed to waive each Fund’s Class B shares’ 12b-1 fees to 0.25% of average daily net assets through Nov. 28, 2014. Institutional Class shares pay no distribution and service fees.

58

As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax and regulatory reporting services to the Funds. For the six months ended Jan. 31, 2014, each Fund was charged for internal legal, tax and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Delaware Corporate Bond Fund	Delaware Extended Duration Bond Fund
$19,214	$10,261

For the six months ended Jan. 31, 2014, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Delaware Corporate Bond Fund	Delaware Extended Duration Bond Fund
$15,089	$6,007

For the six months ended Jan. 31, 2014, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A, Class B, 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. The amounts received were as follows:

	Delaware Corporate Bond Fund			Delaware Extended Duration Bond Fund
Class A		$	11		$	0
Class B			0			0
Class C			6,123			4,601

Trustees’ fees include expenses accrued by the Funds for each Trustee’s retainer and meeting fees. Certain officers of DMC, DSC and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Funds.

3. Investments

For the six months ended Jan. 31, 2014, the Funds made purchases and sales of investment securities other than short-term investments as follows:

	Delaware        Corporate        Bond Fund		Delaware Extended Duration Bond Fund
Purchases other than U.S. government securities		$1,164,568,112		$569,361,900
Purchases of U.S. government securities		163,023,435		157,854,053
Sales other than U.S. government securities		1,517,932,499		742,028,990
Sales of U.S. government securities		151,630,972		151,658,677

59

Notes to financial statements

Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund

3. Investments (continued)

At Jan. 31, 2014, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Jan. 31, 2014, the cost of investments and unrealized appreciation (depreciation) for each Fund were as follows:

	Delaware Corporate Bond Fund			Delaware   Extended Duration   Bond Fund
Cost of Investments	$	1,130,267,677			$585,487,628
Aggregate unrealized appreciation	$	41,752,643			$  25,589,119
Aggregate unrealized depreciation		(15,131,231	)		(9,102,833)
Net unrealized appreciation	$	26,621,412			$  16,486,286

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

Level 1	–	inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)
Level 2	–	other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
Level 3	–	inputs are significant unobservable inputs (including each Fund’s own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a

60

Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of Jan. 31, 2014:

	Delaware Corporate Bond Fund
	Level 1		Level 2			Total
Corporate Debt	$	—	$	987,122,097		$	987,122,097
Foreign Debt		—		4,334,550			4,334,550
Municipal Bonds		—		22,939,492			22,939,492
Senior Secured Loans		—		58,544,376			58,544,376
Convertible Preferred Stock		—		18,771,888			18,771,888
Preferred Stock1		24,534,691		3,891,375			28,426,066
U.S. Treasury Obligations		—		12,428,610			12,428,610
Options Purchased		—		10,944,985			10,944,985
Short-Term Investments		—		13,377,025			13,377,025
Total	$	24,534,691	$	1,132,354,398		$	1,156,889,089
Futures Contracts	$	1,141,932	$	—		$	1,141,932
Options Written		—		(3,327,670	)		(3,327,670	)

	Delaware Extended Duration Bond Fund
	Level 1		Level 2		Total
Commercial Mortgage-Backed Security	$	—	$	7,485	$	7,485
Corporate Debt		—		499,446,138		499,446,138
Foreign Debt		—		2,313,712		2,313,712
Municipal Bonds		—		24,037,570		24,037,570
Senior Secured Loans		—		25,786,832		25,786,832
Convertible Preferred Stock		—		10,001,515		10,001,515
Preferred Stock1		13,654,264		3,297,940		16,952,204
U.S. Treasury Obligations		—		6,973,376		6,973,376
Options Purchased		—		3,618,194		3,618,194
Short-Term Investments		—		12,836,888		12,836,888
Total	$	13,654,264	$	588,319,650	$	601,973,914
Futures Contracts	$	119,932	$	4,283,661	$	4,403,593

¹  Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments while Level 2 investments represent matrix priced investments. The amounts attributed to Level 1 investments and Level 2 investments represents the following percentages for each Fund:

Preferred Stock	Delaware Corporate Bond Fund		Delaware Extended Duration Bond Fund
Level 1		86.31%		80.55%
Level 2		13.69%		19.45%

61

Notes to financial statements

Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund

3. Investments (continued)

During the six months ended Jan. 31, 2014, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a significant impact to the Funds. Each Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning, interim or end of the period in relation to net assets. At Jan. 31, 2014, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

	Delaware Corporate Bond Fund						Delaware Extended Duration Bond Fund
	Six months ended 1/31/14			Year ended 7/31/13			Six months ended 1/31/14			Year ended 7/31/13
Shares sold:
Class A		11,836,257			59,133,455			7,377,896			25,731,964
Class B		631			17,504			14			918
Class C		2,307,523			17,901,653			158,852			3,343,849
Class R		930,452			4,267,906			893,989			3,407,446
Institutional Class		14,561,997			55,830,229			7,950,041			26,252,535
Shares issued upon reinvestment of dividends and distributions:
Class A		3,422,461			7,256,322			1,291,045			6,372,332
Class B		11,745			38,098			2,023			20,950
Class C		1,056,769			2,529,697			102,483			891,494
Class R		223,364			338,275			104,282			485,345
Institutional Class		2,310,663			5,123,642			1,107,874			5,898,695
		36,661,862			152,436,781			18,988,499			72,405,528
Shares redeemed:
Class A		(38,243,563	)		(59,956,010	)		(27,226,607	)		(29,427,063	)
Class B		(224,489	)		(342,061	)		(47,339	)		(166,809	)
Class C		(12,066,756	)		(14,261,385	)		(3,217,196	)		(5,411,426	)
Class R		(1,856,661	)		(1,965,500	)		(860,424	)		(2,020,027	)
Institutional Class		(37,864,114	)		(54,878,973	)		(14,416,913	)		(31,904,929	)
		(90,255,583	)		(131,403,929	)		(45,768,479	)		(68,930,254	)
Net increase (decrease)		(53,593,721	)		21,032,852			(26,779,980	)		3,475,274

62

For the six months ended Jan. 31, 2014 and year ended July 31, 2013, the following shares and values were converted from Class B to Class A. The amounts are included in Class B redemptions and Class A subscriptions in the tables above and the statements of changes in net assets.

	Six months ended						Year ended
			1/31/14						7/31/13
	Class B     Shares		Class A     Shares		Value		Class B     Shares		Class A     Shares		Value
Delaware Corporate Bond Fund		6,896		6,900	$	40,392		63,904		63,987	$	397,306
Delaware Extended Duration Bond Fund		3,111		3,108		19,170		17,579		17,573		116,413

5. Line of Credit

Each Fund, along with certain other funds in the Delaware Investments^® Family of Funds (Participants), was a participant in a $125,000,000 revolving line of credit to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants were charged an annual commitment fee of 0.08%, which was allocated across the Participants on the basis of each Participant’s allocation of the entire facility. The Participants were permitted to borrow up to a maximum of one third of their net assets under the agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit under the agreement expired on Nov. 12, 2013.

On Nov. 12, 2013, each Fund, along with the other Participants, entered into an amendment to the agreement for a $225,000,000 revolving line of credit. The line of credit is to be used as described above and operates in substantially the same manner as the original agreement. The line of credit available under the agreement expires on Nov. 10, 2014.

The Funds had no amounts outstanding as of Jan. 31, 2014 or at any time during the period then ended.

6. Derivatives

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

Foreign Currency Exchange Contracts – Each Fund may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. Each Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. Each Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies. 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

63

Notes to financial statements

Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund

6. Derivatives (continued)

can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, each Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. Each Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between the Funds and the counterparty and by the posting of collateral by the counterparty to the Funds to cover the Funds’ exposure to the counterparty. No foreign currency exchange contracts were outstanding at Jan. 31, 2014.

Futures Contracts – A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. Each Fund may use futures in the normal course of pursuing its investment objective. Each Fund invested in futures contracts to hedge its existing portfolio securities against fluctuations in fair value caused by changes in prevailing interest rates or market conditions. Upon entering into a futures contract, each Fund deposits cash or pledges U.S. government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Funds as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Funds record 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 a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At Jan. 31, 2014, the Funds posted cash collateral for futures contracts, which is presented as cash collateral for derivatives on the statements of assets and liabilities as follows:

Delaware Corporate Bond Fund	Delaware Extended Duration Bond Fund
$919,000	$3,071,000

Options Contracts – During the six months ended Jan. 31, 2014, each Fund entered into options contracts in the normal course of pursuing its investment objective. The Funds may buy or write options contracts for any number of reasons, including without limitation: to manage the Funds’ exposure to changes in securities prices and foreign currencies; as an efficient means of adjusting the Funds’ overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. The Funds may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Funds buy 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 Funds

64

write 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 Funds on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Funds have a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by each Fund. Each Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, each Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. There were no transactions in options written during the six months ended Jan. 31, 2014 for Delaware Extended Duration Bond Fund.

Transactions in options written during the six months ended Jan. 31, 2014 for Delaware Corporate Bond Fund were as follows:

Put Options	Number of Contracts			Premiums
Options outstanding July 31, 2013		—		$	—
Options written		(650,000,000	)		(2,990,000	)
Options terminated in closing sales transactions		—			—
Options outstanding Jan. 31, 2014		(650,000,000	)	$	(2,990,000	)

Each Fund received cash and securities collateral for open option contracts, which is presented as due to brokers on the statements of assets and liabilities as follows:

	Delaware Corporate Bond Fund		Delaware Extended Duration Bond Fund
Cash	$	1,440,000	$3,650,000
Securities		2,960,000	—

Swap Contracts – Each Fund may enter into CDS contracts in the normal course of pursuing its investment objective. Each Fund may enter into index swap contracts, interest rate swap contracts and CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets. The Funds 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 (S&P) or Baa3 by Moody’s Investors Service (Moody’s) or is determined to be of equivalent credit quality by the Manager.

65

Notes to financial statements

Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund

6. Derivatives (continued)

Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Funds 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 Jan. 31, 2014, the Funds entered into CDS contracts as a purchaser and seller of protection as a hedge against credit events. 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 daily. 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 CDS basket trades, as determined by the applicable central counterparty.

CDS contracts may involve greater risks than if the Funds had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. The Funds’ 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 trading CDS baskets through a central counterparty.

Swaps Generally. The value of open swaps may differ from that which would be realized in the event each Fund terminated its position in the agreement. 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. No swap contracts were outstanding at Jan. 31, 2014.

Fair values of derivative instruments as of Jan. 31, 2014 were as follows:

66

	Delaware Corporate Bond Fund
	Asset Derivatives		Liability Derivatives
	Statements of Assets and Liabilities	Fair Value	Statements of Assets and Liabilities	Fair Value
	Location		Location
Interest rate contracts (Futures contracts)	Variation margin receivable on futures contracts*	$1,174,762	Variation margin payable on futures contracts	$     (32,830)
Interest rate contracts (Options written)	Options written, at value	—	Options written, at value	(3,327,670)
Total		$1,174,762		$(3,360,500)
	Delaware Extended Duration Bond Fund
	Asset Derivatives		Liability Derivatives
	Statements of Assets and Liabilities	Fair Value	Statements of Assets and Liabilities	Fair Value
	Location		Location
Interest rate contracts (Futures contracts)	Variation margin receivable on futures contracts*	$4,403,593	Variation margin payable on futures contracts	$—

*Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts are opened through Jan. 31, 2014. Only current day variation margin is reported on each Fund’s statements of assets and liabilities.

The effect of derivative instruments on the statements of operations for the six months ended Jan. 31, 2014 was as follows:

	Delaware Corporate Bond Fund
	Net Realized Gain (Loss) on:
	Foreign Currency Exchange    Contracts			Futures Contracts			Options       Written		Swap     Contracts		Total
Forward currency exchange contracts		$(273,977	)	$	—			$—	$	—		$(273,977	)
Interest rate contracts		—			(1,494,005	)		—		1,643,860		149,855
Credit contracts		—			—			—		436,381		436,381
Total		$(273,977	)	$	(1,494,005	)		$—	$	2,080,241		$ 312,259

67

Notes to financial statements

Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund

6. Derivatives (continued)

	Delaware Corporate Bond Fund
	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign Currency Exchange     Contracts			Futures     Contracts			Options         Written			Swap       Contracts			Total
Forward currency exchange contracts		$73,995			$            —			$          —			$          —			$   73,995
Interest rate contracts		—			1,141,932			(337,670	)		—			804,262
Credit contracts		—			—			—			(127,183	)		(127,183	)
Total		$73,995			$1,141,932			$(337,670	)		$(127,183	)		$ 751,074
	Delaware Extended Duration Bond Fund
	Net Realized Gain (Loss) on:
	Foreign Currency Exchange Contracts			Futures Contracts			Options Written			Swap Contracts			Total
Forward currency exchange contracts		$(134,153	)		$               —			$—			$            —			$     (134,153	)
Interest rate contracts		—			(11,422,241	)		—			1,010,205			(10,412,036	)
Credit contracts		—			—			—			250,944			250,944
Total		$(134,153	)		$(11,422,241	)		$—			$1,261,149			$(10,295,245	)
	Delaware Extended Duration Bond Fund
	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign Currency Exchange Contracts			Futures Contracts			Options Written			Swap Contracts			Total
Forward currency exchange contracts		$37,725			$              —			$—			$        —			$       37,725
Interest rate contracts		—			13,321,655			—			—			13,321,655
Credit contracts		—			—			—			(73,663	)		(73,663	)
Total		$37,725			$13,321,655			$—			$(73,663	)		$13,285,717

68

Derivatives Generally. The table below summarizes the average balance of derivative holdings by the Funds during the six months ended Jan. 31, 2014.

	Long Derivative Volume
			Delaware   Corporate  Bond Fund		Delaware   Extended    Duration   Bond Fund
Foreign currency exchange contracts (average cost)			USD       47,606		USD       30,937
Futures contracts (average notional value)			51,545,440		119,359,185
Options contracts (average notional value)			8,996,010		5,816,585
Swap contracts (average notional value)*			6,653,032		3,515,472
	Short Derivative Volume
		Delaware   Corporate  Bond Fund		Delaware   Extended    Duration   Bond Fund
Futures contracts (average notional value)			USD     611,488		USD     337,928
Options contracts (average notional value)			54,381		—
Swap contracts (average notional value)*			384,646		234,252

*Long represents buying protection and short represents selling protection.

7. Offsetting

In December 2011, the Financial Accounting Standards Board (FASB) issued guidance that expands current disclosure requirements on the offsetting of certain assets and liabilities. The new disclosures are required for investments and derivative financial instruments subject to master netting or similar agreements which are eligible for offset in the statements of assets and liabilities and require an entity to disclose both gross and net information about such investments and transactions in the financial statements. In January 2013, the FASB issued guidance that clarifies which investments and transactions are subject to the offsetting disclosure requirements. The scope of the disclosure requirements for offsetting is limited to derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after Jan. 1, 2013, and interim periods within those fiscal years. The Funds adopted the disclosure provisions on offsetting during the current reporting period.

In order to better define its contractual rights and to secure rights that will help each Fund mitigate its counterparty risk, the Funds entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds 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, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement

69

Notes to financial statements

Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund

7. Offsetting (continued)

typically permit a single net payment in the event of default (close-out) netting 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, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statements of assets and liabilities.

At Jan. 31, 2014, the Funds had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

	Delaware Corporate Bond Fund
Counterparty	Gross Value of Derivative Asset		Gross Value of Derivative Liability			Net Position
Bank of America Merrill Lynch		$1,570,256		$	—		$	1,570,256
Bank of Montreal		261,709			—			261,709
Banque Paribas		4,400,035			—			4,400,035
Hong Kong Shanghai Bank		108,242			—			108,242
Total		$6,340,242		$	—		$	6,340,242
Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities
	Delaware Extended Duration Bond Fund
Counterparty	Gross Value of Derivative Asset		Gross Value of Derivative Liability			Net Position
Bank of America Merrill Lynch		$2,383,604		$	—		$	2,383,604
Bank of Montreal		397,267			—			397,267
Banque Paribas		6,679,129			—			6,679,129
Hong Kong Shanghai Bank		253,437			—			253,437
Total		$9,713,437		$	—		$	9,713,437

	Delaware Corporate Bond Fund
Counterparty	Net Position		Fair Value of Non Cash Collateral Received			Cash   Collateral   Received		Fair Value   of Non Cash Collateral Pledged		Cash    Collateral    Pledged		Net Amount(a)
Bank of America Merrill Lynch		$1,570,256		$(1,570,256	)		$—		$—		$—		$         —
Bank of Montreal		261,709		(261,709	)		—		—		—		—
Banque Paribas		4,400,035		(4,400,035	)		—		—		—		—
Hong Kong Shanghai Bank		108,242		—			—		—		—		108,242
Total		$6,340,242		$(6,232,000	)		$—		$—		$—		$108,242

70

	Delaware Extended Duration Bond Fund
Counterparty	Net Position		Fair Value of Non Cash Collateral Received			Cash   Collateral   Received		Fair Value  of Non Cash Collateral Pledged		Cash    Collateral    Pledged		Net Amount(a)
Bank of America Merrill Lynch		$2,383,604		$(2,383,604	)		$—		$—		$—		$         —
Bank of Montreal		397,267		(397,267	)		—		—		—		—
Banque Paribas		6,679,129		(6,679,129	)		—		—		—		—
Hong Kong Shanghai Bank		253,437		—			—		—		—		253,437
Total		$9,713,437		$(9,460,000	)		$—		$—		$—		$253,437

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

8. Securities Lending

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

Cash collateral received is generally invested in the Delaware Investments Collateral Fund No. 1 (Collective Trust) established by BNY Mellon for the purpose of investment on behalf of funds managed by DMC that participate in BNY Mellon’s securities lending program. The Collective Trust may invest in U.S. government securities and high-quality corporate debt, asset-backed and other money market securities and in repurchase agreements collateralized by such securities, provided that the Collective Trust will generally have a dollar-weighted average portfolio maturity of 60 days or less. The Funds can also accept U.S. government securities and letters of credit (non-cash collateral) in connection with securities loans. In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to

71

Notes to financial statements

Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund

8. Securities Lending (continued)

pay the amount of the shortfall to the Funds or, at the discretion of the lending agent, replace the loaned securities. The Funds continue to record dividends or interest, as applicable, on the securities loaned and are subject to changes in value of the securities loaned that may occur during the term of the loan. The Funds have 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 Funds receive 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 Funds, the security lending agent and the borrower. The Funds record security lending income net of allocations to the security lending agent and the borrower.

The Collective Trust used for the investment of cash collateral received from borrowers of securities seeks to maintain a net asset value per unit of $1.00, but there can be no assurance that it will always be able to do so. The Funds may incur investment losses as a result of investing securities lending collateral in the Collective Trust. This could occur if an investment in a Collective Trust defaulted or if it were necessary to liquidate assets in the Collective Trust to meet returns on outstanding security loans at a time when the Collective Trust’s net asset value per unit was less than $1.00. Under those circumstances, the Funds may not receive an amount from the Collective Trust that is equal in amount to the collateral the Funds would be required to return to the borrower of the securities and the Funds would be required to make up for this shortfall.

At Jan. 31, 2014, the Funds had no securities on loan.

9. Credit and Market Risk

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

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Funds may be inhibited. In addition, a significant portion of the aggregate market value of 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 Funds.

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

Each Fund may invest 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

72

market’s perception of the issuers and changes in interest rates. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations (CMOs). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the 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 Funds’ yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Funds may fail to fully recoup their initial investment in these securities even if the securities are rated in the highest rating categories.

Each Fund invests in certain obligations that may have liquidity protection 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 Funds will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of 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 Funds from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Funds’ Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Funds’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Funds’ 15% limit on investments in illiquid securities. As of Jan. 31, 2014, no securities held by the Funds have been determined to be illiquid under the Funds’ Liquidity Procedures. Rule 144A securities have been identified on the schedules of investments.

10. Contractual Obligations

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

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Jan. 31, 2014 that would require recognition or disclosure in the Funds’ financial statements.

73

Other Fund information (Unaudited)

Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund

Board consideration of Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund investment advisory agreements.

At a meeting held on Aug. 20–22, 2013 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory Agreements for Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund (each, a “Fund” and together, the “Funds”). 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 Advisory Agreements with Delaware Management Company (“DMC”) included materials provided by DMC and its affiliates (“Delaware Investments”) concerning, among other things, the nature, extent and quality of services provided to the Funds, the costs of such services to the Funds, economies of scale and the financial condition and profitability of Delaware Investments. In addition, in connection with the Annual Meeting, reports were provided to the Trustees in May 2013 and included reports provided by Lipper, Inc., an independent statistical compilation organization (“Lipper”). The Lipper reports compared each Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Lipper reports with independent legal counsel to the Independent Trustees. The Board requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; the investment manager’s profitability; 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, DMC’s ability to invest fully in accordance with Fund policies.

In considering information relating to the approval of each Fund’s advisory agreement, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees. 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 service. The Board considered the services provided by Delaware Investments to each 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 Funds, compliance of portfolio managers with the investment policies, strategies and restrictions for the Funds, compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Investments^® Family of Funds complex and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Funds’ investment advisor and the emphasis placed on research in the investment process. The Board recognized DMC’s recent receipt of several industry distinctions. The Board gave favorable consideration to DMC’s efforts to control expenditures while maintaining service levels committed to fund matters. The Board noted that in July 2011 Management implemented measures to reduce overall costs and improve transfer agent and shareholder servicing functions through outsourcing. The Board noted the benefits provided to Fund shareholders through each shareholder’s ability to exchange an investment in one Delaware Investments fund for the same class of shares in another Delaware Investments fund without a sales charge, to reinvest Fund dividends into additional shares of the same Fund or into additional shares of other Delaware Investments funds and the privilege to combine holdings in other Delaware Investments funds to obtain a reduced sales charge. The Board was satisfied with the nature, extent and quality of the overall services provided by Delaware Investments.

Investment performance. The Board placed significant emphasis on the investment performance of the Funds in view of the importance of investment performance to shareholders. Although the Board gave appropriate consideration to performance reports and discussions with portfolio managers at Investment Committee meetings throughout the year,

74

the Board gave particular weight to the Lipper reports furnished for the Annual Meeting. The Lipper reports prepared for each Fund showed the investment performance of its Class A shares in comparison to a group of similar funds as selected by Lipper (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 each Fund was shown for the past one-, three-, five- and ten-year periods, to the extent applicable, ended March 31, 2013. The Board’s objective is that each Fund’s performance for the periods considered be at or above the median of its Performance Universe. The following paragraphs summarize the performance results for the Funds and the Board’s view of such performance.

Delaware Corporate Bond Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional BBB-rated corporate debt funds as selected by Lipper. The Lipper report comparison showed that the Fund’s total return for the one-, three-, five- and ten-year periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Delaware Extended Duration Bond Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional BBB-rated corporate debt funds as selected by Lipper. The Lipper report comparison showed that the Fund’s total return for the one-, three-, five- and ten-year periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Comparative expenses. The Board considered expense comparison data for the Delaware Investments^® Family of Funds. Management provided the Board with information on pricing levels and fee structures for each 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 each Fund versus effective management fees and expense ratios of a group of similar funds as selected by Lipper (the “Expense Group”). In reviewing comparative costs, each Fund’s contractual management fee and the actual management fee incurred by each 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. Each Fund’s total expenses were also compared with those of its Expense Group. The Lipper total expenses, for comparative consistency, were shown by Lipper for Class A shares and comparative total expenses including 12b 1 and non 12b 1 service fees. The Board considered fees paid to Delaware Investments for non-management services. The Board’s objective is to limit each Fund’s total expense ratio to be competitive with that of the Expense Group. The following paragraphs summarize the expense results for the Funds and the Board’s view of such expenses.

Delaware Corporate Bond Fund – The expense comparisons for the Fund showed that its actual management fee and total expenses were in the quartile with the second 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 total expenses, the Board considered fee waivers in place through November 2013 and various initiatives implemented by Management, such as the outsourcing of certain transfer agency 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.

Delaware Extended Duration Bond Fund – The expense comparisons for the Fund showed that its actual management fee and total expenses were in the quartile with the second highest expenses of its Expense Group. The Board noted that

75

Other Fund information (Unaudited)

Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund

Board consideration of Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund investment advisory agreements (continued)

the Fund’s total expenses were not in line with the Board’s objective. In evaluating total expenses, the Board considered fee waivers in place through November 2013 and various initiatives implemented by Management, such as the outsourcing of certain transfer agency 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 Delaware Investments in connection with the operation of the Funds. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of Delaware Investments’ business in providing management and other services to each of the individual funds and the Delaware Investments^® Family of Funds as a whole. Specific attention was given to the methodology followed in allocating costs for the purpose of determining profitability. Management stated that the level of profits of Delaware Investments, to a certain extent, reflects recent operational cost savings and efficiencies initiated by Delaware Investments. The Board considered Delaware Investments’ 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 Delaware Investments 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 Investments Family of Funds and the benefits from allocation of fund brokerage to improve trading efficiencies. The Board found that the management fees were reasonable in light of the services rendered and the level of profitability of Delaware Investments.

Economies of scale. The Trustees considered whether economies of scale are realized by Delaware Investments as each 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 standardized advisory fee pricing and structure, approved by the Board and shareholders, which includes breakpoints. 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 on all assets when the asset levels specified are exceeded. The Board noted that the fee under each Fund’s management contract fell within the standard structure. The Board also noted that the Delaware Corporate Bond and Delaware Extended Duration Bond Funds’ assets exceeded the second and first breakpoint levels, respectively. The Board believed that, given the extent to which economies of scale might be realized by the advisor and its affiliates, the schedule of fees under the Investment Management Agreements provides a sharing of benefits with the Funds and their shareholders.

76

About the organization

Board of trustees
Patrick P. Coyne Chairman, President, and Chief Executive Officer Delaware Investments® Family of Funds Philadelphia, PA Thomas L. Bennett Private Investor Rosemont, PA	Joseph W. Chow Former Executive Vice President State Street Corporation Brookline, MA John A. Fry President Drexel University Philadelphia, PA	Lucinda S. Landreth Former Chief Investment Officer Assurant, Inc. Philadelphia, PA Frances A. Sevilla-Sacasa Chief Executive Officer Banco Itaú International Miami, FL	Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Pittsburgh, PA Janet L. Yeomans Former Vice President and Treasurer 3M Corporation St. Paul, MN J. Richard Zecher Founder Investor Analytics Scottsdale, AZ
Affiliated officers
David F. Connor	Daniel V. Geatens	David P. O’Connor	Richard Salus
Senior Vice President,	Vice President and	Executive Vice President,	Senior Vice President and
Deputy General Counsel,	Treasurer	General Counsel,	Chief Financial Officer
and Secretary	Delaware Investments	and Chief Legal Officer	Delaware Investments
Delaware Investments	Family of Funds	Delaware Investments	Family of Funds
Family of Funds	Philadelphia, PA	Family of Funds	Philadelphia, PA
Philadelphia, PA		Philadelphia, PA

This semiannual report is for the information of Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Investments Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawareinvestments.com.

Delaware Investments is the marketing name of Delaware Management Holdings, Inc. and its subsidiaries.

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. Each Fund’s Forms N-Q, as well as a description of the policies and procedures that each Fund uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that each Fund uses to determine how to vote proxies (if any) relating to portfolio securities and each Fund’s Schedule of Investments are available without charge on the Funds’ website at delawareinvestments.com. Each Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

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

77

Semiannual report

Fixed income mutual fund

Delaware High-Yield Opportunities Fund

January 31, 2014

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 delawareinvestments.com 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 delawareinvestments.com/edelivery.

Experience Delaware Investments

Delaware Investments is committed to the pursuit of consistently superior asset management and unparalleled client service. We believe in our investment processes, which seek to deliver consistent results, and in convenient services that help add value for our clients.

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

You can learn more about Delaware Investments or obtain a prospectus for Delaware High-Yield Opportunities Fund at delawareinvestments.com.

Manage your investments online

— 24-hour access to your account information

— Obtain share prices

— Check your account balance and recent transactions

— Request statements or literature

— Make purchases and redemptions

Delaware Management Holdings, Inc. and its subsidiaries (collectively known by the marketing name of Delaware Investments) are wholly owned subsidiaries of Macquarie Group Limited, a global provider of banking, financial, advisory, investment and funds management services.

Investments in Delaware High-Yield Opportunities Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Fund, the repayment of capital from the Fund, or any particular rate of return.

Table of Contents

Disclosure of Fund expenses	1
Security type / sector allocation	3
Schedule of investments	4
Statement of assets and liabilities	14
Statement of operations	16
Statements of changes in net assets	18
Financial highlights	20
Notes to financial statements	30
Other Fund information	41
About the organization	44

Unless otherwise noted, views expressed herein are current as of Jan. 31, 2014, and subject to change.

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

Mutual fund advisory services provided by Delaware Management Company, a series of Delaware Management Business Trust, which is a registered investment advisor. Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries, including the Fund’s distributor, Delaware Distributors, L.P. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.

© 2014 Delaware Management Holdings, Inc.

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

Disclosure of Fund expenses

For the six-month period from August 1, 2013 to January 31, 2014 (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Aug. 1, 2013 to Jan. 31, 2014.

Actual expenses

The first section of the table shown, “Actual Fund return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

1

Disclosure of Fund expenses

For the six-month period from August 1, 2013 to January 31, 2014 (Unaudited)

Delaware High-Yield Opportunities Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 8/1/13			Ending Account Value 1/31/14			Annualized Expense Ratio			Expenses   Paid During Period   8/1/13 to 1/31/14*
Actual Fund return†
Class A		$	1,000.00		$	1,047.70		1.07	%		$	5.52
Class B			1,000.00			1,044.40		1.70	%			8.76
Class C			1,000.00			1,043.80		1.81	%			9.32
Class R			1,000.00			1,046.40		1.31	%			6.76
Institutional Class			1,000.00			1,049.10		0.81	%			4.18
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,019.81		1.07	%		$	5.45
Class B			1,000.00			1,016.64		1.70	%			8.64
Class C			1,000.00			1,016.08		1.81	%			9.20
Class R			1,000.00			1,018.60		1.31	%			6.67
Institutional Class			1,000.00			1,021.12		0.81	%			4.13

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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.

2

Security type / sector allocation
Delaware High-Yield Opportunities Fund	As of January 31, 2014 (Unaudited)

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.

Security type/sector	Percentage of net assets
Convertible Bonds		0.49%
Corporate Bonds		80.92%
Automotive		3.05%
Banking		2.43%
Basic Industry		10.21%
Capital Goods		4.26%
Communications		1.18%
Consumer Cyclical		6.97%
Consumer Non-Cyclical		1.66%
Energy		12.20%
Financials		0.57%
Healthcare		7.16%
Insurance		2.60%
Media		7.09%
Services		6.93%
Technology & Electronics		5.56%
Telecommunications		7.06%
Utilities		1.99%
Senior Secured Loans		10.45%
Common Stock		2.97%
Convertible Preferred Stock		0.98%
Preferred Stock		1.35%
Short-Term Investments		3.22%
Total Value of Securities		100.38%
Liabilities Net of Receivables and Other Assets		(0.38%)
Total Net Assets		100.00%

3

Schedule of investments
Delaware High-Yield Opportunities Fund	January 31, 2014 (Unaudited)

	Principal amount°		Value (U.S. $)
Convertible Bonds – 0.49%
Equinix 4.75% exercise price $84.32, expiration date 6/13/16		599,000	$	1,366,094
Salix Pharmaceuticals 1.50% exercise price $65.81, expiration date 3/15/19		1,176,000		1,890,420
Total Convertible Bonds (cost $3,022,372)				3,256,514
Corporate Bonds – 80.92%
Automotive – 3.05%
American Axle & Manufacturing 7.75% 11/15/19		1,650,000		1,881,000
Chassix 144A 9.25% 8/1/18 #		1,635,000		1,753,538
Chrysler Group 8.25% 6/15/21		1,314,000		1,479,892
Cooper-Standard Holding 144A PIK 7.375% 4/1/18 #T		2,975,000		3,053,094
General Motors Financial 6.75% 6/1/18		2,885,000		3,310,538
International Automotive Components Group 144A 9.125% 6/1/18 #		3,598,000		3,768,905
LKQ 144A 4.75% 5/15/23 #		3,275,000		3,053,938
Meritor 6.75% 6/15/21		1,800,000		1,890,000
				20,190,905
Banking – 2.43%
Barclays Bank 7.625% 11/21/22		3,065,000		3,264,225
Credit Suisse Group 144A 7.50% 12/11/49 #•		3,010,000		3,171,818
HBOS Capital Funding 144A 6.071% 6/29/49 #•		4,400,000		4,422,000
JPMorgan Chase 6.75% 8/29/49 •		1,930,000		1,965,705
RBS Capital Trust I 2.112% 12/29/49 •		3,360,000		3,276,000
				16,099,748
Basic Industry – 10.21%
AK Steel 7.625% 5/15/20		1,557,000		1,545,322
APERAM 144A 7.75% 4/1/18 #		2,095,000		2,194,512
ArcelorMittal 6.125% 6/1/18		4,560,000		4,976,100
Arch Coal 144A 8.00% 1/15/19 #		1,974,000		1,974,000
Builders FirstSource 144A 7.625% 6/1/21 #		3,151,000		3,332,182
Cemex 144A 7.25% 1/15/21 #		1,820,000		1,874,600
Cemex Espana Luxembourg 144A 9.25% 5/12/20 #		1,582,000		1,718,843
CPG Merger Sub 144A 8.00% 10/1/21 #		2,970,000		3,155,625
FMG Resources August 2006 144A 6.875% 4/1/22 #		3,314,000		3,591,548
HD Supply 11.50% 7/15/20		2,815,000		3,342,812
Headwaters 7.625% 4/1/19		2,414,000		2,619,190
Inmet Mining 144A 8.75% 6/1/20 #		2,749,000		3,140,732
JMC Steel Group 144A 8.25% 3/15/18 #		3,235,000		3,356,312
LSB Industries 144A 7.75% 8/1/19 #		1,490,000		1,586,850
Masonite International 144A 8.25% 4/15/21 #		3,256,000		3,581,600
New Gold 144A 6.25% 11/15/22 #		3,060,000		2,952,900
Nortek 8.50% 4/15/21		2,390,000		2,652,900

4

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
Perstorp Holding 144A 8.75% 5/15/17 #		3,030,000	$	3,249,675
Ply Gem Industries 144A 6.50% 2/1/22 #		570,000		563,588
Ryerson
9.00% 10/15/17		1,927,000		2,088,386
11.25% 10/15/18		794,000		871,415
Sappi Papier Holding
144A 6.625% 4/15/21 #		1,410,000		1,424,100
144A 8.375% 6/15/19 #		3,285,000		3,646,350
Taminco Global Chemical 144A 9.75% 3/31/20 #		974,000		1,105,490
TPC Group 144A 8.75% 12/15/20 #		3,315,000		3,580,200
U.S. Coatings Acquisition 144A 7.375% 5/1/21 #		1,900,000		2,056,750
Wise Metals Group 144A 8.75% 12/15/18 #		1,345,000		1,432,425
				67,614,407
Capital Goods – 4.26%
Accudyne Industries 144A 7.75% 12/15/20 #		1,625,000		1,730,625
Beverage Packaging Holdings Luxembourg II
144A 5.625% 12/15/16 #		695,000		710,638
144A 6.00% 6/15/17 #		745,000		765,488
BlueLine Rental Finance 144A 7.00% 2/1/19 #		1,760,000		1,823,800
BOE Intermediate Holding 144A PIK 9.00% 11/1/17 #T		1,743,462		1,869,864
BOE Merger 144A PIK 9.50% 11/1/17 #T		2,999,000		3,178,940
Consolidated Container 144A 10.125% 7/15/20 #		2,654,000		2,826,510
Milacron 144A 7.75% 2/15/21 #		2,970,000		3,166,762
Plastipak Holdings 144A 6.50% 10/1/21 #		2,340,000		2,410,200
Reynolds Group Issuer
8.25% 2/15/21		2,395,000		2,556,663
9.875% 8/15/19		3,825,000		4,245,750
TransDigm 7.50% 7/15/21		2,720,000		2,958,000
				28,243,240
Communications – 1.18%
DISH DBS 5.00% 3/15/23		3,775,000		3,548,500
Zayo Group 10.125% 7/1/20		3,666,000		4,257,142
				7,805,642
Consumer Cyclical – 6.97%
BI-LO 144A PIK 8.625% 9/15/18 #T		2,085,000		2,184,038
Burlington Coat Factory Warehouse 10.00% 2/15/19		2,910,000		3,259,200
Burlington Holdings 144A PIK 9.00% 2/15/18 #T		576,000		591,840
CDR DB Sub 144A 7.75% 10/15/20 #		3,765,000		3,661,462
Chinos Intermediate Holdings 144A PIK 7.75% 5/1/19 #T		3,250,000		3,331,250
Dave & Buster’s 11.00% 6/1/18		1,411,000		1,523,880
Dave & Buster’s Entertainment 144A 0.00% 2/15/16 #^		3,602,000		3,007,670
General Motors 144A 6.25% 10/2/43 #		1,875,000		1,992,188

5

Schedule of investments

Delaware High-Yield Opportunities Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Landry’s 144A 9.375% 5/1/20 #		3,646,000	$	3,983,255
Michaels Stores 144A 5.875% 12/15/20 #		2,405,000		2,411,012
Pantry 8.375% 8/1/20		2,846,000		3,052,335
Party City Holdings 8.875% 8/1/20		3,208,000		3,584,940
Quiksilver 144A 7.875% 8/1/18 #		3,360,000		3,662,400
Rite Aid 6.75% 6/15/21		3,190,000		3,381,400
Roundy’s Supermarkets 144A 10.25% 12/15/20 #		1,140,000		1,208,400
Tempur-Pedic International 6.875% 12/15/20		2,275,000		2,499,656
Wok Acquisition 144A 10.25% 6/30/20 #		2,587,000		2,823,064
				46,157,990
Consumer Non-Cyclical – 1.66%
Crestview DS Merger Sub II 144A 10.00% 9/1/21 #		2,015,000		2,206,425
JBS Investments 144A 7.75% 10/28/20 #		910,000		937,300
JBS USA 144A 8.25% 2/1/20 #		2,363,000		2,572,716
Smithfield Foods 6.625% 8/15/22		2,110,000		2,231,325
Spectrum Brands
6.375% 11/15/20		590,000		629,825
6.625% 11/15/22		2,235,000		2,388,656
				10,966,247
Energy – 12.20%
AmeriGas Finance 7.00% 5/20/22		2,806,000		3,065,555
Calumet Specialty Products Partners
7.625% 1/15/22		1,705,000		1,809,431
9.375% 5/1/19		2,971,000		3,305,238
Chaparral Energy
7.625% 11/15/22		1,445,000		1,564,212
8.25% 9/1/21		1,621,000		1,774,995
CHC Helicopter 9.375% 6/1/21		1,475,000		1,552,438
Chesapeake Energy
5.375% 6/15/21		645,000		674,025
5.75% 3/15/23		5,000		5,231
6.125% 2/15/21		521,000		563,982
6.625% 8/15/20		2,132,000		2,387,840
Comstock Resources 7.75% 4/1/19		2,999,000		3,208,930
Drill Rigs Holdings 144A 6.50% 10/1/17 #		2,966,000		3,151,375
Exterran Partners 6.00% 4/1/21		3,280,000		3,271,800
Genesis Energy 5.75% 2/15/21		3,665,000		3,738,300
Halcon Resources
8.875% 5/15/21		850,000		852,125
144A 9.75% 7/15/20 #		3,300,000		3,436,125
Hercules Offshore
144A 7.50% 10/1/21 #		1,490,000		1,553,325

6

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Energy (continued)
Hercules Offshore
144A 8.75% 7/15/21 #		905,000	$	1,013,600
Key Energy Services 6.75% 3/1/21		3,005,000		3,102,662
Laredo Petroleum
144A 5.625% 1/15/22 #		1,430,000		1,424,638
7.375% 5/1/22		688,000		755,080
Linn Energy
6.50% 5/15/19		771,000		796,058
144A 7.00% 11/1/19 #		1,225,000		1,249,500
8.625% 4/15/20		633,000		686,805
Midstates Petroleum 9.25% 6/1/21		3,880,000		4,054,600
Murphy Oil U.S.A. 144A 6.00% 8/15/23 #		2,185,000		2,190,462
Northern Blizzard Resources 144A 7.25% 2/1/22 #		3,060,000		3,063,825
Northern Oil & Gas 8.00% 6/1/20		3,010,000		3,190,600
NuStar Logistics 6.75% 2/1/21		2,000,000		2,080,000
Oasis Petroleum 144A 6.875% 3/15/22 #		3,150,000		3,354,750
Offshore Group Investment 7.125% 4/1/23		1,445,000		1,452,225
PDC Energy 7.75% 10/15/22		2,927,000		3,168,478
Pioneer Energy Services 9.875% 3/15/18		2,891,000		3,064,460
Samson Investment 144A 10.50% 2/15/20 #		2,418,000		2,671,890
SandRidge Energy
7.50% 3/15/21		993,000		1,035,202
8.125% 10/15/22		3,087,000		3,245,209
8.75% 1/15/20		387,000		419,895
Ultra Petroleum 144A 5.75% 12/15/18 #		2,740,000		2,842,750
				80,777,616
Financials – 0.57%
Nuveen Investments 144A 9.50% 10/15/20 #		3,646,000		3,782,725
				3,782,725
Healthcare – 7.16%
Air Medical Group Holdings 9.25% 11/1/18		1,745,000		1,902,050
Alere 6.50% 6/15/20		1,830,000		1,889,475
Biomet 6.50% 10/1/20		4,645,000		4,842,412
CHS 144A 6.875% 2/1/22 #		3,365,000		3,455,434
Community Health Systems
7.125% 7/15/20		820,000		874,325
8.00% 11/15/19		1,214,000		1,338,435
Healthcare Technology Intermediate 144A PIK
7.375% 9/1/18 #T		2,975,000		3,090,281
Immucor 11.125% 8/15/19		2,215,000		2,500,181
Kinetic Concepts
10.50% 11/1/18		2,111,000		2,438,205

7

Schedule of investments

Delaware High-Yield Opportunities Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Healthcare (continued)
Kinetic Concepts
12.50% 11/1/19		1,420,000	$	1,618,800
MPH Intermediate Holding 2 144A PIK 8.375% 8/1/18 #T		1,510,000		1,560,962
Par Pharmaceutical 7.375% 10/15/20		4,471,000		4,739,260
Radnet Management 10.375% 4/1/18		1,677,000		1,693,770
Salix Pharmaceuticals 144A 6.00% 1/15/21 #		3,705,000		3,871,725
Service Corporation International 144A 5.375% 1/15/22 #		630,000		640,238
Tenet Healthcare
144A 6.00% 10/1/20 #		2,840,000		2,994,425
8.125% 4/1/22		1,845,000		2,017,969
Truven Health Analytics 10.625% 6/1/20		1,123,000		1,277,412
Valeant Pharmaceuticals International
144A 5.625% 12/1/21 #		2,100,000		2,178,750
144A 6.375% 10/15/20 #		1,771,000		1,899,398
144A 7.00% 10/1/20 #		565,000		611,612
				47,435,119
Insurance – 2.60%
American International Group 8.175% 5/15/58 •		2,770,000		3,455,575
Hockey Merger Sub 2 144A 7.875% 10/1/21 #		2,190,000		2,288,550
Liberty Mutual Group 144A 7.00% 3/15/37 #•		3,139,000		3,280,255
Onex USI Aquisition 144A 7.75% 1/15/21 #		3,160,000		3,258,750
XL Group 6.50% 12/29/49 •		5,007,000		4,931,895
				17,215,025
Media – 7.09%
CCO Holdings 5.25% 9/30/22		2,821,000		2,725,791
Cequel Communications Holdings I 144A
6.375% 9/15/20 #		2,415,000		2,481,412
Clear Channel Worldwide Holdings 7.625% 3/15/20		3,656,000		3,874,045
Columbus International 144A 11.50% 11/20/14 #		2,304,000		2,424,384
CSC Holdings 6.75% 11/15/21		3,095,000		3,389,025
Gray Television 7.50% 10/1/20		2,925,000		3,137,062
MDC Partners 144A 6.75% 4/1/20 #		3,365,000		3,566,900
Nara Cable Funding 144A 8.875% 12/1/18 #		3,300,000		3,587,050
Nielsen Luxembourg 144A 5.50% 10/1/21 #		430,000		443,975
ONO Finance II 144A 10.875% 7/15/19 #		1,597,000		1,788,640
RCN Telecom Services 144A 8.50% 8/15/20 #		1,610,000		1,638,175
Satelites Mexicanos 9.50% 5/15/17		1,364,000		1,459,480
Univision Communications 144A 8.50% 5/15/21 #		5,086,000		5,607,315
UPCB Finance VI 144A 6.875% 1/15/22 #		2,409,000		2,589,675
Virgin Media Finance 144A 6.375% 4/15/23 #		4,905,000		5,027,625
VTR Finance 144A 6.875% 1/15/24 #		3,235,000		3,246,830
				46,987,384

8

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Services – 6.93%
Algeco Scotsman Global Finance
144A 8.50% 10/15/18 #		1,450,000	$	1,576,875
144A 10.75% 10/15/19 #		4,987,000		5,398,428
Avis Budget Car Rental 5.50% 4/1/23		2,785,000		2,701,450
Carlson Wagonlit 144A 6.875% 6/15/19 #		2,755,000		2,889,306
Darling Escrow 144A 5.375% 1/15/22 #		1,140,000		1,149,975
DigitalGlobe 5.25% 2/1/21		2,830,000		2,794,625
H&E Equipment Services 7.00% 9/1/22		2,866,000		3,123,940
M/I Homes 8.625% 11/15/18		2,894,000		3,154,460
Mattamy Group 144A 6.50% 11/15/20 #		3,135,000		3,142,838
MGM Resorts International
6.75% 10/1/20		2,760,000		2,980,800
7.75% 3/15/22		1,340,000		1,514,200
11.375% 3/1/18		910,000		1,173,900
PHH
6.375% 8/15/21		1,215,000		1,224,112
7.375% 9/1/19		1,517,000		1,642,152
Pinnacle Entertainment
7.75% 4/1/22		1,065,000		1,160,850
8.75% 5/15/20		224,000		246,400
PNK Finance 144A 6.375% 8/1/21 #		1,330,000		1,369,900
Seven Seas Cruises 9.125% 5/15/19		2,952,000		3,276,720
Stena 144A 7.00% 2/1/24 #		3,025,000		3,093,062
Swift Services Holdings 10.00% 11/15/18		713,000		789,648
Watco 144A 6.375% 4/1/23 #		1,505,000		1,497,475
				45,901,116
Technology & Electronics – 5.56%
ACI Worldwide 144A 6.375% 8/15/20 #		1,785,000		1,869,788
Activision Blizzard
144A 5.625% 9/15/21 #		2,275,000		2,360,312
144A 6.125% 9/15/23 #		975,000		1,018,875
BMC Software Finance 144A 8.125% 7/15/21 #		4,645,000		4,819,188
First Data
144A 11.25% 1/15/21 #		3,705,000		4,103,288
144A 11.75% 8/15/21 #		4,430,000		4,573,975
First Data Holdings 144A PIK 14.50% 9/24/19 #T		1,775,000		1,650,750
Freescale Semiconductor
144A 6.00% 1/15/22 #		1,485,000		1,548,112
10.75% 8/1/20		280,000		322,700
Infor U.S. 9.375% 4/1/19		2,612,000		2,951,560
j2 Global 8.00% 8/1/20		4,173,000		4,506,840

9

Schedule of investments

Delaware High-Yield Opportunities Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Technology & Electronics (continued)
NCR Escrow
144A 5.875% 12/15/21 #		855,000	$	891,338
144A 6.375% 12/15/23 #		2,665,000		2,784,925
Viasystems 144A 7.875% 5/1/19 #		3,194,000		3,433,550
				36,835,201
Telecommunications – 7.06%
CenturyLink 6.75% 12/1/23		1,865,000		1,897,638
Comcel Trust 144A 6.875% 2/6/24 #		1,030,000		1,011,800
Digicel Group 144A 8.25% 9/30/20 #		4,900,000		5,120,500
Hughes Satellite Systems 7.625% 6/15/21		2,494,000		2,843,160
Intelsat Luxembourg
144A 7.75% 6/1/21 #		2,620,000		2,819,775
144A 8.125% 6/1/23 #		5,205,000		5,653,931
Level 3 Communications 8.875% 6/1/19		428,000		470,800
Level 3 Financing
144A 6.125% 1/15/21 #		1,175,000		1,204,375
7.00% 6/1/20		3,045,000		3,250,538
MetroPCS Wireless 144A 6.25% 4/1/21 #		1,440,000		1,501,200
Sprint
144A 7.125% 6/15/24 #		3,760,000		3,788,200
144A 7.25% 9/15/21 #		3,030,000		3,276,188
144A 7.875% 9/15/23 #		2,040,000		2,182,800
Sprint Capital 6.90% 5/1/19		2,055,000		2,229,675
T-Mobile USA
6.125% 1/15/22		935,000		958,375
6.50% 1/15/24		565,000		578,419
6.731% 4/28/22		845,000		890,419
Wind Acquisition Finance
144A 7.25% 2/15/18 #		1,720,000		1,810,300
144A 11.75% 7/15/17 #		1,575,000		1,663,594
Windstream
7.50% 6/1/22		1,633,000		1,669,742
7.75% 10/1/21		1,820,000		1,920,100
				46,741,529
Utilities – 1.99%
AES 7.375% 7/1/21		2,143,000		2,384,088
AES Gener 144A 8.375% 12/18/73 #•		1,936,000		2,037,640
Calpine
144A 5.875% 1/15/24 #		720,000		718,200
144A 6.00% 1/15/22 #		2,870,000		2,984,800
Elwood Energy 8.159% 7/5/26		1,405,642		1,512,822
Enel 144A 8.75% 9/24/73 #•		1,570,000		1,707,375

10

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Utilities (continued)
GenOn Americas Generation 8.50% 10/1/21		755,000	$	755,000
GenOn Energy 9.875% 10/15/20		1,035,000		1,097,100
				13,197,025
Total Corporate Bonds (cost $511,989,932)				535,950,919
Senior Secured Loans – 10.45%«
Akorn Tranche B 4.50% 11/13/20		1,720,000		1,741,500
Allegion U.S. Holding Tranche B 3.00% 12/26/20		960,000		964,200
Applied Systems Term Loan 1st Lien 4.25% 1/15/21		2,199,000		2,223,189
Applied Systems Term Loan 2nd Lien 7.50% 1/15/22		815,000		836,139
Ardagh Group Term Loan B 4.00% 12/17/19		1,865,000		1,874,325
Azure Midstream Tranche B 6.50% 10/21/18		1,000,000		1,012,188
BJ’s Wholesale Club 2nd Lien 8.50% 3/31/20		1,640,000		1,689,371
BJ’s Wholesale Club Tranche B 1st Lien 4.50% 9/26/19		1,560,000		1,576,962
BMC Software 1st Lien 5.00% 8/9/20		864,984		867,446
Borgata Tranch B 1st Lien 6.75% 8/15/18		3,120,000		3,159,000
Citycenter Holdings Tranche B 5.00% 10/9/20		1,535,000		1,555,947
Clear Channel Communications Tranche D 6.75% 1/30/19		3,210,000		3,121,439
Community Health Systems Tranche D 4.25% 1/27/21		1,795,000		1,815,835
Drillships Financing Holding Tranche B1 6.00% 2/17/21		1,471,303		1,508,086
Drillships Financing Holding Tranche B2 5.50% 7/15/16		1,785,000		1,808,799
Gentiva Health Services Tranche B 6.50% 10/10/19		3,080,000		3,101,175
Getty Images Tranche B 4.75% 9/19/19		1,204,900		1,138,846
Gray Television 4.50% 10/11/19		2,108,998		2,127,452
Hostess Brands 1st Lien 6.75% 3/12/20		2,395,000		2,490,800
Hudson’s Bay 2nd Lien 8.25% 10/7/21		2,170,000		2,249,567
Ineos U.S. Finance 4.00% 5/4/18		2,937,544		2,957,214
KIK Custom Products 1st Lien 5.50% 5/23/19		455,000		455,379
KIK Custom Products 2nd Lien 9.50% 11/23/19		230,000		232,300
Kinetic Concepts Term Loan E1 4.00% 5/8/18		3,940,783		3,981,630
LTS Buyer 2nd Lien 8.00% 3/15/21		745,000		762,694
Moxie Liberty Tranche B 7.50% 8/21/20		1,695,000		1,733,138
Moxie Patriot (Panda Power Fund) Tranche B1
6.75% 12/18/20		1,675,000		1,723,156
Neiman Marcus Group 5.00% 10/18/20		3,206,962		3,248,598
Nuveen Investments 2nd Lien 6.50% 2/28/19		1,620,000		1,617,975
Otter Products Tranche B 5.25% 4/29/19		582,532		586,537
Panda Temple Power II Tranche B 1st Lien 7.25% 3/28/19		1,835,000		1,887,756
Patheon 4.25% 1/23/21		3,530,000		3,530,314
Polymer Group Tranche B 5.25% 12/13/19		2,725,000		2,753,953
Quickrete 2nd Lien 7.00% 3/19/21		295,000		303,555
Ranpak 2nd Lien 8.50% 4/10/20		412,118		424,482

11

Schedule of investments

Delaware High-Yield Opportunities Fund

	Principal amount°		Value (U.S. $)
Senior Secured Loans« (continued)
Rite Aid 2nd Lien 5.75% 8/3/20		1,586,000	$	1,629,417
Samson Investment 2nd Lien 5.00% 9/25/18		1,470,000		1,486,905
Toys R Us Property Tranche B 6.00% 7/31/19		1,396,500		1,332,959
Vantage Drilling Term Loan B 1st Lien 5.75% 3/28/19		1,655,000		1,683,962
Total Senior Secured Loans (cost $68,432,073)				69,194,190
	Number of Shares
Common Stock – 2.97%
Akorn		62,715		1,423,630
B/E Aerospace †		17,190		1,366,089
Century Communications =†		4,250,000		0
CenturyLink		45,028		1,299,508
Delta Air Lines		266		8,142
DIRECTV Class A †		19,150		1,329,584
General Motors †		34,770		1,254,502
Hertz Global Holdings †		60,500		1,574,210
Kodiak Oil & Gas †		167,283		1,774,873
Las Vegas Sands		16,870		1,290,892
Mueller Water Products Class A		197,090		1,710,741
Quiksilver †		246,207		1,735,759
Range Resources		19,505		1,681,136
Rockwood Holdings		10,169		696,882
Time Warner Cable		9,885		1,317,374
United Rentals †		14,898		1,205,844
Total Common Stock (cost $18,120,024)				19,669,166
Convertible Preferred Stock – 0.98%
Chesapeake Energy 144A 5.75% exercise price $27.83, expiration date 12/31/49 #		2,764		3,142,322
Intelsat 5.75% exercise price $22.05, expiration date 5/1/16		26,700		1,402,418
SandRidge Energy 7.00% exercise price $7.76, expiration date 12/31/49		19,400		1,933,938
Total Convertible Preferred Stock (cost $6,288,782)				6,478,678
Preferred Stock – 1.35%
Ally Financial 144A 7.00% #		4,100		3,988,660
GMAC Capital Trust I 8.125% •		73,000		1,998,740
Regions Financial 6.375%		126,000		2,937,060
Total Preferred Stock (cost $7,802,482)				8,924,460

12

	Principal amount°
Short-Term Investments – 3.22%
Repurchase Agreements – 3.22%
Bank of America Merrill Lynch 0.01%, dated 1/31/14, to be repurchased on 2/3/14, repurchase price $5,378,735 (collateralized by U.S. government obligations 0.00%-1.25% 5/8/14-11/30/18; market value $5,486,306)		5,378,731		5,378,731
Bank of Montreal 0.02%, dated 1/31/14, to be repurchased on 2/3/14, repurchase price $896,457 (collateralized by U.S. government obligations 0.25%-2.75% 4/30/14-11/15/23; market value $914,385)		896,455		896,455
BNP Paribas 0.02%, dated 1/31/14, to be repurchased on 2/3/14, repurchase price $15,071,839 (collateralized by U.S. government obligations 0.25%-2.375% 3/31/14-12/31/20; market value $15,373,250)		15,071,814		15,071,814
				21,347,000
Total Short-Term Investments (cost $21,347,000)				21,347,000
Total Value of Securities – 100.38% (cost $637,002,665)			$	664,820,927

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Jan. 31, 2014, the aggregate value of Rule 144A securities was $306,848,368, which represents 46.33% of the Fund’s net assets. See Note 8 in ���Notes to financial statements.”

T 100% of the income received was in the form of cash.

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At Jan. 31, 2014, the aggregate value of fair valued securities was $0, which represents 0.00% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”

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

† Non income producing security.

• Variable rate security. The rate shown is the rate as of Jan. 31, 2014. Interest rates reset periodically.

^ Zero coupon security.  The rate shown is the yield at the time of purchase.

« Senior secured loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally: (i) the prime rate offered by one or more U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (LIBOR), and (iii) the certificate of deposit rate. Senior secured loans may be subject to restrictions on resale. Stated rate in effect at Jan. 31, 2014.

PIK – Pay in kind bond.

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

13

Statement of assets and liabilities

Delaware High-Yield Opportunities Fund January 31, 2014 (Unaudited)

Assets:
Investments, at value1	$	643,473,927
Short-term investments, at value2		21,347,000
Receivables for securities sold		17,418,162
Dividends and interest receivable		10,780,262
Receivables for fund shares sold		1,487,957
Receivable from investment manager		28,385
Total assets		694,535,693
Liabilities:
Cash overdraft		1,105,848
Payable for securities purchased		28,248,013
Payable for fund shares redeemed		1,107,396
Income distribution payable		1,055,351
Investment management fees payable		362,850
Other accrued expenses		180,765
Distribution fees payable to affiliates		156,012
Other affiliates payable		41,023
Trustees’ fees and expenses payable		2,122
Total liabilities		32,259,380
Total Net Assets	$	662,276,313
Net Assets Consist of:
Paid-in capital	$	663,030,134
Distributions in excess of net investment income		(28,727	)
Accumulated net realized loss on investments		(28,977,205	)
Net unrealized appreciation of investments		28,252,111
Total Net Assets	$	662,276,313
1Investments, at cost	$	615,655,665
2Short-term investments, at cost		21,347,000
Class A:
Net assets	$	338,597,005
Shares of beneficial interest outstanding, unlimited authorization, no par		77,939,053
Net asset value per share	$	4.34
Sales charge		4.50	%
Offering price per share, equal to net asset value per share/(1 – sales charge)	$	4.54

14

Class B:
Net assets	$	2,177,676
Shares of beneficial interest outstanding, unlimited authorization, no par		501,562
Net asset value per share	$	4.34
Class C:
Net assets	$	89,621,290
Shares of beneficial interest outstanding, unlimited authorization, no par		20,602,354
Net asset value per share	$	4.35
Class R:
Net assets	$	16,655,362
Shares of beneficial interest outstanding, unlimited authorization, no par		3,821,662
Net asset value per share	$	4.36
Institutional Class:
Net assets	$	215,224,980
Shares of beneficial interest outstanding, unlimited authorization, no par		49,541,077
Net asset value per share	$	4.34

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

15

Statement of operations

Delaware High-Yield Opportunities Fund Six months ended January 31, 2014 (Unaudited)

Investment Income:
Interest	$	22,034,038
Dividends		623,544
Securities lending income		1,312
		22,658,894
Expenses:
Management fees		2,093,517
Distribution expenses - Class A		441,823
Distribution expenses - Class B		12,736
Distribution expenses - Class C		441,756
Distribution expenses - Class R		46,422
Dividend disbursing and transfer agent fees and expenses		404,252
Accounting and administration expenses		124,288
Registration fees		55,789
Reports and statements to shareholders		49,503
Legal fees		25,704
Audit and tax		17,145
Trustees’ expenses		16,999
Custodian fees		8,137
Other		19,634
		3,757,705
Less expenses waived or absorbed		(158,124	)
Less waived distribution expenses - Class B		(1,383	)
Less waived distribution expenses - Class R		(2,748	)
Less expense paid indirectly		(302	)
Total operating expenses		3,595,148
Net Investment Income		19,063,746
Net Realized and Unrealized Gain:
Net realized gain on investments		7,906,647
Net change in unrealized appreciation of investments		3,736,709
Net Realized and Unrealized Gain		11,643,356
Net Increase in Net Assets Resulting from Operations	$	30,707,102

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

16

This page intentionally left blank.

Statements of changes in net assets

Delaware High-Yield Opportunities Fund

	Six months ended 1/31/14 (Unaudited)			Year ended 7/31/13
Increase in Net Assets from Operations:
Net investment income	$	19,063,746		$	40,701,651
Net realized gain		7,906,647			16,031,890
Net change in unrealized appreciation (depreciation)		3,736,709			9,450,884
Net increase in net assets resulting from operations		30,707,102			66,184,425
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(10,147,360	)		(22,225,652	)
Class B		(69,283	)		(236,396	)
Class C		(2,354,596	)		(4,808,103	)
Class R		(510,102	)		(1,048,483	)
Institutional Class		(6,728,642	)		(14,414,914	)
		(19,809,983	)		(42,733,548	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		39,661,818			100,442,940
Class B		140,259			53,889
Class C		11,757,467			33,347,243
Class R		5,139,688			9,929,150
Institutional Class		56,270,318			134,663,231
Net asset value of shares based upon reinvestment of dividends and distributions:
Class A		8,899,207			18,537,337
Class B		60,150			201,053
Class C		2,059,485			3,715,104
Class R		511,402			1,034,141
Institutional Class		6,459,299			12,921,740
		130,959,093			314,845,828

18

	Six months ended 1/31/14 (Unaudited)			Year ended 7/31/13
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A		(44,041,304	)		(114,548,745	)
Class B		(929,468	)		(2,502,603	)
Class C		(11,235,463	)		(20,002,599	)
Class R		(5,793,977	)		(9,639,055	)
Institutional Class		(51,343,269	)		(140,874,021	)
		(113,343,481	)		(287,567,023	)
Increase in net assets derived from capital share transactions		17,615,612			27,278,805
Net Increase in Net Assets		28,512,731			50,729,682
Net Assets:
Beginning of period		633,763,582			583,033,900
End of period	$	662,276,313		$	633,763,582
Undistributed (distributions in excess of) net investment income	$	(28,727	)	$	717,510

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

19

Financial highlights

Delaware High-Yield Opportunities 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 income

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

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 portfolio turnover and total return have not been annualized.

²  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

20

Six months ended 1/31/14 (Unaudited)1		Year ended
		7/31/13			7/31/12			7/31/11			7/31/10			7/31/09
$	4.270	$	4.110		$	4.200		$	3.980		$	3.560		$	3.880
	0.126		0.271			0.308			0.315			0.356			0.323
	0.075		0.173			(0.090	)		0.231			0.412			(0.347	)
	0.201		0.444			0.218			0.546			0.768			(0.024	)
	(0.131)		(0.284	)		(0.308	)		(0.326	)		(0.348	)		(0.296	)
	(0.131)		(0.284	)		(0.308	)		(0.326	)		(0.348	)		(0.296	)
$	4.340	$	4.270		$	4.110		$	4.200		$	3.980		$	3.560
	4.77%		11.02%			5.73%			14.11%			22.30%			0.81%
$	338,597	$	328,534		$	311,859		$	306,304		$	335,684		$	261,286
	1.07%		1.11%			1.11%			1.11%			1.11%			1.15%
	1.12%		1.16%			1.18%			1.20%			1.25%			1.37%
	5.84%		6.33%			7.71%			7.60%			9.25%			9.92%
	5.79%		6.28%			7.64%			7.51%			9.11%			9.70%
	47%		88%			61%			115%			141%			89%

21

Financial highlights

Delaware High-Yield Opportunities Fund Class B

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

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

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 portfolio turnover and total return have not been annualized.

²  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

22

Six months ended 1/31/14 (Unaudited)1		Year ended
		7/31/13			7/31/12			7/31/11			7/31/10			7/31/09
$	4.270	$	4.110		$	4.190		$	3.980		$	3.560		$	3.880
	0.113		0.241			0.280			0.286			0.329			0.300
	0.075		0.173			(0.080	)		0.221			0.412			(0.347	)
	0.188		0.414			0.200			0.507			0.741			(0.047	)
	(0.118)		(0.254	)		(0.280	)		(0.297	)		(0.321	)		(0.273	)
	(0.118)		(0.254	)		(0.280	)		(0.297	)		(0.321	)		(0.273	)
$	4.340	$	4.270		$	4.110		$	4.190		$	3.980		$	3.560
	4.44%		10.25%			5.24%			13.06%			21.46%			0.11%
$	2,178	$	2,868		$	4,924		$	7,527		$	10,143		$	11,966
	1.70%		1.81%			1.81%			1.81%			1.81%			1.85%
	1.86%		1.86%			1.88%			1.90%			1.95%			2.07%
	5.21%		5.63%			7.01%			6.90%			8.55%			9.22%
	5.05%		5.58%			6.94%			6.81%			8.41%			9.00%
	47%		88%			61%			115%			141%			89%

23

Financial highlights

Delaware High-Yield Opportunities 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

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

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 portfolio turnover and total return have not been annualized.

²  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

24

	Six months ended 1/31/14 (Unaudited)1		Year ended
			7/31/13			7/31/12			7/31/11			7/31/10			7/31/09
	$	4.280	$	4.120		$	4.200		$	3.990		$	3.560		$	3.880
		0.111		0.241			0.280			0.287			0.329			0.300
		0.075		0.173			(0.080	)		0.221			0.422			(0.347	)
		0.186		0.414			0.200			0.508			0.751			(0.047	)
��
		(0.116)		(0.254	)		(0.280	)		(0.298	)		(0.321	)		(0.273	)
		(0.116)		(0.254	)		(0.280	)		(0.298	)		(0.321	)		(0.273	)
	$	4.350	$	4.280		$	4.120		$	4.200		$	3.990		$	3.560
		4.38%		10.23%			5.24%			13.04%			21.75%			0.10%
	$	89,621	$	85,574		$	65,771		$	53,151		$	36,060		$	31,415
		1.81%		1.81%			1.81%			1.81%			1.81%			1.85%
		1.86%		1.86%			1.88%			1.90%			1.95%			2.07%
		5.10%		5.63%			7.01%			6.90%			8.55%			9.22%
		5.05%		5.58%			6.94%			6.81%			8.41%			9.00%
		47%		88%			61%			115%			141%			89%

25

Financial highlights

Delaware High-Yield Opportunities 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 income

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

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 portfolio turnover and total return have not been annualized.

²  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects waivers by the manager and distributor. Performance would have been lower had the waivers not been in effect.

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

26

Six months ended		Year ended
1/31/14		7/31/13			7/31/12			7/31/11			7/31/10			7/31/09
(Unaudited)1
$	4.290	$	4.120		$	4.210		$	3.990		$	3.570		$	3.890
	0.122		0.263			0.301			0.308			0.349			0.316
	0.075		0.183			(0.090	)		0.231			0.412			(0.347	)
	0.197		0.446			0.211			0.539			0.761			(0.031	)
	(0.127)		(0.276	)		(0.301	)		(0.319	)		(0.341	)		(0.289	)
	(0.127)		(0.276	)		(0.301	)		(0.319	)		(0.341	)		(0.289	)
$	4.360	$	4.290		$	4.120		$	4.210		$	3.990		$	3.570
	4.64%		11.05%			5.51%			13.87%			22.01%			0.62%
$	16,655	$	16,506		$	14,637		$	19,046		$	14,708		$	15,323
	1.31%		1.31%			1.31%			1.31%			1.31%			1.35%
	1.39%		1.46%			1.48%			1.50%			1.55%			1.67%
	5.60%		6.13%			7.51%			7.40%			9.05%			9.72%
	5.52%		5.98%			7.34%			7.21%			8.81%			9.40%
	47%		88%			61%			115%			141%			89%

27

Financial highlights

Delaware High-Yield Opportunities 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 income

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

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 portfolio turnover and total return have not been annualized.

²  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

28

Six months ended		Year ended
1/31/14		7/31/13			7/31/12			7/31/11			7/31/10			7/31/09
(Unaudited)1
$	4.270	$	4.110		$	4.200		$	3.980		$	3.560		$	3.880
	0.132		0.284			0.320			0.328			0.367			0.332
	0.075		0.173			(0.090	)		0.231			0.412			(0.347	)
	0.207		0.457			0.230			0.559			0.779			(0.015	)
	(0.137)		(0.297	)		(0.320	)		(0.339	)		(0.359	)		(0.305	)
	(0.137)		(0.297	)		(0.320	)		(0.339	)		(0.359	)		(0.305	)
$	4.340	$	4.270		$	4.110		$	4.200		$	3.980		$	3.560
	4.91%		11.34%			6.03%			14.45%			22.65%			1.11%
$	215,225	$	200,282		$	185,843		$	122,855		$	59,831		$	45,166
	0.81%		0.81%			0.81%			0.81%			0.81%			0.85%
	0.86%		0.86%			0.88%			0.90%			0.95%			1.07%
	6.10%		6.63%			8.01%			7.90%			9.55%			10.22%
	6.05%		6.58%			7.94%			7.81%			9.41%			10.00%
	47%		88%			61%			115%			141%			89%

29

Notes to financial statements
Delaware High-Yield Opportunities Fund	January 31, 2014 (Unaudited)

Delaware Group^® Income Funds (Trust) is organized as a Delaware statutory trust and offers five Series: Delaware Core Bond Fund, Delaware Corporate Bond Fund, Delaware Diversified Floating Rate Fund, Delaware Extended Duration Bond Fund and Delaware High-Yield Opportunities Fund. These financial statements and the related notes pertain to Delaware High-Yield Opportunities Fund (Fund). The Trust is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended, and offers Class A, Class B, Class C, Class R and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first year and 0.50% during the second year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class B shares may be purchased only through dividend reinvestment and certain permitted exchanges. Prior to June 1, 2007, Class B shares were sold with a CDSC that declined from 4.00% to zero depending upon the period of time the shares were held. Class B shares will automatically convert to Class A shares on a quarterly basis approximately eight years after purchase. Class C shares are sold with a CDSC of 1.00%, if redeemed during the first 12 months. Class R and Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

The investment objective of the Fund is to seek total return and, as a secondary objective, high current income.

1. Significant Accounting Policies

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

Security Valuation – Equity securities, except those traded on the Nasdaq Stock Market, Inc. (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Securities 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 does not trade, then the mean between the bid and ask prices will be used, which approximates fair value. Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. U.S. government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Investment company securities are valued at net asset value per share, as reported by the underlying investment company. 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 Fund’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.

Federal 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

30

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 for all open federal income tax years (July 31, 2010–July 31, 2013), and has concluded that no provision for federal income tax is required in the Fund’s financial statements.

Class Accounting – Investment income and common expenses are allocated to the various classes of the Fund on the basis of “settled shares” of each class in relation to the net assets of the Fund. 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.

Repurchase Agreements – The Fund may purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Fund’s custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on Jan. 31, 2014.

Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other – Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Investments^® Family of Funds are generally allocated among such funds on the basis of average net assets. Management fees and some 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 amortized to interest income over the lives of the respective securities using the effective interest method. The Fund declares dividends daily from net investment income and pays the dividends monthly and declares and pays 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 may receive earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. There were no earnings credits for the six months ended Jan. 31, 2014.

31

Notes to financial statements

Delaware High-Yield Opportunities Fund

1. Significant Accounting Policies (continued)

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 one dollar, the expense paid under this arrangement is included in dividend disbursing and transfer agent fees and expenses and appears on the statement of operations with the corresponding expense offset shown as “expense paid indirectly.” For the six months ended Jan. 31, 2014, the Fund earned $302 under this agreement.

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 Delaware Management Business Trust and the investment manager, an annual fee which is calculated daily at the rate of 0.65% on the first $500 million of average daily net assets of the Fund, 0.60% on the next $500 million, 0.55% on the next $1.5 billion, and 0.50% on average daily net assets in excess of $2.5 billion.

DMC has contractually agreed to waive that portion, if any, of its management fee and/or pay/reimburse the Fund to the extent necessary to prevent that total annual operating expenses, (excluding any 12b-1 plan expenses, taxes, interest, inverse floater program expenses, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations (collectively, nonroutine expenses)), do not exceed 0.81% of the Fund’s average daily net assets from Nov. 27, 2013 through Nov. 28, 2014. This waiver and reimbursement may only be terminated by agreement of DMC and the Fund.

Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Fund. For these services, the Fund pays DSC fees based on the aggregate daily net assets of the Delaware Investments^® Family of Funds at the following annual rate: 0.0050% of the first $30 billion; 0.0045% of the next $10 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $50 billion. The fees payable to DSC under the service agreement described above are allocated among all Funds in the Delaware Investments Family of Funds on a relative net asset value basis. For the six months ended Jan. 31, 2014, the Fund was charged $15,856 for these services.

DSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, the Fund pays DSC fees based on the aggregate daily net assets of the retail funds within the Delaware Investments Family of Funds at the following annual rate: 0.025% of the first $20 billion; 0.020% of the next $5 billion; 0.015% of the next $5 billion; and 0.013% on average daily net assets in excess of $30 billion. This amount is included in the statement of operations as dividend disbursing and transfer agent fees and expenses. For the six months ended Jan. 31, 2014, the amount charged by DSC was $72,453. Pursuant to a sub-transfer agent agreement between DSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are passed on to and paid directly by the Fund.

Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual distribution and service fee of 0.25% of the average daily net assets of the

32

Class A shares, 1.00% of the average daily net assets of the Class B and Class C shares and 0.50% of the average daily net assets of the Class R shares. Institutional Class shares pay no distribution and service expenses. DDLP has contracted to limit Class B shares 12b-1 fees from Jan. 2, 2014 through Nov. 27, 2015 to no more than 0.25% of its average daily net assets. The total 12b-1 fees to be paid by Class A shareholders of the Fund will be the sum of: (i) 0.10% of the average daily net assets representing shares that were acquired prior to June 1, 1992 and (ii) 0.25% of the average daily net assets representing shares that were acquired on or after June 1, 1992. All Class A shareholders will bear 12b-1 fees at the same rate, the blended rate based upon the allocation of the rates described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board.

As provided in the investment management agreement, 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 Jan. 31, 2014, the Fund was charged $9,630 for internal legal, tax, and regulatory services provided by DMC and/or its affiliates’ employees.

For the six months ended Jan. 31, 2014, DDLP earned $20,650 for commissions on sales of the Fund’s Class A shares. For the six months ended Jan. 31, 2014, DDLP received gross CDSC commissions of $2,686 on redemptions of the Fund’s Class C shares, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.

Trustees’ fees include expenses accrued by the Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Fund.

3. Investments

For the six months ended Jan. 31, 2014, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$303,378,129
Sales	$291,004,787

At Jan. 31, 2014, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Jan. 31, 2014, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

33

Notes to financial statements

Delaware High-Yield Opportunities Fund

Cost of investments	$	637,119,956
Aggregate unrealized appreciation	$	30,760,950
Aggregate unrealized depreciation		(3,059,979	)
Net unrealized appreciation	$	27,700,971

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. Capital loss carryforwards remaining at July 31, 2013, if not utilized, will expire as follows: $36,320,419 expires in 2017.

U.S. 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 developed based on the best information available under the circumstances. The Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below.

Level 1 –	inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)
Level 2 –	other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
Level 3 –	inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

34

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Jan. 31, 2014:

	Level 1		Level 2		Level 3	Total
Corporate Debt	$	—	$	539,207,433	$—	$	539,207,433
Senior Secured Loans		—		69,194,190	—		69,194,190
Common Stock		19,669,166		—	—		19,669,166
Convertible Preferred Stock1		1,402,418		5,076,260	—		6,478,678
Preferred Stock1		4,935,800		3,988,660	—		8,924,460
Short-Term Investments		—		21,347,000	—		21,347,000
Total	$	26,007,384	$	638,813,543	$—	$	664,820,927

¹  Security type is valued across multiple levels . The amount attributed to Level 1 investments and Level 2 investments represents the following percentages of the total market value of this security type for the Fund. Level 1 investments represent exchange-traded investments while Level 2 investments represent investments with observable inputs.

	Level 1			Level 2			Total
Convertible Preferred Stock		21.65	%		78.35	%		100.00	%
Preferred Stock		55.31	%		44.69	%		100.00	%

The securities that have been deemed worthless on the schedule of investments are considered to be Level 3 investments in the table.

During the six months ended Jan. 31, 2014, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a significant impact to the Fund. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim or end of the period in relation to net assets. Management has determined not to provide additional disclosure on Level 3 inputs under ASU No. 2011-04 since the Level 3 investments are not considered significant to the Fund’s net assets at the end of the period.

35

Notes to financial statements

Delaware High-Yield Opportunities Fund

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 1/31/14			Year Ended 7/31/13
Shares sold:
Class A		9,238,394			23,531,258
Class B		32,908			12,796
Class C		2,732,795			7,829,884
Class R		1,187,769			2,323,708
Institutional Class		13,070,227			31,559,302
Shares issued upon reinvestment of dividends and distributions:
Class A		2,066,163			4,341,317
Class B		13,992			47,237
Class C		477,653			868,111
Class R		118,427			241,574
Institutional Class		1,499,364			3,024,352
		30,437,692			73,779,539
Shares redeemed:
Class A		(10,260,977	)		(26,810,804	)
Class B		(216,905	)		(586,314	)
Class C		(2,611,384	)		(4,667,614	)
Class R		(1,335,877	)		(2,262,507	)
Institutional Class		(11,905,181	)		(32,898,698	)
		(26,330,324	)		(67,225,937	)
Net increase		4,107,368			6,553,602

For the six months ended Jan. 31, 2014 and the year ended July 31, 2013, 47,813 Class B shares were converted to 47,836 Class A shares valued at $205,338 and 164,506 Class B shares were converted to 164,750 Class A shares valued at $704,709, respectively. The respective amounts are included in Class B redemptions and Class A subscriptions in the table above and in the statements of changes in net assets.

5. Line of Credit

The Fund, along with certain other funds in the Delaware Investments^® Family of Funds (Participants), was a participant in a $125,000,000 revolving line of credit to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants were charged an annual commitment fee of 0.08%, which was allocated across the Participants on the basis of each Participant’s allocation of the entire facility. The Participants were permitted to borrow up to a maximum of one third of their net assets under the agreement. Each

36

participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit under the agreement expired on Nov. 12, 2013.

On Nov. 12, 2013, the Fund, along with the other Participants, entered into an amendment to the agreement for a $225,000,000 revolving line of credit. The line of credit is to be used as described above and operates in substantially the same manner as the original agreement. The line of credit available under the agreement expires on Nov. 10, 2014.

The Fund had no amounts outstanding as of Jan. 31, 2014, or at any time during the year then ended.

6. Offsetting

In December 2011, the Financial Accounting Standards Board (FASB) issued guidance that expands current disclosure requirements on the offsetting of certain assets and liabilities. The new disclosures are required for investments and derivative financial instruments subject to master netting or similar agreements which are eligible for offset in the statement of assets and liabilities and require an entity to disclose both gross and net information about such investments and transactions in the financial statements. In January 2013, the FASB issued guidance that clarifies which investments and transactions are subject to the offsetting disclosure requirements. The scope of the disclosure requirements for offsetting is limited to derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after Jan. 1, 2013, and interim periods within those fiscal years. The Fund adopted the disclosure provisions on offsetting during the current reporting period.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Series 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 instrument’s 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) netting 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 derivatives liabilities that are subject to netting arrangements in the statement of assets and liabilities.

37

Notes to financial statements

Delaware High-Yield Opportunities Fund

6. Offsetting (continued)

At Jan. 31, 2014, the Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivatives Assets and Liabilities

Counterparty	Gross Value of Derivative Asset		Gross Value of     Derivative Liability	Net Position
Bank of America Merrill Lynch		$5,378,731	$—		$5,378,731
Bank of Montreal		896,455	—		896,455
Banque Paribas		15,071,814	—		15,071,814
Total		$21,347,000	$—		$21,347,000

Counterparty	Net Position		Fair Value of Non Cash Collateral Received			Cash Collateral Received		Fair Value of Non Cash Collateral Pledged		Cash Collateral Pledged		Net Amount(a)
Bank of America Merrill Lynch		$  5,378,731		$  (5,378,731	)		$—		$—		$—		$—
Bank of Montreal		896,455		(896,455	)		—		—		—		—
Banque Paribas		15,071,814		(15,071,814	)		—		—		—		—
Total		$21,347,000		$(21,347,000	)		$—		$—		$—		$—

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

7. Securities Lending

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

Cash collateral received is generally invested in the Delaware Investments Collateral Fund No. 1 (Collective Trust) established by BNY Mellon for the purpose of investment on behalf of funds managed

38

by DMC that participate in BNY Mellon’s securities lending program. The Collective Trust may invest in U.S. government securities and high-quality corporate debt, asset-backed and other money market securities and in repurchase agreements collateralized by such securities, provided that the Collective Trust will generally have a dollar-weighted average portfolio maturity of 60 days or less. The Fund can also accept U.S. government securities and letters of credit (non-cash collateral) in connection with securities loans. In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to 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 Collective Trust used for the investment of cash collateral received from borrowers of securities seeks to maintain a net asset value per unit of $1.00, but there can be no assurance that it will always be able to do so. The Fund may incur investment losses as a result of investing securities lending collateral in the Collective Trust. This could occur if an investment in the Collective Trust defaulted or if it were necessary to liquidate assets in the Collective Trust to meet returns on outstanding security loans at a time when the Collective Trust’s net asset value per unit was less than $1.00. Under those circumstances, the Fund may not receive an amount from the Collective Trust that is equal in amount to the collateral the Fund would be required to return to the borrower of the securities and the Fund would be required to make up for this shortfall.

At Jan. 31, 2014, the Fund had no securities on loan.

8. Credit and Market Risk

The Fund invests in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s and Baa3 by Moody’s Investors Service, 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 in certain obligations that may have liquidity protection 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

39

Notes to financial statements

Delaware High-Yield Opportunities Fund

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

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 of 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 Fund’s 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. As of Jan. 31, 2014, no securities held by the Fund have been determined to be illiquid under the Fund’s Liquidity Procedures. Rule 144A securities have been identified on the schedule of investments.

9. 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.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Jan. 31, 2014 that would require recognition or disclosure in the Fund’s financial statements.

40

Other Fund information (Unaudited)

Delaware High-Yield Opportunities Fund

Board consideration of Delaware High-Yield Opportunities Fund investment advisory agreement

At a meeting held on August 20–22, 2013 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory Agreement for Delaware High-Yield Opportunities 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 Advisory Agreement with Delaware Management Company (“DMC”) included materials provided by DMC and its affiliates (“Delaware Investments”) 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 financial condition and profitability of Delaware Investments. In addition, in connection with the Annual Meeting, reports were provided to the Trustees in May 2013 and included reports provided by Lipper, Inc., an independent statistical compilation organization (“Lipper”). The Lipper reports compared the Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Lipper reports with independent legal counsel to the Independent Trustees. The Board requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; the investment manager’s profitability; 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, DMC’s ability to invest fully in accordance with Fund policies.

In considering information relating to the approval of the Fund’s advisory agreement, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees. 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 service. The Board considered the services provided by Delaware Investments 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 Investments^® Family of Funds complex and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Fund’s investment advisor and the emphasis placed on research in the investment process. The Board recognized DMC’s recent receipt of several industry distinctions. The Board gave favorable consideration to DMC’s efforts to control expenditures while maintaining service levels committed to fund matters. The Board noted that in July 2011 Management implemented measures to reduce overall costs and improve transfer agent and shareholder servicing functions through outsourcing. The Board noted the benefits provided to Fund shareholders through each shareholder’s ability to exchange an investment in one Delaware Investments fund for the same class of shares in another Delaware Investments fund without a sales charge, to reinvest Fund dividends into additional shares of the Fund or into additional shares of other Delaware Investments funds and the

41

Other Fund information (Unaudited)

Delaware High-Yield Opportunities Fund

privilege to combine holdings in other Delaware Investments^® funds to obtain a reduced sales charge. The Board was satisfied with the nature, extent and quality of the overall services provided by Delaware Investments.

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 gave appropriate consideration to performance reports and discussions with portfolio managers at Investment Committee meetings throughout the year, the Board gave particular weight to the Lipper reports furnished for the Annual Meeting. The Lipper reports prepared for the Fund showed the investment performance of its Class A shares in comparison to a group of similar funds as selected by Lipper (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 one-, three-, five- and ten-year periods ended March 31, 2013. The Board’s objective is that the Fund’s performance for the periods considered be at or above the median of its Performance Universe. The following paragraph summarizes the performance results for the Fund and the Board’s view of such performance.

The Performance Universe for the Fund consisted of the Fund and all retail and institutional high current yield funds as selected by Lipper. The Lipper report comparison showed that the Fund’s total return for the one-, three-, five- and ten-year periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Comparative expenses. The Board considered expense comparison data for the Delaware Investments Family of 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 expense ratios of a group of similar funds as selected by Lipper (the “Expense Group”). In reviewing comparative costs, the Fund’s contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Fund) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Fund’s total expenses were also compared with those of its Expense Group. The Lipper total expenses, for comparative consistency, were shown by Lipper for Class A shares and comparative total expenses including 12b-1 and non 12b-1 service fees. The Board considered fees paid to Delaware Investments for non-management services. The Board’s objective is to limit the Fund’s total expense ratio to be competitive with that of the Expense Group. The following paragraph summarizes the expense results for the Fund and the Board’s view of such expenses.

The expense comparisons for the Fund showed that its actual management fee was in the quartile with the lowest expenses of its Expense Group and its total expenses were in the quartile with the highest expenses of its Expense Group. The Board gave favorable consideration to the Fund’s management fee, but noted that the Fund’s total expenses were not in line with the Board’s objective. In evaluating total expenses, the Board considered fee waivers in place through November 2013 and various initiatives

42

implemented by Management, such as the outsourcing of certain transfer agency 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 Delaware Investments 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 Delaware Investments’ business in providing management and other services to each of the individual funds and the Delaware Investments Family of Funds as a whole. Specific attention was given to the methodology followed in allocating costs for the purpose of determining profitability. Management stated that the level of profits of Delaware Investments, to a certain extent, reflects recent operational cost savings and efficiencies initiated by Delaware Investments. The Board considered Delaware Investments’ 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 Delaware Investments 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 Investments Family of Funds and the benefits from allocation of fund brokerage to improve trading efficiencies. The Board found that the management fees were reasonable in light of the services rendered and the level of profitability of Delaware Investments.

Economies of scale. The Trustees considered whether economies of scale are realized by Delaware Investments 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 standardized advisory fee pricing and structure, approved by the Board and shareholders, which includes breakpoints. 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 on all assets when the asset levels specified are exceeded. The Board noted that the fee under the Fund’s management contract fell within the standard structure. The Board also noted that the Fund’s assets exceeded the first breakpoint level. The Board believed that, given the extent to which economics of scale might be realized by the advisor and its affiliates, the schedule of fees under the Investment Management Agreement provides a sharing of benefits with the Fund and its shareholders.

43

About the organization

Board of trustees
Patrick P. Coyne Chairman, President, and Chief Executive Officer Delaware Investments® Family of Funds Philadelphia, PA Thomas L. Bennett Private Investor Rosemont, PA	Joseph W. Chow Former Executive Vice President State Street Corporation Brookline, MA John A. Fry President Drexel University Philadelphia, PA	Lucinda S. Landreth Former Chief Investment Officer Assurant, Inc. Philadelphia, PA Frances A. Sevilla-Secasa Chief Executive Officer Banco Itaú International Miami, FL	Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Pittsburgh, PA Janet L. Yeomans Former Vice President and Treasurer 3M Corporation St. Paul, MN J. Richard Zecher Founder Investor Analytics Scottsdale, AZ
Affiliated officers
David F. Connor Senior Vice President, Deputy General Counsel, and Secretary Delaware Investments Family of Funds Philadelphia, PA	Daniel V. Geatens Vice President and Treasurer Delaware Investments Family of Funds Philadelphia, PA	David P. O’Connor Executive Vice President, General Counsel, and Chief Legal Officer Delaware Investments Family of Funds Philadelphia, PA	Richard Salus Senior Vice President and Chief Financial Officer Delaware Investments Family of Funds Philadelphia, PA

This semiannual report is for the information of Delaware High-Yield Opportunities Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Investments Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawareinvestments.com.

Delaware Investments is the marketing name of Delaware Management Holdings, Inc. and its subsidiaries.

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Fund’s Schedule of Investments are available without charge on the Fund’s website at delawareinvestments.com. The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

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

44

Semiannual report

Fixed income mutual fund

Delaware Core Bond Fund

January 31, 2014

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 delawareinvestments.com 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 delawareinvestments.com/edelivery.

Experience Delaware Investments

Delaware Investments is committed to the pursuit of consistently superior asset management and unparalleled client service. We believe in our investment processes, which seek to deliver consistent results, and in convenient services that help add value for our clients.

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

You can learn more about Delaware Investments or obtain a prospectus for Delaware Core Bond Fund at delawareinvestments.com.

Manage your investments online

— 24-hour access to your account information

— Obtain share prices

— Check your account balance and recent transactions

— Request statements or literature

— Make purchases and redemptions

Delaware Management Holdings, Inc. and its subsidiaries (collectively known by the marketing name of Delaware Investments) are wholly owned subsidiaries of Macquarie Group Limited, a global provider of banking, financial, advisory, investment and funds management services.

Investments in Delaware Core Bond Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Fund, the repayment of capital from the Fund, or any particular rate of return.

Table of Contents
Disclosure of Fund expenses	1
Security type / sector allocation	3
Schedule of investments	4
Statement of assets and liabilities	17
Statement of operations	20
Statements of changes in net assets	22
Financial highlights	24
Notes to financial statements	32
Other Fund information	43
About the organization	46

Unless otherwise noted, views expressed herein are current as of Jan. 31, 2014, and subject to change.

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

Mutual fund advisory services provided by Delaware Management Company, a series of Delaware Management Business Trust, which is a registered investment advisor. Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries, including the Fund’s distributor, Delaware Distributors, L.P. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.

© 2014 Delaware Management Holdings, Inc.

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

Disclosure of Fund expenses

For the six-month period from August 1, 2013 to January 31, 2014 (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Aug. 1, 2013 to Jan. 31, 2014.

Actual expenses

The first section of the table shown, “Actual Fund return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

1

Disclosure of Fund expenses

For the six-month period from August 1, 2013 to January 31, 2014 (Unaudited)

Delaware Core Bond Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 8/1/13		Ending Account Value 1/31/14		Annualized Expense Ratio		Expenses   Paid During Period   8/1/13 to 1/31/14*
Actual Fund return†
Class A		$1,000.00		$1,013.90		0.90%		$4.57
Class C		1,000.00		1,010.00		1.65%		8.36
Class R		1,000.00		1,013.70		1.15%		5.84
Institutional Class		1,000.00		1,015.10		0.65%		3.30
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,020.67		0.90%		$4.58
Class C		1,000.00		1,016.89		1.65%		8.39
Class R		1,000.00		1,019.41		1.15%		5.85
Institutional Class		1,000.00		1,021.93		0.65%		3.31

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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.

2

Security type / sector allocation

Delaware Core Bond Fund As of January 31, 2014 (Unaudited)

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.

Security Type / Sector	Percentage of Net Assets
Agency Asset-Backed Securities		0.10%
Agency Collateralized Mortgage Obligations		4.12%
Agency Mortgage-Backed Securities		24.11%
Commercial Mortgage-Backed Securities		1.14%
Corporate Bonds		34.52%
Banking		5.89%
Basic Industry		2.14%
Brokerage		0.68%
Capital Goods		0.49%
Communications		3.14%
Consumer Cyclical		2.36%
Consumer Non-Cyclical		1.74%
Electric		4.16%
Energy		2.08%
Financials		2.21%
Insurance		2.88%
Natural Gas		2.36%
Real Estate		1.77%
Technology		1.95%
Transportation		0.55%
Utilities		0.12%
Non-Agency Asset-Backed Securities		7.55%
Regional Bond		0.12%
Supranational Banks		0.51%
U.S. Treasury Obligations		20.94%
Preferred Stock		0.15%
Short-Term Investments		21.33%
Total Value of Securities		114.59%
Liabilities Net of Receivables and Other Assets		(14.59%)
Total Net Assets		100.00%

3

Schedule of investments

Delaware Core Bond Fund January 31, 2014 (Unaudited)

	Principal amount°		Value (U.S. $)
Agency Asset-Backed Securities – 0.10%
Fannie Mae Grantor Trust
Series 2003-T4 2A5 5.407% 9/26/33		11,004	$	12,136
Fannie Mae Whole Loan
Series 2001-W2 AS5 6.473% 10/25/31		4,008		4,221
Series 2002-W11 AV1 0.498% 11/25/32 —		756		689
Total Agency Asset-Backed Securities (cost $15,668)				17,046
Agency Collateralized Mortgage Obligations – 4.12%
Fannie Mae REMICs
Series 2004-49 EB 5.00% 7/25/24		25,758		28,450
Series 2006-105 ME 5.50% 11/25/36		235,000		260,831
Series 2010-35 AB 5.00% 11/25/49		37,160		40,094
Series 2010-116 Z 4.00% 10/25/40		39,983		42,021
Series 2011-134 PA 4.00% 9/25/40		24,952		26,058
Series 2012-19 HB 4.00% 1/25/42		50,586		52,519
Fannie Mae Whole Loan
Series 2003-W15 2A7 5.55% 8/25/43		13,177		14,103
Freddie Mac REMICs
Series 2326 ZQ 6.50% 6/15/31		21,522		24,140
Series 3027 DE 5.00% 9/15/25		27,766		30,475
Series 3656 PM 5.00% 4/15/40		10,000		10,879
Series 3800 AF 0.66% 2/15/41 —		67,085		67,394
GNMA
Series 2010-113 KE 4.50% 9/20/40		50,000		54,220
NCUA Guaranteed Notes Trust
Series 2010-C1 A2 2.90% 10/29/20		20,000		20,867
Vendee Mortgage Trust
Series 2000-1 1A 6.497% 1/15/30 —		16,620		19,033
Total Agency Collateralized Mortgage Obligations (cost $687,568)				691,084
Agency Mortgage-Backed Securities – 24.11%
Fannie Mae
4.50% 5/1/41		11,567		12,291
5.50% 1/1/36		10,274		11,313
5.50% 8/1/37		9,221		10,171
Fannie Mae ARM
2.287% 12/1/33 —		12,327		12,897
2.301% 8/1/34 —		15,416		16,367
2.411% 5/1/43 —		11,183		11,010
2.546% 6/1/43 —		3,996		3,967
3.293% 9/1/43 —		13,909		14,270
Fannie Mae Relocation 30 yr
5.00% 1/1/34		592		641

4

	Principal amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 15 yr
2.50% 7/1/27		2,287	$	2,302
2.50% 2/1/28		54,035		54,383
2.50% 5/1/28		4,679		4,699
3.00% 11/1/27		3,543		3,663
3.50% 7/1/26		16,352		17,255
4.00% 11/1/25		100,296		107,493
4.50% 4/1/18		1,471		1,574
6.00% 12/1/20		1,755		1,846
Fannie Mae S.F. 15 yr TBA
2.50% 2/1/29		530,000		531,656
3.00% 2/1/29		570,000		588,254
3.50% 2/1/29		370,000		390,003
Fannie Mae S.F. 20 yr
3.00% 8/1/33		5,851		5,889
3.50% 9/1/33		7,832		8,143
5.00% 11/1/23		1,173		1,281
5.50% 8/1/28		16,458		18,183
5.50% 12/1/29		2,088		2,306
6.00% 12/1/21		827		915
6.00% 9/1/29		7,523		8,388
Fannie Mae S.F. 30 yr
3.00% 7/1/42		24,650		23,992
3.00% 10/1/42		148,788		144,813
3.00% 12/1/42		25,924		25,232
3.00% 1/1/43		69,241		67,391
3.00% 4/1/43		32,570		31,700
4.00% 11/1/40		6,417		6,728
4.00% 1/1/41		31,046		32,544
4.00% 7/1/41		37,817		39,661
4.00% 3/1/42		11,625		12,186
4.00% 1/1/43		12,934		13,560
4.50% 7/1/36		4,892		5,250
4.50% 4/1/40		7,282		7,813
4.50% 11/1/40		14,672		15,744
4.50% 2/1/41		6,882		7,386
4.50% 3/1/41		33,087		35,507
4.50% 5/1/41		5,103		5,492
4.50% 10/1/41		19,893		21,342
4.50% 11/1/41		17,560		18,836
4.50% 9/1/43		13,369		14,353
5.00% 2/1/35		74,550		81,575
5.00% 10/1/35		4,869		5,318

5

Schedule of investments

Delaware Core Bond Fund

	Principal amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr
5.50% 2/1/33		9,263	$	10,232
5.50% 11/1/34		3,473		3,828
5.50% 2/1/35		8,908		9,959
5.50% 2/1/38		3,807		4,195
5.50% 9/1/38		11,325		12,470
6.00% 8/1/37		2,821		3,151
6.00% 9/1/37		1,670		1,855
6.00% 12/1/38		10,678		11,859
6.00% 9/1/39		59,144		65,465
7.50% 12/1/32		4,386		4,816
9.50% 4/1/18		319		351
Fannie Mae S.F. 30 yr TBA
3.00% 2/1/43		306,000		297,489
3.50% 2/1/43		97,000		98,410
4.00% 3/1/42		45,000		46,990
4.00% 2/1/44		35,000		36,662
4.50% 3/1/44		452,000		483,428
Freddie Mac
4.50% 1/1/41		21,729		23,001
Freddie Mac ARM
2.35% 4/1/33 —		3,573		3,613
2.464% 4/1/34 —		2,260		2,394
2.499% 7/1/36 —		3,684		3,946
4.995% 8/1/38 —		89,369		93,287
Freddie Mac Relocation 15 yr
3.50% 10/1/18		860		875
Freddie Mac S.F. 15 yr
4.50% 8/1/24		10,494		11,332
5.00% 4/1/20		4,488		4,795
Freddie Mac S.F. 30 yr
3.00% 10/1/42		10,842		10,531
3.00% 11/1/42		14,935		14,509
4.00% 11/1/40		11,914		12,453
4.00% 12/1/40		4,230		4,423
4.00% 2/1/42		8,289		8,666
4.50% 10/1/39		20,180		21,608
4.50% 3/1/42		67,408		72,212
4.50% 10/1/43		5,772		6,216
5.50% 3/1/40		4,835		5,285
6.00% 8/1/38		64,523		71,752
Freddie Mac S.F. 30 yr TBA
5.50% 3/1/44		109,000		119,257

6

	Principal amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
GNMA I S.F. 30 yr
7.50% 2/15/32		1,686	$	2,014
Total Agency Mortgage-Backed Securities (cost $4,026,349)				4,040,912
Commercial Mortgage-Backed Securities – 1.14%
Bear Stearns Commercial Mortgage Securities
Series 2005-PW10 A4 5.405% 12/11/40 —		25,000		26,473
Commercial Mortgage Pass Through Certificates
Series 2005-C6 A5A 5.116% 6/10/44 t —		10,000		10,511
Credit Suisse Commercial Mortgage Trust
Series 2006-C1 AAB 5.465% 2/15/39 —		6,309		6,432
Goldman Sachs Mortgage Securities II
Series 2004-GG2 A6 5.396% 8/10/38 —		14,310		14,377
Series 2006-GG6 A4 5.553% 4/10/38 —		25,000		26,871
JPMorgan Chase Commercial Mortgage Securities
Series 2005-LDP5 A4 5.24% 12/15/44 —		15,000		15,971
Series 2006-LDP8 AM 5.44% 5/15/45		25,000		27,428
Series 2011-C5 A3 4.171% 8/15/46		20,000		21,269
Morgan Stanley Capital I
Series 2007-T27 A4 5.65% 6/11/42 —		20,000		22,534
WF-RBS Commercial Mortgage Trust
Series 2012-C9 A3 2.87% 11/15/45		20,000		19,187
Total Commercial Mortgage-Backed Securities (cost $181,995)				191,053
Corporate Bonds – 34.52%
Banking – 5.89%
Abbey National Treasury Services 3.05% 8/23/18		20,000		20,687
Bank of America
2.60% 1/15/19		15,000		15,103
4.125% 1/22/24		30,000		30,353
BB&T
5.20% 12/23/15		30,000		32,272
5.25% 11/1/19		101,000		114,651
City National 5.25% 9/15/20		30,000		33,005
Fifth Third Bancorp 4.30% 1/16/24		10,000		9,998
Goldman Sachs Group 2.625% 1/31/19		20,000		20,040
JPMorgan Chase
3.875% 2/1/24		45,000		45,015
6.75% 8/29/49 —		20,000		20,370
KeyCorp 2.30% 12/13/18		15,000		15,019
KFW 1.875% 4/1/19		25,000		25,154
Morgan Stanley
2.50% 1/24/19		10,000		9,985

7

Schedule of investments

Delaware Core Bond Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Banking (continued)
Morgan Stanley
4.10% 5/22/23		50,000	$	48,785
5.00% 11/24/25		25,000		25,420
Northern Trust 3.95% 10/30/25		45,000		45,247
PNC Financial Services Group 2.854% 11/9/22 f		140,000		133,675
Santander Holdings USA 4.625% 4/19/16		20,000		21,430
State Street 3.10% 5/15/23		15,000		14,218
SunTrust Banks 3.60% 4/15/16		20,000		21,110
SVB Financial Group 5.375% 9/15/20		50,000		56,379
US Bancorp
3.15% 3/4/15		55,000		56,669
3.70% 1/30/24		35,000		35,317
Wachovia 0.609% 10/15/16 —		20,000		19,936
Wells Fargo
3.00% 1/22/21		20,000		20,121
4.125% 8/15/23		20,000		19,991
Zions Bancorp 7.75% 9/23/14		75,000		77,825
				987,775
Basic Industry – 2.14%
Barrick Gold 4.10% 5/1/23		25,000		23,121
CF Industries 6.875% 5/1/18		75,000		87,748
FMC 4.10% 2/1/24		20,000		20,386
Georgia-Pacific 8.00% 1/15/24		45,000		59,470
International Paper
6.00% 11/15/41		15,000		17,099
7.50% 8/15/21		10,000		12,581
Lubrizol 5.50% 10/1/14		15,000		15,507
Mosaic 5.625% 11/15/43		15,000		15,453
Packaging Corp. of America 4.50% 11/1/23		15,000		15,490
Plains Exploration & Production 6.50% 11/15/20		15,000		16,519
Rio Tinto Finance U.S.A. 3.50% 11/2/20		25,000		25,662
Rock-Tenn
3.50% 3/1/20		15,000		15,237
4.00% 3/1/23		5,000		4,985
Teck Resources 3.75% 2/1/23		15,000		14,271
Weyerhaeuser 4.625% 9/15/23		15,000		15,631
				359,160
Brokerage – 0.68%
Jefferies Group
5.125% 1/20/23		20,000		20,777
5.875% 6/8/14		10,000		10,183
6.45% 6/8/27		15,000		15,990

8

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Brokerage (continued)
Jefferies Group
6.50% 1/20/43		10,000	$	10,402
Lazard Group 6.85% 6/15/17		50,000		57,359
				114,711
Capital Goods – 0.49%
Crane
2.75% 12/15/18		10,000		10,154
4.45% 12/15/23		10,000		10,283
Ingersoll-Rand Global Holding
144A 2.875% 1/15/19 #		15,000		15,113
144A 4.25% 6/15/23 #		40,000		40,802
URS 3.85% 4/1/17		5,000		5,172
				81,524
Communications – 3.14%
American Tower 5.00% 2/15/24		10,000		10,548
American Tower Trust I
144A 1.551% 3/15/43 #		10,000		9,833
144A 3.07% 3/15/23 #		30,000		28,926
AT&T
2.375% 11/27/18		10,000		10,092
4.30% 12/15/42		15,000		12,995
CC Holdings GS V 3.849% 4/15/23		10,000		9,645
Crown Castle Towers 144A 4.883% 8/15/20 #		85,000		92,672
Interpublic Group 3.75% 2/15/23		15,000		14,507
Orange
2.75% 2/6/19		25,000		25,127
5.50% 2/6/44		10,000		10,192
Qwest 6.75% 12/1/21		15,000		16,773
SBA Tower Trust 144A 2.24% 4/16/18 #		25,000		24,750
SES 144A 3.60% 4/4/23 #		50,000		48,779
Telefonica Emisiones 6.421% 6/20/16		85,000		94,913
Verizon Communications
5.15% 9/15/23		85,000		92,586
6.40% 9/15/33		20,000		23,503
				525,841
Consumer Cyclical – 2.36%
CVS Caremark 4.00% 12/5/23		30,000		30,767
Historic TW 6.875% 6/15/18		85,000		101,546
Home Depot 3.75% 2/15/24		15,000		15,383
Host Hotels & Resorts
3.75% 10/15/23		15,000		14,385
5.25% 3/15/22		35,000		37,510

9

Schedule of investments

Delaware Core Bond Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
International Game Technology 5.35% 10/15/23		55,000	$	58,255
Marriott International 3.375% 10/15/20		15,000		15,133
QVC 4.375% 3/15/23		50,000		48,227
TRW Automotive 144A 4.45% 12/1/23 #		15,000		14,588
Wyndham Worldwide 4.25% 3/1/22		50,000		50,529
Yum Brands 3.875% 11/1/23		10,000		9,971
				396,294
Consumer Non-Cyclical – 1.74%
Anheuser-Busch InBev Finance 3.70% 2/1/24		25,000		25,438
Boston Scientific
2.65% 10/1/18		10,000		10,184
6.00% 1/15/20		25,000		29,082
CareFusion 6.375% 8/1/19		30,000		34,774
Celgene 3.95% 10/15/20		35,000		37,151
Kroger 3.30% 1/15/21		55,000		55,294
Thermo Fisher Scientific 4.15% 2/1/24		5,000		5,093
Yale University 2.90% 10/15/14		10,000		10,188
Zimmer Holdings 4.625% 11/30/19		75,000		83,529
				290,733
Electric – 4.16%
American Transmission Systems 144A 5.25% 1/15/22 #		10,000		10,850
CenterPoint Energy 5.95% 2/1/17		20,000		22,589
Cleveland Electric Illuminating 5.50% 8/15/24		10,000		11,105
Electricite de France 144A 4.875% 1/22/44 #		55,000		53,694
Entergy Louisiana 4.05% 9/1/23		35,000		36,580
Exelon Generation 4.25% 6/15/22		55,000		54,271
Great Plains Energy
4.85% 6/1/21		15,000		16,156
5.292% 6/15/22		30,000		33,110
Integrys Energy Group 6.11% 12/1/66 •		40,000		40,376
LG&E & KU Energy
3.75% 11/15/20		25,000		26,045
4.375% 10/1/21		30,000		31,664
MidAmerican Energy Holdings 144A 3.75% 11/15/23 #		55,000		54,815
Narragansett Electric 144A 4.17% 12/10/42 #		10,000		9,318
National Rural Utilities Cooperative Finance
4.75% 4/30/43 •		30,000		28,275
NextEra Energy Capital Holdings
3.625% 6/15/23		10,000		9,732
6.35% 10/1/66 •		55,000		54,483
Pennsylvania Electric 5.20% 4/1/20		50,000		55,070
PPL Electric Utilities 3.00% 9/15/21		20,000		20,162

10

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Electric (continued)
Public Service of New Hampshire 3.50% 11/1/23		15,000	$	15,135
Southwestern Electric Power 6.45% 1/15/19		45,000		52,734
Wisconsin Energy 6.25% 5/15/67 —		60,000		61,545
				697,709
Energy – 2.08%
Continental Resources 4.50% 4/15/23		35,000		35,905
Petrobras International Finance 5.375% 1/27/21		40,000		39,695
Petroleos Mexicanos
144A 3.125% 1/23/19 #		20,000		20,131
3.50% 1/30/23		20,000		18,135
Pride International 6.875% 8/15/20		80,000		96,872
Statoil 2.90% 11/8/20		15,000		15,164
Sunoco Logistics Partners Operations 3.45% 1/15/23		5,000		4,690
Talisman Energy 5.50% 5/15/42		50,000		49,018
Woodside Finance
144A 8.125% 3/1/14 #		30,000		30,166
144A 8.75% 3/1/19 #		30,000		38,366
				348,142
Financials – 2.21%
General Electric Capital
2.30% 1/14/19		255,000		257,840
4.375% 9/16/20		65,000		71,175
6.00% 8/7/19		35,000		41,399
				370,414
Insurance – 2.88%
Allstate 5.75% 8/15/53 —		20,000		20,298
American International Group 6.40% 12/15/20		75,000		89,362
Berkshire Hathaway Finance 2.90% 10/15/20		55,000		55,663
Chubb 6.375% 3/29/67 —		35,000		38,762
Highmark
144A 4.75% 5/15/21 #		20,000		19,678
144A 6.125% 5/15/41 #		5,000		4,613
Liberty Mutual Group
144A 4.25% 6/15/23 #		30,000		29,837
144A 4.95% 5/1/22 #		5,000		5,305
MetLife 6.817% 8/15/18		110,000		132,713
Prudential Financial
5.625% 6/15/43 —		40,000		40,208
6.00% 12/1/17		40,000		46,410
				482,849
Natural Gas – 2.36%
El Paso Pipeline Partners Operating 6.50% 4/1/20		15,000		17,424

11

Schedule of investments

Delaware Core Bond Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Natural Gas (continued)
Energy Transfer Partners
3.60% 2/1/23		25,000	$	23,687
5.95% 10/1/43		30,000		31,061
9.70% 3/15/19		18,000		23,474
Enterprise Products Operating 7.034% 1/15/68 —		20,000		22,219
Kinder Morgan Energy Partners 9.00% 2/1/19		50,000		63,987
Nisource Finance 6.125% 3/1/22		50,000		57,487
Plains All American Pipeline 8.75% 5/1/19		45,000		58,184
Southerntural Gas 4.40% 6/15/21		20,000		21,076
TransCanada PipeLines 6.35% 5/15/67 —		55,000		56,800
Williams Partners 4.50% 11/15/23		20,000		20,314
				395,713
Real Estate – 1.77%
CBL & Associates 5.25% 12/1/23		15,000		15,477
Corporate Office Properties
3.60% 5/15/23		20,000		18,573
5.25% 2/15/24		10,000		10,507
CubeSmart 4.375% 12/15/23		5,000		5,056
Digital Realty Trust
5.25% 3/15/21		40,000		41,706
5.875% 2/1/20		35,000		38,539
Duke Realty 3.625% 4/15/23		20,000		18,851
Liberty Property 4.40% 2/15/24		15,000		15,070
Mid-America Apartments 4.30% 10/15/23		30,000		29,902
Prologis 3.35% 2/1/21		10,000		9,895
Regency Centers
4.80% 4/15/21		15,000		16,003
5.875% 6/15/17		14,000		15,650
WEA Finance 144A 4.625% 5/10/21 #		35,000		37,549
Weingarten Realty Investors 3.50% 4/15/23		25,000		23,528
				296,306
Technology – 1.95%
Broadridge Financial Solutions 3.95% 9/1/20		15,000		15,378
EMC 2.65% 6/1/20		20,000		20,044
Fidelity National Information Services 3.50% 4/15/23		35,000		32,863
Hewlett-Packard 1.182% 1/14/19 —		20,000		20,014
Microsoft 2.125% 11/15/22		30,000		27,765
National Semiconductor 6.60% 6/15/17		50,000		58,623
NetApp
2.00% 12/15/17		20,000		20,085
3.25% 12/15/22		15,000		13,964
Seagate HDD Cayman 144A 3.75% 11/15/18 #		20,000		20,450

12

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Technology (continued)
Total System Services
2.375% 6/1/18		5,000	$	4,982
3.75% 6/1/23		30,000		28,541
Xerox 6.35% 5/15/18		55,000		64,117
				326,826
Transportation – 0.55%
Burlington Northern Santa Fe 5.15% 9/1/43		20,000		21,158
ERAC USA Finance 144A 4.50% 8/16/21 #		30,000		31,990
Norfolk Southern 4.80% 8/15/43		15,000		15,214
United Parcel Service 5.125% 4/1/19		20,000		23,087
				91,449
Utilities – 0.12%
American Water Capital 3.85% 3/1/24		20,000		20,097
				20,097
Total Corporate Bonds (cost $5,597,997)				5,785,543
Non-Agency Asset-Backed Securities – 7.55%
American Express Credit Account Master Trust
Series 2013-1 A 0.58% 2/16/21 —		100,000		100,339
Capital One Multi-Asset Execution Trust
Series 2007-A1 A1 0.21% 11/15/19 —		200,000		198,508
Chase Issuance Trust
Series 2007-A5 A5 0.20% 3/15/19 —		100,000		99,281
Series 2012-A9 A9 0.31% 10/16/17 —		115,000		114,919
Series 2013-A3 A3 0.44% 4/15/20 —		105,000		104,520
Citibank Credit Card Issuance Trust
Series 2008-A6 A6 1.357% 5/22/17 —		275,000		278,684
Series 2013-A2 A2 0.438% 5/26/20 —		100,000		99,786
John Deere Owner Trust
Series 2011-A A4 1.96% 4/16/18		35,000		35,199
Mercedes-Benz Auto Lease Trust
Series 2013-A A4 0.72% 12/17/18		25,000		25,024
Mid-State Trust XI
Series 11 A1 4.864% 7/15/38		22,301		23,790
Nissan Auto Receivables Owner Trust
Series 2013-C A3 0.67% 8/15/18		30,000		29,988
Volkswagen Credit Auto Master Owner Trust
Series 2011-1A Note 144A 0.837% 9/20/16 #—		120,000		120,681
World Omni Automobile Lease Securitization Trust
Series 2012-A A3 0.93% 11/16/15		35,000		35,088
Total Non-Agency Asset-Backed Securities (cost $1,266,119)				1,265,807

13

Schedule of investments

Delaware Core Bond Fund

	Principal amount°		Value (U.S. $)
Regional Bond – 0.12%D
Canada – 0.12%
Province of Ontario Canada 2.00% 1/30/19		20,000	$	20,106
Total Regional Bond (cost $19,989)				20,106
Supranational Banks – 0.51%
European Investment Bank
1.875% 3/15/19		25,000		25,083
3.25% 1/29/24		30,000		30,362
Inter-American Development Bank 4.375% 1/24/44		10,000		10,276
International Bank for Reconstruction & Development
1.875% 3/15/19		20,000		20,132
Total Supranational Banks (cost $84,595)				85,853
U.S. Treasury Obligations – 20.94%
U.S. Treasury Bonds
3.625% 8/15/43		915,000		915,285
3.75% 11/15/43		10,000		10,234
U.S. Treasury Notes
1.50% 12/31/18		385,000		385,286
1.50% 1/31/19		395,000		394,830
2.75% 11/15/23		1,790,000		1,803,146
Total U.S. Treasury Obligations (cost $3,452,893)				3,508,781
Preferred Stock – 0.15%
Alabama Power 5.625%		825		19,033
Integrys Energy Group 6.00% •		250		6,098
Total Preferred Stock (cost $26,339)				25,131
Short-Term Investments – 21.33%
Repurchase Agreements – 14.92%
Bank of America Merrill Lynch
0.01%, dated 1/31/14, to be repurchased on 2/3/14, repurchase price $630,169 (collateralized by U.S. government obligations 0.00%-1.25% 5/8/14-11/30/18; market value $642,772)		630,168		630,168
Bank of Montreal
0.02%, dated 1/31/14, to be repurchased on 2/3/14, repurchase price $105,028 (collateralized by U.S. government obligations 0.25%-2.75% 4/30/14-11/15/23; market value $107,129)		105,028		105,028

14

	Principal amount°		Value (U.S. $)
Short-Term Investments (continued)
Repurchase Agreements (continued)
BNP Paribas
0.02%, dated 1/31/14, to be repurchased on 2/3/14, repurchase price $1,765,806 (collateralized by U.S. government obligations 0.25%-2.375% 3/31/14- 12/31/20; market value $1,801,120)		1,765,804	$	1,765,804
				2,501,000
U.S. Treasury Obligations - 6.41%≠
U.S. Treasury Bills
0.057% 4/24/14		816,082		816,034
0.093% 11/13/14		257,651		257,507
				1,073,541
Total Short-Term Investments (cost $3,574,437)				3,574,541
Total Value of Securities – 114.59% (cost $18,933,949)			$	19,205,857

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Jan. 31, 2014, the aggregate value of Rule 144A securities was $762,906, which represents 4.55% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”

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

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

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

— Variable rate security. The rate shown is the rate as of Jan. 31, 2014. Interest rates reset periodically.

D Securities have been classified by country of origin.

f Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at Jan. 31, 2014.

15

Schedule of investments

Delaware Core Bond Fund

Summary of abbreviations:

ARM – Adjustable Rate Mortgage

GNMA – Government National Mortgage Association

NCUA – National Credit Union Administration

REMIC – Real Estate Mortgage Investment Conduit

S.F. – Single Family

TBA – To be announced

yr – Year

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

16

Statement of assets and liabilities

Delaware Core Bond Fund January 31, 2014 (Unaudited)

Assets:
Investments, at value1	$	15,631,316
Short-term investments, at value2		3,574,541
Receivable from investment manager		11,099
Cash		2,664
Receivables for securities sold		2,148,025
Dividends and interest receivable		105,475
Total assets		21,473,120
Liabilities:
Payable for securities purchased		4,679,631
Income distribution payable		8,468
Payable for fund shares redeemed		5,986
Other accrued expenses		10,429
Investment management fees payable		7,035
Distribution fees payable to affiliates		1,048
Other affiliates payable		462
Trustees’ fees and expenses payable		51
Total liabilities		4,713,110
Total Net Assets	$	16,760,010
Net Assets Consist of:
Paid-in capital	$	17,165,156
Distributions in excess of net investment income		(283,980	)
Accumulated net realized loss on investments		(393,097	)
Net unrealized appreciation of investments		271,931
Total Net Assets	$	16,760,010
1Investments, at cost	$	15,359,512
2Short-term investments, at cost		3,574,437
Class A:
Net assets	$	2,685,222
Shares of beneficial interest outstanding, unlimited authorization, no par		261,625
Net asset value per share	$	10.26
Sales charge		4.50	%
Offering price per share, equal to net asset value per share/(1 – sales charge)	$	10.74

17

Statement of assets and liabilities

Delaware Core Bond Fund

Class C:
Net assets	$	556,020
Shares of beneficial interest outstanding, unlimited authorization, no par		53,971
Net asset value per share	$	10.30
Class R:
Net assets	$	2,366
Shares of beneficial interest outstanding, unlimited authorization, no par		230
Net asset value per share	$	10.29
Institutional Class:
Net assets	$	13,516,402
Shares of beneficial interest outstanding, unlimited authorization, no par		1,306,069
Net asset value per share	$	10.35

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

18

This page intentionally left blank.

Statement of operations

Delaware Core Bond Fund Six months ended January 31, 2014 (Unaudited)

Investment Income:
Interest	$	190,359
Dividends		1,438
		191,797
Expenses:
Management fees		42,644
Distribution expenses – Class A		3,658
Distribution expenses – Class C		3,091
Distribution expenses – Class R		6
Registration fees		29,751
Audit and tax		18,958
Reports and statements to shareholders		7,824
Pricing fees		6,467
Dividend disbursing and transfer agent fees and expenses		5,104
Accounting and administration expenses		3,236
Custodian fees		2,231
Legal fees		659
Trustees’ expenses		438
Other		4,863
		128,930
Less expenses waived or absorbed		(66,669	)
Less waived distribution expenses – Class A		(239	)
Less expense paid indirectly		(5	)
Total operating expenses		62,017
Net Investment Income		129,780
Net Realized and Unrealized Gain (Loss):
Net realized loss on:
Investments		(128,936	)
Futures contracts		(29,430	)
Net realized loss		(158,366	)
Net change in unrealized appreciation (depreciation) of:
Investments		289,528
Futures contracts		23
Net change in unrealized appreciation (depreciation)		289,551
Net Realized and Unrealized Gain		131,185
Net Increase in Net Assets Resulting from Operations	$	260,965

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

20

This page intentionally left blank.

Statements of changes in net assets

Delaware Core Bond Fund

	Six months ended 1/31/14 (Unaudited)			Year ended 7/31/13
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	129,780		$	264,679
Net realized loss		(158,366	)		(18,367	)
Net change in unrealized appreciation (depreciation)		289,551			(855,399	)
Net increase (decrease) in net assets resulting from operations		260,965			(609,087	)
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(34,262	)		(50,107	)
Class C		(5,456	)		(9,892	)
Class R		(27	)		(32	)
Institutional Class		(187,918	)		(397,291	)
Net realized gain:
Class A		—			(105,982	)
Class C		—			(46,744	)
Class R		—			(79	)
Institutional Class		—			(732,994	)
		(227,663	)		(1,343,121	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		316,760			1,863,974
Class C		22,647			754,234
Class R		90			—
Institutional Class		1,503,780			7,940,608
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		32,607			153,555
Class C		4,525			48,107
Class R		27			111
Institutional Class		184,857			1,069,642
		2,065,293			11,830,231

22

	Six months ended 1/31/14 (Unaudited)			Year ended 7/31/13
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A		(683,376	)		(1,756,938	)
Class C		(172,939	)		(1,489,083	)
Class R		(90	)		—
Institutional Class		(2,201,160	)		(18,356,165	)
		(3,057,565	)		(21,602,186	)
Decrease in net assets derived from capital share transactions		(992,272	)		(9,771,955	)
Net Decrease in Net Assets		(958,970	)		(11,724,163	)
Net Assets:
Beginning of period		17,718,980			29,443,143
End of period	$	16,760,010		$	17,718,980
Distributions in excess of net investment income	$	(283,980	)	$	(8,420	)

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

23

Financial highlights

Delaware Core Bond 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 income⁴

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 return⁵

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

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 portfolio turnover and total return have not been annualized.

²  During the period ended July 31, 2010, the Fund changed its fiscal year end from October to July. Ratios have been annualized and total return and portfolio turnover have not been annualized.

³  Effective Sept. 30, 2009, the Fund received all of the assets and liabilities of the Delaware Pooled^® Trust – The Intermediate Fixed Income Portfolio (the Portfolio). The Class A shares’ financial highlights for the periods prior to Sept. 30, 2009 reflect the performance of the Institutional Class shares of the Portfolio. Fees paid by the Portfolio were less than Class A share fees, and performance would have been lower if Class A fees were paid.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects waivers by the distributor and/or manager. Performance would have been lower had the waivers not been in effect.

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

24

Six Months Ended 1/31/141 (Unaudited)		Year ended									11/1/09 to 7/31/102			Year ended
		7/31/13			7/31/12			7/31/11						10/31/093			10/31/083
	$10.250	$	11.150		$	10.890		$	10.750		$	10.370		$	9.200		$	9.880
	0.069		0.091			0.140			0.199			0.159			0.445			0.460
	0.072		(0.454	)		0.707			0.274			0.434			1.195			(0.643	)
	0.141		(0.363	)		0.847			0.473			0.593			1.640			(0.183	)
	(0.131)		(0.171	)		(0.205	)		(0.249	)		(0.213	)		(0.470	)		(0.497	)
	—		(0.366	)		(0.382	)		(0.084	)		—			—			—
	(0.131)		(0.537	)		(0.587	)		(0.333	)		(0.213	)		(0.470	)		(0.497	)
	$10.260	$	10.250		$	11.150		$	10.890		$	10.750		$	10.370		$	9.200
	1.39%		(3.42%	)		8.03%			4.49%			5.89%			18.29%			(2.07%	)
	$  2,685	$	3,018		$	3,021		$	4,348		$	4,022		$	6,346		$	6,757
	0.90%		0.90%			0.90%			0.90%			0.90%			0.70%			0.39%
	1.70%		1.44%			1.34%			1.46%			2.25%			1.60%			1.12%
	1.35%		0.85%			1.27%			1.86%			2.04%			4.35%			4.66%
	0.55%		0.31%			0.83%			1.30%			0.69%			3.45%			3.93%
	199%		537%			517%			503%			528%			346%			391%

25

Financial highlights

Delaware Core Bond 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 income⁴

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 return⁵

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income 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 portfolio turnover and total return have not been annualized.

²  During the period ended July 31, 2010, the Fund changed its fiscal year end from October to July. Ratios have been annualized and total return and portfolio turnover have not been annualized.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Portfolio turnover is representative of the Fund for the entire year.

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

26

Six months ended 1/31/14 (Unaudited)1		Year ended									11/1/09 to 7/31/102			9/30/093 to 10/31/09
		7/31/13			7/31/12			7/31/11
	$10.290	$	11.190		$	10.930		$	10.790		$	10.370		$	10.310
	0.031		0.010			0.058			0.120			0.103			0.030
	0.071		(0.453	)		0.707			0.273			0.469			0.059
	0.102		(0.443	)		0.765			0.393			0.572			0.089
��
	(0.092)		(0.091	)		(0.123	)		(0.169	)		(0.152	)		(0.029	)
	—		(0.366	)		(0.382	)		(0.084	)		—			—
	(0.092)		(0.457	)		(0.505	)		(0.253	)		(0.152	)		(0.029	)
	$10.300	$	10.290		$	11.190		$	10.930		$	10.790		$	10.370
	1.00%		(4.12%	)		7.20%			3.70%			5.67%			0.86%
	$     556	$	702		$	1,483		$	347		$	145		$	2
	1.65%		1.65%			1.65%			1.65%			1.65%			1.65%
	2.43%		2.14%			2.04%			2.16%			2.95%			5.32%
	0.60%		0.10%			0.52%			1.11%			1.29%			3.33%
	(0.18%)		(0.39%	)		0.13%			0.60%			(0.01%	)		(0.34%	)
	199%		537%			517%			503%			528%			346%6

27

Financial highlights

Delaware Core Bond 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 income⁴

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 return⁶

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

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 portfolio turnover and total return have not been annualized.

²  During the period ended July 31, 2010, the Fund changed its fiscal year end from October to July. Ratios have been annualized and total return and portfolio turnover have not been annualized.

³  Date of commencement of operations; ratios have been annualized and total return has not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Includes adjustments from the period ending July 31, 2010 in the amount of $13 (or $0.063 per share) which impacted total return by -0.59%. The adjustment is to correct a misallocation of distributions among share classes, which had no impact on distribution amounts reported and paid to shareholders.

⁶  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects waivers by the manager and distributor. Performance would have been lower had the waivers not been in effect.

⁷  Portfolio turnover is representative of the Fund for the entire year.

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

28

Six months ended 1/31/14 (Unaudited)1		Year ended									11/1/09 to 7/31/102			9/30/093 to 10/31/09
		7/31/13			7/31/12			7/31/11
	$10.270	$	11.170		$	10.920		$	10.830		$	10.370		$	10.310
	0.056		0.064			0.113			0.174			0.141			0.035
	0.083		(0.457	)		0.700			0.2265			0.510			0.059
	0.139		(0.393	)		0.813			0.4005			0.651			0.094
	(0.119)		(0.141	)		(0.181	)		(0.226	)		(0.191	)		(0.034	)
	—		(0.366	)		(0.382	)		(0.084	)		—			—
	(0.119)		(0.507	)		(0.563	)		(0.310	)		(0.191	)		(0.034	)
	$10.290	$	10.270		$	11.170		$	10.9205		$	10.830		$	10.370
	1.37%		(3.68%	)		7.68%			3.76%5			6.44%			0.90%
	$         2	$	2		$	2		$	2		$	2		$	2
	1.15%		1.15%			1.15%			1.15%			1.15%			1.15%
	1.96%		1.74%			1.64%			1.76%			2.55%			4.92%
	1.10%		0.60%			1.02%			1.61%			1.79%			3.83%
	0.29%		0.01%			0.53%			1.00%			0.39%			0.06%
	199%		537%			517%			503%			528%			346%7

29

Financial highlights

Delaware Core Bond 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 income⁴

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 return⁵

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

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 portfolio turnover and total return have not been annualized.

²  During the period ended July 31, 2010, the Fund changed its fiscal year end from October to July. Ratios have been annualized and total return and portfolio turnover have not been annualized.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Portfolio turnover is representative of the Fund for the entire year.

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

30

Six months ended 1/31/14 (Unaudited)1		Year ended									11/1/09 to 7/31/102			9/30/093 to 10/31/09
		7/31/13			7/31/12			7/31/11
	$10.340	$	11.240		$	10.980		$	10.830		$	10.370		$	10.310
	0.083		0.119			0.168			0.227			0.181			0.039
	0.071		(0.453	)		0.708			0.285			0.512			0.060
	0.154		(0.334	)		0.876			0.512			0.693			0.099
	(0.144)		(0.200	)		(0.234	)		(0.278	)		(0.233	)		(0.039	)
	—		(0.366	)		(0.382	)		(0.084	)		—			—
	(0.144)		(0.566	)		(0.616	)		(0.362	)		(0.233	)		(0.039	)
	$10.350	$	10.340		$	11.240		$	10.980		$	10.830		$	10.370
	1.51%		(3.13%	)		8.25%			4.83%			6.76%			0.96%
	$13,517	$	13,997		$	24,937		$	21,350		$	15,895		$	2
	0.65%		0.65%			0.65%			0.65%			0.65%			0.65%
	1.43%		1.14%			1.04%			1.16%			1.95%			4.32%
	1.60%		1.10%			1.52%			2.11%			2.29%			4.33%
	0.82%		0.61%			1.13%			1.60%			0.99%			0.66%
	199%		537%			517%			503%			528%			346%6

31

Notes to financial statements

Delaware Core Bond Fund January 31, 2014 (Unaudited)

Delaware Group^® Income Funds (Trust) is organized as a Delaware statutory trust and offers five Series: Delaware Core Bond Fund, Delaware Corporate Bond Fund, Delaware Diversified Floating Rate Fund, Delaware Extended Duration Bond Fund and Delaware High-Yield Opportunities Fund. These financial statements and the related notes pertain to Delaware Core Bond Fund (Fund). The Trust is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended, 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 4.50%. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first year and 0.50% during the second year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class C shares are sold with a CDSC of 1.00%, if redeemed during the first 12 months. Class R and Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

The investment objective of the Fund is to seek maximum long-term total return, consistent with reasonable risk.

1. Significant Accounting Policies

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

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market, Inc. (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. Securities 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 does not trade, then the mean between the bid and ask prices will be used, which approximates fair value. Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. U.S. government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. For asset-backed securities, collateralized mortgage obligations, commercial mortgage securities, and U.S. government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as broker/dealer-supplied prices. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Fund’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.

Federal 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

32

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 for all open federal income tax years (July 31, 2010–July 31, 2013), and has concluded that no provision for federal income tax is required in the Fund’s financial statements.

Class Accounting — Investment income and common expenses are allocated to the various classes of the Fund on the basis of “settled shares” of each class in relation to the net assets of the Fund. 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.

Repurchase Agreements — The Fund may purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Fund’s custodian or a third party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on Jan. 31, 2014.

To Be Announced Trades — The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., “when issued,” “delayed delivery,” “forward commitment,” or “TBA transactions”) consistent with the Fund’s ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase 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; however, the market value may change prior to delivery.

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other — Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Investments^® Family of Funds are generally allocated among such funds on the basis of average net assets. Management fees and some 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 amortized to interest income over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Fund declares dividends daily from net investment income and pays

33

Notes to financial statements

Delaware Core Bond Fund

1. Significant Accounting Policies (continued)

the dividends monthly and declares and pays 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 may receive earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. There were no earnings credits for the six months ended Jan. 31, 2014.

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 one dollar, the expense paid under this arrangement is included in dividend disbursing and transfer agent fees and expenses and appears on the statement of operations with the corresponding expense offset shown as “expense paid indirectly.” For the six months ended Jan. 31, 2014, the Fund earned $5 under this agreement.

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 Delaware Management Business Trust and the investment manager, an annual fee which is calculated daily at the rate of 0.50% on the first $500 million of average daily net assets of the Fund, 0.475% on the next $500 million, 0.45% on the next $1.5 billion, and 0.425% on average daily net assets in excess of $2.5 billion.

DMC has contractually agreed to waive that portion, if any, of its management fee and pay/reimburse the Fund to the extent necessary to prevent the annual operating expenses, (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, inverse floater program expenses, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations (collectively, nonroutine expenses)), from exceeding 0.65% of the Fund’s average daily net assets from Nov. 27, 2013 through Nov. 28, 2014. This waiver and reimbursement may only be terminated by agreement of DMC and the Fund.

Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Fund. For these services, the Fund pays DSC fees based on the aggregate daily net assets of the Delaware Investments^® Family of Funds at the following annual rate: 0.0050% of the first $30 billion; 0.0045% of the next $10 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $50 billion. The fees payable to DSC under the service agreement described above are allocated among all Funds in the Delaware Investments Family of Funds on a relative net asset value basis. For the six months ended Jan. 31, 2014, the Fund was charged $412 for these services.

DSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, the Fund pays DSC fees based on the aggregate daily net assets of the retail funds within the Delaware Investments Family of Funds at the following annual rate: 0.025% of the first $20 billion; 0.020% of the next $5 billion; 0.015% of the next $5 billion; and 0.013% on average daily net assets in excess of $30

34

billion. This amount is included in the statement of operations as dividend disbursing and transfer agent fees and expenses. For the six months ended Jan. 31, 2014, the amount charged by DSC was $1,885. Pursuant to a sub-transfer agency agreement between DSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are passed on to and paid directly by the Fund.

Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual distribution and service fee of 0.25% of the average daily net assets of the Class A shares, 1.00% of the average daily net assets of the Class C shares and 0.50% of the average daily net assets of the Class R shares. Institutional Class shares pay no distribution and service expenses.

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 Jan. 31, 2014, the Fund was charged $247 for internal legal, tax and regulatory reporting services provided by DMC and/or its affiliates’ employees.

For the six months ended Jan. 31, 2014, DDLP earned $334 for commissions on sales of the Fund’s Class A shares. For the six months ended Jan. 31, 2014, DDLP received gross CDSC commissions of $38 on redemptions of Class C shares and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.

Trustees’ fees include expenses accrued by the Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Fund.

3. Investments

For the six months ended Jan. 31, 2014, the Fund made purchases of $17,659,850 and sales of $23,628,414 of investment securities other than U.S. government securities and short-term investments. For the six months ended Jan. 31, 2014, the Fund made purchases of $14,363,830 and sales of $9,829,508 of long-term U.S. government securities.

At Jan. 31, 2014, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Jan. 31, 2014, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	18,938,677
Aggregate unrealized appreciation	$	357,740
Aggregate unrealized depreciation		(90,560	)
Net unrealized appreciation	$	267,180

U.S. 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

35

Notes to financial statements

Delaware Core Bond Fund

3. Investments (continued)

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 developed based on the best information available under the circumstances. The Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below.

Level 1 –	inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)
Level 2 –	other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair value securities)
Level 3 –	inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Jan. 31, 2014:

	Level 1		Level 2		Total
Agency, Asset Backed & Mortgage Backed Securities	$	—	$	6,205,902	$	6,205,902
Corporate Debt1		—		5,785,543		5,785,543
Foreign Debt		—		105,959		105,959
Preferred Stock		25,131		—		25,131
Short-Term Investments		—		3,574,541		3,574,541
U.S. Treasury Obligations		—		3,508,781		3,508,781
Total	$	25,131	$	19,180,726	$	19,205,857

36

During the six months ended Jan. 31, 2014, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Fund. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 1/31/14		Year Ended 7/31/13
Shares sold:
Class A		31,143		172,416
Class C		2,209		68,139
Class R		9		—
Institutional Class		146,903		717,255
Shares issued upon reinvestment of dividends and distributions:
Class A		3,202		14,294
Class C		443		4,457
Class R		3		10
Institutional Class		17,997		98,630
		201,909		1,075,201
Shares redeemed:
Class A		(67,100)		(163,339	)
Class C		(16,910)		(136,919	)
Class R		(9)		—
Institutional Class		(212,810)		(1,681,006	)
		(296,829)		(1,981,264	)
Net decrease		(94,920)		(906,063	)

5. Line of Credit

The Fund, along with certain other funds in the Delaware Investments^® Family of Funds (Participants), was a participant in a $125,000,000 revolving line of credit to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants were charged an annual commitment fee of 0.08%, which was allocated across the Participants on the basis of each Participant’s allocation of the entire facility. The Participants were permitted to borrow up to a maximum of one third of their net assets under the agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit under the agreement expired on Nov. 12, 2013.

On Nov. 12, 2013, the Fund, along with the other Participants, entered into an amendment to the agreement for a $225,000,000 revolving line of credit. The line of credit is to be used as described above

37

Notes to financial statements

Delaware Core Bond Fund

5. Line of Credit (continued)

and operates in substantially the same manner as the original agreement. The line of credit available under the agreement expires on Nov. 10, 2014.

The Fund had no amounts outstanding as of Jan. 31, 2014, or at any time during the six months then ended.

6. Derivatives

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

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 in the normal course of pursuing its investment objective. The Fund invested in futures contracts during the period to hedge its existing portfolio securities against fluctuations in fair value caused by changes in prevailing interest rates or market conditions. Upon entering into a futures contract, the Fund deposits cash or pledges U.S. government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by 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.

Options Contracts — 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 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, 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 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

38

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. During the six months ended Jan. 31, 2014, there were no option contracts written.

Derivatives Generally. The table below summarizes the average balance of derivative holdings by the Fund during the six months ended Jan. 31, 2014.

	Long Derivative Volume		Short Derivative Volume
Futures contracts (average notional value)	USD	—		USD  1,243,045

7. Offsetting

In December 2011, the Financial Accounting Standards Board (FASB) issued guidance that expands current disclosure requirements on the offsetting of certain assets and liabilities. The new disclosures are required for investments and derivative financial instruments subject to master netting or similar agreements which are eligible for offset in the statement of assets and liabilities and will require an entity to disclose both gross and net information about such investments and transactions in the financial statements. In January 2013, the FASB issued guidance that clarifies which investments and transactions are subject to the offsetting disclosure requirements. The scope of the disclosure requirements for offsetting is limited to derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after Jan. 1, 2013, and interim periods within those fiscal years. The Fund adopted the disclosure provisions on offsetting during the current reporting period.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with their derivative contract counterparties. 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 instrument’s 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) netting including the bankruptcy or in solvency of the counterparty. However, bankruptcy or in solvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, in solvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

At Jan. 31, 2014, the Fund had the following assets and liabilities subject to offsetting provisions:

39

Notes to financial statements

Delaware Core Bond Fund

7. Offsetting (continued)

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Counterparty					Gross Value of Derivative Asset					Gross Value of Derivative Liability			Net Position
Bank of America Merrill Lynch						$   630,168				$—			$	630,168
Banque of Montreal						105,028				—				105,028
Banque Paribas						1,765,804				—				1,765,804
Total						$2,501,000				$—			$	2,501,000
Counterparty		Net Position			Fair Value of Non Cash Collateral Received			Cash Collateral Received		Fair Value of Non Cash Collateral Pledged	Cash Collateral Pledged		Net       Amount(a)
Bank of America Merrill Lynch			$630,168	$		(630,168	)		$—	$—		$—		$—
Banque of Montreal			105,028			(105,028	)		—	—		—		—
Banque Paribas			1,765,804			(1,765,804	)		—	—		—		—
Total	$		2,501,000	$		(2,501,000	)		$—	$—		$—		$—

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

8. Securities Lending

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

Cash collateral received is generally invested in the Delaware Investments Collateral Fund No. 1 (Collective Trust) established by BNY Mellon for the purpose of investment on behalf of funds managed by DMC that participate in BNY Mellon��s securities lending program. The Collective Trust may invest in U.S. government securities and high quality corporate debt, asset-backed and other money market securities and in repurchase agreements collateralized by such securities, provided that the Collective Trust will generally have a dollar-weighted average portfolio maturity of 60 days or less. The Fund can

40

also accept U.S. government securities and letters of credit (non-cash collateral) in connection with securities loans. In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to 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 Collective Trust used for the investment of cash collateral received from borrowers of securities seeks to maintain a net asset value per unit of $1.00, but there can be no assurance that it will always be able to do so. The Fund may incur investment losses as a result of investing securities lending collateral in the Collective Trust. This could occur if an investment in the Collective Trust defaulted or if it were necessary to liquidate assets in the Collective Trust to meet returns on outstanding security loans at a time when the Collective Trust’s net asset value per unit was less than $1.00. Under those circumstances, the Fund may not receive an amount from the Collective Trust that is equal in amount to the collateral the Fund would be required to return to the borrower of the securities and the Fund would be required to make up for this shortfall.

At Jan. 31, 2014, the Fund had no securities out on loan.

9. Credit and Market Risk

The Fund invests in fixed income securities whose value is derived from an underlying pool of mortgages or consumer loans. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations (CMOs). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the 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 affect on the Fund’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of

41

Notes to financial statements

Delaware Core Bond Fund

9. Credit and Market Risk (continued)

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

The Fund invests a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s and Baa3 by Moody’s Investors Service, 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 maybe more susceptible to adverse economic and competitive industry conditions than investment grade securities.

The Fund invests in certain obligations that may have liquidity protection 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 additional fees for such credit support, although the existence of credit support may increase the price of a security.

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 of 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 Fund’s Board has delegated to DMC the day-to-day functions of determining whether individual securities are illiquid 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. As of Jan. 31, 2014, no securities held by the Fund have been determined to be illiquid under the Fund’s Liquidity Procedures. 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. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Jan. 31, 2014 that would require recognition or disclosure in the Fund’s financial statements.

42

Other Fund information (Unaudited)

Delaware Core Bond Fund

Board consideration of Delaware Core Bond Fund investment advisory agreement

At a meeting held on Aug. 20–22, 2013 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory Agreement for Delaware Core Bond 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 Advisory Agreement with Delaware Management Company (“DMC”) included materials provided by DMC and its affiliates (“Delaware Investments”) 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 financial condition and profitability of Delaware Investments. In addition, in connection with the Annual Meeting, reports were provided to the Trustees in May 2013 and included reports provided by Lipper, Inc., an independent statistical compilation organization (“Lipper”). The Lipper reports compared the Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Lipper reports with independent legal counsel to the Independent Trustees. The Board requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; the investment manager’s profitability; 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, DMC’s ability to invest fully in accordance with Fund policies.

In considering information relating to the approval of the Fund’s advisory agreement, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees. 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 service. The Board considered the services provided by Delaware Investments 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 Investments^® Family of Funds complex and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Fund’s investment advisor and the emphasis placed on research in the investment process. The Board recognized DMC’s recent receipt of several industry distinctions. The Board gave favorable consideration to DMC’s efforts to control expenditures while maintaining service levels committed to fund matters. The Board noted that in July 2011 Management implemented measures to reduce overall costs and improve transfer agent and shareholder servicing functions through outsourcing. The Board noted the benefits provided to Fund shareholders through each shareholder’s ability to exchange an investment in one Delaware Investments fund for the same class of shares in another Delaware Investments fund without a sales charge, to reinvest Fund dividends into additional shares of the Fund or into additional shares of other Delaware Investments funds and the

43

Other Fund information (Unaudited)

Delaware Core Bond Fund

privilege to combine holdings in other Delaware Investments funds to obtain a reduced sales charge. The Board was satisfied with the nature, extent and quality of the overall services provided by Delaware Investments.

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 gave appropriate consideration to performance reports and discussions with portfolio managers at Investment Committee meetings throughout the year, the Board gave particular weight to the Lipper reports furnished for the Annual Meeting. The Lipper reports prepared for the Fund showed the investment performance of its Class A shares in comparison to a group of similar funds as selected by Lipper (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 one-, three-, five- and ten-year periods ended March 31, 2013. The Board’s objective is that the Fund’s performance for the periods considered be at or above the median of its Performance Universe. The following paragraph summarizes the performance results for the Fund and the Board’s view of such performance. The Performance Universe for the Fund consisted of the Fund and all retail and institutional intermediate investment-grade debt funds as selected by Lipper. The Lipper report comparison showed that the Fund’s total return for the one-year period was in the fourth quartile of its Performance Universe. The report further showed that the Fund’s total return for the three- and five-year periods was in the third quartile and the Fund’s total return for the ten-year period was in the second quartile. The Board noted that the Fund’s performance results were not in line with the Board’s objective. In evaluating the Fund’s short and intermediate term performance, the Board considered 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 short and intermediate term performance and thereby, to meet the Board’s performance objective.

Comparative expenses. The Board considered expense comparison data for the Delaware Investments^® Family of 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 expense ratios of a group of similar funds as selected by Lipper (the “Expense Group”). In reviewing comparative costs, the Fund’s contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Fund) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Fund’s total expenses were also compared with those of its Expense Group. The Lipper total expenses, for comparative consistency, were shown by Lipper for Class A shares and comparative total expenses including 12b-1 and non 12b-1 service fees. The Board considered fees paid to Delaware Investments for non-management services. The Board’s objective is to limit the Fund’s total expense ratio to be competitive with that of the Expense Group. The following paragraph summarizes the expense results for the Fund and the Board’s view of such expenses. The expense comparisons for the Fund showed that its actual management fee was in the quartile with the lowest expenses of its Expense

44

Group and its total expenses were in the quartile with the second lowest expenses of its Expense Group. The Board was satisfied with the management fee and total expenses of the Fund in comparison to those of its Expense Group as shown in the Lipper report.

Management profitability. The Board considered the level of profits realized by Delaware Investments 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 Delaware Investments’ business in providing management and other services to each of the individual funds and the Delaware Investments^® Family of Funds as a whole. Specific attention was given to the methodology followed in allocating costs for the purpose of determining profitability. Management stated that the level of profits of Delaware Investments, to a certain extent, reflects recent operational cost savings and efficiencies initiated by Delaware Investments. The Board considered Delaware Investments’ 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 Delaware Investments 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 Investments Family of Funds and the benefits from allocation of fund brokerage to improve trading efficiencies. The Board found that the management fees were reasonable in light of the services rendered and the level of profitability of Delaware Investments.

Economies of scale. The Trustees considered whether economies of scale are realized by Delaware Investments 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 standardized advisory fee pricing and structure, approved by the Board and shareholders, which includes breakpoints. 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 on all assets when the asset levels specified are exceeded. The Board noted that the fee under the Fund’s management contract fell within the standard structure. Although the Fund has not reached a size at which it can take advantage of breakpoints, the Board recognized that the fee was structured so that when the Fund grows, economies of scale may be shared.

45

About the organization

Board of trustees
Patrick P. Coyne	Joseph W. Chow	Lucinda S. Landreth	Thomas K. Whitford
Chairman, President, and Chief Executive Officer Delaware Investments® Family of Funds Philadelphia, PA Thomas L. Bennett Private Investor Rosemont, PA	Former Executive Vice President State Street Corporation Brookline, MA John A. Fry President Drexel University Philadelphia, PA	Former Chief Investment Officer Assurant, Inc. Philadelphia, PA Frances A. Sevilla-Sacasa Chief Executive Officer Banco Itaú International Miami, FL	Former Vice Chairman PNC Financial Services Group Pittsburgh, PA Janet L. Yeomans Former Vice President and Treasurer 3M Corporation St. Paul, MN J. Richard Zecher Founder Investor Analytics Scottsdale, AZ
Affiliated officers
David F. Connor	Daniel V. Geatens	David P. O’Connor	Richard Salus
Senior Vice President, Deputy General Counsel, and Secretary Delaware Investments Family of Funds Philadelphia, PA	Vice President and Treasurer Delaware Investments Family of Funds Philadelphia, PA	Executive Vice President, General Counsel, and Chief Legal Officer Delaware Investments Family of Funds Philadelphia, PA	Senior Vice President and Chief Financial Officer Delaware Investments Family of Funds Philadelphia, PA

This semiannual report is for the information of Delaware Core Bond Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Investments Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawareinvestments.com.

Delaware Investments is the marketing name of Delaware Management Holdings, Inc. and its subsidiaries.

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Fund’s Schedule of Investments are available without charge on the Fund’s website at delawareinvestments.com. The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

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

46

Semiannual report

Fixed income mutual fund

Delaware Diversified Floating Rate Fund

January 31, 2014

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 delawareinvestments.com 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 delawareinvestments.com/edelivery.

Experience Delaware Investments

Delaware Investments is committed to the pursuit of consistently superior asset management and unparalleled client service. We believe in our investment processes, which seek to deliver consistent results, and in convenient services that help add value for our clients.

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

You can learn more about Delaware Investments or obtain a prospectus for Delaware Diversified Floating Rate Fund at delawareinvestments.com.

Manage your investments online

— 24-hour access to your account information

— Obtain share prices

— Check your account balance and recent transactions

— Request statements or literature

— Make purchases and redemptions

Delaware Management Holdings, Inc. and its subsidiaries (collectively known by the marketing name of Delaware Investments) are wholly owned subsidiaries of Macquarie Group Limited, a global provider of banking, financial, advisory, investment and funds management services.

Investments in Delaware Diversified Floating Rate Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Fund, the repayment of capital from the Fund, or any particular rate of return.

Table of Contents
Disclosure of Fund expenses	1
Security type/sector allocation	3
Schedule of investments	5
Statement of assets and liabilities	26
Statement of operations	28
Statements of changes in net assets	30
Financial highlights	32	��
Notes to financial statements	40
Other Fund information	55
About the organization	58

Unless otherwise noted, views expressed herein are current as of Jan. 31, 2014, and subject to change.

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

Mutual fund advisory services provided by Delaware Management Company, a series of Delaware Management Business Trust, which is a registered investment advisor. Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries, including the Fund’s distributor, Delaware Distributors, L.P. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.

© 2014 Delaware Management Holdings, Inc.

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

Disclosure of Fund expenses

For the six-month period from August 1, 2013 to January 31, 2014 (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Aug. 1, 2013 to Jan. 31, 2014.

Actual expenses

The first section of the table shown, “Actual Fund return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

1

Disclosure of Fund expenses

For the six-month period from August 1, 2013 to January 31, 2014 (Unaudited)

Delaware Diversified Floating Rate Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 8/1/13			Ending       Account Value       1/31/14			Annualized Expense Ratio			Expenses  Paid During Period  8/1/13 to 1/31/14*
Actual Fund return†
Class A		$	1,000.00		$	1,012.70		0.94	%		$	4.77
Class C			1,000.00			1,007.70		1.69	%			8.55
Class R			1,000.00			1,010.20		1.19	%			6.03
Institutional Class			1,000.00			1,012.80		0.69	%			3.50
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.47		0.94	%		$	4.79
Class C			1,000.00			1,016.69		1.69	%			8.59
Class R			1,000.00			1,019.21		1.19	%			6.06
Institutional Class			1,000.00			1,021.73		0.69	%			3.52

* Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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.

2

Security type/sector allocation

Delaware Diversified Floating Rate Fund As of January 31, 2014 (Unaudited)

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.

Security Type / Sector	Percentage of Net Assets
Agency Collateralized Mortgage Obligations		0.19%
Agency Mortgage-Backed Security		0.00%
Convertible Bonds		0.45%
Corporate Bonds		57.77%
Advertising		0.08%
Aerospace/Defense		0.69%
Auto Manufacturers		1.83%
Auto Parts & Equipment		0.13%
Banking		11.79%
Beverages		3.10%
Biotechnology		0.18%
Building Materials		0.31%
Chemicals		0.26%
Commercial Services		0.51%
Computers		2.78%
Diversified Financial Services		4.65%
Electric		3.74%
Electronics		0.19%
Engineering & Construction		0.09%
Entertainment		0.21%
Food		3.07%
Forest Products & Paper		0.37%
Gas		0.03%
Healthcare		0.62%
Household Products/Wares		0.48%
Insurance		2.66%
Internet		0.29%
Iron/Steel		0.32%
Leisure Time		0.06%
Lodging		0.13%
Media		0.90%
Mining		0.59%
Miscellaneous Manufacturing		0.43%
Natural Gas		0.04%
Oil & Gas		4.95%
Packaging & Containers		0.34%
Pharmaceuticals		1.90%

3

Security type/sector allocation

Delaware Diversified Floating Rate Fund

Security Type / Sector	Percentage of Net Assets
Pipelines		2.04%
Real Estate		1.51%
Retail		0.51%
Software		1.13%
Telecommunications		3.24%
Transportation		1.50%
Water		0.12%
Municipal Bonds		1.04%
Non-Agency Asset-Backed Securities		4.62%
Non-Agency Collateralized Mortgage Obligation		0.11%
Senior Secured Loans		33.29%
Sovereign Bonds		0.40%
Supranational Bank		0.17%
U.S. Treasury Obligation		0.08%
Convertible Preferred Stock		0.02%
Preferred Stock		0.22%
Short-Term Investments		1.20%
Total Value of Securities		99.56%
Receivables and Other Assets Net of Liabilities		0.44%
Total Net Assets		100.00%

4

Schedule of investments
Delaware Diversified Floating Rate Fund	January 31, 2014 (Unaudited)

	Principal amount°		Value (U.S. $)
Agency Collateralized Mortgage Obligations – 0.19%
Fannie Mae REMICs
Series 2004-36 FA 0.558% 5/25/34 —		65,303	$	65,083
Series 2005-66 FD 0.458% 7/25/35 —		76,559		76,447
Series 2005-106 QF 0.668% 12/25/35 —		454,493		456,745
Series 2006-105 FB 0.578% 11/25/36 —		66,304		66,383
Series 2007-109 NF 0.708% 12/25/37 —		33,494		33,785
Freddie Mac REMICs
Series 3067 FA 0.51% 11/15/35 —		136,415		136,245
Series 3239 EF 0.51% 11/15/36 —		118,375		118,209
Series 3241 FM 0.54% 11/15/36 —		12,641		12,646
Series 3780 LF 0.56% 3/15/29 —		21,194		21,219
Total Agency Collateralized Mortgage Obligations (cost $981,078)				986,762
Agency Mortgage-Backed Security – 0.00%
Freddie Mac ARM
2.383% 2/1/35 —		21,340		22,631
Total Agency Mortgage-Backed Security (cost $22,540)				22,631
Convertible Bonds – 0.45%
ArvinMeritor 4.00% exercise price $26.73, expiration date 2/12/27 f		454,000		448,892
Headwaters 2.50% exercise price $29.48, expiration date 2/1/14		33,000		33,000
L-3 Communications Holdings 3.00% exercise price $90.24, expiration date 8/1/35		310,000		390,019
MGM Resorts International 4.25% exercise price $18.58, expiration date 4/10/15		115,000		161,647
Mylan 3.75% exercise price $13.32, expiration date 9/15/15		13,000		44,541
Nuance Communications 2.75% exercise price $32.30, expiration date 11/1/31		285,000		283,931
NuVasive 2.75% exercise price $42.13, expiration date 6/30/17		200,000		235,250
SanDisk 1.50% exercise price $52.00, expiration date 8/11/17		289,000		423,927
Steel Dynamics 5.125% exercise price $17.14, expiration date 6/15/14		18,000		19,181
TIBCO Software 2.25% exercise price $50.57, expiration date 4/30/32		166,000		166,519
Vantage Drilling 144A 5.50% exercise price $2.39, expiration date 7/15/43 #		83,000		86,372
Total Convertible Bonds (cost $2,022,630)				2,293,279

5

Schedule of investments

Delaware Diversified Floating Rate Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds – 57.77%
Advertising – 0.08%
Interpublic Group 3.75% 2/15/23		445,000	$	430,378
				430,378
Aerospace/Defense – 0.69%
Rockwell Collins 0.593% 12/15/16 —		3,520,000		3,522,506
				3,522,506
Auto Manufacturers – 1.83%
Daimler Finance North America
144A 0.842% 1/9/15 #—		1,545,000		1,550,902
144A 1.098% 8/1/18 #—		710,000		714,518
144A 2.25% 7/31/19 #		900,000		897,155
General Motors 144A 3.50% 10/2/18 #		450,000		461,812
Toyota Motor Credit 2.00% 10/24/18		1,945,000		1,962,359
Volkswagen International Finance 144A 0.675% 11/18/16 #—		3,745,000		3,756,902
				9,343,648
Auto Parts & Equipment – 0.13%
Delphi 6.125% 5/15/21		265,000		293,488
TRW Automotive 144A 4.45% 12/1/23 #		380,000		369,550
				663,038
Banking – 11.79%
Australia & New Zealand Banking Group 144A 0.62% 1/10/17 #—		2,250,000		2,250,338
Banco de Costa Rica 144A 5.25% 8/12/18 #		600,000		597,000
Banco Nacional de Costa Rica 144A 4.875% 11/1/18 #		330,000		322,905
Banco Santander Mexico 144A 5.95% 1/30/24 #—		375,000		382,031
Bancolombia 5.95% 6/3/21		290,000		303,775
Bank of America
0.502% 10/14/16 —		575,000		570,217
0.709% 11/14/16 —		3,400,000		3,413,566
1.279% 1/15/19 —		2,175,000		2,194,353
2.60% 1/15/19		475,000		478,259
4.125% 1/22/24		740,000		748,697
Bank of Georgia 144A 7.75% 7/5/17 #		375,000		392,578
Bank of Montreal 0.759% 7/15/16 —		2,220,000		2,232,268
Barclays Bank 7.625% 11/21/22		400,000		426,000
BB&T 1.103% 6/15/18 —		2,086,000		2,116,931
BBVA Bancomer 144A 6.50% 3/10/21 #		395,000		426,106
Branch Banking & Trust
0.538% 5/23/17 —		1,405,000		1,389,815
0.564% 9/13/16 —		775,000		769,770
CoBank 144A 0.843% 6/15/22 #—		75,000		66,870
Credit Suisse 144A 6.50% 8/8/23 #		515,000		548,475

6

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Banking (continued)
Credit Suisse Group 144A 7.50% 12/11/49 #—		375,000	$	395,160
Export-Import Bank of Korea 0.992% 1/14/17 —		2,250,000		2,262,100
Fifth Third Bancorp
0.647% 2/26/16 —		3,355,000		3,362,280
4.30% 1/16/24		355,000		354,926
Goldman Sachs Group 1.436% 4/30/18 —		1,410,000		1,426,720
HBOS 144A 6.75% 5/21/18 #		100,000		113,917
HBOS Capital Funding 144A 6.071% 6/29/49 #—		1,510,000		1,517,550
HSBC Bank
144A 0.881% 5/15/18 #—		1,400,000		1,407,963
144A 4.75% 1/19/21 #		410,000		454,173
ING Bank 144A 5.80% 9/25/23 #		910,000		954,379
JPMorgan Chase 6.75% 8/29/49 —		570,000		580,545
JPMorgan Chase Bank 0.574% 6/13/16 —		4,080,000		4,056,883
KeyCorp 2.30% 12/13/18		465,000		465,590
Morgan Stanley
1.087% 1/24/19 —		1,715,000		1,705,511
1.488% 2/25/16 —		930,000		943,001
1.519% 4/25/18 —		1,735,000		1,764,108
5.00% 11/24/25		735,000		747,360
National City Bank 0.612% 6/7/17 —		500,000		495,018
Northern Trust 3.95% 10/30/25		335,000		336,840
PNC Bank 3.80% 7/25/23		1,180,000		1,185,501
Rabobank 4.625% 12/1/23		560,000		568,107
RBS Capital Trust I 2.112% 12/29/49 —		350,000		341,250
Regions Financial 5.75% 6/15/15		140,000		148,504
Santander Holdings USA 3.45% 8/27/18		495,000		513,810
Santander UK 144A 5.00% 11/7/23 #		760,000		769,118
Sberbank 144A 4.95% 2/7/17 #		200,000		211,750
State Street 3.10% 5/15/23		465,000		440,756
SunTrust Bank 0.528% 8/24/15 —		985,000		977,668
Svenska Handelsbanken 0.696% 3/21/16 —		615,000		617,180
Toronto-Dominion Bank 0.786% 4/30/18 —		1,325,000		1,329,277
U.S. Bancorp 0.728% 11/15/18 —		4,340,000		4,371,686
USB Capital IX 3.50% 10/29/49 —		440,000		352,000
VEB Finance
144A 4.224% 11/21/18 #		465,000		460,931
144A 6.025% 7/5/22 #		200,000		202,500
Wells Fargo
0.767% 7/20/16 —		1,480,000		1,488,241
0.867% 4/23/18 —		2,600,000		2,619,133

7

Schedule of investments

Delaware Diversified Floating Rate Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Banking (continued)
Zions Bancorp
4.50% 3/27/17		315,000	$	335,846
4.50% 6/13/23		420,000		419,954
				60,327,190
Beverages – 3.10%
Anheuser-Busch InBev Finance
0.639% 2/1/19 —		2,615,000		2,614,375
3.70% 2/1/24		705,000		717,343
Coca-Cola Femsa 2.375% 11/26/18		500,000		503,924
Coca-Cola Icecek 144A 4.75% 10/1/18 #		510,000		516,656
Constellation Brands
3.75% 5/1/21		165,000		158,194
4.25% 5/1/23		110,000		104,225
Heineken 144A 1.40% 10/1/17 #		2,520,000		2,510,585
PepsiCo 0.447% 2/26/16 —		2,890,000		2,891,523
Pernod-Ricard
144A 2.95% 1/15/17 #		1,250,000		1,301,885
144A 5.75% 4/7/21 #		855,000		966,161
SABMiller Holdings
144A 0.928% 8/1/18 #—		1,630,000		1,639,703
144A 1.85% 1/15/15 #		1,900,000		1,922,067
				15,846,641
Biotechnology – 0.18%
Celgene 3.25% 8/15/22		950,000		930,499
				930,499
Building Materials – 0.31%
Cemex 144A 4.989% 10/15/18 #—		1,535,000		1,596,400
				1,596,400
Chemicals – 0.26%
CF Industries 7.125% 5/1/20		250,000		297,883
Dow Chemical 8.55% 5/15/19		140,000		180,331
FMC 4.10% 2/1/24		540,000		550,420
LyondellBasell Industries 5.75% 4/15/24		270,000		309,691
				1,338,325
Commercial Services – 0.51%
Avis Budget Car Rental 144A 2.988% 12/1/17 #—		965,000		973,444
Korea Expressway 144A 1.875% 10/22/17 #		200,000		198,830
Total System Services 2.375% 6/1/18		1,440,000		1,434,889
				2,607,163
Computers – 2.78%
Apple 0.488% 5/3/18 —		6,090,000		6,086,163
EMC 2.65% 6/1/20		130,000		130,286

8

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Computers (continued)
Hewlett-Packard
0.638% 5/30/14 —		75,000	$	75,062
1.182% 1/14/19 —		5,170,000		5,173,743
International Business Machines
1.25% 2/6/17		1,000,000		1,009,595
1.625% 5/15/20		590,000		561,442
NetApp 3.25% 12/15/22		645,000		600,448
Seagate HDD Cayman 144A 3.75% 11/15/18 #		545,000		557,262
				14,194,001
Diversified Financial Services – 4.65%
American Honda Finance 144A 0.612% 5/26/16 #—		1,930,000		1,936,689
Crown Castle Towers 144A 4.883% 8/15/20 #		685,000		746,829
ERAC USA Finance
144A 4.50% 8/16/21 #		555,000		591,806
144A 5.25% 10/1/20 #		120,000		134,014
Ford Motor Credit 1.486% 5/9/16 —		2,800,000		2,847,376
General Electric Capital
0.616% 5/5/26 —		965,000		880,905
0.752% 1/14/19 —		2,050,000		2,053,491
1.243% 3/15/23 —		1,050,000		1,047,750
144A 3.80% 6/18/19 #		250,000		265,562
6.00% 8/7/19		215,000		254,310
7.125% 12/29/49 —		200,000		225,110
Hyundai Capital America 144A 4.00% 6/8/17 #		310,000		329,057
International Lease Finance 6.25% 5/15/19		360,000		392,400
Jefferies Group 5.125% 1/20/23		875,000		909,000
John Deere Capital 0.532% 10/11/16 —		2,390,000		2,396,111
Lazard Group 4.25% 11/14/20		1,405,000		1,451,579
MMC Finance 144A 5.55% 10/28/20 #		484,000		479,160
National Rural Utilities Cooperative Finance
0.488% 5/27/16 —		1,750,000		1,752,656
0.537% 11/23/16 —		2,500,000		2,505,202
4.75% 4/30/43 —		310,000		292,175
PACCAR Financial 0.842% 12/6/18 —		2,000,000		2,009,974
USB Realty 144A 1.386% 12/29/49 #—		300,000		273,000
				23,774,156
Electric – 3.74%
Ameren Illinois 9.75% 11/15/18		165,000		220,204
American Transmission Systems 144A 5.25% 1/15/22 #		1,210,000		1,312,835
Cleveland Electric Illuminating 5.50% 8/15/24		360,000		399,785
Commonwealth Edison 2.15% 1/15/19		1,000,000		1,006,943
Duke Energy Indiana 0.592% 7/11/16 —		2,350,000		2,352,129

9

Schedule of investments

Delaware Diversified Floating Rate Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Electric (continued)
Electricite de France
144A 0.694% 1/20/17 #—		2,460,000	$	2,463,279
144A 5.25% 1/29/49 #—		515,000		498,495
144A 5.625% 12/29/49 #—		1,480,000		1,443,370
Exelon Generation 4.25% 6/15/22		815,000		804,201
Great Plains Energy
4.85% 6/1/21		730,000		786,256
5.292% 6/15/22		270,000		297,986
Integrys Energy Group 6.11% 12/1/66 —		410,000		413,853
LG&E & KU Energy
3.75% 11/15/20		350,000		364,634
4.375% 10/1/21		300,000		316,642
National Fuel Gas 3.75% 3/1/23		410,000		399,490
NextEra Energy Capital Holdings
3.625% 6/15/23		180,000		175,167
6.35% 10/1/66 —		585,000		579,498
NiSource Finance 5.45% 9/15/20		2,055,000		2,340,070
NSTAR Electric 0.478% 5/17/16 —		850,000		849,334
NV Energy 6.25% 11/15/20		390,000		462,935
Pennsylvania Electric 5.20% 4/1/20		625,000		688,380
PPL Capital Funding 6.70% 3/30/67 —		115,000		116,232
Public Service of New Hampshire 3.50% 11/1/23		390,000		393,498
SCANA 4.125% 2/1/22		305,000		304,675
Wisconsin Energy 6.25% 5/15/67 —		155,000		158,992
				19,148,883
Electronics – 0.19%
National Semiconductor 6.60% 6/15/17		310,000		363,462
Samsung Electronics America 144A 1.75% 4/10/17 #		500,000		500,745
Thermo Fisher Scientific 4.15% 2/1/24		115,000		117,149
				981,356
Engineering & Construction – 0.09%
OAS Investments 144A 8.25% 10/19/19 #		405,000		391,331
URS 3.85% 4/1/17		85,000		87,922
				479,253
Entertainment – 0.21%
International Game Technology 5.35% 10/15/23		1,025,000		1,085,652
				1,085,652
Food – 3.07%
ARAMARK 144A 5.75% 3/15/20 #		1,300,000		1,355,250
BFF International 144A 7.25% 1/28/20 #		100,000		110,000
BRF 144A 5.875% 6/6/22 #		200,000		198,500
Campbell Soup 0.538% 8/1/14 —		1,030,000		1,030,981

10

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Food (continued)
Cosan Luxembourg 144A 5.00% 3/14/23 #		400,000	$	342,000
General Mills
0.435% 1/28/16 —		1,780,000		1,781,241
0.536% 1/29/16 —		770,000		770,684
JBS Investments 144A 7.75% 10/28/20 #		560,000		576,800
Kellogg 0.469% 2/13/15 —		3,620,000		3,624,663
Kroger
0.804% 10/17/16 —		5,200,000		5,214,617
3.30% 1/15/21		490,000		492,622
Want Want China Finance 144A 1.875% 5/14/18 #		200,000		192,492
				15,689,850
Forest Products & Paper – 0.37%
Georgia-Pacific 8.00% 1/15/24		400,000		528,624
International Paper 7.50% 8/15/21		1,070,000		1,346,171
				1,874,795
Gas – 0.03%
CenterPoint Energy 6.50% 5/1/18		150,000		176,350
				176,350
Healthcare – 0.62%
Boston Scientific
2.65% 10/1/18		285,000		290,237
6.00% 1/15/20		685,000		796,854
CareFusion 6.375% 8/1/19		825,000		956,272
Quest Diagnostics 1.098% 3/24/14 —		1,115,000		1,115,904
				3,159,267
Household Products/Wares – 0.48%
Kimberly-Clark 0.361% 5/15/16 —		950,000		950,985
Reynolds Group Issuer 8.25% 2/15/21		1,405,000		1,499,838
				2,450,823
Insurance – 2.66%
American International Group 8.25% 8/15/18		700,000		880,981
Berkshire Hathaway Finance 0.39% 1/10/17 —		2,250,000		2,250,340
Chubb 6.375% 3/29/67 —		260,000		287,950
ING U.S. 5.65% 5/15/53 —		485,000		465,842
Metropolitan Life Global Funding I
144A 0.769% 7/15/16 #—		4,350,000		4,376,152
144A 3.00% 1/10/23 #		420,000		402,734
Principal Life Global Funding II 144A 0.606% 5/27/16 #—		1,530,000		1,533,375
Prudential Financial
1.021% 8/15/18 —		2,800,000		2,813,042
5.625% 6/15/43 —		365,000		366,898
XL Group 6.50% 12/29/49 —		255,000		251,175

11

Schedule of investments

Delaware Diversified Floating Rate Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Insurance (continued)
				13,628,489
Internet – 0.29%
Amazon.com 2.50% 11/29/22		755,000		702,454
Baidu 3.25% 8/6/18		785,000		795,612
				1,498,066
Iron/Steel – 0.32%
Metalloinvest Finance
144A 5.625% 4/17/20 #		600,000		579,000
144A 6.50% 7/21/16 #		755,000		788,975
Samarco Mineracao 144A 5.75% 10/24/23 #		260,000		251,550
				1,619,525
Leisure Time – 0.06%
Carnival 1.20% 2/5/16		305,000		306,298
				306,298
Lodging – 0.13%
Marriott International 3.375% 10/15/20		395,000		398,494
Wyndham Worldwide 3.90% 3/1/23		290,000		284,757
				683,251
Media – 0.90%
Historic TW 6.875% 6/15/18		400,000		477,864
Myriad International Holdings
144A 6.00% 7/18/20 #		410,000		432,550
144A 6.375% 7/28/17 #		200,000		221,500
NBCUniversal Enterprise 144A 0.924% 4/15/18 #—		2,910,000		2,917,383
Time Warner Cable
5.85% 5/1/17		360,000		395,687
8.25% 4/1/19		125,000		147,973
				4,592,957
Mining – 0.59%
Barrick Gold 4.10% 5/1/23		625,000		578,028
FMG Resources August 2006 144A 6.875% 4/1/22 #		475,000		514,781
Minera Ares 144A 7.75% 1/23/21 #		250,000		250,312
Rio Tinto Finance USA 1.084% 6/17/16 —		995,000		1,004,493
Teck Resources 3.75% 2/1/23		310,000		294,933
Vale Overseas 5.625% 9/15/19		175,000		191,164
Vedanta Resources 144A 6.00% 1/31/19 #		215,000		204,788
				3,038,499
Miscellaneous Manufacturing – 0.43%
Crane
2.75% 12/15/18		305,000		309,702
4.45% 12/15/23		280,000		287,925

12

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Miscellaneous Manufacturing (continued)
Ingersoll-Rand Global Holding
144A 2.875% 1/15/19 #		580,000	$	584,351
144A 4.25% 6/15/23 #		895,000		912,938
Tyco Electronics Group 1.60% 2/3/15		110,000		110,988
				2,205,904
Natural Gas – 0.04%
Kinder Morgan Energy Partners 3.50% 9/1/23		200,000		187,987
				187,987
Oil & Gas – 4.95%
Apache
1.75% 4/15/17		385,000		390,459
5.625% 1/15/17		580,000		653,393
BP Capital Markets 0.656% 11/7/16 —		1,480,000		1,489,524
CNOOC Curtis Funding 144A 4.50% 10/3/23 #		295,000		293,596
Continental Resources 4.50% 4/15/23		965,000		989,954
Devon Energy 0.784% 12/15/16 —		2,465,000		2,469,543
Ecopetrol
4.25% 9/18/18		605,000		632,225
7.625% 7/23/19		185,000		217,375
KazMunayGas National 144A 9.125% 7/2/18 #		430,000		514,388
Lukoil International Finance 6.125% 11/9/20		200,000		213,500
Newfield Exploration 5.625% 7/1/24		1,095,000		1,100,475
Noble Holding International 3.05% 3/1/16		385,000		399,253
ONGC Videsh 2.50% 5/7/18		415,000		396,097
Pacific Rubiales Energy
144A 5.375% 1/26/19 #		465,000		468,488
144A 7.25% 12/12/21 #		335,000		353,425
Pertamina Persero
144A 4.30% 5/20/23 #		200,000		170,500
144A 4.875% 5/3/22 #		200,000		183,000
Petrobras Global Finance 2.379% 1/15/19 —		1,425,000		1,389,375
Petrohawk Energy 7.875% 6/1/15		450,000		458,860
Petroleos Mexicanos 144A 3.125% 1/23/19 #		510,000		513,334
Plains Exploration & Production 6.50% 11/15/20		380,000		418,475
Shell International Finance 0.451% 11/15/16 —		2,500,000		2,502,418
Statoil
0.531% 5/15/18 —		2,280,000		2,280,508
0.696% 11/8/18 —		2,640,000		2,659,209
Total Capital Canada 0.619% 1/15/16 —		1,796,000		1,805,095
Total Capital International 0.806% 8/10/18 —		2,320,000		2,334,962
				25,297,431

13

Schedule of investments

Delaware Diversified Floating Rate Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Packaging & Containers – 0.34%
Beverage Packaging Holdings Luxembourg II 144A 6.00% 6/15/17 #		600,000	$	616,500
Packaging Corp. of America 4.50% 11/1/23		395,000		407,910
Rock-Tenn
3.50% 3/1/20		530,000		538,361
4.00% 3/1/23		155,000		154,520
				1,717,291
Pharmaceuticals – 1.90%
Merck 0.598% 5/18/18 —		4,695,000		4,698,042
Mylan 144A 2.60% 6/24/18 #		20,000		20,382
Pfizer 0.543% 6/15/18 —		3,010,000		3,021,143
Zoetis 1.875% 2/1/18		1,970,000		1,971,005
				9,710,572
Pipelines – 2.04%
El Paso Pipeline Partners Operating 6.50% 4/1/20		880,000		1,022,200
Enbridge 0.897% 10/1/16 —		2,700,000		2,709,628
Enbridge Energy Partners 8.05% 10/1/37 —		511,000		575,964
Energy Transfer Partners
3.60% 2/1/23		800,000		757,993
8.50% 4/15/14		145,000		147,240
Enterprise Products Operating 7.034% 1/15/68 —		635,000		705,462
Sunoco Logistics Partners Operations 3.45% 1/15/23		1,265,000		1,186,661
TransCanada PipeLines
0.927% 6/30/16 —		2,500,000		2,521,298
6.35% 5/15/67 —		135,000		139,417
Williams Partners 4.50% 11/15/23		670,000		680,525
				10,446,388
Real Estate – 1.51%
Alexandria Real Estate Equities
3.90% 6/15/23		445,000		424,413
4.60% 4/1/22		80,000		82,346
American Tower 5.00% 2/15/24		225,000		237,328
American Tower Trust I 144A 1.551% 3/15/43 #		1,280,000		1,258,650
CBL & Associates 5.25% 12/1/23		405,000		417,888
Corporate Office Properties
3.60% 5/15/23		225,000		208,945
5.25% 2/15/24		575,000		604,153
CubeSmart 4.375% 12/15/23		210,000		212,366
Digital Realty Trust 5.25% 3/15/21		310,000		323,219
Duke Realty 3.625% 4/15/23		180,000		169,656
Host Hotels & Resorts
3.75% 10/15/23		1,155,000		1,107,607

14

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Real Estate (continued)
Host Hotels & Resorts
4.75% 3/1/23		40,000	$	41,397
5.25% 3/15/22		245,000		262,568
Liberty Property 4.40% 2/15/24		445,000		447,083
Mid-America Apartments 4.30% 10/15/23		295,000		294,041
National Retail Properties 3.30% 4/15/23		265,000		248,096
Prologis 3.35% 2/1/21		190,000		188,011
WEA Finance 144A 3.375% 10/3/22 #		85,000		82,715
Weingarten Realty Investors
3.50% 4/15/23		205,000		192,930
4.45% 1/15/24		425,000		427,221
Weyerhaeuser 4.625% 9/15/23		455,000		474,140
				7,704,773
Retail – 0.51%
CVS Caremark 4.00% 12/5/23		930,000		953,786
Home Depot 3.75% 2/15/24		445,000		456,354
QVC 4.375% 3/15/23		955,000		921,134
Yum Brands 3.875% 11/1/23		270,000		269,212
				2,600,486
Software – 1.13%
Broadridge Financial Solutions 3.95% 9/1/20		430,000		440,839
Fidelity National Information Services 3.50% 4/15/23		940,000		882,608
Oracle 0.819% 1/15/19 —		4,430,000		4,452,868
				5,776,315
Telecommunications – 3.24%
America Movil 1.244% 9/12/16 —		2,455,000		2,481,242
AT&T
0.624% 2/12/16 —		2,200,000		2,199,584
1.146% 11/27/18 —		295,000		298,398
CenturyLink 5.80% 3/15/22		225,000		222,750
Digicel Group
144A 8.25% 9/30/20 #		200,000		209,000
144A 10.50% 4/15/18 #		540,000		576,720
ENTEL Chile 144A 4.875% 10/30/24 #		285,000		282,392
Millicom International Cellular 144A 6.625% 10/15/21 #		400,000		404,604
Orange 2.75% 2/6/19		920,000		924,687
SBA Tower Trust 144A 2.24% 4/16/18 #		220,000		217,798
SES 144A 3.60% 4/4/23 #		630,000		614,612
Telefonica Emisiones 4.57% 4/27/23		600,000		605,555
Telemar Norte Leste 144A 5.50% 10/23/20 #		205,000		192,956
Verizon Communications
144A 0.442% 3/6/15 #—		990,000		989,449

15

Schedule of investments

Delaware Diversified Floating Rate Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Telecommunications (continued)
Verizon Communications
1.993% 9/14/18 —		2,770,000	$	2,901,716
2.00% 11/1/16		385,000		393,642
5.15% 9/15/23		905,000		985,768
Virgin Media Finance 144A 6.375% 4/15/23 #		200,000		205,000
Virgin Media Secured Finance 6.50% 1/15/18		550,000		570,625
Vodafone Group 0.623% 2/19/16 —		1,300,000		1,299,240
				16,575,738
Transportation – 1.50%
Canadian National Railway 0.436% 11/6/15 —		3,800,000		3,804,313
DP World Sukuk 144A 6.25% 7/2/17 #		410,000		454,485
Kansas City Southern de Mexico 0.935% 10/28/16 —		2,490,000		2,492,348
Norfolk Southern 3.85% 1/15/24		445,000		454,340
United Parcel Service 5.125% 4/1/19		415,000		479,062
				7,684,548
Water – 0.12%
American Water Capital 3.85% 3/1/24		630,000		633,057
				633,057
Total Corporate Bonds (cost $293,573,178)				295,527,749
Municipal Bonds – 1.04%
Fairfax County, Virginia
Series B 5.00% 4/1/24		205,000		247,277
Kentucky Higher Education Student Loan
Series A-1 0.738% 5/1/20 —		5,000		4,974
Missouri Higher Education Loan Authority
Series A-1 0.00% 8/27/29 —		42,435		42,659
New Mexico Educational Assistance Foundation (Libor Floating)
Series A-3 1.438% 12/1/38 —		120,000		119,706
New York City Transitional Finance Authority (New York City Recovery)
Series 13 5.00% 11/1/22		5,000		5,940
New York City, New York
Series I 5.00% 8/1/22		185,000		215,852
New York State Thruway Authority
Series A 5.00% 5/1/19		260,000		302,658
North Texas Higher Education Authority Student Loan Revenue (Libor Floating)
Series A-1 1.347% 4/1/40 —		270,405		276,203
Series A-2 1.147% 7/1/30 —		75,000		75,117

16

	Principal amount°		Value (U.S. $)
Municipal Bonds (continued)
Oklahoma Student Loan Authority (Libor-Indexed)
Series A-2A 1.439% 9/1/37 —		95,000	$	96,783
Series 1 1.389% 6/1/40 —		753,350		755,708
State of California
Series D 0.81% 12/1/28 —		2,000,000		2,003,840
State of Connecticut
Series A 1.59% 3/1/21 —		750,000		754,455
State of Maryland Local Facilities
Series A 5.00% 8/1/21		225,000		271,886
Texas A&M University
Series D 5.00% 5/15/22		50,000		60,071
Series D 5.00% 5/15/23		55,000		65,984
Total Municipal Bonds (cost $5,252,119)				5,299,113
Non-Agency Asset-Backed Securities – 4.62%
Avenue CLO II
Series 2005-2A A1L 144A 0.496% 10/30/17 #—		598,688		596,562
Avenue CLO VI
Series 2007-6A A1 144A 0.463% 7/17/19 #—		173,484		171,505
Capital One Multi-Asset Execution Trust
Series 2007-A1 A1 0.21% 11/15/19 —		2,000,000		1,985,078
Chase Issuance Trust
Series 2013-A3 A3 0.44% 4/15/20 —		1,000,000		995,429
Chesapeake Funding
Series 2012-2A A 144A 0.608% 5/7/24 #—		921,450		919,635
Discover Card Execution Note Trust
Series 2013-A1 A1 0.46% 8/17/20 —		675,000		677,219
Flagship CLO
Series 2013-7A A1 144A 1.714% 1/20/26 #—		1,000,000		996,000
Ford Credit Floorplan Master Owner Trust A
Series 2010-3 A2 144A 1.86% 2/15/17 #—		400,000		405,841
Golden Credit Card Trust
Series 2012-3A A 144A 0.61% 7/17/17 #—		765,000		766,763
Halcyon Structured Asset Management Long Secured
Series 2007-2A A1A 144A 0.486% 10/29/21 #—		965,136		946,750
KKR Financial CLO
Series 2013-1A A1 144A 1.389% 7/15/25 #—		1,395,000		1,376,474
LCM VI
Series 6A A 144A 0.468% 5/28/19 #—		500,000		489,905
MAPS CLO Fund II
Series 2007-2A A1 144A 0.477% 7/20/22 #—		1,450,000		1,419,536
Master Credit Card Trust II
Series 2012-2A A 144A 0.78% 4/21/17 #		750,000		750,860

17

Schedule of investments

Delaware Diversified Floating Rate Fund

	Principal amount°		Value (U.S. $)
Non-Agency Asset-Backed Securities (continued)
Motor
Series 2013-1A A1 144A 0.658% 2/25/21 #—		883,333	$	884,317
Mountain View CLO III
Series 2007-3A A1 144A 0.452% 4/16/21 #—		1,486,741		1,467,041
NYLIM Flatiron CLO
Series 2006-1A A2A 144A 0.459% 8/8/20 #—		440,444		434,978
OCP CLO
Series 2013-4A A1A 144A 1.638% 10/24/25 #—		1,500,000		1,488,750
PFS Financing
Series 2013-AA A 144A 0.71% 2/15/18 #—		680,000		679,579
Sudbury Mill CLO
Series 2013-1A X 144A 1.238% 1/17/26 #—		870,000		870,000
Telos CLO
Series 2013-4A A 144A 1.538% 7/17/24 #—		2,000,000		1,978,000
Series 2013-4A X 144A 1.188% 7/17/24 #—		1,250,000		1,250,000
Trade MAPS 1
Series 2013-1A A 144A 0.861% 12/10/18 #—		1,000,000		1,001,250
Trafigura Securitisation Finance
Series 2012-1A A 144A 2.56% 10/15/15 #—		1,080,000		1,092,994
Total Non-Agency Asset-Backed Securities (cost $23,594,186)				23,644,466
Non-Agency Collateralized Mortgage Obligation – 0.11%
Connecticut Avenue Securities Series
2013-C01 M1 2.158% 10/25/23 —		539,336		543,792
Total Non-Agency Collateralized Mortgage Obligation (cost $539,336)				543,792
Senior Secured Loans – 33.29%«
ABC Supply Tranche B 1st Lien 3.50% 4/5/20		463,838		466,543
Air Medical Group Holdings Tranche B1 5.00% 5/29/18		568,816		571,839
Air Medical Group Holdings Tranche B1 1st Lien 6.50% 5/26/18		178,279		179,226
Albertsons Tranche B 4.25% 3/21/16		362,180		365,528
Allegion U.S. Holding Tranche B 3.00% 12/26/20		1,505,000		1,511,584
Applied Systems 1st Lien 4.25% 1/15/21		926,000		936,186
Applied Systems 2nd Lien 7.50% 1/15/22		220,000		225,706
ARAMARK Tranche D 4.00% 9/30/19		1,250,000		1,259,369
Ardagh Group Tranche B 1st Lien 4.25% 12/9/19		755,000		761,843
Arysta Lifescience 1st Lien 4.50% 5/20/20		298,500		302,045
Arysta Lifescience 2nd Lien 8.25% 11/22/20		435,000		447,234
Avis Budget Car Rental Tranche B 1st Lien 3.00% 3/15/19		143,912		144,429
Azure Midstream Tranche B 6.50% 10/21/18		1,690,000		1,710,598
Bally Technologies Tranche B 4.25% 8/22/20		2,084,775		2,106,601
Berry Plastics Group Tranche E 3.75% 12/18/20		450,000		450,683

18

	Principal amount°		Value (U.S. $)
Senior Secured Loans« (continued)
Biomet 1st Lien 3.50% 7/25/17		791,025	$	797,450
BJ’s Wholesale Club 2nd Lien 8.50% 3/31/20		1,960,000		2,019,004
BJ’s Wholesale Club Tranche B 1st Lien 4.50% 9/26/19		644,196		651,200
BMC Software 1st Lien 5.00% 8/9/20		1,005,000		1,007,861
Bombardier Recreational Products Tranche B 1st Lien 4.00% 1/29/19		426,171		429,368
Bowie Recourse Tranche B 1st Lien 6.75% 8/9/20		943,062		954,851
Burlington Coat Factory Warehouse Tranche B2 4.00% 2/23/17		3,194,860		3,229,304
Calpine Construction Finance Tranche B 3.00% 5/1/20		1,901,150		1,897,882
Charter Communications Operating 3.00% 4/10/20		2,542,225		2,535,076
Charter Communications Operating Tranche F 3.00% 1/3/21		2,885,500		2,877,386
Chrysler Group Tranche B 4.25% 5/24/17		114,122		114,897
Citycenter Holdings Tranche B 5.00% 10/9/20		780,000		790,644
Clear Channel Communications Tranche B 3.65% 1/29/16		3,577,202		3,495,120
Clear Channel Communications Tranche D 6.75% 1/30/19		1,075,000		1,045,342
Community Health Systems 3.50% 1/25/17		3,190,000		3,218,161
Community Health Systems Tranche D 4.25% 1/27/21		755,000		763,763
Crown Castle Operating Tranche B 0.00% 1/31/19		1,060,373		1,066,205
CSC Holdings Tranche B 2.50% 4/9/20		3,064,600		3,052,044
Darling International Tranche B 3.00% 10/5/20		1,180,000		1,184,396
DaVita Tranche B2 4.00% 8/1/19		4,504,500		4,547,649
Delta Air Lines Tranche B 1st Lien 3.50% 4/20/17		1,150,710		1,161,254
Delta Air Lines Tranche B1 1st Lien 4.00% 10/18/18		497,487		500,773
Dollar General 1.275% 6/25/18		720,000		721,570
Drillships Financing Holding Tranche B1 6.00% 2/17/21		1,487,525		1,524,713
Drillships Financing Holding Tranche B2 5.50% 7/15/16		539,800		546,997
DuPont Performance Coatings Tranche B 4.75% 2/1/20		347,375		350,588
Dynegy Tranche B2 4.00% 4/16/20		1,845,444		1,858,901
Emdeon 1st Lien 3.75% 11/2/18		2,078,219		2,088,178
Energy Transfer 1st Lien 3.25% 12/2/19		2,775,000		2,780,203
EP Energy Tranche B3 2nd Lien 3.50% 4/24/18		570,000		572,850
Essar Steel Algoma 8.75% 9/12/14		674,998		682,170
Fieldwood Energy 2nd Lien 8.375% 9/30/20		910,000		936,650
First Data 1st Lien 4.00% 4/5/17		3,341,848		3,348,114
Generac Power Systems Tranche B 3.50% 5/10/20		138,946		139,698
Gray Television 4.50% 10/11/19		402,634		406,157
Great Wolf Resorts 1st Lien 4.50% 7/31/20		552,225		559,013
Harrah’s Loan Operating Tranche B 9.50% 10/31/16		2,089,316		2,113,474
HD Supply Tranche B 4.50% 10/12/17		2,479,874		2,501,394
Hilton Worldwide Finance Tranche B2 3.75% 9/23/20		1,705,263		1,719,405
Hologic Tranche B 3.75% 8/1/19		279,948		282,495

19

Schedule of investments

Delaware Diversified Floating Rate Fund

	Principal amount°		Value (U.S. $)
Senior Secured Loans« (continued)
Hostess Brands 1st Lien 6.75% 3/12/20		765,000	$	795,600
Houghton International 1st Lien 4.00% 12/10/19		1,143,475		1,151,098
Houghton International 2nd Lien 9.50% 11/20/20		195,000		200,362
HUB International Tranche B 1st Lien 4.75% 9/17/20		2,269,312		2,300,504
Hudson’s Bay 2nd Lien 8.25% 10/7/21		480,000		497,600
Hudson’s Bay Tranche B 1st Lien 4.75% 10/7/20		1,070,000		1,087,384
Huntsman International Tranche B 4.00% 10/11/20		2,570,000		2,584,456
IASIS Healthcare Tranche B 1st Lien 4.50% 5/3/18		874,672		883,529
Immucor Tranche B2 5.00% 8/19/18		2,170,427		2,189,418
Ineos U.S. Finance 4.00% 5/4/18		556,268		559,993
Infor U.S. Tranche B5 1st Lien 3.75% 6/3/20		1,437,475		1,444,438
Intelsat Jackson Holdings Tranche B2 3.75% 6/30/19		2,345,641		2,367,045
KIK Custom Products 1st Lien
5.50% 5/17/19		1,263,650		1,264,703
5.50% 5/23/19		150,000		150,125
KIK Custom Products 2nd Lien 9.50% 11/23/19		60,000		60,600
Kinetic Concepts Tranche D1 4.50% 5/4/18		1,438,873		1,450,556
La Frontera Generation Tranche B 4.50% 9/30/20		261,557		264,499
Landry’s Tranche B 4.75% 4/24/18		1,791,096		1,811,246
Level 3 Financing Tranche B 4.00% 1/15/20		2,365,000		2,384,216
LTS Buyer 1st Lien 4.50% 3/15/20		174,125		174,849
LTS Buyer 2nd Lien 8.00% 3/15/21		1,910,000		1,955,362
MGM Resorts International 3.50% 12/20/19		3,300,456		3,308,116
Michaels Stores Tranche B 1st Lien 3.75% 1/16/20		992,500		998,858
Moxie Liberty Tranche B 7.50% 8/21/20		1,804,000		1,844,590
Moxie Patriot (Panda Power Fund) Tranche B1 6.75% 12/18/20		1,895,000		1,949,481
MultiPlan Tranche B 4.00% 8/18/17		2,429,599		2,450,858
Neiman Marcus Group 5.00% 10/18/20		4,738,125		4,799,745
NEP 4.25% 1/22/20		235,000		236,469
NEP Broadcasting 2nd Lien 9.50% 7/3/20		1,449,286		1,489,745
NRG Energy Tranche B 2.75% 7/1/18		1,909,027		1,904,520
Nuveen Investments 1st Lien 4.00% 5/13/17		1,640,000		1,640,513
Nuveen Investments 2nd Lien 6.50% 2/28/19		4,795,000		4,789,006
Open Text Tranche B 3.25% 12/19/20		2,550,000		2,566,256
OSI Restaurants Tranche B 1st Lien 3.50% 10/26/19		378,675		380,225
Otter Products Tranche B 5.25% 4/29/19		1,672,125		1,683,621
Panda Temple Power II Tranche B 1st Lien 7.25% 3/28/19		1,779,000		1,830,146
Patheon 4.25% 1/23/21		450,000		450,040
Peabody Energy Tranche B 4.25% 9/20/20		1,301,738		1,312,921
Pinnacle Entertainment Tranche B2 3.75% 8/13/20		353,225		356,095
Ply Gem Industries 1st Lien 4.00% 1/22/21		760,000		764,513
Polymer Group Tranche B 5.25% 12/13/19		980,000		990,412

20

	Principal amount°		Value (U.S. $)
Senior Secured Loans« (continued)
PQ Tranche B 4.50% 8/7/17		490,050	$	495,082
PVH Tranche B 3.25% 12/19/19		413,399		416,596
Quickrete 2nd Lien 7.00% 3/19/21		995,000		1,023,855
Ranpak 2nd Lien 8.50% 4/10/20		530,000		545,900
Remy International Tranche B 1st Lien 4.25% 3/5/20		184,671		185,825
Reynolds & Reynolds Tranche B 3.75% 4/21/18		258,278		259,570
Reynolds Group 1st Lien 4.00% 12/31/18		574,200		581,647
Rite Aid 2nd Lien
4.875% 6/13/21		750,000		765,000
5.75% 8/3/20		2,095,000		2,152,351
Royalty Pharma Tranche B2 1st Lien 3.25% 5/9/18		1,134,028		1,142,534
Salix Pharmaceuticals Tranche B 4.25% 12/17/19		880,000		892,210
Samson Investment 2nd Lien 5.00% 9/25/18		2,183,000		2,208,104
Santander Asset Management Tranche B 4.25% 11/26/20		645,000		649,165
Scientific Games International 4.25% 5/22/20		2,240,000		2,253,801
Sealed Air Tranche B 3.00% 10/3/18		675,000		680,836
Seminole Tribe of Florida Tranche B 3.00% 4/11/20		947,500		950,011
Sensus 2nd Lien 8.50% 4/13/18		565,000		568,178
Seven Seas Cruises 1st Lien 4.75% 12/21/18		922,810		928,001
Smart & Final Tranche B 1st Lien 4.50% 11/15/19		1,811,725		1,813,310
Sophia Tranche B 1st Lien 4.50% 1/29/18		213,529		215,985
Sprouts Farmers Markets Holdings 4.00% 4/12/20		1,136,365		1,144,177
Sungard Data Systems 1st Lien 4.50% 12/4/19		79,200		79,695
Supervalu 5.00% 3/21/19		668,074		672,369
Surgical Care Affiliates Tranche B 5.50% 5/26/18		144,275		145,087
Swift Transportation Tranche B2 1st Lien 4.00% 12/21/17		200,742		202,582
Taminco Global Chemical Tranche B 4.25% 2/15/19		63,683		64,028
TransDigm Tranche C 3.75% 2/7/20		1,860,603		1,876,011
United Airlines Tranche B 1st Lien 4.00% 3/12/19		377,150		380,920
Univision Communications 1st Lien 4.00% 3/1/20		1,004,291		1,010,044
Univision Communications Tranche C1 1st Lien 4.50% 2/22/20		371,044		373,528
Univision Communications Tranche C2 4.50% 2/6/20		1,166,188		1,173,476
US Airways Tranche B1 3.50% 5/23/19		1,240,000		1,247,640
US Airways Tranche B2 3.00% 11/23/16		152,000		152,950
USI Insurance Services Tranche B 1st Lien 4.25% 12/3/18		693,013		698,211
Valeant Pharmaceuticals International Tranche BE 3.75% 8/5/20		140,000		141,488
Valeant Pharmaceuticals Tranche B 4.50% 5/30/20		2,049,512		2,072,889
Vantage Drilling Tranche B 1st Lien 5.00% 10/25/17		568,875		573,320
Verint Systems 1st Lien 3.50% 9/6/19		320,000		321,280
Visant 5.25% 12/22/16		287,691		285,430
Wide Open West Finance 4.75% 3/27/19		1,580,213		1,594,913

21

Schedule of investments

Delaware Diversified Floating Rate Fund

	Principal amount°		Value (U.S. $)
Senior Secured Loans« (continued)
Windstream Tranche B3 1st Lien 3.50% 8/8/19		888,750	$	892,546
WR Grace Tranche B-Exit 1st Lien 3.00% 1/23/21		2,475,000		2,488,407
Zayo Group Tranche B 1st Lien 4.00% 7/2/19		720,854		726,260
Total Senior Secured Loans (cost $169,001,598)				170,280,539
Sovereign Bonds – 0.40%D
Colombia – 0.04%
Colombia Government International Bond 2.038% 11/16/15 •		240,000		237,600
				237,600
Iceland – 0.08%
Republic of Iceland 144A 5.875% 5/11/22 #		395,000		414,242
				414,242
Netherlands – 0.05%
Republic of Angola Via Northern Lights 7.00% 8/16/19		250,000		267,188
				267,188
Norway – 0.10%
Kommunalbanken 144A 0.417% 2/20/18 #•		500,000		499,900
				499,900
Sweden – 0.07%
Svensk Exportkredit 0.537% 1/23/17 •		340,000		342,003
				342,003
Turkey – 0.06%
Hazine Mustesarligi Varlik Kiralama 144A 4.557% 10/10/18 #		310,000		306,512
				306,512
Total Sovereign Bonds (cost $2,077,200)				2,067,445
Supranational Bank – 0.17%
International Finance Facility for Immunisation 144A 0.433% 7/5/16 #•		860,000		860,559
Total Supranational Bank (cost $860,000)				860,559
U.S. Treasury Obligation – 0.08%
U.S. Treasury Notes
2.75% 11/15/23		385,000		387,827
Total U.S. Treasury Obligation (cost $386,745)				387,827

22

	Number of Shares
Convertible Preferred Stock – 0.02%
Intelsat 5.75% exercise price $22.05, expiration date 5/1/16		1,700		89,292
Total Convertible Preferred Stock (cost $99,955)				89,292
Preferred Stock – 0.22%
Integrys Energy Group 6.00% •		29,900		729,261
National Retail Properties 5.70%		7,525		152,005
Public Storage 5.20%		3,200		63,776
Qwest 6.125%		9,000		184,950
Total Preferred Stock (cost $1,240,625)				1,129,992
	Principal amount°
Short-Term Investments – 1.20%
U.S. Treasury Obligations – 1.20%≠
U.S. Treasury Bills
0.053% 4/24/14		4,197,567		4,197,323
0.093% 11/13/14		1,961,987		1,960,888
Total Short-Term Investments (cost $6,157,607)				6,158,211
Total Value of Securities – 99.56% (cost $505,808,797)			$	509,291,657

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Jan. 31, 2014, the aggregate value of Rule 144A securities was $90,295,498, which represents 17.65% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”

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

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

• Variable rate security. The rate shown is the rate as of Jan. 31, 2014. Interest rates reset periodically.

D Securities have been classified by country of origin.

« Senior secured loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally: (i) the prime rate offered by one or more U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (LIBOR), and (iii) the certificate of deposit rate. Senior secured loans may be subject to restrictions on resale. Stated rate in effect at Jan. 31, 2014.

f Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at Jan. 31, 2014.

23

Schedule of investments

Delaware Diversified Floating Rate Fund

The following futures contracts and swap contracts were outstanding at Jan. 31, 2014:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value			Expiration   Date	Unrealized Appreciation (Depreciation)
(90)	USD IRS 5 yr PRIM	$	(9,115,058	)	$	(9,129,375	)	3/18/14	$	(14,317	)
(62)	USD IRS 10 yr PRIM		(6,313,168	)		(6,419,906	)	3/18/14		(106,738	)
		$	(15,428,226	)					$	(121,055	)

Swap Contracts CDS Contracts2
Counterparty		Swap Referenced Obligation	Notional Value3		Annual Protection Payments		Termination Date	Unrealized Appreciation (Depreciation)
	Protection Purchased:
ICE	CDX.NA.IG.21			5,000,000		1.00%	12/20/18	$	(21,338	)
ICE	ITRAXX Europe Crossover S20 V1			EUR  3,070,000		5.00%	12/20/18		(141,954	)
MSC	CDX.EM.20			2,745,000		5.00%	12/20/18		8,695
								$	(154,597	)

Interest Rate Swap Contracts⁴

Counterparty & Referenced Obligation	Notional Value3		Fixed Interest Rate Received (Paid)		Floating Interest Rate Received (Paid)		Termination Date		Unrealized Appreciation (Depreciation)
CME
5 yr		24,300,000		(1.677%)		0.242%		7/11/18	$	(282,333	)
7 yr		14,000,000		(2.215%)		0.238%		8/7/20		(92,528	)
10 yr		25,600,000		(2.880%)		0.242%		7/11/23		(355,221	)
LCH
5 yr		3,300,000		(1.214%)		0.241%		6/10/18		23,421
MSC
3 yr		23,900,000		(0.869%)		0.236%		1/30/17		(35,237	)
									$	(741,898	)

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

¹See Note 6 in “Notes to Financial Statements.”

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

24

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 as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement.

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

⁴An interest rate swap agreement is an exchange of interest rates between counterparties. 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 (losses) on swap contracts.

Summary of abbreviations:

ARM – Adjustable Rate Mortgage

CDS – Credit Default Swap

CDX.EM – Credit Default Swap Index Emerging Markets

CDX.NA – Credit Default Swap Index North America

CLO – Collateralized Loan Obligation

CME – Chicago Mercantile Exchange Inc.

EUR – European Monetary Unit

ICE – IntercontinentalExchange, Inc.

IRS – Interest Rate Swap

JPMC – JPMorgan Chase Bank

LCH – LCH.Clearnet Limited

MSC – Morgan Stanley Capital

REMIC – Real Estate Mortgage Investment Conduit

yr – Year

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

25

Statement of assets and liabilities
Delaware Diversified Floating Rate Fund	January 31, 2014 (Unaudited)

Assets:
Investments, at value1	$	503,133,446
Short-term investments, at value2		6,158,211
Cash collateral for derivatives		3,581,865
Foreign currencies, at value3		581,766
Receivables for securities sold		15,906,464
Receivables for fund shares sold		2,809,051
Dividends and interest receivable		2,100,869
Unrealized gain on interest rate swaps		23,421
Total assets		534,295,093
Liabilities:
Cash overdraft		3,897,280
Payable for securities purchased		12,504,092
Payable for fund shares redeemed		4,039,731
Annual protection payments on credit default swap contracts		249,928
Income distribution payable		231,376
Variation margin payable on futures contracts		24,375
Investment management fees payable		219,910
Distribution fees payable		142,500
Other accrued expenses		77,669
Other affiliates payable		19,725
Trustees’ fees and expenses payable		1,627
Unrealized loss on interest rate swaps		765,319
Unrealized loss on credit default swap contracts4		585,200
Total liabilities		22,758,732
Total Net Assets	$	511,536,361
Net Assets Consist of:
Paid-in capital	$	511,315,819
Distributions in excess of net investment income		(135,428	)
Accumulated net realized loss on investments		(1,869,198	)
Net unrealized appreciation of investments and derivatives		2,225,168
Total Net Assets	$	511,536,361
1Investments, at cost	$	499,651,190
2Short-term investments, at cost		6,157,607
3Foreign currencies, at cost		580,472
4Including upfront payments paid		430,603

26

Net Asset Value
Class A:
Net assets	$	232,556,614
Shares of beneficial interest outstanding, unlimited authorization, no par		26,988,028
Net asset value per share	$	8.62
Sales charge		2.75	%
Offering price per share, equal to net asset value per share/(1 – sales charge)	$	8.86
Class C:
Net assets	$	110,396,989
Shares of beneficial interest outstanding, unlimited authorization, no par		12,815,439
Net asset value per share	$	8.61
Class R:
Net assets	$	165,068
Shares of beneficial interest outstanding, unlimited authorization, no par		19,164
Net asset value per share	$	8.61
Institutional Class:
Net assets	$	168,417,690
Shares of beneficial interest outstanding, unlimited authorization, no par		19,550,401
Net asset value per share	$	8.61

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

27

Statement of operations
Delaware Diversified Floating Rate Fund	Six months ended January 31, 2014 (Unaudited)

Investment Income:
Interest	$	6,863,523
Dividends		59,835
		6,923,358
Expenses:
Management fees		1,229,513
Distribution expenses – Class A		293,182
Distribution expenses – Class C		510,596
Distribution expenses – Class R		260
Dividend disbursing and transfer agent fees and expenses		216,100
Accounting and administration expenses		93,178
Registration fees		44,086
Reports and statements to shareholders		22,992
Audit and tax		19,983
Legal fees		18,682
Trustees’ fees and expenses		12,330
Custodian fees		12,202
Other		17,565
		2,490,669
Less waived distribution expenses – Class A		(17,227	)
Less waived distribution expenses – Class R		(8	)
Less expense paid indirectly		(39	)
Total operating expenses		2,473,395
Net Investment Income		4,449,963
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		23,168
Foreign currencies		(144,676	)
Foreign currency exchange contracts		(130,171	)
Futures contracts		(175,930	)
Swap contracts		(864,163	)
Net realized loss		(1,291,772	)

28

Net change in unrealized appreciation (depreciation) of:
Investments	$	3,790,881
Foreign currencies		852
Foreign currency exchange contracts		11,377
Futures contracts		(121,055	)
Swap contracts		(766,758	)
Net change in unrealized appreciation (depreciation)		2,915,297
Net Realized and Unrealized Gain		1,623,525
Net Increase in Net Assets Resulting from Operations	$	6,073,488

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

29

Statements of changes in net assets

Delaware Diversified Floating Rate Fund

	Six months ended 1/31/14 (Unaudited)			Year ended 7/31/13
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	4,449,963		$	3,593,328
Net realized gain (loss)		(1,291,772	)		1,553,312
Net change in unrealized appreciation (depreciation)		2,915,297			(2,184,865	)
Net increase in net assets resulting from operations		6,073,488			2,961,775
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(2,245,090	)		(1,643,562	)
Class C		(657,543	)		(457,494	)
Class R		(932	)		(546	)
Institutional Class		(1,922,567	)		(1,089,449	)
Return of capital:
Class A		—			(440,615	)
Class C		—			(122,647	)
Class R		—			(147	)
Institutional Class		—			(292,065	)
		(4,826,132	)		(4,046,525	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		91,500,444			183,925,093
Class C		40,883,693			67,175,702
Class R		174,007			78,949
Institutional Class		73,948,522			138,264,710
Net asset value of shares based upon reinvestment of dividends and distributions:
Class A		2,018,988			1,942,197
Class C		594,170			535,851
Class R		877			654
Institutional Class		1,294,630			1,083,134
		210,415,331			393,006,290

30

	Six months ended 1/31/14 (Unaudited)			Year ended 7/31/13
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(56,297,734	)	$	(39,472,373	)
Class C		(14,974,190	)		(9,438,687	)
Class R		(54,439	)		(40,069	)
Institutional Class		(46,354,896	)		(31,587,070	)
		(117,681,259	)		(80,538,199	)
Increase in net assets derived from capital share transactions		92,734,072			312,468,091
Net Increase in Net Assets		93,981,428			311,383,341
Net Assets:
Beginning of period		417,554,933			106,171,592
End of period (including undistributed (distributions in excess of) net investment income of $(135,428) and $240,741, respectively)	$	511,536,361		$	417,554,933

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

31

Financial highlights

Delaware Diversified Floating Rate Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

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 assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income 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  Date of commencement of operations; ratios have been annualized and total return has not been annualized.

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

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

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

32

Six months ended				Year ended
1/31/141    (Unaudited)				7/31/13			7/31/12			7/31/11			2/26/102 to 7/31/10
	$	8.600		$	8.570		$	8.590		$	8.490		$  8.500
		0.081			0.163			0.193			0.166		0.088
		0.027			0.060			(0.005	)		0.114		(0.014)
		0.108			0.223			0.188			0.280		0.074
		(0.088	)		(0.175	)		(0.208	)		(0.180	)	(0.084)
		—			(0.018	)		—			—		—
		(0.088	)		(0.193	)		(0.208	)		(0.180	)	(0.084)
	$	8.620		$	8.600		$	8.570		$	8.590		$  8.490
		1.27%			2.61%			2.24%			3.33%		0.87%
	$	232,556		$	194,795		$	49,009		$	55,209		$  2,959
		0.94%			1.01%			1.05%			1.05%		1.04%
		0.96%			1.06%			1.12%			1.34%		4.92%
		1.88%			1.88%			2.28%			1.92%		2.43%
		1.86%			1.83%			2.21%			1.63%		(1.45%)
		51%			112%			97%			75%		39%

33

Financial highlights

Delaware Diversified Floating Rate Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

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 assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income 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  Date of commencement of operations; ratios have been annualized and total return has not been annualized.

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

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

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

34

Six months ended				Year ended
1/31/141    (Unaudited)				7/31/13			7/31/12			7/31/11			2/26/102 to 7/31/10
	$	8.600		$	8.570		$	8.590		$	8.490		$  8.500
		0.049			0.098			0.130			0.102		0.062
		0.017			0.060			(0.006	)		0.116		(0.014)
		0.066			0.158			0.124			0.218		0.048
		(0.056	)		(0.110	)		(0.144	)		(0.118	)	(0.058)
		—			(0.018	)		—			—		—
		(0.056	)		(0.128	)		(0.144	)		(0.118	)	(0.058)
	$	8.610		$	8.600		$	8.570		$	8.590		$  8.490
		0.77%			1.85%			1.47%			2.58%		0.56%
	$	110,397		$	83,619		$	25,495		$	25,769		$  1,714
		1.69%			1.76%			1.80%			1.80%		1.79%
		1.69%			1.76%			1.82%			2.04%		5.62%
		1.13%			1.13%			1.53%			1.17%		1.68%
		1.13%			1.13%			1.51%			0.93%		(2.15%)
		51%			112%			97%			75%		39%

35

Financial highlights

Delaware Diversified Floating Rate Fund Class R

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return⁵

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income 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  Date of commencement of operations; ratios have been annualized and total return has not been annualized.

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

⁴  Includes adjustments from the period ending July 31, 2010 in the amount of $9 (or $0.010 per share) which impacted total return by -0.12%. The adjustment is to correct a misallocation of distributions among share classes which had no impact on distribution amounts reported and paid to shareholders.

⁵  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods reflects a waiver by the manager and/or the distributor. Performance would have been lower had the waivers not been in effect.

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

36

Six months ended				Year ended
1/31/141				7/31/13			7/31/12			7/31/11			2/26/102 to
(Unaudited)													7/31/10
	$	8.600		$	8.570		$	8.590		$	8.500		$  8.500
		0.071			0.141			0.173			0.145		0.079
		0.017			0.060			(0.011	)		0.1064		(0.004)
		0.088			0.201			0.162			0.2514		0.075
		(0.078	)		(0.153	)		(0.182	)		(0.161	)	(0.075)
		—			(0.018	)		—			—		—
		(0.078	)		(0.171	)		(0.182	)		(0.161	)	(0.075)
	$	8.610		$	8.600		$	8.570		$	8.5904		$  8.500
		1.02%			2.36%			1.93%			2.96%		0.89%
	$	165		$	44		$	5		$	5		$        5
		1.19%			1.26%			1.30%			1.30%		1.29%
		1.21%			1.36%			1.42%			1.64%		5.22%
		1.63%			1.63%			2.03%			1.67%		2.18%
		1.61%			1.53%			1.91%			1.33%		(1.75%)
		51%			112%			97%			75%		39%

37

Financial highlights

Delaware Diversified Floating Rate Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

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 assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income 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  Date of commencement of operations; ratios have been annualized and total return has not been annualized.

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

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

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

38

Six months ended				Year ended
1/31/141				7/31/13			7/31/12			7/31/11			2/26/102 to
(Unaudited)													7/31/10
	$	8.600		$	8.570		$	8.590		$	8.490		$  8.500
		0.092			0.184			0.214			0.187		0.098
		0.017			0.061			(0.005	)		0.117		(0.016)
		0.109			0.245			0.209			0.304		0.082
		(0.099	)		(0.197	)		(0.229	)		(0.204	)	(0.092)
		—			(0.018	)		—			—		—
		(0.099	)		(0.215	)		(0.229	)		(0.204	)	(0.092)
	$	8.610		$	8.600		$	8.570		$	8.590		$  8.490
		1.28%			2.87%			2.49%			3.61%		0.97%
	$	168,418		$	139,097		$	31,663		$	33,231		$  3,394
		0.69%			0.76%			0.80%			0.80%		0.79%
		0.69%			0.76%			0.82%			1.04%		4.62%
		2.13%			2.13%			2.53%			2.17%		2.68%
		2.13%			2.13%			2.51%			1.93%		(1.15%)
		51%			112%			97%			75%		39%

39

Notes to financial statements
Delaware Diversified Floating Rate Fund	January 31, 2014(Unaudited)

Delaware Group^® Income Funds (Trust) is organized as a Delaware statutory trust and offers five Series: Delaware Core Bond Fund, Delaware Corporate Bond Fund, Delaware Diversified Floating Rate Fund, Delaware Extended Duration Bond Fund and Delaware High-Yield Opportunities Fund. These financial statements and the related notes pertain to Delaware Diversified Floating Rate Fund (Fund). The Trust is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended, 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 2.75%. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) of 0.75% if redeemed during the first year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class C shares are sold with a CDSC of 1.00%, if redeemed during the first twelve months. Class R and Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

The investment objective of the Fund is to seek total return.

1. Significant Accounting Policies

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

Security Valuation – Equity securities, except those traded on the Nasdaq Stock Market, Inc. (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. Securities 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 does not trade, then the mean between the bid and ask prices will be used, which approximates fair value. Debt securities, credit default swap (CDS) contracts and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. U.S. government securities are valued at the mean between the bid and ask prices, which approximates fair value. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations, commercial mortgage securities and U.S. government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. 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 Fund’s Board of Trustees (Board). In determining whether market quotations

40

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.

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 for all open federal income tax years (July 31, 2010–July 31, 2013) 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 it invests in that may date back to the inception of the Fund.

Class Accounting – Investment income and common expenses are allocated to the various classes of the Fund on the basis of “settled shares” of each class in relation to the net assets of the Fund. 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.

Repurchase Agreements – The Fund may purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Fund’s custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. At Jan. 31, 2014, the Fund held no investments in repurchase agreements.

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 U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. 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) is included in the statement of operations under the caption net realized gain (loss) on foreign currencies. 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 U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported

41

Notes to financial statements

Delaware Diversified Floating Rate Fund

1. Significant Accounting Policies (continued)

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 Investments^® Family of Funds are generally allocated among such funds on the basis of average net assets. Management fees and some 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 amortized to interest income over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of mortgage- and asset-backed securities are classified as interest income. The Fund declares dividends daily from net investment income and pays the dividends monthly and declares and pays 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 may receive earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. There were no earnings credits for the six months ended Jan. 31, 2014.

The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. The expense paid under this arrangement is included in dividend disbursing and transfer agent fees and expenses and appears on the statement of operations with the corresponding expense offset shown as “expense paid indirectly.” For the six months ended Jan. 31, 2014, the Fund earned $39 under this agreement.

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 Delaware Management Business Trust and the investment manager, an annual fee which is calculated daily at the rate of 0.50% on the first $500 million of average daily net assets of the Fund, 0.475% on the next $500 million, 0.45% on the next $1.5 billion, and 0.425% on average daily net assets in excess of $2.5 billion.

DMC has contractually agreed to waive that portion, if any, of its management fee and reimburse the Fund to the extent necessary to ensure that total annual operating expenses (excluding any 12b-1 plan expenses, taxes, interest, inverse floater program expenses, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations (collectively, nonroutine expenses)), do not exceed 0.80% of average daily net assets of the Fund from Aug. 1, 2013 through Jan. 31, 2014.* For purposes of this waiver and reimbursement, nonroutine expenses may also include such additional costs and expenses, as may be agreed upon from time to

42

time by the Fund’s Board and DMC. This expense waiver and reimbursement applies only to expenses paid directly by the Fund and may only be terminated by agreement of DMC and the Fund.

*The contractual waiver period is Nov. 27, 2013 through Nov. 28, 2014.

Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Fund. For these services, the Fund pays DSC fees based on the aggregate daily net assets of the Delaware Investments^® Family of Funds at the following annual rate: 0.0050% of the first $30 billion; 0.0045% of the next $10 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $50 billion. The fees payable to DSC under the service agreement described above are allocated among all Funds in the Delaware Investments Family of Funds on a relative net asset value basis. For the six months ended Jan. 31, 2014, the Fund was charged $11,895 for these services.

DSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, the Fund pays DSC fees based on the aggregate daily net assets of the retail funds within the Delaware Investments Family of Funds at the following annual rate: 0.025% of the first $20 billion; 0.020% of the next $5 billion, 0.015% of the next $5 billion; and 0.013% of average daily net assets in excess of $30 billion. This amount is included in the statement of operations as dividend disbursing and transfer agent fees and expenses. For the six months ended Jan. 31, 2014, the amount charged by DSC was $54,349. Pursuant to a sub-transfer agency agreement between DSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are passed on to and paid directly by the Fund.

Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual distribution and service fee of 1.00% of the average daily net assets of the Class C shares. Effective Oct. 1, 2013, the Fund pays DDLP an annual distribution and service fee of 0.25% and 0.50% of the average daily net assets of the Class A and Class R shares, respectively. Prior to Oct. 1, 2013 the Fund paid an annual distribution and service fee of 0.30% and 0.60% of the average daily net assets of the Class A and Class R shares, respectively. For the period from Aug. 1, 2013 to Oct. 1, 2013, the distribution and service fees for Class A and Class R shares were contractually limited to 0.25% and 0.50%, respectively, of the classes’ average daily net assets. Institutional Class shares pay no distribution and service expenses.

As provided in the investment management agreement, the Fund bears a portion of the cost of 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 Jan. 31, 2014, the Fund was charged $7,142 for internal legal, tax and regulatory reporting services provided by DMC and/or its affiliates’ employees.

For the six months ended Jan. 31, 2014, DDLP earned $14,071 for commissions on sales of the Fund’s Class A shares. For the six months ended Jan. 31, 2014, DDLP received gross CDSC commissions of $1,160 on redemptions of the Fund’s Class C shares and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.

43

Notes to financial statements

Delaware Diversified Floating Rate Fund

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

Trustees’ fees include expenses accrued by the Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DSC and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Fund.

3. Investments

For the six months ended Jan. 31, 2014, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than U.S. government securities	$	314,127,652
Purchases of U.S. government securities		17,724,998
Sales other than U.S. government securities		223,469,865
Sales of U.S. government securities		17,629,469

At Jan. 31, 2014, the cost of investments and unrealized appreciation (depreciation) for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Jan. 31, 2014, the cost of investments and unrealized appreciation (depreciation) were as follows:

Cost of investments	$	505,858,970
Aggregate unrealized appreciation	$	4,756,934
Aggregate unrealized depreciation		(1,324,247	)
Net unrealized appreciation	$	3,432,687

U.S. 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 developed based on the best information available under the circumstances. The Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below.

Level 1 –

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)

Level 2 –

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities,

44

	government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair value securities)
Level 3 –	inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Jan. 31, 2014:

	Level 1		Level 2			Level 3		Total
Agency, Asset- & Mortgage-Backed Securities1	$	—	$	21,842,901		$	3,354,750	$	25,197,651
Corporate Debt		—		297,821,028			—		297,821,028
Foreign Debt		—		2,928,004			—		2,928,004
Municipal Bonds		—		5,299,113			—		5,299,113
Senior Secured Loans		—		170,280,539			—		170,280,539
Convertible Preferred Stock		89,292		—			—		89,292
Preferred Stock		1,129,992		—			—		1,129,992
U.S. Treasury Obligation		—		387,827			—		387,827
Short-Term Investments		—		6,158,211			—		6,158,211
Total	$	1,219,284	$	504,717,623		$	3,354,750	$	509,291,657
Futures Contracts	$	—	$	(121,055	)	$	—	$	(121,055	)
Swap Contracts		—		(896,495	)		—		(896,495	)

¹  Security type is valued across multiple levels. The amounts attributed to Level 2 investments and Level 3 investments represent 86.89% and 13.31% respectively, of the total market value of this security type. Level 2 investments represent investments with observable inputs while Level 3 investments represent investments without observable inputs.

During the six months ended Jan. 31, 2014, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a significant impact to the Fund. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim or end of the period in relation to net assets. Management has determined not to provide additional disclosure on Level 3 inputs under ASU No. 2011-04 since the Level 3 investments are not considered significant to the Fund’s net assets at the end of the period.

45

Notes to financial statements

Delaware Diversified Floating Rate Fund

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 1/31/14			Year Ended 7/31/13
Shares sold:
Class A		10,648,753			21,283,523
Class C		4,760,274			7,783,697
Class R		20,243			9,119
Institutional Class		8,608,829			16,019,956
Shares issued upon reinvestment of dividends and distributions:
Class A		234,827			224,721
Class C		69,102			62,028
Class R		102			76
Institutional Class		150,574			125,407
		24,492,704			45,508,527
Shares redeemed:
Class A		(6,550,484	)		(4,572,137	)
Class C		(1,742,233	)		(1,093,407	)
Class R		(6,338	)		(4,659	)
Institutional Class		(5,391,305	)		(3,658,687	)
		(13,690,360	)		(9,328,890	)
Net increase		10,802,344			36,179,637

5. Line of Credit

The Fund, along with certain other funds in the Delaware Investments^® Family of Funds (Participants), was a participant in a $125,000,000 revolving line of credit to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants were charged an annual commitment fee, which was allocated across the Participants on the basis of each Participant’s allocation of the entire facility. The Participants were permitted to borrow up to a maximum of one third of their net assets under the agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit under the agreement expired on Nov. 12, 2013.

On Nov. 12, 2013, the Fund, along with the other Participants, entered into an amendment to the agreement for a $125,000,000 revolving line of credit. The line of credit is to be used as described above and operates in substantially the same manner as the original agreement. The line of credit available under the agreement expires on Nov. 10, 2014.

The Fund had no amounts outstanding as of Jan. 31, 2014 or at any time during the period then ended.

46

6. Derivatives

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

Foreign Currency Exchange Contracts – The Fund entered 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 U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. The Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies. 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.

No foreign currency exchange contracts were outstanding at Jan. 31, 2014.

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 in the normal course of pursuing its investment objective. The Fund invested in futures contracts to hedge its existing portfolio securities against fluctuations in fair value caused by changes in prevailing market interest rates. Upon entering into a futures contract, the Fund deposits cash or pledges U.S. government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by 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.

47

Notes to financial statements

Delaware Diversified Floating Rate Fund

6. Derivatives (continued)

Swap Contracts – The Fund enters into interest rate swap contracts and CDS contracts in the normal course of pursuing its investment objective. The Fund invested in interest rate swaps to adjust the Fund’s sensitivity to interest rates or to hedge against changes in interest rates. The Fund entered into CDS contracts in order to hedge against a credit event. 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 (S&P) or Baa3 by Moody’s Investors Service (Moody’s) or is determined to be of equivalent credit quality by the Manager.

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) 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 for trades entered prior to June 10, 2013, and (2) trading these instruments through a central counterparty for trades entered on or after June 10, 2013.

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

During the six months ended Jan. 31, 2014, 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. For the six months ended Jan. 31, 2014, the Fund did not enter into any

48

contracts as a seller of protection. For trades prior to June 10, 2013, the Fund had posted $400,000 in cash collateral for certain open derivatives. Initial margin and variation margin are posted to central counterparties for CDS basket trades submitted on or after June 10, 2013, as determined by the applicable central counterparty. The Fund had posted $2,934,865 as collateral for these derivatives.

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) 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 for trades entered prior to June 10, 2013, and (2) trading CDS baskets through a central counterparty for trades entered on or after June 10, 2013.

Swaps Generally. The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the agreement. 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.

Fair values of derivative instruments as of Jan. 31, 2014 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts (Futures contracts and interest rate swap contracts)	Variation margin receivable on futures contracts*/ unrealized gain on interest rate swap contracts	$	23,421	Variation margin payable on futures contracts*/ unrealized loss on interest rate swap contracts	$	(765,319	)
Credit contracts (Swap contracts)	Unrealized gain of CDS contracts		8,695	Unrealized loss of CDS contracts		(163,292	)
Total		$	32,116		$	(928,611	)

The effect of derivative instruments on the statement of operations for the year ended Jan. 31, 2014 was as follows:

49

Notes to financial statements

Delaware Diversified Floating Rate Fund

6. Derivatives (continued)

	Net Realized Loss on:
	Foreign Currency Exchange Transactions			Futures Contracts			Swaps Contracts			Total
Forward currency exchange contracts		$(130,171	)	$	—		$	—		$	(130,171	)
Interest rate contracts		—			(175,930	)		(167,021	)		(342,951	)
Credit contracts		—			—			(697,142	)		(697,142	)
Total		$(130,171	)	$	(175,930	)	$	(864,163	)	$	(1,170,264	)
	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign Currency Exchange Transactions			Futures Contracts			Swaps Contracts			Total
Forward currency exchange contracts		$11,377		$	—		$	—		$	11,377
Interest rate contracts		—			(121,055	)		(933,513	)		(1,054,568	)
Credit contracts		—			—			166,755			166,755
Total		$11,377		$	(121,055	)	$	(766,758	)	$	(876,436	)

Derivatives Generally. The table below summarizes the average balance of derivative holdings by the Fund during the six months ended Jan. 31, 2014.

	Long Derivative         Volume		Short Derivative         Volume
Foreign currency exchange contracts (average cost)	USD	413,298	USD	837,759
Futures contracts (average notional value)		—		12,463,667
CDS contracts (average notional value)*		7,146,362		—
	EUR	3,548,189		—
Interest rate swap contracts (average notional value)**	USD	84,549,606		—

*Long represents buying protection and short represents selling protection.

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

7. Offsetting

In December 2011, the Financial Accounting Standards Board (FASB) issued guidance that expands current disclosure requirements on the offsetting of certain assets and liabilities. The new disclosures are required for investments and derivative financial instruments subject to master netting or similar agreements which are eligible for offset in the statement of assets and liabilities and require an entity to disclose both gross and net information about such investments and transactions in the financial statements. In January 2013, the FASB issued guidance that clarifies which investments and transactions are subject to the offsetting disclosure requirements. The scope of the disclosure requirements for offsetting is limited to derivative instruments, repurchase agreements and reverse

50

repurchase agreements, and securities borrowing and securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after Jan. 1, 2013, and interim periods within those fiscal years. The Fund adopted the disclosure provisions on offsetting during the current reporting period.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with their derivative contract counterparties. 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 instrument’s 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) netting 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 in the statement of assets and liabilities.

At Jan. 31, 2014, the Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Counterparty	Gross Value of Derivative Asset		Gross Value of Derivative Liability		Net Position
Chicago Mercantile Exchange	$	—	$	(730,082)	$	(730,082)
IntercontinentalExchange, Inc.		—		(163,292)		(163,292)
LCH.Clearnet Limited		23,421		—		23,421
Morgan Stanley Capital		8,695		(35,237)		(26,542)
Hong Kong Shanghai Bank		—		(24,375)		(24,375)
Total	$	32,116	$	(952,986)	$	(920,870)

51

Notes to financial statements

Delaware Diversified Floating Rate Fund

7. Offsetting (continued)

Counterparty		Net Position	Fair Value of Non Cash Collateral Received		Cash Collateral Received		Fair Value of Non Cash Collateral Pledged		Cash Collateral Pledged			Net Amount(a)
Chicago Mercantile Exchange	$(730,082)		$	—		$—	$	—		—	$(730,082)
IntercontinentalExchange, Inc.		(163,292)		—		—		—		—		(163,292)
LCH.Clearnet Limited		23,421		—		—		—		—		23,421
Morgan Stanley Capital		(26,542)		—		—		—		26,542		—
Hong Kong Shanghai Bank		(24,375)		—		—		—		—		(24,375)
Total	$(920,870)		$	—		$—	$	—		$26,542	$(894,328)

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

8. Securities Lending

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

Cash collateral received is generally invested in the Delaware Investments Collateral Fund No. 1 (the “Collective Trust”) established by BNY Mellon for the purpose of investment on behalf of funds managed by DMC that participate in BNY Mellon’s securities lending program. The Collective Trust may invest in U.S. government securities and high-quality corporate debt, asset-backed and other money market securities and in repurchase agreements collateralized by such securities, provided that the Collective Trust will generally have a dollar-weighted average portfolio maturity of 60 days or less. The Fund can also accept U.S. government securities and letters of credit (non-cash collateral) in connection with securities loans. In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned

52

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 Collective Trust used for the investment of cash collateral received from borrowers of securities seeks to maintain a net asset value per unit of $1.00, but there can be no assurance that it will always be able to do so. The Fund may incur investment losses as a result of investing securities lending collateral in the Collective Trust. This could occur if an investment in the Collective Trust defaulted or if it were necessary to liquidate assets in the Collective Trust to meet returns on outstanding security loans at a time when the Collective Trust’s net asset value per unit was less than $1.00. Under those circumstances, the Fund may not receive an amount from the Collective Trust that is equal in amount to the collateral the Fund would be required to return to the borrower of the securities and the Fund would be required to make up for this shortfall. The Fund had no securities out on loan as of Jan. 31, 2014.

9. Credit and Market Risk

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

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of 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 in fixed income securities whose value is derived from an underlying pool of mortgages or consumer loans. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations (CMOs). CMOs are debt securities issued by U.S. government

53

Notes to financial statements

Delaware Diversified Floating Rate Fund

9. Credit and Market Risk (continued)

agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse affect 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 certain obligations that may have liquidity protection 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 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 of 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 Fund’s Board has delegated to DMC the day-to-day functions of determining whether individual securities are illiquid 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. As of Jan. 31, 2014, no securities have been determined to be illiquid under the Fund’s Liquidity Procedures. Rule 144A securities have been identified in 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. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Jan. 31, 2014 that would require recognition or disclosure in the Fund’s financial statements.

54

Other Fund information

Delaware Diversified Floating Rate Fund

Board consideration of Delaware Diversified Floating Rate Fund investment advisory agreement

At a meeting held on August 20-22, 2013 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory Agreement for Delaware Diversified Floating Rate 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 Advisory Agreement with Delaware Management Company (“DMC”) included materials provided by DMC and its affiliates (“Delaware Investments”) 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 financial condition and profitability of Delaware Investments. In addition, in connection with the Annual Meeting, reports were provided to the Trustees in May 2013 and included reports provided by Lipper, Inc., an independent statistical compilation organization (“Lipper”). The Lipper reports compared the Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Lipper reports with independent legal counsel to the Independent Trustees. The Board requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; the investment manager’s profitability; 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, DMC’s ability to invest fully in accordance with Fund policies.

In considering information relating to the approval of the Fund’s advisory agreement, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees. 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 service. The Board considered the services provided by Delaware Investments 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 Investments^® Family of Funds complex and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Fund’s investment advisor and the emphasis placed on research in the investment process. The Board recognized DMC’s recent receipt of several industry distinctions. The Board gave favorable consideration to DMC’s efforts to control expenditures while maintaining service levels committed to fund matters. The Board noted that in July 2011 Management implemented measures to reduce overall costs and improve transfer agent and shareholder servicing functions through outsourcing. The Board noted the benefits provided to Fund shareholders through each shareholder’s ability to exchange an investment in one Delaware Investments fund for the same class of shares in another Delaware Investments fund without a sales charge, to reinvest Fund dividends into additional shares of the Fund or into additional shares of other Delaware Investments funds and the

55

Other Fund information

Delaware Diversified Floating Rate Fund

privilege to combine holdings in other Delaware Investments funds to obtain a reduced sales charge. The Board was satisfied with the nature, extent and quality of the overall services provided by Delaware Investments.

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 gave appropriate consideration to performance reports and discussions with portfolio managers at Investment Committee meetings throughout the year, the Board gave particular weight to the Lipper reports furnished for the Annual Meeting. The Lipper reports prepared for the Fund showed the investment performance of its Class A shares in comparison to a group of similar funds as selected by Lipper (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 one- and three-year periods ended March 31, 2013. The Board’s objective is that the Fund’s performance for the periods considered be at or above the median of its Performance Universe. The following paragraph summarizes the performance results for the Fund and the Board’s view of such performance.

Lipper currently classifies the Fund as an ultra-short obligation fund. However, because of the nature of the portfolio, Management believes that it would be more appropriate to include the Fund in the loan participation funds category. Accordingly, the Lipper report prepared for the Fund compares the Fund’s performance to two separate Performance Universes – one consisting of the Fund and all retail and institutional ultra-short obligation funds, and the other consisting of the Fund and all retail and institutional loan participation funds. When compared to other ultra-short obligation funds, the Lipper report comparison showed that the Fund’s total return for the one- and three-year periods was in the first quartile of its Performance Universe. When compared to other loan participation funds, the Lipper report comparison showed that the Fund’s total return for the one- and three-year periods was in the fourth quartile of its Performance Universe. The Board noted that, when compared to other loan participation funds, the Fund’s performance results were not in line with the Board’s objective. In evaluating the Fund’s performance, the Board considered the Fund’s recent inception. The Board also considered 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 meet the Board’s performance objective.

Comparative expenses. The Board considered expense comparison data for the Delaware Investments Family of 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 expense ratios of a group of similar funds as selected by Lipper (the “Expense Group”). In reviewing comparative costs, the Fund’s contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Fund) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Fund’s total expenses were also compared with those of its Expense Group. The Lipper total expenses, for

56

comparative consistency, were shown by Lipper for Class A shares and comparative total expenses including 12b-1 and non 12b-1 service fees. The Board considered fees paid to Delaware Investments for non-management services. The Board’s objective is to limit the Fund’s total expense ratio to be competitive with that of the Expense Group. The following paragraph summarizes the expense results for the Fund and the Board’s view of such expenses.

When compared to other ultra-short obligation funds, the expense comparisons for the Fund showed that its actual management fee and total expenses were in the quartile with the highest expenses of its Expense Group. When compared to other loan participation funds, the expense comparisons for the Fund showed that its actual management fee and total expenses were in the quartile with the second lowest expenses of its Expense Group. The Board noted that, when compared to other ultra-short obligation funds, the Fund’s total expenses were not in line with the Board’s objective. In evaluating total expenses, the Board considered fee waivers in place through November 2013 and various initiatives implemented by Management, such as the outsourcing of certain transfer agency 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 Delaware Investments 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 Delaware Investments’ business in providing management and other services to each of the individual funds and the Delaware Investments^® Family of Funds as a whole. Specific attention was given to the methodology followed in allocating costs for the purpose of determining profitability. Management stated that the level of profits of Delaware Investments, to a certain extent, reflects recent operational cost savings and efficiencies initiated by Delaware Investments. The Board considered Delaware Investments’ 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 Delaware Investments 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 Investments Family of Funds and the benefits from allocation of fund brokerage to improve trading efficiencies. The Board found that the management fees were reasonable in light of the services rendered and the level of profitability of Delaware Investments.

Economies of scale. The Trustees considered whether economies of scale are realized by Delaware Investments 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 standardized advisory fee pricing and structure, approved by the Board and shareholders, which includes breakpoints. 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 on all assets when the asset levels specified are exceeded. The Board noted that the fee under the Fund’s management contract fell within the standard structure. Although the Fund has not reached a size at which it can take advantage of breakpoints, the Board recognized that the fee was structured so that when the Fund grows, economies of scale may be shared.

57

About the organization

Board of trustees
Patrick P. Coyne	Joseph W. Chow	Lucinda S. Landreth	Thomas K. Whitford
Chairman, President, and	Former Executive Vice	Former Chief Investment	Former Vice Chairman
Chief Executive Officer	President	Officer	PNC Financial Services Group
Delaware Investments®	State Street Corporation	Assurant, Inc.	Pittsburgh, PA
Family of Funds	Brookline, MA	Philadelphia, PA
Philadelphia, PA			Janet L. Yeomans
	John A. Fry	Frances A.	Former Vice President and
Thomas L. Bennett	President	Sevilla-Sacasa	Treasurer
Private Investor	Drexel University	Chief Executive Officer	3M Corporation
Rosemont, PA	Philadelphia, PA	Banco Itaú	St. Paul, MN
		International Miami, FL	J. Richard Zecher
			Founder
			Investor Analytics
			Scottsdale, AZ
Affiliated officers
David F. Connor	Daniel V. Geatens	David P. O’Connor	Richard Salus
Senior Vice President,	Vice President and	Executive Vice President,	Senior Vice President and
Deputy General Counsel,	Treasurer	General Counsel,	Chief Financial Officer
and Secretary	Delaware Investments	and Chief Legal Officer	Delaware Investments
Delaware Investments	Family of Funds	Delaware Investments	Family of Funds
Family of Funds	Philadelphia, PA	Family of Funds	Philadelphia, PA
Philadelphia, PA		Philadelphia, PA

This semiannual report is for the information of Delaware Diversified Floating Rate Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Investments Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawareinvestments.com.

Delaware Investments is the marketing name of Delaware Management Holdings, Inc. and its subsidiaries.

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Fund’s Schedule of Investments are available without charge on the Fund’s website at delawareinvestments.com. The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

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

58

Item 2. Code of Ethics

     Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

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

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

Item 12. 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^® INCOME FUNDS

/s/ PATRICK P. COYNE
By:	Patrick P. Coyne
Title:	Chief Executive Officer
Date:	April 3, 2014

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/ PATRICK P. COYNE
By:	Patrick P. Coyne
Title:	Chief Executive Officer
Date:	April 3, 2014
/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	April 3, 2014